India Financial News

surveillance capabilities along the Pakistan border, the Indian Army is set to receive the first Hermes-900 Starliner drone on June 18. The Hermes-900 known as the Drishti-10 drone is being supplied to Indian forces including Indian Army and Navy by AdDefence Systems. «The first of the two drones to be acquired by the Indian Army would be handed over to the force on June 18 in Hyderabad. The supplies are part of the deal signed under the emergency powers given to forces by the Defence Ministry,» defence officials told ANI.

Indian Coast Guard (ICG) and a leading industry group have joined hands for manufacturing and supply of indigenous marine-grade aluminium to the country's public and private shipyards for the construction of ships, the defence ministry said on Friday. In a statement, it said ICG and Hindalco Industries inked a Memorandum of Understanding (MoU) here on Thursday. The MoU is for the manufacturing and supply of indigenous marine-grade aluminium to Indian public and private shipyards for the construction of ships. «It will also provide benefits such as quarterly pricing, priority in supplies and turnover discount,» the statement added.

dust storm hit major parts of Delhi-NCR on Friday which resulted in power outage in the region. India Meteorological Department (IMD) said, «Duststorm/ thunderstorm with rain (followed by rain) and gusty winds with speed of 50-70 Km/h would occur over and adjoining areas of entire Delhi and NCR (Loni Dehat, Hindon AF Station, Ghaziabad, Indirapuram, Chhapraula, Noida, Dadri, Greater Noida, Gurugram, Faridabad»

Wales First Minister Vaughan Gething on Friday said he held a «candid meeting» with Tata Steel on the issue of expected job losses at the company's Port Talbot plant in South Welsh. The First Minister, who is on a visit to India as part of the trade mission, also expressed hope that the Indian steel major, which has a «positive reputation», would take the same approach for the workers at the Welsh plant. Last month, Tata Steel announced to proceed ahead with its plans to close down the two furnaces at the plant and replace them with electric furnaces as part of its plans to go green in steel manufacturing. The proposed move could affect some 2,500 jobs in the next 18 months. But trade unions have opposed the move, and some 1,500 workers have reportedly voted in favour of an industrial action.

Eduard Jubany Tur, the founder of ZKX, a decentralized perpetual futures exchange on Starknet, sat down for an exclusive interview with Cryptonews Podcast.

Arvind Kejriwal walked out of Tihar Jail on Friday after the Supreme Court granted interim bail till June 1. Tata Motors reported a three-fold jump in consolidated net profit (to ₹17,528.59 crore) in the final quarter of FY24. Meanwhile Israeli Prime Minister Benjamin Netanyahu insisted that the Gaza war would continue with or without US support.

₹48,000 crore dragged down its passenger vehicle business. The company reported an over three-fold jump in its consolidated net profit to ₹17,407 crore for Q4FY24, from ₹5,408 crore in the same period last fiscal, led by record sales of Range Rover luxury sports utility vehicles (SUVs) by its UK-headquartered subsidiary Jaguar Land Rover across the UK and overseas markets.

[Indians] do that are better than us [Americans]." He said that during election times in India, there are people who check trucks to make sure that nobody has cash going around. "There's probably walk-in money, as they call it in some cities here in the United States, Philadelphia, that's like a tradition where cash kind of gets you votes and things like that. So, I've been impressed with certain things they do that are better than us," the US diplomat was quoted by PTI as saying.

Russia-Ukraine war and the ongoing tensions in the Middle East pose a significant challenge for global stability and economics, said G20 Sherpa Amitabh Kant while speaking at an event in Delhi. Kant added, «In the face of a global debt crisis impacting nearly 95 countries, urgent action is needed to pursue inclusive and sustainable growth strategies. As we navigate these challenges, our focus remains on achieving the Sustainable Development Goals (SDG) by 2030.» The G20 Sherpa was speaking at an event called 'Celebrating and Calibrating G20 — The Sherpa Speaks', it was organised by Society of Indian Law Firms (SILF) to honour the remarkable achievements of the G20 Sherpa Kant for his significant contributions in spearheading the success of the G20. He was also presented with the Award for Outstanding Achiever- India 2023.

GenAI platform", Hanooman, available in 98 global languages, including 12 Indian languages, was launched on Friday. The 12 Indian languages are Hindi, Marathi, Gujarati, Bengali, Kannada, Odia, Punjabi, Assamese, Tamil, Telugu, Malayalam, and Sindhi. Additionally, Hanooman will support a host of global languages, including English, Spanish, Italian, German, Japanese, Korean, and 80 other languages worldwide. The AI tool has been developed by generative AI business SML India in partnership with 3AI Holding, an Abu Dhabi-based investment company. The app is now available for download in India and can be accessed through the web and mobile application for Android users on Play Store.

server manufacturer Netweb Technologies started commercial production at a new facility in Faridabad, Haryana Friday, where it would be making flagship end-to-end high-end computing server, storage, and switches. The new facility, with a capacity to turnover Rs 2,000 crore in production for the company, is capable of cutting-edge manufacturing, including designing printed circuit boards (PCBs), surface mounting on PCBs, and production of complete systems based on the latest generation chipsets from its technology partners that includes Intel, AMD, and Nvidia. It will also enable Netweb to market its products and solutions to new industry verticals, which demands critical and high-performance computing architectures. The new facility is also very well equipped in meeting demands of the ever-evolving requirement of private cloud, AI Cloud, compute data centres and more specifically AI workloads, the company said.

Novavax Inc. shares surged after the company signed a $1.2 billion licensing agreement with Sanofi that includes commercializing a combined Covid-19 and flu shot. Novavax will receive $500 million in upfront payments as well as a further $700 million if all development, regulatory and launch milestones are met, according to a statement Friday. Novavax, which will receive tiered royalties on any vaccine sales, said Sanofi is also taking a minority equity stake of about 5% in the US company.

Vedanta plans to leverage the Tokyo-based company’s technology and manufacturing capabilities to establish its own display fabrication unit in Gujarat. The aim is to meet both Indian and global demand for electronic devices, while also fostering a local hi-tech electronics manufacturing industry. “As a wholly-owned subsidiary, AvanStrate will serve as a strategic asset for Vedanta as the conglomerate looks at playing a critical role in India’s journey towards becoming self-reliant in electronics manufacturing," said Akarsh Hebbar, global managing director, AvanStrate Inc.

FIU) called for blocking web addresses of a number of global crypto firms which were not registered in the country, over concerns that some of them may be misused for money-laundering. On Friday, FIU said that it has lifted Kucoin’s suspension after the exchange paid a fine of around $42,000, and is processing Binance’s application. “We are yet to decide on the quantum of fine to be levied on Binance, and the process is likely to take some time," said Vivek Aggarwal, director of FIU, which comes under the finance ministry.

NEW DELHI : India’s factory output slowed to 4.9% in March after rising to a four-month high of 5.6% in the month before, hitting the brakes on an otherwise good year. Industrial production expanded 5.8% during FY 2023-24, higher than the 5.2% expansion reported for the year prior, show data released on Friday. But the March numbers fell short of expectations.

₹69,999, ₹84,999, and ₹99,999, respectively, with all prices being ex-showroom. These figures reflect a recent price cut by Ola Electric, making the S1 X one of the most competitively priced electric scooters in the Indian market. The 2 kWh battery pack in the S1 X delivers a certified range of 91 km on a single charge, with a full recharge taking 7.4 hours.

Air India Express cancelled 120 flights and operated 246 flights, an official aware of the development said. He added that Vistara operated two flights and parent company Air India operated 20 flights for Air India Express, in order to support the network. On 9 May, the airline cancelled 85 flights and operated around 283 flights.

insurance companies garnered a premium income of Rs 2,89,738 crore in 2023-24, around 13 per cent higher than that of the year ago. Non-Life insurance industry had collected a premium of Rs 2,56,894 crore in the preceding year, according to data posted by Gebneral Insurance Council. Of this, 35 general insurance firms reported an increase of 14 per cent in their premium at Rs 2,45,433 crore during the year against Rs 2,14,833 crore in the previous year. Five standalone health insurers together collected a premium of Rs 33,116 crore during the year, up 26 per cent from Rs 26,244 crore a year earlier, the data showed.

world will witness a «very, very stormy» churn because of conflicts, power shifts and sharpening competition in this decade, which makes it all the more important for India to have a stable and mature leadership, External Affairs Minister S Jaishankar said. In an exclusive interview to PTI late Thursday, Jaishankar painted a picture of the world radically different from the one we are living in now by the end of 2020s when asked to draw on his nearly 50 years of experience in diplomacy and politics to give an assessment of the global power balance. «Multiple conflicts, tensions, divides! With all these variables that I am putting to you, I am painting to you, actually, a very, very stormy international scene for the balance of the decade,» said Jaishankar, a former ambassador to China and the United States, who was tapped for the political role by Prime Minister Narendra Modi in 2019. Jaishankar especially referred to the declining influence of the United States, the conflict in Ukraine, the fighting in Gaza, attacks in the Red Sea, tensions in the South China Sea, the challenge of terrorism in different geographies and advent of new technologies as the drivers of the «churn».

Airports Authority of India (AAI) launched an internship program, 'Pradipti,' on Friday. The formal launch event was organized at the Indian Aviation Academy in New Delhi, as per an official release. The event took place in the presence of AAI Chairman Sanjeev Kumar and board members of AAI. According to the release, this internship program aims to facilitate learning the practical aspects of Airport Infrastructure, Operations, and Air Navigation Services and generate interest in Civil Aviation among youth by reaching out to educational institutes in the vicinity of airports.

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