India Financial News

demand from importers and likely outflows from local equities, while intervention by the Reserve Bank of India curbed losses, traders said. The rupee fell to 84.9550 against the U.S. dollar before closing at 84.9525, down 0.07%.

Pokarna Ltd.(up 3.76%), Lexus Granito(India)Ltd.(up 3.63%) and Madhav Marbles & Granites Ltd.(up 1.78%) stood among the top gainers.

India Budget: As India prepares for Budget 2025, retailers are calling for measures that could transform the sector, including low-interest financing, tax relief, and a faster rollout of the National Retail Policy. The Retailers Association of India (RAI), in its pre-budget memorandum, urged the government to use the Union Budget for FY25-26 as a platform to address structural gaps, boost consumption, and improve ease of doing business. These changes, the RAI stated, would bolster consumer sentiment and support growth in the retail sector. A key demand from retailers is affordable financing. RAI highlighted the need for the government to announce lower interest rates specifically for retail businesses in the budget. “There is a need to provide lower interest rates to the retailers through the special announcement in the budget to assure easier financing for the retail businesses,” RAI stated. The association proposed the creation of a special fund, facilitated by the Small Industries Development Bank of India (SIDBI), to help independent retailers across the nation. This scheme could provide low-cost loans and relaxed regulatory guidelines to millions of small businesses, addressing a critical gap in financing options.

G20 Talent Visa. Targeted at scholars, researchers, and professionals from G20 nations, this initiative aims to bolster India's scientific and educational ecosystem. The announcement aligns with Prime Minister Narendra Modi’s proposal at the G20 Summit in September, where he emphasized the need to create opportunities for top talent in science and technology. Speaking at the summit, the Prime Minister Modi said, “Similar to how all countries issue different categories of visas, we can establish a ‘G20 Talent Visa’ as a special category. This type of visa could be highly beneficial for our top science and technology talent to explore global opportunities. Their talent and efforts can contribute significantly to our economies.”

Rohit Sharma before his surprise international retirement, refusing to let anyone else write his script after 14 years of service to the game. It is understood that retirement was on his mind after the home series against New Zealand, which India shockingly lost 0-3. He had made it clear to the team management that if he was not guaranteed a place in the playing eleven during the Australia series, he would not even travel Down Under. India played Washington Sundar ahead of Ashwin in Perth before the veteran returned for the pink ball Test, at Rohit's insistence. Ravindra Jadeja played in the Brisbane Test and as Rohit stated after the drawn third Test in Gabba, nobody knew how the squad would shape up for the remaining two games in Melbourne and Sydney.

Power Grid Corporation of India on Wednesday said its board has approved a proposal to raise up to Rs 4,250 crore funds through issuance of bonds on a private placement basis. The proposal was taken up at a meeting of the company's committee of directors for bonds, Powergrid said in an exchange filing. «Committee of Directors for Bonds has approved the raising of bonds as unsecured, non-convertible, non-cumulative, redeemable, taxable, Powergrid Bonds — LXXX (80th) Issue up to Rs 4,250 crore on private placement basis,'' it said.

On the BSE, Universal Autofoundry(down 18.31 per cent), Ganesh Films India(down 17.13 per cent), Shish Industries(down 15.95 per cent), Vrundavan Plantation(down 12.73 per cent) and Tanvi Foods(India)(down 12.67 per cent) stood among the top losers in today's trade.

Awfis Space Solutions’ unique business model, domestic brokerage firm ICICI Securities has reiterated its ‘buy’ call on the stock with a revised target price of Rs 1,049 (up from Rs 979), indicating an upside potential of 44%. “Awfis has a unique business model. While the company does not act as a land aggregator or landlord of office spaces, it focuses on providing services to its clients on demand side and also partners with space owners/landlords on supply side. With Awfis being the first co-working/flexible workspace company in India, there is also limited scope for comparison with industry peers. Hence, we believe Awfis is more comparable to listed hotel peers,” said ICICI in its note.

ISRO on Wednesday announced that it has commenced the assembly of the Human-Rated Launch Vehicle Mark-3 (HLVM3) for Gaganyaan's first uncrewed flight at the Satish Dhawan Space Centre (SDSC) in Sriharikota, Andhra Pradesh. The space agency called it a major step towards India's maiden human spaceflight and future space ambitions. The event coincides with the 10th anniversary of the Launch Vehicle Mark-3 (LVM3-X/CARE (Crew module Atmospheric Reentry Experiment)) mission, conducted on December 18, 2014. According to a statement by ISRO, the human-rating of LVM3 has been completed and all systems have been tested for enhanced reliability. Ground tests and flight tests in off-nominal conditions have ensured the performance of these systems in line with human safety requirements. The addition of the highly reliable Crew Escape System (CES) has further increased confidence for the manned missions planned by ISRO. Escape provision exists for the crew during all phases of ascent till injection of the module into orbit.

economic fraud in the past 24 months, according to PwC's 'Global Economic Crime Survey 2024 — India Outlook. This marks an 18 per cent increase compared to the global average of 41 per cent and a 7 per cent rise within India since the 2022 survey, PwC India highlighted. The latest findings highlight procurement fraud as the top threat for Indian businesses, with 50 per cent of respondents identifying it as a major issue. This reflects a significant 21 per cent jump compared to global concerns. In contrast, customer fraud, which was the leading issue for 47 per cent of Indian businesses in 2022, has been overtaken.

Anand Mahindra, the chairperson of the Mahindra Group, recently shared a compelling update on social media highlighting the market capitalization rankings of the world’s top automakers. Leading the list is Tesla, valued at an astonishing $1.23 trillion, followed by Toyota at $233.26 billion. Chinese automakers BYD and Xiaomi secured the third and fourth spots with valuations of $107.52 billion and $105.72 billion, respectively. Mahindra & Mahindra ranked 11th, with a market capitalization of $43.12 billion, placing it ahead of major global players like Stellantis, Ford, and Renault. Reflecting on this achievement, Anand Mahindra traced the company’s journey back from the early 1990s when India’s economy opened up. At that time, the world doubted whether Indian automakers could survive without external partnerships. Mahindra sought technological collaboration with companies like Peugeot (now part of Stellantis), Ford, and Renault to learn the art of building modern vehicles. While expressing gratitude for these partnerships, he noted the sense of fulfillment in seeing Mahindra now outpace some of these former collaborators in global market capitalizations. He emphasized that such milestones are never permanent but are a reminder of the constant effort required to stay competitive. Mahindra’s customer-centric approach and commitment to excellence, he stated, remain central to their long-term success and relevance.

Quick commerce major Zepto’s 21-year-old co-founder Kaivalya Vohra is now India's youngest self-made entrepreneur, according to Hurun India. Vohra is closely followed by his founding partner Aadit Palicha, who is 22 years old. Zepto, established in 2021, has witnessed an astonishing 259% growth in valuation over the past year, reaching Rs 41,800 crore, Hurun said. The Mumbai-based company, co-founded by Stanford University computer science dropouts Vohra and Palicha, has quickly risen to prominence as India’s quick-commerce leader, offering 10-minute grocery deliveries in major cities across the country.

US Embassy in India will implement new rules for scheduling and rescheduling nonimmigrant visa appointments. «To make sure everyone has a fair chance at getting a visa interview appointment and to reduce wait times, we’re making some changes,» the US Embassy in India said in a statement. Applicants will be allowed to reschedule their appointments once without additional charges. However, missing the rescheduled appointment or requiring a second reschedule will necessitate booking a new appointment and repaying the application fee.

Swadeshi Jagran Manch (SJM) has dubbed the proposal to introduce 35 per cent GST on «sin goods» like aerated beverages and tobacco products as a «bad idea» as it would lead to smuggling and loss of revenue for the country. Besides, other bodies like All India Consumer Products Distributors Federation (AICPDF) and Indian Sellers Collective — an umbrella body of trade associations and sellers across the country — have raised concerns on the recommendations of the GoM on GST rate rationalisation. Earlier this month, the Group of Ministers (GoM) recommended a special rate of 35 per cent on sin goods like aerated beverages, cigarettes, tobacco and related products. The GoM headed by Bihar Deputy Chief Minister Samrat Chaudhary also suggested rationalisation of tax rates on apparel. «Another slab in GST, in the name of luxury and sin goods is primarily a bad idea, which will defeat the very efficiency principle of taxation. Already, a need is being felt among economists that the present number of slabs should be reduced, and the highest 28 per cent slab be abolished,» SJM national co-convenor Ashwani Mahajan said.

Transrail Lighting, Sanathan Textiles, DAM Capital Advisors, Mamata Machinery and Concord Enviro Systems will open for subscription on Thursday. Here are key details investors need to know before subscribing.Transrail Lighting IPO Transrail's IPO includes a fresh equity sale of Rs 400 crore along with an offer for sale of 1.01 crore equity shares by promoter Ajanma Holdings. The company has priced the IPO at Rs 432 at the upper end.

Subscribe to enjoy similar stories. As the cement sector struggles with muted prices, some firms may feel more heat than others. A case in point here is Dalmia Bharat Ltd.

Realme 14x 5G is priced at Rs 14,999 and is available via Flipkart. The phone comes in two models — one with 6 GB RAM and other in 8 GB. Both the versions have 128 GB ROM with expandable space of upto 2 TB, 16.94 cm (6.67 inch) HD+ display, 50MP rear camera, 8MP front camera, 6000 mAh Battery, and the Dimensity 6300 Processor. The Realme 14X comes in Crystal Black, Golden Glow, Jewel Red colours. The Realme 14x 5G smartphone comes in a diamond-cut design.

G20’s role in fostering an equitable, sustainable, and inclusive world, remarked Ambassador Anil Sooklal, South Africa's High Commissioner to India. Sooklal was the key note speaker at an event in the Indian capital. “As we reflect on Africa’s role in global governance, we are reminded of the African philosophy of Ubuntu–a principle that celebrates our shared humanity and interconnectedness: ‘I am because we are’”, said Pradeep S Mehta, Secretary General of CUTS International in his opening remarks at an event on the ‘The Future of G20 and Africa’ held in New Delhi early this week.

NMDC fell 7% to hit the day's low of Rs 211.55 on the NSE on Wednesday following media reports that the Karnataka government is considering an increase in the duty on iron ore. The selling was seen amid strong volumes as nearly 2.50 shares changed hands on the NSE around 1:30 pm.

Railways on Wednesday dismissed as «baseless» claims that passengers would be allowed to travel free of cost during the Maha Kumbh Mela, and said no such provision exists. «It has come to the attention of Indian Railways that certain media outlets are circulating reports claiming that passengers will be allowed to travel free of cost during the Maha Kumbh Mela,» it said in a statement. «Indian Railways categorically denies these reports, as they are entirely baseless and misleading,» the statement said. «Travelling without a valid ticket is strictly prohibited under the rules and regulations of Indian Railways and constitutes a punishable offense. There are no provisions for free travel during Maha Kumbh Mela or any other occasion,» the ministry added.

Rajya Sabha proceedings were adjourned till 2 pm on Wednesday after opposition MPs protested against Union Home Minister Amit Shah's alleged insult of B R Ambedkar. Soon after the listed papers and reports were tabled and the House went ahead with the scheduled Zero Hour, Congress MP Jairam Ramesh rose and alleged Shah insulted Ambedkar. Soon, several other Congress members were on their feet and started raising slogans like "'Amebedkar ka apaman nai sahega Hindustan' (India will not tolerate Amebedkar's insult)". Countering them, Minister of Parliamentary Affairs Kiren Rijiju said it was the Congress that insulted Ambedkar and did not honour him with a Bharat Ratna.