India Financial News

trust and reliability make the foundation of the country's ties. His comments at the NDTV World Summit came amid deepening chill in India's ties with Canada as New Delhi recalled six of its diplomats including the high commissioner, and expelled as many Canadian envoys. In his address, Modi made no direct reference to the incidents involving Canada. The bilateral ties have soured over Canada's allegations of India's hand in the killing of a radical Khalistani activist, a Canadian citizen. India has denied the charge and asserted that Canada had been unable to provide any evidence to back its claim.

HDFC Asset Management Company (HDFC AMC) has announced its onboarding on the Open Network for Digital Commerce (ONDC), becoming one of the first AMCs to join hands with this network. By enabling mutual fund distributors to access a broader range of AMCs and vice versa, the ONDC Network is set to revolutionise how investment products are distributed. This integration marks a significant milestone in the financial services sector, as it aims to democratise access to mutual fund investment products across the country, according to a press release. The integration aligns with HDFC AMC's broader mission of becoming the wealth creator for every Indian. By leveraging ONDC's open protocol, the initiative will bring mutual funds to the masses, enabling more first-time investors to take part in India’s growth story, said the release.

Dr. S. Jaishankar addressed the evolving dynamics of global relations, particularly focusing on India’s complex relationship with Canada, at an event in New Delhi. While speaking at NDTV World Summit 2024, the minister remarked on the shifting priorities in diplomatic discussions, noting a noticeable change in focus from the U.S. to Canada. Addressing specific concerns regarding Canada, Jaishankar pointed out issues related to diplomatic conduct. He noted that Canada had requested an inquiry into India's High Commissioner, prompting India to withdraw its diplomats. He contrasted this with the actions of Canadian diplomats in India, who he claimed freely gather information about India’s military and police, while imposing restrictions on Indian efforts to ensure the welfare and security of its diplomats in Canada.

Russia has never done anything to impact India's interests negatively, said External Affairs Minister S Jaishankar on Monday at the NDTV World Summit. Prime Minister Narendra Modi is set to attend the BRICS summit in Russia from October 22-23 at the invitation of Russian President Vladimir Putin. In July this year, PM Modi visited Russia, his first since Moscow launched its invasion of Ukraine, a war that has complicated the relationship between the longtime allies and pushed Russia closer to India's rival China.

Silver touched a historic high of Rs 1 lakh per kg with a Goods & Services Tax (GST) of 3 per cent in the physical market on Monday, up by almost Rs 5,000 per kg from Friday. “Prices may soon touch Rs 1.25 lakh per kg. Silver, the poor man’s gold, is on a bull run as industrial demand of the metal is on the rise. Also the rising gold prices is impacting the price rally of silver,” said Prithviraj Kothari, president of India Bullion & Jewellers Association (IBJA). Jateen Trivedi, VP Research Analyst- Commodity & Currency at LKP Securities said "Silver prices have gained strong upward momentum, with physical market prices surpassing Rs 100,000 per kg in India. As gold prices soar, retail buyers are increasingly turning to silver, viewing it as a relatively cheaper alternative at these levels, especially with gold now touching ?78,000 for 10 grams. The rise in silver is being driven not only by its appeal as a more affordable precious metal but also by increasing demand from the electric vehicle (EV) sector and photovoltaic applications, which is expected to sustain global demand in the medium to long term.”

KCP Sugar & Industries Corporation Ltd.(up 1.27%) stood among the top gainers.

Dangee Dums Ltd.(up 2.84%), Procter & Gamble Hygiene & Healthcare Ltd.(up 2.25%), Heritage Foods Ltd.(up 1.86%), Nakoda Group Of Industries Ltd.(up 1.32%), Hatsun Agro Products Ltd.(up 1.16%), Jyothy Labs Ltd.(up 1.06%), Patanjali Foods Ltd.(up 0.61%) and Nestle India Ltd.(up 0.19%) stood among the top gainers.

Sakshi Malik expressed that Indian wrestlers Vinesh Phogat and Bajrang Punia's choice to accept exemptions from the Asian Games trials last year negatively impacted the image of their protest against Brij Bhushan Sharan Singh. She further explained in the book that the move by the two wrestlers made the protest appear «selfish.» Malik criticised the decision to accept the exemption, stating it damaged the protest's reputation and led supporters to question the sincerity of their movement. The protest concluded after police halted their march toward the new Parliament Building on May 28, 2023. In her book, Witness, co-authored with journalist Jonathan Selvaraj, Malik noted that the protest began to falter as «greed» influenced those close to Punia and Phogat.

Oriental Trimex Ltd.(up 4.97%), 20 Microns Ltd.(up 2.06%) and Ashapura Minechem Ltd.(up 0.37%) stood among the top gainers.

MS Dhoni has not yet confirmed his availability for the Indian Premier League (IPL) 2025. After CSK's unexpected exit from the group stage in IPL 2024, Dhoni has not spoken about whether he will participate in the next season. With the mega auction for IPL 2025 approaching, Viswanathan hopes Dhoni will provide clarity before the October 31 deadline for franchises to submit their retained player lists. «We have still no confirmation from him, though we will like him to continue playing for us. Hope he will confirm before 31st [October],» Viswanathan told ESPNcricinfo. CSK has the option to retain Dhoni as an uncapped player due to recent rule changes. The IPL has reinstated a rule allowing players to be considered uncapped even if they retired from international cricket five years ago. If Dhoni confirms his availability, he is likely to be retained by CSK as an uncapped player, which would cost the franchise Rs 4 crore from its Rs 120 crore budget.

Bangladeshi author Taslima Nasreen on Monday made a public appeal to Union Home Minister Amit Shah, requesting him to extend her residence permit to live in India. In an open request to Shah posted on her official X account, Nasreen claimed that the Ministry of Home Affairs is not extending her permit to stay in India since 2022. She expressed her worry, and urged the Minister to intervene for her benefit. «Dear AmitShahji Namaskar. I live in India because I love this great country. It has been my 2nd home for the last 20yrs. But MHA has not been extending my residence permit since July22. I'm so worried.I would be so grateful to you if you let me stay. Warm regard,» read Nasreen's post on X.

Paul Romer on Monday said Aadhaar is the most important technological system in the world right now and it has laid the foundation of a platform to enable people to avail government benefits, including direct benefit transfer. Speaking at the NDTV World Summit, Romer said that a similar platform could not be set up successfully in the US because they were monopolised by the private sector. «Aadhaar is the most important technological system in the world right now. Aadhaar solved only one problem. Present a person to me, and I will tell you what that person's number (is). »… But with that foundation, you can then build all of these fantastic services that you now enjoy," he said.

Mongolian coking coal by way of Russia, a senior government official with direct knowledge of the matter said, as New Delhi seeks to avoid over-reliance on transit through China. Mills in India, the world's second-biggest producer of crude steel, grappled with volatile Australian supplies of coking coal last year, and the government sent delegations to Mongolia in an effort to diversify sources of the fuel. Despite a longer route, Indian steel companies will now consider importing Mongolian coking coal by way of Russia, said the official, who spoke on condition of anonymity, as the deliberations are not public.

Allied Blenders and Distillers Limited (ABDL), the third largest spirits company in India, has partnered Roust Corporation, one of the largest vodka producers in the world to launch Russian Standard Vodka in India. The new strategic distribution agreement underscores ABDL's wider strategy of offering premium and luxury products to Indian consumers. Russian Vodka is the largest selling vodka in Russia with 30% market share in the premium category and is exported to over 85 countries. ET was the first to report the development on 12 August this year. The strategic arrangement between ABDL and Roust Corporation leverages the strengths of both companies. ABDL's distribution network and consumer marketing expertise will complement Roust Corporation’s globally renowned vodka premium portfolio namely Russian Standard Original, Gold and Platinum, it said in a statement.

JP Morgan has initiated coverage on Ultratech Cement and 3 other cement stocks with an upside potential of up to 31% on the belief that the sector is set for consolidation with the larger players likely to become more aggressive. “India cement sector looks set for consolidation with the larger players turning aggressive,” said JP Morgan in its note.

India and China have reached an agreement on a patrolling arrangement along their contested Himalayan border, marking a step toward easing tensions that escalated in 2020. Indian Foreign Secretary Vikram Misri shared this development on Monday, signaling progress in disengagement efforts between the two nations. “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,” Misri said. Over last few weeks, Indian and Chinese negotiators have been in touch on it, Misri added, talking about the border row with China in eastern Ladakh.

Bombay High Court seeking stringent guidelines to prevent black marketing and ticket scalping for major events. This follows concerns raised about irregularities in the sale of tickets for Coldplay's upcoming concert in Navi Mumbai, scheduled for January 2025. The petition, brought by advocate Amit Vyas, was mentioned for urgent hearing before a division bench of Chief Justice D K Upadhyaya and Justice Amit Borkar on Monday.

«UltraTech’s ambitious capacity expansion capitalises on the substantial long term growth potential of India’s cement sector. Its growth trajectory aligns closely with India’s broader growth story. By increasing its scale, the Company will meet the rising demand for cement nationwide,» said the press release by the Aditya Birla-owned entity. Moreover, to meet India's growing demand for cement, UltraTech plans to exceed its total capacity by 200 MTPA by FY27 through the acquisitions of Kesoram Cement (10.75 MTPA) and The India Cements (14.45 MTPA). This expanded manufacturing footprint is expected to help the Birla cement firm reduce operational costs, and improve customer service by leveraging the company’s nation-wide presence and its distribution network, UltraTech further said in the exchange filing.

Rahul Gandhi apologise for allegedly tarnishing the dignity of Indian women. The PIL stemmed from a claim that Gandhi had falsely accused former Janata Dal (Secular) MP Prajwal Revanna, who is facing charges of rape and sexual abuse, of «raping 400 women and filming the act,» describing it as «mass rape» and not a sex scandal. A bench comprising Chief Justice NV Anjaria and Justice K Aravind dismissed the petition, stating that it was a waste of judicial time. The Court also imposed a Rs 25,000 fine on the petitioner, the All India Dalit Action Committee, for filing the plea. The petitioner's counsel argued that Gandhi's remarks, made during a public speech, were highly irresponsible and offensive, particularly to the women of Hassan. He pleaded the Court to issue a notice to Gandhi, compelling him to respond to the allegations.

Kunal Kamra has once again found himself in a spat with Ola- this time for highlighting troubling allegations regarding Ola’s service practices. In a recent post on X (formerly Twitter), Kamra shared an incident that allegedly took place at an Ola service centre, drawing attention to the behaviour of the company's bouncers. «Hey @bhash You’ve sold such an innovative indian product you’ve had to hire bouncers to protect the staff,» Kamra wrote in his post on X, tagging CEO Bhavish Aggartwal.

Germany is focusing on attracting skilled workers from India, following new migration measures recently approved by Chancellor Olaf Scholz’s Cabinet. The move aims to streamline immigration processes and support the integration of Indian workers, addressing the critical workforce gaps caused by an ageing population. Germany, known for having the strongest economy in the European Union, faces increasing pressure to secure skilled labour to maintain economic momentum. Hubertus Heil, the German Labour Minister, emphasized India’s importance, saying, «Germany views India as an especially important partner when it comes to the issue of skilled labour migration.» The newly approved migration framework underscores the deepening economic relationship between Germany and India. With a focus on long-term economic sustainability, the German government aims to attract qualified Indian professionals across various sectors to address workforce gaps.