India Financial News

Two-wheeler sales in India will surpass pre-Covid peak either this fiscal year or the next, Sudarshan Venu, managing director at TVS Motor Company, said, indicating a broad-based revival in the economy where demand for entry-level two-wheelers have been languishing in the last few years due to a sharp rise in acquisition costs and the pandemic's financial impact. Domestic two-wheeler sales totalled 17.9 million units in FY24, recovering from a low of 13.57 million units in FY22 but falling short of peak sales of 21.18 million units in the pre-Covid year of FY19. Venu said the Indian economy is in a «good situation» with inflation under control, which will drive consumption going forward.

invested nearly ₹300 crore to fund the construction of a new villa development project by Cybercity Builders & Developers in Hyderabad, said people with direct knowledge of the matter. Part of the funding will also go towards acquiring land that Cybercity Developers bought from Phoenix Group, the people said. One of the subsidiaries of Phoenix Group had earlier purchased the land from erstwhile owner Gulf Oil India, a Hinduja Group company.

Proximus is aiming to double its revenue from the digital communications business to $3 billion and operating margins to 15% over the next three-four years after buying Route Mobile in India's biggest in-bound FDI deal in the domestic cloud communications industry. «We are extremely excited about the synergies emerging out of this deal, that is, leveraging Route Mobile's India success story to grow our communications business in USA and Europe markets, while also taking our affiliate company Telesign's digital fraud prevention solution to enterprises in India,» Guillaume Boutin, CEO, Proximus, told ET on Thursday. Proximus has completed the acquisition of 57.56% of RML's shares held by promoters for ₹643 million (₹5,922 crore) in cash.

Indian smartphone market registered 8-10% year-on-year growth in shipment volumes in the first quarter of 2024 and is set to grow in high single-digits this calendar year, driven by premiumisation trend and 5G adoption, market trackers Counterpoint Research and Cybermedia Research said. As per Counterpoint, volume shipments grew 8% in the quarter ended March while revenue jumped 18%. However, sales were less than expected due to a drop in retail footfalls and a section of consumers cutting down on discretionary spending even as better inventory levels allowed brands to fill channels with multiple new launches, it said. Cybermedia Research (CMR) said the market recorded 10% year-on-year growth in Q1 2024, with 5G shipments surging 70%, driven by budget 5G handsets (₹10,000-15,000 price band) that grew 400% on year.

The European Union marks its annual Europe Day on Thursday

Ujiarpur (Bihar): Just a day before his fate was to be sealed in EVM machines in Gujarat, home minister Amit Shah was busy in Bihar, campaigning for his deputy Nityanand Rai, a man he calls his «jigaree dost» (close friend). Rai, minister of state for home and BJP's most prominent face in Bihar, is looking for his third straight win from Ujiarpur, which will go to poll in the fourth phase on May 13. He is taking on RJD's Alok Kumar Mehta who was elected to the Lok Sabha from this seat in 2004 but was defeated by Rai in 2014. «You make him MP...I assure you I will make him a big man,» Shah exhorted a massive audience at a rally here on Monday.

KL Rahul's future as Lucknow Super Giants skipper has become a topic of intense debate after his team received a pasting at the hands of Sunrisers Hyderabad on Wednesday. It is being speculated that the skipper may step down and concentrate on his batting in the remaining two games. However since it's a matter of just two games, Rahul is expected to continue as leader of the pack. «There is a five-day gap before the next game against DC. As of now, no decision has been taken but it is understood that if Rahul plans to just concentrate on his batting for the remaining two games, no one would mind,» an IPL source told PTI on conditions of anonymity. A video of LSG owner Sanjiv Goenka's agitated conversation with Rahul emerged on social media after Sunrisers Hyderabad openers Travis Head (89 not out off 30 balls) and Abhishek Sharma (75 off 28 balls) bludgeoned the LSG attack to overhaul the 167-run target in less than 10 overs.

Universal Music Group (UMG) plans to expand its India business through both organic and inorganic routes as the country is expected to enter the top 10 music markets globally in the coming years from being the 14th-largest music market currently, its chief executive for Asia, Africa and the Middle East, Adam Granite, told ET. «We will continue to look for M&A opportunities here in India and across all of our markets where it makes sense,» he said, adding that the company is talking to many companies in multiple markets. In India, UMG is looking to acquire companies across the music ecosystem, including labels and catalogues. «Music has to be a central piece of the company,» Granite said.

Finance minister Nirmala Sitharaman on Thursday said eastern India has potential to emerge as the country's growth engine with a decisive push to industrialisation, adding that a mineral-rich state like Jharkhand must get rid of rampant corruption to draw businesses. Pitching for a change in governance, the minister said Jharkhand has been reeling under rampant corruption, migration and lawlessness. The state is ruled by a coalition government led by the Jharkhand Mukti Morcha and the BJP is the main opposition party. Sitharaman was speaking at an event on «Eastern India: Engine of Growth For Vikshit Bharat» in Ranchi. The minister reiterated that India would become the world's third-largest economy «in the coming year or so» from the fifth-largest, as announced by PM Narendra Modi.

INDIA bloc leaders is scheduled to meet the Election Commission of India brass here on Friday evening to register their opposition to the poll body's functioning, including its unusual delay in releasing the final voter turnout during the first and second phases of the Lok Sabha polls and to demand the release of the data promptly, as had been the case in the past, for the remaining phases of the election. The delegation is also expected to register their concerns about the «non-availability» of the final lists of registered voters constituency-wise for the upcoming phases. The leaders are also planning to take up with ECI the issue of their pending petitions before the poll body, alleging violation of campaign guidelines by BJP, including use of photos of religious symbols.

fiscal deficit, in absolute terms, could be slightly better than the revised estimates for FY24, on the back of better than expected revenue receipts, an official said. In the interim Budget in February, the government pegged its FY24 fiscal deficit at ₹17.35 lakh crore, against the budget estimate of ₹17.89 lakh crore. The deficit-to-GDP ratio was estimated to improve to 5.8% in FY24 from the budgeted 5.9%, despite slower-than-anticipated nominal growth.

DoT) is likely to approach National Security Council Secretariat (NSCS) to seek approval and clarity on satellite communications, particularly on data transfer and usage, as well as equipment and components used in satellite gateways based in India, said officials privy to the details. The department is yet to finalise terms and conditions that would be included in awarding satellite communication with the aim of safeguarding security and integrity of the country, the officials told ET. «The views of NSCS around security parameters are important as satellite communications can't be barred by physical borders,» said one of the persons cited above. The NSCS is the working body of the National Security Council (NSC), which is chaired by the Prime Minister.

engineering major Larsen & Toubro (L&T) hit a two-month low of Rs 3,290, falling 6% on the BSE on Thursday after the company cut its margin guidance. However, the company is not only bullish on its engineering, procurement, and construction business, but also green energy. R Shankar Raman, president, whole-time director & CFO, L&T, tells Kalpana Pathak, the company will build its own green ammonia plant at Deendayal Port, Kandla, Gujarat. Edited excerpts: The street has given a thumbs down to L&T's earnings. Comment.

India has expressed interest in financing Bangladesh's Teesta economic zone project amid reports that China is also keen to finance the venture. India's interest in a dredging and development project, which envisions to turn the Teesta river belt into a zone of economic activity, was expressed when foreign secretary Vinay Kwatra met Bangladesh Prime Minister Sheikh Hasina, foreign minister Hasan Mahmud and his counterpart Masud Momen in Dhaka. «You know we have taken on a big project on Teesta. India wants to finance this project. It will have to be implemented in line with our needs. We want to see our needs fulfilled,» Mahmud told reporters after his meeting with Kwatra on Thursday. Teesta is a major transboundary river between India and Bangladesh.

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non-managerial jobs getting hit disproportionately. The headcount at state-run oil and gas companies dropped to 94,300 at the end of 2022-23 from 110,000 six years earlier, according to oil ministry data. The exploration and production, marketing and R&D segments shed 20-24% of jobs in six years while the refineries cut only 3%. Employment in the pipeline business rose 7%. While the executive or managerial jobs dropped 6%, the non-managerial jobs comprising supervisors, clerks and workmen fell 25%. The drop in managerial jobs, of 27%, was most acute in the exploration and production segment. At refineries, managerial jobs expanded by 15%. Managerial jobs in the R&D divisions fell 16%.

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National Conference vice president Omar Abdullah wrote to the Election Commission of India (ECI) seeking its immediate intervention as the party claimed that the Jammu and Kashmir Police had cancelled the permission it had granted the party for holding election rallies in Baramulla Lok Sabha constituency, which goes to the polls on May 20. Former J&K chief minister Abdullah, the party's Lok Sabha candidate from Baramulla, urged the ECI to take action against the «unjust move», which he said was designed to «create obstacles» in his election campaign. «We have received a letter informing us about cancellation of permission. On one hand BJP claims that the situation has changed in J&K, but when it is about the election campaign, they create obstacles because we are fighting elections against representatives of the BJP here,» said Abdullah.

foreign minister Moosa Zameer on Thursday indicated the Muizzu government's willingness to work with India amid external affairs minister S Jaishankar's emphasis that bilateral ties were based on mutual interests and reciprocal sensitivity. The two sides, during Jaishankar-Zameer meeting, discussed the state of various India-funded projects in Maldives. Each side presented respective viewpoints on the projects that are developmental in nature and scope, sources informed ET. Zameer's visit to India amid anti-India rhetoric in Maldives is a signal that neighbours are trying to arrive at a working relationship, sources explained. After resounding victory in parliamentary elections, the Muizzu administration may want to set aside rhetoric and work with India, which has been the first responder to crises in Maldives since its independence, sources said.

2024 general elections is that their outcome is a foregone conclusion. It's Prime Minister Narendra Modi's 'guarantee' that NDA will return with 400-plus seats. Even if the outcome falls short by 100 seats, BJP will remain comfortably in power for another five years. So, it may be a bit strange to also hear that BJP is projected to spend more than double of what it did in the 2019 general elections. 2024 Lok Sabha elections are the most expensive polls not just in India's history but in the world's, according to The Economist. Centre for Media Studies (CMS) has projected an expenditure of ₹1.35 lakh crore, double the amount spent in 2019. In 2019, BJP outspent Congress by almost a factor of three. This year's gap will most likely increase given that BJP is flush with funds, and Congress has its accounts 'frozen' — or, rather, some of the party's accounts 'attached' by the I-T department for alleged non-payment of dues as per I-T rules. Can you imagine what political parties would have spent if the electoral field was more competitive, and the election was not a 'foregone conclusion'? In the US, which has the second-highest spending on elections, elections are fought on small margins. For instance, the difference in the projected polling averages for Donald Trump and Joe Biden in the forthcoming elections, based on polls during April, was less than 2%, with the margin falling to less than 1% in the second half of the month, according to psephologist Nate Silver's 538 website on ABC News.