India Financial News

Benchmark NSE Nifty index fell 20.1 points to 25037.25 amid selling in frontline bluechip stocks.

Indian Oil Corporation Ltd. rose 0.98 per cent to Rs 169.5 at 10:25AM hours (IST) on Wednesday. Earlier in the day, the stock saw a gap up start to the session. As per data available on BSE, total traded quantity on the counter stood at 331,071 shares with a turnover of Rs 5.64 crore till 10:25AM (IST). The stock traded at a price-to-earnings (P/E) multiple of 7.78, while the price-to-book value ratio stood at 1.26.

swearing-in ceremony, Jammu and Kashmir CM-designate Omar Abdullah on Wednesday offered floral tributes at the Mazar-e-Anwar of «Sher-e-Kashmir» Sheikh Mohammad Abdullah, in Srinagar. Omar Abdullah's grandfather, Sheikh Mohammad Abdullah, was the first Prime Minister of JK after its accession to India and later served as Chief Minister. Omar's father Farooq Abdullah has been the CM of the erstwhile state thrice. Speaking after he offered prayers Omar Abdullah said his government has a lot to do for the people of the region.

Registrar General of India and Census Commissioner Mritunjay Kumar Narayan, and appointed IPS officer Praveen Vashista as Special Secretary (Internal Security) in the Ministry of Home Affairs. The Appointments Committee of the Cabinet has approved the extension of Narayan, and the appointment of Vashista as Special Secretary, mentions a Ministry of Personnel order. The Committee has extended the tenure of 1995-batch Uttar Pradesh cadre Indian Administrative Service officer Narayan beyond December 6, 2024, for a period up to August 4, 2026, or until further orders, whichever is earlier.

Bajaj Auto, Cochin Shipyard, LTTS, Central Bank of India, Rallis India among others will be in focus due to various news developments and second quarter results. Bajaj Auto, LTTS Shares of Bajaj Auto and LTTS will be in focus as the companies will announce their second quarter results today.

Reliance «This market movement aligns with expectations, and we recommend maintaining a cautious stance until Nifty decisively surpasses the 25,300 level. However, select sectors and themes are still presenting buying opportunities, so traders should focus on stock selection and adopt a balanced approach,» said Ajit Mishra – SVP, Research, Religare Broking.

Canada kicked out six Indian diplomats on Monday, linking them to the murder of a Sikh separatist leader and alleging a broader effort to target Indian dissidents in Canada. India retaliated by telling six Canadian diplomats to leave. Although the tit-for-tat move sent bilateral relations skidding to a new low, Narendra Modi and Justin Trudeau are unlikely to mind too much. Both leaders are in their third terms and face political challenges.

An Air India flight en route from New Delhi to Chicago made an emergency landing in Iqaluit early Tuesday morning following what RCMP say was a bomb threat.

Aditya Birla Sun Life AMC will roll out a new $300 million India Yield Advantage fund in the private credit space to attract offshore capital from global investors in Singapore and Dubai. The fund will generate a return of around 20% by mirroring the company's domestic private credit fund strategy. In India, Aditya Birla Sun Life AMC has launched the fundraising exercise for its maiden ₹2,500 crore performing credit fund. «The offshore fund will offer global investors the opportunity to invest in India's growing private credit space, expanding beyond traditional equity investments that have been the primary focus so far,» said A Balasubramanian, managing director of Aditya Birla Sun Life AMC.

Ascertis Credit, is eyeing a $1 billion (about ₹8,400 crore) fundraising for its fifth fund, after investing more than $1 billion across four funds to date. The firm plans to launch its fifth and largest fund yet within the coming month. The firm's upcoming Fund V is expected to target fundraising, with investments focused predominantly in India, alongside opportunities in Southeast Asia. Ascertis will raise capital from both international and domestic investors. It will deliver returns in the mid-teens from the fund.

Index funds are getting popular with investors as they offer a simple and low-cost way to gain exposure to a broad and diversified portfolio. WHAT IS AN INDEX FUND? An index fund is a type of mutual fund or exchange-traded fund (ETF) that tracks the performance of a market index by buying the same stocks or bonds as the index. These funds aim to replicate the investment returns of particular benchmark indices by holding a securities portfolio that closely mirrors the index’s composition. WHAT ARE THE EQUITY INDEX FUNDS IN INDIA?

Adani Green Energy, India's largest private sector renewable power company, late on Tuesday called off its $1.2 billion bond issue after investors demanded a higher yield than what the company was ready to offer, citing geopolitical uncertainties, people aware of the details said. «There was a lot of to and fro between the company and investors on the pricing of the issue. Investors were demanding better yields and the company was not willing to budge. Finally, the company decided to call off the issue and wait for a better time when geopolitical uncertainties subside and the US presidential election is done,» said a person familiar with the development.

small-cap stocks during the September quarter. Techno Electric, Honasa Consumer, Heritage Foods, Genus Power Infra, Sansera Engineering, Electronics Mart India, Kalyan Jewellers, Kamdhenu, and Arvind Fashions are among the companies that attracted foreign flows in the period. For instance, foreign portfolio investors (FPIs) increased their stakes in Techno Electric & Engineering Company from 4.39% to 9.81% during the quarter.

HCLTech garnered about a third of incremental demand from data and artificial intelligence (AI) verticals, helping India’s third largest software services provider post better-than-expected revenue — 6.7% higher from a year earlier — in the fiscal second quarter. Speaking to ET, CEO and managing director C Vijayakumar declined to elaborate on revenues earned from data and AI businesses. “It (data and AI revenues) is spread across different verticals, and every client situation is different, so I'm not able to quantify it. But I think at least a third of the (incremental) demand seems to be coming from AI and data, roughly,” he said. Announcing the September quarter results on Monday, the Noida-based company reported revenue of Rs 28,862 crore, up 6.7% from a year ago and 2.6% sequentially. Revenue surpassed the Rs 28,710 crore ET estimate for Q2. The company also raised its lower-end guidance for revenue growth to 3.5-5.0% from the earlier 3.0-5.0% for FY25.

GCCs) in India to provide centralised support to their businesses. Large Indian corporations are also building such facilities, often to beef up their technology capabilities. Reliance Industries, Adani Group, Dr Reddy’s Laboratories (DRL) and Bank of Baroda are among Indian entities that have set up such centres locally in the past two to four years. Indian firms are estimated to have set up around 50 GCCs in the last couple of years in sectors like telecom, financial services and automotive, said Arindam Sen, GCC leader and partner for media, entertainment and telecommunications practice at EY India.

Eldercare startup Primus Senior Living has raised $20 million in a seed funding round led by General Catalyst, with participation from Zerodha cofounder Nikhil Kamath and Gruhas, the investment firm co-founded by Kamath and Abhijeet Pai of Puzzolana Group. General Catalyst contributed $7 million to the round, while Kamath and Gruhas invested the remaining $13 million, according to Adarsh Narahari, founder and managing director of Primus. Led by Narahari, Bengaluru-based Primus is developing a comprehensive eldercare platform offering various services, including healthcare, wellness, lifestyle, and social engagement—all delivered to elders in their homes.

Sagility India and Senores Pharmaceuticals have received approvals from the Securities and Exchange Board of India (Sebi) for their proposed initial public offerings (IPOs). The regulator issued its final observations on the draft papers last week. When a company receives a final observation from Sebi, it’s a signal from the regulator to go ahead with the IPO process. Sagility India’s IPO consists solely of an offer for sale (OFS) of 984.4 million shares by promoter Sagility BV. The company provides technology-driven services to insurance settlement entities and healthcare providers.

credit marketplace Paisabazaar, a part of listed PB Fintech, is taking a leaf out of sister concern Policybazaar’s playbook and building its own offline distribution channel. Paisabazaar is one of the largest credit marketplaces in India. It allows consumers to access unsecured personal loans, credit cards and similar products from banks and non-bank lenders through online channels. As it builds out its secured credit distribution play, Paisabazaar wants to create a physical presence to help in fulfilment of such loan delivery. Speaking with ET, Naveen Kukreja, chief executive officer of Paisabazaar, said it has set up a field team of around 100 people in Delhi, Mumbai and Bengaluru, targeting secured credit products like home loans and loans against property. It is also testing other products like loans against cars and securities, but those are still in the beta stages. By the end of this fiscal, it intends to scale up this team to 500.

mutual funds now hold stocks worth more than $8 billion, or almost Rs 69,000 crore, in a dozen new-age companies including Zomato, Paytm, PB Fintech, Nykaa, Delhivery and Mamaearth on account of the rising valuations of some of these companies and many of them having gone public in recent years. The value of startup holdings by mutual fund companies such as ICICI Prudential, Axis Mutual Fund, Kotak Mutual Fund, HDFC Mutual Fund, Nippon Mutual Fund, Invesco India and Mirae Asset Mutual Fund was $2.7 billion a year ago, but only with six companies versus 12 now, calculations made by ET show. Besides the steady climb in stock prices that companies such as Gurgaon-based Zomato and Policybazaar-parent PB Fintech have witnessed in the last year, a clutch of new-age companies doing their initial public offerings (IPO) has led to the increased exposure by domestic mutual funds to this asset class.

Electric two-wheeler market leader Ola Electric has engaged EY India for a “service transformation” amid mounting after-sales service issues, a barrage of consumer complaints and declining sales volumes, multiple people aware of the development said. The global consulting services firm is likely to advise the Bhavesh Aggarwal-run startup on a whole host of service-related aspects of the business, from streamlining business processes to stocking and inventory management of spare parts, they said. An email sent to an Ola Electric spokesperson remained unanswered until press time Tuesday.

Edtech unicorn Upgrad cofounder and managing director Mayank Kumar has stepped down from his executive role to start a new venture, sources briefed on the matter said. Starting this month, he has significantly reduced an operating role at the Mumbai-based firm while pitching to investors for his new startup which is focused on placing skilled Indian labour abroad—especially in healthcare. Coinciding with his departure is the company’s founder and chairman Ronnie Screwvala taking a more active role at the firm, these people said. Temasek-backed Upgrad is also in the final stages of closing $50-$60 million in funding from existing investors at a flat valuation of $2.25 billion, people in the know told ET. Screwvala holds 44% stake in the company, while Kumar has 8% and there are no changes in the shareholding pattern because of Kumar’s departure from the company.