India Financial News

conflict with Ukraine, Russia has informed India that it would be able to supply the remaining two squadrons of the S-400 long-range air defence missile system by August 2026. Russia and India had signed a deal to buy five squadrons of the S-400 air defence system, of which three have already been supplied, while the remaining two could not be supplied on time due to developing situations in view of the Russia-Ukraine war, which is still ongoing. «The Russian side has informed that they would now supply the two remaining squadrons of the highly capable air defence systems by August 2026, defence sources told ANI.

Mumbai's 10% price growth in the past 12 months driven primarily by affluent homebuyers looking for a lifestyle upgrade in the backdrop of a strong economic environment which continues to gain momentum. Mumbai recorded the third highest year-on-year growth in prime residential prices during the quarter, pushing it up the ranking table by five places to 3rd position from its 8th position in December 2022.

transactions, all agency banks will remain open to the public on Sunday, March 31, 2024, the Reserve Bank of India (RBI) sent a press release on Wednesday announcing the same. «The government of India has made a request to keep all branches of the banks dealing with government receipts and payments open for transactions on March 31, 2024 (Sunday) so as to account for all the government transactions relating to receipts and payments in the FY 2023-24 itself,» the central bank said in a release. Accordingly, agency banks are advised to keep all their branches dealing with government business open on March 31, 2024, Sunday, the release added further.

Considering the upper price band of Rs 715, the stock is expected to list with a marginal premium of 5%.

public sector lenders not to take coercive action against IL&FS and its group companies till its next hearing on May 14. A two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan also issued notices to the banks, along with the Reserve Bank of India (RBI), directing them to file a reply. «In view of the order dated October 15, 2018, the Respondents (banks) shall not proceed to take any coercive action against the Applicant (IL&FS and group companies) till the next date,» said the NCLAT. On October 15, 2018, the NCLAT stayed all proceedings against IL&FS and other group companies till its further order. It had also restrained creditors of IL&FS from filing suits, in the case of non-repayment of loans.

Aster DM Healthcare on Wednesday said that the separation of its Indian and Gulf (GCC) businesses, and the proposed investment in its GCC business by an investor group led by UAE-based PE firm Fajr Capital, is in the final stage of completion. Aster DM in November last year had agreed to sell a majority stake in its Gulf business to a consortium led by Fajr Capital for $1 billion. Under the separation plan, a Fajr Capital-led consortium entered into a definitive agreement to acquire a 65% stake in the company’s GCC business. The plan was approved by the company’s shareholders in January 2024.

investigation into US claims of an attempted murder of a Sikh leader in New York found that rogue operatives not authorized by the government had been involved in the plot, according to senior officials familiar with the matter. At least one person directly involved in the alleged attempted assassination is no longer working for India’s main spy agency, the Research and Analysis Wing, the officials said, asking not to be identified because the details of the investigation haven’t been made public. The individual is still employed by the government and India hasn’t started any criminal action against him, the people said.

₹78.90 lakh (ex-showroom), this unveiling marks a significant expansion of the BMW 6 Series range, previously dominated by petrol offerings. Potential buyers can now make their bookings for the BMW 620d M Sport Signature at all BMW India dealerships nationwide. This sedan comes adorned with a selection of four exterior paint options: Mineral White, Tanzanite Blue, Skyscraper Grey, and Carbon Black.

Stock Market News: The domestic benchmark equity indices, the Sensex and the Nifty 50, closed Wednesday's choppy session on flat note. However, the underlying market patterns were not very discouraging. Maruti Suzuki, Nestle India, Power Grid, and SBI were among the stocks that were on spotlight today.

PNC Infratech share price after scaling 52 week highs of ₹472 in the first week of March. is down more than 14%. Ashoka Buildcon , Dilip Buildcon, IRB Infrastructure , KNR Constructions too have seen their share price decline 9-16% during the month of March till date.

₹10,000 crore in its decorative paints business, aiming to build six manufacturing plants in India by 2025. In February, Aditya Birla Group chairman Kumar Mangalam Birla said he expected the group's new paints business to turn profitable in three years, as the conglomerate marked its entry into the rapidly expanding ₹80,000-crore Indian decorative paints market. As Mint reported earlier, Birla Opus products will be available in Punjab, Haryana and Tamil Nadu from mid-March and in towns with populations of at least 100,000 by July 2024.

BEML successfully test-fired its indigenous 1500 HP engine for military vehicles at its Mysuru plant. The test-firing, inaugurated by Defence Secretary Giridhar Aramane, marks a milestone in India's journey towards self-reliance in defense technologies. Advancing India's Defense Capabilities The 1500 HP engine project is a key step towards realizing Prime Minister Narendra Modi's vision of an Atmanirbhar Bharat. Giridhar Aramane highlighted the project's importance, stating that it represents a significant stride towards enhancing India's military capacity on the global stage. He emphasized that the engine's development heralds a transformative movement, showcasing India's prowess in defense technologies.

Shares of Aurobindo Pharma Ltd.(up 2.72 per cent), GlaxoSmithKline Pharmaceuticals Ltd.(up 2.38 per cent), Glenmark Pharmaceuticals Ltd.(up 2.25 per cent), Ipca Laboratories Ltd.(up 1.47 per cent) and Torrent Pharmaceuticals Ltd.(up 0.7 per cent) ended the day as top gainers in the pack.

Congress attacked the government on Wednesday regarding a report that highlights income and wealth disparities in India spanning a century. Party general secretary for communications, Jairam Ramesh, stated that the report titled «Income and Wealth Inequality in India, 1922-2023: The Rise of the Billionaire Raj,» authored by renowned economists such as Thomas Piketty raises significant concerns. Ramesh claimed that under Prime Minister Narendra Modi's leadership, the wealth gap in India has surpassed that of the British colonial era, dubbing it "Narendra Modi's Billionaire Raj." «The bottom line is this: Narendra Modi's Billionaire Raj, nurtured by the Prime Minister to favour his friends and fund his party's campaigns, is now more unequal than even the British Raj,» he alleged.

Supreme Court the appointment of two new election commissioners (ECs) under a 2023 law that excludes the Chief Justice of India from the selection committee, saying the independence of the Election Commission does not arise from the presence of a judicial member on the committee. In an affidavit filed in the apex court, the Union Law Ministry rejected the petitioner's claim that the two election commissioners were hastily appointed on March 14 to «pre-empt» the orders of the top court the next day, when the matters challenging the 2023 law were listed for hearing on interim relief. The affidavit has been filed in response to a batch of pleas, including those by Congress leader Jaya Thakur and the Association for Democratic Reforms, challenging the Chief Election Commissioner and other Election Commissioners (Appointment, Conditions of Service and Terms of Office) Act, 2023. «It is submitted that the case of the petitioners is premised on one fundamental fallacy that the independence can only be maintained in any authority when the selection committee is of a particular formulation. It must be noted that the independence of the Election commission, or any other organisation or authority, does not arise from and is not attributable to the presence of a judicial member in the selection committee,» the affidavit said.

The rupee closed at 83.1575 against the U.S. dollar, weaker by 0.15%, compared with its previous close at 83.0350. The rupee touched an intraday low of 83.17, its weakest level since January 18.

Suspended BSP leader and Lok Sabha MP Danish Ali joined the Congress on Wednesday in the presence of senior party leaders. After joining the Congress here, he said that going by the prevailing situation in the country, it is important to join the grand old party in the fight against «divisive» forces. «On one side are divisive forces and on the other are those forces fighting to get 'nyay' (justice) for the poor and oppressed sections of society, and the choice is very clear,» Ali said, asserting that time has come to decide where one stands. «If we have to fight with divisive forces, then one has to strengthen the Congress under the leadership of Mallikarjun Kharge, Sonia Gandhi and Rahul Gandhi,» he said.

Fintech Association for Consumer Empowerment (Face) disbursed Rs 35,999 crore in loans in the third quarter of FY24, a 55% increase over the same period last year, according to a report. The ninth issue of ‘Facets’ presented insights into the disbursement trends for the quarter from 37 members of Face, indicating a 13% growth in disbursing volume to 2.5 crore in the same period. Also, the average ticket size for loans disbursed stood at Rs 12,733.

The NSE Nifty index ended the session 21.65 points up at 21839.1, while BSE Sensex rose 89.64 points to 72101.69.

The 30-share BSE benchmark Sensex rose 90 points or 0.12% to settle at 72,102 and the broader NSE Nifty gained 22 points or 0.10% to end at 21,839, led by energy stocks.

Begusarai as the world's most polluted city reflected "Western bias", the Bihar State Pollution Control Board (BSPCB) said on Wednesday and questioned the methodology used in the entire exercise. Speaking to PTI, BSPCB Chairman Devendra Kumar Shukla questioned why only one pollutant, PM 2.5, was taken into consideration for analysing the air quality of Begusarai and other cities in India. «When we talk about air quality, it should be a comprehensive analysis, taking into account all pollutants — PM 2.5, PM 10 (particulate matter less than 10 microns), nitrogen oxide, sulphur dioxide, ozone, carbon monoxide, ammonia and lead,» he said. «I will not call it a comprehensive analysis of air quality at all. There is a Western bias in the report,» he added.