India Financial News

NCLT) has granted more time to Hinduja Group-owned IndusInd International Holdings (IIHL) for securing the remaining regulatory approvals required to complete the resolution process of bankrupt Reliance Capital, according to two people aware of the matter. The order was delivered on IIHL's application on Wednesday, requesting an extension of the 27 May deadline for paying ₹8,000 crore to acquire Reliance Capital.

₹4.2 trillion overnight. Foreign investors trooped in after selling for two months, lifting India's stock market -- the world's fifth-largest and snapping at the heels of Hong Kong -- to a closing high of $5.05 trillion. Foreign portfolio investors (FPIs) bought shares worth a provisional ₹4,670.95 crore on Thursday, while domestic institutions settled for ₹146.51 crore.

AP reported Bangkok's Samitivej Srinakarin Hospital as saying.According to the report, 27 people remained in intensive care, and a 73-year-old British man died after the flight ran into bad turbulence over the Andaman Sea. This led to hurling items and passengers and crew members around the cabin.The hospital's public relations officer stated that other local hospitals have been asked to lend their best specialists to assist in the treatments.

PTI report.On Thursday, “Air India CHRO Ravindra Kumar GP announced salary increments for employees, with effect from April 1, 2024, as well as performance bonus payouts for FY 2023-24 based on company and individual performance," PTI said citing sources.ALSO READ: Passengers recall harrowing moments of Air India Express flight catching fireThe airline is in the process of revamping itself under a five-year transformation plan, announced In late 2022.Since the Tata Group took over the loss-making airline over two years ago, this is the first appraisal process for Air India staff.It is providing competitive salary increments to attract and retain talent as part of larger efforts to have a performance-driven and meritocratic culture among the employees, said the report.The annual appraisals, based on the new Performance Management System (Rise.AI), have been given to all employees, who joined before December 31, 2023, including ground staff, cabin crew and pilots.The airline has around 18,000 employees. ALSO READ: Vistara warns of traffic congestion in Varanasi as Modi to file nomination today“CHRO Kumar said that in the last financial year, the airline achieved key milestones of laying strong foundations for growth and transformation," as per the PTI report.

InterGlobe Aviation Ltd, which runs India’s largest airline IndiGo, more than doubled its net profit to ₹1,894.8 crore in the quarter ended March. In another news, severe heatwave conditions continued to grip parts of North India, while some states in the southern regions grappled with heavy rainfall.

₹2.69 per kWh, which is expected to be completed within 24 months of signing the 25-year power purchase agreement (PPA).With this, Avaada Energy has reached a portfolio of 15 GWp in India, it said in a statement.Vineet Mittal, chairman of Avaada Group, said, “We are incredibly proud to have won the single largest bid of 1050 MWp from NTPC. This achievement not only highlights our capability to execute large-scale renewable energy projects but also reinforces our commitment to supporting India’s transition to a sustainable energy future.

Vedanta group company's manufacturing arm, Global Products & Services, produces power transmission components, including conductors, power cables, and overhead wire cables.In an interview with Mint in March Agarwal had said post the demerger, SPTL may explore a public listing as part of its fundraising plans.The company statement said the demerger will be implemented through a National Company Law Tribunal (NCLT) scheme. Upon completion of the demerger process, all SPTL shareholders will hold identical shareholdings in both companies.The company has a portfolio of 33 completed, sold and under-construction power transmission projects covering approximately 16,529 circuit kms of transmission lines across India and Brazil.

ALSO READ: IndiGo's net profit doubles to ₹1,895 crore in Q4 as travel demand soarsThis comes on the day the airline announced a record profit of ₹8,172.4 crore, not just the highest for the airline but the highest for any airline in India ever. The airline announced that it is taking the next step in IndiGo’s evolution.

Indian market hit a fresh record high on Thursday amid short covering following RBI’s record dividend payout to the government that could lead to better fiscal position and softer bond yields. The S&P BSE Sensex rose nearly 1,200 points to hit a record high of 75,499 while the Nifty50 closed at 22,967.

Mehul Choksi, a key accused in the multi-crore PNB scam, has told a special court here that he hasn't been able to return to India «due to reasons beyond his control» and hence cannot be declared a "fugitive economic offender". The accused has claimed that he didn't leave India to avoid criminal prosecution nor is he refusing to return to the country. He said his passport has been suspended by Indian authorities. The businessman made these claims in an application filed on Wednesday before a special PMLA court, seeking directions for summoning documents concerning the suspension of his passport and investigation files of the Enforcement Directorate's (ED) case against him. The current proceedings against Choksi pertain to ED's plea to declare him a fugitive economic offender (FEO) and these documents need to be summoned «for fair adjudication of the matter», said the plea filed through advocate Vijay Agarwal.

Investments by private equity and venture capital funds declined by 35 per cent to USD 4.4 billion in April compared with USD 6.8 billion in the year-ago period, a report said on Thursday. The number of deals in April stood at 98, which was 56 per cent higher than the year-ago period, the report by EY, a consultancy firm, and industry lobby grouping IVCA said. "PE/VC investors continue to remain cautious due to global uncertainties, geopolitical tensions, and the ongoing Indian general elections," the consultancy firm's partner Vivek Soni said, adding that the activity will be subdued till the outcome of the election is decided. In April 2024, there were nine large deals of over USD 100 million, worth USD 3.1 billion, which is a 48 per cent decrease compared to the USD 6 billion across 11 deals in April 2023, the report said.

Poco plans to sell 10 million mobile phones in two years and aims to be among top-five players from the third year onwards, a senior official of the company said on Thursday. Poco recently pipped OnePlus to capture seventh spot in overall smartphone category with 5.9 per cent market share and sixth position among Android smartphone brands, as per market research firm IDC. «We have very ambitious target for the next two years and we want to get into the 'big boys club', which means we want to hit 10 million-mark in sales and then challenging the top five brands in the next 2-3 year,» Poco India country head Himanshu Tandon said on the sidelines of Poco F6 smartphone launch event. As per IDC, Poco shipments in India grew by about 72 per cent year on year.

Air India on Thursday announced annual salary increments for its staff, and also introduced an annual target performance bonus for pilots, according to sources. This is the first appraisal process after Tata Group took over the loss-making airline a little over two years ago. On Thursday, Air India CHRO Ravindra Kumar GP announced salary increments for employees, with effect from April 1, 2024, as well as performance bonus payouts for FY 2023-24 based on company and individual performance, sources said. They said that Air India, which is in the process of revamping itself under a five-year transformation plan, is providing competitive salary increments to attract and retain talent as part of larger efforts to have a performance-driven and meritocratic culture among the employees.

Four people also died in Idukki and Pathanamthitta districts after falling into water," an official of the Kerala the state's Disaster Management Authority (KSDMA) told Reuters.Meanwhile, Currently, 223 people have been relocated to 8 camps across the state, according to an official release issued by the Kerala Chief Minister's office, as cited by ANI.The weather department had issued a red alert, predicting heavy to very heavy rainfall, in Ernakulam and Thrissur. While an orange alert was issued in the Pathanamthitta, Alappuzha, Kottayam, Idukki, Palakkad, Malappuram, Kozhikode and Wayanad districts of Kerala on Thursday, May 23.As per the IMD, heavy to very heavy rainfall with extremely heavy falls was observed at isolated places over Kerala on Wednesday.ALSO READ: Heatwave alert! IMD issues red alert for Rajasthan, Punjab, Haryana, Delhi, and Uttar Pradesh; rains to lash KeralaMeanwhile, the India Meteorological Department (IMD) precited isolated heavy to very heavy rainfall to continue over south Peninsular India till May 24, "with possibility of extremely heavy falls over Kerala on 23rd May, 2024."On Friday, May 24, a yellow alert has been issued in the districts of Thiruvananthapuram, Kollam, Alappuzha, Ernakulam, Thrissur and Palakkad.

TD Bank on Thursday reported better than expected quarterly earnings helped by strength in Canada and its wealth management unit, even as its U.S segment struggled amid probes related to its anti-money laundering program.

Highway construction targets to be lowered in FY25 in spite of post-election growth agenda“In the last couple of years, about 8-10 awarded highway projects faced substitution as original sponsors could not get financial closure. But most of the projects facing stress have been bid on HAM model where risks are lower for developers as payment is guaranteed over a period in the form of annuity.

Interglobe Aviation reported that its net profit more than doubled to ₹1,894.8 crore in the quarter ended March 2024. India's largest airline recently decided to purchase 30 wide-body aircraft.Also Read: IndiGo's net profit doubles to ₹1,895 crore in Q4 as travel demand soars"In a groundbreaking move to redefine business travel in India, IndiGo, India's most preferred airline, announces the plan to launch a tailor-made business product for India’s busiest and business routes," IndiGo said in a statement.‘’Considering India’s soaring economy and the evolving aspirations of Indian society, it’s time for IndiGo to redefine premium travel in India, increasing availability of this service for the nation.

Wipro Ltd’s former chief executive officer (CEO) Thierry Delaporte became Indian IT sector's highest-paid top boss for the financial year ended March 2024, earning $20.1 million ( ₹167 crore) during the period, the company’s filings with the US Securities and Exchange Commission showed.Frenchman Delaporte’s remuneration doubled from FY23, when he earned about $10 million in annual compensation. His salary increase in FY24 was primarily driven by a cash severance payment of $4.33 million, and the cost of accelerated vesting of 9,89,130 unvested stock options.

BJP MP Jayant Sinha, who was asked by the party to show cause for not taking part in campaigning, on Thursday said he was being «unjustly targeted» and the public notice amounted to demoralising dedicated workers like him. Replying to the show cause notice, Sinha said it was issued to him though he had on March 2 communicated to BJP president JP Nadda that he would not be able to shoulder electoral responsibilities as he would focus on combating issues arising from global climate change. The Hazaribagh MP also said that it was wrong for the party to allege that he did not cast his vote on May 20, since he had exercised his franchise through postal ballot and was not in the country on the polling day. «Given my contributions to the party and the circumstances, the public issuance of your letter is unseemly. Your approach demoralizes dedicated party workers and undermines the party's collective efforts. Additionally, despite my loyalty and hard work for the party, it appears that I am being unjustly targeted,» the former Union minister replied on the show cause notice via a post on X.

Financial Times report that targeted Indian conglomerate AdGroup Article was just for noise, noted global financial services firm Cantor Fitzgerald, asserting that the financial market appeared to have shrugged off the said report. The financial advisory firm's report said that the market is inferring that the media article against the conglomerate was an «immaterial story.»

NEW DELHI:India's power generation increased 9.69% to 153.77 billion units (BU) in April but fell short of target as temperatures soared to their highest in more than a century.Although the generation was higher on year, it fell short of the target of 161.71 million units, showed the CEA data, showed a monthly report by the Central Electricity Authority (CEA). A likely reason could be that thermal capacity addition failed to reach a targeted 800MW.Thermal power generation rose 10.87% on-year to 123.50 billion units as peak demand hit 235 GW on Wednesday, the highest so far this year.According to the India Meteorological Department (IMD), temperatures in April were the highest over eastern and northeastern India and the second highest over south India since 1901.Also Read: India is leading the way for sustainable power in the worldPower consumption last month was at 144.25 billion units, 10.49% higher than 130.55 billion units in the same period of FY23.Apart from thermal power, which constituted about 80% of the overall generation in the country, nuclear and renewable power s witnessed a rise in April.