India Financial News

medical tubing used in catheters. The groundbreaking of the new manufacturing site is expected in 2025, with operations commencing in 2026. The manufacturing site will increase US-based Lubrizol’s local medical tubing volume five-fold, creating easier access to life-saving medical tubing in India and in markets around the world through export. High-quality medical tubing produced through the partnership will be used in neurovascular and cardiovascular medical applications, such as balloon catheters and minimally invasive procedure catheters.

Enforcement Directorate (ED) conducted raids and search operations in and around Kolkata in connection to a multi-crore alleged financial fraud and money laundering through lottery tickets. Three teams of the central agency officials carried raids and search operations in at least three locations in Kolkata. The central agency officials carried out raids in at least three locations in Kolkata, Madhyamgram area in North 24 Parganas district and two other locations. In Madhyamgram's Michael Nagar, raids and searches were conducted in a lottery-ticket printing factory. The other two places where raid and search operations were conducted were at Lake Market and Lake Gardens in South Kolkata. The central agency also conducted raids at the offices-cum-residences of two lottery agents, people in the know said. Multiple charges against the lottery scam include evasion of taxes and diversion of the proceeds of the income illegally.

Infosys co-founder Narayana Murthy reiterated his statement of not believing in work-life balance at the CNBC Global Leadership Summit. Murthy said that KV Kamath, Independent Director and Non-Executive Chairman of Jio Financial Services, had once said that since India is a poor country with lot of challenges and we need to worry about those rather than about work-life balance."

The company's net revenues stood at Rs 965 crore, a 44% growth QoQ and a 25% increase YoY. The company’s real estate collections during the quarter amounted to Rs 1222 crore, highlighting a healthy cash flow.

Vodafone Idea official on Thursday said telecom subscribers consuming more data should pay more to enable the industry to generate reasonable returns and ensure connectivity to all sections of society. During Vodafone Idea (VIL) earning call for the second quarter ended September 30, 2024, the company's CEO Akshaya Moondra said that the loss of subscribers to BSNL due to the recent tariff hike is quickly reversing because of the state-run telecom firm's «network experience». He said that the Indian wireless sector is at a crucial junction.

KP Singh, Chairman Emeritus, DLF, told ET. In a conversation with ET’s Faizan Haidar, Singh talks about current issues plaguing urban development, how this wasn’t his vision for Gurgaon, and planning his succession. Edited excerpts: Q: You have been an advocate for urban planning. How satisfied are you with India’s progress on infrastructure and urban planning? A: I am not satisfied. The test of good urban planning is its ability to accommodate everything related to urban life, enabling citizens to live comfortably and in good health.

Glenmark Pharma reported Rs 340 crore net profit in Q2FY25 led by robust sales growth in India and Europe. The drugmaker reported a net loss of Rs 180 crore in the corresponding quarter of the previous year. Revenue rose 7% YoY to Rs 3,434 crore in Q2FY25.

Also in the letter: ■ NR Narayana Murthy’s interview with ET ■Uber India rolls out new features

1 According to the records, 1 in 7 of all diabetics in the world currently are from India.2 It is anticipated that by 2045, 134 million people will be affected by diabetes.3 Diabetes is usually split into type 1 and type 2. Type 1 diabetes is becoming more common, yet it is still not widespread in India. On the other hand type 2 diabetes (T2D) affects 90–95% of diabetics in India.1

ePlane Company, incubated at IIT-Madras and aiming to become one of the main players in India’s electric vertical takeoff and landing (eVTOL) mobility sector, on Friday announced the closure of a $14 million funding round. With this funding, ePlane is poised to become the largest-funded eVTOL player in India, the company said in a statement. Founder of the startup and IIT-Madras aerospace engineering professor Satya Chakravarthy told ET that the government's support and announcement of certification standards have helped strengthen investor confidence. “Among the new investors, we can clearly see that their conviction about air taxis is much stronger compared to their interest in just commercialising drones,” he said. The Series B round was co-led by Speciale Invest and Antares Ventures, with continued participation from Micelio Mobility, Naval Ravikant, Java Capital, Samarthya Investment Advisors, Redstart (from Naukri), and Anicut.

Reliance Industries Limited, Viacom18 Media Private Limited, and The Walt Disney Company announced on Thursday that the merger of Viacom18's media and JioCinema businesses into Star India Private Limited (SIPL) is now officially effective. The transaction values the joint venture at Rs 70,352 crore (~US$ 8.5 billion) on a post-money basis, excluding synergies. At the closing of the transactions, the JV is controlled by RIL and owned 16.34% by RIL, 46.82% by Viacom18 and 36.84% by Disney. The JV will be led by Nita M. Ambani, Chairperson, and Uday Shankar, Vice Chairperson, who will offer strategic guidance.

However, the flagship health scheme from government has its own share of limitations which may significantly impact the dependability of this scheme often in critical scenarios. As the Ayushman Bharat PM-JAY scheme is set to cover all senior citizens aged 70 and above, a crucial question arises: should seniors continue paying for private health insurance or rely solely on government coverage? Let's analyse the benefits and drawbacks of both options to help seniors make informed decisions.

Portfolio management firm Unifi Capital on Thursday received the final approval from the Securities and Exchange Board of India (Sebi) to start its mutual fund operations through its unit, Unifi Asset Management Pvt Ltd. The approval from Sebi would allow Unifi Asset Management to leverage its extensive experience in the investment space to offer tailored mutual fund solutions to investors, the company said in its filing, adding that it has assembled a team to lead the mutual fund’s operations, blending in-house expertise with strategic external hires. Saravanan Viswanathan, Chief Investment Officer at Unifi Mutual Fund, emphasized that the firm’s focus on absolute risk-adjusted returns, rather than market sentiment and momentum, would drive consistent performance.

The NSE Nifty index closed 26.35 points down at 23532.7, while BSE Sensex ended 110.64 points at 77580.31.

small businesses in India get paid faster, according to the Reserve Bank of India (RBI). The system, called TReDS, allows small businesses to sell unpaid invoices to banks and other financial institutions. “TReDS has effectively bridged the credit gap by enabling MSMEs to promptly convert their trade receivables into liquid funds. This ensures that small businesses do not have to wait endlessly for payments,” said RBI Deputy Governor Michael Patra. Small businesses often struggle to get paid on time by their larger customers. This delay can make it hard for them to pay their own bills and grow their businesses.

Zydus Wellness Ltd.(up 4.95%), Gopal Snacks Ltd.(up 4.43%), Tasty Bite Eatables Ltd.(up 4.30%), Bajaj Consumer Care Ltd.(up 3.08%), Adani Wilmar Ltd.(up 2.35%), Honasa Consumer Ltd.(up 2.01%), ADF Foods Ltd.(up 2.01%), Parag Milk Foods Ltd.(up 1.47%), Varun Beverages Ltd.(up 1.33%) and Hatsun Agro Products Ltd.(up 1.32%) stood among the top gainers.

Lexus Granito(India)Ltd.(up 6.12%), Ashapura Minechem Ltd.(up 6.00%), Sandur Manganese & Iron Ores Ltd.(up 2.95%), Oriental Trimex Ltd.(up 1.94%), Pokarna Ltd.(up 0.81%), Coal India Ltd.(up 0.71%), The Orissa Minerals Development Company Ltd.(up 0.38%) and Gujarat Mineral Development Corporation Ltd.(up 0.31%) stood among the top gainers.

Hynniewtrep National Liberation Council (HNLC) was on Thursday declared banned by the government for five years for its involvement in violent incidents and for carrying out activities prejudicial to India's sovereignty and integrity. In a notification, the Union Home Ministry said the Central government is of the opinion that the HNLC has declared objective for secession of areas in the Meghalaya, largely inhabited by Khasi and Jaintia tribes, and continued intimidation and bullying of the civilian population to extort funds for their organisation. It said the group is also maintaining links with other insurgent groups of the northeastern region for carrying out extortion and intimidation and indulging in 48 criminal cases, including that of explosion or planting of explosives in Meghalaya, from November 2019 to June 2024. During this period, 73 cadres of the outfit were also arrested by the security forces.

Civil Aviation Minister Kinjarapu Rammohan Naidu on Thursday said the Ministry is exploring the use of seaplanes to connect even the most remote areas of India, including the North East. Naidu, who was here to participate in a two-day aviation conference, also took a test ride on a seaplane during a demonstration at the scenic Umiam Lake, where Meghalaya Chief Minister Conrad K. Sangma and other senior officials of the ministry were present. «Let it be road, rail, or air connectivity, Modi wants the North East to be integrated with the mainland with the best connectivity possible. The Ministry of Civil Aviation wants to ensure that his (Modi) vision becomes a reality,» Naidu told reporters after a 30-minute joyride on the seaplane. He said people come to Meghalaya and the region for a variety of reasons, such as tourism, spirituality, to connect with nature, and for business activities.

Shares have opened higher in Europe after mostly falling in Asia following a report showing inflation in the U.S. was roughly as expected last month