India Financial News

Mumbai: Starting an India business is one of the company's top priorities, and it is carefully studying the market to devise a smart entry strategy for offering its capital markets and wealth management solutions to Indian players, said Tim Gokey, chief executive officer of Broadridge, a global fintech leader processing about $10 trillion in daily fixed income and equity trade volumes. Currently, a third of the company's total global workforce of 15,000 is based in capability centres in Bengaluru and Hyderabad. Broadridge doesn't have an India business yet but only operates the two capability centres. Gokey said while the India capability centres may have initially functioned as cost units, they have since evolved into a major hub of intellectual capital for the company.

Neuberg Diagnostics is looking to raise $100 million by September, ahead of a planned public listing in two years, chairman GSK Velu said Friday. Neuberg, which runs a pan-India diagnostic chain, has appointed O3 Capital as the investment banker and is currently in talks with potential investors, Velu said in an interview. The Chennai-based company plans to use the fresh capital to expand its radiology business through acquisitions, he said. «Within two years, we want to list the company; we are doing the fundraise for some more M&A ramp up,» said Velu, also a serial entrepreneur having invested in eye care chain Maxivision. He is also the owner of medical equipment manufacturer Trivitron Healthcare and one of the key investors in Kaveri Hospitals. «With the proposed fundraise, we hope that our revenue will double in the next couple of years,» he added.

S Jaishankar on Friday emphasised that the 20,000 children who came back from Ukraine were "Modi ki Guarantee," adding that foreign policy is not just for diplomats, but has an impact on every person's life. During an interaction with the youths of Pune on the launch of the Marathi translation of his book: «Why Bharat Matters» he discussed about India's global rise and improved opportunities on Friday. «Today's world is globalised, and it means that whether you believe it or not, the world will come to your door. In the last three years, we have seen the Covid pandemic. It started somewhere else; who thought it'd reach India...and will turn our lives,» EAM Jaishankar said.

Jasprit Bumrah had initially thought about immigrating to Canada in search of work opportunities, which he claimed to be a 'backup' option in case cricket didn't work out for him in India, according to an ANI report. WATCH IPL FOR FREE IN USA (OFFER VALID ONLY WITH ABOUND)

Fintech is reshaping monetary interactions, and as India progresses towards a cashless society, it assumes a pivotal role, driving financial inclusion and enabling millions to transition to the formal financial sphere. This surge in fintech adoption has positioned India as a global fintech frontrunner. Its innovative solutions attract global investors, and position the country as a trailblazer in establishing a robust digital public infrastructure (DPI) ecosystem, a pivotal factor in enhancing financial inclusion. The dynamic DPI framework, strengthened by fintech advancements, is projected to inject a windfall of $400 bn into the economy in seven years. With an impressive 87% fintech adoption rate, India ranks No. 1, shattering global averages and bringing financial services to unbanked populations. However, it's important to remember that unchecked growth can be risky. Data breaches and unfair lending practices can undermine consumer trust and financial stability.

₹2.54 trillion on the NSE. While some experts said investors were spooked by concerns over escalation of the Middle East crisis, a delay in rate cuts by the US, and an amendment to the India-Mauritius tax treaty, others pooh-poohed these concerns and said the correction was expected and healthy. The sectors that saw the highest profit booking were banking, IT, infra, oil and gas, and pharma.

Q4 Results Preview: Aviation sector to post weak quarter as airfares soar high In terms of new hotels openings, the industry has seen 26 per cent growth in new hotel openings to 146 but a 10% decline in room additions to 9,833 between April 2023 and February 2024, as per HVS Anarock report. According to Elara Capital, strong leisure and growing business travel will continue to accelerate ARR growth and increase occupancy. The macroeconomic environment for India remains robust, which is expected to sustain demand for the hotel industry.

IMD also noted than from 17 April Balangir, Sambalpur, Titlagarh, Jharsuguda, and Sonpur will see temperatures reaching 43 Degree Celsius. "Heatwaves occur when the maximum temperature reaches above 40 degrees Celsius and the departure is above 4.5 degrees Celsius from the normal," as per an IMD FAQ on heatwave.

brought us the details of what went down between Wipro’s chairman and its former French chief executive over a phone call. In this backdrop, Mark to Market analyst Harsha Jethmalani dissects the various issues facing the company and what the new CEO will need to do. We also have two pieces by our new correspondent Shelley Singh – an explainer on why expat CEOs don’t last the distance in Indian IT companies, and a deep dive into whether Srinivas Pallia has what it takes to steer Wipro forward.

ALSO READ: IPL 2024: Tristan Stubbs lauds DC skipper Rishabh Pant, says 'He's a gifted player' Pant had called for a review for a wide ball on the 4th over of the match with Ishant Sharma bowling a wide down the leg side against Devdutt Padikkal, as the on-field umpire immediately gave it a wide. Unhappy with umpire's decision, the Capitals' skipper got into an argument with the umpire.

is a banned terrorist outfit. Prabhpreet Singh is accused of recruiting and funding a terrorist module in Germany. Punjab Police's State Special Operation Cell arrested the banned Khalistan separatist organisation's operative.

Delhi Capitals side after missing the last three matches due to a groin injury. The left-arm wrist spinner showed no signs of being rusty as he kept the pressure on the LSG batsmen, taking the crucial wickets of KL Rahul, Marcus Stoinis and Nicholas Pooran for just 20 runs. However, it was the dismissal of Nicholas Pooran in the 8th over of the innings that was the highlight of Kuldeep's brilliant spell today.

Funding among Indian fintech startups has dropped 57% year on year to $551 million in the first three months of 2024, compared to $1.3 billion raised in the same period last year, according to the Fintech India report released by data intelligence platform Tracxn on Friday. However, despite the year-on-year decline, there was a 59% rise in fintech funding from the previous quarter (October to December 2023).

Income Tax department on Friday issued clarifications regarding the recent amendments to the India Mauritius Double Taxation Avoidance Agreement (DTAA) that have sparked concerns among stakeholders. The department said that the Protocol pertaining to the amendment is yet to be ratified and notified under Section 90 of the Income-tax Act, 1961.

Congress party, Defence Minister Rajnath Singh on Friday, said that the Congress will extinct like dinosaurs in a few years. «Congress is getting vanished. These children must have heard of dinosaurs, have you? Have you seen dinosaurs? In a way, dinosaurs have completely disappeared from the earth, similarly, Congress is also disappearing,» Singh asserted while addressing the public rally in Champawat. Addressing a public rally in Champawat in support of BJP's Almora candidate Ajay Tamta, Singh took a jibe at the Congress party and its previous governance in the country and compared it with the current state of affairs in the hilly region under the BJP regime.

ALSO READ: IPL 2024: Jasprit Bumrah reveals secret to success after MI vs RCB clash, ‘don’t be one trick pony, I train for…' However, he was upset with one thing. It was RCB's Dinesh Karthik slamming the last ball of his spell over cover for six. This was only the second six in 120 deliveries Bumrah conceded this IPL season.

ALSO READ: Jeff Bezos's Blue Origin to launch rocket Big Shepard for the first time since accident " ...I was always very keen to become an astronaut...after my flying in India and abroad, I started looking for opportunities where the original dream can come alive. That is when I got the opportunity with Blue...NH24 is scheduled and we will be going to lower earth orbit in the near future," he said. Thotakura also spoke about his career in aviation.

Ajay Rai on Friday mocked BJP leader Smriti Irani who has been constantly attacking Rahul Gandhi and the grand old party during her campaigns for the 2024 Lok Sabha polls. Irani is BJP's candidate from Amethi. Mocking Irani, Rai said that she is «seems to be losing her mental balance and PM Modi should get her treated by a good doctor». Rai was reacting to Smriti Irani's statement today in which he accused Rahul Gandhi of ignoring Amethi. Earlier, Irani said when a minister from Karnataka asked Rahul Gandhi why he was contesting elections from Wayanad, he replied that the people of Wayanad are more loyal. «I want to ask, are the people of the area from where he was MP for 15 years not loyal? Are they traitors?» Irani asked.

foreign exchange reserves touched a fresh record high of $648.56 billion in the week ended April 5th, topping the previous high of $645.58 billion, latest data published by the central bank showed. The reserves rose by $2.9 billion and were primarily driven by gold assets that climbed $2.4 billion. A spike in bullion (gold) prices has caused reserves to surge. This is the third time in the past two months where reserves have touched fresh highs. Potential supply chain disruptions spawned by uncertain geopolitics in West Asia and Eastern Europe prompted central banks to increase their gold assets, helping mitigate the impacts of currency volatility and elevated interest rates in the US.

inflation fell below 5% for the first time in five months in March, easing to 4.85% compared with 5.09% in the previous month. On the other hand, industrial output rose in February to a four-month high of 5.7%, data released Friday showed. While inflation declined to a 10-month low in March, experts indicate it is unlikely to deter the Reserve Bank of India from lowering rates anytime soon, as it tracks monsoon and other external factors. “We expect the RBI rate cut cycle to start in August at the earliest. This is contingent on the Fed rate cut cycle starting in June or July. In case the Fed rate cut cycle gets delayed due to adverse US inflation prints, the RBI rate cut cycle could also get delayed,” said Gaura Sengupta, India economist at IDFC First Bank.

Tesla CEO Elon Musk comes to meet Prime Minister Narendra Modi will not be the car maker's entry into India. There is another matter that has been pending for some time for lack of adequate disclosures. Musk's India ambition spans from road to space. He has thrown his hat in the ring for the satellite communication, or satcom, a futuristic technology that promises to revolutionise India's telecom sector. Musk, with his satcom company Starlink, will compete with Mukesh Ambani and Sunil Bharti Mittal whose respective companies, Reliance Jio JV with Luxembourg-based SES; and Bharti AIrtel jointly with OneWeb-Eutelsat, are also in the race for satcom spectrum. Another giant, Amazon, is also in the reckoning. The satcom sector is witnessing intense rivalry even before the start of services. Airtel and Jio stand sharply divided on various issues related to satcom and have battled each other over complexities that surround satcom. The rivalry between the two biggies, with other satcom players also divided sharply, continues. A few days ago, they locked horns over the usage and price of satcom. The main issue, whether satcom spectrum should be allocated administratively or auctioned, has been settled with the new Telecommunication Act, 2023, giving legislative backing to allocation of satellite spectrum via the administrative or the ‘non-auction route’. At present, the DoT is finalising the modalities.