India Financial News

Anand Rathi has a buy call on Astral with a target price of Rs 2,666. The current market price of Astral is Rs 1,805. Astral, incorporated in 1996, is a Mid Cap company with a market cap of Rs 48387.78 crore, operating in the Plastics sector. Astral's key products/revenue segments include Plastic Products and Other Operating Revenue for the year ending 31-Mar-2024.

Thanksgiving and Black Friday, widely regarded as indicators of consumer sentiment and economic vitality, the BSE Sensex — India's benchmark stock index — reflects a mixed reaction to these events over the years. While Thanksgiving Day has shown a tendency to uplift Indian equities, Black Friday often tells a different story, marked by heightened volatility and caution.

Vodafone Idea topped the list of India Inc's largest loss-making company in Q2 with a loss of Rs 7,176 crore. NBFC Sammaan Capital, which was earlier known as Indiabulls Housing Finance, reported the second largest loss pile of Rs 2,761 crore. PSU fuel retailer Indian Oil's Q2 loss was also more than Rs 1,100 crore.

privacy of mobile users amid ambiguity around the nature of consumer data that can be sought by the Centre, senior telecom executives and legal experts said. They added that the new rules could also throw up implementation challenges as the mandated six-hour timeline to report cybersecurity incidents to the government is a fraction of the time allowed under comparable laws in the US and the European Union (EU). Leading corporate lawyers, who work closely with India’s top telcos, have flagged concerns around the privacy of consumers of mobile services, saying the notified cybersecurity rules—which empower the government to demand traffic data from telcos—have neither defined ‘traffic data’ nor specified any limitation on the duration for which such data can be stored. This ambiguity in the new rules, they warned, potentially allows private consumer data to be retained indefinitely without any legal or procedural constraints.

Subscribe to enjoy similar stories. Even as revenue growth for companies in India has reduced its pace to a canter, royalty payments sent abroad by several Indian offshoots of multinational companies (MNCs) are galloping ahead. In several cases noted by market regulator Sebi, royalty payments exceed dividends.

India Meteorological Department (IMD) reported that a deep depression over the Bay of Bengal is likely to develop into a cyclonic storm, Cyclone Fengal, on 27 November. The depression was located approximately 770 km south-southeast of Chennai and 570 km south-southeast of Nagapattinam. «It is very likely to continue to move north-northwestwards and intensify further into a cyclonic storm on 27th November. Thereafter, it will continue to move north-northwestwards towards Tamil Nadu coast skirting Sri Lanka coast during subsequent 2 days,» the IMD stated on X (formerly Twitter). The IMD also issued a red alert for districts such as Mayiladuthurai, Nagapattinam, and Karaikal, warning of extremely heavy rainfall exceeding 20.4 cm. An orange alert is in place for districts like Villupuram, Cuddalore, and Puducherry, with fishermen advised to avoid venturing into the sea until 28 November.

Bengaluru this year with chilly breeze sweeping across the city. Parts of the silicon valley are also witnessing slight drizzle, adding to the cold. The city is set to experience more rain on Wednesday and the coming days as deep depression over the southwest Bay of Bengal is likely to intensify into a cyclone and move towards Tamil Nadu, skirting the Sri Lankan coast, over the subsequent two days, the India Meteorological Department has said.

Subscribe to enjoy similar stories. Officials of Life Insurance Corp. of India (LIC) informed executives of Zee Entertainment Enterprises Ltd at a shareholder outreach programme that they would not back another five-year term for Punit Goenka as managing director, three people aware of the matter said.

Subscribe to enjoy similar stories. Investors exiting India have net-sold over ₹2 trillion worth of shares this fiscal, setting the stage for what could be the worst year for foreign portfolio outflows on NSE's secondary market. As US bond yields rose and quarterly earnings disappointed amid lofty valuations, foreign institutional investors (FIIs) net-sold a record ₹1.17 trillion in the secondary market in NSE's cash segment in October.

Subscribe to enjoy similar stories. For Indians looking to travel to the Middle Kingdom, a direct flight is still some distance. Despite cooling hostilities, the Indian security establishment is opposed to direct flights that remain suspended since 2020, two people aware of the matter said, given unresolved national security concerns.

Subscribe to enjoy similar stories. Wipro Ltd has named a new Europe head as the software services provider looks to revive business in this second biggest market. On Monday evening, India’s fourth largest software services company appointed Omkar Nisal as the chief executive of its Europe business.

Subscribe to enjoy similar stories. Zepto is well on its way to touch annualized sales of $3 billion in the next month or two, Aadit Palicha, Zepto co-founder and chief executive, told Mint, underscoring the firm’s potential for rapid growth that has attracted investors from around the world. Zepto’s dark stores are turning profitable at a faster pace as the firm is adding newer categories with a higher average order value, which is adding to its bottom line.

Subscribe to enjoy similar stories. Since its debut on Dalal Street three years ago, Paytm has been battling several challenges. There were high expectations that its initial public offering (IPO), which raised ₹18,300 crore, would lead to a blockbuster listing.

Subscribe to enjoy similar stories. Between 2016 and 2020, there was no rise in home prices due to the slowdown. It was only after the pandemic that sales picked up, as did prices.

Adam Smith wrote in The Wealth of Nations that managers of joint stock companies can't be expected to watch over a company with the same anxious vigilance that owners watch over their own company. The wisdom remains relevant in modern day business. Owners with the money, but who lack expertise or time to run the business, hire professional managers. The anxious vigilance of owners referred by Smith is to ensure that the business generates enough economic value for them-to put it simply, to see it's earning a return on capital that exceeds costs. Professional managers hired by owners are primarily the capital or asset allocators in the business. If capital allocation within the business is inefficient, then enough economic value won't be generated. As rudimentary as it may sound, it's surprising how awareness of high cost attached to equity capital is often missing in many suave, confident and crafty professional managers in corporate India.

Adani Green Energy Ltd (AGEL) on Tuesday said there was no new financial commitment under discussion with TotalEnergies. In a press statement, AGEL said, «We wish to clarify that there is no new financial commitment under discussion with TotalEnergies,» adding that it will not have any material impact on the company's operations or its growth plan. The comments come a day after French energy major Total Energies said it will not make any new financial contribution as part of its investments in the Adani group of companies until the accusations against the Adani Group individuals and their consequences were clarified. Adani Green Energy's scrip ended at ₹899.40, down 7.05% on BSE Tuesday. Adani Total Gas ended 3.50% lower at ₹579.70.

Adani Green Energy following the US indictment for alleged bribery to win contracts. According to highly-placed state government sources, Andhra Pradesh is considering writing to Solar Energy Corporation of India (SECI) to cancel the power purchase agreement (PPA) signed with Adani Green Energy and recommend a probe by a central investigative agency. Other options being considered include formation of a Cabinet sub-committee to examine the charges of bribery and keep the power supply agreement (PSA) signed with SECI in abeyance. The third option is to completely scrap the PSA. Sources said that the state government is veering towards the option of writing to the SECI and ask it to scrap the PPA. The PPA under scrutiny involves the Andhra Pradesh government's procurement of 7,000 megawatts (MW) of solar power through SECI. US authorities have charged Gautam Adani and seven others with agreeing to pay bribes of $265 million to unnamed state government officials to obtain solar power-supply contracts in Odisha, Tamil Nadu, Chhattisgarh, Andhra Pradesh and the Union Territory of J&K, between 2021 and 2022.

India is poised to address domestic and global labour demands. Improving Employment Metrics The Periodic Labour Force Survey reveals positive trends in India's employment scenario. From 2017-18 to 2023-24, the national unemployment rate dropped from 6% to 3.2%, while the Worker Population Ratio (WPR) surged from 46.8% to 58.2%. The workforce engaged in economic activity grew to an estimated 643.3 million in 2023-24, up from 471.5 million in 2014-15, with women's WPR doubling to 40.3% and youth WPR rising to 41.7%.

Uttar Pradesh chief minister Yogi Adityanath said the main essence of the three newly implemented criminal laws- Bhartiya Nyaya Sanhita- 2023, Bhartiya Nagarik Suraksha Sanhita- 2023, and Bhartiya Sakshya Adhiniyam- 2023- in the country lies in delivering justice, rather than focusing solely on crime and punishment. These three laws came into force on July 1, 2024. CM Yogi inaugurated the National Conference on the Role of Forensic Science and Cyber Security in the Justice Process, organized on the 75th anniversary of the adoption of the Indian Constitution in Lucknow on Tuesday. “With the inspiration of Prime Minister Narendra Modi, three new laws—Bharatiya Nyaya Sanhita 2023, Bharatiya Nagarik Suraksha Sanhita 2023, and Bharatiya Sakshya Adhiniyam 2023—were implemented on July 1, 2024,” he said. He further added the essence of these laws lies not in criminal codes and penal provisions but in a code of justice and civil security. The process will begin with evidence collection, followed by bringing the accused to justice, he mentioned in his speech.

Indian stock market ended lower on Tuesday, breaking its two-day winning streak, weighed down by selling pressure in auto and pharma stocks. The benchmark S&P BSE Sensex shed 105.79 points or 0.13% to settle at 80,004.06, while the broader Nifty 50 index lost 27.40 points or 0.11% to close at 24,194.5 points.