India Financial News

Also Read: Rs 1.42 lakh for one night stay! Navi Mumbai hotel prices get hot when Coldplay is around Why are Indians shelling out so much money for a show by a band which is not even one of the most popular in the world today? While many attribute this phenomenon to the extreme FOMO (fear of missing out) sentiment in the age of social media when people like to flaunt things, it is also an indicator of India's economic situation. The frenzy for Coldplay tickets shows India's strengthening consumption story even as disposable incomes rise, the number of rich grows at a fast pace, the size of the middle class increases and a trend of premium consumption sweeps across sectors. Not just the class that clamours for Coldplay tickets, even those at the bottom of the pyramid are showing different consumption trends.

Coal India Ltd.(up 1.89%), Ashapura Minechem Ltd.(up 1.11%), MOIL Ltd.(up 0.39%) and NMDC Ltd.(up 0.38%) stood among the top gainers.

Kalpataru Projects International Ltd.(up 6.55%), SJVN Ltd.(up 6.24%), Reliance Power Ltd.(up 4.99%), NLC India Ltd.(up 4.90%), GE T&D India Ltd.(up 4.86%), NHPC Ltd.(up 2.05%), Power and Instrumentation(Gujarat)Ltd.(up 2.00%), Tata Power Company Ltd.(up 1.99%), GE Power India Ltd.(up 1.96%) and Jyoti Structures Ltd.(up 1.78%) stood among the top gainers.

UnTrade, the rapidly growing algorithmic crypto trading platform, is excited to join the Finbridge Trading & Investing Expo in Ahmedabad, India. The event took place on September 28-29, 2024, at the EKA Club in Kankaria.

Competition Commission of India (CCI) has granted nod to Singapore-based TIGA Investments' proposal to acquire a stake in Dream11's parent company Dream Sports Inc. The deal was cleared by CCI under the green channel route. The transaction pertains to the purchase by Tiga Acquisition Corp III (Tiga) of certain preferred stock of Dream Sports Inc (DSI), along with certain rights, from an existing shareholder of DSI, the regulator said in a notice on September 23. However, the fair trade regulator CCI did not reveal the name of the existing shareholder.

The NSE Nifty index ended the session 37.1 points down at 26178.95, while BSE Sensex fell 264.27 points to 85571.85.

The NSE Nifty index closed 37.1 points down at 26178.95, while BSE Sensex ended down 264.27 points at 85571.85.

Diljit Dosanjh concerts have ignited significant excitement among Indian fans. Tickets for these events sold out rapidly, highlighting a growing trend among urban Indians toward luxury experiences. Industrialist Harsh Goenka shared his thoughts on this phenomenon on X (formerly Twitter), sparking a conversation about changing societal priorities.

Shree Renuka Sugars Ltd.(up 10.25%), Balrampur Chini Mills Ltd.(up 6.87%), Bajaj Hindusthan Sugar Ltd.(up 6.63%), KCP Sugar & Industries Corporation Ltd.(up 5.00%), Dwarikesh Sugar Industries Ltd.(up 4.71%), Mawana Sugars Ltd.(up 4.62%), Avadh Sugar & Energy Ltd.(up 4.62%), Simbhaoli Sugars Ltd.(up 4.38%), KM Sugar Mills Ltd.(up 4.32%) and Kothari Sugars & Chemicals Ltd.(up 4.06%) stood among the top gainers.

On September 17, around 9:50 am, the victim received a call from someone claiming to be from FedEx. Following the instructions, she spoke to a person named Ashwin Kumar from FedEx customer care. Kumar informed her that her Aadhaar details had been used to send a parcel with MDMA (a drug illegally manufactured) to Iran, which was intercepted by Mumbai police. She was then connected to another person, Pradeep, claiming to be a senior inspector from Mumbai cybercrime department. The executive overheard someoe telling Pradeep her Aadhaar was linked to illegal activities in Jammu & Kashmir, West Bengal, and Karnataka.

DHL Express, the leading international express services provider, announced price adjustments today that will take effect on January 1, 2025. The average increase in India will be 6.9 %. “We are committed to delivering stable and dependable services globally despite the ongoing impact of geopolitical dynamics and supply chain disruptions on the logistics landscape. With the annual price adjustment, we can continue to invest in our network to enhance its resilience and adaptability, ensuring consistent support for our customers' businesses regardless of external circumstances,” said R. S. Subramanian, SVP – South Asia, DHL Express, in a statement. Prices are adjusted on an annual basis by DHL Express, taking into consideration inflation and currency dynamics as well as administrative costs related to regulatory and security measures.

Enforcement Directorate (ED) has attached assets worth Rs 52.5 lakh and bank accounts in its ongoing investigation into money laundering involving YouTuber Siddharth Yadav, known as Elvish Yadav, singer Rahul Yadav, also known as Fazilpuria, and Sky Digital India Pvt Ltd. The assets include agricultural plots in Bijnor, Uttar Pradesh, and Haryana, following a provisional order issued under the Prevention of Money Laundering Act (PMLA), a TOI report stated.

US Fed has finally cut its interest by 50 bps. Our analysis showcases that since the turn of the century the US has witnessed 3 instances of a pivot of 50 bps rate cut, which were driven by the need to reduce a recession. Excluding COVID, US markets corrected as much 24% to 28% one year post the first cut. Indian markets too followed suit, correcting 15% to 30% during these two instances. However, this time US GDP is still growing at around 2% and fears of recession are lower. Theoretically, falling interest rates in the longer run should revive demand, increase capex and lower cost of capital and increase valuations and earnings of markets, especially if the economy is growing. India in our eyes falls under this basket of “growing economies with stable corporate earnings drivers”. Surge in domestic liquidity led to belief the equities could delink from the world and US markets at least shunting any significant falls.

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Chief Economic Advisor (CEA) to the Union government, V Anantha Nageswaran, on Friday said that the Indian economy is expected to grow at a rate of 6.5-7 per cent in the current financial year on a steady state basis. He said the growth rate is commendable given the current global scenario. Speaking virtually at an event organised by the Bengal Chamber of Commerce and Industry (BCCI), Nageswaran said that while the economy will grow at 6.5 per cent in real terms, the nominal rate of growth will be 11 per cent, taking inflation into account. «The Indian economy is poised to remain the fastest growing in the current financial year with a growth rate of 6.5-7 per cent on a steady state basis. This is a very good achievement in the current global context,» Nageswaran said.

Subscribe to enjoy similar stories. The Nifty IT index surged 2.5% in early trading on Friday, buoyed by Accenture’s latest earnings report. The global IT major reported 5% year-on-year revenue growth in constant currency (CC) for the quarter ended August (Q4FY24), exceeding the mid-point of its 2-6% guidance.

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Subscribe to enjoy similar stories. The recent slew of collaborations between homegrown designers and international brands can be taken as a sign of India’s growing influence in the global fashion and luxury industry. These partnerships, like Sabyasachi x Estée Lauder, Anamika Khanna x H&M, and Rahul Mishra x Tod’s, also showcase the power of Indian creativity and craftsmanship on a global scale.

Netflix India has brought on board former Walmart Global Tech executive Sudeep Ralhan as head of talent. In his new role, Ralhan will lead talent strategy for India, with a focus on scaling the company's culture and organisational health, driving employee engagement and inclusion, and enabling business growth. Ralhan, who has worked with Upstox, Accenture and GSK Consumer Healthcare, is also a professional coach and advisor to growing companies. He has over 20 years of experience in building and scaling organisations, developing leaders and leading teams.

Karnataka Chief Minister Siddaramaiah in the MUDA scam, and asked the party to first probe corruption charges against former Karanataka CM Yediyurappa. Shiv Sena (UBT), an INDIA alliance partner of the Congress, came out in support of Siddaramaiah alleging that the Governor is being «pressurized» by the BJP in relation to the MUDA scam case. Targeting the BJP, Raut said, «The party in which the corrupt from all over the country get royal shelter wants to prosecute the CM of Karnataka because it has a Congress government, it is pressuring the Governor for the same. You jailed the CMs of Delhi and Jharkhand. The people snatched your majority, and you are still not learning. What kind of mischief is this?»

liquefied natural gas (LNG) produced from Russia's Arctic LNG 2 project, which is sanctioned by Western countries, Oil Secretary Pankaj Jain said on Friday. «We will not buy (supply from) Arctic LNG 2. We are not buying any sanctioned commodity. Something which has broad-based sanctions, we are not touching it,» Jain told reporters. The Arctic LNG 2 project by Russia's Novatek is subject to Western sanctions over Russia's war with Ukraine. The United States has also imposed sanctions on hundreds of entities and individuals for supporting Russia's war effort including companies supporting the development of Arctic LNG 2 project and its shipment of LNG.