India Financial News

Ayyappan R, former chief executive of Flipkart-owned Cleartrip, is set to launch a new quick-commerce retail venture and is in talks with venture capital firms Accel and RTP Global for a sizable seed funding, multiple people aware of the discussions told ET. The venture is likely to focus on delivering a select range of premium products within 20-30 minutes and will also have an offline retail presence, hence the need for larger-than-usual seed funding, they said. It will cover various retail categories including FMCG, health and fitness and fashion, and offer both international and local brands, they added.

Piyush Goyal will be the guest of honour at a star-studded ceremony to celebrate the winners of the tenth edition of The Economic Times Startup Awards on Saturday, October 5, the country's most coveted recognition in entrepreneurial excellence. The event in Bengaluru will host a galaxy of business leaders and policymakers, as ETSA 2024 marks a decade of celebrating India's brightest entrepreneurs and startups. Goyal's first interaction with startup industry leaders at the ceremony post removal of the so-called 'Angel Tax' is expected to provide insights into the government's push to further support the new-age economy which has seen several companies go public this year.

Nisha Biswal, the US International Development Finance Corporation's (DFC) Deputy Chief Executive Officer, during her travel to Mumbai and New Delhi from September 10-14, highlighted the DFC's partnership with India to advance key growth and development priorities and work with the nation to solve the world's most critical challenges, the release said. While in India, Biswal announced USD 70 million in new DFC investments to support affordable home loans in India and vaccine manufacturing, it added. She spoke at the US-India Business Council's (USIBC) India Ideas Summit about the DFC's strategic vision for driving long-term growth between both countries and the broader Indo-Pacific region.

E2E Networks, an artificial intelligence cloud service provider, is getting a lot of attention that the National Stock Exchange-listed company has probably not seen in the 15 years since its inception. The company started offering graphics processing units (GPUs) for cloud computing in 2018, when nobody else was in the market in India. The bet is now paying off, with a customer list of 2,500-3,000 companies, mostly startups and small and medium enterprises (SMEs) and also some big companies. Its stock has yielded almost 280% year-to-date, which according to Bloomberg data makes it one of the top-performing IT stocks of 2024. Delhi-based E2E is well-positioned to participate in the India AI Mission’s tender to procure 10,000 GPUs as part of a consortium.

Poco Pad 5G review: Budget-friendly 5G tablet for everyday useSoon after the launch of the new tablet, Poco India head Himanshu Tandon sat down for an exclusive chat with LiveMint to discuss a range of topics, including the Poco Pad 5G, the Poco ecosystem, scope for Poco to enter new segments, and more.Tandon also revealed that the Poco Pad 5G received a good response during the first sale and was one of the fastest-selling tablets on Flipkart on the first day. Encouraged by the initial response to Poco Pad, Tandon said, “We are now thinking how do we take this tablet journey moving forward and how do we scale up this business because the start has been really really exciting for us." Edited excerpts from the interaction: While explaining the reason for not launching a Poco tablet in India so far, Tandon said, "When we started this operation with Poco F1, we wanted to solidify our position in the smartphone market.

Subscribe to enjoy similar stories. Mumbai: Schools affiliated to international boards are gaining traction in India's tier-II and tier-III cities as aspirational second- and third-generation business owners and professionals with higher disposable incomes send their children to these schools. These schools, which have tuition fees upwards of ₹7-9 lakh per annum, are now offering specially trained teachers—some roped in from overseas—and infrastructure on a par with their counterparts in metros.

Great Eastern Shipping Company, India's biggest private ocean carrier, will «evaluate» entering the container shipping sector, a senior company executive said. This, according to an industry expert, could be a diversification strategy aimed at mitigating the risks associated with oil trade as the world pivot towards green energy, cutting the quantum of crude and petroleum products shipped by sea. «We will evaluate the container (shipping) space. It's clearly on our radar but not at the moment,» Great Eastern Shipping general manager Rahul Sheth said during an earnings call on August 1, which has not been previously reported. Rahul Sheth is the son of Ravi Sheth, a director of Great Eastern Shipping and managing director of Greatship (India) Ltd, its oilfield services unit. Ravi Sheth's brother Bharat Sheth is the deputy chairman and MD of Mumbai-listed Great Eastern Shipping Company.

Central Bank Digital Currency (CBDC), or e-rupee, is gaining traction among retail users, with the Reserve Bank of India widening the scope of participation. E-rupee worth ₹234.12 crore was in circulation as of March 2024, compared with ₹16.3 crore a year earlier, according to RBI data. «The multi-fold jump could be due to a few big banks pushing CBDC wallets among their employees,» said a senior banker. «The rise in CDDC transactions could be because the banking regulator has allowed interoperability between CBDC and Unified Payments Interface,» the same person said.

Narendra Modi on Monday said India's leap in the renewable energy segment offers tremendous opportunities for investors not only in energy generation but also in the manufacturing sector. «India is striving for complete made in India solutions and creating many possibilities. It is truly a guarantee of expansion and better returns,» Modi said at Global Renewable Energy Investors Meet and Expo organised by the ministry of new and renewable energy and CII. India's renewable energy demand is rising and the government is making new policies to support it, he said. Efforts are being made for 'Make in India' in the sector and the growth in the segment presents a good opportunity for the same, he said.

India entered the final of the Hero Asian Champions Trophy with a clinical 4-1 win against South Korea in the semi-final here on Monday. India scored through Uttam Singh (13th minute), skipper Harmanpreet Singh (19th, 45th) and Jarmanpreet Singh (32nd), while Korea's lone goal came from through Yang Jihun (33rd)'s penalty corner conversion. India will take on hosts China in Tuesday's final. Earlier in the day, China defeated Pakistan 2-0 via shoot-out in the first semifinal after the two teams finished 1-1 at the end of regulation 60 minutes. In the previous league stage encounter between the two finalists, India prevailed 3-0.

Usha Uthup for an unforgettable rendition of “Summer Wine” at CNN’s 'SheShakti2024' event. The classic tune, originally by Lee Hazlewood and Nancy Sinatra, set a nostalgic tone for the evening, as the audience watched in awe. Usha Uthup playfully nudged the Chief Justice to sing along, eliciting laughter from the crowd and a warm smile from his wife, Kalpana Das. The enchanting lyrics of the song—“Strawberries, cherries, and an angel's kiss in spring, My summer wine is really made from all these things”—added a touch of elegance and fun to the celebration of women’s achievements.

Ministry of External Affairs issued a strong condemnation of Khamenei's comments, which had criticized the treatment of minorities in India. “We strongly deplore the comments made regarding minorities in India by the Supreme Leader of Iran. These are misinformed and unacceptable. Countries commenting on minorities are advised to look at their own record before making any observations about others,” the ministry stated.

patriarchal social attitude". Speaking at News18 Network's She Shakti event, CJI Chandrachud said «we must foster institutional and individual ability to look beyond the male default». «There is no dearth of substantive and procedural legal provisions targeted towards protecting the interests of women in private and public situations. But good laws including the stringent laws alone do not make for a just society. »Above all we need to change our mindsets. The mindsets must move from making concessions for women to recognising their entitlement to lead lives based on freedom and equality. We must zealously guard against apparently protective laws infringing women's liberties and choices," the CJI said.

Vladimir Putin on Monday ordered the regular size of the Russian army to be increased by 180,000 troops to 1.5 million active servicemen in a move that would make it the second largest in the world after China's. In a decree published on the Kremlin's website, Putin ordered the overall size of the armed forces to be increased to 2.38 million people, of which he said 1.5 million should be active servicemen. According to data from the International Institute for Strategic Studies (IISS), a leading military think tank, such an increase would see Russia leapfrog the United States and India in terms of the number of active combat soldiers it has at its disposal and be second only to China in size. The IISS said Beijing has just over 2 million active duty service personnel.

Franck Muller is fully focused on the country, said Erol Baliyan, MD for Middle East, Africa and India at the luxury watch brand in an interview with ET. Ahead of Diwali, Franck Muller hopes to launch its third India focused collection and might also foray into luxury residential real estate here overtime, Baliyan told ET. The Franck Muller Aeternitas at London Gate, Dubai Marina, is set to be the world's tallest residential clock tower with 106 floors. “We are working on a very exclusive project of handcrafted 108 pieces for India and we hope to launch it before Diwali. Our real estate foray has been very successful and we want to do the third project in India. Hopefully, we will have a Franck Muller tower in the skyline in India in future,” he said.

Tea Association of India (TAI) stated with Tea Board, India revising its Crop figure to 1393.66 Mkg from its earlier 1367.70 Mkg for the year 2023 coupled with the early closure Order by Tea Board, India, the industry is looking at a drop of production to the tune of around 160-170 Mkgs during the year 2024. TAI in statement stated the Production figure of North Indian Tea Industry reflect a precarious situation of the industry, consequent to the constant onslaught of insufficient rainfall and excessive heat till May and excessive rainfall in June & July, hampering production of the crop to a great extent during the current cropping season up to the month of July 2024. The data released by Tea Board of India indicates a drop of production of around 11% in Assam and around 21% in West Bengal up to the month of July 2024 as against last year during the same period. Sandeep Singhania, President TAI stated that due to the unprecedented weather condition, tea growing regions of West Bengal and Assam has witnessed weakening of tea bushes which has further aggravated by severe pest and disease infestation, indicating a further crop loss in the coming months.

Mercedes Benz has firmed up plans to locally assemble a second electric vehicle in the country enthused by demand for these cars, which have received bookings totalling Rs 400 crore in the past couple of weeks. The company, which launched Mercedes Benz Maybach EQS680 SUV priced at Rs 2.37 crore (on-road, Delhi) last week, has received 50 bookings for the top-of-the-line electric car. Mercedes has additionally received 80 bookings already for the electrified version of the G Wagon, which is slated to go on sale by the end of this year or early next year. Mercedes Benz EQG will be priced at Rs 3.5 crore. The company’s total order bank for internal combustion engine (ICE) and electric models together stands at about 1800-2000 units, currently. Mercedes Benz India Managing Director Santosh Iyer told ET, “There is currently no other option for emission free mobility than electrification. And we need to aid penetration by introducing electric cars at varied price points to our customers. The EQS SUV 580 will be the second electric vehicle that we assemble locally, which has helped us to price it competitively.” The EQS SUV 580 is priced at Rs 1.41 crore.

Startup Accelerators of MeitY for Product Innovation, Development and Growth (Samridh) scheme, for which 125 startups will be provided funding support and mentorship, was launched by MeitY secretary S. Krishnan on Monday. The scheme provides a first round of funding of up to Rs 40 lakh. To promote growth of India’s software product industry as part of the 100-day agenda, the Government of India is providing support to 125 startups through potential accelerators to achieve the target of nurturing 300 startups. The startups in turn get a chance to improve their products and attract funding to expand their businesses. Incubators prioritise the long-term sustainability of startups over rapid growth. India has more than 500 incubators but is still nascent in its accelerator ecosystem with K-Start, Talks, Axilor Ventures, Byron, GSF Accelerator, Gain Accelerator, T-Hub being among the few examples, sources said.

Modi on Monday alleged certain individuals filled with hate and negativity are defaming the country, a remark coming amid a political row over certain statements made by Congress leader Rahul Gandhi abroad. Modi laid the foundation stone and inaugurated various projects of Rs 8,000 crore, including the flagging off of Bhuj-Ahmedabad Namo Bharat Rapid Rail, the first Vande Bharat metro service, and five Vande Bharat express trains, in Ahmedabad. Addressing a gathering, Modi, without taking names, said they (Opposition) can cross any limits for appeasement politics.

Subscribe to enjoy similar stories. New Delhi: At 8 am on 7 September, a large, 2,600-sq.ft coffee shop quietly opened its doors in Delhi’s affluent Punjabi Bagh West. At first glance, it seemed like just another café in a neighbourhood dotted with them.

credit program for the building industry professionals like architects, interior designers, contractors-firms to address the critical credit gap in the segment. After working with over 3,500 professionals in the building space over the past two years, the company identified that dependence on informal credit alone invariably hinders business growth for professionals and curated the credit program to address this critical gap. By participating in the program, professionals can get higher credit limits, enabling them to take on larger projects. «By enrolling in the smart credit program, professionals can achieve significant growth. We project an increase in profit margins by 8-10% and business scaling by two to three times. With a higher credit limit, professionals can take on more prominent projects and experience exponential business expansion,» Vaibhav Poddar, co-founder of Mistry.Store, said.