India Financial News

Nitin Gadkari today said that the government is ending toll and the new satellite based toll collection system will be introduced soon. «Now we are ending toll and there will be a satellite base toll collection system. Money will be deducted from your bank account and the amount of road you cover will be charged accordingly. Through this time and money can be saved. Earlier, it used to take 9 hours to travel from Mumbai to Pune, now it is reduced to 2 hours,» Nitin Gadkari told ANI. Discussing the Bharatmala Pariyojana, which aims to develop approximately 26,000 km of economic corridors, Nitin Gadkari emphasized their significance alongside the Golden Quadrilateral (GQ) and North-South and East-West (NS-EW) corridors in handling the bulk of freight traffic on roads. He expressed confidence that the project will revolutionize the nation's future by 2024. Gadkari articulated his ambition to elevate India's National Highway road network to the standard of America, expressing assurance in his ability to achieve this goal.

battalion group of the Indian Army, comprising more than 700 personnel, is taking part in the ongoing bilateral tri-service exercise — 'Tiger Triumph-24' — between India and the US, being held on the Eastern Seaboard, sources said on Wednesday. The exercise from March 18-31 aims at developing interoperability for conducting Humanitarian Assistance and Disaster Relief (HADR) operations and refining SOPs to enable rapid and smooth coordination between the forces of the two countries. The Indian Army's contingent, comprising one battalion group is taking part in the second edition of the tri-service exercise, along with the Indian Navy and the Indian Air Force, sources in the defence establishment said. The 14-day exercise is being conducted in two phases with a harbour phase at Visakhapatnam followed by a sea phase at Kakinada.

Indian Air Force (IAF) Chief VR Chaudhari on Wednesday said Balakot-like operations have shown that, given the political will, aerospace power can be effectively carried out beyond enemy lines, in a no-war, no-peace scenario, without escalating into a full-blown conflict. The IAF Chief said this in his inaugural address at the 15th Jumbo Majumdar International Seminar on Aerospace Power in Future Conflicts in New Delhi on Wednesday. «Balakot-like operations have shown that, given the political will, aerospace power can be effectively carried out beyond enemy lines, in a no-war, no-peace scenario, under a nuclear overhang without escalating into a full-blown conflict. Ongoing conflicts across the globe have brought out significant lessons for nations in general and air power in particular. Fora such as this are crucial towards developing a better understanding of the nuances of air power application in modern battlespaces,» he said.

Reserve Bank of India on Wednesday issued an advisory regarding banks' investments in alternative investment funds (AIFs), giving banks directions on the extent of their investments in these funds. Banks need to only set aside provisions to the extent of their investment in the AIF scheme which is further invested by the AIF in the debtor company, and not on the lender's entire investment in the AIF scheme, the central bank said in a release. «With a view to ensuring uniformity in implementation among the REs, it is advised [that] downstream investments shall exclude investments in equity shares of the debtor company of the RE, but shall include all other investments, including investment in hybrid instruments,» the release reads.

Moneycontrol on Wednesday. Axis Bank and Yes Bank have already been signed by Paytm as merchant acquiring partners. Both the banks went live on the Paytm UPI platform on March 15.

ALSO READ: IPL 2024: BCCI announces full schedule; Final to take place on May 25 at Chepauk in Chennai. Check dates here Both the teams have faced each other 27 times, in which DC won 13 times and RR were undefeated in 14 matches. Delhi’s highest total against RR so far is 207, and RR’s highest score against Delhi is 222.

MUMBAI : Bengaluru: India's ice cream sector may attract more investments in the coming years as rising demand and easier access through quick commerce platforms have made dessert consumption less seasonal, experts and investors told Mint. Some recent deals in the space include Jungle Ventures's $20 million investment in Walko Food, which houses ice cream brands such as NIC and Grameen Kulfi, and Kedaara Capital's $150 million infusion into Dairy Classic Ice Creams Pvt Ltd (Dairy Day).

The Canadian province of Quebec had big plans of becoming the “battery of the U.S. northeast" by feeding power generated from its dams and other hydro plants to millions of people in Vermont, Massachusetts and New York state. Now, dry conditions that have affected energy output worldwide are forcing one of the world’s largest hydropower producers to cut exports.

NEW DELHI : Apollo Pipes Ltd, part of the APL Apollo group, has acquired a 53.57% majority stake in Kisan Mouldings Ltd (KML) for ₹118.40 crore, aiming to bolster its position in the PVC pipes and fittings sector. In an exchange filing on Tuesday, Apollo Pipes said that it secured the stake via a preferential issue of 6,40,00,000 equity shares, priced at ₹18.50 per share with a face value of ₹10 each. This capital infusion has led to Kisan Mouldings becoming a subsidiary of Apollo Pipes.

Lok Sabha elections 2024 from Himachal Pradesh's Mandi on Bharatiya Janata Party ticket. The poll agency said that Shrinate's remarks were found to violate the Model Code of Conduct provisions and the ECI advisory. Acting on BJP's complaint, the Election Commission issued a show cause notice to Supriya Shrinate.

Mumbai: The Indian central bank likely sold U.S. dollars to cap further deprecation in the rupee after the currency hit a fresh record low on Wednesday due to strong dollar demand from local importers and oil companies, four traders told Reuters.

Mint on 29 October reported that the government was planning to create an AI-based real-time supply and demand prediction model for agricultural commodities that will factor in externalities like weather and trade-related measures. The move came after a patchy monsoon disrupted kharif crops, impacting the sowing and vegetative seasons, amid a forecast by economists for farm output growth in 2023-24 to be slower. The tool makes use of previous data, which makes it “so effective that if we want to see the price pattern of mustard oil in Hooghly for the last 10 years, it can be done in just three clicks", Singh said.

NEW DELHI : India is deploying atomic clocks across the country to ensure the time shown on your digital watch, smartphone and laptop is truly based on Indian Standard Time—an effort launched more than two decades ago after the Kargil war. Currently, most software operating modules in India rely on US-based Network Time Protocol servers. The government wants all software to instead be synchronised with indigenous atomic clocks, both for uniformity in time and as a defence mechanism, especially in times of war.

SRH vs MI IPL 2024 Live Score: Hardik Pandya led Mumbai Indians and Pat Cummins led Sunrisers Hyderabad will face off at the Rajiv Gandhi International Stadium in Hyderabad today. Both these teams had lost their opening games to Gujarat Titans and Kolkata Knight Riders respectively and woud be aiming to get on the winning track.

Mint's monthly EM tracker, buoyed by robust domestic growth and a sharp rebound in exports. The rupee's performance against the US dollar, while modest, outshone that of its peers, as did the achievements of the domestic stock market, enhancing India’s overall score. This solid standing, especially at a time when recession bells are ringing in Europe, is particularly advantageous for the Narendra Modi government as it approaches the Lok Sabha elections.

IPO Review: 25 companies hit Dalal Street in March with two more set to list The large-cap space has also performed well in FY24, with a handful of stocks delivering multibagger returns. The benchmark index, Nifty 50, which represents the country’s top 50 blue-chip companies across various sectors, has soared 30% in FY24 so far. It ended 9 out of the last 11 months in the green.

Radiowalla Network IPO: The initial public offering (IPO) of Radiowalla Network Limited hit the Indian primary market today. The SME IPO will remain open till 2nd April 2024 i.e. till Tuesday next week.

Sanofi India share price gained more than 5% during the intraday trades on Wednesday. Sanofi India and Cipla Ltd signed exclusive agreement for marketing and distribution of Central Nervous System (CNS) drugs in India.

Cipla, SBI, and Vedanta are among 25 stocks that will be eligible for the T+0 settlement cycle from March 28. Stock exchange BSE has released a list of these 25 stocks that will be eligible for the shortened settlement cycle from tomorrow.

Adani Power jumped 4.2% on Wednesday to hit the day's high of Rs 544.25 on the NSE after the Indian competition watchdog cleared Adani Power's proposed acquisition of Lanco Amarkantak Power. Adani Power proposes to acquire 100% share capital and control of Lanco Amarkantak Power, pursuant to the corporate insolvency resolution process (CIRP) initiated under the Insolvency and Bankruptcy Code, 2016 (IBC), according to a release. Insolvent Lanco Amarkantak Power is engaged in the business of thermal power generation.

Microsoft co-founder Bill Gates on Wednesday emphasised India's pivotal role in his philanthropic endeavours and technological aspirations. Gates, speaking virtually from Seattle at the Times Now Summit, underscored India's significance both in his past actions with Microsoft and in his current charitable efforts through the Bill & Melinda Gates Foundation. «India is a key country for us,» Gates said while highlighting the profound impact the nation has had on his career trajectory and his philanthropic vision.