India Financial News

Also read | Allot or auction satellite telecom spectrum? Signal clarity, please Yet these are valuable bands because by squatting here, these companies have pushed up the costs of the competing bands for other telecom operators, and thus for the consumers. The never-ending legal disputes ensured that the department of telecom could not put these bands up for auction. Of course, the government, in its ceaseless attempt to maximise the revenue potential from auctions in the sector, possibly did not mind.

Also Read: India's economy likely slowed to an annual 6.7% in January-March, its weakest pace in a year, finds report"Going forward, we expect investment growth momentum to sustain with extra fiscal space for infrastructure spending given a higher than expected dividend transfer by the RBI. As a result, we recently revised our growth forecasts for CY24 slightly higher by 10 bps to 6.7% YoY," Goldman Sachs analysts Santanu Sengupta, Arjun Varma and Andrew Tilton said in a note.India’s growth momentum remains strong and they expect the core inflation will bottom out in April-June 2024 and be around 4.0% - 4.5% in H2CY24.Meanwhile, the Monetary Policy Committee (MPC) members from the RBI have sounded cautious on sticky food inflation owing to supply side disruptions due to the ongoing hot weather conditions in many parts of India.

₹657.21 crore in March 2024. The quarterly net profit rose by 74.73% to ₹67.13 crore, and EBITDA increased by 68.4% to ₹108.38 crore.Sensex Today Live : The company reported a 128% jump in profit to ₹22.2 crore from ₹9.7 crore the previous year.

CNBC-TV18 reported.During the recent earnings conference call, IndiGo's CEO Pieter Elbers revealed the airline's foray into the business class segment. "We will have business class seats deployed on India’s busiest and business routes," CNBC-TV18 quoted an Indigo official.Thus, as per media reports, business class seats will be available on India's most prominent airlines, with 10 to 15 aircraft operating on major domestic metro routes.

Stocks to buy or sell: The frontline indices of the Indian stock market continue to scale new highs, but they have failed to sustain themselves at higher levels, especially the Nifty 50 and the BSE Sensex. After climbing to the new peaks, Nifty and Sensex witnessed heavy selling pressure at the closing bell on Monday.

Q4 results on May 28: At least 30 companies are set to announce their FY24 fourth quarter (Q4) financial results today, on Tuesday, May 28.Also Read | Q4 results this week: LIC, IRCTC, Aditya Birla Fashion, Tata Steel among companies to declare earnings; check full listThe FY24Q4 earnings season began in the second week of April and is still ongoing. Over 500 companies are scheduled to announce their fourth-quarter results this week.In domestic markets, the FY24Q4 results will have a significant impact on stock movements.

Sensex eased 19.89 points to close at 75,390.50, while the Nifty 50 settled 24.65 points, or 0.11%, lower at 22,932.45.Nifty 50 formed a bearish candlestick pattern at the all-time high level on the daily charts, indicating profit booking.“Yesterday’s negative closing seems to be more of a breather after the recent sharp upmove. Nifty continues to hold above the 20 and 50 day SMA.

Sensex eased 19.89 points, or 0.03%, to close at 75,390.50, while the Nifty 50 settled 24.65 points, or 0.11%, lower at 22,932.45.“Amidst the celebration, there looms a question regarding the sustainability of this bullish trend. The previous day unfolded with cautious trading, anticipating heightened volatility in the near term.

While many parts of India are reeling under a heatwave, it’s a matter of relief that monsoon rain prospects this year are bright. The country is expected to receive above-normal rainfall during the June-September rainy season, according to India Meteorological Department (IMD) chief Mrutyunjay Mohapatra. By IMD’s measure, rainfall will be 106% of the long-period average, with a model error of 4%.

Life Insurance Corporation (LIC) is contemplating a foray into the health insurance sector and is currently assessing potential acquisition prospects, reported The Times of India quoting LIC chairman Siddhartha Mohanty. The move comes amid a proposal to allow composite insurance companies in the sector. «There is an expectation that composite licences may be permitted by the new govt, and we have done some internal groundwork. While we lack expertise in general insurance, we are interested in health insurance and are also considering opportunities for inorganic growth,» said LIC chairman Siddhartha Mohanty. In February 2024, a parliamentary committee recommended the implementation of composite insurance licenses to reduce expenses and regulatory burdens for insurance providers. At present, life insurance companies are restricted to offering extended health insurance benefits. Enabling life insurance companies to furnish hospitalization and indemnity coverage would necessitate an amendment to the Insurance Act.

Mint that nobody has shown any interest in buying the stake, neither Tata Group nor Reliance Industries Ltd, with which Disney is merging its local unit Disney Star. “The fact is that Disney doesn’t want anything to do with the distribution business. That’s not their core, and they have been seeking an exit since they acquired the stake following the purchase of the Fox assets," said one of the persons on condition of anonymity.

Buy or sell stocks for today: Despite strong global cues, the Indian stock market remains range-bound and ended flat on Monday. The Nifty 50 index finished 24 points lower at 22,932 after touching a new peak of 23,110 mark.

rise in raw material and land prices—under Bharatmala Pariyojana by the Union cabinet is a big reason. There have also been delays in execution of projects awarded under the hybrid annuity model that makes up more than half the projects awarded from FY21 to FY24. A third of these are facing delays of up to six months.

Narendra Modi returning to power for a rare third consecutive term will boost shares of defence, infrastructure, railway and capital goods companies, the head of brokerage Motilal Oswal Financial Services said."These were areas where the government has focussed on, invested money. High probability that the ruling government will continue.

Siemens Energy AG has said it plans to sell the India wind turbine unit of its subsidiary, while Shell Energy, which acquired Sprng Energy in August 2022 is looking for investors. EQT and Temasek are planning to sell the 4GW O2 power platform, while Macquarie has explored the sale of its solar power project Stride platform and C&I platform Vibrant Energy.

banking tech startup Gravity has raised $1 million in a funding round led by early-stage venture fund Kettleborough VC. The funds will be employed to enhance “our engineering strength to build the product and take it to the next version, offering the best in product engineering we can,” cofounder and chief executive Satish Krishnaswamy told ET.

The Covid-induced lockdowns, which spared millions of ordinary officegoers the daily commute and spawned a loyal army of equity investors, appear to have drastically altered the asset-class mix of household savings in India. Equity is now the visibly dominant category in pooled funds, garnering a three-fifths share of the money mobilised by mutual funds, as stocks became the preferred bet for the ordinary saver seeking to beat a sticky inflation gauge.

government has asked insurance providers to introduce daycare packages for patients seeking Ayush treatment and said it expects insurance coverage to expand as the treatment guidelines are standardised. Claims under Ayush — an acronym for Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homoeopathy — rose to ₹78 crore in 2023 from ₹9 crore in 2016.

Infosys is pivoting to a GenAI first company, Salil Parekh, chief executive and managing director of India’s second-largest software services firm told ET. In a wide-ranging interview with Sameer Ranjan Bakshi, Beena Parmar and Surabhi Agarwal, he spoke of his plans to prepare the $18.6 billion software services giant — through its Topaz platform — for the GenAI-led transformation that will take root as global macro-economic concerns ease. For now, as clients postpone large digital transformation projects amid uncertain demand for technology services, Infosys will choose profitability over growth. The 59-year-old — whose second tenure as Infosys CEO extends until 2027—said his spare time these days is devoted to experimenting with different AI tools. Edited Excerpts The current financial year was supposed to be one of recovery, how has it been so far?

European banks, which also play key custodian roles in the local sovereign debt trade, have sought the Reserve Bank of India's (RBI) go-ahead for a third-party transaction model to break the impasse involving their home authorities and domestic policymakers over audit oversight rights. «There was a meeting last month between the heads of four European banks and top RBI officials. The banks have sought the RBI's approval on the proposed third-party model because there is no established rulebook for this kind of arrangement,» a source aware of the developments said. After the meeting, attended by RBI deputy governor T Rabi Sankar, the overseas lenders concerned expect the central bank to communicate its views within the next few weeks, another source said.

surplus dividend transfer by the Reserve Bank of India (RBI) to the government stoked expectations of lower North Block borrowing — and, consequently, a narrower FY25 fiscal gap. A fall in government bond yields lowers borrowing costs across the economy as sovereign debt yields are the benchmarks for determining the price of corporate borrowing.