India Financial News

Supreme Court on Thursday temporarily halted all meetings related to the insolvency proceedings of debt-laden edtech firm Byju's, asking the interim resolution professional (IRP) Pankaj Srivastava to maintain status quo for the time being and not to hold any meeting of the lenders. “Until the judgment is pronounced, the interim resolution professional shall maintain status quo and shall not hold any meeting of the committee of creditors,” a Bench led by Chief Justice of India D Y Chandrachud directed. The apex court reserved its verdict on an appeal by US lender GLAS Trust Co LLC, the trustee for lenders owed $1.2 billion by Byju’s, against the National Company Law Appellate Tribunal's (NCLAT) order approving a settlement deal between the Think & Learn Pvt Ltd, the parent of online educational services company, and its operational creditor, the Board of Control for Cricket in India (BCCI). The lender had alleged that the money paid by Byju Raveendran’s brother Riju Ravindran was tainted.

Indian Air Force will display its full defence prowess, especially air capability and also showcase its range of new aircraft including Rafale, in action at a breathtaking display over the Marina sky on October 6, as part of the 92nd IAF Day, Air Vice Marshal K Prem Kumar said here on Thursday. Prem Kumar, who is the Chief Coordinating Officer of IAF Day parade Chennai 2024 to be held at Marina and Tambaram, said 72 aircraft will participate in the air display over Marina, which is open to the public. «We have planned to create a unique record in the Limca Book of world records. We expect 15 lakh people for the event on October 6 from 11 am to 1 pm,» he told reporters here. There would be a full dress rehearsal on October 4 in coordination with the IAF Tambaram, he added.

Rudrabhishek Enterprises Limited (REPL), an integrated urban development and infrastructure consultancy firm, has received registration for Small and Medium Real Estate Investment Trusts (SM REITs) from the Securities and Exchange Board of India (SEBI). The approval was granted to ImpactR SM REIT, making it the second SM REIT in India to receive registration under the new regulations.

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international trade settlement and digital payments, trade and investment in the Suez Canal Economic Zone (SCEZ), and transport and trade disputes as areas of focus, the government said Thursday after the sixth Session of India-Egypt Joint Trade Committee (JTC). New Delhi also said that necessary approvals for signing the MoU on cooperation between National Small Industries Corporation (NSIC) of India and MSME Development Agency (MSMEDA) of Egypt have been obtained. Pharmaceuticals and health sector, gems & jewelry, engineering goods, petroleum and mining, MSME Sector, customs matters, services sector, IT services, electronics manufacturing, apparel manufacturing, renewable energy – green hydrogen and

Krsnaa Diagnostics on Thursday said that it has acquired a 23.53% stake in Apulki Healthcare, that operates hospitals dedicated for cancer and cardiac care under public private partnership (PPP) mode. Pune-based Krsnaa didn't disclose the financial details of the acquisition, but said it would be funded through internal accruals over the next 2-3 months. As per the terms of the contract, the company will become the exclusive diagnostics partner for Apulkis cancer and cardiac hospitals for the next 30-plus years.

HDFC Bank Ltd. has sold a housing loan portfolio of about Rs 60 billion ($717 million), seeking to further lighten its credit load amid regulatory pressures on the industry. The portfolio was sold to about half a dozen state-controlled banks through private deals, according to people familiar with the matter, who asked not to be identified as the information is not yet public. The Mumbai-based bank also unloaded another pool of car loans worth about Rs 90.6 billion, securitized in a fixed income product called pass-through certificates, the people said. The lender had been engaged in talks — reported in late August by Bloomberg — to offload the pool to about a dozen local asset management companies.

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technology services player Accenture on Thursday reported a 22.6% year-on-year (YoY) rise in net profit at $1.68 billion for the fourth quarter ending August 2024. This compares with $1.37 billion profit in June-August quarter 2023. The profit grew on the back of healthy growth in North America and health & public services segment aided by robust new bookings, especially generative artificial intelligence (GenAI) deals. The Nasdaq-listed IT major hiked its annual revenue growth forecast to 3-6% for 2025, including 2-3% from mergers and acquisitions (M&A). This is on the back of improvement in the macroeconomic environment and the US Federal Reserve’s recent interest rate cut of 0.5%. Accenture follows a September-August financial year. The Accenture forecast is an important indicator of the performance of key Indian IT companies as they start reporting their quarter earnings starting from Tata Consultancy Services in early October.

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Indian rupee closed weaker on Thursday as importer and interbank dollar bids outweighed cues from a rise in most Asian currencies, ahead of closely watched remarks from Federal Reserve Chair Jerome Powell. The rupee closed at 83.6425 against the U.S. dollar, down from its close at 83.5925 in the previous session.

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Subscribe to enjoy similar stories. MUMBAI : Sometimes corporates are better off raising money when they can rather than when they need. Punjab National Bank Ltd (PNB), India’s second-largest public sector bank after State Bank of India Ltd (SBI) in terms of total business and deposits, seems to have followed that logic.

Subscribe to enjoy similar stories. Mirae Asset Investment Managers entered India at the fag end of 2008, just as the global financial crisis took hold. Between 2008 and 2011, its assets under management (AUM) saw little growth, even as 12 major foreign players, including Standard Chartered, AIG, Fidelity, and Morgan Stanley, exited the market.

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Raghuram Rajan said on Thursday. In an interview with PTI, Rajan further said the government's focus on production, whether it is goods or services is a good thing, but it is also important to do it the right way. Responding to a question on the Modi government's flagship initiative 'Make in India', he said, «I would say the intention is good. I think in some areas, we have done a lot, as I said, in infrastructure...we have done a lot that has been very useful». The Modi government's flagship initiative 'Make in India' was launched 10 years ago on September 25, 2014.

Zetwerk Manufacturing on Thursday said it has received a solar module supply order from state-owned NTPC for its Gujarat project. The order is for the manufacturing and supply of 1,515 MWp (megawatt peak) of (Approved List of Models and Manufacturers) ALMM-compliant 'Made in India' solar PV modules, including mandatory spares, for the 1,200 MW Khavda Solar project, the company said in a statement.

employment generation. More than three in five employers (64%) in the sector are expanding their workforce in response to growing demand, as per TeamLease Services’ Employment Outlook Report for H1 FY25. With the sector poised to grow 8-10% annually, this revival is indicative of a broader industry recovery. Another 19% report reductions and 17% forecast no change in the size of their workforce.

Subscribe to enjoy similar stories. As India’s economy grows, the banking sector faces a pressing question: is the sluggish growth in Current Accounts & Savings Accounts (CASA) and deposits just a temporary dip, or the beginning of a deeper, long-term trend? With the country’s credit demand rising, the slowdown raises red flags for profitability and financial stability. Read this | If deposits are stuttering, how will banks manage the credit boom? Understanding the reasons behind this shift and implementing systemic measures to reverse the trend is crucial for the banking sector’s future.