India Financial News

Dry promotion: 'New title, no raise' appraisal trend leaves employees in a pickle According to a study done by audit and consulting firm Deloitte India, the average pay hike across Indian companies is estimated to slip to 9.1% this year from 9.4% last year, with the IT sector facing spending cuts by clients seeing the worst hikes in a decade. Some profiles are expected to get better hikes given their demand. "Over the past few years, many sectors have seen a trend towards more substantial increments for tech and digital roles, while traditional roles may see steadier, moderate increases.

Modi on Sunday claimed that the INDIA bloc has come up with a "formula" whereby the parties in the opposition alliance will get the PM's post for one year each if they come to power.«With such a system, the good of the country cannot be expected,» he said at an election rally here, as he urged the people not to waste their vote. «I have heard that the INDI Alliance has invented a new formula...if the country has to be given into someone's hands, will we think before giving it or not? Will you give it to anyone? We will think whether the person is able to handle the country or not, will the track record be analysed or not?» Modi asked the people. Questioning the INDIA bloc on which person or leader among them could the people hand over the country's responsibilities to, he asked, «Is there any name? Will you accept without any name, keeping you in the darkness? Will the country accept it?»

Indian Navy has successfully rescued the crew of a Panama-flagged crude oil tanker, MV Andromeda Star, after it came under a missile attack by Houthi militants. The vessel was attacked in the Red Sea on April 26, prompting a rapid response from the Indian Navy's destroyer, INS Kochi. The attack resulted in minor damage to the vessel, which is operated by a company based in Seychelles. The distressed oil tanker was intercepted by the Indian Navy ship and an aerial recce was carried out by the Indian Navy helicopter to assess the situation. «A mission deployed Indian Naval destroyer INS Kochi responded to a maritime security incident involving the attack on Panama-flagged crude oil tanker MV Andromeda Star on April 26,» the Indian Navy said.

Election Commission of India (ECI) has instructed the Aam Aadmi Party (AAP) to revise its election campaign song to comply with Advertising Codes. This directive comes in response to the ECI's objection to the phrase «jail ke jawaab me hum vote denge» and a visual depicting a mob holding a photo of Arvind Kejriwal behind bars, which the ECI believes casts aspersions on the Judiciary. In a statement, the ECI clarified its stance, saying, «The phrase 'jail ke jawaab me hum vote denge' showing an aggressive mob holding the photo of Arvind Kejriwal showing him behind bars, casts aspersions on the Judiciary.» The ECI further noted that the repeated use of this phrase in the advertisement violates the provisions of ECI Guidelines and Rule 6(1)(g) of Programme and Advertising Codes prescribed under the Cable Television Network Rules, 1994. However, the AAP has defended its campaign song, arguing that it does not target the Bharatiya Janata Party (BJP) and does not contravene the Model Code of Conduct. Atishi, a senior AAP leader, highlighted during a press conference that the song includes factual videos and incidents.

₹5,000 crore may be offered for developing the ecosystem for building inland vessels in the country to support movement of cargo on national waterways. Capital support may also be considered for producers of sea bound vessels at a later stage. At present 14 PLI schemes with an outlay of ₹ 1.97 trillion are under implementation for five years from FY22.

Shehbaz Sharif is on a visit to Saudi Arabia to attend the World Economic Forum. Pakistan Muslim League-Nawaz (PML-N) leader Ishaq Dar is currently serving as Pakistan's Foreign Minister. He has been also included in the Council of Common Interests (CCI).

Tech Mahindra India business head Jagdish Mitra has set up an AI startup with a proposed initial investment of Rs 65-80 crore. The startup is likely to commence operations in the next three months. «We will start going to customers in 8-12 months. Initially, we will invest USD 8-10 million,» Mitra — one of the contenders for the post of Tech Mahindra CEO position after CP Gurnani resigned — told PTI.

Deputy Chief Minister Devendra Fadnavis on Sunday appealed to people to put aside other issues and vote for Prime Minister Narendra Modi, saying he kept everyone alive by making vaccines available during the COVID-19 pandemic. Fadnavis sought votes over vaccines during his addresses at Madha and Barshi towns in Solapur district. The senior BJP leader held his first rally at Barshi, part of the Osmanabad parliamentary constituency, where Archana Patil of the NCP is contesting against incumbent MP Omraje Nimbalkar of the Shiv Sena (UBT). Madha falls under the Madha Lok Sabha constituency, where the BJP has renominated its sitting MP Ranjitsinh Nimbalkar against Dhairyasheel Mohite Patil of the Sharad Pawar-led NCP (SP).

₹50 lakh annual fee and spend another ₹20 lakh on living expenses. The total money coming from these students into Boston from BU alone comes to about ₹490 crore. Northeastern University, in the same city with similar fee, has around 2,000 Indian students who bring about ₹1,500 crore annually to Boston.

“Election Pitch" data series, we pick one significant reform from each year the current government was in power, and check where things stand now. A decade after its launch, the Pradhan Mantri Jan Dhan Yojana (PMJDY) has over 520 million accounts with a total balance of around ₹2.32 trillion. The scheme provides a zero-balance bank account, a RuPay debit card and ₹1-lakh accident insurance.

"When sorrows come, they come not single spies, but in battalions." —William Shakespeare, Hamlet The higher the climb, the harrowing the descent. If there is one sector which is experiencing this truism, it is information technology. From the heady days of the pandemic-triggered digital boom, to the current slowdown due to growth headwinds in the West, the country’s $250-billion IT sector has traversed a full cycle over the past few quarters.

Indian stock market: The Nifty remained under selling pressure throughout the session as the index failed to sustain above the crucial level of 22500. On the daily chart, a dark cloud cover pattern is observed, indicating a potential bearish reversal. Immediate support is situated at 22300, below which the Nifty could extend its losses towards 22000.

Kapil that it was at that time he learnt the "power of Namaste". Sharing a story from Punjab which was "very close" to him, Aamir in Hindi said that he was in the state for the shoot of Rang de Basanti. "I really loved it there.

Indian Coast Guard (ICG) intercepted 86 kg of narcotics worth Rs 600 crore from a Pakistani boat off the Gujarat coast on Sunday. The 14 crew members who were attempting to smuggle the drugs into India were arrested and brought to Porbandar for further investigations. «In a breathtaking overnight operation, Indian Coast Guard undertook an intelligence-based anti-narcotics operation at sea on 28 Apr 24. Approx 86 kg of narcotics worth Rs 600 crore has been apprehended along with 14 crew from the Pakistani boat,» the ICG said. The Coast Guard is yet to disclose what kind of narcotic substances were recovered from the Pakistani boat.

Equity markets are impacted more by the expectations of future monetary policy than the policy rate surprises on the day of announcement of the policy by the Reserve Bank, said an analysis. According to a working paper prepared by RBI officials, the regulatory and development measures which are announced along with the monetary policy too impact the stock markets.

Mint, Deloitte said that given the implementation of the Global Anti-Base Erosion (GloBE) rules in these countries from 1 January, Indian headquartered multinational business groups with a presence there will be required to comply with the GloBE rules even if New Delhi is yet to implement it. Accordingly, Indian multinational groups will have to provide for top-up tax, if applicable, in their financial statements for the year ended 31 March 2024, Deloitte said in its analysis.

JNK India IPO: Issue subscribed 28.13 times on the last day of bidding process led by QIBs, NIIs. Check GMP The grey market premium (GMP) for the JNK India IPO is +117, suggesting that JNK India shares are trading at a premium of ₹117 in the unofficial market, as reported by investorgain.com.

Reserve Bank of India last Friday set eligibility criteria for small finance banks seeking to upgrade to universal banking franchises. Out of 11 small finance banks in the country, just one is currently eligible to apply for a universal banking license, while at least two others had earlier voiced willingness for a transition. Here's an ET Explainer on the benefits of such a transition: Why would a small finance bank want to become a universal bank? At the outset, it is a major branding boost for small finance banks. Currently, wherever their field officers go, they face an inevitable question: what is a small finance bank? Even in the urban market, a sizeable segment of banking customers is not very familiar with this differentiated banking franchise even after over a half-a-decade of their existence. «Most importantly, when you are a universal bank, the perception of “small bank” goes and that improves your standing with every stakeholder,» a chief executive of a small finance bank said. What are the regulatory benefits?

Sri Lanka for the consecration ceremony of Seetha Amma Temple, dedicated to Goddess Sita. The consecration ceremony of Seetha Amma Temple will take place on May 19. The decision came following a letter from Sri Lanka's representatives to the Uttar Pradesh government, requesting Sarayu river water for religious ceremonies and the consecration of Goddess Sita's idol at the temple.

Reserve Bank of India last Friday set the eligibility criteria for small finance banks willing to upgrade themselves as universal banking franchises. Here's an ET Explainer on the benefits of such a transition. Out of 11 small finance banks that exist in the country, merely one is currently eligible to seek a universal banking license, while at least two other banks had earlier voiced their willingness for a transition. Why would a small finance bank want to become a universal bank? At the very first place, it's a major branding issue for small finance banks. Wherever their field officers go, they face an inevitable question: what is a small finance bank? Even in the urban market, a sizeable segment of banking customers are not very familiar with this differentiated banking franchise even after over a half-a-decade of their existence. «Most importantly, when you are a universal bank, the perception of “small bank” goes and that improves your standing with every stakeholder,» a chief executive of a small finance bank said.

startup The ePlane Company expects to develop a certifiable prototype of a flying electric taxi by March next year as it works on ways to alleviate urban congestion. Incubated out of the Indian Institute of Technology (IIT), Madras, the company also aims to initially commercialise its drones that can carry a payload of 2-6 kilograms in the coming months, according to a senior executive. The ePlane Company's Founder and CEO Satya Chakravarthy said it is developing an eVTOL (electric Vertical Takeoff and Landing) aircraft and to begin with, it will be a three or four-seater plane which can be converted into an air ambulance.