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Prosus, the Dutch-listed investment arm of Naspers, is in an advanced stage of talks to lead a new round of funding in fintech Jar, people in the know said. The Swiggy investor has upped its new deal pipeline in India, and this would be the third major deal in the fintech and financing sector after itsinvestments in Mintifi and Vastu Housing Finance. It has also backed IPO-bound jewellery maker Bluestone this year. Jar, which helps consumers save small amounts to invest in digital gold, has held talks with investors to raise around $50 million in this round. The startup was last valued at $300 million when it raised $22.6 million from Tiger Global in 2022.

Commenting on the day's action, Rupak De, Senior Technical Analyst at LKP Securities said Nifty traded sideways throughout the day as traders stayed on the sidelines. In the short term, the trend is likely to remain that way due to the absence of any major events this week, he opined. «Technically, Nifty has initial support around 24,470. A break below this level could trigger a correction of 200-250 points. On the higher end, the 24,700-24,750 zone is expected to act as a resistance,» De said.

Torrent Power, one of the largest private utility companies in the country, has raised ₹3,500 crore through qualified institutional placement (QIP), the company said on Monday. This is the first equity raise by the company and also the first in the last three decades by Torrent Group.

Agro Tech Foods' Rs 1,300- crore acquisition of Del Monte Foods is likely to trigger an open offer as the new shareholders' equity capital will surpass the stock held by the existing promoters, potentially altering the company's control dynamics, market experts said. Agro Tech Foods announced the acquisition of a 100% stake in Del Monte Foods last month. It will buy a 40.71% stake from DMPL India and the remaining 59.29% from Bharti Entities. As part of the deal, Agro Tech Foods will issue a total of 13.3 million shares on a preferential basis.

The IT budgets of companies are most likely to be decided starting January or February when Donald Trump takes office. But most clients are cautiously optimistic. The banking and financial vertical, the biggest industry grouping for Indian IT, has seen a revival and will continue to see an uptick, said a top executive at a large IT firm. While the Republicans have generally been pro-business, the executive said the industry would look for cues on how things shape up.

Namma Yatri, mobility industry executives and investors said. OnNovember 27, the company launched its loyalty programme, Uber One, in India, offering monthly and annual plans to users. As part of the programme, Uber is offering up to 10% of the fare as credits to users hailing four-wheelers, three-wheelers and two-wheelers and booking parcel services on its platform. These credits are akin to cashbacks and can be redeemed on future rides. Globally, as of September 30, Uber One had 25 million subscribers, and according to the company, they spend more than three times compared with non-members.

Prime Minister Narendra Modi said, while asserting that a large manufacturing base is important as the world needs an economy that continues to function strongly even during the biggest crises. Addressing the Rising Rajasthan Summit on Monday, Modi said development, led by the mantra of 'Reform, Perform and Transform,' is visible in every sector, and that every expert and investor in the world is very excited about India. He said the role of the PLI scheme — increasing manufacturing in India — is also expanding.

Indian Administrative Services (IAS) officer Sanjay Malhotra as the next governor of the Reserve Bank of India (RBI) for a three-year term, succeeding Shaktikanta Das, whose tenure ends Tuesday. Malhotra takes over at a time of high inflation and slowing growth amid calls for rate cuts to bolster the economy. The IAS officer, currently secretary, department of revenue, is from the 1990 batch and belongs to the Rajasthan cadre. «The Appointments Committee of the Cabinet has approved the appointment of Sanjay Malhotra as governor, RBI, for a period of three years starting from December 11, 2024,» the government announced Monday. The department of financial services in the finance ministry later issued a notification on Malhotra's appointment by the central government.

Subscribe to enjoy similar stories. Mumbai: Shaktikanta Das will step down as the 25th governor of Reserve Bank of India (RBI) on Tuesday, at a time when the war on inflation is ongoing and economic growth has taken a sudden slow turn. Union ministers Nirmala Sitharaman (finance) and Piyush Goyal (commerce and industry) had called for rate cuts after GDP growth slowed to 5.4% in the July-September quarter.

Mamata Banerjee on Monday expressed hope that the Indian foreign secretary's Bangladesh visit would be successful. «We expect the Indian diplomacy talks to be successful and expect peace to return,» she said. Speaking in the assembly, Banerjee gave a stern message to Bangladeshi politicians, especially after Bangladesh Nationalist Party leaders said at a public meeting in Dhaka that their country has legitimate claims over Bengal, Bihar and Odisha. «Those who are saying this do not have strength. We are conscientious citizens who are enduring the test of patience. When you capture us, do you think we will eat lollipops?» she said. She also urged people to remain calm and not get provoked by statements made in Bangladesh and slammed the Bangladeshi leaders for making provocative statements.

India also called for an inclusive Syrian-led political process that represents aspirations of all sections of the Syrian society that includes Alwaites (Hafez Al-Assad is an Alawite), Kurds and other minorities. In a clear-eyed statement, the external affairs ministry noted, «We are monitoring the situation in Syria in the light of on-going developments. We underline the need for all parties to work towards preserving the unity, sovereignty and territorial integrity of Syria. We advocate a peaceful and inclusive Syrian-led political process respecting the interests and aspirations of all sections of Syrian society. Our Embassy in Damascus is in contact with the Indian community, for their safety and security.»

Indian pharmaceutical market (IPM) recorded a growth of 9.9% in value and 3.1% by volume in November, according to data released by market research firm Pharmarack. After a weak performance in terms of volume growth for four months, November turned out to be a positive month for the sector, indicating a pickup in demand across key therapy areas in the acute and chronic segments, showed Pharmarack data. «Cardiac, gastro, anti-diabetes and derma have shown robust growth above the IPM growth of 9.9%,» said Sheetal Sapale, vice-president-commercial at the research firm. «Except for a few, all the top therapies have shown positive volume growth… Unit growth for a few therapies also is encouraging,» she added.

Vikram Misri on Monday delivered a categorical message to the interim regime in Dhaka that forward movement in partnership is conditional on Dhaka's constructive approach in safeguarding minority rights and security interests besides protection of cultural, diplomatic and religious properties. «We also had the opportunity to discuss certain recent developments and issues, and I conveyed our concerns, including those related to the safety and welfare of minorities. We also discussed some regrettable incidents of attacks on cultural, religious, and diplomatic properties. A constructive approach on all these issues by the Bangladesh authorities, and we look forward to moving the relationship forward in a positive, forward-looking and constructive direction,» Misri said in his press statement following his meetings in Dhaka, including with the chief adviser. High-level sources told ET that New Delhi is peeved with Dhaka's lackadaisical approach in safeguarding India's interests and the foreign secretary delivered message in unambiguous terms.

RBI since Chakravarthy Rangarajan had to firefight from day one. Sanjay Malhotra may be an exception. As Malhotra walks into Mint Street as the 26th guv, he doesn't face challenges like his predecessors did — a currency crisis, or a ruptured relationship with GoI. Instead, what lies before him are a stable economy that requires some fuel, a fit banking system that's looking to fly, and a financial market that's impatient to grow. After deft handling of the Covid crisis, surge in money supply led to spiralling of prices, forcing it to raise interest rates. But the dual mandate of growth and inflation needs MPC to consider lowering policy rates, as there are signs of inflation cooling and also because of the negative impact of high real interest rates. Malhotra has the ground laid out by the departing Shaktikanta Das, who has signalled that the next move could be a cut in rates. That the two external members of MPC have already voted for a reduction could make his job easier. While monetary policy and interest rates may keep RBI in limelight, its full-service nature — by which it regulates banking, NBFCs and currency markets — has even broader implications for the economy.

Raising issues in upper house Senior DMK MP Tiruchi Siva on Monday raised in the Raja Sabha an issue related to his party MP Mohamed Abdulla. Siva said that when Abdulla went to the Central Hall, he was asked by the security whether he was an MP or not. Siva also informed that his personal secretary was warned that his ID card would be cancelled. Siva said that he forgot some paper and his PS only came to hand it over to him. He urged the Chairman to look into the issue. The Chairman assured that he would take note of the issues. All set to pad up As part of the initiatives to make India TB and drugs free, BJP MP Anurag Thakur is planning to organise a cricket match between members of Parliament on December 15. The teams are likely to be divided on the basis of the Rajya Sabha and Lok Sabha MPs. Thakur may also invite Lok Sabha’s LoP Rahul Gandhi for the upcoming fixture.

UBS Billionaire Ambitions Report 2024' released last week, wealth of India's billionaires surged 42% to over $905 bn during the last FY, making it the third-largest 'bill-base' behind the US and China. Rising population of Indian billionaires, too, is drawing international attention with their numbers poised to jump over the next decade. Rapidly growing economies tend to be generous with entrepreneurs who push the growth envelope. India's growth spurt will have a deep impact on manufacturing, which is expected to serve as the nursery for entrepreneur billionaires. But the similarities being drawn with China's experience may not be quite apt. India's growth is likely to be dependent significantly more on services. There is a pretty well-established method to acquiring scale in manufacturing that relies heavily on capital. Services offer greater creativity to entrepreneurs wanting to scale up. A decade later, India's billionaires could very well surprise on the upside. India is also gaining access to capital and tech. Improvements in labour force endowments through stepped up social security will contribute to the process. The country is also placed favourably in the evolving landscape of globalisation driven by services as protectionist walls are erected in manufacturing.

Proximate causes for the slowdown are on the demand side. For several quarters now, growth in private consumption, the biggest component of GDP, has been sluggish. Private investment, the most important driver of GDP, hasn't taken off. Exports have done reasonably well, but are unlikely to be a major engine given the global context of slowdown and trade aversion in the advanced economies. Essentially, the economy was being driven by public investment, which has been pared back a little in the interest of fiscal consolidation. Was that a mistake? No. The public investment-led strategy has been in place for a few years now. It became the prime driver of growth when the banking and corporate sectors were under stress after a period of excess in the late 2000s-early 2010s. Banks needed time to reduce NPAs. Corporate balance sheets had to be deleveraged. That process is complete. The 'shock' effects of Covid and outbreak of the Russia-Ukraine war have also abated.

Subscribe to enjoy similar stories. The war on inflation has a new general leading the charge, as India's top revenue officer Sanjay Malhotra moves from North Block to Mint Road. On Monday, the Union cabinet's appointments committee named the 1990 batch IAS officer to lead the Reserve Bank of India, a day before governor Shaktikanta Das leaves at the end of six years at its helm.

political parties to follow the procedure for protection of women at workplace under the 2013 POSH Act. A bench of Justices Surya Kant and Manmohan asked the petitioner to approach the Election Commission of India (ECI) with a representation for the application of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH Act). Senior advocate Shobha Gupta, representing PIL petitioner Yogamaya MG, said there were six national parties in the country that did not have a grievance redressal mechanism against sexual harassment in line with the directions of the apex court and the 2013 law. The PIL arrayed 10 political parties including six national level parties — BJP, Congress, BSP, CPI(M), National People's Party and AAP.

Candidates who clear the mains exam will be invited for an interview, which serves as a personality test round. There might be a situation where you have cleared the mains but the e-Summon Letter is not downloading.

Shaktikanta Das concludes his tenure as the 25th Governor of the Reserve Bank of India (RBI), he leaves behind a legacy characterised by deft crisis management, steady policymaking, and an unflinching focus on India’s economic stability. Appointed in December 2018, Das took charge of the central bank at a critical juncture, navigating challenges ranging from the aftermath of demonetisation to a global pandemic that upended economies worldwide. He is set to demit office on December 10, 2024 as Sanjay Malhotra is set to succeed him as the 26th RBI boss on December 11, 2024 for a period of three years.