India Financial News

State Bank of India, are reviewing their exposure to Adani Group and examining whether they need to tighten their due diligence when offering new loans to them, after the U.S. accused Chairman Gautam Adani of bribery, eight bankers said. Bank of India, Union Bank, ICICI Bank, Canara Bank, IDBI Bank and RBL Bank, which have a relatively smaller exposure to the group, are also undertaking a similar exercise. A review would not necessarily entail any change in the lenders' credit approach with regards to the group.

cooperative sector has the potential to generate up to 5.5 crore direct jobs and 5.6 crore self-employment opportunities by 2030, according to Primus Partners. Management consultancy firm Primus Partners on Thursday released a report on the cooperative sector. It highlighted that India's cooperative network, the largest in the world, represents nearly 30 per cent of the 30 lakh cooperative societies globally. «As India strides towards its ambitious goal of becoming a USD 5 trillion economy by 2030, the cooperative sector stands as a beacon of hope and potential,» the report said.

India’s opposition has disrupted Parliament for a third day, protesting the government’s silence over allegations against billionaire Gautam Adani, who was recently indicted in the U.S. for alleged fraud and a scheme to pay bribes

India's global trade story has long been shaped by its relationships with two of its largest partners: the United States and China. While these relationships have grown significantly over the past decade, they show stark contrasts that often remain as lesser-known facts, at least like Crisil called it in an investr note. India’s trade with the U.S. and China reached $120 billion and $118 billion respectively in fiscal 2024, doubling over the last decade. However, the similarity ends here, Crisil said, as it notes hat India has a $35.3 billion trade surplus with the U.S., while it faces an $85.1 billion trade deficit with China.

Honasa Consumer, the parent of beauty and personal care brand Mamaearth, on Thursday said it has elevated Vipul Maheshwari to senior vice president of product and data analytics. An IIT Delhi alumnus, Maheshwari has been with Honasa for more than four years, specialising in analytics and data science. He also had stints at Delhivery and Global Analytics India Pvt Ltd. Maheshwari will continue to lead integration of advanced analytics for product development as the company sharpens focus on data-driven innovation to monitor business performance.

Prabhudas Lilladher in its latest India Strategy Report while slashing its base case target for Nifty to 27,381 (27,867 earlier), recommending selective buying on dips for long-term gains. The domestic brokerage values Nifty at a 15-year average PE (19.1x) with Sept 26 EPS of 1,434 and arrives at a 12-month target of 27,381 (27,867 earlier), while in a bull case scenario, it values Nifty at PE of 20.1x and arrives at a bull case target of 28,750 from an earlier 29,260.

Higher interest rates should help prevent NIM contraction, and higher inflation could drive credit growth by an additional 100-150 bps, says Santosh Pandey, President & Head at Nuvama Professional Clients Group. Banks are currently trading at reasonable valuations, Pandey said as he opines that higher interest rates could benefit banking stocks, assuming no major surprises in asset quality. Excerpts:

PTA manufacturing plant at Mangalore, the firm said Thursday. The company, through its wholly-owned subsidiary GAIL Mangalore Petrochemicals Limited (GMPL), re-engaged INEOS to support the plant's revitalisation, formalising this renewed collaboration through an Amendment Agreement signed here, it said in a statement. «This marks a significant step towards the revival of GMPL's 1.25 million tonnes per annum purified terephthalic acid (PTA) manufacturing plant located in the Special Economic Zone (SEZ), Mangalore,» the statement said. The original agreement with INEOS was executed by JBF Petrochemicals (JBF), which could not be realised due to insolvency proceedings. Following GAIL's acquisition of JBF through the Corporate Insolvency Resolution Process (CIRP) under the National Company Law Tribunal (NCLT) in June 2023, the state-owned firm is now working to overcome the legacy challenges and ensure the plant's successful on-streaming and long-term operational stability.

Anthony Albanese on Thursday hosted a reception for the travelling Indian cricket team ahead of its two-two-day pink ball practice match against PM's XI here from November 30. The game will take place the Manuka Oval serving as good preparation for the day-night Test in Adelaide from December 6. India recorded their biggest win on Australia soil when they hammered the hosts by 295 runs in the opening game of the Border-Gavaskar Trophy in Perth. Following the protocol, India skipper Rohit Sharma introduced all his teammates to Albanese, who praised heroes of the first Test including Jasprit Bumrah and Virat Kohli.

ASSOCHAM in collaboration with Egrow Foundation conducted an in-depth study on “MSMEs Facing Challenges in Doing Business”. The study marked the culmination of a series of detailed interviews with members of various state units of ASSOCHAM.

DRA has set an ambitious target to double its revenue to Rs 1,000 crore by FY26-27, driven by new project launches and geographical expansions. The company expects to achieve Rs 500 crore in revenue in FY24-25, up from Rs 300 crore in FY23-24. To fuel this growth, DRA plans to enter the Pune market and expand further in Bengaluru by the next fiscal year. Additionally, the firm aims to solidify its position in Chennai by adding 2.7 million sq. ft. of saleable area through nine ongoing and six upcoming projects across key locations in the city.

Indian Hotels Company Ltd. rose 1.19 per cent to Rs 779.25 in Thursday's trade. It hit an intraday high of Rs 792.00 and low of Rs 775.20, respectively, during the day. The stock quoted a 52-week high price of Rs 814.65 and low of Rs 416.15.

DOCA) to quickly notify guidelines by using its powers under Section 18 of the Consumer Protection Act, 2019, to expedite stringent action against individuals/entities bombarding ordinary consumers with unsolicited and unwarranted business communications (UBC). “The DOCA guidelines, once issued, will cover all sources of UBC – whether through the telecom service provider channel or the OTT Communication channel — and will provide complete protection to the consumers at large,” the Cellular Operators Association of India (COAI), which represents Reliance Jio, Bharti Airtel and Vodafone Idea (Vi), said in an official statement Thursday. The telecom sector lobby body said the present Telecom Commercial Communication Customer Preference Regulation, 2018 (TCCCPR), formulated under the TRAI Act, 1997, is an “incomplete and therefore ineffective solution,” as there are several entities in the ecosystem that are responsible for the UBC that are outside the telecom regulator’s jurisdiction.

International Cricket Council finds itself in a spot of bother as its all-powerful board meets on Friday to thrash out the long-awaited schedule of next year's Champions Trophy with an unyielding Pakistan refusing to consider the 'Hybrid' model of hosting the event despite India's refusal to play there. The meeting will be held virtually. India's decision not to send the team to Pakistan and the PCB's defiant stand in not acceding to the hybrid system have placed the future of the marquee event in balance. «At this point, the hybrid format is the best option. We hope that all the parties involved will take a wise call for the sake of the tournament. It's not good for the tournament to have it without India and Pakistan,» a source close to the development told PTI. The ICC members are trying to sell the point to the PCB that without the blue riband India vs Pakistan fixture, the Champions Trophy will lose all its sheen and, more importantly, there will be massive financial implications.

Lalit Modi, the visionary founder of the Indian Premier League (IPL), has disclosed that his abrupt exit from India in 2010 was triggered by life-threatening warnings from underworld don Dawood Ibrahim. Speaking on Raj Shamani’s Figuring Out podcast, Modi said: “I did leave the country when there was a death threat to me. There was no legal case to start with. Dawood Ibrahim made the threat to me first after IPL-1 because I was also anti-corruption. I didn’t allow any… I was a very strict anti-corruption commissioner.”

Subscribe to enjoy similar stories. Employees Provident Fund Organisation (EPFO) data shows that around 12-13 million formal jobs are added every year. This is good news.

Subscribe to enjoy similar stories. Mumbai: International Holding Company (IHC), the investment arm of Abu Dhabi's ruling family, has become the second major investor to reaffirm its faith in the Adani Group after its chairman Gautam Adani was indicted by US federal prosecutors for allegedly bribing Indian government officials. "At IHC, our investment strategy is guided by a commitment to long-term growth and sustainability.

Subscribe to enjoy similar stories. New Delhi: Robust sales growth recorded by the Indian government’s generic pharmacy model will put pressure on trade margins in the retail medicine market because of the affordability and quality of the drugs sold, a top official said. The quality certified generic medicines sold at kendras (centres) operating under the Pradhan Mantri Bharatiya Janaushadhi Pariyojana (PMBJP) help to moderate the prices of medicines and create a benchmarking effect, Arunish Chawla, secretary of the Department of Pharmaceuticals, said in an interview toMint.

Subscribe to enjoy similar stories. Russian aluminium giant Rusal recently shook the global market with its plan to slash output by more than 6%, citing skyrocketing alumina prices and weakening domestic demand. The decision comes amid a surge in alumina prices, which have more than doubled to about $700 a tonne owing to supply disruptions in Guinea, Brazil and Australia.

Indian Diaspora Studies (FIIDS), an Indian-American organisation, has urged US leaders to address the rising violence against minorities in Bangladesh. In letters sent separately to President Joe Biden and former President Donald Trump, FIIDS raised concerns about the safety of minorities, particularly Hindus, in the country. Khanderao Kand, FIIDS President, in his letter to Donald Trump, wrote, «Bangladesh is rapidly descending into a radicalised Islamic state, all under the watch of the US, the State Department, and the UN who must act now to restore democracy and protect minorities. I request not only President Biden but would urge President Trump and his transition team to give priority to restoration of peace and protect minorities in Bangladesh.» In another letter addressed to President Biden, Kand emphasised the importance of protecting vulnerable populations for Bangladesh's democratic progress. He stated, «Bangladesh's progress as a democratic and inclusive society depends on safeguarding the rights of all its citizens, including its most vulnerable populations. We trust that your leadership will champion these values and help restore hope for those who continue to face oppression and displacement.»

Bollywood movie--Baby John, starring Varun Dhawan. The other two are Hindi dubs--Allu Arjun’s Pushpa 2: The Rule (a Telugu original) and Disney’s Mufasa: The Lion King, with the titular character voiced by Bollywood star Shah Rukh Khan. With the trade talking up their chances, analysts estimate these three movies have the potential to collect close to Rs1,500 crore at the box office, with Pushpa 2 accounting for as much as two-thirds of this. The film will be released on December 5, Mufasa on December 20 and Baby John on December 25. “Pushpa 2 is the most anticipated film of the year,” said Gautam Dutta, CEO, revenue and operations, PVR INOX. “With its massive fan base eagerly waiting, the film is projected to be the highest grosser of the year. We are expecting house-full shows in cinemas across India.”