India Financial News

Shriram Finance: US-based Warburg Pincus has acquired a majority stake in Shriram Housing Finance Ltd (SHFL) for ₹4,630 crore, marking its largest deal in India. The acquisition was made through its affiliate Mango Crest Investment Ltd from Shriram Finance Ltd (SFL) and other sellers. The deal is expected to be completed by February 7, 2025.

BCCI, the new head coach will have a three-and-a-half-year tenure, starting immediately after the T20 World Cup and ending in December 2027, just after the conclusion of the next ODI World Cup. Announcing the update in a release, BCCI secretary Jay Shah stated, “The BCCI on Monday invited applications for the position of Head Coach of the Senior Men’s Team.

Kumar Mangalam Birla’s Hindalco Industries Ltd., is seeking to complete a planned US initial public offering as soon as early June, according to people familiar with the matter. The company, owned by a unit of India’s Hindalco, could begin formally marketing the deal in about two weeks, they said, asking not to be identified as the information isn’t public. Novelis on Monday filed publicly with the US Securities and Exchange Commission for the listing.

United Nations was killed in Gaza when the vehicle he was travelling in came under attack in Rafah, making it the “first international" casualty for the organisation since the start of the Israel-Hamas conflict. The individual was a staff member of the United Nations Department of Safety and Security (UN DSS).

Tesla lays off over 16,000 employees; many face H-1B visa deadline Last month, Musk had planned his visit to India but he later postponed it. However, just days later, the billionaire visited China and won concessions for Tesla. Musk was due to meet PM Modi around April 22 and announce an investment of up to $3 billion in a car plant but cancelled saying there were "very heavy Tesla obligations".

Sensex gained 111.66 points, or 0.15%, to close at 72,776.13, while the Nifty 50 settled 48.85 points, or 0.22%, higher at 22,104.05. “The positive takeaway was that Nifty ended above the psychological 22,100 mark, aided by sluggish WTI oil prices and investors reinforcing bets for Federal Reserve’s September interest rate cuts. While mixed global cues hardly enthused local investors, concerns over strong FII selling in the month so far along with caution in the poll season kept the upside limited with investors also trading with caution ahead of the inflation announcement," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Indian personnel working with the United Nations was killed in Gaza when the vehicle he was travelling in came under attack in Rafah, making it the «first international» casualty for the organisation since the start of the Israel-Hamas conflict. The individual was a staff member of the United Nations Department of Safety and Security (DSS). While the identity of the victim has not yet been revealed, sources confirmed to PTI he was from India and a former Indian Army personnel. The Indian personnel killed in Rafah is the «first casualty» among international UN staff in Gaza since the beginning of the Israel-Hamas conflict following the October 7 terror attacks. Another DSS staffer was injured in the incident when their UN vehicle was struck as they travelled to the European Hospital in Rafah.

bullet train, External Affairs Minister S Jaishankar said that it will help in decongestion and fasten the pace of urbanization. He was speaking at an event titled 'India's Vishwabandhu Approach to Global Relations' at the Constitution Club in Mumbai on Monday. Addressing the event, Jaishankar said, "Piyush Goyal and I worked on and a few years ago we decided that we will work with Japan on the bullet train...people think what is special in a bullet train, it is just a train, it will go a little bit faster."

India signed an agreement to operate the Chabahar Port in Iran for 10 years, the United States has warned that «anyone» considering business deals with Tehran needs to be aware of the «potential risk of sanctions.» The US State Department Principal Deputy Spokesperson, Vedant Patel, however, also said that it will let the Indian government speak on its foreign policy goals. «We are aware of these reports that Iran and India have signed a deal concerning the Chabahar Port, I would let the government of India speak to its own foreign policy goals, vis-a-vis the Chabahar Port as well as its own bilateral relationship with Iran,» Vedant Patel said in the press briefing on Monday (local time).

A protest against rising costs of food, fuel and utility bills has turned violent in Pakistani-controlled portion of Kashmir, leaving a police officer dead and dozens of people injured

Amit Shah sought to dispel recent concerns over BJP's performance in the general elections. While emphasising that the ruling party and its allies will get over 400 seats, he told NDTV the market would «shoot up» after June 4 — the election results day — and suggested buying stocks before that. Benchmark Nifty rose 0.22%, or 48.85 points, to close at 22,104 while the Sensex gained 0.15%, or 111.66 points, to close at 72,776. Both indices had fallen over 1% each earlier in the day but bounced back mid-way through the session following the senior minister's remarks.

Sharad Pawar faction of the NCP on Monday shot off a complaint to the Election Commission of India raising concerns after the CCTVs monitoring the Electronic Voting Machines (EVMs) used in the Baramati Lok Sabha polls and kept in a strong room, went off. On Monday, Supriya Sule posted a short video on X which showed CCTV cameras monitoring the strong room where the EVMs were kept, not displaying any images. Sule claimed that «the CCTVs going off for 45 minutes is suspicious; when we contacted the election department officials and the administration, we didn't get a satisfactory reply. There is no technician present, and our party functionary is not allowed to survey the EVMs. This is a very serious issue and the Election Commission should take immediate cognizance and disclose why the CCTVs went off». She also asked the EC to take action against those involved in switching off the CCTVs.

Gujarat Titans' hopes of qualifying for the Indian Premier League play-offs was dashed on Monday as rain washed out their must-win match against Kolkata Knight Riders without a ball being bowled. It meant KKR were assured of a top two finish with 19 points from 13 games and a place in the Qualifier 1. GT, the last year's runners-up and 2022 champions, are out of the play-off race, garnering 11 points from 13 matches. The toss didn't happen at scheduled time of 7 pm due to incessant lightning, which was followed by slight drizzle that became heavier as time passed by. The cut-off time was 10:56 PM for a five-over contest but the official decided to abandon the match, a first in this IPL, because of the consistently intensifying rain and wet outfield.

travel anywhere in the Eastern Pacific, do plan ahead as the hurricane forecast is out. The forecasters are predicting normal hurricane season for the upcoming period. This has been reported by Fox Weather. The national weather service of Mexico has predicted 15-18 storms to be formed with 7-8 leading to hurricane formation and 3-4 strengthening to major hurricanes. An average season normally sees 15 storms with 8 hurricanes and 4 major hurricanes being formed.

Trinamool Congress will ensure that the INDIA bloc comes to power, West Bengal CM Mamata Banerjee on Monday said that «INDIA bloc will win at least 315 seats while the BJP will win a maximum of 195 seats.». «There will be no Modi in Delhi. Didi is with the people here. Didi will ensure that the INDIA bloc comes to power at the Centre. Based on the numbers I received till yesterday, they will get around 190-195 seats. INDIA bloc will get 315 seats,» Banerjee said while speaking at a rally in Bangaon Lok Sabha constituency in North 24 Parganas district. «Modi Is not coming to power this time… The polling so far has been good. That is why the leaders of the ruling party at the Centre are scared. They have realised that Modi will not be back as the Pm. They should not brag about 400 seats anymore,» Banerjee said.

Srinagar Lok Sabha constituency witnessed a record turnout of 38%, highest in the last 25 years, on Monday. The pre-delimitation turnout was 15% in 2019. Electors ET spoke with said their vote represented “anger on the ground and a democratic response against the decisions of August 5, 2019”. This was the first election in the last three decades when no separatist organisation had called for boycott, which also played a role in improving the numbers. Political parties, however, complained that their election agents were not allowed by the administration to function smoothly at several booths. Voting went peacefully in all the areas and police and paramilitary for ces reported no major violent incident.

Nayara Energy is planning to invest ₹600 crore to set up two ethanol manufacturing plants in the country, said a senior company executive. Each plant will have a production capacity of 200,000 kilo litres of ethanol per day. These will be set up in Andhra Pradesh's Naidupeta and Madhya Pradesh's Balaghat, and are slated for commissioning by 2026. The company will use broken rice and maize for feedstock. In the long run, the company plans to have five ethanol manufacturing plants. «We have big plans on the ethanol front. By 2025, we have to blend 20% ethanol, so we have a mission for 100% sourcing. We aim to have at least five ethanol plants in the long term but to start with, we are setting up two,» said Prasad Panicker, executive chairman at Nayara Energy.

Gujarat Titans versus Kolkata Knight Riders match on Monday due to rain has triggered expectations of revenue losses, prompting sponsors, franchise owners to consider filing claims with insurance providers. This year the Indian Premier League (IPL) had bought insurance cover of Rs. 10,000 crore from insurers including New India Assurance, National Insurance Company, and United Insurance for the tournament. This coverage protects against revenue losses arising from various contingencies, including match cancellations due to natural disasters, political events, riots, and more.

asset reconstruction companies have shown interest in acquiring a nearly ₹13,500-crore loan portfolio of Indian Overseas Bank (IOB), three sources familiar with the development said. Among the ARCs expressing interest are Edelweiss ARC, Phoenix ARC, Omkara ARC, and Prudent ARC. IOB has set a deadline of May 28 for the submission of bids for the portfolio of ₹13,472 crore of loans, following the closure of the expression of interest today. In the event of a single bid for any portfolio, the bank will conduct a Swiss auction, using that sole bid as the anchor, according to the notice issued by the bank on its official website.

Gujarat Titans have been knocked out of the play-off race after rain forced their IPL match against Kolkata Knight Riders to be abandoned without a ball bowled in Ahmedabad on Monday. The two teams took one point each, confirming a top-two finish for table-toppers Kolkata, who remain the only side to have already qualified for the next stage. The last times Kolkata ended in the top two in the league stage, they went on to win the tournament in 2012 and 2014.

polling across eight constituencies of south-central West Bengal saw sporadic incidents of violence on Monday, although the state led other regions of the country in voter participation. Several people, including three CISF personnel in charge of the security of Dilip Ghosh, BJP's Bardhaman-Durgapur candidate, and a Trinamool worker, were injured in Monteswar and Kalna Gate areas, respectively, of Purba Bardhaman district. Two vehicles carrying Ghosh's security personnel were also vandalised. Separately, a Trinamool worker in Purba Bardhaman's Ketugram, which is part of the Bolpur Lok Sabha seat in Birbhum district, was reportedly murdered on Sunday night.