India Financial News

CarTrade Tech acquired OLX India operations last year. With the addition of OLX, CarTrade Tech’s user base has grown exponentially to more than 70 million active users, according to Amit Kumar, Managing Director and CEO of OLX India. In an email interview with LiveMint, Kumar said that out of CarTrade Tech’s 70 million active users, OLX as a platform contributes more than 35 million unique users.

Hindalco Industries, the company run by Indian billionaire Kumar Mangalam Birla, is considering seeking about $1.2 billion in Novelis, its US-based division's initial public offering (IPO), Bloomberg news reported. Novelis is the world's biggest manufacturer of flat-rolled aluminium products, which are used in many different goods, such as cars and pop cans. Bloomberg reported that Hindalco may aim for a $18 billion value for Atlanta-based Novelis, citing sources familiar with the matter.

NEW DELHI : India's economy likely expanded at 8% through fiscal year 2024 (FY24), and growth in the current year is projected at 7%, V Anantha Nageswaran, chief economic adviser to the government, said on Wednesday. Speaking at an event organized by think tank National Council of Applied Economic Research (NCAER), Nageswaran said that for the Indian economy to register 7% or higher growth for the fourth consecutive year in FY25, “a lot would depend on the monsoons." "Right now, the expectations are that we will have an above-normal monsoon. But, spatial and temporal distribution (of rainfall) will matter," he said.

Tata Motors were offset by losses in shares of HDFC Bank, ICICI Bank and Hindustan Unilever. Key equity indices traded volatile during the session, reflecting cautious market sentiment ahead of the Lok Sabha election outcome on June 4.

Top-up home loans are a type of loan offered to homeowners who already have an existing home loan. This type of loan allows borrowers to borrow additional funds on top of their existing loan amount. 

NEW DELHI : Birla Fertility & IVF, part of the $2.9 billion CK Birla Group, on Wednesday announced the acquisition of an 86% stake in ARMC IVF, a Kerala-based chain of fertility centres, for an undisclosed amount. Industry sources estimate the deal value to be below ₹100 crore. The transaction was financed through internal accruals.

West Indies this time around and the marquee event kicks off on June 2 with the opening match between the USA and Canada. Disney+ Hotstar India Head Sajith Sivanandan, while commenting on the issue stated, “By offering the ICC Men’s T20 World Cup 2024 for free on mobile, we aim to make the game of cricket more accessible, reach a wider audience across the country and ensure that none of the sporting action is missed.

Motorola Edge 50 Fusion was first introduced in Europe earlier this year, alongside the Motorola Edge 50 Ultra and Edge 50 Pro. The Edge 50 Pro has already been released in India, and now it is the Edge 50 Fusion's turn. The smartphone is equipped with a 144Hz refresh rate display, a 50MP dual-camera setup, and 68W fast charging capability.

'Neither against Muslims, nor Islam': PM Modi says ‘Muslim community should….’ "I wanted to ask the Congress, if it wanted to do so, why it divided the country into three parts after 1947. At the same time, the entire country would have been made Pakistan and at the same time, India would have been erased," Modi further said.

global economic landscape, certain cities stand out as magnets for success, attracting wealthy investors seeking abundant opportunities. Henley and Partners, a leader in residence and citizenship planning, recently unveiled a list of the World's Wealthiest Top 10 cities and Rising Wealth Hubs, highlighting cities that attract high-net-worth individuals (HNWIs) with liquid investable wealth of USD 1 million or more. Mumbai and Delhi's Rise Mumbai and Delhi's inclusion in the top 50 wealthiest cities underscores India's economic progress and urban development. On the list they ranked above, Washington, DC the capital city of the World's richest country. These cities have become magnets for HNWIs, offering a blend of economic opportunities and cosmopolitan lifestyles.

non-bank finance companies (NBFC) to strictly adhere to a cap of 20,000 rupees ($240) in cash loans, according to a letter seen by Reuters and two people aware of the development, in a bid to deter cash transactions. «Please refer to provisions of Section 269SS of Income Tax Act, 1961, which stipulates that no individual can receive more than 20,000 rupees as loan amount in cash,» the letter showed. «Consequently, no NBFC should disburse loan amount in excess of 20,000 rupees in cash.»

Indian Navy is looking forward to further enhancing its operability with the Singapore Navy and understanding of each other's operational philosophy by holding joint maritime exercises, Flag Officer Commanding Eastern Fleet Read Admiral Rajesh Dhankhar has said. Addressing a reception for 150 guests from Singapore's defence sector, heads of diplomatic missions and Indian diaspora on board INS Shakti at the Changi Naval Base on Tuesday, he said the navies of the two countries are planning to hold the 31st edition of the Singapore-India Maritime Bilateral Exercise (SIMBEX) which will be held at Visakhapatnam in the fourth quarter of this year. «We will be undertaking the 31 Edition of SIMBEX (and) we have done the planning at the working level for the event to be held in the fourth quarter of this year at Visakhapatnam,» Dhankhar who is leading the Indian Naval Ships Delhi, INS Shakti, and Kiltan to Singapore, Malaysia and the Philippines. «We look forward to further enhancing our operability and understanding of each other's operational philosophy and also increasing the competency of our bilateral exercise in keeping with the times that we are witnessing,» said Dhankhar who in the past had been associated with a two-year training programme for the Singapore Navy.

₹15 crore, the political thriller couldearn ₹3.75 crore worldwide. However, the movie will now be on OTT for viewers who want to watch it online. Bastar: The Naxal Story comes from the “brave story tellers of The Kerala Story," according to the official poster for the movie.

These five companies contributed 75 percent to the incremental YoY accretion in earnings. Conversely, Tech Mahindra, Reliance Industries, and Wipro contributed adversely to Nifty earnings, it stated. As of May 4, 2024, 28 Nifty stocks posted notable growth across key financial metrics, surpassing initial estimates.

India is one of the fastest-growing and largest markets for Prime Video. Outside the US, for the last several years, more people have signed up for Prime in India than anywhere else in the world, Hopkins had said.

NEW DELHI : The government is considering a proposal to scrap the import duty on business jets as the tax introduced a decade-and-half ago has approached the end of its intended tenure. A tax of 2.5% is levied on private and business airplanes that are imported for so-called non-scheduled aircraft operations, while there’s no such tax on commercial jets.

Indian Energy Exchange (IEX) - BUY IEX above ₹157.40, ADD on dips at ₹150 for a target of ₹185 with a strict stop loss of ₹144. As per the brokerage, technically, the weekly chart suggests that the stock has given the breakout of a downward-sloping channel suggesting a potential upmove in the near term. It is well placed above all the important moving averages on a closing basis.

Paytm marked a third consecutive month of decline in terms of Unified Payments Interface (UPI) transactions in Apri 2024, Business Standard reported. Data from the National Payments Corporation of India (NPCI) showed Paytm saw a 9 per cent downturn in UPI volume for the month, recording 1,117.13 million transactions in April, compared to 1,230.04 million transactions in March this year, it added. Also Read | Paytm: Two more top executives depart amid restructuring efforts Consequently, Paytm's market share within the UPI applications’ ecosystem contracted for the third consecutive month — to 8.4 per cent in April, down from 10.8 per cent in February and 9.13 per cent in March, as per the report.

Rekha Jhunjhunwala portfolio: In the midst of significant volatility in the Indian stock market over the past four sessions, even quality stocks with strong face value have not been immune. A prime example is Titan Company shares.

One 97 Communications are the top losers in the index as they are down nearly 67 per cent from their 52-week high. Stocks such as SPARC, Zee Entertainment, Rajesh Exports and Delta Corp are down 54-56 per cent from their 52-week highs. Stocks such as Vodafone Idea (down 33 per cent), PVR Inox (down 30 per cent), YES Bank (down 30 per cent), Adani Total Gas (down 28 per cent), LTIMindtree (down 27 per cent), HCL Technologies (down 22 per cent), MRF (down 18 per cent), Bajaj Finance (down 16 per cent), Wipro (down 15 per cent), HDFC Bank (down 14 per cent) and ITC (down 12 per cent) have fallen more than 10 per cent from their 52-week highs.

₹7,500 crore to PMJAY this year. Officials from NITI Aayog, health ministry, and private hospitals who held a review meeting of the scheme on 1 May raised concern over the inadequate release of funds by states for the insurance scheme, persons aware of the matter said. “The problem of untimely payments to the hospitals arose when some states like Telangana, and Andhra Pradesh merged their state health scheme into the PMJAY," said Girdhar Gyani, director general, Association of Healthcare Providers of India (AHPI).