India Financial News

Macquarie Capital is writing down nearly its entire investment in Indian startup Byju’s, weeks after Swiss bank Julius Baer Group Ltd. accused it of charging fees based on an outsized and outdated valuation, according to people familiar with the matter. The unit of Australia’s Macquarie Group Ltd. is cutting the value of its stake in the beleaguered education provider by about 98%, the people said, asking not to be identified because the matter is private. Macquarie Capital invested a few hundred millions of dollars in Byju’s in 2021, said the people.

Indian Navy will commission Naval Detachment Minicoy as INS Jatayu on March 6, a move that seeks to «incrementally augment» security infrastructure at the strategically important Lakshadweep Islands, according to officials. The commissioning will take place in the presence of Navy Chief Adm R Hari Kumar, they said on Saturday. «The event marks an important milestone in the Navy's resolve to incrementally augment security infrastructure at the strategically important Lakshadweep Islands,» a senior official said. Naval Detachment Minicoy was setup in early 1980s under the operational command of Naval Officer-in-Charge (Lakshadweep).

Dividend Stocks: Shares of several companies, including Marico Ltd, Panchsheel Organics, Sanofi India, among others will others will trade ex-dividend in the coming week, starting from Monday, March 4. Some other companies will also trade ex-bonus and ex-split in the coming week. The ex-dividend date is the day on which the equity share price adjusts to reflect the next dividend payout.

BJP candidate list 2024: Prime Minister Narendra Modi is all set to fight the Lok Sabha elections 2024 from the Varanasi, Uttar Pradesh, the seat he currently represents in the Lower House of the Parliament. The announcement came as part of Bhartiya Janata Party's first list of 195 candidates, which was released on Saturday. This is the third time PM Modi is contesting the Lok Sabha elections from Varanasi.

The markets traded in the previous week on analyzed lines. It was largely expected that the markets may not see any runaway upmove but may keep the overall trend intact. In line with these expectations, the Nifty traded in a defined range ending the week on a modestly positive note. The trading range also stayed limited; the Index oscillated in a 492.65-point range. The volatility inched higher; India Vix rose by 1.75% to 15.23. The headline index closed with a net weekly gain of 126.05 points (+0.57%).

Rameshwaram cafe blast that occurred on Friday. Moments before the explosion, he had stepped out to answer a phone call from his mother. Recounting the close call, the techie from Patna told NDTV that he is a regular visitor to the cafe and after taking dosa he was proceeding towards his usual seat when his mother rang up. As there was some bit of noise around, he stepped away a bit to speak with his mother. Then there was a huge blast and black smoke all around, he said, adding that the noise was so loud that people were holding their ears. The software professional said that he will not hesitate to go the cafe again after it reopens and hopes there will be more security measures in place. The cafe, located at Whitefield's Brookfield area, is usually crowded with employees from nearby offices during the lunch hours. A Press Trust of India report, citing an eyewitness, said that at the time of the explosion there were around 35-40 people at the eatery. The blast, occurring between 12:50 pm and 1 pm, resulted in injuries to 10 individuals, including hotel staff and customers, who are currently receiving medical treatment.

Congress on Saturday accused the Modi government of helping the rich industrialists and waiving off bad loans of corporates and alleged that it has upgraded facilities at the Jamnagar airport using the tax-payer's money only to facilitate the guests of a rich industrialist. Congress general secretary Jairam Ramesh alleged that the Jamnagar airport in Gujarat is near the Pakistan border and is sensitive to defence concerns. He also alleged that even while the government is seen standing with the rich, it is demolishing houses of the poor and farmers seeking a minimum support price (MSP) for their produce have to face bullets. «When it comes to helping out his rich industrialist friends, Prime Minister Modi is willing to do anything,» he alleged, claiming that he «has declared the Jamnagar airport an international airport for 10 days».

central contracts of the BCCI are divided into four parts- A+, A, B, and C. The annual fees of the players vary as per their contracts. In 2023, Shreyas Iyer was placed in Grade B and received a ₹3 crore annual fee.

protection of its startups. “India is very clear, our policy is very clear...our startups will get the protection that they need," Ashwini Vaishnaw said.

Strong GDP growth and a weak monsoon drove up India's energy-related carbon emissions by around 190 million tonnes in 2023, though the country's per capita emissions remain far below the global average, the International Energy Agency said. Global energy-related carbon emissions grew by 1.1 per cent in 2023, increasing 410 million tonnes (Mt) to reach a new record high of 37.4 gigatonnes (Gt) in 2023, the International Energy Agency (IEA) said on Friday. It said emissions in China grew around 565 Mt in 2023, the largest increase globally and a continuation of its emissions-intensive economic growth in the post-pandemic period. Per capita emissions in China are now 15 per cent higher than in advanced economies. However, China continued to dominate global clean energy additions.

American Dream slowly morphing into a nightmare? Once a haven for the best and brightest from India, the US has gradually turned into a safety concern for the Indian diaspora. Amarnath Ghosh, a Bharatanatyam and Kuchipudi exponent from India was shot dead in Missouri, USA on Tuesday evening. The dancer was shot multiple times while he was out on an evening walk. Taking to X (formerly Twitter) on Friday, actress Devoleena Bhattacharjee broke the news of his assassination. The ‘Saath Nibhana Sathiya’ star revealed that as he has no living family members left, the police officials are not cooperating with his friends and associates and handing over his body for last rites.

Covid vaccine is not responsible for heart attacks, Union Health Minister Mansukh Mandaviya said today citing a study done by the Indian Council of Medical Research (ICMR). While speaking at ANI Dialogues 2024-Navigating India's Health Sector, Mandaviya said, «If someone has a stroke today, they think it is because of the Covid vaccine. ICMR has done a detailed study that the (Covid) vaccine is not responsible for heart attacks.» He added, «There are multiple reasons for heart attacks, like our lifestyle, tobacco and liquor consumption… Sometimes, misinformation goes among the people and a perception is formed for some time… But whatever decision we make, it should be data-based and scientific research-based.»

₹1.71 lakh crore in Indian equities and the total inflow stands at ₹2.37 lakh crore taking into account debt, hybrid, debt-VRR, and equities, according to NSDL data. FPIs' net investment in Indian debt market stands at ₹68,663 crore during 2023.

Haresh Jogani to pay his brothers Shashikant, Rajesh, Chetan and Shailesh Jogani more than $2.5 billion in damages and to divide up shares of their Southern California property empire — about 17,000 apartments worth billions more. The trial, over allegations that Haresh breached a longstanding partnership with his siblings, continues with a punitive damages hearing Monday that could add to the award. The 2003 lawsuit already has been through 18 appeals, generations of attorneys and five judges in Los Angeles Superior Court.

Platinum Industries IPO: After the announcement of allotment status, bidders are eagerly waiting for the Platinum Industries IPO listing date. As the T+3 rule of listing has become mandatory from 1st December 2023, Platinum Industries IPO listing date is most likely on 5th March 2024 i.e. on Tuesday next week.

Google on Friday removed several popular apps by ten Indian developers from its Play Store, citing non-compliance with billing policies. This move has sparked a contentious dispute between the tech giant and Indian developers over what they perceive as Google’s «unfair» policies. But less than a day later, it started reinstating some of the apps on the Play Store, which began complying with its billing norms. Which apps have been impacted? Among the delisted apps were Bharat Matrimony, Telugu Matrimony, Tamil Matrimony, Marathi Matrimony, Matrimony.com’s Jodii and People Group’s Shaadi.com, along with dating apps Truly Madly and QuackQuack.

medical emergencies, but as India gears up for the Lok Sabha polls, health remains conspicuously absent from the election discourse, feel experts. Not only are most parties seemingly uninterested in prioritising commitments on health in their poll agenda, even the voter on the street appears to be unaware of healthcare rights, the public health experts say. The result is that election after election, medical infrastructure and services leave a lot to be desired. «Public health issues have traditionally not been a prominent poll agenda in India due to various factors. The most vocal sections of society 'the educated middle class' often do not access public health services, instead preferring the private sector. Hence, demands to improve government health services are not raised strongly,» Dr Abhay Shukla, national co-convenor of Jan Swasthya Abhiyan, told PTI.

Election Commission of India on Saturday directed all the district magistrates and superintendents of police to take strong action against officials, who are indulging in favouritism. The poll body's move comes in a bid to ensure «temptation free (prahlohan-mukt)» Lok Sabha elections and provide a level-playing field to all the political parties. Chief Election Commissioner Rajiv Kumar said that directions have been issued to all the DMs and SPs to ensure level playing field for all the political parties, and to take strong action against those officials indulging in favouritism.

electric two-wheeler (E2W) market in India saw a significant surge in registrations during February 2024, indicating a robust 24% year-on-year growth in high-speed scooters. According to data sourced from Vahan, this surge reflects the growing traction of electric vehicles in the country, with key players making strides in this evolving sector. In February, registrations of high-speed E2Ws reached a total of 81,963 units, maintaining a steady month-on-month status. It's worth noting that the presence of an additional day in February contributed to this growth. The year-to-date average monthly run rate stood at 73,190 units, showing a remarkable 21% increase compared to the previous fiscal year's average of 60,500 units. The electric two-wheeler penetration rate for February 2024 reached 5.7%, a slight increase from January's 5.6%, highlighting the sustained momentum of E2Ws in the market.

The highest allocation has been made to Nippon Life India Trustee LTD-A/C Nippon India Small Cap Fund at 26.72% followed by Aditya Birla Sun Life Insurance Company (10.68%), Pinebridge Global Funds (8.01%) and Bajaj Allianz Life Insurance Company.

Amit Shah on Saturday launched the National Urban Cooperative Finance and Development Corporation (NUCFDC) and asked the umbrella body to set up one urban cooperative bank in each town. He also said urban cooperative banks should upgrade themselves to provide ATM facility, credit/debit cards, clearing system, maintain SLR (statutory liquidity ratio) limit and refinancing. NUCFDC has received the RBI approval to function as a non-banking finance company and a self-regulatory organisation for the urban cooperative banking sector. After launching NUCFDC, Shah said, «After 20 years, NUCFDC has been established. This is the need of the hour. I am happy the RBI has given approval for this.»