India Financial News

Indian economy remaining buoyant at the end of 2023-24 with Purchasing Manager's Index (PMI) for manufacturing increasing and that of services maintaining a robust trend, as per the monthly economic review by the National Council of Applied Economic Research (NCAER). The PMI for manufacturing activity increased to 56.9 in February, reflecting a strong expansionary momentum, as growth in the output of eight key infrastructure sectors rose to a three-month high of 6.7 per cent in February from 4.1 per cent in January, NCAER said in its review for March that was released on Sunday. The economic think tank added that goods and services tax (GST) collections, too, remained buoyant, reaching Rs 1.7 lakh crore in February, registering a year-on-year growth of 12.5 per cent, while collections of GST E-way bills marked an equally impressive year-on-year growth of 18.9 per cent. NCAER noted that bank credit growth remained strong at 20.5 per cent with robust growth for personal loans, services, agriculture and allied activities.

IPL 2024 is entering its third week and teams will be looking for points and taking maximum advantage of the home conditions. There will be eight Indian Premier League cricket games. Mumbai Indians (MI) will take on Rajasthan Royals (RR) on Monday, April 1. Royal Challengers Bengaluru (RCB) will play Lucknow Super Giants (LSG) on Tuesday, April 2. Delhi Capitals will play Kolkata Knight Riders (KKR) on Wednesday, April 3. Gujarat Titans will take on Punjab Kings (PBKS) on Thursday, April 4.

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Apache helicopters, heralded for their ability to conduct missions in diverse weather and terrain conditions, is set to bolster the Indian Army's operational reach and aerial strike capabilities in the western sector, according to a high-ranking Army official. During an exclusive interview with PTI, Lt Gen A K Singh, the General Officer Commanding-in-Chief of the Southern Command, emphasised the significant impact of this move on the army's transformation and operational effectiveness. Marking a pivotal moment, the first medium lift attack helicopter squadron within the Southern Command region was established on March 15 this year. This squadron will be outfitted with cutting-edge Apache AH-64E helicopters manufactured by Boeing. A total of six contracted helicopters are scheduled for delivery to the country in two phases over the upcoming months.

BJP on Sunday hit back at Rahul Gandhi over his «match-fixing» accusation against Prime Minister Narendra Modi, alleging that the Congress government in the past handed over Katchatheevu island to Sri Lanka clinching a «deal» with the neighbouring country to benefit the party's first family. The BJP's reaction came after Gandhi accused Prime Minister Modi of trying to do «match-fixing» in the Lok Sabha polls and asserted that if the BJP succeeds in its endeavours, the country's Constitution will be changed and people's rights taken away. Addressing a press conference here, BJP national spokesperson Shehzad Poonawalla also slammed the Congress over Gandhi's claim that the entire country will be on fire if the saffron party returns to power and the Constitution is changed, saying that divisive politics is in the «DNA» of the main opposition. The Congress did not hesitate to even allow the country's partition on the lines of religion in 1947 leaving a portion of Jammu and Kashmir under Pakistan's occupation, he charged.

CBI) has recorded the statements of the family members of Azad Yousuf Kumar, a Kashmiri man who was allegedly unwittingly thrust into the Russia-Ukraine conflict after being deceived. The agency recorded their statements recently after filing an FIR against 19 people and visa consultancy firms linked to the exploitation of Indian youth. Azad's elder brother Sajad Ahmed Kumar told PTI that the CBI questioned him about his brother's situation and wanted his presence at their New Delhi office. However, he was unable to comply due to current financial circumstances. Sajad also said the families of 12 other affected Indian men have been contacted by the CBI and they emphasised their desire for the safe return of their loved ones.

Reliance Industries, marginally to USD 9.87 per million British thermal unit in line with softening of benchmark international gas prices, an official notification said. However, the price of gas that is used for making CNG for fuelling automobiles or piping to household kitchens for cooking purposes will remain unchanged due to a price cap that is set at 30 per cent less than market rates such as that paid to Reliance. For the six-month period starting April 1, the price of gas from deepsea and high-pressure, high-temperature (HPTP) areas has been cut to USD 9.87 per mmBtu from USD 9.96, oil ministry's Petroleum Planning and Analysis Cell (PPAC) said in a notification. This is the third straight bi-annual reduction in rates for difficult fields. Price was for six months beginning October 1, 2023 slashed 18 per cent to USD 9.96 per mmBtu from USD 12.12 for the April to September 2023 period. Prior to that, the rate was a record USD 12.46 for October 2022 to March 2023.

Ramlila Maidan here on Sunday to express solidarity with arrested Delhi Chief Minister Arvind Kejriwal and former Jharkhand CM Hemant Soren, and urged people to vote out the BJP in the Lok Sabha polls to «save democracy and the Constitution». The leaders who were on the stage at the 'Loktantra Bachao' (save democracy) rally included Congress president Mallikarjun Kharge, former presidents Sonia and Rahul Gandhi; NCP's Sharad Yadav, NC leader Farooq Abdullah, Shiv Sena (UBT) chief Uddhav Thackeray; Left leaders Sitaram Yechury, D Raja, Dipankar Bhattacharya; Samajwadi Party chief Akhilesh Yadav; RJD's Tejashwi Yadav and TMC's Derek O'Brien. Chief Minister Kejriwal's wife Sunita Kejriwal and JMM leader Hemant Soren's wife Kalpana Soren were also addressed the gathering, castigating the Central government over the arrest of their husbands in corruption cases.

Such moves were detrimental to the federal structure of the country, the minister said in a statement. “Many parts of India including Kerala have been reeling under water scarcity due to drought and severe summer. In such a situation, the offer from Kerala's industries minister to the Bengaluru companies to move into his state does not reflect a healthy competitive spirit,” Patil said. ET had, on March 27, reported about the Kerala Industries department writing to top tier technology companies in Bengaluru to consider the coastal state for expansion. “After we read reports of the water crisis in Bengaluru, we wrote to the IT companies offering them all facilities as well as plenty of water. We have 44 rivers, big and small, in our state, so water is not an issue at all,” Rajeeve had told ET.

global level. Don’t be a fanboy, be a boAthead," boAt said in a disclaimer while posting its recent advertisement on X. The video sparked an online debate with some users appreciating the creativity of boAt, while others calling it a new low in the negative marketing tactics.

Indian stock market: The Nifty has made a notable advance above 22,500, following a sustained movement beyond 22,100. Moreover, there's a visible consolidation breakout on the daily timeframe, indicating an increase in optimism. However, the Nifty faced initial resistance around its previous swing high of 22,526.

Mint has curated a list of top five health insurance plans. This story, second in a Mint series, provides a detailed understanding of HDFC Ergo Optima Secure that secured the second spot based on ratings decided by Mint-Beshak.org. (ICICI Lombard Health AdvantEdge topped the list and was featured in January.

Panasonic Group will form a joint venture with Indian Oil Corporation Ltd (IOCL), the nation's biggest oil firm, to manufacture cylindrical lithium-ion batteries. Panasonic Energy Co Ltd, a group firm of Japan-based multinational electronics company, has signed a binding term sheet and initiated discussions with IOCL «to draw a framework for the formation of a joint venture» to manufacture cylindrical lithium-ion batteries, said a statement on Sunday. «This initiative is driven by the anticipated expansion of demand for batteries for two- and three-wheel vehicles and energy storage systems in the Indian market,» it added. Cylindrical lithium-ion batteries are commonly used in consumer electronics, power tools, and electric vehicles. Panasonic Energy is a maker of automotive lithium-ion batteries.

AC industry said «favourable weather forecast of a scorching summer» and increase in disposable income are likely to push up sales. Top manufacturers such as Daikin, Panasonic, LG Electronics, Blue Star, Godrej Appliances and Lloyd, expect up to 25 per cent growth this year, along with a substantial contribution from tier-III towns and smaller centres, which are emerging as promising markets for the category. Sale of energy-efficient 5-star inverter-technology-based models will have a higher contribution from metro cities and other big markets, while affordable 3-star ACs will continue to dominate the semi-urban and rural markets, they said.

INDIA bloc's rally on March 31, Opposition parties called upon the Election Commission guarantee fairness in the upcoming Lok Sabha elections. The leaders emphasised that they will fight what they termed as «undemocratic obstacles» created by the BJP. During the 'Loktantra Bachao Rally' held at Delhi's Ramlila ground, Congress general secretary Priyanka Gandhi Vadra set down five demands by the alliance, underlining that the EC should ensure a level playing field for all parties in Lok Sabha elections. The opposition leader stressed that the Election Commission must intervene to halt the actions of agencies like the Enforcement Directorate, CBI, and the Income Tax department against opposition figures, which she said will impact the election process in a negative way. Gandhi also demanded the immediate release of former Jharkhand chief minister Hemant Soren and Delhi CM Arvind Kejriwal.

Mamata Banerjee had declared candidates for all Lok Sabha seats, skipping the seat sharing talks with Congress and CPI(M). This gave rise to rumours of rift between the alliance and TMC. However, on Sunday, at the rally, TMC leaders emphasised on CM Mamata Banerjee's support for the opposition bloc.

NEFT transactions may get delayed/ may not be available on 1st April 2024 due to financial year-end procedures. We request you to please complete your transaction using IMPS, RTGS or UPI during this period. We regret any inconvenience this may cause," HDFC Bank said in an email to its customers.

Mehbooba Mufti, who was at the INDIA bloc rally at Ramlila Maidan on Sunday, slammed the central government over the arrest of Delhi Chief Minister Arvind Kejriwal and said that «people are being jailed without any investigation.» Speaking at the Maha Rally, Mufti said, «Today, the country is going through some tough times. People are being jailed without any investigation. This is 'Kalyug ka Amrit Kaal'. I am not talking about Umar Khalid or Mohammad Zubair, I am talking about your elected representatives. It is not surprising to me. Myself, Farooq Abdullah and Omar Abdullah, all three former CMs are under house arrest. The one who violates the law is a traitor.» Opposition leaders came together in a show of strength at the capital's Ramlila Maidan on Sunday to protest against the arrest of Delhi Chief Minister Arvind Kejriwal in the Delhi liquor policy case.

Supreme Court is scheduled to hear on April 1 a Gyanvapi mosque management committee's plea against an Allahabad High Court decision upholding a lower court's order allowing Hindu prayers in the southern cellar of the mosque. A bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra will hear the plea of Anjuman Intezamia Masajid Committee, which manages the affairs of the Gyanvapi mosque in Varanasi, challenging the HC's February 26 decision. The high court had dismissed the committee's plea in which it had challenged the district court's January 31 order allowing Hindus to offer prayers in the cellar. While dismissing the plea of the mosque committee on February 26, the high court had observed that the Uttar Pradesh government's 1993 decision of stopping worship rituals inside the "Vyas Tehkhana" — located at the southern cellar of the Gyanvapi — was «illegal».

Narendra Modi over his charge that Indira Gandhi gave away Katchatheevu island to Sri Lanka, Congress chief Mallikarjun Kharge on Sunday asked why he did not take steps to get it back during his 10-year rule and alleged that raising the «sensitive» issue ahead of elections shows his «desperation». The opposition leader also questioned why the prime minister gave a «clean chit» to China after 20 bravehearts made supreme sacrifice in the Galwan Valley in eastern Ladakh. Kharge said that Katchatheevu island was given to Sri Lanka as part of a friendly agreement in 1974 and reminded the Modi government that it too had undertaken a similar «friendly gesture» towards Bangladesh on exchange of border enclaves. «Pradhan Mantri Narendra Modi ji, You have suddenly woken up to the issues of territorial integrity and national security in your 10th year of misrule. Perhaps, elections are the trigger. Your desperation is palpable,» he said in a post on X.

Congress president Mallikarjun Kharge on Sunday described the RSS-BJP combine as «poison» that has «destroyed» the country, and called on all opposition parties to unite to defeat the ruling party in the upcoming Lok Sabha elections. This election is to save democracy, the country and the Constitution, he said at 'Loktantra Bachao' rally of the opposition INDIA bloc at the Ramlila Maidan here. The rally seeks to highlight the «threat to democracy» after the arrest of Delhi Chief Minister Arvind Kejriwal and former Jharkhand chief minister Hemant Soren. The wives of both Kejriwal and Soren were also present at the rally and addressed it. «We need to unite and only then will we be able to fight the BJP. We won't succeed if we keep attacking and fighting each other,» Kharge said.