India Financial News

NEW DELHI : The era of inordinately long waiting periods for passenger vehicles may be ending as carmakers continued to ship a record number in February, building up stock in the dealership network. Carmakers will therefore have to keep a close watch on demand, as inventories, which have already reached 26 days, are likely to pile up in showrooms with original equipment manufacturers having been able to fulfil pending orders and incremental sales depending solely on the pace of fresh demand, a top industry executive said.

RK Swamy IPO: RK Swamy has raised ₹187 crore from from marquee investors in anchor round on Friday, March 1, ahead of its IPO subscription opening for bidding. RK Swamy IPO opens for subscription on Monday, March 4, 2024 and closes on March 6, 2024.

MUMBAI : Benchmark indices vaulted to record highs on Friday after India’s economy surprised the markets with a faster-than-anticipated pace in the December quarter, a momentum expected to continue led by large cap stocks. Banks, capital goods, and oil and gas stocks catapulted the Nifty index to a record high of 22,353.30 points, and the Sensex to 73,819.21 on Friday. This was driven by provisional domestic institutional investors buying of ₹3,814.53 crore and proprietary trader purchases of ₹618.58 crore, BSE data show.

₹3,76,217 in 2021-22 to ₹4,61,910 in 2023-24. Atishi claimed this is 2.5 times higher than the national per capita income and added that this represents an increase of 22 percent over two years. 2) According to official figures for 2021-22, Delhi was placed third in the list of per capita income behind Sikkim and Goa.

Gold Loan meant for aspirational customers. The private lender — in a statement — said the loan offers five key features and would turn out to be a compelling alternative to conventional credit options. These key features are: 1) fixed monthly interest rate as low as 0.88 percent, i.e., 10.56 percent per annum 2) zero processing fee, 3) same day disbursement, 4) flexible repayment options and 5) minimal documentation.

NEW DELHI : The divergence in gross domestic product (GDP) and gross value added (GVA) data for the third quarter of FY24 could be attributed to reduced fertilizer subsidy disbursements, said a senior government official. India's GDP spiked to a six-quarter high of 8.4% in Q3 FY24, surpassing estimates, while GVA growth stood at 6.5% during the same period, according to data from the statistics ministry.

ALSO READ: LeT’s Tunda tells court he wasn’t arrested in India The central probe agency agency said 12 people have been convicted in the case so far. These 12 include Irfan and Hamir-Ul-Uddin who were sentenced to life imprisonment by the Terrorist and Disruptive Activities (Prevention) Act (TADA) court on Thursday. Abdul Karim Tunda, a key accused in the 1993 serial train blasts case, was acquitted on Thursday.

₹150 crore (for five years) will lead initiatives to disseminate good practices in conserving big cats," Union environment minister Bhupendra Yadav told reporters on Friday. Globally, the ‘big cats’ include the tiger, lion, leopard, snow leopard, puma, jaguar, and cheetah. Barring the puma and jaguar, the rest are found in India, with the latest—the cheetah—having been translocated under an experimental programme from South Africa to Kuno in Madhya Pradesh.

NEW DELHI : Chipmaker Qualcomm Technologies has entered into a partnership with government-backed Centre for Development of Telematics (C-DOT) to support India-based developers and startups working on innovative products and use cases. The pact, signed at the Mobile World Congress 2024 in Barcelona, Spain, will support C-DOT with expertise and best practices, state-of-the-art technology, intellectual property training and tools, according to a release.

Bharat Highways InvIT IPO: The initial public offering (IPO) of Bharat Highways InvIT was fully subscribed on the third and final day of bidding, driven by strong demand from investors. Bharat Highways InvIT IPO hit the Indian primary market and opened for subscription on Wednesday, February 28, and closed today (Friday, March 1, 2024.) Bharat Highways Infrastructure Investment is an infrastructure investment trust established to acquire, manage, and invest in a portfolio of infrastructure assets in India. The Trust is authorized to carry on the activities of an infrastructure investment trust under the SEBI InvIT Regulations.

investor base of the National Stock Exchange of India (NSE) crossed crore (90 million), underlining the enhanced participation of retail investors. The total number of client codes registered with the exchange stands at 16.9 crores (169 million).

Insurance the go-ahead to launch an IPO after multiple compliance issues delayed approval for the deal originally planned in 2022, according to a letter seen by Reuters. Digit, last valued at $3.5 billion, filed for an initial public offering in August 2022 but its plans were halted twice by the Securities and Exchange Board of India, which raised concerns over the legality of some share issuances, Reuters reported.

Often roles become redundant as an outcome of consolidation, mergers, restructuring of businesses, regulatory hurdles or funding delays, and top executives who lost jobs due to industry dynamics and uncertainties form a critical talent pool for other companies across sectors, said the officials.

MILAN is an India-hosted biennial multi-national naval exercise that originated in 1995. The exercise aims to enhance cooperation and interoperability among the navies of diverse participating countries.

cafe in Bengaluru has hit the headlines for a rather unsavoury reason. Rameshwaram Cafe, one of the most celebrated eateries in Bengaluru, witnessed a devastating bomb blast on Friday. Although no casualties were reported, around 9 people were injured. Videos of the blast have gone viral on social media. Following the tragedy, Karnataka Chief Minister Siddaramaiah claimed that the blast was a planned incident. A CCTV footage showed an unidentified man placing an improvised explosive device at the eatery. The incident was earlier speculated to be an outcome of a cylinder blast. However, in an interaction with the media, Divya Raghavendra Rao, the Founder & Managing Director of the restaurant firmly dismissed the idea. “This is not a cylinder explosion. All our cylinders are safe inside the kitchen and no lapses have been identified. One customer and three of our staff have been injured and we are taking care of their expenses.” She added, “We have given access to all our CCTV cameras to the police. The bomb squad is also in the restaurant to identify the cause. We are cooperating with the law enforcement agencies,” he told the journalists.

The World Trade Organization made some progress overnight toward agreements on measures to broaden global trade, with a final deal on agriculture subsidies, overfishing and tariff-free e-commerce hinging on major economies’ willingness to make last-minute concessions, people familiar with the talks said.

₹7 crore) produced by the Indian Farmers Fertiliser Cooperative (IFFCO) were sold from August 2021 to February 2024, the minister said. Nano urea is a liquid form of the fertiliser for which IFFCO owns the patent. Though the cooperative claims that nano urea increases the availability of nitrogen to crops by 80% and reduces the loss of nutrients from fields, these claims have been disputed by several scientists.

knocked down Saini’s bicycle," a police official was quoted by PTI as saying. The cab hit Avtar Saini's bicycle from behind and the force of the impact was significant enough to lodge the bicycle frame beneath the front wheels of the cab.

hot weather season (March to May (MAM)), above-normal maximum temperatures are most likely over most parts of the country, except over some isolated areas of Northwest, Northeast, Central and Peninsular India where normal to below-normal maximum temperatures are most likely," a press release by the IMD read. The weather department said monthly maximum temperatures for March 2024 are most likely to be above normal over most areas of Peninsula, Northeast and West Central India and many areas of North West India.

Indian Railways has awarded a Rs 485.09 crore tender to Kolkata's Besco Limited for manufacture and supply of 1,200 wagons. A third of these wagons need to be delivered by December 2024-end. According to officials aware of the development, the balance wagons will be delivered in two batches of 400 each by December 2025-end. This tender was awarded to Besco earlier this week. Besco will be supplying Bogie Open Wagon type (BOXNS) wagons which are primarily used for ferrying coal and steel on the national transporter. The Railways will be billed Rs 34.26 lakh per wagon by Besco which will be manufactured in West Bengal’s 24 Parganas (South). This rate has been arrived after a counteroffer made by the Railway Board in December 2023. This is the fifth tender awarded by the Indian Railways for procuring BOXNS wagons in the current fiscal. The first and largest of these tenders has been awarded to Kolkata’s Jupiter Wagons which will supply 4,000 wagons, totalling a tender value of Rs 1,616.96 crore. Texmaco Rail and Engineering, another Kolkata headquartered firm bagged the second largest BOXN wagon tender awarded this fiscal for Rs 1374.41 crore to supply 3,400 units.

Lok Sabha elections that the country will undergo soon, the Election Commission of India (ECI) has released an advisory for the political parties, candidates and star campaigners where it warns them of stern action in case of direct or indirect violation of Model Code of Conduct which is expected to come into effect with the announcement of the Lok Sabha and four state assembly polls later this month. «The Election Commission will assess any indirect MCC violations as per advisory as a fair basis to rework the notices to be given in terms of time and content in issue in the forthcoming elections. For the general election to the Lok Sabha and four state Legislative assemblies, all phases and geographical areas of the elections shall be the basis for determining „repeat“ offences,» asserted the Commission in its advisory. Based on recent trends, EC has also urged parties to maintain decorum and utmost restraint, raise level of election campaign to issue-based debate.