India Financial News

Railways Ministry has joined the viral keyboard trend. The multiple versions of the viral meme trend asking users to look between two letters on their keyboard has amazed the netizens. The ministry used the keyboard trend to spread awareness among people about the customer care number for railway enquiry-139.

Narendra Modi is in Uttar Pradesh to hold rallies in Aonla, Bareilly and Shahjahanpur ahead of the Phase 3 of the Lok Sabha elections 2024. In his recent rallies, PM Modi has lately doubled down on the Congress alleging the party's “appeasement policy". It is likely that the showdown continues between the prime minister and the Congress.

Bajaj Finance, Nestle, Tech Mahindra, IndusInd Bank, Axis Bank, HUL, Kotak Bank among others will be in focus due to various related developments or quarterly earnings. Bajaj Finance, Nestle, Tech Mahindra, IndusInd Bank Shares of Bajaj Finance, Nestle, Tech Mahindra and IndusInd Bank will be in focus as the companies will announce their quarterly results later in the day.

Domestic markets continued their winning run for the fourth day in a row on Wednesday, driven by strong global cues. «Despite the bulls maintaining their upward trajectory for the fourth consecutive session, there's a noticeable lack of momentum,» said Rajesh Bhosale, Technical Analyst, Angel One.

database company MongoDB sees a “great opportunity” in India as large banks, airlines and financial services companies here launch AI business models, a top company executive said. Valued at about $30 billion, MongoDB counts Tata Digital, Tata AIG, Canara HSBC Life Insurance, Zomato, Devnagri, Ambee, Inovaare and Observe.AI among its key clients.

HUL), India's largest consumer goods maker, reported a 6% drop in net profit in the wake of flagging demand despite price cuts and is looking to volume-led growth if commodity rates remain stable. That will help the company hold prices or lower them further, while a bountiful monsoon, as predicted by the weather department, could see rural demand rising in time. March quarter net profit at Unilever's India unit declined to ₹2,406 crore, below analyst expectations, from ₹2,552 crore a year earlier. Revenue was little changed at ₹14,693 crore against ₹14,638 crore a year earlier.

Saurabh Nanavati, and four others have settled a case of alleged violation of mutual fund and portfolio management services regulations with market regulator Securities and Exchange Board of India (Sebi) by paying ₹4.98 crore as settlement amount. The case relates to an inspection of mutual funds and portfolio management services (PMS) activities of Invesco Asset Management for the period between October and November 2021.

investors were right to back him as an agent of change, Modi’s Bharatiya Janata Party peppered its 2014 poll manifesto with 22 references to “reform.” Ten years later, very little remains of that zeal. The BJP’s 2024 manifesto still promises to “reform, perform, transform.” But the few specifics it offers on the economy are modest — such as automatic approvals for standard housing designs. Gone are the days when Modi pledged to change everything from inefficient markets in labor and farm produce to entire sectors like banking. And yet, the appetite for a third term for the Indian leader is very high in the global financial industry. “Modi has done an unbelievable job in India,” JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said Tuesday at the Economic Club of New York. Both Goldman and JPMorgan are predicting a deluge of overseas capital after general elections are over on June 4. (The BJP is favorite to win the contest.)

India and Iran have finalized a long-term contract for the development of Chabahar port after more two decades of painfully slow negotiations with the oil-rich Gulf nation, periodically stymied by geopolitical tensions, according to three persons aware of the matter. A high-level delegation led by the Indian minister for shipping will be visiting Iran after India's general election. The visit, to take place in the second half of 2024, will be see the signing of the contract that will pave the way for full exploitation of this strategic port located in southeastern Iran and developed with Indian aid.

Russian funds tap into the stranded rupee balance generated in the trade between the two countries? In the course of negotiations, some of the Russian financial institutions have sounded out the Reserve Bank of India (RBI) on a mechanism that would let them use the rupees lying in special accounts in India for investment in stocks and securities here. Till now, 10 institutions from Russia, including its biggest lender, have registered as foreign portfolio investors (FPIs) with Sebi. But they have made little investments — probably, due to the hurdles in cross-border payments caused by US sanctions in the wake of Russia’s war with Ukraine. If, however, RBI permits the flow of rupees from the trade balance pool to the rupee accounts of Russian FPIs, the latter can invest the amount in securities listed on Indian exchanges. Under the framework suggested, the FPIs could match a transfer of rupees from the pool by paying the equivalent in roubles to Russian companies that have exported to India but are reluctant to accept payments in rupees.

Axis Bank, India's fourth-largest private lender by market capitalisation, has reported a robust profit of ₹7,129.67 crore for the March quarter, supported by margin expansion and higher non-core incomes. The bank expects deposit growth to be a constraint in the short term. The bank had reported a loss of ₹5,728 crore in the corresponding period a year ago on goodwill impairment following Citibank's portfolio acquisition. The bank had reported a net profit of ₹6,071 crore in October-December 2023 period, translating into a 17% increase in profit on a sequential basis.

₹17.43 for Q4 which increased by 1529.18% Y-o-Y. Multi Commodity Exchange Of India has delivered 7.92% return in the last 1 week, 81.77% return in last 6 months and 25.7% YTD return.

₹-1.07 for Q4 which increased by 69.93% Y-o-Y. Rallis India has delivered -0.75% return in the last 1 week, 30.05% return in the last 6 months and 8.43% YTD return.

Apple has been upstaging Samsung in terms of revenue growth and exports out of India, but the Korean major is still significantly ahead of rivals in terms of local value addition. Industry executives and market trackers said while the industry average for local value addition in electronics manufacturing hovers around 22-25% currently, an increase from 18% in 2022, Samsung's local value addition is higher. This is partly because Samsung has been manufacturing mobile phones as well as other appliances locally in India much before the government's production-linked incentive scheme came into force and boosted India to become the second largest mobile phone manufacturer.

Singapore and Hong Kong. ETO is a pesticide classified as a carcinogen. The move follows a ban imposed by the two countries on certain spices exported by Indian brands MDH and Everest. Singapore and Hong Kong have alleged the presence of ETO in certain spices exported by the two companies. The government also said spice consignments to other countries will also be strictly monitored for the presence of ETO.

NRIs) are contributing nearly a fourth to the total residential sales at large developers, up from 7-10% before the pandemic, as top cities continue to see price appreciation and rising demand. According to developers and brokerage firms, the US, Singapore, the UAE, Australia and Saudi Arabia have emerged as big markets for them and they have dedicated teams to help buyers in selecting the projects. According to market sources, the country's biggest developer DLF in its last project Privana South in Gurugram, had achieved 25% share (about ₹1,800 crore) in NRI sales.

Supreme Court on Wednesday made it clear that EVM source codes «should never be disclosed» as the same can be misused. A bench comprising justices Sanjiv Khanna and Dipankar Datta made the verbal observation during the resumed hearing of a batch of pleas seeking directions to tally voter-verifiable paper audit trail (VVPAT) slips with votes cast through EVMs during elections. Justice Datta questioned the counsel for one of the petitioners as to whether SC can issue directions regarding electronic voting machines (EVMs) «merely on the basis of suspicion» of hacking and manipulating though there is no concrete proof to prove the same. The petitioner raised doubts about whether EVMs are hack proof. The bench assembled on Wednesday to seek a slew of clarifications from the Election Commission of India on the technical functioning of EVMs, flash memory, VVPATs etc.

Congress while distancing itself from Sam Pitroda's "inheritance tax" remarks attacked BJP, saying that the latter was trying to sensationalise the comments to divert attention from Prime Minister Narendra Modi's «malicious» poll campaign. Congress spokesperson Jairam Ramesh said Pitroda has been a mentor, friend, philosopher and guide to many across the world, and has made numerous and enduring contributions to India's developments. «Mr Pitroda expresses his opinions freely on issues he feels strongly about. Surely, in a democracy an individual is at liberty to discuss, express and debate his personal views. This does not mean that Mr Pitroda's views always reflect the position of the Indian National Congress. Many times they do not.» «Sensationalising his comments now and tearing them out of context are deliberate and desperate attempts at diverting attention away from Mr Narendra Modi's malicious and mischievous election campaign...,» Ramesh said in his post on X.

JioCinema is set to disrupt India's subscription video-on-demand (SVOD) market with one of the industry's lowest pricing plans for premium content. Beginning April 25, JioCinema Premium will offer Indian and Hollywood entertainment content at an introductory tariff of ₹29/month for a single device and ₹89/month for up to four devices, the company said. This comes close on heels of success of its free strategy in the advertising VOD space. Live sports and catch-up broadcast content will continue to be available for free, the company said, adding that JioCinema, like other broadcast-owned OTT (over-the-top) platforms, will use a hybrid monetisation strategy. The new pricing is a significant drop from its ₹999/year and ₹99/month plans, which offered only Hollywood content. Unlike the existing plans, the new plans will be ad-free, the company said.

The head of Mexico's detective service has acknowledged the country is “the champion” of fentanyl production, which appears to run counter to past statements by President Andrés Manuel López Obrador

The hugely popular Chinese app TikTok may be forced out of the U.S., where a measure to outlaw the video-sharing app has won congressional approval and is on its way to President Biden for his signature