India Financial News

Anna Morris and PDO Assistant Secretary for Economic Policy Eric Van Nostrand are travelling to New Delhi and Mumbai from April 2-5 to meet with government and private sector counterparts, the Treasury said in a statement on Wednesday. «They will discuss key bilateral issues, including cooperation on anti-money laundering and countering the financing of terrorism, other illicit finance issues, and continued implementation of the price cap, which seeks to further limit the profits Russia receives to fund its illegal invasion while promoting stable global energy markets,» it said. Following Russia's February 2022 invasion of Ukraine, the G7 nations, the European Union, and Australia jointly implemented a price cap. This cap prohibits the utilisation of Western maritime services, including insurance, flagging, and transportation, for tankers transporting Russian oil priced at or above USD 60 per barrel.

Equity markets traded in a narrow range with a negative bias on Wednesday as caution prevailed ahead of the RBI policy meeting and key macro data. «The US Fed Chair Powell's speech will be keenly watched. We expect the market to consolidate over the next few days until the events unfold,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal.

Foxconn group company Bharat FIH's sprawling campus near Chennai, which was focused on manufacturing Android phones, is looking to tap newer segments in a bid to diversify and offset a slump in orders from its key client Xiaomi, since a government crackdown on Chinese businesses operating in India. Bharat FIH is now looking to power growth in segments such as telecom equipment, electric vehicles, televisions and displays.

Apple services including its App Store, video and music streaming platforms Apple TV+ and Apple Music, were resolved after outages that affected users across multiple regions, the company's website showed. Issues were also reported on Apple's fitness service Apple Fitness+, as well as Arcade, Audiobooks, Books and Podcasts, according to Apple's system status pages for several countries reviewed by Reuters.

Coal is projected to continue as the backbone of the Indian energy system until the next two decades and its phase-down will require active policies on critical minerals, according to a report by the Indian Institute of Management (IIM)- Ahmedabad. The report asserted that net zero is not possible without substantial nuclear power and renewable energy generation by 2070. The report, titled 'Synchronising energy transitions towards a possible Net Zero for India: Affordable and Clean Energy for All,' was released on Wednesday.

startup ecosystem, the shift of investors' interest towards ESG norms— environmental, social, and governance — is seen as another major reason for the funding slowdown in the new age businesses. Investors, nowadays, are more concerned about sustainability, carbon reduction, and improved working conditions of businesses, besides financial parameters.

₹250 crore over the past three years for its international expansion, including its partnership with Williams. “We anticipate the international business will account for 25-35% of our total group revenues by the end of next year. This focus on international expansion is pivotal as we prepare for our IPO in October 2025." "This expansion is a key factor that will add significant interest for our IPO.

Good Glamm Group has formed a joint venture with former tennis player turned entrepreneur Serena Williams to launch her cosmetics brand 'Wyn Beauty by Serena Williams' in the US market. The entity, SW-Sanghvi Beauty USA Inc., which has board representation from both Williams’ team as well as the Mumbai-based The Good Glamm Group, owns Wyn Beauty and other related trademarks for the brand.

IPL 2024 fever coincided during a similar timeline, there were talks of shifting this cash-rich cricket franchise league to Dubai which was done under similar conditions during a previous national general elections. Interestingly, the auction for the IPL 2024 season was also held in Dubai's Coca Cola Arena where team owners bought some of the leading cricket players in the world currently. However, BCCI acknowledged the importance of the tournament being held and decided upon hosting all matches of the IPL 2024 in India itself. The IPL has entered its second month currently, with ten teams going head-to-head against each other to finish as the top four in the points table. The ten teams participating in IPL 2024 include Kolkata Knight Riders, Mumbai Indians, Lucknow Super Giants, Gujarat Titans, Rajasthan Royals, Punjab Kings and more. Already some excellent matches have taken place with the most recent one being the clash between the Kolkata Knight Riders and Delhi Capitals, which was won by KKR by a massive 106 runs. KKR posed a target of 273 runs to DC, and in response the latter was knocked out for a mere 166. The highest scorer of this match was West Indian all-rounder Sunil Narine who hit a fiery knock of 85 runs in just 39 balls. With this win, KKR is comfortably seated at the top of the points table followed by Rajasthan Royals who are behind on the basis of NRR.

India women's team will travel to Bangladesh for a five-match T20I series. Sylhet will host all the matches. This will be India's second tour of Bangladesh in the last two years. Last year, the 'Women in Blue' played three 20-over matches against Bangladesh and Harmanpreet Kaur's side won the series 2-1. The upcoming T20I series will kick off India's preparation for the upcoming T20 World Cup. The women's 20-over World Cup will kick off in September-October and will be played in Bangladesh.

PFC on Wednesday said it has paid a total dividend of ₹2,033 crore to the government for the financial year 2023-24. The company has paid the dividend in three instalments of Rs 554 crore, Rs 832 crore and Rs 647 crore, it said in a statement. «PFC pays the highest-ever interim dividend of ₹2,033 crore to the Government of India for the FY24. The interim dividend RTGS (Real Time Gross Settlement) intimation advice was presented to RK Singh, Minister Power, New & Renewable Energy...by CMD Parminder Chopra,» it noted.

HD Kumaraswamy, Mandya’s incumbent MP Sumalatha Ambareesh, who won as an independent candidate in the 2019 general elections against his son Nikhil, announced on Wednesday that she would join the BJP and not contest the polls this time. Kumaraswamy is the NDA’s candidate from the constituency for the Lok Sabha polls, and the suspense over Sumalatha’s decision had kept the BJP-JDS coalition on tenterhooks, fearing that votes would be split in the region if she opted to contest independently. “I am not contesting the elections this year but this does not mean I am leaving Mandya. On the contrary you will see me, not as an independent but as someone with the backing of the rank and file of a party whose leader envisages a developed India by 2047,” she said. The BJP, she said, was a natural choice over the Congress, as the party had released funds amounting to around Rs 4000 crore for Mandya district. Prime Minister Narendra Modi, he added, had always treated her with respect as well.

National Conference chief Farooq Abdullah will not contest the upcoming Lok Sabha election due to his "health condition", party vice president Omar Abdullah said on Wednesday. Farooq Abdullah, 86, a former chief minister of the erstwhile state of Jammu and Kashmir, is the sitting member of Parliament from Srinagar Lok Sabha constituency. The NC has decided to field candidates in all three LS constituencies in Kashmir and support the INDIA alliance on two seats of Jammu division.

China to lap up the commodity at deeply discounted prices. China imported 1.82 million barrels a day (mb/d) of Russian crude by sea in March, a third more than India's 1.36 mb/d, according to energy cargo tracker Vortexa. China also receives Russian oil through pipelines.India's monthly imports of seaborne Russian crude exceeded that of China for about one and a half years. In February, however, China's 1.3 mb/d of imports from Russia, marginally surpassed India's 1.27 mb/d. In March, the gap substantially widened. «Russian Sokol cargoes, which were previously rejected by Indian refiners due to concerns of the cargoes being loaded on sanctioned vessels, were sold at heavy discounts to Chinese refiners, which explains the sharp rise in volumes into China,» said Serena Huang, an analyst at Vortexa.

cancellation of the Foreign Contribution Registration Act (FCRA) licences of five prominent non-governmental organisations (NGOs), the home ministry officials said that the action was taken following «due process of law». Among the NGOs that lost their FCRA licences were CNI Synodical Board of Social Service, Voluntary Health Association of India, Indo-Global Social Service Society, Church Auxiliary for Social Action and Evangelical Fellowship of India, added officials. The FCRA license is granted by the home ministry to NGOs and think tanks for five years and their applications are reviewed based on annual returns and foreign grants received for the purpose it is meant for.

Reliance Industries (RIL), Tata Motors and Indian Oil Corporation (IOC) will be the key bidders for the government's pilot project for the use of green/grey hydrogen (H2) in the transport sector, according to people who are aware of the development. The initiative is in line with the government's aim to decarbonise the economy, reduce dependence on fossil fuel imports, and enable India to assume technology and market leadership in green hydrogen. «The pilot projects will help to identify operational issues (with regards to H2) and gaps in terms of current technology readiness, regulations, implementation methodologies, infrastructure, and supply chains,» stated the revised request for proposal (RFP) document reviewed by ET. The bid for the Rs 496-crore project which opened in February, closes on Thursday. It is part of the National Green Hydrogen Mission which was launched in January 2023 with an outlay of Rs 19,744 crore. One of the key criteria from the bidders is participation as a consortium or partners to ensure the entire value chain — from making hydrogen and dispensing it and running vehicles fuelled by hydrogen. The bidding consortium should include a vehicle manufacturer, hydrogen fuel supplier distributor, and other partners as required.

Rahul Gandhi on Wednesday filed his nomination papers from Wayanad in Kerala that he currently represents and said the upcoming Lok Sabha election «is a fight for democracy and the Constitution of India». His sister Priyanka Gandhi Vadra and other state leaders accompanied Gandhi for filing of the nomination and later the roadshow, displaying a major show of strength by the local Congress unit and its ally Indian Union Muslim League. Gandhi won Wayanad, considered among the safest constituencies for the party, in 2019 with a majority of over four lakh votes even as he lost from his traditional Amethi seat in Uttar Pradesh. Gandhi's main rival in the seat, Annie Raja of CPI, also filed her nomination, and she alleged that the Congress leader had neglected his constituency in the last five years.

Green hydrogen (GH2) and green ammonia segments are estimated to drive investments of $125 billion (about ₹10.43 lakh crore) in India by 2030, according to a report by investment banking firm Avendus Capital. The report, titled 'Green Hydrogen, The Next Frontier In Energy Transition', said the growth would be driven by an increasing focus on sustainability, demonstrated commercial viability, ever-expanding use cases and a strong regulatory push. GH2 is made by electrolysis of water, using power from renewable energy sources. It does not emit any greenhouse gases. Efforts are on globally to make green hydrogen the fuel that can help countries attain their net-zero emission targets.

PDP) will contest all three Lok Sabha seats in Kashmir, party chief Mehbooba Mufti announced on Wednesday. She said the INDIA alliance partner, National Conference, had humiliated her party, leaving it with no option in the run-up to the general election. The former J&K chief minister said at a presser at party headquarters that the desperate situation in the region after August 5, 2019, demanded a united response but NC vice-president Omar Abdullah humiliated the PDP and left no room for any consultations. «There has been an environment of oppression here since August 2019 and thousands of youngsters are rotting in jails outside J&K. In this situation, we had to stand united. But my workers were humiliated by the remarks of Abdullah,» said Mufti.

Indian Oil Corporation Ltd is in preliminary talks with atomic power monopoly to build small nuclear units, an early-stage technology seen as a cost-effective alternative to larger plants. The refiner and fuel retailer is exploring a partnership with state-controlled Nuclear Power Corporation of India Ltd to use small modular reactors, or SMRs, in its refineries for clean power, Alok Sharma, Indian Oil's director for R&D, said at a conference in New Delhi Wednesday. As several bigger projects face delays, policymakers are promoting small-scale nuclear technology with a capacity of up to 300 MW, which is quicker to build and easier to adjust to the requirements of the grid. To boost the nascent sector, the government is considering allowing private firms to manage and operate reactors.

West Bengal with projections indicating 23 seats for the ruling TMC. Odisha will see a similarly two-pronged battle with the opinion poll giving a slight edge to the Biju Janata Dal. The ABP News-CVoter survey predicted 10 seats for the NDA, 1 seat for the INDIA bloc (if any) and 11 seats for the Naveen Patnaik-led BJD.