India Financial News

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foreign exchange reserves dipped by another $2.163 billion in the week ending October 18 to $688.267 billion, amid a massive sell-off by foreign institutional investors in the local equity market. This is the third week in a row that the forex reserves fell — cumulatively by 16.618 billion from the all-time high of $704.885 billion, according to data released by the Reserve Bank of India. The FII offloaded around $10 billion worth of equity investments in the first three weeks of October, making it the biggest monthly sell-off from the Indian stock market beating the $7.9 billion sale seen during the pandemic-led market crash in March 2020.

Digital Public Infrastructure (DPI) is now part of global conversations around inclusive and scalable infrastructure, and its blueprint can offer others an opportunity to harness technology for improving the lives of citizens, according to experts. Primus Partners, in association with iSPIRT, organised a DPI roundtable that saw key stakeholders such as senior bureaucrats, diplomats, policymakers, industry leaders and thought leaders discussing India's leadership in advancing DPI and its crucial role in driving socio-economic transformation. Delivering keynote address, G20 Sherpa Amitabh Kant noted India's remarkable leap in becoming the voice of the Global South in DPI, and in achieving in 9 years what would have taken 50 years, otherwise. «This sentiment was echoed during India's G20 Presidency, where countries reached a common consensus that DPIs are essential for equitable development and to improve the lives of citizens, especially in the global south,» he said.

European Investment Bank (EIB) has sanctioned a €300 million (approximately Rs 2,731.02 crore) loan for Bengaluru suburban railway network. This will finance development of a new suburban railway network covering four dedicated rail corridors in Bengaluru. The network will stretch over a total of 149 kilometres (km) and include 58 stations with two depots, an EIB statement said. EIB said it has already supported Bengaluru's transportation sector with a €500 million loan to build the 23 km Bengaluru Metro R6 line and purchase a fleet of about 96 metro cars. The EIB’s support for transport in India includes the financing of metro investment in Agra, Bengaluru, Bhopal, Kanpur, Lucknow and Pune, with a total of €3.25 billion committed since 2016. This makes India the largest beneficiary of EIB transport financing outside Europe.

biomedical experiments to study the effects of microgravity on human physiology, cell biology, and fluid dynamics in space and help discover crucial information for future space missions. The US-based Space Exploration & Research Agency (SERA) on Friday announced that it has partnered with Weill Cornell Medicine and the University of Austin (UATX)-- institutions that predominantly work in space research– for the upcoming Blue Origin mission, founded by Jeff Bezos. New Shepard – a reusable suborbital rocket – has plans to fly six astronauts on an 11-minute journey past the Kármán line (100 km), the internationally recognised boundary of space. The dates of the mission are yet to be made public. Earlier in July, the agency partnered with Blue Origin to secure six seats on the New Shepard rocket–of which India is a partner nation. Five seats are reserved for nations with few or no astronauts, while the sixth is open to anyone from a partner nation. Anyone can apply and will be based on public voting.

Kenya's high court on Friday suspended a $736 million deal between a state utility and India's Adani Energy Solutions to build and operate power infrastructure including transmission lines. The public-private partnership agreement between state-owned Kenya Electrical Transmission Company (KETRACO) and Adani Energy Solutions was signed earlier this month. On Oct. 11 the energy ministry said it would help address persistent power blackouts and support economic growth.

Motilal Oswal Mutual Fund has announced the launch of four index funds — Nifty MidSmall IT and Telecom Index Fund, Nifty MidSmall Financial Services Index Fund, Nifty MidSmall Healthcare Index Fund, Nifty MidSmall India Consumption Index Fund. The new fund offer or NFO of these four funds will open for subscription on October 29 and close on November 6. The schemes will reopen for continuous sale and repurchase on November 19. The minimum application amount for lumpsum and SIP investments is Rs 500 and in multiples of Re 1 thereafter in all four schemes. All the schemes will be managed by Swapnil Mayekar, Rakesh Shetty.

demand for gold bars and coins remains strong during the festive season, partly fuelled by the rise in gold prices and expectations of further increases. This trend is further enhanced by sales across online marketplaces, making gold more accessible, according to a World Gold Council report released on Friday. High prices coupled with an inauspicious period in the Hindu calendar for making purchases of valuable items from mid-September to early October, kept consumers away from jewellery buying. However, market reports indicate early signs of a resurgence in gold buying due to various ongoing festivals, with demand largely driven by wedding purchases. Retailers are actively implementing marketing campaigns to stimulate sales, said Kavita Chacko, Research Head, India of World Gold Council.

Sathyam Sundaram, originally released as Meiyazhagan in Tamil, is now streaming on Netflix. Directed by C Prem Kumar, this family drama has garnered positive reviews and is making waves among South Indian cinema fans. Here’s everything you need to know about this engaging film.

Subscribe to enjoy similar stories. Quick-commerce platform Zepto is planning to appoint a managed office operator for its new head office in Bengaluru, said three people familiar with the development. The startup, which is in the process of moving base from Mumbai to the southern city, is in talks with flexible workspace providers such as WeWork India, IndiQube and Awfis, the people said on the condition of anonymity.

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Originally premiering on January 21, 1998, CID quickly became a staple of Indian television, featuring the legendary trio of ACP Pradyuman (Shivaji Satam), Sr Inspector Daya (Dayanand Shetty), and Sr Inspector Abhijit (Aditya Shrivastava). With a remarkable total of 1,547 episodes, it holds the record as one of India's longest-running shows. As excitement builds for the second edition, fans have taken to social media, filling platforms with memes and nostalgic reflections.

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JSW Steel, the country’s largest producer of steel, saw its profit plunge 85% on year in the September quarter weighed down by weaker realisations, and a one-time loss. The steel-maker clocked in a consolidated net profit of Rs 404 crore in the Jul-Sep period as against Rs 2,773 crore a year ago. Revenue from operations were down by more than 11% on year at Rs 39,684 crore.

Amarinder Singh lashed out at Canadian Prime Minister Justin Trudeau on Friday for «ruining» the India-Canada ties, saying he is only interested in getting Sikh votes in elections. Singh's remarks came amid frosty relations between India and Canada. India has recalled its high commissioner and five other diplomats from Canada after they were named as «persons of interest» in a Canadian investigation into the 2023 killing of Hardeep Singh Nijjar, a Khalistani terrorist who was a Canadian citizen, in British Columbia. «Trudeau has ruined the relationship (between India and Canada). Trudeau is interested in only one thing and that is getting the Sikh votes for his own election,» Singh said while replying to a reporter's question on the diplomatic row between India and Canada.

Lalu Prasad on Friday claimed that the JMM-led coalition would retain power in Jharkhand as it was «set to win» the assembly elections with a «comfortable margin». The veteran politician, who is in his seventies, said he would campaign for INDIA bloc and RJD candidates in Jharkhand. Talking to reporters here Prasad said, «The RJD will win all seats where the party is contesting in Jharkhand. We (JMM-led coalition) will once again form the government there as our alliance will win elections with a comfortable margin.» When asked by journalists whether he would campaign for INDIA bloc candidates in Jharkhand or not, Prasad said, «Yes...I will soon go to Jharkhand for campaign. Tejashwi (Yadav) is already campaigning there.»

India's young opener Yashasvi Jaiswal on Friday became just the fifth batter to score 1,000 Test runs in a calendar year before turning 23. During India's second Test against New Zealand in Pune, Jaiswal, 22, kept composure and slammed 30(60) before losing his wicket on Day 2. His short-lived 30-run knock on Day 2 was enough to take his overall tally past the 1,000 Test-run mark in 2024. After crossing the landmark feat, Jaiswal entered an exclusive club that features four cricketing icons apart from him. The southpaw became just the fifth batter to score 1,000 Test runs in a calendar year before turning 23.

Signify is considering moving some of its production out of China if the company is confronted with a new round of U.S. tariffs, its chief executive said on Friday. Signify, the biggest maker of lights globally, is looking at production sites in India, Indonesia and changing existing operations in Mexico, CEO Eric Rondolat said on a call with analysts after the company reported third quarter earnings. Former U.S.