India Financial News

KumKum Dasgupta, Mercedes-Benz board member Renata Maria-Anna Jungo Brüngger lays out the luxury and commercial carmaker’s elaborate plans for a sustainable business – they go beyond climate protection. India is a growing market for Mercedes-Benz. Recently, it sold 5,117 vehicles in Q3 2024, marking a robust 21% growth. The company's battery EV portfolio has also garnered customer traction, growing by 84% y-o-y. However, the company’s commitment to sustainability extends far beyond automobile tech, says Renata Maria-Anna Jungo Brüngger, member, board of management, Mercedes-Benz Group AG for Integrity, Governance & Sustainability, who was in New Delhi this month.

New Zealand fast bowler Tim Southee clean-bowled India captain Rohit Sharma, star Virat Kohli was out for a duck as were three other Indian batters and the troubled home side was 34-6 at lunch on the second day of the rain-affected opening cricket test Thursday. Sharma, who won the toss and decided to bat, was out for 2 in the seventh over and Kohli, caught by Glenn Phillips off the bowling of William O'Rourke — who took 3-13 — was out two overs later without adding to India's then-total of nine runs. Sarfaraz Khan also left the field without scoring in the next over with India 10-3 and leaving Sharma possibly questioning his decision to bat first. In between the toss and the start of play, the skies darkened and lights had to be turned on before play could begin at M. Chinnaswamy Stadium.

Quick commerce firm Zepto has held discussions to raise another $100-150 million from a group of domestic family offices and high-net-worth individuals (HNIs) at a pre-investment valuation of $4.6 billion, sources aware of the matter said. The Mumbai-based startup has raised $340 million at the same valuation in August after which it was valued at $5 billion. Motilal Oswal Group’s private wealth arm is running the mandate for the fundraise and Motilal Oswal Asset Management Company has already committed about $40 million in this round, per sources. ET first reported on August 29 saying Motilal Oswal Financial Service chairman Raamdeo Agrawal has backed Zepto in his personal capacity. Agarwal has also invested in Swiggy’s pre-IPO placement which has gathered lot of interest among high-net worth individuals and family offices.

Colgate-Palmolive (India) Ltd. traded at Rs 3420.0 on BSE at 12:33PM (IST) on Thursday, down 2.15 per cent from previous close. The scrip quoted a 52-week low price of Rs 2003.65 and a high of Rs 3893.0.

Subscribe to enjoy similar stories. Mineral stocks, quiet through much of 2024, are heating up ahead of what promises to be an exciting 2025. Top investors anticipate a promising year for these stocks, with Dolly Khanna, making a strategic entry into one such company after Rekha Jhunjhunwala bought and sold shares of Raghav Productivity Enhancers, which manufactures and exports quartz-related products Dolly Khanna is an investor in Chennai who is known for picking some lesser-known mid caps and small caps.

Subscribe to enjoy similar stories. India’s financial sector has grown rapidly in recent years. According to a ministry of finance press release dated 22 July, India’s market-capitalization-to-GDP ratio ranks fifth globally and primary markets facilitated capital formation of ₹10.9 trillion in 2023-24, up from ₹9.3 trillion in 2022-23.

Subscribe to enjoy similar stories. MUMBAI : The Indian stock market has enjoyed an impressive rally in 2024, with benchmark indices such as the Nifty50 surging over 20% at its highs. Currently, the index sits at around 25,000, reflecting a gain of roughly 15%.

Assam Accord, sets the framework for granting citizenship to certain migrants in Assam. Chief Justice DY Chandrachud, along with Justices Surya Kant, MM Sundresh, and Manoj Misra, supported the decision, while Justice JB Pardiwala dissented. The Assam Accord, signed in 1985 between the Indian government and the representatives of the Assam Movement, was a response to the 1971 Bangladesh Liberation War, which resulted in a large influx of migrants into Assam. Section 6A was enacted as a humanitarian measure and allows individuals who migrated between January 1, 1966, and March 25, 1971, to obtain Indian citizenship under certain conditions.

Balrampur Chini Mills Ltd.(up 0.41%), Simbhaoli Sugars Ltd.(up 0.36%), EID Parry(India)Ltd.(up 0.16%) and Magadh Sugar & Energy Ltd.(up 0.15%) were among the top gainers.

Subscribe to enjoy similar stories. Retail inflation estimates for September 2024 released earlier this week based on the Consumer Price Index (CPI) have confirmed fears of an upswing driven by food prices. Rural retail inflation is at 5.9% and the urban figure at 5%, with overall inflation at 5.5% on a year-on-year basis.

Ircon International shares are in focus after the company signed a Memorandum of Understanding (MoU) with Patel Engineering Limited. This agreement aims to foster collaboration between the two companies in exploring, identifying, and jointly executing mutually beneficial business opportunities in various infrastructure projects, both in India and overseas. The stock is also drawing attention due to the recent shareholding changes in the September quarter. Mutual funds reduced their stake in the railway infrastructure company, with holdings dropping to 0.31% as of September 30, down from 1.67% at the end of the June quarter. Notably, Quant Active Fund exited its position in Ircon during this period, after holding a 1.15% stake in the company as of June.

The BSE Sensex was up 41 points, or 0.05%, trading at 81,543, while the Nifty50 was down 14 points, or 0.06%, at 24,957 around 9:20 am.

India won the toss and opted to bat first under cloudy skies on the second day of the rain-hit opening test against New Zealand on Thursday. The first day's action was called off without a ball being bowled due to rain with more bad weather expected this week. India made two changes to their team, bringing in Sarfaraz Khan for injured batsman Shubman Gill and spinner Kuldeep Yadav for pace bowler Akash Deep.

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₹1,865 to ₹1,960 per share.The Hyundai Motor India IPO achieved a 42% subscription on the second day of the subscription period, according to BSE data. Retail investors subscribed to 38% of the portion, while non-institutional investors reached 26%. The qualified institutional buyers (QIBs) portion saw a subscription of 58%.

Piyush Goyal recently held a crucial meeting with several prominent stakeholders from the pharmaceutical industry to address concerns of pharmaceutical exporters. The meeting held on Wednesday was attended by the General Secretary of the Indian Drug Manufacturers Association (IMDA), along with several other prominent stakeholders from the pharmaceutical industry. According to a statement by minister's office, the discussions aimed to address the pressing challenges faced by pharmaceutical exporters and explore potential solutions to enhance India's global standing in the sector.

Justin Trudeau admitted that his government had not provided «hard evidentiary proof» when accusing India of involvement in the killing of Khalistani terrorist Hardeep Singh Nijjar, the Ministry of External Affairs (MEA) on Thursday said Trudeau’s statement «only confirms» what New Delhi has maintained «consistently all along.» The MEA also blamed Trudeau's «cavalier behaviour» for damaging relations between India and Canada. «What we have heard today only confirms what we have been saying consistently all along—Canada has presented us no evidence whatsoever in support of the serious allegations that it has chosen to level against India and Indian diplomats,» MEA spokesperson Randhir Jaiswal said in an official statement. He added, «The responsibility for the damage that this cavalier behaviour has caused to India-Canada relations lies with Prime Minister Trudeau alone.»

Subscribe to enjoy similar stories. At least 13 hoax bomb threats have been received by Indian airlines in the past 48 hours alone. Some flights had to be diverted, like one of Air India from New Delhi to Chicago that was forced to land in a small Canadian town.

Subscribe to enjoy similar stories. Communications minister Jyotiraditya Scindia clarified on Tuesday that airwave spectrum for telecom services via satellite would be awarded by means of administrative allocation. This is what Elon Musk, whose Starlink plans to beam the internet to dishes in India from low-earth orbit, has been asking for.

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earnings season is underway and as many as 38 companies will announce their numbers for the July-September 2024 period today. Among them are 4 Nifty companies including Infosys, Wipro, Nestle and Axis Bank that will declare their results. Apart from the above, Havells, Polycab, LTIMindtree, Harshil Agrotech, IGC Industries, Indian Overseas Bank, Jindal Stainless, Dhanlaxmi Bank among others will report their quarterly results.