India Financial News

“This is a part of the government’s broader intention to enhance the proportion of domestic capital invested into Indian startups,” one of the officials said.

Murugappa Group and Tata group’s Titan Company to assemble — and, possibly, manufacture — sub-components for iPhone camera modules, people aware of the matter told ET. If talks fructify, the Indian supplier ecosystem will deepen for the Cupertino company as it shifts more of its operations away from China.

EoDB) at a time when the sector is poised for growth with increasing adoption of cloud and artificial intelligence. The industry currently has to rely on leasing bandwidth for these purposes from licensed telecom service providers at a significant cost. While the government has been apprised of the issue, things have been moving at a snail’s pace, executives said.

markets succumbed to geopolitical concerns on Monday as indices remained under pressure throughout the session. Analysts said weakness was on account of the Iranian attack on Israel, persistent concerns over higher-for-longer US interest rates. «We expect domestic markets to witness near-term headwinds amid rising volatility. With the start of result season and poll promises by several political parties, we may continue to see sector & stock-specific action,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal.

India Meteorological Department (IMD) forecast “above normal” rain for the June-September monsoon, boosting prospects of a bountiful agricultural harvest that will likely ease inflationary pressure and bolster growth. This follows uneven rain in 2023, mainly due to the El Niño effect, leading to patchy farm output that pushed up food prices and kept the central bank from cutting interest rates. Rain in the country’s southwest is expected to be 106% of the long period average (LPA), with a 5% margin of error. IMD defines average or normal rainfall as ranging between 96% and 104% of a 50- year average of 87 cm for the season. The department announced the monsoon forecast on Monday.

Baashyaam Constructions is in talks with Standard Chartered Bank to buy a 4.6-acre plot in Chennai in a deal estimated at about ₹800 crore. «The land originally belonged to ANZ Grindlays Bank and was part of the takeover by Standard Chartered, with backend support being operated from there. It also has 500,000 sq ft of built area in the Nungambakkam area,» said two people aware of the development. Property consultants say the deal is being negotiated at ₹7.5-₹8 crore per ground which is higher than the prevailing market rate. One acre equals about 18 ground, a measure used primarily in South India. «There is not much land available in central Chennai and whatever is up for sale is getting closed at a higher rate now,» said one of the persons cited above. Baashyaam Constructions is present in luxury residential projects, apart from commercial and hospitality. It is developing an uber-luxury twin-tower project at the site of the erstwhile five-star Crowne Plaza hotel in Chennai's Adyar Park.

Reserve Bank of India announced new steps for rupee-settled global trades, Russian banking major Sberbank said it has seen an uptick in volumes for rupee-rouble payments for Moscow’s imports, with the lender focusing on drawing more foreign clients to the domestic market. “Sberbank offers its corporate clients a convenient way of carrying out settlements in rupees and roubles. Sberbank has now become the main channel for such payments on Russian import operations, with volumes up by seven times last year compared to 2022. More and more companies are taking advantage of it, recognising the attractions of this means of payment,” Anatoly Popov, deputy chairman of the executive board of Sberbank, said exclusively to ET. In July 2022, the RBI said that it would put in place an additional arrangement for invoicing, payment and settlement of exports and imports in rupees. The step, taken in the aftermath of the Ukraine war, was aimed at supporting the increasing interest of global trading in rupees, the central bank said.

ChrysCapital has invested about Rs 600 crore ($70 million) in Ahmedabad-based La Renon Healthcare, valuing it at $800 million. ChrysCap has acquired about 8% stake from the promoter family in a secondary transaction. Incorporated in 2007 by Pankaj Singh, La Renon is engaged in the manufacturing and marketing of branded generic formulations. ChrysCapital is close to acquiring a minority stake in La Renon Healthcare via secondary sale of shares, at a valuation of Rs 6,500 crore ($800 million), ET first reported on February 12. At present, promoter Pankaj Singh & family own about 80% stake in the formulations manufacturer while Peak XV Partners (formerly Sequoia Capital) owns 14% and domestic VC fund A91 Partners owns 6% stake in La Renon. In FY24, La Renon posted a revenue of Rs 1,400 crore and an Ebitda of Rs 300 crore, said sources. O3 Capital advised La Renon on the transaction.

Hotel Leela Venture Limited (HLV) has challenged ITC's claims of shareholder oppression against it in a fresh twist to a five-year-old legal tussle at the centre of which is the 2019 sale of key Leela properties to Canada's investment giant Brookfield for ₹4,250 crore, according to sources aware of the developments. ITC is opposing that sale transaction claiming it was to the detriment of minority shareholders. The cigarettes-to-FMCG conglomerate owns a stake in HLV Limited. National Company Law Tribunal (NCLT) allowed ITC's petition claiming shareholder oppression and mismanagement at HLV Limited on January 24 this year, though the company doesn't have the requisite shareholding of 10% required to file such lawsuits as per rules laid down in India's Companies Act.

S Jaishankar on Monday said that the government was sparing no efforts in getting the 17 Indians released. Speaking at a press conference in Bengaluru, he said that when he talked to his Iranian counterpart he seemed «responsive» and that he wanted the embassy officials to get in touch with the crew members soon. «Narendra Modi's guarantees are for both inside the country and outside,» he said, adding the Indian government would be there for any Indian who was in trouble outside the country.

₹1.64 trillion for fertilizer subsidies, 13% lower than the revised estimates for FY24. Sitharaman had also estimated 5% higher excise duty collection from the petroleum sector in FY25 at ₹3.18 trillion. During the fiscal year, Centre’s excise duty receipts had declined by 4.8% annually to ₹3.04 trillion.

₹6,800 to ₹9,600 per metric ton, effective April 16. This tax adjustment, which occurs every two weeks, will remain at zero for diesel and aviation turbine fuel. Earlier, on April 4, the government had raised the windfall tax on petroleum crude from ₹4,900 to ₹6,800 per metric ton.

Xiaomi is expected to unveil a diverse range of personal technology items and home appliances at the event. Enthusiasts eagerly await the unveiling of the rumored products, which could include a tablet, TWS earphones, a robot vacuum mop, and a hairdryer. However, specific information remains scarce, heightening anticipation among fans.

Private equity (PE) investments in India’s real estate have been falling over the last five years, through a residential boom and recovery in the commercial office segment. While the number of deals has remained constant, the average deal size has shrunk. Mint explains why: The value of PE deals in real estate fell from $5.1 billion in FY20 to $3.7 billion in FY24, says Anarock Capital, the investment banking and advisory arm of Anarock Group.

ALSO READ: SRH vs RCB IPL 2024: Sunrisers break their own record, score 287 runs in 20 overs However, both Siraj and Maxwell have not been effective in this IPL. While Siraj has picked just 4 wickets in 6 matches at an economy rate of 10.41, Maxwell has scored just 32 runs in 6 innings and with the ball he has claimed four wickets. Speaking about Maxwell's batting approach, Indian cricket legend Sunil Gavaskar pointed out his weakness.

Elon Musk's Tesla lays off 14,000 global positions amid slowdown in EV demand: 'This will enable us...' “The Company, BlackRock, Inc. and BlackRock Advisors Singapore Pte. Ltd.

70 hours a week. We at Wakefit have been following this debate for a while now. With the start of a new financial year and appraisal season in top gear, today seems to be a good time to share our views.

xAI's official X account (formerly Twitter), where they shared details about the model's new features in a blog post. While the fundamental features of Grok 1.5 remain unchanged in this updated version, the addition of vision capabilities is expected to expand its capabilities in interacting with the real world. xAI conducted benchmark tests to evaluate Grok 1.5 Vision's performance across various metrics, including their proprietary RealWorldQA benchmark, which assesses the model's understanding of real-world spatial concepts.

RCB vs SRH: Continuing with his terrific form in the IPL 2024, Sunrisers Hyderabad opener Travis Head punished Royal Challengers Bengaluru bowlers on Monday to slam the fourth fastest century in the history of the Indian Premier League (IPL). Travis Head's ton came in just 39 balls and powered SRH to 171 runs against RCB in just 13 overs. With this inning, Travis Head joined his teammate Heinrich Klaasen on top of the list of the most sixes in one inning of IPL 2024.

NEW DELHI : In an aggressive move to boost market share and strengthen its financial footing ahead of its initial public offering (IPO), Ola Electric has substantially reduced the price of its new S1X scooter, powered by a 2kWh battery, which it had announced in February. The price cut of ₹10,000, a 12.5% reduction from the original ₹80,000, brings the ex-showroom cost down to ₹70,000.

₹71,500-72,500. The rising gold prices is leading to dwindling of demand in the country and prompting Indians to opt for recycling of their old jewelleries amid festive season. Also read: Silver prices likely to cross ₹1 lakh per kg in medium to long term: Motilal Oswal “We have seen higher investment demand for gold in India through various gold investment instruments.