India Financial News

NEW DELHI : Oil and Natural Gas Corporation has entered the fray to acquire a significant majority stake in Ayana Renewable Power Pvt. Ltd, as India’s largest crude and natural gas producer seeks to bulk up its clean energy portfolio. The state-run ONGC has submitted a non-binding offer for Ayana, which is looking to sell even up to a 100% stake at an equity valuation of about $800 million, said two people aware of the development.

petroleum crude to ₹5,700 per metric ton from ₹8,400 with effect from May 16, Reuters reported. As per a notification from the government on May 15, there is no change in windfall tax for diesel and aviation turbine fuel (ATF), it added.

F&O ban list: Twelve stocks have been banned for trade on Thursday, May 16, 2024, under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as they crossed 95% of the market-wide position limit (MWPL), according to the NSE. However, these stocks will be available for trading in the cash market.

Dividend stocks 2024: Shares of Tata Consultancy Services Ltd (TCS) will be in focus when the stock market opens on May 16 (Thursday). The Board of Directors of TCS has declared a final dividend of ₹28.00 per equity share for its eligible shareholders.

₹321.6 crore in the December quarter, against a net loss of ₹401.3 crore a year earlier. With its ambitious expansion plans across the green energy ecosystem, ReNew has been looking at options to raise funds both through asset sale and debt financing. In February, Mint reported that ReNew Energy Global Plc is in talks with Singapore’s Sembcorp Industries Ltd to sell solar energy projects totalling 350 megawatts (MW), with the deal estimated to be valued at around $241 million at the enterprise level and around $121 million in terms of equity.

Online marketplaces such as Amazon, Flipkart and Myntra may soon have to root out fake product reviews, as the government turns the heat on the menace that frequently leads to frustration and financial losses. The marketplaces will also be prohibited from editing user reviews to alter their message, and must ensure that the original content and intent of the reviewer are preserved, a top government official said. Companies will also be disallowed from preventing negative reviews.

thunderstorms, lightning and gusty winds over south Peninsular India till May 20. In its latest bulletin, IMD said the Southwest Monsoon is expected to progress into the South Andaman Sea, certain areas of the Southeast Bay of Bengal, and the Nicobar Islands by May 19, 2024. - Heatwave conditions very likely in isolated or some pockets over West Rajasthan during May 16-May 19; over Punjab, south Haryana during May 16- May 19 and north Madhya Pradesh, East Rajasthan, Uttar Pradesh, and Bihar during May 17-May 19.

₹22 lakh, most of which will be financed through a loan. Canada had upped the GIC from CAD $10,000 ( ₹6 lakh) to CAD $20,635 ( ₹12 lakh) effective from 2024. A GIC is similar to a secure investment and acts as a proof that the student has the means to live and pay for expenses in Canada.

Morocco has grown its automotive industry from virtually non-existent to Africa’s largest in less than two decades

Lok Sabha constituency in north Kashmir, which is going to polls in the fifth phase of elections on May 20, will decide the fate of 23 candidates. However, the main contest is between Sajad Lone of People's Conference and Omar Abdullah of National Conference. The contest has become interesting with the entry of Awami Ittehad Party (AIP) of Sheikh Abdul Rashid, alias Engineer Rashid. The two-time legislator is contesting from Tihar jail. AIP's campaign rallies are receiving huge response across north Kashmir. It appears that People's Democratic Party candidate Fayaz Mir, who is a former Rajya Sabha member, may have already lost the third spot in the contest. BJP has not fielded any candidate in the three Lok Sabha seats of Kashmir, but is actively canvassing for some parties without directly naming them. J&K Apni Party, led by Altaf Bukhari, has also not fielded any candidate here and is supporting Lone, while Abdullah is the official candidate of the INDIA bloc.

Narendra Modi on Wednesday alleged that Congress was planning to allocate 15% of the country's budget to Muslims, adding while he was accused of doing Hindu-Muslim politics, it was the Opposition party that was guilty of doing it. «Congress is doing the Hindu-Muslim politics… Their ecosystem is claiming that Modi is doing Hindu-Muslim talk but Modi is exposing those (Congress) who are doing Hindu-Muslim to break the country,» he said in an election rally in Kalyan. Earlier, he also addressed a rally in Nashik. «Congress wants to do a budget for Hindus and a budget for Muslims,» he alleged. «Congress was doing this sin that I opposed and if Congress and the Indi Alliance come to power, they will do the same. Do we want to keep the country together or not, is it good to divide Indians like this?» he said.

Indian citizenship on Wednesday under the newly notified Citizenship Amendment Act (CAA), 2019. While the first set of 14 people received it in the national capital, the rest were granted nationality digitally in other parts of the country. Some of the applications were cleared even before the notification of the rules in March this year, officials said. Home secretary Ajay Kumar Bhalla handed over the certificates to the 14 people in the national capital after their applications were processed online through a designated portal, an official spokesperson said. Sources said the Election Commission of India (ECI) was intimated regarding the grant of citizenship certificates since the model code of conduct was in force.

Congress questioned Prime Minister Narendra Modi's statement that he has «never done Hindu-Muslim» politics in elections and that the day he would do so he would be unworthy of public life. Spokesman Jairam Ramesh said Modi had «brazenly used communal language» during his campaign speeches and that Congress had complained to the Election Commission about it. «Even by his own pathetic standards, Mr Modi's latest claim that he does not do Hindu-Muslim politics shows the new depths he reaches daily in lying. Since April 19, 2024, it is a matter of public record that cannot be erased from our collective memory — even if Mr Modi erases it from his own — that the outgoing PM has blatantly and brazenly used communal language, symbols and allusions. We have brought this to the attention of the Election Commission of India as well. Action should have been taken, but sadly it has not,» he said.

Taliban in Kabul, the next UN meeting on Afghanistan, and ways to stop terrorism originating from the Af-Pak and Eurasia regions. Senior Russian diplomat and President's special envoy on Afghanistan Zamir Kabulov and JP Singh, JS (Pak-Afghan-Iran) MEA met here to discuss Afghanistan's current situation, Taliban engagement, Daesh/ISIS threats, and narcotics trafficking, according to people familiar with the issue. While Singh visited Kabul sometime ago, Kabulov was there in April to meet the entire Taliban leadership. Kabulov, a former envoy to Kabul, is regarded as one of the world's foremost authorities on Afghanistan. According to ET, the purpose of the meeting on Wednesday was to discuss the notes from these visits and come to a consensus regarding Afghanistan under Taliban.

digital intelligence platform (DIP) to the servers of Amazon Web Services (AWS) from those run by state-run Bharat Sanchar Nigam (BSNL) and the Centre for Development of Telematics (C-DoT) triggered a fierce initial reaction from mobile phone companies. They seem to have backed down after the DoT told them that critical subscriber database records (SDRs) of customers won't be stored on AWS. The DIP is used to help fight cyber crimes and fraud. The Cellular Operators Association of India (COAI) had called the move «abrupt and unilateral» in a May 11 letter to DoT secretary Neeraj Mittal and telecom minister Ashwini Vaishnaw. COAI represents India's top telcos Reliance Jio, Bharti Airtel and Vodafone Idea. The carriers had added that the shift would compromise the privacy of consumers' personal data due to the inherent nature and architecture of such cloud-based solutions.

PSUs) are readying a coordinated strategy to secure overseas critical mineral assets. Coal India Ltd. (CIL), National Mineral Development Corporation (NMDC), ONGC Videsh Limited (OVL), besides Khanij Bidesh India Ltd.

Pakistan-occupied Kashmir (PoK) is part of India and it will be taken back, Union home minister Amit Shah asserted on Wednesday. Shah said this while speaking at a rally in Serampore, West Bengal. On Wednesday, he addressed another rally at Aska in Odisha. PoK recently witnessed protests where the «azaadi» slogans were raised, Shah said in Serampore.

Antagonism between Israel and the United Nations worsened as the Israeli army sought an explanation for footage showing armed men next to U.N. Palestinian relief agency vehicles. Separately, India was working to bring home the body of a U.N. staffer killed in Rafah by what the global body said was tank fire. Israeli forces have in recent days pressed into the east of Rafah in pursuit of what they say are four Hamas battalions despite warnings by Israel's main ally, the United States, to hold off to avoid mass civilian casualties.

Congress leader Rahul Gandhi on Wednesday alleged that the BJP wants to destroy the Constitution and remove the reservation provided to tribals, Dalits, and backward class. Gandhi was addressing a public meeting in Bolangir, Odisha. «BJP wants to tear this book, but we in the Congress and the people of India will not allow it,» Gandhi said while holding a copy of the Constitution in his hand.

Nirmala Sitharaman Wednesday said the government significantly increased the outlay for capital expenditure (capex) over the last 10 years to build quality infrastructure in the country, which had a significant multiplier effect on economy and investment, besides improving ease of living. She said the share of capex in overall expenditure went up to over 21% in 2023-24 as against just 12% in 2013-14 during the UPA regime, when infrastructure development remained grossly neglected. «Since 2014, our govt has allocated a total of ₹43.53 lakh crore in Gross Budgetary Support (GBS) capital expenditure, an increase of 3.72 times compared to 2004-14,» she said in a long post on social media platform X.

Nord 4 is poised to harness the power of the Qualcomm Snapdragon 7+ Gen 3 chipset, while its counterpart, the Nord CE 4 Lite, is slated to operate on the Qualcomm Snapdragon 6 Gen 1 SoC. Notably, whispers hint at an OLED display for the Nord CE 4 Lite, adding allure to its anticipated features. Although official confirmation remains elusive, a flurry of certification listings, including sightings on Singapore's IMDA website and India's BIS certification site, hint at an impending launch for the Nord CE 4 Lite.