India Financial News

Investcorp, a global alternative investment firm, has acquired NSEIT, the digital technology business of the National Stock Exchange (NSE) for Rs1000 crore, stated a press release. The transaction excludes the digital examinations business that is also housed inside NSEIT. NSEIT, a leading provider of digital transformation and cybersecurity services focused on global customers in capital markets, insurance, and banking, has a strong presence in India, North America and Middle East. The company’s offerings include digital engineering, data and analytics, artificial intelligence, cloud services, and cybersecurity services.

BJP on Monday lodged a complaint with the Election Commission against the Congress, alleging that it circulated a «deep fake and morphed» video of Home Minister Amit Shah to derail the poll process, and demanded strict action against the party. A BJP delegation comprising Union minister Ashwini Vaishnaw and the party's national media department in-charge Anil Baluni also complained against the Trinamool Congress (TMC), alleging that Chief Minister Mamata Banerjee-led party has been using violence as a weapon, and demanded that the poll panel ensure a free and fair election in the state. «The Congress wants to derail the entire election process through a deep fake and morphed video (of Amit Shah). We raised a complaint before the Election Commission today against it. The Congress has tried to create confusion among people by posting a deep fake video from its official handle,» Vaishnaw told reporters after meeting the poll panel officials. «We requested the Election Commission to take strict action,» he added.

Jana Small Finance Bank has reported doubled its March quarter net profit from ordinary activities at Rs 167 crore against Rs 81 crore in the year ago period, backed by robust business expansion and lower credit cost. The net profit however comes to Rs 344 crore, reflecting a four-fold jump, if the deferred tax assets of Rs 170 crore is included.

Patanjali Foods, a leading FMCG player in India, is under scrutiny as it has been served a show-cause notice by the Directorate General of GST Intelligence (DGGI) in Chandigarh for an alleged undue claim of Rs. 27.5 crore in input tax credit (ITC). This notice, issued under the CGST Act, highlights a potential discrepancy in the company's tax filings that could result in penalties. In response to the notice, a spokesperson for Patanjali Foods stated, «The Company has received a Show Cause Notice from the Directorate General of GST Intelligence, Chandigarh Zonal Unit. The Company, its Officers, and authorized signatories were asked to explain why input tax credit amounting to Rs 27,46,14,343 should not be recovered (with interest), and why penalties should not be imposed under Section 74 and other applicable provisions of the CGST Act 2017/Uttarakhand SGST Act, 2017, in conjunction with section 20 of IGST Act 2017.» The company has asserted its intention to vigorously defend its position before the authorities. However, it has also clarified that the financial implications of the notice cannot be determined until the proceedings are concluded.

PNB Housing Finance reported a 57% rise in fourth-quarter profit on Monday, helped by steady demand for home loans and a decline in bad loans. Demand for premium and luxury housing has been strong over the last year even as the affordable segment saw demand easing due to high interest rates.

Almost threefold growth has occurred in Indian benchmarks over the past decade. The meteoric rise of the stock market has also attracted retail investors' participation in India's equity markets. Income from investments attracts taxes in the form of dividend distribution tax (DDT), long-term capital gains (LTCG), and short-term capital gains (STCG), which individual investors must understand carefully. If investors do not engage in proactive tax management, these taxes have the potential to reduce their total returns. 

Shares of Aurobindo Pharma Ltd.(up 1.82 per cent), Zydus Lifesciences Ltd.(up 1.66 per cent), Laurus Labs Ltd.(up 1.56 per cent), Abbott India Ltd.(up 1.53 per cent) and Lupin Ltd.(up 1.34 per cent) ended the day as top gainers in the pack.

Indian Coast Guard and the Anti-Terrorist Squad (ATS) Gujarat recently intercepted an Indian fishing boat at sea, seizing a significant haul of narcotics. The joint operation resulted in the apprehension of two individuals suspected of involvement in the illicit drug trade. This successful mission follows closely on the heels of another operation where the Indian Coast Guard seized a Pakistani fishing boat carrying 86 kg of drugs worth Rs 600 crore. These efforts underline the ongoing efforts to combat drug trafficking in the region. The Indian Coast Guard and the Anti-Terrorist Squad (ATS) Gujarat have intercepted an Indian fishing boat at sea, seizing a substantial quantity of narcotics. The joint operation led to the apprehension of two individuals suspected of involvement in the illicit drug trade. This successful mission follows closely on the heels of another recent interception. On April 28, the Indian Coast Guard seized a Pakistani fishing boat in a separate anti-narcotics operation, confiscating 86 kg of drugs worth Rs 600 crore and arresting 14 individuals onboard.

JEE and NEET, finding the equilibrium between academic rigor and extracurricular activities remains a daunting challenge. As the entrance exams loom large on the horizon, students across India find themselves grappling with a common dilemma: how to effectively manage their preparations while still participating in sports and extracurricular activities. Balancing academic commitments with other interests is indeed a daunting task, but with careful planning and smart strategies, it is possible to excel in both realms. The Challenge of Balance Many believe that neglecting extracurricular activities can result in a lackluster personality. This underscores the importance of finding a balance between education and leisure pursuits. However, not all leisure activities are created equal. Mindless activities like binge-watching TV or endlessly scrolling through social media offer little in terms of personal growth. On the other hand, engaging in mindful pursuits such as sports or reading not only rejuvenates the mind but also contributes to overall well-being.

Shares of Tube Investments of India Ltd.(up 2.31 per cent), Bosch Ltd.(up 1.42 per cent), TVS Motor Company Ltd.(up 1.0 per cent), Balkrishna Industries Ltd.(up 0.86 per cent) and Mahindra & Mahindra Ltd.(up 0.84 per cent) ended the day as top gainers in the pack.

Jaishankar on Monday said the partition of India in many ways broke the natural connectivity of the northeastern states and impacted the growth in the area due to political barriers as well as administrative issues. Jaishankar was addressing an event in Delhi University's Kirori Mal College on the topic 'Northeast India's Integration with South East Asia and Japan: Balancing Economic Ties and Ecological Conservation'. «The consequence of the partition of India broke in many ways the natural connectivity that the Northeast had or would have enjoyed. As a result of that, the levels of growth that the Northeast should have seen was slowed down. In the first few decades after the partition, the Northeast did not enjoy the advantages which other parts of the country did because of political barriers and administrative issues,» Jaishankar said while speaking to students. The Union minister also added that the current economic stability in the Northeast is moving towards a stronger front.

Ghee has gone viral on social media. Everstone Group director Prashant Desai, in a podcast with YouTuber Raj Shamani, said that Ghee is the best fat burner in the world. «Ghee is saturated fat, but it's not like any other saturated fat. Ghee has such a unique structure, the double bond of carbon. It's a fat burner,» Desai said. Desai said that Ghee reduces the visceral fat of the body. «If you eat ghee with roti, your glucose spike will be much lower. If you are not eating ghee roti, you are doing the biggest disservice to the country,» he said. «I eat four spoons of ghee in my coffee first thing when I wake up,» he added. To prove his point Desai also said that the claims are scientifically proven? He said that he has shared three LinkedIn posts and two videos on ghee.

Delhi Police has asked Telangana Chief Minister Revanth Reddy to join the probe on May 1 in connection with Union Home Minister Amit Shah's doctored video being circulated on social media, official sources said on Monday. According to sources, the police served notices to five people, including Reddy, who posted the video on X. Reddy, who is also the Telangana Congress chief, has been asked to appear with his mobile phone allegedly used for posting the fake video on X, according to sources. The Special Cell of the Delhi Police had on Sunday registered an FIR after the Indian Cybercrime Coordination Centre (I4C), which is under the Ministry of Home Affairs, filed a complaint about the doctored video of Shah where his statements indicating a commitment to abolish quota for Muslims on religious ground in Telangana were changed to make it seem that he was advocating scrapping all reservations.

Nestle India Chairman & Managing Director Suresh Narayanan on Monday asserted that the company's infant food formulation for children below 18 months is done on a global basis and the allegation that «it is racially stereotyped is unfortunate» and untrue. Addressing reporters here, he said the amount of sugar content in infant foods is determined by the capability to meet the nutrition profile of a particular age group and that is universal. Nestle India's added sugar content in Cerelac is much lower than the upper limit prescribed by FSSAI, he added. «There is nothing in this product that makes it a product that is potentially of any risk or any kind of harm to the child,» he said.

Narendra Modi from contesting elections for six years for allegedly seeking votes in the name of deities. Justice Sachin Datta said the plea was devoid of any merits.

West Bengal Chief Minister Mamata Banerjee on Monday criticised the BJP for using the Uniform Civil Code (UCC) as a political ploy ahead of the elections, asserting that Hindus will not benefit from it. Speaking at a rally in the minority-dominated Jangipur constituency in Murshidabad district, Banerjee accused the BJP of resorting to divisive tactics in the face of anticipated defeat in the initial phases of polling. «Whenever there are elections, they use one issue or the other to flare up communal tensions. This time they are talking about the UCC and are propagating that it is against a particular community. But this UCC is nothing but political rhetoric and Hindus in no way will benefit from it,» she said. Banerjee highlighted a growing anti-BJP sentiment nationwide, especially evident after the first two phases of voting.

BJP President J P Nadda on Monday alleged that the INDIA bloc is an alliance of corruption and 'parivarvaad' (dynastic politics) and that the parties in the coalition are engaged in protecting the children of their families. Addressing an election rally at Kothagudem in Khammam Lok Sabha constituency, he said that leaders of Congress, RJD, AAP and BRS are either on bail or in jail. «Is Rahul Gandhi on bail or not? Is Sonia Gandhi on bail or not? All these people are on bail. P Chidambaram, Karthi Chidambaram, Lalu Yadav, all these are on bail,» he said. He also asked whether Delhi Chief Minister Arvind Kejriwal and other AAP leaders and BRS MLC K Kavitha are in jail or not.

multi-billionaire family of Indian origin made their fortunes in fertilisers and polymers after shifting base to South-East Asia. Today, it is a materials powerhouse across the petrochem value chain. But these days top guns of India Inc chase them for another reason altogether. Their three-year-old project of passion — spread across 1,100 hectares in the heart of Tuscany, Italy — has become one of the hottest holiday destinations for those seeking ultra-chic experiences. After all, if you get the finest vegetarian food in a luxury villa along with an inbuilt village centre, spa and a golf course, all along with a swirl of the finest Tignanello Toscana as a sundowner, why should the bill be a bummer?

Tax filing season is coming and just like summer individuals must plan to beat the heat. To avoid last-minute hassles and make sure that tax benefits and claims are correctly reported and documentation is proper, enclosed below is a ten-point checklist. 

Indegene has fixed a price band of Rs 430-452 for its maiden public offer, which opens for public subscription on May 6. The company plans to raise around Rs 1,842 crore through the issue, which closes on May 8. The company received a capital markets regulator nod in August last year. The IPO comprises fresh equity issue worth up to Rs 750 crore and offer for sale (OFS) of up to 2.93 crore equity shares by existing investors.

hiring climate seems to be improving in oil & gas, some segments of information technology and for senior managers. Naukri’s JobSpeak Index for March, a measure of white collar hiring, showed hiring in oil & gas rising 22% over the previous year. Hiring demand for professionals with 16 or more years of experience was up 11% on a year-on-year (YoY) basis. Demand for AI and machine learning roles grew by 12% over March 2023, the report said.