India Financial News

Tata Electronics’ proposal to set up a semiconductor chip fabrication unit in India, making it the country’s first pure-play foundry. The Rs 91,000-crore project will be set up in Gujarat’s Dholera district in partnership with Taiwanese Powerchip Semiconductor Manufacturing Corp (PSMC), Union communications and IT minister Ashwini Vaishnaw said in a press briefing on Thursday.

Shares of Alkem Laboratories Ltd.(up 2.75 per cent), Torrent Pharmaceuticals Ltd.(up 2.03 per cent), Biocon Ltd.(up 2.02 per cent), Glenmark Pharmaceuticals Ltd.(up 1.53 per cent) and Natco Pharma Ltd.(up 1.18 per cent) ended the day as top gainers in the pack.

The cult franchise Drishyam is all set to go global after garnering massive success in the India and China markets. Producers Kumar Mangat Pathak and Abhishek Pathak announced the Korean remake of the thriller franchise at the Cannes Film Festival 2023, and now they have announced the franchise’s new milestone. Panorama Studios have joined hands with Gulfstream Pictures and JOAT Films to make Drishyam in Hollywood. Gulfstream Pictures, co-founded by Mike Karz and Bill Binley, have produced the romantic comedy Blended, which reunited Adam Sandler and Drew Barrymore, and the workplace comedy Upgraded, starring Camila Mendes, Marisa Tomei and Lena Olin.

Directorate General of Civil Aviation (DGCA) has imposed a financial penalty of Rs 30 lakhs on Air India following a February 16 incident of non-availability of a wheelchair to an 80-year-old passenger who collapsed and died after walking from the aircraft to the airport terminal at Mumbai. The incident happened at the airport on February 12 after the passenger landed in an Air India flight from New York. A financial penalty of Rs.30 lakh has been imposed on Air India as per Aircraft Rules, 1937 for violating the provisions of the aforementioned regulations, DGCA said in a statement Thursday.

India on Thursday pitched for re-examination of the implications of the customs duties moratorium on e-commerce trade for developing and least developed member nations of the WTO. India is not in favour of further continuation of the moratorium of customs duties on e-commerce trade as it is impacting developing countries. The issue came up for discussion during a session of a work programme on e-commerce at the World Trade Organization's 13th Ministerial Conference, which entered its last day on Thursday.

Moscow has long established itself not only as a business hub, but also as a leisure destination and the city offers a high-tech, accessible, and comfortable environment for every tourist, according to Bulat Nurmukhanov, Head of the International Cooperation Division of the Moscow City Tourism Committee. The increasing interest in Moscow as a tourist destination has lent additional impetus to developing more attractive infrastructure offerings for tourists. As of today, Moscow offers a wide range of services and various events that may be of interest to visitors from India – from purely business activities to cultural events. “Before the pandemic, tourist traffic from India was growing at 12-15 percent annually. Now we are on the way to recovery — all the necessary conditions have been created for this. Thus, Moscow was visited by 24.5 million tourists in 2023, of which 2.3 million were international tourists. In comparison, in 2019 the figure was 25.1 million tourists, with over 600,000 in the summer alone,” Nurmukhanov told ET.

₹31,000 crore capex plan, set to wrap up by FY27, with funding mainly from internal accruals. The company will utilize 75% of the capexfor capacity expansion at Angul (Odisha), 10% is slotted for ACPP-II, 5% for coal mines and 10% for new projects. The capacity expansion at Angul plant will enhance JSPL’s crude steel capacity by over 65% to 15.9 million tonne (MT).

AK Vishvesha had passed the judgement on the the last working day as a district judge on 31 January. Dr Shakuntala Misra National Rehabilitation University in Lucknow is a varsity set up for the differently-abled segment (challenged students) of society.

Passenger vehicle (PV) registrations in February grew year-on-year but dropped sequentially, according to Vahan data. Nomura Financial Advisory and Securities (India) estimates that retail sales hit approximately 330,000 units in February, marking an 8% year-on-year increase.

One 97 Communications (Paytm) have witnessed an almost 50 percent drop just in February as investor sentiment turned negative amid the RBI and Paytm Payments Bank Ltd (PPBL) saga. In a recent note, brokerage house UBS said it believes that any potential for a re-rating of Paytm based on profitability improvement has been delayed. It has retained a 'neutral' call on the stock and reduced its target price to ₹510 (from ₹650 earlier).

Online retailers must minimize wares being returned According to Somick Goswami, Partner, and Business Transformation Leader, PwC India, the next phase of growth in e-commerce will be driven by consumers from tier 2, 3, and 4 cities because “online shopping provides a gateway for more brand choices as compared to physical stores". Flipkart to start same-day delivery in several Indian cities soon The PwC also pointed out that online shoppers largely rely on YouTube while buying a product because of the platfrom's content that comprises unboxing videos, usage experience, etc.

MintGenie, Mehta said that before you begin investing in any asset class, you should keep a financial backup or “Emergency Money" ready to see you through 12 months of expenses. India is one of the fastest growing major economies and the Indian economy is projected to reach $5 trillion in the next few years. We estimate that India will account for 14% of global GDP by 2050.

Stock market today: Amid high volatility in the Indian stock market, Paisalo Digital shares witnessed strong buying interest on Thursday. The NBFC stock today opened upside and went on to touch an intraday high of ₹183 apiece on the NSE, logging around a 15 percent intraday rise.

NHAI) has extended the ‘One Vehicle, One FASTag’ initiative compliance deadline to March-end, in view of the problems being faced by Paytm FASTag users. This means FASTag users will have another month to comply with know-your-customer (KYC) norms. NHAI had earlier proposed to implement the ‘One Vehicle, One FASTag’ initiative from March 1 and had urged the FASTag users to complete the KYCs by February 29. This is the second extension by NHAI to ensure no inconvenience is caused to Paytm FASTag users as they are already struggling to get new FASTags after the Reserve Bank of India said these will become non-functional after March 15.

cabinet on Thursday approved PM-Surya Ghar Muft Bijli Yojana for installing rooftop solar in one crore households with a total outlay of Rs.75,021 crore. Prime Minister had launched the scheme on February 13, 2024. Scheme provides a central financial assistance of 30,000 subsidy for 1 kW system, 60,000 for 2 kW systems and 78,000 for 3 kW systems or higher.

opposition parties of Assam threatened a state-wide bandh if the Citizenship (Amendment) Act is implemented, DGP Gyanendra Pratap Singh on Thursday warned that financial losses, estimated to be Rs 1,643 crore a day due to the agitation, can be recovered from the organisers. The United Opposition Forum Assam (UOFA), formed in the state in line with Indian National Developmental Inclusive Alliance (INDIA), on Wednesday announced that a state-wide bandh will be called the very next day of the contentious Act coming into force, followed by 'gherao' of the Janata Bhawan (the secretariat) on next day. In a post on X, Singh shared two pages of a Gauhati High Court order on bandhs, pronounced in 2019, and re-posted his own statement on the issue from June 2022. «Needless to say that with the GSDP of Assam pegged at Rs 5,65,401 crore, loss from a day's bandh would be approximately Rs 1,643 crore recoverable from those who call for such a bandh in accordance with para 35(9) of the aforementioned order of the Hon'ble Gauhati High Court order,» he added.

urea imports in 2023 declined 21.3% year-on-year to 7.41 million tonnes on account of higher domestic production, according to S&P Global Commodity Insights. The country’s domestic urea production increased 13.4% on the year to 31.11 million tonnes in 2023 from 27.43 million tonnes in 2022. Currently, India operates four fertilizer plants and the government aims to establish a fifth one named Talcher Fertilisers Ltd, which is expected to become operational in September 2024, having a production capacity of 3.85 million tonnes per year of urea, further contributing to the country’s self-sufficiency in fertilizer production, the report said.

₹30 lakhs on civil airline Air India following a 16 February incident of non-availability of a wheelchair to an 80-year-old passenger who collapsed and died after walking from the aircraft to the airport terminal at Mumbai. According to reports, an octogenarian Air India passenger had requested for a wheelchair at the Mumbai airport.

Real-time data platform Aerospike has appointed Khushal Bhansali as its country head for India and South Asia. In his new role, Bhansali will lead Aerospike's business operations for these markets, focusing on expanding the company's presence, driving growth, and delivering exceptional customer service.

Pakistan after it raised the issue of Jammu and Kashmir at the UN Human Rights Council, India has said it cannot pay any attention to a country which is soaked in red due to the bloodshed from terrorism that it sponsors around the world. First Secretary in the Permanent Mission of India to the UN in Geneva Anupama Singh exercised India's Right of Reply at the ongoing high-level segment of the 55th regular session of the UN Human Rights Council in Geneva on Wednesday. India exercised the Right of Reply to respond to Turkiye and Pakistan after the two countries made references to Kashmir in their statements at the high-level segment.

Hockey India CEO Elena Norman has recently filed an affidavit in the Delhi High Court and said, the Inquiry Report on alleged irregularities in Hockey India made various general, vague and omnibus allegations against her, which apart from being over and beyond the mandate of the Inquiry Officer, are also entirely bereft of evidence. The affidavit stated that the Inquiry Report failed to notice that the CEO was never a member of the Finance and Audit Committee or the Tender Purchase Committee. It was also submitted that the various general, vague and omnibus allegations against the Deponent/Elena Norman in the Inquiry Report are entirely sans evidence and made in ignorance of the various sub- Committee Rules of Hockey India (apart from being in violation of principles of natural justice), and thus deserve to eschewed and expunged by this Court.