India Financial News

Details of the patrolling agreement are yet to be shared but disengagement of troops at both Depsang, where Chinese soldiers had blocked access to patrolling points by occupying the 'Y Junction', and Demchock, where tents had been erected Indian side of LAC, was vital to move to the next step of de-escalation. A larger de-escalation- in which forward deployed troops inducted in thousands since tensions broke out in 2020 will be moved back to their peacetime locations — has been the focus of talks from the Indian side.

BRICS summit, the Modi government has said that India and China have reached an agreement to resume patrolling in eastern Ladakh. The development has brightened chances of a meeting between PM Narendra Modi and Chinese President Xi Jinping in Kazan on the sidelines of the summit. «Over the last several weeks, Indian and Chinese diplomatic and military negotiators have been in close contact with each other in a variety of forums. As a result of the discussions that have taken place over the last several weeks, an agreement has been arrived at on patrolling arrangements along the Line of Actual Control in the India-China border area and this is leading to disengagement and eventually a resolution of the issues that had arisen in these areas in 2020,» foreign secretary Vikram Misri said at a media briefing. Indian and Chinese soldiers will be able to resume patrolling in the way they had been doing before the border face-off in May 2020, external affairs minister S Jaishankar said at a media event. He said LAC breakthrough is a good development that happened due to «patient and persevering diplomacy».

Ishan Kishan returned to the national reckoning as he was on Monday named in a 15-member India A squad, to be led by Ruturaj Gaikwad, for the upcoming tour of Australia. Fresh from his fine hundred against Mumbai in the Ranji Trophy, Maharashtra's Gaikwad was named captain of the India A team. India A will play two first-class matches against Australia A in Mackay and Melbourne and then take part in a three-day intra-squad game against the senior India team in Perth. Apart from Gaikwad, the squad also includes other opening batters like Abhimanyu Easwaran and Sai Sudharsan, as India will likely need to name a reserve opener in their Test squad for the upcoming tour of Australia, with captain Rohit Sharma set to miss one of the first two matches of the Border-Gavaskar Trophy for personal reasons.

development finance institution and impact investor. «The beauty about India is it is the creator of concepts for emerging models. Developers in Southeast Asia are looking to India. How is India developing? In fact, we run workshops on how Indian renewable power sector has evolved,» Srini Nagarajan, managing director and head of Asia at BII, told ET. Today, BII has a $2.3 billion portfolio in India and has committed to invest over $1 billion between 2022 and 2026.

Hilsa fish from Bangladesh, even though the neighbouring nation had issued an order of export of 2,420 tonnes to India. This has happened as the order for fish imports came late when the availability of Hilsa comes down in Bangladesh as the monsoon retreats. The order was issued in late September by the Bangladesh government when the Hilsa catch dwindled and the quality too suffered. For the Hilsa lovers, which is a gastronomic delight for them, prices did not fall much as the availability was less. Prices of Hilsa which were expected to halve, have fallen by only 10-15% to ₹1700 per kg.

Bharat Urban Megabus Mission to introduce 100,000 electric buses in all million plus cities in India. The ₹1.75 lakh crore urban mobility mission envisages introduction of electric buses and allied infrastructure, including bus stops, terminals and depots. Apart from introduction of new electric buses, the mission will cover creation of 5,000 kilometres of walking and cycling-friendly streets. The mission will be launched in 2025 and will cover the time till 2029-30 financial year. The Centre wants to increase the share of public transport in motorised trips so that more people start preferring it over taking out their private vehicles. According to sources, the introduction of non-polluting electric vehicles in million plus cities aims to increase public transport mode share to 60% of all motorised trips by 2030 and 80% of all motorised trips by 2036, and non-motorised trips (cycling and walking) being at least 50% of all urban trips by 2030.

Shringla has said that agreement between India and China on patrolling arrangements along the Line of Actual Control in eastern Ladakh is likely to lead to de-escalation and provides an opening for Prime Minister Narendra Modi and Chinese President Xi Jinping to meet on the sidelines of BRICS Summit in Russia this week. Shringla, who was Foreign Secretary when actions of Chinese army led to a standoff along LAC in eastern Ladakh in May 2020, told that a fairly firm hand in the negotiations has brought about a satisfactory conclusion. «I think the agreement gives us a way to move forward, provides an opening for leaders to meet, and possibly even take this into de-escalation — the thinning out of troops on the frontline. It will be recalled that China had massed troops at the time when hostilities began, and those troops are still there. So I think after disengagement, we should look at de-escalation,» Shringla told ANI.

Indian Army, Assam Rifles, Manipur Police and other security forces have been relentlessly carrying out intelligence based joint operations in both the hill and valley regions in Manipur. The close coordination and synergy amongst the various security forces have resulted in recovery of 12 weapons, ammunition and war like stores in the previous week. On 15 October 2024, Indian Army along with Manipur Police launched a search and recovery operation in general area Leirongthel Pitra, which is located the fringe areas of Thoubal district, Manipur and recovered one AK 56 Rifle, one SLR, one Carbine Machine Gun, one Single Barrel Rifle, one Pistol, Grenades, ammunition and war like stores. Similarly on 16 Oct 24, Assam Rifles and Manipur Police launched an intelligence-based operation near Cannan Veng village, Churachandpur District, Manipur and recovered one .303 Rifle, five Single Barrel Rifles, one 9mm Pistol, ammunition and war like stores. The recovered items have been handed over to Manipur Police.

Nirmala Sitharaman on Monday pitched the India story to a large group of pension funds and institutional investors in the US and impressed on them to take advantage of India's enormous investment opportunities. Sitharaman addressed a roundtable on “Investment Opportunities in India” at the New York Stock Exchange (NYSE), the world’s oldest and largest bourse with around 11 Indian companies listed on it, according to a finance ministry post on X (formerly Twitter). “The roundtable is being attended by various pension funds and other institutional investors and fund managers across USA, forming one of the largest financial systems in the world in terms of total assets under management,” the ministry said in the post.

Veronika Rinecker is based in Germany, studied international journalism and media management. She specializes in politics and regulation, energy, blockchain, and fintech. Since 2017, she has been...

CG Power and Industrial Solutions on Monday reported a nearly 10 per cent decline in its consolidated profit after tax to Rs 220 crore for three months ended September 2024. Its profit after tax (PAT) was Rs 244 crore in the year-ago quarter. Aggregate sales for the quarter increased 21 per cent to Rs 2,413 crore during the July-September quarter of the current fiscal from Rs 2,002 crore in the same quarter of 2023-24, the company said in a stock exchange filing.

Amazon Great Indian Festival Diwali offers revealed for luxury furniture like recliners, beds and moreExperience luxury and performance with up to 50% off on premium tablets this Diwali! These high-end devices boast stunning displays, powerful processors, and sleek designs, perfect for professionals and tech enthusiasts. Elevate your digital experience with these fantastic deals.Also reads: You can not miss out on these expertly curated Diwali deals on water purifiers during Amazon Great Indian Festival SaleThis Diwali, enhance your creativity with up to 79% off on tablet styluses! Perfect for artists, students, and anyone who loves precision, these styluses offer an effortless writing and drawing experience.

Partha Pratim Sengupta is likely to assume charge as managing director and chief executive officer of Bandhan Bank on November 1, ending four months of leadership gap at the Kolkata-based universal bank having a microfinance legacy. The immediate challenges for Sengupta would be to address the asset quality stress the lender has been facing, especially on its microfinance portfolio, and to contain the higher operational expenses, according to banking experts. A few formalities are yet to be completed, but he will most probably take charge on November 1, two people in the know said. «If not, he will definitely join within the first week of November,» said another bank official.

Precision engineering and manufacturing company Balu Forge Industries on Monday reported a 107% year-on-year jump in its consolidated net profit for the quarter ended September 30, 2024 at Rs 48 crore which was up from Rs 23 crore reported by the company in the year ago period. The company in which ace investor Ashish Kacholia has a 1.82% stake, reported a revenue growth of 60% YoY at Rs 223 crore in Q2FY25 compared to Rs 139 crore in Q2FY24 because of the constant focus on client addition and continued demand for the specialized engineering products.

defence cooperation between the two countries and explore new avenues of cooperation between their navies, an official statement said on Monday. Adm Tripathi will also witness the conduct of the third edition of the India-UAE bilateral naval exercise, the defence ministry said in the statement. The Chief of the Naval Staff is scheduled to hold discussions with Rear Admiral Pilot Saeed Bin Hamdan Al Nahyan, Commander of the UAE Naval Forces and other senior government officials of the UAE, it said. Adm Tripathi is visiting the UAE from October 21-24, the ministry said.

Sanofi Consumer Healthcare India Ltd for an aggregate of up to Rs 2,983 crore. The development follows Sanofi and Clayton, Dubilier & Rice (CD&R) entering into exclusive negotiations whereby CD&R Group has agreed to acquire a controlling stake in Opella, which holds a 60.4% stake in Sanofi Consumer Healthcare India. The offer is made at a price of Rs 4,982.05 per share, aggregating to a total consideration of up to Rs 2,983.23 crore, according to the offer letter by Citigroup Global Markets India, the manager of the transaction, shared on BSE by Sanofi Consumer Healthcare India.

Ola Electric announced today that it has resolved 99.1% of the 10,644 complaints received from customers, asserting that it has a robust system in place to address consumer grievances. The electric scooter maker currently holds a 27% market share in India's e-scooter market. Earlier this month, the Central Consumer Protection Authority (CCPA) issued a show-cause notice to Ola Electric for alleged violations of consumer rights, misleading advertisements, and unfair trade practices. The notice addresses various consumer concerns, though specific allegations have not been disclosed. The CCPA's notice is seen as a formal measure to ensure consumer protection amid mounting complaints.

BRICS Summit will take place in Kazan, Russia on 22nd-24th October, 2024. The Theme of the Meeting is «Strengthening Multilateralism for Just Global Development and Security”. The main objectives of the 2024 BRICS Summit are to promote cooperation and partnership in politics and security, economy and finance, and cultural and humanitarian ties.

Indian diaspora appear extremely bullish on the Indian economy as aggregate inflows to NRI deposits more than doubled. Inflows into NRI deposit schemes amounted to $7.8 billion in April-August this year to compared to inflows worth $ 3.7 billion in the same period a year ago, the latest data released in the Reserve Bank of India’s latest monthly bulletin. Both dollar (FCBR(B)) and rupee deposits (NRE(RA)) surged reflecting higher returns in the Indian markets as also the strong fundamentals.

Indian rupee closed at a record low of 84.0725 against the US dollar on Monday, pressured by outflows from local equities and debt and a stronger dollar index. However, likely RBI intervention in the form of dollar sales reigned in losses for the rupee, traders said. Outflows caused by Hyundai routing back funds to its parent company in South Korea after its latest IPO also put pressure on the rupee

inflation is on a downward trajectory, but there is still significant ground to cover, according to the latest bulletin from the Reserve Bank of India released on Monday. The final stretch of disinflation hinges on controlling food inflation and mitigating its spillover effects on inflation expectations and core inflation. The bulletin. said that the monetary policy remains committed to aligning inflation with its target. However, geopolitical conflicts, an uncertain global outlook, volatile financial markets, and climate-related shocks pose key risks to both growth and inflation forecasts.