India Financial News

Speaking at an industry event organised by the CII on Tuesday, Insurance Regulatory and Development Authority of India (Irdai) chairperson Debasish Panda said the 1.4 billion population base offers massive growth opportunities. «There is scope for more than 70 insurance companies to cater to 1.4 billion people. I encourage more conglomerates to enter the insurance sector. It is an exciting time for the industry,» said Panda.

Narendra Modi on Tuesday, during his meeting with Russian President Vladimir Putin in Kazan, said that India has been in touch with all sides on ending the Russia-Ukraine conflict through dialogue and that «India is always ready to help bring peace». In his opening remarks at the meeting with Putin on the eve of the BRICS summit, Modi said, «We have been in touch with all sides in the Russia-Ukraine problem. It has always been our position that all conflicts can be solved with dialogue. We believe there should be peaceful solutions to conflicts. India is always ready to help bring peace.» These remarks must be viewed in the context of Modi's earlier conversation with Putin on the Ukraine conflict and his two meetings with the Ukrainian President since August. Following his visit to Kyiv, Modi telephoned Putin to share his thoughts and later NSA also met Putin and apprised him about the PM's trip. While India has not created a peace formula like Brazil and China, New Delhi has been in touch with all stakeholders to end the conflict through negotiations and pitched for Russia's presence in peace summits for durable peace.

electronics manufacturing industry is hopeful the de-escalation of border tensions between India and China may speed up pending technology transfers, planned investments from Chinese companies and movement of capital goods. Some executives though said despite a thaw in the tensions, Chinese companies will remain cautious about investing in and sending executives to India, which would need to address the existing trust deficit. «We hope this will help the Indian industry in working with reliable Chinese companies without compromising our national security interests to develop a supply chain and other capabilities in India in the electronics sector and also grow trust between the two countries for their mutual benefit,» said A Gururaj, managing director, Optiemus Electronics.

stock options, including share appreciation rights (SARs), cashless plans, as well those schemes where securities are held by trusts on behalf of non-residents. This was communicated to banks on Monday by the Reserve Bank of India as part of the amended guidance on foreign investment reporting and management system, two persons told ET. Companies will have to report the details of overseas persons exercising employee stock options plans to the banks, which in turn will inform the regulator.

Over 70% of transport-related greenhouse gas emissions come from road vehicles, with passenger cars contributing nearly half. So, it's essential for cities to invest in sustainable public transport systems that encourage people to rely less on their cars. European Investment Bank (EIB) is a key partner in this transformation of urban mobility. By financing the development of six modern metro systems in Agra, Bengaluru, Bhopal, Kanpur, Lucknow and Pune, EIB is helping to create more sustainable, accessible and cleaner transport options. To date, EIB has committed ₹30,225 cr to urban mobility in India, its largest investment in this sector outside of Europe.

security adviser and the deputy minister of foreign affairs reportedly provided “sensitive intelligence about India to The Washington Post days before the RCMP publicly alleged that Indian government agents have been linked to homicides, extortions and other violent criminal activities in Canada,” leading Canadian daily Global and Mail alleged in its new report. “Two sources say Nathalie Drouin, a former deputy minister at Justice and now Mr. Trudeau’s top national security and intelligence adviser, and David Morrison, deputy minister at Global Affairs, gave a briefing on India’s interference operations in Canada to The Washington Post in the week before Thanksgiving. The intelligence was not to be reported until RCMP Commissioner Mike Duheme held a news conference on Thanksgiving Day,” The Globe and Mail reported quoting two sources. A spokesperson for Ms. Drouin and Mr. Morris denied any classified information was shared, according to Globe and Mail.

G Kishan Reddy, is a necessary step accompanying the country's recent foray into commercial mining that offers a means to reduce its energy import dependency. India needs access to all available energy sources to sustain a high economic growth rate. Given its coal reserves and demand for electricity, the industry must become more market-oriented to draw the required investment.

prenatal gender detection tests. His argument: the ban, in place since 1994, unfairly targets medical practitioners, while the real issue lies in societal attitudes against the female child. He's right about it being a societal problem.

Telecom Regulatory Authority of India (Trai) has sought comments from stakeholders regarding the authorisation that would be granted for setting telecommunications, satellite or cloud-hosted telecommunications networks. The 166-page consultation paper, comprising 37 questions, follows a reference from Department of Telecommunications (DoT) dated July 26, seeking to get recommendations on terms and conditions, including fees or charges, for authorisation to establish, operate, maintain or expand telecommunications network as per the provisions of the Telecommunications Act, 2023. Subsequently, the DoT sent another letter, requesting the authority to consider an authorisation for satellite communication network under section 3(1)(b) of the Telecommunications Act, 2023.

World Meetei Council (WMC) in a letter to Prime minister Narendra Modi has sought replacement of the current chief minister N Biren Singh citing his inability to restore normalcy even after 17 months. The WMC letter stated, “We wish to express once again our grave concerns regarding the ongoing situation in Manipur, which has persisted for the last 17 months. The people of Manipur are in a state of utter confusion and distress due to the prevailing circumstances. To date, neither the Chief Minister nor anyone else has taken responsibility for the chaos that has plagued our state.In a democratic framework, accountability lies with the head of the government for the outcomes of their leadership. A failure to govern effectively should prompt a resignation to allow for a new government under a new leadership”.

India Meteorological Department (IMD) has issued a yellow warning for Wednesday, forecasting further rain showers. According to local police, an under-construction building collapsed in Babusapalya, near KR Puram Railway Station, leading to the death of three labourers. Fourteen people were rescued, while three others remain missing. Rescue operations are ongoing, officials said. In a separate incident, two children drowned in Kengeri Lake after becoming trapped in the marsh. Meanwhile, the Karnataka Innovation and Technology Society (KITS) released an advisory on Tuesday evening, urging IT, BT, and private companies to allow employees to work from home on Wednesday, October 23, due to the heavy rain forecast for Bengaluru Urban district. This is the second time in two weeks that the government has recommended remote work for private-sector employees.

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artificial intelligence (AI) and space science, said a Cabinet minister in Prime Minister Keir Starmer-led government. Addressing a Diwali celebration organised by the Labour Indian diaspora group on Monday evening, UK Secretary of State for Work and Pensions Liz Kendall reiterated the party's manifesto for the July general election committed to pursuing closer ties with India and a free trade agreement (FTA). As a member of Parliament from Leicester West, a constituency closely associated with the British-Indian community, the minister said she remains determined to champion the India-UK relationship in the Labour government and her city. «It was a very clear part of our manifesto that we want to build a new strategic relationship with India because we understand the vital relationship between our two great nations,» said Kendall.

Shriram Group RT Chair in Computational Mechanics’ at the Indian Institute of Science (IISc), Bangalore. This initiative is dedicated to supporting cutting-edge research in computational mechanics, encompassing various fields within mechanical, electrical, electronic, computational sciences and quantum mechanics. The appointed Chair– a distinguished faculty member at the associate or full professor level, will focus on pioneering research that applies computational methods to address real-world challenges. “Areas of research will include the development of novel numerical methods, data-driven modelling of physical phenomena, and the exploration of emerging computing paradigms such as quantum computing,” stated an official release by the company. This partnership aims to benefit the academic community and pave the way for practical applications using computational mechanics. Executive Vice Chairman of Shriram Finance, Umesh Revankar said “It is our honour and privilege to collaborate with IISc, one of India’s foremost institutions for scientific research and education. In establishing the Shriram Group RT Chair in Computational Mechanics, we aim to foster innovation and advance knowledge in fields that are critical to both academia and industry.” He added that the initiative underscores the group's commitment to driving progress through research and contributing to India’s academic landscape.

INS Tushil, the first of two stealth frigates being built in Russia, is likely to be commissioned in December, sources said on Tuesday. India and Russia signed an agreement in 2016 to build four stealth frigates, two of which were to be constructed at a Russian shipyard, while the remaining two frigates were to be built in India by the Goa Shipyard Limited. 'Tushil' is the first of the two Russian-made ships and this will be followed by 'Tamal', the sources said. The first of the two stealth frigates being built in Russia, 'Tushil', is likely to be commissioned in December this year, a source in the defence establishment said.

Tamil Nadu Deputy Chief Minister M K Stalin, in a veiled reference to the Sanatana dharma 'eradication' remark he made last year, has said that he will not apologise for his comment. Addressing an event in Dindigul, Udhayanidhi said that women did not have the right, once upon a time, to even step out of their homes and also to go to schools. Reformist leader 'Periyar' EV Ramasamy raised his voice against all such discriminatory practices. The Deputy CM said he followed Periyar, Dravidian icon CN Annadurai and late DMK patriarch M Karunanidhi and uttered only what such leaders had said in the past. Udhaynidhi presided over the self-respect marriage of Andichami (son of party leader Natham M A Andi Ambalam, a former MLA) with Radha Devi in Dindigul. «Case has been filed against me not only in Tamil Nadu but in several courts in India,» he said without making a direct reference to his Sanatana dharma related comment.

Delhi Police has registered eight separate FIRs in connection with bomb threats to more than 90 domestic and international flights over the past eight days, officials on Tuesday said. The affected flights include services from Akasa, Air India, IndiGo and Vistara, operating from Delhi to various domestic and international destinations, they said, adding the investigation is underway. According to a senior police officer, the threats messages were received through anonymous posts on X which were later suspended by the authorities. The officer said three accounts on social media platform 'X' — @adamlanza111, @psychotichuman and @schizobomer777 have been found involved in posting threat messages to fights.

East Coast Railway (ECoR) has announced the cancellation of 197 trains starting from October 23 due to the anticipated cyclone 'Dana.' The cyclone is expected to impact Odisha by October 25. According to the Indian Meteorological Department (IMD), a low-pressure area over the East-central Bay of Bengal has strengthened and is predicted to turn into a cyclonic storm by October 23, 2024. The storm will likely intensify further into a severe cyclonic storm and is expected to cross the north Odisha and West Bengal coasts between Puri and Sagar Island from late night on October 24 to early morning on October 25.

National Junior Athletics Championships scheduled to begin here on October 25 has been postponed due to an impending cyclone in Odisha, the national federation said on Tuesday. The five-day meet was to be held at the Kalinga Stadium here. «The 39th National Junior Athletics Championships postponed due to (impending) cyclone in Odisha. Next date will be published soon,» Athletics Federation of India (AFI) said in a statement. A well-marked low-pressure area over the Bay of Bengal intensified into a depression on Tuesday as it rolled towards the eastern coast with the likelihood of turning into a severe cyclonic storm, the IMD said.

disinvestment of IDBI Bank, reported by ET NOW, citing official sources. The due diligence process for prospective bidders is set to commence in November, with financial bids for the bank’s strategic sale likely to be submitted in the fourth quarter of FY25. Interested bidders are expected to gain access to IDBI Bank’s data room within the next 15 days. These bidders have already obtained security clearance from the Home Ministry, and the finalization of the draft Share Purchase Agreement will begin shortly, according to the ET NOW report.

Adani Group's power transmission arm Adani Energy Solutions Ltd (AESL) on Tuesday said it has received a notice from Securities and Exchange Board of India (Sebi) alleging wrongful categorisation of certain investors as public shareholders. The company in its filing to exchanges has said that it will respond to regulatory and statutory authorities by providing relevant information/clarifications. «During the current quarter, an SCN (show-cause notice) has been received alleging wrongful categorization of shareholding of certain entities as public shareholding and consequences therefrom,» AESL said. «The company will respond to the regulatory and statutory authorities by providing information, responses, documents and/or clarifications, as applicable, in the due course of time.»