India Financial News

Mint takes a closer look at what it means for India. India and Iran signed a long-term contract for the development of Chabahar Port during shipping minister Sarbananda Sonowal’s visit to Iran. Signed by Indian Ports Global Limited (IPGL) and the Port & Maritime Organisation of Iran, the agreement allows the Shahid Beheshti terminal at Chabahar Port to operate for 10 years.

₹1,600–1,800 crore in advertising revenue for Disney Star, the official media rights holder this season, similar to the previous tournament in Australia two years ago. Multiple media planners told Mint that the revenue figure will likely stay unchanged from the 2022 season despite the number of matches and teams being higher this time. This is because for the Indian audiences, some matches will start early in the morning, which could make it difficult for the broadcaster to grab eyeballs.

F&O ban list: Nine stocks have been banned for trade on Wednesday, May 15, 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.

Dividend stocks: Shares of Hindustan Zinc Ltd, IRB Infrastructure Developers Ltd, Coforge Ltd, Ador Welding Ltd, Aptus Value Housing Finance India Ltd, Canara Bank, Solara Active Pharma Sciences Ltd, and Viji Finance Ltd will be in focus when the stock market opens on May 15 (Wednesday). The Board of Directors of these companies have declared interim dividend, stock split, and rights issue of equity shares for their eligible shareholders. The record date by the eight companies to ascertain the eligibility of shareholders for their respective issues has been fixed on May 15.

ArcelorMittal Nippon Steel (AM/NS) India, a prominent steel manufacturer with an integrated steel plant at Hazira in Gujarat. “The apprehension is that other mills from FTA countries and China may also get a renewal of their licences for exporting to India," analysts at market intelligence & consulting firm BigMint said, adding that this was a worrisome factor for Indian mills. AM/NS’s Dhar added that with India now available as an option, Vietnamese steelmakers will see the country as a lucrative avenue to dump excess production.

will give a boost to regional connectivity and India's linkages with Afghanistan, Central Asia and Eurasia," the Ministry of External Affairs said on May 13. According to Iran's Ministry of Roads and Urban Development, the deal will give India 10-year access to use the port, located close to Iran's southeastern border with Pakistan.

Aadhar Housing Finance IPO: The listing date of the initial public offering (IPO) of Aadhar Housing Finance Limited has been fixed on May 15 2024, i.e. today.

₹10.02 for Q4 which increased by 18.9% Y-o-Y. Tube Investments Of India has delivered -1.95% return in the last 1 week, 24.36% return in last 6 months and 11.11% YTD return.

₹1,176.59 crore from anchor investors a day before its initial public offerings (IPO) opens for subscription. According to the exchange filing, the company allocated 4,32,57,009 equity shares to anchor investors at a price of ₹272 per share.

content is taking centre stage on over-the-top (OTT) platforms in India as streamers look to ape the traditional TV model of offering diverse content slate that caters to different age groups and demographics, amid the summer vacation for schools and colleges. With a fan base of 180 million and growing, India is poised to become one of the most significant markets for anime content in the world after China even as the global popularity of anime, which has its roots in Japan, is on the rise. Anime market in India is projected to grow at a compounded annual growth rate (CAGR) of 13% from 2024 to 2030, driven by factors such as Japanese pop culture, global media exposure, and demand from millennials and Gen Zs, as per the US-based Grand View Research.

palm oil imports registered a 34.11 per cent jump on-year in April to 6,84,000 tonnes, buoyed by a fall in global prices, the Solvent Extractors' Association of India (SEA) said on Tuesday. Palm oil accounted for 52 per cent of India's total edible oil imports of 13,04,409 tonnes in April, the trade body said in a statement, adding that sunflower and soybean oils import stood at 6,20,315 tonnes. Including non-edible oils, overall vegetable oil imports rose 26 per cent in April to 13,18,528 tonnes compared to 10,50,189 tonnes a year ago, it said. Bearish global prices encouraged higher imports of refined, bleached and deodorized (RBD) palmolein and crude palm oil (CPO), which declined by nearly USD 100 a tonne last month, SEA said.

export ban on onions 10 days ago, export demand has dried up as Indian onion is more expensive than Pakistan's. Besides, subdued exports dampened domestic onion prices by over 15 % in the last week. Exporters don't see demand coming for another 15 days as overseas buyers, who have stocked overpriced Pakistani onions when Indian onion was not available. They want to liquidate their stocks as India's entry has crashed the international onion prices by more than 50% in a week. «Most of the buyers from our traditional markets like Malaysia, Sri Lanka, UK and the UAE had stocked onions from Pakistan. They had not expected the Indian government to lift the export ban till the general elections were over,» said an exporter of onions from Nashik, who claims that the export orders, after spiking for a couple of days, have suddenly dried up. India's lifting of its export ban in May took the international markets by surprise. India has kept a minimum export price (MEP) of $550 per tonne with export duty of 40%.

demand in the European Union, West Asia and the US has boosted export order books by at least 10% from six months before, companies said, signalling a possible recovery from last year. Leather goods, footwear, and apparel are driving demand but engineering goods shipments for new projects are facing a challenge due to geopolitical tensions, exporters said. «Overall, compared to the last six months, the order position has improved 15-20% for leather footwear especially from the US and partially Europe,» said Rafeeq Ahmed, chairman, Farida Group, one of India's largest shoe manufacturers and exporters. «The demand for non-leather footwear is also coming up.» India's total goods exports in FY24 fell 3.1% to $437 billion from $451 billion in the previous fiscal. Apparel exporters cited an increase of over 10% in orders starting February, mostly from the UK, US and the EU. «The decline in demand has slowed and there are obvious signs of improvement. Industry has an ambitious target of $20 billion apparel exports in FY25,» said Mithileshwar Thakur, secretary general, Apparel Export Promotion Council.

With AAP pitting 'Kejriwal ki guarantee' against 'Modi ki guarantee', 'Congress ki guarantee' is caught between the two. Congress believes that the patent for coining pre-poll 'guarantees' rests with it as it first chanted the mantra during Karnataka elections and then in Telangana polls. Congress spokespersons maintain that BJP and PM aped the party's word play by coining 'Modi ki guarantee', but it finds itself in a piquant situation with 'Kejriwal ki guarantee' as AAP is a sensitive ally. It can't endorse it either as it risks eclipsing Congress' own 'guarantees'. While some Delhi Congress leaders are wondering how to streamline the alliance with AAP and the two, yet competing, guarantees, a little bird says at least two Congress LS candidates in Delhi are raring to chant 'Kejriwal ki guarantee'. Experiencing Choppy Ride

jury gathered to deliberate on the young business leaders vying for a highly coveted spot on The Economic Times 40 Under Forty scroll. Thirteen elite jurors — women and men who have weathered many economic cycles and built enduring businesses — gathered in the Jaipur Suite at The Oberoi in Mumbai last week, tasked with recognising the most brilliant young leaders of corporate India. The 10th edition of 40 Under Forty was adjudicated by a power-packed panel led by Reliance Foundation’s Nita Ambani.

Car sales in the local market rose 1.3% to 335,629 units last month. Automakers attributed the tepid pace of growth to tapering off of the post-pandemic pent-up demand that sustained for the last two financial years. A high base due to the strong growth in the last two years weighed on the year-on-year comparison, resulting in the tepid pace of growth in April. Though the growth rate moderated in April, it was the fourth consecutive month in CY24 when sales volume in the local market set a new record, as per data from Society of Indian Automobile Manufacturers (SIAM).

Delhi-NCR's red-hot real estate market, even a ₹5 crore budget may not guarantee a home in a brand-new project of a reputed developer in a prime locality. With homes priced at ₹6 crore and above getting sold out within hours of launch, developers are not keen on launching smaller sized apartments, forcing end users to wait for the current uptick in the market to stabilise. The trend is also worrying industry experts as it is giving rise to speculative buying which might eventually cause a bubble in the property market. «In the last 18 months, prices have almost doubled in the majority of the micro-markets in NCR and developers are also not launching smaller sized apartments. Both the factors have taken away the opportunity for middle class buyers to own a home in the current situation. While the per sq ft prices may not come down, developers may have to reduce size to offer something in below ₹5 crore category,» said an industry expert.

Modi Enterprises plans to take cosmetics firm Colorbar public within three years, betting on robust prospects of the Indian beauty and personal care market. Speaking to ET, managing director Samir K Modi said Colorbar will touch Rs 1,000-crore revenue next fiscal and expand in international markets. The company currently owns and operates Colorbar, 24Seven, and Modicare brands.

Indian airlines to get more business from global firms such as Airbus and Boeing. And they also want a helping hand from the government through a policy push. «We have to be in line with what our procurement of aircraft is. If India has a 10% share of the order book, it should also have a 10% procurement share — it's a fair ask,» said Aravind Melligeri, chairman of components maker Aequs Aerospace, which is one of the top suppliers to Airbus. IndiGo, Air India and Akasa currently have an order book of close to 1,700 aircraft from Airbus and Boeing, aviation consultancy firm CAPA said. That will increase to as much as 2,000 by March 2025.

tech job market and vanilla coding skills going out of vogue, demand for software engineers trained in emerging technologies is on the rise, industry experts said. An estimated 9-10 lakh additional jobs for skilled engineers will be created in the next 18 months to keep pace with the escalating demand amid rapid digitisation across tech and non-tech sectors, according to data from staffing company Teamlease Digital.

Election Commission of India on Tuesday said that “appropriate action on complaints/counter complaints” by the BJP and the Congress on allegedly “divisive statements” by top star campaigners —PM Modi and Rahul Gandhi — is under its “examination/ consideration”. “A few complaints of INC and BJP against each other are pending alleging violation of MCC inter alia broadly in the genre of divisive statements by top star campaigners on communal, caste, regional language divide, or on sanctity of Constitution of India….Notices have been issued to presidents of both the parties in case of these pending complaints. Response from both parties has been received. Appropriate action on complaints/ counter complaints is under examination/consideration of the Commission,” EC said.