India Financial News

Indian Oil Corporation Ltd. traded 0.21 per cent up at Rs 136.70 at around 01:31PM (IST) on Wednesday. The stock had closed at Rs 137.00 in the previous session. Equity benchmark Sensex traded 364.35 points at 80368.41 around the same time.

According to the information available on Uber's app, it has priced the subscription service at Rs 149 per month and Rs 1,499 for the annual plan. However, it is offering discounts as high as 50% to certain users on the monthly plan. As part of the loyalty programme, Uber is offering up to 10% credits on ride-hailing for four-wheelers, three-wheelers and two-wheelers, in addition to its parcel delivery offering.

Rakesh Jhunjhunwala’s journey from mere Rs 5,000 to a staggering Rs 40,000 crore, is a stuff of legends. At its heart lies Rare Enterprises—named after Rakesh and his life partner, Rekha—a true testament to the partnership that powered his rise as India’s “Big Bull.” The meeting that would forever change Rekha and Rakesh’s lives was nothing short of providential. Rekha, in an interview to The Economic Times newspaper, recalled how the alliance wasn’t even meant for her. “Actually, Rakesh’s marriage proposal was for my cousin,” she said. But fate, it seemed, had other plans. The matchmaker urged Rakesh to meet Rekha first, and from that moment on, the stars aligned. “The rest,” she added, “is history.”

SBI Funds Management has announced the appointment of Nand Kishore as Managing Director and Chief Executive Officer. Nand Kishore, Deputy Managing Director of State Bank of India, takes over as the Managing Director and Chief Executive Officer of SBI Funds Management from Shamsher Singh. Prior to his current deputation at SBIFM, Kishore served as Deputy Managing Director (Global Markets) at SBI’s Corporate Centre in Mumbai, where he oversaw the bank’s treasury operations.

Subscribe to enjoy similar stories. Every month, Mint’s Plain Facts section brings out an update on key global data to thread together the biggest developments in the world that are worth paying attention to. The accompanying analysis and charts explain how each story is creating ripples on the global stage, where it is headed in the coming weeks, and whether it can impact India.

Subscribe to enjoy similar stories. Elections in India have become a trial by fire for pollsters. The ones who get it right are celebrated for their prescience.

Subscribe to enjoy similar stories. Niva Bupa Health Insurance Co. Ltd’s first earnings post listing show its performance is significantly better than that of the Indian health insurance industry in the first half of FY25 (H1FY25).

Ashwini Vaishnaw has flagged land acquisition delays in Kerala, which are affecting the development of railway projects in the state. According to Vaishnaw's letter to Kerala Chief Minister Pinarayi Vijayan, just 64 hectares (Ha) of land could be acquired by the state against a requirement of 470 Ha. This is despite the centre making a payment of over Rs 2,100 crore to the state for land acquisition needed to complete crucial rail projects. According to Vaishnaw, railway infrastructure projects worth Rs 12,350 crore are progressing in Kerala. «The highest ever budget outlay of Rs 3,011 crore has been allotted for the financial year 2024-25. However, most of the railway projects in Kerala are not progressing due to the non-availability of requisite land,» his letter said, adding that the Indian Railways has initiated efforts for the acquisition of land for most of the sanctioned railway projects but could not succeed.

Havells India Ltd. 0.36 per cent to Rs 1717.80 in Wednesday's trade. It hit a high of Rs 1720.50 and low of Rs 1694.00 during the session. On the technical charts, the 200-DMA of the stock stood at Rs 1737.66, while the 50-DMA was at Rs 1816.95. If a stock trades above 50-DMA and 200-DMA, it usually means the immediate trend is upward. On the other hand, if the stock trades below 50-DMA and 200-DMA, it is considered a bearish trend and if trades between these averages, then it suggests the stock can go either way.

Turkey follows behind in second place. Mine production in 2023 stood at 36.5 tonnes, which is six times lower than the demand of 201.6 tonnes. Gold demand in Turkey has also been rising, going from 1.13 grams per person in 2021 to 1.43 grams in 2022 and 2.34 grams in 2023. Rounding out the top three is China. With a population of over 1.4 billion, the country has a yearly gold demand of 909.7 tonnes. Although the mine production figure is the highest seen in all 10 countries, it still falls short of the demand by two times.

“They have huge domestic requirements and for that they want to set up manufacturing facilities here. They want to get these supplies from India,” ToI's report (by Dipak K Dash) said quoting a railway ministry official. TMH CEO Kirill Lipa elaborated on the plan at the company's Moscow headquarters. “The current interest rate in India is very different from other countries. So, we are interested and ready to invest in India. We are interested in developing several facilities in India, which are capable of providing certain components and we think some of them can be supplied to the Russian market as well.”

Swiggy climbed as much as 8.1% on Wednesday to Rs 499 on BSE, with the stock surging nearly 16% in the past two sessions after UBS became the latest brokerage to initiate coverage on the food delivery major with a “Buy” rating, highlighting Swiggy's promising growth in India's food delivery and quick commerce markets. Brokerage firms — HDFC Securities, Motilal Oswal and JM Financial — were the first ones to initiate coverage on Swiggy with particularly bullish views.

Infosys, has drawn significant criticism after suggesting that India’s civil services could benefit from recruiting officers directly from business schools instead of relying solely on the Union Public Service Commission (UPSC). Speaking at the CNBC-TV18 Global Leadership Summit on November 14, Murthy argued that India's bureaucracy should shift from an «administrative mindset» to a «management mindset.» According to Murthy, the current system of governance, which is based on the UPSC examination process, produces civil servants who are trained to maintain the status quo rather than to bring about innovation, vision, and rapid execution.

ICRA. This marks a notable adjustment from the earlier projection of 7-8% growth made in July 2024. The revision reflects a slower-than-expected recovery in construction activity across the housing and infrastructure sectors post-General Elections. The muted growth trend was evident in the first half of FY2025 (H1 FY2025), where cement volumes increased by only 2% YoY to 212 million MT. Election-related disruptions in Q1 FY2025 and heavy monsoon rains in Q2 FY2025 were significant contributors to this slowdown. However, the industry is optimistic about a stronger second half (H2 FY2025), driven by an anticipated boost in rural and urban housing demand, alongside a pick-up in infrastructure spending. “The operating performance of the cement companies to improve from Q3 FY2025 onwards, supported by the likely price hikes, uptick in cement volumes aided by increased Government spending on infrastructure projects, pick-up in construction activities, and stable input cost pressures – primarily pertaining to power and fuel,” said Tushar Bharambe, Assistant Vice President and Sector Head, Corporate Ratings, ICRA.

Prologis, the world's largest warehouse owner, formed a joint venture with RMZ, one of India’s top family-owned alternative asset owners, to build a warehousing and logistics park in Bengaluru. The facility at Hoskote, a key logistics hub in Bengaluru, will span 30 acres, and it will initially deliver 500,000 sq ft, targeting third-party logistics and industrial clients. Once completed in the next fiscal year, the facility will mark RMZ’s entry into the industrial and logistics (I&L) sector, complementing its diversified portfolio of premium office spaces under the RMZ NXT brand.

Mahesh Jethmalani said on Wednesday that while US and India have had excellent relations, he believes that the Joe Biden-led Democratic administration has done 'irreparable harm' to the bilateral ties between the two countries. Jethamalani made the comments while speaking in reference to the allegations pinned against the Adani group by the US Department of Justice and the US Securities and Exchange Commission. He linked the case's timing with the exit of the Democrats from power in American as Donald Trump is set to take the Oval Office in January 2025.

Ashapura Minechem Ltd.(up 5.58%), Madhav Marbles & Granites Ltd.(up 2.43%), KIOCL Ltd.(up 2.33%), Oriental Trimex Ltd.(up 1.99%), Sandur Manganese & Iron Ores Ltd.(up 1.64%), MOIL Ltd.(up 1.47%), Gujarat Mineral Development Corporation Ltd.(up 1.37%), Coal India Ltd.(up 1.32%), Pokarna Ltd.(up 1.01%) and The Orissa Minerals Development Company Ltd.(up 0.71%) were among the top gainers.

mutual funds have multiplied investors’ SIP investments by over three times in the last seven years. Seven small cap and mid cap funds, two flexi cap funds, a multi cap, contra, and an ELSS fund multiplied investors’ SIP investment by more than three times in the last seven years. The top schemes in the list were from the small cap category. Quant Small Cap Fund and Nippon India Small Cap Fund multiplied investors’ SIP investments by 4.19 and 3.88 times respectively in the last seven years.

Hyundai Motor India shares rose by nearly 2% to the day's high of Rs 1,926 on the BSE after Morgan Stanley and JPMorgan initiated coverage. JPMorgan and Morgan Stanley have initiated coverage on the automaker with an overweight rating, citing its strong growth potential, strategic positioning in the SUV and electric vehicle (EV) segments, and promising valuation metrics.

Adani Energy Solutions Ltd.(up 5.11%), GMR Power and Urban Infra Ltd.(up 5.00%), Adani Power Ltd.(up 4.44%), Ravindra Energy Ltd.(up 4.39%), Gujarat Industries Power Company Ltd.(up 4.17%), Energy Development Company Ltd.(up 4.03%), Jyoti Structures Ltd.(up 3.59%), Indowind Energy Ltd.(up 3.31%), Reliance Power Ltd.(up 3.01%) and Jaiprakash Power Ventures Ltd.(up 2.71%) were among the top gainers.

Subbaraju has added his name to the list of newlyweds. The popular character artist recently announced his marriage with a heartfelt Instagram post, sharing a charming picture of himself and his bride in traditional wedding attire. Alongside the image, he captioned it simply, “Hitched finally,” leaving fans delighted. Hailing from Bhimavaram in Andhra Pradesh, Subbaraju has built a remarkable career in the Indian film industry. He began his journey with a serendipitous entry into cinema, a chance encounter with director Krishna Vamsi that led to his debut in Khadgam. His breakthrough came with Amma Nanna O Tamila Ammayi, where he shared the screen with Ravi Teja under the direction of Puri Jagannadh. Subbaraju then carved a niche for himself with memorable roles in Arya, Pokiri, Billa, Khaleja, and the blockbuster Baahubali: The Conclusion in which he played the role of Kumar Verma.