India Financial News

Anna Sebastian Perayil, who worked at the tax consultancy's Pune office for just four months, tragically passed away in July, with allegations pointing to overwhelming work pressure as a contributing factor. In a letter to EY India chairman Rajiv Memani, Anna’s mother described her daughter’s workload as «backbreaking» and suggested it had taken a severe toll on her physical, emotional, and mental health. The incident has sparked widespread discussions on the excessive demands placed on young professionals across various industries.

Election Commission of India's assessments. The maximum polling stations termed 'critical' — over 250 of them — are located in Gurugram district. Hisar, Sonipat and Ambala have over 200 polling stations that are critical. Sirsa, Fatehabad and Kaithal are also seen as sensitive.

Russia legalised so-called «grey» or «parallel» imports to allow goods to enter the country without the brands' permission after Western companies such as iPhone maker Apple imposed export bans in 2022 in response to the war in Ukraine. Lyudmila Semushina, a spokesperson for electronics retailer restore:, said the iPhones going on sale this month had arrived in Russia from «all over», without naming specific countries.

India or engaging people to promote, operate and grow their businesses from the Indian market will have to pay tax attributable to such setups even if these MNCs report losses in their global balance-sheets. This was laid down by a three-judge bench of the Delhi High Court in a ruling which would impact several MNCs using liaison office, subsidiary, or a fixed place like a hotel room — arrangements which are considered as 'permanent establishment' or PEs in tax parlance — to meet customers, negotiate prices, and market products and services. The ruling, pronounced on September 19, was in response to a petition by the UAE-based Hyatt International Southwest Asia which had a fixed place or PE in India at the premises of Hyatt Regency hotel in Delhi.

Bioastronautics, biological research, drug discovery, and material science research in Space, said the Indian Space Research Organisation (Isro) Chairman S Somanath here on Friday. He was talking at a press briefing at the Bengaluru Space Expo organised by the Confederation of Indian Industry (CII). «We are also looking at how to collaborate with other nations. There are already discussions happening with other nations on how to work together in building Space Stations and its utilisations, and joint Missions etc,» he said.

Guwahati: In yet another watershed moment in the logistics sector of Assam, the Inland Waterways Authority of India, the nodal agency of the Ministry of Ports, Shipping & Waterways, successfully felicitated one huge Over Dimensional Cargo (ODC), a Vacuum Tower, headed towards Numaligarh Refinery. The ODC was ferried by MV Tidal Waves IV vessel from Kolkata via Indo Bangladesh Protocol Route (IBPR) and is headed to NRL for its expansion project. Prabin Bora, Director (I/c), Inland Waterways Authority of India (IWAI), said, “This is a very positive development in the logistics sector of Assam. This ODC is the result of the MoU signed between NRL and IWAI earlier.”

NDA and opposition members, three Muslim organisations, including an RSS-linked outfit, on Friday supported the proposed amendments to the Waqf law before a parliamentary panel, sources said. When the three Muslim organisations — All India Sufi Sajjadanashin Council, RSS-linked Muslim Rashtriya Manch and NGO Bharat First — made their presentations separately before the Joint Committee on Waqf (Amendment) Bill, some opposition members sought to find flaws in their claims. Shiv Sena member in the Committee Naresh Mhaske is learnt to have told opposition members that they should be open to listening to the point of view of the other side, a suggestion that led to a brief exchange of words between the NDA and opposition. Some opposition members also wondered whether the Sufi Shah Malang sect comprising fakirs, who appeared before the Committee, formed part of the Muslim community.

West Bengal government's social welfare schemes, including Kanyashree and Rupashree, have been instrumental and key drivers for the social upliftment of our state, said Chief of Field Office of UNICEF-West Bengal Monjur Hossain said. He was speaking at the 'Impact East 2024 conclave organised by Confederation of Indian Industries (CII) Eastern Region in Kolkata. Kanyasree, which helped in girl child education is a brainchild of Chief Minister Mamata Banerjee which has received United Nations' recognition.

India's position in the global financial ecosystem and is committed to advancing digital payment solutions that are secure, scalable, and inclusive, the finance ministry said in a statement on Friday. «India is rapidly emerging as a global leader in digital payments. With UPI’s global expansion and the continued rise of digital transactions, India is setting new benchmarks for financial inclusion and economic empowerment of common citizens,» it said, noting that as per the ACI Worldwide Report 2024, in 2023 around 49% of the global real-time payment transactions are happening in India. In its statement the ministry noted that digital payments transactions volume reached to 8,659 crore for the last five months (April-August) of FY25, the finance ministry said in a statement adding that in the last six years, transaction volume increased at a 44% compounded annual growth rate (CAGR) from 2,071 crore in FY18 to 18,737 crore in FY 24.

safeguard duties on its steel imports and has begun an exercise to firm up the list of items. “We are working on the products that would be subject to higher tariffs. These will mostly be steel products,” an official told ET. The two sides failed to reach an agreement on the concessions that the EU can offer India to mitigate the adverse impact of the safeguard duties it levies on some steel imports, which it extended by two years till 2026.

Indian power companies are being hampered by its inability to access the dollars it requires to pay them, documents showed and sources familiar with the matter said. The country has been struggling to pay its bills due to costly fuel and goods imports since the 2022 war in Ukraine, while political turmoil which led to the ouster of Prime Minister Sheikh Hasina in August has added to its troubles. Bangladesh is urgently seeking $5 billion in financial aid from international lenders to stabilise its dwindling foreign exchange reserves and its central bank has raised key interest rates to tame soaring inflation. Last year, it sought a $4.7 billion bailout from the International Monetary Fund.

Adani Total Gas Ltd, the city gas joint venture of Adani group and French energy giant TotalEnergies, on Friday said it has secured USD 375 million funding from global lenders for expansion of its business. «The maiden financing of USD 375 million executed with international lenders include an initial commitment of USD 315 million with accordion feature to enhance the commitments,» the firm said in a statement. Five international lenders participated in the initial financing — BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation.

Copeland, a global player in sustainable climate solutions, will invest Rs 500 crore (US$60 million) in India to expand its manufacturing facility in Atit, Maharashtra, and to construct a new global R&D center in Pune, the company said on Friday. The manufacturing, engineering, and R&D investments in India will expand existing engineering capabilities, increase the production capacity of Copeland's compression solutions, and advance the innovation of sustainable heating, cooling, refrigeration, and industrial solutions. «India is an important growth market for Copeland, and this expansion reaffirms our commitment to both the Indian market and innovation,» said Ross B. Shuster, chief executive officer, of Copeland. «These planned investments will enable us to increase production capacity and reduce lead times for our customers in the region while supporting India's energy and environmental goals.»

Adani Total Gas Ltd (ATGL), the equal joint venture between Adani Group and French energy major Total Energies, has raised Rs 3131 crore ($375 million) from BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation, the company said on Friday. The facility will fast-track the capital expenditure program enabling ATGL to rapidly expand its city gas distribution network into its 34 authorized Geographical Areas (GAs) across 13 states, the company said in a regulatory filing, adding that this development agenda shall cater to up to 14% of India’s population covering more than 200 million people. «The maiden financing of $375 million executed with international lenders includes an initial commitment of $315 million with an accordion feature to enhance the commitments,» ATGL said in a press statement.

Mankind Pharma has approved raising Rs 10,000 crore through the issuance of non-convertible debentures (NCDs) and commercial papers on a private placement basis. The board has also constituted and authorized the fund raising committee to take all necessary actions, including finalisation of the terms of issuance, allotment of NCDs and CPs and other related matters.

Everest Fleet has raised $30 million as part of its ongoing $50 million Series C funding round led by the Indian arm of ride-hailing major Uber. The company’s board approved the allotment of 13,726 series C compulsory convertible preference shares, raising Rs 251.7 crore ($30 million), according to regulatory filings sourced from Tofler. The investment will be used to scale Everest Fleet's operations and expand its fleet of clean-energy vehicles, including compressed natural gas (CNG) and electric vehicles (EVs), the company said on Friday.

World Gold Council (WGC) said that the rural purchase of gold this festive season will provide fresh momentum to gold demand in the country. WGC has earlier revised the demand for gold this year to 850 tonnes from 750 tonnes. “Rural consumption demand has been showing signs of improvement and given the favourable monsoons and higher crop sowing this year, economic conditions there are expected to improve. This could lead to increased gold buying interest, particularly during the ongoing festive period,” said Kavita Chacko, Research Head India, WGC. Momentum in gold jewellery buying and investment is expected to continue and rural buying to provide impetus, the report said.

import tariffs is unfair as many nations including the US protect their domestic industries by imposing high customs duties on certain products. The highest tariff levied by Japan is 457%, Korea is 887%, the US is 350% while India’s is 150%, it said, suggesting that the US should consider negotiating a free trade agreement with India if it is keen on zero tariff access. As per the GTRI report, the US imposes high duties on items like dairy products at 188%, fruits and vegetables at 132%, cereals and food preparations at 193%, oilseeds, fats and oils at 164%, beverages and tobacco are 150%, and minerals and metals at 187%.

Solar Energy Corporation of India (SECI) on Friday pledged to invest 180 billion rupees ($2.16 bln) in equity for renewable capacity expansion by 2030, and announced plans to go public in the next one to two years. Large power producers in India have been investing heavily in renewables and committing to expand green energy capacities, in tandem with the government's aim to add at least 500 GW of clean energy by 2030 to reduce carbon emissions.

Dara Shukoh, the favorite son and favored successor of the Mughal Emperor Shahjahan who built the Taj Mahal.It was the last text he wrote, published in 1655 circa, which led to his humiliation, defeat and eventual death. He was tortured and beheaded for blasphemy by his brother Aurangzeb, because of his “Confluence of two seas”, where he attempted to bring together Hinduism and Islam.

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