India Financial News

gross negligence on the part of the auditors" of the now-crippled edutech firm Byju's, said its president Ranjeet Kumar Agarwal on Wednesday. Besides, the top official also said the accounting body is also planning to inspect the books of payments major Paytm. «Our inspection has found gross negligence on accounting practices by individual auditors of Byju's and accordingly we have recommended to the Financial Reporting Review Board (FRRB) to take punitive actions on auditors concerned,» Ranjeet Kumar Agarwal, the president of the Institute of Chartered Accountants of India (ICAI), told PTI here. When asked whether the ICAI will inspect the books of the payments major Paytm group now, he said, «As we have taken a suo moto decision to look into the role of the auditors of Byju's, we are now thinking about looking to the role of the auditors of the payments major Paytm now».

MLA Manoranjan Talukdar will contest from the Barpeta Lok Sabha seat, for which the grand old party has announced its candidate. Addressing a press conference here, CPI(M) Assam State Secretary Suprakash Talukdar said the party has decided to field its veteran leader and legislator Talukdar from the Barpeta seat. The MLA currently represents the Sorbhog assembly constituency, which falls under the Barpeta Lok Sabha seat. «For the greater interest of the people, we appeal to Congress to withdraw its candidate from Barpeta. We appeal to everyone to vote for the strongest anti-BJP candidate and make him win», the CPI(M) state secretary said.

Election Commission has received details from the State Bank of India (SBI) related to the electoral bonds and will share all relevant information in time, Chief Election Commissioner Rajiv Kumar said here on Wednesday. The assertion comes in the wake of the Supreme Court directing the SBI to submit the details of the electoral bonds purchased since April 12, 2019 to the EC. SBI is the authorised financial institution to issue the electoral bonds. «The SBI was supposed to submit the data by March 12. They have given to us the details in time. I will go back and look at the data (and) would definitely disclose it in time,» Kumar told reporters here.

Apollo Tyres Ltd, Ceat Ltd, JK Tyres & Industries Ltd and MRF Ltd have declined 5-15% in the last five trading sessions. Considering an average selling price of ₹40,000 per pair, a price reduction of around 1.5-2% has been taken by companies like Apollo Tyres and JK Tyres, showed a recent dealers’ channel check by Nomura Financial Advisory and Securities (India). This move was in response to a similar price-cut action taken by the truck segment leader, MRF on 5 March, Nomura said in its report dated 7 March.

Also Read: Bitcoin hits all-time high of $73,000 following release of US CPI data Shares of RailTel Corporation of India ended today's session with a drop of 20% at ₹308.25. However, the stock still holds a 183% gain in a year. Similarly, Ircon International witnessed substantial selling pressure, with its stock finishing today's session with a drop of 10.77% at ₹185.20 apiece and it is down 18% in a week.

ALSO READ: CAA rules notified: Here is what the 2019 Bill on Citizenship Amendment Act proposed The law will pave the way for Hindu, Sikh, Jain, Buddhist, Christian, and Parsi refugees, who came to India before December 31, 2014, from Afghanistan, Bangladesh, and Pakistan to acquire Indian citizenship without having a valid passport of these countries or an Indian visa. The Citizenship (Amendment) Bill 2019 was passed in Parliament in December 2019.

₹1 lakh cash transfer every year and 50 percent reservation for women in government jobs. Here are the five guarantees in details: ALSO READ: Congress candidate list: Second list features sons of Kamal Nath, Ashok Gehlot; Gaurav Gogoi gets new seat 1. One woman in every poor family will receive Rs. 1 lakh every year 2. 50% reservation for women in all central government recruitment 3. Doubling of central government’s contribution to Anganwadi, ASHA and Mid-Day Meal workers’ salaries 4. Appointment of an Adhikar Maitri in every Panchayat, who will explain to women their rights to various schemes and benefits 5. Savitribai Phule Working Women’s Hostel in every district headquarters across India, and the number of such hostels will be doubled.

₹200 crore or $25 million. The buyback will enable wealth-creation opportunities for about 1,700 current and former employees, the company said on Wednesday. "[The buyback] underscores our commitment to rewarding our teams, and we are pleased that despite the prevailing macroeconomic conditions, we persist in providing opportunities for wealth creation and nurture a culture of growth within the organisation," Meesho's chief human resources officer Ashish Kumar Singh said.

BSE, merely 89 shares marked their 52-week high. Also read: Stock market today: Sensex, Nifty 50 fall over 1% each; why did Indian stock market fall today? On NSE, stocks such as Sindhu Trade, Marshall Machines, GRM Overseas, Cello World, and BGR Energy, among others, hit their lowest levels in the past 52 weeks.

Frothy U.S. Stock Market Just Isn’t Crazy Enough to Be a Bubble Conversely, the Indian stock market suffered strong losses the following day, with Sensex and Nifty 50 falling over a per cent each and the overall market capitalisation of BSE-listed firms plunging by as much as about ₹13.5 lakh crore in a single session. Also Read: Sensex, Nifty 50 fall over 1% each; why did the Indian stock market fall today? The domestic market appeared concerned that a delay in rate cuts could deter foreign capital inflows into it.

Paytm is racing against time to migrate its banking services from Paytm Payments Bank to other lenders. The National Payments Corporation of India, which runs the Unified Payments Interface (UPI) railroad, is working to certify Paytm’s application to become a third-party payment app, said two senior bankers in the know. Four banks – Yes Bank, Axis Bank, HDFC Bank and State Bank of India – will support Paytm’s consumer-facing UPI payments, one of the bankers said.

manufacturing has lately become a massive contributor to the country’s economic development. The government has implemented numerous initiatives in the sector, and it is set to generate plenty of employment opportunities. This is probably why this sector is today registering a high demand for skilled individuals across various industries such as automobiles, food and beverages, electronics and textiles. There is a promise of attractive compensation packages. However, just like every other industry, it’s important for individuals to first know the in-demand roles, skills, hiring trends, freelance opportunities, and other details in order to build a successful career and thrive in this sector.

tech, cybersecurity and risk is becoming a key attribute that companies are looking for in non-executive independent directors, as India Inc takes proactive steps to remain agile and prepare for any potential disruption, a survey has revealed. Independent directors with specialised knowledge contribute valuable insights, ask critical questions and also offer guidance on complex matters. Hence companies are expected to witness higher representation from such sectors in the next two years on their boards, according to the India Board Report 2023-24, brought out by executive search firm Hunt Partners, in association with law firm AZB & Partners and consulting firm PwC.

finance ministry has directed all state-owned banks to review their gold loan portfolio as instances of non-compliance with regulatory norms have been noticed by the government. The Department of Financial Services (DFS) in a communication addressed to heads of public sector banks has asked them to look at their system and processes related to gold loan. «We have asked banks to undertake comprehensive review of the gold loan business,» Financial Services Secretary Vivek Joshi told PTI. A directive in this regard was issued last month advising them to fix anomalies relating to collection of fees and interest and closure of gold loan accounts.

India BusTrack, a data-based report on the Indian intercity bus industry on Wednesday. redBus said the inaugural report covers key parameters reflecting the overall health and trends of the Indian bus industry in November and December last year. The market trends are restricted to private bus operators and do not include SRTCs (State Road Transport Corporations). As per the report, the private bus industry saw gross ticketing value of Rs 3600 crore in November-December 2023 and 36.06 million passengers traveled during the period. There are 3,63,918 unique bus routes in India and buses connect 8,530 towns across the length and breadth of the country, making the reach of the bus network on par with railways, according to the report. Maharashtra and Goa topped the charts with 82% bus occupancy in November and December last year according to the report, while Madhya Pradesh and Chhattisgarh saw the lowest occupancy at 67%. The all India bus occupancy rate was 77%.

rupee logged its worst day against the dollar in nearly three weeks on Wednesday, pressured by foreign outflows, while weakness in regional peers following hotter-than-expected inflation data in the United States also weighed. The rupee closed at 82.8625 to the dollar, down from its previous close of 82.7675, recording its biggest single-session decline since Feb. 23.

cryptocurrency market and Bitcoin hitting record highs, Uday Kotak on Wednesday said the future competition for equity markets could be coming from the digital currency. «Capital formation in India has a lot to do with development and regulation of local markets. Having seen a revolution in local markets from badla systems to futures and options (F&O), the future competition could be in the form of cryptos,» said the veteran banker.

India Accelerator has partnered with the enterprise incubation centre (EIC) of Indian Institute of Management (IIM), Lucknow, to introduce a two-day Early Stage Venture Capital--Angel Investing Certification Programme. The residential programme at IIM Lucknow EIC (Noida) campus, to be held on April 6 and 7, will aim to expand the pool of angel investors by sharing knowledge on the startup investing landscape and opportunities for wealth creation with high-net-worth individuals (HNIs), ultra-high-net worth individuals (UHNIs), chartered accountants (CAs), family offices and startup mentors, said a press release issued by India Accelerator, the first Global Accelerator Network-partnered accelerator in India. India Accelerator was founded by Ashish Bhatia, Abhay Chawla and Mona Singh in 2017. It provides a dynamic and supportive ecosystem for entrepreneurs.

Nazara Technologies is setting aside about Rs 830 crore ($100 million) to finance mergers and acquisitions in India, Europe and North America. The firm’s total cash position stands at Rs 1,500 crore, including funds from its various subsidiaries, from which it is earmarking this amount for buyouts, managing director and chief executive Nitish Mittersain told ET in an interaction.

Abhinav Bharti is leaving the US bank, according to people familiar with the matter. He will be replaced by Arvind Vashistha, former managing director of Citigroup Inc. in India, the people said, asking not to be identified because the matter is private. Bharti is leaving after working for more than 13 years with JPMorgan, according to his LinkedIn profile. He was elevated to managing director in 2022. He joined the firm as an associate from Kotak Mahindra Bank Ltd.’s investment banking arm in 2010.

Gautam Adani, the Chairman of Adani Group, who bounced back within a year from the savage attack by Hindenburg Research in January last year which seemed to have sunk his conglomerate, put his life under the lens for young entrepreneurs at a private event recently. Speaking at a YPO (Young Presidents Organisation) event, Adani narrated how India's economic liberalisation set him off on an adventurous entrepreneurial journey, how he expanded his small export business into a conglomerate, and how he often fell down but then managed to bounce back. Telling YPO members, all young CEOs, how he didn't fear getting lost or falling down and managed to find his way and get back up, Adani gave five principles which could be useful for all of them.