India Financial News

saffron supplies from Iran amid increasing geopolitical tensions in West Asia is benefitting Indian producers and traders of the spice, one of the costliest in the world. Prices of Indian saffron, which is cultivated in parts of Jammu and Kashmir, have increased by more than 20% at the wholesale level and about 27% in retail stores in the past month, producers and traders said. The best quality Indian saffron is now selling for Rs 3.5-3.6 lakh a kg in the wholesale market, compared with Rs 2.8-3 lakh before the start of the latest strife in West Asia, they said. It can cost as high as Rs 4.95 lakh a kg in retail, or the price of nearly 70 grams of gold at Friday’s rate of Rs 72,633 for 10 grams.

collaboration deals have been signed by various cricketers amid rising viewership numbers for the ongoing Indian Premier League (IPL) over the last two-three weeks, executives said. A similar number of pacts are in the process of being finalised, they said. Chennai Super Kings star player MS Dhoni has been signed by nutrition startup Explosive Whey, in which he'll also be investing, French carmaker Citroen and Emcure Pharmaceuticals. Appliances maker Philips has collaborated with Virat Kohli for a limited-edition, co-designed beard trimmer. Wearables brand boAt has signed Yashasvi Jaiswal. Shikhar Dhawan has been signed by eyewear start-up QUE as investor and ambassador. Dhoni said the partnership with supplements maker Explosive Whey was «a natural fit» for him. French car maker Citroen, a Stellantis Group brand, is learnt to have signed him for a two-year, ₹7-crore deal. The deal, according to executives, is aimed at improving brand awareness and market share since it's a relatively new entrant.

Chinese smartphone brands are seeing volumes go up once again after falling from a peak in 2020, despite continuing government scrutiny. But their cumulative revenue share is falling amid the strengthening premiumisation trend as iPhones and Samsung devices are favoured by customers at the top end. The cumulative market share of Chinese smartphone brands — Xiaomi, Vivo, Oppo, Realme, Transsion, Motorola — rose to 75% in the March quarter, after hitting a low of 61% in the July-September period, according to Counterpoint Research. This was achieved on the back of a shipment rebound by the top brands such as Xiaomi and Vivo after a few tepid quarters in 2023 due to low demand and inventory bottlenecks, the research firm said. It added that smaller brands such as Motorola and Transsion have also expanded their footprint in the market.

Tata Motors, India’s largest automaker by revenue, trumped Street expectations with amore than threefold surge in net profit in the March quarter propelled by strong performances across its three business verticals. The parent of British luxury carmaker Jaguar Land Rover Automotive Plc reported a net profit of Rs 17,528 crore in the three months ended March 31 compared with Rs 5,496 crore a year earlier. Profit got a boost from a deferred tax credit of Rs 9,500 crore. The Street had forecasted profitof Rs 7,200 crore for the March quarter. Revenue for the three-month period climbed 13%YoY to Rs 1.19 lakh crore in line with market consensus of Rs 1.2 lakh crore.

asset reconstruction companies (ARC) next week to discuss corporate governance and stressed-asset resolutions amid concerns of potential back-door entry by defaulting promoters, people with knowledge of the development told ET. The Reserve Bank of India (RBI) has asked the chairman of the board, chairman of the audit committee, and managing director of the ARCs to attend the May 17 meeting in Mumbai. Two Reserve Bank executive directors and senior Mint Road officials will also participate in the meeting, the first by the banking regulator that will see the participation of all 27 registered ARCs. The meeting comes amid allegations that ARCs often strike deals with defaulting promoters, effectively giving them a back-door entry at a steep discount. Under Section 29A of Insolvency and Bankruptcy Code (IBC), defaulting promoters are prohibited from giving a resolution plan to lenders.

₹135.09, marking a 24.03% increase year-on-year. Abbott India's stock performance in the market includes -4.06% return in the last week, 7.05% return in the last 6 months, and 11.86% year-to-date return.

The Financial Intelligence Unit of India (FIU-IND) revealed on May 10 that Binance and KuCoin successfully registered with the regulatory body on May 10.

The Courtyard by Marriott Aravali Resort with exclusive offers for 'valued' corporate clients, while the Four Seasons Mumbai is aiming to be 'the business traveller's choice' with curated business traveller package that it claims goes 'above and beyond' and includes complimentary sparkling wines on arrival and half an hour spa treatments. Travel and hospitality companies said they are witnessing clear shifts in the requirements of India's new-age business traveller, moving several notches beyond mere hotel accommodation. The demand for personalised amenities and services is going up and is being catered to. Satyajeet Krishnan, area director, operations and general manager, Taj Mahal Hotel, New Delhi said business travel — both individual and in groups — has seen a significant rise over last year. The hotel is running customised offers for lawyers, and diplomats on transfer, and there is a food and beverage (F&B) focus on express lunches and group dining offers, too.

NSCN-IM (National Socialist Council of Nagalim — Isak-Muivah) has expressed apprehensions regarding the potential resurgence of severe human rights violations in Nagalim if the ongoing talks fail to yield positive outcomes. Emphasising the urgency of concluding the prolonged Indo-Naga political dialogue in an honorable manner, NSCN-IM referenced the signed Framework Agreement. In this agreement, the Government of India officially acknowledged the distinctiveness of Naga history and recognised the independent nature of the Naga people. The agreement also outlined the coexistence of the Nagas and Indians, sharing sovereign power. NSCN-IM said that inspite of all the commitments and agreements, the Government of India is trying to backtrack and disown the Framework Agreement by creating situations through the agencies of its surrogate Naga factions, opportunists and the neighbouring peoples who are hostile to the cause of the Nagas. The Government of India is playing time. But the Naga people under the banner of National Socialist Council of Nagalim stand firm on the historic Framework Agreement signed on the August 3, 2015.

insurance for all by 2047, the sector regulator Irdai on Friday issued a master circular directing life and non-life players to do a certain percentage of business compulsorily towards meeting rural, social sector and motor third-party obligations. All life insurers shall ensure a minimum percentage of lives in identified and allocated gram panchayat, the master circular on rural, social sector and motor third party obligation said. The Life Insurance Council, in consultation with the Ministry of Panchayati Raj, will identify gram panchayat for fulfilling rural sector obligations, it added.

Congress responded strongly to the Election Commission's sharp disapproval of the tone and tenor of party president Mallikarjun Kharge's recent letter to the INDIA bloc leaders. The AICC said the content and the intent of the letter will be a permanent blot on the reputation of the institution of EC. «The response of the Election Commission of India (ECI) to the issues raised by the Congress President in his letter to the INDIA parties is simply beyond description. The EC is a Constitutional body entrusted with the responsibility of being an impartial body that ensures, and is seen to ensure, a level-playing field to all political parties. Both the content and intent of the letter will be a permanent blot on the reputation of an institution that can boast of luminaries like Sukumar Sen, TN Seshan, JM Lyngdoh and others», said Jairam Ramesh, AICC in-charge of communications.

Council for Scientific and Industrial Research to combat climate change — it has now denied issuing any such circular — but some Indians may remember a better solution to electric irons: the presswala. Those who have worn clothes pressed with those old charcoal irons will vouch they are more wrinkle-free than what electric irons can ever achieve. Climate change can be blamed for many woes of today, but the crux of the issue is our propensity to opt for new technology whenever available. Hence cars, trains and airplanes, fans, air-conditioners and refrigerators, stoves, ovens and bulbs, not to mention the generations of machines that have taken over tasks starting with but not limited to smithing and smelting. So, even presswalas are also no longer entrusted with the task of ridding our clothes of wrinkles. Yet, the neighbourhood presswala was an institution in the India that I grew up in, alongside the sabziwala, the dhobi, the doodhwala, even the chikwala and sil-batta notcher. Of these only the itinerant fruit and veg vendors still exist, that too only in areas that have not been taken over by condominium complexes and gated colonies. Appliances have replaced many 'walas': blenders, washing machines and irons have come to be regarded as more 'convenient'.

Hindustan Unilever, Marico and Britannia said the impact of smaller regional brands which have been eroding their market shares in the past year has either moderated or halted after India's leading fast-moving consumer goods companies cut product prices to pass on benefits of lower production costs to consumers. «What we have seen of late is that while people (local brands) spread their wings, they started to feel the pressure in newer markets. And we have seen these shares stabilise of late,» said Varun Berry, Britannia's executive vice-chairman on an earnings call recently. According to market researcher Kantar, which analysed 13 categories across personal care, home care, and food and beverages, local companies operating in a single market grew their market shares nearly 13% in the year ended April 2023 compared to a 9% expansion of national brands in the same period. However, regional brands operating in more than two markets saw market shares drop by 2%, while that of unbranded firms fell 5%.

tariff concessions under its proposed free trade agreement (FTA) talks with the five-member Eurasian Economic Union (EAEU). Engineering goods, electronics and agriculture are expected to benefit from the agreement and the government asked the industry to identify restrictions, if any, that they face in the five members of the EAEU including Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. «The two sides have met and discussed initiating formal talks for the pact,» an official said, adding that in the light of this development, inputs have been sought from industry on barriers and products in which the country wants to achieve self-reliance. New Delhi's concerns stem from the fact that India's exports to the union in April-January FY24 were $3.7 billion while imports were $51.7 billion due to crude oil imports from Russia. Moreover, the bloc has signed free trade pacts with China, Vietnam, Serbia and Iran, which could impact Indian industry's competitive position in any of the EAEU markets.

Aadhar Housing Finance IPO subscription status: Aadhar Housing Finance IPO, backed by private equity major Blackstone, received a subscription of 24.49 times on the third and final day of bidding. The portion for Qualified Institutional Buyers (QIBs) was booked 72 times.

Vivo X Fold 3 Pro is scheduled to launch in India in early June. If this information proves accurate, it would mark the first time a Vivo foldable phone has been made available in global markets. Unlike its predecessors, such as the Vivo Fold 2 and Fold+, which were limited to China, the Vivo X Fold 3 Pro will now compete with other foldable offerings in India, including Samsung's Galaxy Z Fold 5, OnePlus Open, and Tecno Phantom V Fold.

Mother's Day this year, the innovative ideas launched by some brands claim to make your Mother's Day special. Popular food chain McDonald's India, food delivery startup Zomato and other brands introduced special Mother's Day services to enhance the occasion for their customers. McDonald's India, known for its exceptional services, has released a heartwarming YouTube video.

Akshaya Tritiya 2024: Gold price rises ₹41,000 in five years. Experts see up to ₹85K peak next year “Gold is driven higher by rise in festive demand in India with additional support from a weaker U.S. dollar, which is down on rising bets for an early rate cut by the U.S.

Best of the Week for nearly a year and a half, and yet we've rarely mused on cricket. The average Indian man, in my experience, is quite fond of the sport. He has an opinion about everything, especially on men's cricket—should Kohli reassume captaincy? Why didn't Tendulkar step down earlier? Will RCB ever provide any joy in life? As a kid, I too grew up playing cricket.

India sent a special envoy to Israel during its war with the Hamas terror group, to urge them to maintain peace rather than engage in combat during the month of Ramadan. In an interview with Republic TV, PM Modi stressed on Friday that Israel should not fight, at least during the auspicious month of Ramadan. «The time when Israel and Hamas were at war. I sent my special envoy to Israel to explain that Ramadan is going on. At least don't fight in Ramadan, don't attack anyone,» PM Modi said.