India Financial News

Stock market strategy: After a sixth phase of polling in Lok Sabha Election 2024, poll pundits are busy assessing the Lok Sabha Election outcome on 4th June 2024. However, stock market experts are also active as they zero in on the segments that may outperform the average market returns in the short, medium, or long term.

Cyclone Remal made landfall on Sunday midnight between Bengal's Sagar Island and Bangladesh's Khepupara. However, the state has officially confirmed only three deaths so far. The 'Severe Cyclonic Storm Remal' has weakened into a 'Cyclonic Storm' on Monday morning, the Meteorological Department said. Sunderbans in South 24 Parganas district has been the most affected. Torrential rains have been reported in various parts of the state. Many areas have been inundated. Electric poles and trees have been uprooted and houses damaged mainly in South and North 24 Parganas districts and Kolkata, which will go to polls on June 1.

affordable 5G handsets weighed on average smartphone prices in India in the quarter ended March, halting a price surge after 12 quarters. Average selling prices (ASP), an indicator of how much people are paying for their handsets on average, were flat sequentially in the first quarter at $263, said market research firm IDC India. This follows a double-digit rise in ASPs over the last three years amid a growing appetite for higher-priced handsets since the pandemic. Flat ASP in the March quarter was largely due to a 22% on-year rise in shipments of mass budget phones priced at $100-200 at 16.3 million units, compared with 13.4 million units a year earlier, marking a resurgence from previous quarters. “The mass budget segment of $100-200 which holds the majority share was declining but has seen a revival in beginning of 2024 with affordable 5G offerings and is expected to either remain flat or grow in coming quarters,” said Upasana Joshi, senior research manager, IDC India.

defence ministry is tightening the monitoring of defence equipment being manufactured in India and has asked the industry to strictly follow end-user certification rules when it comes to exports, after some reports of equipment going into the «wrong hands» have come up. The Indian defence sector has seen a sharp increase in production of arms and weapons for both internal use and export orders in the past few years. Weapons manufacturing is on the rise throughout the world, given the Ukraine-Russia crisis, and multiple reports have emerged of weapons landing up on either side of the conflict without proper authorisation by the country of origin. The ministry is now looking to set up an internal portal that will monitor consumption patterns of imports being done by defence sector companies, particularly when it comes to explosives and primers.

Chandigarh's Sector 25, a stage has been set up. It is a show of unity — Congress, Aam Aadmi Party and Samajwadi Party leaders are sitting side by side and patiently waiting for their candidate, Congress spokesperson and former minister Manish Tewari. As soon as he enters the ground, two youths approach him and carry him on their shoulders with party workers thronging to garland him. By the time he reaches the stage, the garlands are almost covering half his face. He gets on the stage and local leaders begin their speeches. Tewari keeps it short as he is on a clock. He has just wrapped up a rally with Congress general secretary Priyanka Gandhi Vadra and has to catch up on the day's campaign schedule. «Dakshin Bharat mein BJP saaf hai, uttar Bharat mein BJP half hai. They are not crossing 150. INDIA bloc is forming the next government,» he says adding, «When I say we will give free 200 units of power to any family with an income below ₹20,000 per month, BJP says I have lost my mental balance. But I am not taking out money from their pockets. It is government's money that we will use.» Tewari is running a high-pitched campaign with the help of the Congress and AAP cadres.

United Spirits, India's biggest liquor firm, said there is a slowdown in liquor demand because tipplers are limiting social occasions although they are still not downgrading to lower-priced products. The Diageo-controlled company expects the pace of growth to recover in the second half of the year due to a lower base, although it will still be slower compared with the demand surge seen after the pandemic. «On the demand front, the growth has moderated from two years ago. And at the lower end, we continue to see some pressure. Moderation was there during the wedding season, and so growth is continuing to be slower,» the company's managing director and chief executive Hina Nagarajan told analysts during an earnings call.

Congress government in Himachal Pradesh is a bunch of thugs, alleged Union information and broadcasting minister Anurag Thakur while addressing a gathering in his constituency Hamirpur. He is pitted against Congress candidate Satpal Singh Raizada. Ten years of Modi government have made India world's fifth largest economy and your vote for BJP will ensure that Modi government makes India world's third largest economy in the next five years, he said at the gathering. In an interview with ET during his campaign, Thakur said soaring heat seems to have contributed to low voter turnout. One doesn't see much enthusiasm in the Opposition cadres, he said, adding that the morale of Congress and Opposition party workers is not high at all. That is why they «are not turning up to caste votes».

private equity firm ChrysCapital is looking to acquire domestic companies in the formulation business in the range of $200 million-$500 million. Along with partners, deal sizes can potentially reach $1.5 billion, said a senior executive. «We're looking at buyouts. These can be companies in the top 30-75 in their category. We will look at the $200 million to $500 million range,» Kshitij Sheth, MD of ChrysCapital told ET in an interview. Sheth said the aim is to grow these companies to "$1.5-$2 billion valuations and take them public eventually. While we could consider a strategic sale, the goal will be to take these platforms public". ChrysCapital is focused on deals within top 20 to 50 ranked Indian companies in formulation business. The PE firm has focused on acquiring non-controlling interests in pharma companies. ChrysCapital could partner either another large fund, a strategic or a sovereign fund for bigger acquisitions.

High Court has restrained Dubond Products India from manufacturing, distributing or selling its waterproofing product that allegedly has identical trade mark/dressing of Dr Fixit until further order. Mumbai-based Pidilite Industries, the maker of Fevicol and M-Seal adhesive brands, has approached the court to restrain Dubond Products from allegedly infringing its registered trademarks, copyright and passing off for its waterproofing brand Dr Fixit LW. Passing off in intellectual property rights (IPR) law means making a false representation that is likely to induce a person to believe that the goods or services are those of another. «The balance of convenience is overwhelmingly in favour of the plaintiff (Pidilite). Further, irreparable harm and loss will be caused to the plaintiff due to the defendant's continued use of the marks which are wrongful activities,» observed Justice RI Chagla in its order of May 21. «The defendant has various other products apart from the impugned product and therefore the defendant's business will not be affected upon the grant of injunction,» he said further in a 81-page order.

committee will examine if manufacturing of nutraceuticals should be allowed within drug manufacturing facilities. India's drug regulator had said earlier that action will be taken against those flouting norms by manufacturing supplements and drugs in the same facility. However, following objections raised by various pharma lobbies, the drug regulator has formed a committee that will give its recommendations within three weeks on the issue. The committee comprises senior officials from the regulatory authority, experts from the National Institute of Pharmaceutical Education and Research (NIPER) and an industry expert.

If that is actually true, Gautam Gambhir should be well on the way to being anointed, sorry appointed, India’s next coach. The former little left-hand bat has all the bases covered, on and off the field. As a tigerish batsman who overcame a lack of obvious flair and the kind of talent that makes fans go “wow” Gambhir fought for every run. He worked the ball across his pad to leg, cleared his front foot and crunched past midoff, rocked back to swivel and pull off his hips and cut with a view to keeping the ball on the ground, despite being what you might politely call a shortie. Gambhir was a serious player, no pun intended. He was not a great friend of team-mates in the dressing-room, he was not the life of the party and he sure as hell did not smile unless he absolutely had to.

Supreme Court on Monday refused to entertain a BJP plea challenging a Calcutta High Court order restraining it from publishing any kind of derogatory advertisement against All India Trinamool Congress. The petition was dismissed as withdrawn as a bench of justices JK Maheshwari and KV Viswanathan said it was not inclined to interfere with the Calcutta High Court order. Significantly, the bench verbally observed that prima facie the advertisements issued were «disparaging».

investment group EQT will now look at deals of $50 million-250 million in India from its newly raised $1.6 billion BPEA EQT Mid-Market Growth Partnership (MMG Fund). The new fund, in addition to the large-cap buyout Asia fund, will look at deals primarily in closely held companies. «As the flagship fund becomes bigger, there is that opportunity in the mid-market space with a ticket size of between $50 million and $250 million that is getting left out,» Hari Gopalakrishnan, partner, EQT, told ET. «So, we are targeting that space with this mid-market strategy. We set out to raise $750 million, but the demand was quite strong. So, we ended up raising twice what we expected.»

Narendra Modi's infamous "mujra" jibe, former Bihar chief minister Rabri Devi on Monday sought to pay him back in the same coin. «And what does Modi do? Play the tabla?», quipped the once shy homemaker, who reacted with horror when journalists drew her attention to the remark, before responding with a sarcastic smile. Modi had used the colourful imagery at rallies in Bihar addressed on Saturday when he accused the INDIA bloc, in general, and RJD in particular, of Muslim appeasement and keeping mum on the humiliation of migrants from the state by leaders of parties other than the BJP. Rabri Devi, whose husband Lalu Prasad is the RJD's founding president, also claimed that the BJP-led NDA will be routed in the elections, a reason why they had «gone crazy and taken to blabbering».

(This story originally appeared in on May 27, 2024)

Google has leased 649,000 sq ft office space at Alembic City in Whitefield, Bengaluru, at a monthly rental of ₹62 per sq ft for a three-year lock-in period as part of its expansion strategy in India, said people aware of the deal. «This move is in line with the tech giant's proactive approach to leasing both traditional and flexible office spaces in major cities to strengthen its presence,» one of the persons said. In 2022, Google Connect Services India Pvt. Ltd, a subsidiary of the US technology conglomerate, had a renewed rental pact for about 600,000 sq ft office space in Hyderabad. The company also agreed with Bagmane Developers to lease 1.3 million sq ft office space in Bangalore. «Since 2020, Google's office space portfolio in India has increased by 3.5 million sq ft,» another person said. «The firm has a presence in five cities in India spread over 9.3 million sq ft of real estate footprint,» he said.

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India's liquefied natural gas (LNG) import terminals got busier last fiscal as imports rebounded amid easing of global gas market turbulence seen in the previous two years. Capacity utilisation at most import terminals increased during the year, with utilisation rising to 95% from 78% in FY23 at India's largest import terminal at Dahej, showed oil ministry data. Petronet LNG operates the Dahej terminal in Gujarat. Its other terminal at Kochi operated at 21% capacity in FY24, up from 19%. GAIL's terminal at Dabhol in Maharashtra recorded 43% utilisation, up from 39%, while Indian Oil's terminal at Ennore in Tamil Nadu improved performance to 18% from 13%.

RJD leader Tejashwi Yadav on Monday said Bihar Chief Minister Nitish Kumar's goof-up in wishing another «CM term» for Prime Minister Narendra Modi showed a «sense of imminent defeat» in the NDA camp. Yadav was referring to the JD (U) supremo's gaffe at an election rally in Patliputra Lok Sabha seat on Sunday, when he wished Modi, who was at the helm of Gujarat before becoming the PM, to become 'mukhya mantri' (chief minister) once again. Other leaders present on the stage realised the gaffe, following which he corrected his statement. «Dil ki baat zubaan pe aa jaati hai (what was in his mind slipped out of his mouth). What the CM said is correct… Modi ji is not going to become the PM again,» Yadav said while addressing a rally in Jagdishpur with Congress leader Rahul Gandhi sharing the stage. «We know that our respected chacha ji (Nitish) wants from his heart that BJP is removed from power at the Centre so that Bihar develops without any bias. We are taking forward his campaign. Nitish ji used to say earlier that those who have come in fourteen (2014) will go in twenty-four (2024)… Modi-led NDA will be completely routed,» Yadav said.

₹200, which is non-refundable. Candidates must pay the required fee to object to the response within the stipulated time.The NEET UG entrance exam was conducted in the pen-and-paper (offline) mode on May 5 across 571 cities in India and 14 cities abroad from 2 pm to 5:20 pm, spanning 3 hours and 20 minutes.A total of 23,81,833 students have registered for NEET UG 2024.