India Financial News

NaBFID) can consider providing partial credit enhancement (PCE) or first loss default guarantees to infrastructure companies which will help improve the credit ratings for these projects and make it attractive for long-term investors like pension and insurance funds to invest in these products, Rajeshwar Rao deputy governor, Reserve Bank of India (RBI) said. «NaBFID could play a critical role in facilitating loans indication for large-ticket loans and play an elite role in supporting the secondary loan market association and development of credit markets as well. As NaBFID develops its internal rating models for credit appraisers, it may also be able to offer products such as credit default swaps, which would go a long way in ushering confidence in the foreign market space,» Rao who is in charge of department of regulations, enforcement and risk monitoring said. Under a PCE a financial institution like NaBFID provides a guarantee on a portion of the bond's repayment. This guarantee enhances the credit rating on the bond and also provides comfort to investors putting money in buying the security.

India's top electric vehicle maker, Tata Motors, is luring consumers with free charging and steep discounts, while rival MG Motor has launched its first battery rental plan, in strategies aimed at propping up sales of the clean cars. Use of electric vehicles (EVs) has grown rapidly in recent years to account for 2% of India's annual sales of 4.2 million cars, but sales growth is now faltering, which analysts blame on high prices and lack of charging facilities. «We want to make electric vehicles affordable,» Satinder Singh Bajwa, chief commercial officer of MG Motor, said at an event to launch the firm's new EV with a battery rental service, the world's first of its kind.

Bharti Airtel has partnered with Italy’s international service provider Sparkle to access capacity on Blue-Raman Submarine Cable Systems connecting India and Italy. The two companies will also work together on the development of new business opportunities and projects in the Indian sub-continent, leveraging their respective cable infrastructures, Airtel said in a statement on Thursday. “We are happy to partner with Sparkle as we further consolidate our leadership in global connectivity,” Vani Venkatesh, CEO -Global Business, Airtel Business said. “This partnership will further diversify our network with large integrated capacities to meet the ever-growing connectivity needs and data demand of our customers”.

IPO) of Western Carriers will open for public subscription on Friday. Ahead of the debut, the company's shares have no GMP in the unlisted market. The IPO, which is priced in the range of Rs 163-172 apiece, will close on September 18 and the bidding for anchor investors will be done later today.

India (SEA). «The overall import of vegetable oils during the first ten months of the current oil year (November 2023 to August 2024) is reported at 136.8 lakh tonnes compared to 141.2 lakh tonnes during the same period of last year; down by 3%,» said SEA in a media release. The trade estimate for import of edible oils during September and October is about 27 to 28 lakh tonnes. «The total import of cooking oils during the 2023-24 oil year is likely to be 160 -165 lakh tonnes, which is similar to the previous year. The total stock as on September 1, stands at 29.25 lakh tonnes, up by 23,000 tons from the 29.02 tonnes reported on August 1, 2024,» said SEA.

Indian Administrative Service (IAS) officer Puja Khedkar's response on a plea by the Union Public Service Commission (UPSC) seeking initiation of perjury proceedings against her for allegedly giving false statement and affidavit in the court. Justice Jyoti Singh issued notice to Khedkar on the UPSC's application and granted her three weeks to file reply to it. The court listed the matter for further hearing on November 26. The UPSC contended that the July 31 communication by which Khedkar's candidature was cancelled was communicated to her on her registered email id the same day. It said it was the same email id, which was registered in her online application for the Civil Service Program (CSP) 2022.

«Of course, structurally, we may see a higher interest rate compared to the history or the past, but still, they should be significantly lower from what they are today, at least 100 to 150 bps or maybe closer to 200 bps lower over the next 12-18 months so that is another very big positive,» says Sachin Shah, Emkay Investment Managers. First up, the market view itself because, of course, while a lot of people have been saying that we are toppish and the fundamentals perhaps are getting overshadowed by liquidity right now, what is your view on where the market momentum lies and what should we factor in for the market peak? Sachin Shah: I think it is getting kind of a consensus view that the valuations are getting a bit stretched, at least in some pockets of the market, particularly the smallcaps and midcap, those kind of things, and of course, the largecaps are much more reasonably valued.

palm oil imports in August fell more than a quarter from a month ago, primarily driven by sufficient domestic stocks and negative margins that discouraged refiners from purchasing more of the tropical oil, a leading trade body said on Thursday. Lower purchases by the world's biggest importer of vegetable oils could lead to higher stocks of palm oil in key producers Indonesia and Malaysia, weighing on benchmark futures. India's palm oil imports fell 26% in August from July to 797,482 metric tons, the Solvent Extractors' Association of India (SEA) said in a statement.

India has demonstrated a largely successful inflation targeting regime compared to advanced economies such as the USA, Germany, and France, according to a research report by the State Bank of India (SBI). The report credits government initiatives, the RBI, and banks for addressing these issues over the past decade, allowing for better policy transmission and improved inflation management. «The success of Inflation Targeting in India is largely a byproduct of a vibrant financial ecosystem where RBI, Government and the Banks are working closely in unison in ushering in market reforms» said the report

Hemang Jani, Independent Market Expert, says in India, it will be better to play the EV theme through some of the incumbent players. In two-wheelers, companies like Bajaj, Hero, TVS, and in four-wheelers, Maruti. It has been indicated that a large part of Maruti’s growth will come through hybrids or EVs. It makes more sense to go with those established players rather than trying to find newer emerging stories with very high valuations. Jani would also stay away from OMCs because state elections are coming and just to get some more positive sentiment, the government may roll out some kind of a price cut and that may not be that positive for the oil marketing companies. What is the outlook when it comes to the EV push, given that we are talking about this scheme? The Atul Auto management is saying it is going to benefit the entire EV value chain. Your take? Hemang Jani: The fact that there is going to be a certain amount of incentivisation by the government is pretty much known and the actual rollout is not that good compared to what the market was expecting. Also, for EV as a theme, there is too much hype and many IPOs. Even some of the existing players who have that offering are commanding much higher valuations whereas the actual growth at the ground level may not be that good.

Vinesh Phogat, who recently transitioned into politics after her disqualification from the Paris Olympics, has filed her nomination for the upcoming Haryana Assembly elections. Contesting from the Julana constituency in Jind, Vinesh provided a detailed declaration of her assets and income in her nomination affidavit. Vinesh, a multi-time Commonwealth Games gold medallist, revealed that she owns three vehicles: a Volvo XC 60 worth Rs 35 lakh, a Hyundai Creta valued at Rs 12 lakh, and a Toyota Innova priced at Rs 17 lakh. She is currently repaying a loan of Rs 13 lakh taken to purchase the Innova. Additionally, her husband, Somvir Rathee, owns a Mahindra Scorpio, which is valued at Rs 19 lakh. In terms of property, Vinesh owns a plot in Sonipat, which has a valuation of Rs 2 crore. Her income declaration for the last financial year, as per her IT return, amounted to Rs 13,85,000. Alongside these assets, she reported having Rs 1,95,000 in cash on hand.

Ravindra Energy Ltd.(up 5.00%), Inox Wind Ltd.(up 3.72%), Inox Wind Energy Ltd.(up 2.86%), KEC International Ltd.(up 2.72%), GE Power India Ltd.(up 2.15%), GE T&D India Ltd.(up 1.92%), JSW Energy Ltd.(up 1.89%), Jyoti Structures Ltd.(up 1.87%), Gujarat Industries Power Company Ltd.(up 1.54%) and Torrent Power Ltd.(up 1.52%) were among the top gainers.

Reckitt Benckiser designed products and marketing to lure Indian men to its Durex brand. Now, it is pushing a growth strategy by betting on women and rural consumers. India last year surpassed China to become the world's most populous nation, but still fares poorly on the use of contraceptives. India's government estimates only around 10% of men use condoms and for women, sterilization remains the popular form of contraception. Social stigma surrounding sex — which some say stems from Victorian social norms established during British colonization — has for decades marginalized female pleasure in the Indian society.

Indian rupee witnessed range-bound trade in the morning session on Thursday and appreciated by 2 paise to 83.97 against the US dollar, amid a positive trend in domestic equities and foreign fund inflows. Forex traders said the rupee continues to hold steady within a well-defined range on active intervention by the Reserve Bank of India (RBI). At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.97 against the American currency, registering a rise of 2 paise over its previous close.

Bajaj Auto Ltd.(up 2.63 per cent), Samvardhana Motherson International Ltd.(up 2.1 per cent), Bosch Ltd.(up 1.84 per cent), TVS Motor Company Ltd.(up 1.26 per cent) and Exide Industries Ltd.(up 1.02 per cent) were among the top gainers.

Ruturaj Gaikwad, will keep the same team, while India B strengthens its squad with Rinku Singh joining Sarfaraz Khan and Musheer Khan. PTI reports that the BCCI has rested several key players ahead of the second round, scheduled to start on September 12. These players were selected for the first Test against Bangladesh. Rishabh Pant, K L Rahul, and Shubman Gill have been given a break, along with Akash Deep, Kuldeep Yadav, Axar Patel, Yashasvi Jaiswal, and Dhruv Jurel. With Shubman Gill in the national team, Mayank Agarwal will captain the India A team. Prasidh Krishna also returns to the India A squad for the upcoming matches and he will closely watched as a pacer option for Border Gavaskar Trophy in Australia.

India is curiously defying a common law of economics. When foreign investors cool toward an emerging economy’s stock market, share prices usually fall. Not so in the world’s fifth-largest economy.

Air conditioning company Carrier wants to repeat its China playbook in India by adopting a similar strategy, according to a top executive. “Our strategy is to be in India for the long run,” said Saif Siddiqui, president-APAC at Carrier. “We have been in India for 40 years. We have been in China for many, many decades. We have localised to a large extent in China. In fact, the playbook we are talking in India, we have lived it in China in terms of supplier ecosystem localisation and investing in both R&D and manufacturing to get ourselves the local market.” The Florida-based company plans to invest $800 million in India in the next five years, topping up a $1 billion investment made over the past decade, chief executive officer David Gitlin had told ET in October.

The software engineer currently earns 85,000 Canadian dollars (around Rs 52.5 lakh annually, including bonuses). However, the high cost of living in Halifax, where he lives, along with Canada’s strained healthcare system, is making life challenging. “Rent’s crazy, paying 2,300 Canadian dollars (Rs 1.42 lakh) for rent and utilities,” he noted, adding that long waiting times for non-urgent healthcare have been another significant issue. His company has offered him a managerial position in Bengaluru with a salary of Rs 36 lakh per annum, plus a Rs 5 lakh bonus. While the offer seems promising, the engineer is concerned about adjusting to the work culture in India, particularly with an Indian manager. “I’ve never worked in India, and I’ve heard horror stories about the demands of Indian bosses,” he mentioned in his post. He’s also unsure about the working environment, which he fears might change if his current managers leave.

United Nations Security Council seats for African states and one seat to be rotated among small island developing states, U.S. Ambassador to the U.N. Linda Thomas-Greenfield will announce on Thursday. The move comes as the U.S. seeks to repair ties with Africa, where many are unhappy about Washington's support for Israel's war in Gaza, and deepen relations with Pacific Islands nations important to countering Chinese influence in the region. Thomas-Greenfield told Reuters she hopes the announcement will «move this agenda forward in a way that we can achieve Security Council reform at some point in the future,» describing it as part of U.S. President Joe Biden's legacy.

The NSE Nifty index traded 94.21 points up at 25012.65, while BSE Sensex was up 249.11 points at 81772.27 as of 09:58AM(IST)on September 12.