India Financial News

Road Transport and Highways Minister Nitin Gadkari on Tuesday came down heavily on agencies and contractors over ill-maintained roads, saying good operators would be awarded but bad ones would be «driven out of the system». «We will not spare you. We'll ensure that bank guarantees of those doing bad work are forfeited and after this, we will blacklist you, not allow you to apply for new tenders,» the minister said. His warning came after he noticed the bad maintenance of the Eastern Peripheral Expressway that he took to reach Ghaziabad to inaugurate a tree plantation drive 'Ek Ped Maa Ke Naam' under the 'Swachhata Hi Seva 2024 — Swabhav Swachhata — Sanskar Swachhata' campaign. During his address, the minister highlighted the strides in development made under the government, the ministry and the National Highway Authority of India, citing data, expenditures and the future vision for the sector.

Modi 3.0 government for MSME exporters who are facing global challenges due to geo-political tensions. The measures included launching of 'Trade Connect e-Platform' to empower SMEs by giving them access to information and guidance on trade, the commerce ministry said on Tuesday. This platform will connect these enterprises to over six lakh IEC (import-export code) holders, 185 Indian Mission officials and over 600 Export Promotion Council members with the Department of Commerce. Briefing the media, Commerce Secretary Sunil Barthwal said that in the first 100 days, the ministry held meetings with exporters to understand their problems and find ways to resolve those issues.

Panacea Biotec on Tuesday said it has entered into a settlement with Sanofi Healthcare India Private Limited in a patent infringement litigation over hexavalent vaccine. Under the terms of settlement agreement, Sanofi has agreed that at present it would not commercially launch its fully liquid hexavalent vaccine Shan6 in India and shall also withdraw the opposition filed against Panacea Biotec’s patent IN 272351 on hexavalent vaccine before the Indian Patent Office. In turn, Panacea Biotec has agreed to forgo its claim for damages and rendition of accounts in the proceedings against Sanofi.

Toyam Sports has acquired the Suresh Raina-led Hyderabad franchise in the Legends League Cricket (LLC) for an undisclosed amount. Toyam Sports is a publicly listed company involved in sports production, promotion, and management. Previously known as the Urbanrisers Hyderabad and owned by the Urbanrise Group, the franchise will now be rebranded as Toyam Hyderabad. The team is set to participate in the upcoming season of LLC, which begins on 20th September 2024.

Shaik Jani Basha, aka Jani Master, is facing sexual assault charges. A 21-year-old woman has come forward accusing Basha of repeatedly subjecting her to sexual abuse. Responding to her claims, the Cyberabad Raidurgam police registered a zero First Information Report (FIR) against him. The woman stated that she had collaborated with Jani on multiple work projects, during which he allegedly abused her for several months. According to her, the assaults occurred repeatedly while they were working together in various locations, including Chennai, Mumbai, and Hyderabad. She also reported to the authorities that Jani had violated her several times at her own home in Narsingi, Hyderabad. According to a report in The Hindu, a high-ranking police official confirmed the developments, noting that an in-depth investigation is currently underway. Given the woman’s residence in Narsingi, he stated that the case had been handed over to the local police, who will now proceed with further inquiries.

Tata Group is transitioning into green businesses, semiconductor manufacturing, and mobile phone part production to prepare for future demands, said Chairman N Chandrasekaran in an interview with the Financial Times. This move includes Tata Steel's decision to close blast furnaces at its UK unit, resulting in 2,500 job cuts as the company shifts to green steel-making. Chandrasekaran stressed the necessity of these steps, stating, «However painful...these are transitions that need to be done.» Tata Steel has incurred a loss of 5 billion pounds on the UK business since acquiring it in 2007 as part of the Corus Group. Leaning towards sustainable practices, Chandrasekaran has been steering Tata Group towards electric vehicles and renewable energy while managing debt and profitability. He advised the CEOs of various Tata entities to focus on financial fitness, saying, “every company has to be focused on financial fitness… don't worry about growth, fix the fitness. Performance will come."

renewable energy’s RE-Invest 2024 (renewable energy investors’ meet and expo) began in Gandhinagar on Sept 16. Orb Energy is one of the key companies trying to make solar power affordable, accessible, and hassle-free. It has installed over 300 MW of solar systems for more than 1,330 commercial and industrial customers. It has delivered 167,700 systems across residential, commercial, and industrial sectors. The company recently launched its first 35 MW (DC) ground-mounted solar park at Arsikere, Karnataka. Spanning 110 acres and delivering 5.24 cr units of green power while reducing 45,000 tonnes of CO2 every year, this solar park has been developed specifically to empower SMEs in the region. In an interview with KumKum Dasgupta, co-founder and CEO of Orb EnergyDamian Miller discusses the company’s journey, how it stands out as a leading solar panel manufacturer, and the future of solar in India.

Subscribe to enjoy similar stories. Dell Technologies is sharpening its focus on providing artificial intelligence (AI) and generative AI (GenAI) solutions in India, in alignment with global trends and customer needs.

Gen Z will be loyal back to the brand, says Sunder Balasubramanian, Chief Marketing Officer, Myntra. Gen Z represents a very “exciting business opportunity”, the Myntra CMO told ET Online. In urban India alone, he says, there are over 200 million Gen Z individuals, with more than 60 million of them already shopping for lifestyle products online. “Looking ahead, they are set to become a core audience for any major brand in the country.” In just over a year, led by FWD, Myntra has nearly doubled its GenZ customer base, growing from over 8 million in mid-2023 to an impressive 16 million in 2024, emerging as the go-to destination for GenZ fashion. The company plans to add another 20-25 million GenZ customers in the next couple of years.

Vinit Sambre, Head-Equities, DSP Mutual Fund, says although the price moves have been pretty fast and we did not anticipate the quick up move, nowadays, the narratives take over significantly, and hence, at any point in time, the room or the margin of safety becomes very low. The momentum should be sustained as far as the IT sector is concerned. Specialty chemicals is not a homogeneous sector, and for each company, the metrics are different and we are still seeing challenges with some companies. Some companies are emerging slightly better where they have been able to crack new clients and I think we are being very stock-specific out here. What about the liquidity flow that we have seen because the FIIs have decidedly either not participated or been on the fence for the most part? It has been a domestic-driven rally for our markets. Is that going to continue? Vinit Sambre: This is one of the important facts where markets should not see big declines because the dips are going to be used by all sorts of investors to build positions. You are right FIIs have been on the sidelines. Even our interaction with a lot of them suggests that they are pretty much sold on the India macro story. They all understand the story. They want to participate, but just that some of them are a bit cautious around the valuations, and the moment we have some bit of easing out on valuations, investors will want to come into and participate in the long-term growth story out here.

Uday Kotak’s group is planning to launch its first private credit fund this year, joining industry peers rushing to tap the booming market for direct lending. The fund would aim to raise about 10 billion rupees ($119 million) depending on investor demand, said Nilesh Shah, chief executive officer of Kotak Mahindra Asset Management Company, which manages 4.8 trillion rupees in assets. While private credit as an asset class has expanded globally, India has become a hotbed for the strategy, where institutions and funds make loans directly to companies, as investors hunt for higher returns.

hyperlocal news platform Way2News has raised $14 million in a new round of funding led by existing investor WestBridge Capital, with participation from venture capitalist Sashi Reddi. The company plans to use the funds to strengthen its presence in existing markets, including Andhra Pradesh, Telangana, and Tamil Nadu, and expand to other South Indian states Karnataka and Kerala. “Over the decades, if you look at the media landscape, every section of the society has not been represented… News gets generated in the metros and is distributed to towns and districts. To address this we decided to go hyperlocal,” Raju Vanapala, founder and CEO of Way2News told ET.

BSE at 01:23PM (IST) on Tuesday, down 0.46 per cent from previous close. The stock quoted a 52-week low price of Rs 636.1 and a high of Rs 1148.3.

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Bajaj Housing Finance Ltd., the country’s most valuable mortgage lender following its blockbuster trading debut Monday, sees competition in the housing market easing as larger banks retreat from retail segments and switch focus to corporate credit, where demand is picking up. Sanjiv Bajaj, chairman of the home-loan unit of India’s largest shadow lender and part of one of the country’s oldest conglomerates, said banks have focused on retail business in recent years, given softer demand from corporate borrowers and this has made housing finance “a very competitive market at this point of time”. But that is changing, Bajaj told Bloomberg Television’s Haslinda Amin and Menaka Doshi, a day after the company’s shares listed to a rousing welcome from investors. As India continues to grow, “corporate lending is restarting, so hopefully there’ll be a little less margin pressure,” on the home loan business, he said, adding the firm would be looking to expand in a “sensible manner.”

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“Sectors such as fast moving consumer goods (FMCG), cotton yarn, power, footwear and soft luggage may see a small but manageable negative impact, while ship breaking, jute, readymade garments (RMG) should benefit. For most others, the impact will be insignificant,” the report noted. According to the report, there will be no near-term impact on the credit quality of India Inc either. “However, a prolonged disruption can affect the revenue profiles and working capital cycles of some export-oriented industries for which Bangladesh is either a demand centre or a production hub,” it said.

Subscribe to enjoy similar stories. An average American owns 8 pairs of footwear. The Japanese and Europeans own about 6 each.

Indian Oil Corporation Ltd. traded 0.75 per cent down at Rs 170.5 at 01:08PM (IST) on Tuesday, even as BSE benchmark Sensex gained 130.01 points to 83118.79. The stock had closed at Rs 171.8 in the previous session. The stock quoted a 52-week high and 52-week low of Rs 196.8 and Rs 85.51, respectively.

Subscribe to enjoy similar stories. One of my most vivid childhood memories is of visiting the Amul factory in Anand, Gujarat. The father of India’s White Revolution, Verghese Kurien, was my grand-uncle, and as his guests, we were given a grand tour.

Subscribe to enjoy similar stories. “Strike while the iron is hot," the saying goes. Ventive Hospitality’s recent announcement of an initial public offering (IPO) exemplifies this, as it comes amid a boom in the domestic IPO market and an upcycle in the hotel industry.