India Financial News

fuel car purchases in May. “During the peak heat hours from 12 pm to 4 pm, it feels like the showroom is closed. Only customers with planned deliveries are coming in," said Vinkesh Gulati, director of United Automobiles, which runs 12 passenger vehicle and two-wheeler showrooms in the National Capital Region and Eastern Uttar Pradesh.

equity markets fell in a volatile trade on Tuesday amid uncertainty ahead of Lok Sabha election results. In today's trade, shares of IRCTC, Hindalco, IRCTC State-run Indian Railway Catering and Tourism Corporation (IRCTC) reported a consolidated profit after tax (PAT) of Rs 284 crore, which was up 2% year-on-year.

Novelis Inc, the US-based aluminium products company of the Aditya Birla Group-controlled Hindalco Industries, is set to list on the New York Stock Exchange in around two weeks, people aware of the matter said. Novelis on Tuesday launched a roadshow for its proposed initial public offering (IPO), where Indian parent Hindalco plans to sell 45 million shares, or a 7.5% stake, in the company at $18-21 per share.

Mint looks at the scenario: The agriculture ministry said in February that it expects a harvest of 112 million tonnes (mt) in 2024.That’s a record. However, this is only a tad higher than the 2021 crop, estimated at 110 mt. In 2022 and 2023, climate shocks— including heatwaves and untimely rains—impacted production, leading to a drawdown of public stocks.

Timken Singapore PTE sold shares of Timken India worth 1,956 crore in a block deal on BSE on Tuesday. The promoter sold 50 lakh shares at 3,913.35 apiece. Timken Singapore PTE owned 57.70% stake in the company as of March 31.

Sorin Investments, an early-stage venture firm founded by former KKR India CEO Sanjay Nayar, made the final close of its maiden fund at Rs 1,350 crore, people aware of the matter told ET. The fund counts KKR cofounder Henry Kravis, and Indian family offices such as Hero Group’s Munjal family and Hong Kong-based The Caravel Group’s Banga family among its key sponsors. Sidbi-sponsored Fund of Funds for Startups (FFS) scheme, and a startup fund set up by the Uttar Pradesh state government also took part in the fundraise.

Equity markets witnessed a volatile session on Tuesday to finally end with losses. The broader market witnessed sharper profit booking, indicating heightened volatility. «Nifty has been consolidating in a broad range for the third consecutive day as investors remain watchful ahead of the big election outcome next week. We expect the Nifty to remain sideways to marginally positive on the back of reduced FII selling, prediction of above normal monsoon and last leg of Q4 results,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal.

Difacto Robotics and Automation has secured Rs 40 crore (about $4.8 million) from private equity firm Stakeboat Capital in its first financing round. Ajay Gopalswamy, founder and chief executive of the Bengaluru-headquartered company, told ET that the money will be used to expand across sectors such as cars, home appliances and electronics, as investment and volume in manufacturing go up.

deal tenures for India’s over $250-billion outsourcing industry. At least two companies – HCLTech and Birlasoft – have gone on record to say that from the usual 10-12 year deals earlier, long-term arrangements are now ending in four years. Earlier, the tenures ranged between 10-12 years.

Emkay Investment Managers expects the Nifty to reach 24,500 levels by 2024-end and has set a target of 26,500 on the index by end of 2025. The Nifty closed at 22,888 on Tuesday. Manish Sonthalia, chief investment officer at Emkay Investment Managers, suggested investors to follow a multi-cap approach with equal proposition in large-caps and mid-caps to take advantage of a broad-based growth in Indian equity markets.

FY25 capital expenditure outlay by 8-10% from the ₹11.11 lakh crore allocated in the vote on account when the full budget is presented thanks to better-than-expected tax revenue and a record surplus transfer by the RBI to the government. «Both tax and non-tax revenue are expected to be better,» a senior official told ET. «Additional surplus transfer from RBI provides enough headroom to spend more.» Finance minister Nirmala Sitharaman presented an interim budget in February as this is an election year. The results will be declared on June 4. The full budget is expected to be announced about a month after the new government is formed.

Gentari Sdn Bhd, the renewable energy arm of Malaysian energy giant Petronas, is the frontrunner for a part of the India renewable portfolio of Brookfield Asset Management, said two people aware of the development. Gentari, which has conducted due diligence of the assets, has signed an exclusivity agreement for further negotiations with Brookfield, they said. Government-run Oil and Natural Gas Corp (ONGC) is another contender that has completed due diligence, said people with knowledge of the matter. The 2 GW renewable portfolio of Brookfield in India that’s up for sale has an estimated enterprise value of $800 million-1 billion (Rs 6,600-8,300 crore). Other entities that had submitted initial bids but are no longer in the race include Sekura Energy, Sembcorp and UAE's Masdar Energy, they said. Of the portfolio, 1 GW is operational and projects with a capacity of 1 GW are under construction, expected to be completed within 18 months, said the people cited.

National Asset Reconstruction Company (NARCL) has recommended P Santhosh for the post of managing director and chief executive officer of the state-owned bad bank, people aware of the matter said. Santhosh has been interim CEO of NARCL since January, soon after N Sundar abruptly resigned as the CEO ahead of his term.

Financial services firm IIFL Securities is set to venture into the wealth management business. The company has roped in industry veterans Raghav Gupta, Prakash Bulusu and Amit Srivastava from ASK Asset and Wealth Management to drive the unit. Gupta and Bulusu will be in charge of the wealth businesses as joint CEOs, while Srivastava will oversee investments and products for the firm as a senior managing partner. «With the joining of these three veteran and accomplished private bankers, the mandate is now to transform IIFL Securities and take it to the next level,» said R Venkataraman, chairman of IIFL Securities. Currently, IIFL Securities has retail broking, institutional broking and investment banking units.

Bharti Group's talks with SBI Life Insurance to sell its life insurance venture is said to have collapsed due to disagreements over valuations, delaying the Mittal family's planned exit from the financial services domain but simultaneously opening a window for private equity investors to buy the firm, said people familiar with the matter. Bharti AXA Life, the life insurer now wholly owned by the Bharti Group of the Mittals, has been available for sale as the family seeks to focus on its core telecom business and exit non-core revenue streams, said those people who did not want to be identified. «The negotiations fell through due to Bharti Group's higher asking price, which SBI Life was reluctant to meet given the declining business of Bharti AXA,» said a source.

Chief of Defence Staff General Anil Chauhan on Tuesday said that the absence of a written national strategic policy does not imply that the country lacks a strategic policy. Speaking at the release of book "Crafting a New Indian Art of War," Gen Chauhan contested the insistence on having a national security strategy in written format. «When we talk about national security strategy, I believe it consists of policy, processes, and practices to succeed. In our country, probably all three are addressed. The only thing missing is a written policy. I don't know why people insist on that,» Gen Chauhan said. If we didn't have a policy, we wouldn't have succeeded as we did in revoking Article 370 from Jammu and Kashmir, he asserted.

Swiggy may not be Prashant Kishor, but if the online food-ordering and -delivery platform's sales data throws up one juicy fact to chew on, it's this: in 2023, India ordered 2.5 plates of biryani every second. Side plate note: for every 5.5 chicken biryanis ordered, there was one veg biryani.

New Delhi: India and Vietnam are gaining the most from the China plus one strategy, which is also expected to unlock new growth opportunities for Asian economies, according to Nomura. India's exports will likely surge to $835 billion by 2030 from $431 billion in 2023 with its large domestic market helping attract firms looking for supply chain alternatives to China, Nomura said in a report on Tuesday. «Firms in electronics, apparel & toys, automobile & components, capital goods and semiconductor manufacturing are looking to invest in India. Given India's large domestic consumer market, firms setting up shop in India are attracted also because of the captive domestic market,» Nomura said, predicting a 10% annual growth over the period.

Narendra Modi reiterated the need to encourage business and not demonise it. The PM's support is welcome. Post-Independence governments had a socialist mindset, leading to many perverse incentives and disincentives for India Inc. This narrative spread beyond political and bureaucratic circles to shapers of public opinion, mass media and popular culture. Expectedly, businesses and livelihood creators responded to these disincentives by gaming the system. The licence raj was less about business excellence or competition, and more about how to manipulate licences and create monopolies. In that era, black marketing, hoarding and smuggling were common. Low economic growth and insignificant job creation led to poor economic opportunities for the first post-1947 generation. They had to endure a 7-year wait for a scooter, and had to get permits for cement, steel and landline phones. The well-educated wanted their children and wards to get into top state jobs and the armed forces to escape this shortage economy.

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