India Financial News

Elon Musk’s Starlink and Amazon Kuiper are pushing for lower satellite spectrum prices in India. Jeff Bezos-owned Kuiper is cautioning that pricey airwaves will force global satellite internet operators to target consumers in the South Asian nation’s urban areas, instead of the original aim of giving connectivity to remote regions. Any shift in strategy to focus on urban centres would pit these global firms against Indian telecom firms such as Reliance Jio and Bharti Airtel.

Executives at two-wheeler companies and dealers predict the momentum to continue in the coming weeks, making this festive season ending with Bhai Dooj on November 3 to be among the best for the industry. They also project sales for the fiscal year to be close to the pre-pandemic record of 21 million units hit in fiscal 2019, boosted by an expected pickup in rural economy on the back of favourable monsoons and good farm output, as well as an increase in minimum support prices for several key crops. Also, the recent government decision raising the dearness allowance is expected to put more money in the hands of 10 million central government employees and pensioners, and a part of this is likely to be spent on buying discretionary items like two-wheelers. Sales of two-wheelers rose 15.4% in the 10-day period of Dussehra ending October 12 compared with the festival days of October 15-24 last year, shows vehicle registration data from the government’s Vahan portal, collated by Goldman Sachs. Other segments of the vehicle industry too posted growth, with sales of cars increasing by 6.6%, three-wheelers 12.3%, light goods vehicles 9.1% and heavy goods vehicles 5.8%.

interest rates right now would be hasty and potentially fraught with risk as inflation remains above target and will stay there in the near term, Reserve Bank of India (RBI) governor Shaktikanta Das said. “Inflation is moderating, with certain risks about which we have to be very vigilant,” Das said at an event organised by Bloomberg on Friday. “Therefore, a rate cut at this stage will be very premature and can be very, very risky. When your inflation is 5.5% and the next print is also expected to be high, you can’t be cutting rates at that point.” India’s retail inflation rose to a nine-month high of 5.49% in September, driven by a rise in food prices.

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Subscribe to enjoy similar stories. Automakers are gearing up to launch a range of flex-fuel vehicles (FFVs), which can run on a variety of fuels, starting this year-end as the government aggressively promotes biofuels to cut emissions and reduce the country's dependence on costly oil imports.

Subscribe to enjoy similar stories. The emergence of Australia as a viable source of pulses, as well as growing local production of the commodity, have brought relief for India, that has traditionally depended on Canada for the bulk of its lentils imports. A murder in Canada last year has escalated into a diplomatic conflict between the two countries, casting a shadow over trade relations.

Subscribe to enjoy similar stories. India’s top information technology services companies managed to keep a tight control over people costs in the September quarter even as global capability centres—the India-based IT wings of multinational companies—emerged as attractive alternatives for their employees. Unperturbed, IT services companies are replacing their middle and senior executives with junior employees and investing in upskilling them—which accounts for 5-7% of employee costs.

Subscribe to enjoy similar stories. New Delhi: The Indian government is considering a safeguard duty on steel imports to curb the influx of cheap steel into the country and protect the domestic industry. Imported steel, especially from China, costs about 30% less than domestic steel even with customs duty factored in, according to industry estimates.

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JSW Steel joint venture with Japan's JFE Steel Corp will fully acquire Thyssenkrupp Electrical Steel (TKES) India for ₹4,051.40 crore. The 50:50 joint venture between the two steelmakers is also looking at licensing or transfer of associated technology from Thyssenkrupp, which is included in the deal value. TKES India manufactures grain-oriented electrical steel, used in the making of transformers and generators, at its Nashik facility.

China at the World Trade Organisation (WTO), turning the heat on non-transparent subsidies that lead to an influx of low-priced, poor-quality goods into the country, harming its local industries. New Delhi flagged concerns over several trade issues during a review of Beijing's trade policies. It highlighted China's cross-border data regulations and laws, export control measures on critical raw materials, and non-tariff barriers that adversely impact pharma exports, besides export bans on critical minerals.

Zee Entertainment Enterprises has filed a settlement application with the Securities and Exchange Board of India (Sebi) to resolve the markets regulator's ongoing investigations into alleged corporate governance lapses and financial irregularities involving the media and entertainment company's promoters. The application, submitted on Thursday without admitting or denying the allegations, is part of a process under Sebi's settlement regulations, which allow companies to reach an agreement with the regulator. This involves paying a fine or taking corrective actions in exchange for closing the probe. «It has been observed that Sebi believes that the disclosure of financial information and the business transaction in ZEEL have been dealt in a manner which may be detrimental to the investors or the securities market during the investigation period,» the company said in its settlement application.

British Airways and Air India preparing to mount new flights to capitalise on the travel boom. London is one of the most lucrative destinations for carriers connecting to India as the British capital is home to a large Indian diaspora besides being a leading tourist and business destination for Indians. British Airways operates 56 daily flights from Heathrow to Delhi, Mumbai, Chennai and Hyderabad. It will add a new daily Delhi-Heathrow flight from April next year which will augment the carrier's total flights to India to 63 per week.

home loans to spur demand for their primary retail product during the festive season. Banks, including Central Bank of India, Canara Bank, Indian Overseas Bank, Bank of Baroda and Punjab National Bank, have fully waived processing fee for the period ranging from December 2024 till March 2025, according to information on their websites. Indian Overseas Bank, which waived the processing fee for home loans, saw a 19% quarter-on-quarter increase in disbursals to Rs 1,849.67 crore in the second quarter of this financial year.

On Tuesday, the International Monetary Fund issues its semi-annual World Economic Outlook and General Motors reports its third-quarter financial results

The United States says it is disappointed with a decision by the Swiss government not to adopt all measures in the latest round of European Union sanctions against Russia over its war in Ukraine

BRICS Summit in his country, Russian President Vladimir Putin on Friday asserted that the grouping is not «anti-West», but is just «non-West», also recalling that this is member state India's stand. Prime Minister Narendra Modi will visit Russia on October 22-23 to attend the 16th BRICS Summit in Kazan. At an interaction with a group of foreign journalists here, Putin said the doors of BRICS were not closed to new members. He said as the grouping develops even the non-member countries will benefit economically. He accused the United States of trying to stem development in China. «It's like telling the sun not to rise,» he said.

Vladimir Putin said he was grateful for the concern expressed by Prime Minister Narendra Modi over the war in Ukraine. Asked at a media interaction here whether he saw a role for India in negotiating peace between Russia and Ukraine, he referred to his interactions with Modi, whom he described as a «friend», and said his country was grateful for this. Putin said it was difficult to specify a timeline on ending the war, and setting one will be difficult and counterproductive. The Russian leader blamed America and NATO for pushing Russia into the war, and said his country will prevail.

Private equity and venture capital funds' investments declined by 40 per cent to USD 8.8 billion in the September quarter, a report said on Friday. The decline in overall investments happened despite the number of deals being 26 per cent higher during the same period at 283 transactions, the report by industry lobby grouping IVCA and consultancy firm EY said. «Geopolitical tensions have created uncertainty, dampening investment sentiment as investors become more cautious, leading to slowing deal-making. This sluggishness may persist if global uncertainties continue,» the consultancy firm's partner Vivek Soni said.

Piyush Goyal said on Friday that India’s self-confidence and courage of conviction are vital for asserting its global position. «This belief empowers the nation to take bold actions, enabling it to tackle challenges and seize opportunities on the international stage,» Goyal said at the 13th SHRM India Annual Conference 2024. «India is emerging as a powerful and rapidly growing economy and this transformation showcases the nation's resilience and innovation, positioning it as a leader in global economic growth,» Goyal added.