India Financial News

Tata Electronics, its mobile phone accessories painting facility in Hosur was engulfed in a massive fire on Saturday morning, leading to halting of operations at the only Indian vendor for the iconic iPhone. The fire incident took place at around 5:30 am and 11 fire engines were still at the spot at 4.45 pm as the fire had not been fully doused, people aware of the matter told ET. «Our emergency protocols at the plant ensured that all our employees are safe,» Tata Electronics said in a statement. «The cause of the fire is under investigation and we will take necessary actions to safeguard the interest of our employees and other stakeholders.»

Andhra Pradesh is the only state in India that has not yet presented its budget for 2024-25, an unusual occurrence though not unconstitutional, according to experts. Even though the N Chandrababu Naidu-led coalition government completed 100 days in power on September 19, it is still drawing funds under Andhra Pradesh Appropriation (vote on account no. 2) Ordinance. Article 116 of the Constitution lays down the provision of vote on account that empowers the government to withdraw funds from the Consolidated Fund of India to meet the expenditure requirements for a limited period, usually right before an election. In this case, Andhra Pradesh assembly elections were held together with parliamentary polls and Odisha assembly elections. Both Odisha chief minister Mohan Charan Majhi and Naidu took oath on June 12. While Majhi presented the budget on July 25, Andhra government chose an unprecedented strategy and said it was trying to gauge its finances before presenting the budget. Naidu's white paper on state finance showed Andhra has a debt burden of ₹10 lakh crore. A vote on account was passed to address financial requirements between August 1 and November 30.

Ganesh Chaturthi when I noticed not so much our favourite pachyder-man sporting a washboard stomach instead of his standard potbelly, but the loud negative response from many quarters to this anatomical metamorphosis. Outraged by this well-toned Ganesh, many went about complaining how such a depiction of the Great Roly-Polyglot was emblematic of the aggression and belligerence that New India/New Hindu India extols. As if having a hot bod a la Brad Pitt in Fight Club is synonymous with wanting to pick a fight. Some, including card-carrying, curd-eating atheists, even quoted the Mudgala Purana — where the deity is described in his Lambodara (Potbellied) and Mahodara (Great Bellied) forms — to underline the travesty. For them, this was a gross misrepresentation that smacked of reverse body-shaming.

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REC Ltd on Saturday said it has raised USD 500 million through green dollar bonds to support various renewable energy projects. The 5-year note has a coupon rate of 4.75 per cent per annum to be paid semi-annually and the maturity date of September 27, 2029. This is the first US dollar bond issuance from an Indian public sector enterprise in 2024, REC said in a statement. The latest fund raise was part of USD 10 billion global medium-term programme of the company. The proceeds will be used to finance eligible green projects, in accordance with REC's Green Finance Framework as per green bond principles of Climate Bond Initiative, London and RBI's ECB guidelines, with a second-party opinion from Sustainable Fitch, it said.

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Nandivardhan Group has raised debt worth over Rs 100 crore from the country's largest lender the State Bank of India to finance one of its residential projects in central Mumbai’s Dadar locality, said persons with direct knowledge of the development. This funding will primarily be utilized for the construction of a sale tower, which forms part of the group’s redevelopment project. The developer is looking to provide possession of apartments to nearly 100 residents in the redevelopment project over the next 2 to 3 years. The repayment of the loan is planned through the revenue generated from the sale tower of the project, which is scheduled to be launched next month. The redevelopment project has a total saleable area of 1.65 lakh sq ft and is estimated to have a revenue potential of Rs 650 crore.

smart city development in Uttar Pradesh is almost sold out and talks are on for the next phase, commerce and industry minister Piyush Goyal said Saturday. Last month, the Union Cabinet approved setting up 12 industrial smart cities including in Agra and Prayagraj in Uttar Pradesh, with an overall investment of Rs 28,602 crore, employment potential of 1 million direct jobs and up to 3 million indirect jobs and investment potential of Rs 1.5 lakh crore. At the UP International Trade Show, Goyal also said that India’s intellectual property rights (IPR) regime has improved so much so that in 2014, only 6,000 patents were issued in 2014 but in 2024, one lakh patents were issued.

The revised FD rates have been effective from September 27, 2024.

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Musheer Khan, younger brother of Indian cricketer Sarfaraz Khan, sustained a neck fracture following a road accident near Lucknow on Friday, according to a report by ESPNcricinfo. Musheer was en route from his hometown, Azamgarh, to Lucknow for the Irani Cup, set to begin on October 1. Due to his injury, he is expected to miss that match as well as the opening rounds of the upcoming Ranji Trophy season. In a statement released on Saturday, the Mumbai Cricket Association (MCA) confirmed Musheer’s injury, noting that he is currently «stable, conscious, and well-oriented.»

TRAI (Telecom Regulatory Authority of India) frequently updates its regulations, and a new rule has recently been introduced. This change allows users to easily determine which network is available in their area. TRAI has instructed telecom companies like Jio, Airtel, Vodafone, and BSNL to imp Even though a telecom provider may offer multiple network options, the available network can differ from place to place. For example, just because a 5G network is available in one area doesn’t mean it will be accessible everywhere. As your location changes, the network might change as well. This means the same company may offer different network options depending on your area. It's essential to be mindful of this while using your mobile network. TRAI has mandated telecom companies to provide information about network availability on their websites. This makes it easier for users to check the network options in their location. For example, if you want to see if Jio’s 5G network is available in your area, you can simply visit their website and enter your location to access the information.

minimum export price (MEP) of $490 per tonne. The exports of non-basmati white rice were prohibited since July 20, 2023. “The export policy for non-basmati white rice (semi-milled or wholly milled rice, whether or not polished or gazed) …is amended from prohibited to free, subject to MEP of $490 per tonne with immediate effect and until further orders,” the directorate general of foreign trade (DGFT) said in a notification.

iron ore and manganese ore witnessed a growth during the April-August period of the ongoing fiscal. The output of iron ore rose by 7.4 per cent to 116 million tonnes (MT) during the said period compared to 108 MT registered in the corresponding period of previous fiscal, according to a provisional data released by the mines ministry. The production of manganese ore jumped by 15.4 per cent to 1.5 MT during the April-August period as compared to 1.3 MT in the previous financial year, the ministry said in a statement. Iron ore accounts for about 70 per cent of the total mineral production in terms of value.

This move comes as the nation, the world's largest rice exporter, sees an increase in rice inventories and prepares for the upcoming harvest season. The government initially banned the overseas shipment of non-basmati white rice on July 20, 2023, to enhance domestic supply.

India has pledged NRs 474 million to build 12 High Impact Community Development Projects (HICDPs) in Nepal in the education, health, agriculture, drinking water and culture sectors, according to an official statement. The Embassy of India here and the Ministry of Federal Affairs and General Administration of the Nepalese government signed Memoranda of Understanding (MoUs) for the projects on Friday. The 12 projects are being undertaken with the grant assistance of NRs 474 million from the Indian government. These include the construction of school buildings and a multipurpose foundation building, according to a press release issued by the Embassy of India here. The projects also include the constructions of the Basepu-Hulu Water Supply Project in Solukhumbu, a building for the Agriculture Promotion Centre for Food Grain Collection and Distribution Centre in Bajura, a Health Post-Birthing Centre in Dhading, and the Operation Theatre Building of Rapti Eye Hospital in Dang.

NRAI), which has elected Sagar Daryani, co-founder of Wow! Momo Foods, as its new president, we focus on core issues facing the sector such as GST and Input Tax Credit. Speaking at the NRAI Annual General Meeting, Daryani said: “We will strive to expand the presence of the NRAI across the country by setting up several more chapters. The national managing committee which will be announced soon, will continue to expand to find resolutions to several other prominent industry-wide issues.” Zorawar Kalra, founder and managing director, Massive Restaurants, has been appointed as vice president, while Pranav Rungta, director, Mint Hospitality, continues as vice-president.

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