India Financial News

Tata-Airbus aircraft complex, that will produce the C295 military transport aircraft, can pave the way for developing and manufacturing civil aircraft to meet the needs of India and the world in the future, Prime Minister Narendra Modi said on Monday. Speaking after inaugurating the complex with his Spanish counterpart Pedro Sanchez, the Prime Minister stressed that the facility reflects the work culture of a new India and is in line with the 'Make in India, Make for the World' slogan. The complex in Vadodara will produce at least 52 of the military transport aircraft, with the first expected to be ready by 2026. Noting the growing demand of civil aircraft in India, the PM said that domestic airlines have ordered 1,200 planes in the recent past as air connectivity is being increased to hundreds of small cities as well.

flights per week flight movements this winter despite rising travel demand. Chhatrapati Shivaji Maharaj International Airport (CSMIA) is all set to provide an extensive network of travel options for its passengers with 3,372 weekly flights--2,361 weekly domestic and 1,011 weekly international flights-- for the winter schedule 2024, the private airport operator said. Significantly, as per the winter schedule for the Indian Airlines announced by the Directorate General of Civil Aviation (DGCA) earlier this month, the Indian airlines will operate 25,007 flights every week to and from 124 airports, which is 5.37 per cent more compared to the winter schedule of 2023. The winter schedule this year started from October 27, 2024 and will continue till March 29, 2025.

Narendra Modi on Monday said a strong people-to-people connect has always strengthened ties between India and Spain. «While yoga is highly popular in Spain, Spanish football is liked in India,» Modi said after he and Spanish President Pedro Sanchez inaugurated the Tata Aircraft Complex for manufacturing C295 aircraft in Vadodara. On Sunday's football match between clubs Real Madrid and Barcelona, Modi said Barcelona's great victory was a topic of discussion in India too and the fervour of the fans of both the clubs was the same in India and Spain. Dwelling on India and Spain's multifaceted partnership, Modi said, «Whether it is food, films, or football, our strong people-to-people connect has always strengthened our ties.» Modi expressed happiness that India and Spain have decided to celebrate 2026 as the India-Spain Year of Culture, Tourism, and AI.

And this is just the tip of the iceberg. OpenAI CEO Sam Altman recently outlined a heady vision of ‘artificial superintelligence’, one where “our children will have virtual tutors who can provide personalised instruction in any subject, in any language, and at whatever pace they need”. “If a lamplighter could see the world today, he would think the prosperity all around him was unimaginable. And if we could fast forward a hundred years from today, the prosperity all around us would feel just as unimaginable.” — SAM ALTMAN, CEO and co-founder, OpenAI, on the potential evolution we could see in the next few decades thanks to AI Given all this potential, ETPanache asked leaders what tasks they would like to automate if they could and what tasks they would hate to give up control of. Irina Ghose MD, Microsoft India

illegal payment gateways created by transnational gangs of cybercriminals using mule bank accounts and are being used for facilitating money laundering, officials said on Monday. The gateways are created by transnational cybercriminals who provide money laundering services using accounts of shell companies and individuals, exploiting the bulk payout facility provided by banks, it said. Police in Gujarat and Andhra Pradesh recently conducted nationwide raids which showed that cybercriminals have set up illegal digital payment gateways using rented bank accounts for laundering the proceeds of different crimes. «Some of the payment gateways identified during the operation are PeacePay, RTX Pay, PoccoPay, RPPay etc. These gateways are learnt to be providing money laundering as a service and are operated by foreign nationals,» a government statement said.

Middle East, India has solid oil reserves sufficient to last 12 days, with additional supplies in refineries that can sustain the country for about 18 days. However, any breakdown in the Strait of Hormuz lasting beyond 30 days could have significant lagging effects on the global economy and Indian markets, said former Indian Foreign Secretary Ranjan Mathai on Monday. “Moreover, there is concern that if a war spreads into the Gulf, it could affect the eight million expatriates living there,” he added. The diplomat made these observations while discussing “The Middle East Quagmire: Will the Iran-Israel War Spiral Further?” at an event organized by Synergia, a Bengaluru-based think tank. Speaking about the recent developments and Israel's decision to scale back its attacks on Iran, Mathai believes that US influence remains a key stabilizer in the region, as its presence deters large-scale conflict. “While Israel has formidable military and technological capacities, its vulnerabilities are showing. It currently needs U.S. assistance and must therefore rely on maintaining a solid line of communication with the decision-making authorities in Washington,” Mathai explained, adding that recent figures indicate as much as 40% of the next supply of missiles for the Iron Dome and Arrow will need to come from American sources.

Redmi A4 5G smartphone during the IMC 2024, marking a significant collaboration with Qualcomm. This device will be powered by the Snapdragon 4s Gen 2 chipset, making it Xiaomi's first 5G-enabled Redmi phone priced under ₹10,000. While the official launch date is yet to be confirmed, Xiaomi has indicated that the commercial release will occur later this year.The Redmi A4 5G is expected to be available in a single variant featuring 4GB RAM and 128GB storage, priced around ₹8,499, inclusive of launch and bank offers.

Amazon Great Indian Festival Diwali Sale: Up to 50% off on washing machines and refrigerators from LG, Samsung and moreThe Faber 4L Digital Air Fryer is a multifunctional kitchen appliance designed for healthy cooking. With a powerful 1350-watt motor, it allows you to fry, bake, roast, toast, grill, and reheat with 85% less oil, making meals healthier without sacrificing flavour.

Reasons to buyReasons to avoidAlso read: Amazon Great Indian Festival Sale 2024: 8 PM deals with more than 60% off on high-capacity geysersThe Crompton Gracee Instant Heater Geyser is a compact and efficient option for instant hot water needs. With its sleek and stylish design, this geyser is perfect for modern bathrooms.

Sun Pharma reported a 28% year-on-year (YoY) jump in net profit to Rs 3040 crore in Q2FY25 led by higher sales growth in domestic formulation and global specialty portfolio. The company reported net profit of Rs 2375.5 crore during the corresponding quarter of the previous year.

Adani Cement «achieve targeted growth ahead of time», said Adani Group Cement Business CEO Ajay Kapur in an investors' call on Monday. The Adani group, which had last week announced the acquisition of Orient Cement, aims to have a manufacturing capacity of 140 million tonnes per annum (MTPA) by FY28. «Adani Cement will benefit from accelerated growth, lower costs and good synergies, all of which will contribute to leading the market and achieving sustainable performance in the near future. The pace of capex has increased, which will help to achieve targeted growth ahead of time,» said Kapur. Ambuja Cement, part of Adani Group, which houses all cement assets, is a debt-free company and as of September 2024, cash and cash equivalent for the company was at Rs 10,135 crore, said Kapur.

Indian Prime Minister Narendra Modi and his Spanish counterpart Pedro Sanchez have inaugurated India’s first private military aircraft plant

India Meteorological Department (IMD) has forecasted light showers in the city on October 30 and 31, aligning with the Diwali celebrations which start on October 29 and continue until November 3. Meteorologists noted that both day and night temperatures are expected to be slightly warmer than usual, with early morning mist predicted throughout the week. “An upper air circulation is anticipated over Maharashtra in the next two days, increasing moisture in areas like Madhya Maharashtra, which includes Pune,” a senior Met official explained.

Bharti Airtel’s consolidated net profit for the fiscal second quarter jumped 168% on-year on the back of strong average revenue per user (ARPU) growth and subscriber adds, although a Rs 318 crore exceptional loss caused it to miss estimates. The nation’s second-largest telco posted a consolidated net profit of Rs 3,593 crore, which missed estimates as analysts were expecting a consolidated net profit of around Rs 4,311 crore in the September quarter.

India with rapt attention and seriousness, and everyone is looking at the country with new hope and discussing the vast possibilities it presents in different fields. Addressing a gathering at Lathi in Amreli district of Gujarat after launching development projects worth Rs 4,800 crore, he said countries that participated in the recent BRICS summit (held in the Russian city of Kazan) expressed their eagerness to join hands with India and become partners in its development journey. German Chancellor Olaf Scholz, during his visit to New Delhi last week, announced that his country will issue visas to 90,000 Indians every year, and it is now up to the country's youth to prepare themselves as per their requirements, said Modi.

Nomura on Monday said the Indian economy has entered a phase of "cyclical growth slowdown" and the Reserve Bank's estimate of 7.2 per cent GDP expansion is «overly optimistic». The brokerage said it sees «rising downside risks» to its GDP growth estimates of 6.7 per cent in the ongoing FY25 and 6.8 per cent in FY26. «We believe India's economy has entered a cyclical growth slowdown. Coincident and leading growth indicators point to a further moderation in GDP growth and the RBI's forecast of 7.2 per cent for FY25 is overly optimistic,» the brokerage said in a note. The RBI maintained its FY25 growth estimate at 7.2 per cent earlier this month, even as some watchers have been coming out with lower numbers.

Gillette India Ltd on Monday reported a 43.5 per cent rise in profit to Rs 133.01 crore for the quarter ended September 2024, led by a broad-based growth. The company, which follows the July-June financial year, had reported a profit of Rs 92.69 crore in the corresponding quarter of the preceding year, according to a BSE filing from Gillette India. Its revenue from operations increased 17.11 per cent to Rs 781.82 crore during the July-September quarter. It was at Rs 667.55 crore in the corresponding period a year ago.

During the bilateral talks held at the iconic Laxmi Vilas Palace here, both leaders also discussed the situation in Ukraine and in West Asia, said Tanmaya Lal, secretary (west), Ministry of External Affairs. «With respect to Ukraine, both sides exchanged their views on how they see the situation. PM Modi reiterated India's position that any such conflict can only be resolved by dialogue and diplomacy. This is not the time for war, this cannot be resolved on the battleground. It is necessary that direct discussion takes place between both the parties,» Lal told reporters.

Eastern Ladakh. The process includes removal of all types of infrastructure and pulling back of troops by both sides, reported ANI quoting sources. The entire process is expected to be completed by Tuesday, October 29. Earlier on Friday, the Chinese Foreign Ministry said the frontier troops of both India and China are engaged in «relevant work» in accordance with the agreement reached between the two nations on issues concerning the border.

Sarbananda Sonowal visited the Pandu Port Complex to review the ongoing construction activities including the Northeast India’s First Ship Repair Facility as well as the Elevated Road corridor. The Union Minister also met with the senior officials of the Ministry as well as the Inland Waterways Authority of India (IWAI), the nodal agency for the development of waterways in the country, to assess the progress of various projects being developed along the river Brahmaputra (National Waterways 2) with an investment of Rs 645 crores. Speaking on the occasion, the Union Minister, Sarbananda Sonowal said, “Waterways have always been the lifeline for the people along the river. Under the dynamic leadership of Prime Minister Narendra Modi ji, this important aspect of our civilization became a focal point of renewed attempt at finding sustainable solutions for economic development and prosperity.