India Financial News

BJP leader Mukhtar Abbas Naqvi on Friday said that amid the ongoing global turmoil, India or any other democracy needs a stable government and capable leadership which can play the role of a «trouble shooter» and be a «flag bearer» of socio-economic and cultural empowerment. Addressing the «Asian Brand and Leadership Conclave 2024» organized in Haryana's Surajkund, Naqvi also said artificial intelligence does not create a «perfect leader but a proxy reader». Technology is complementary and not a compulsion to confine capability and confidence, he said. Naqvi said that a leadership emerges after being tested in the «furnace of struggle».

Galaxy S24 and Pixel 9 series. Apple is expected to power the iPhone 16 Pro models with the A18 Pro chipsets, the successor to last year's A17 Pro chipset.

Mercedes-Benz India, the nation's leading luxury carmaker, argues that any tax relaxation on petrol-battery hybrids could cause industry distortion and hinder the adoption of zero-emission electric vehicles, ToI reported. Mercedes contends that lower tax rates for electric vehicles (EVs) are essential to maintain their affordability compared to petrol, diesel, and hybrid vehicles. «Today, consumers are not ready to pay a premium for a sustainable mobility solution. They want the prices (of EVs) to be the same or even cheaper if possible (and) in that context, I think a continuation of difference in taxation will help in better adoption, or faster adoption, of EVs,» said Santosh Iyer, MD and CEO of Mercedes India. Currently, the Goods and Services Tax (GST) on electric vehicles is 5%, whereas larger hybrids face a 43% tax and regular petrol cars are taxed at 48%. «So, technically the govt has a three-tier approach, and the request is to just continue the approach so that it is beneficial in the long run,» Iyer added.

deposit growth due to increasing competition from mutual funds (MFs) and other alternative investment options. At the FICCI-IBA banking conference, Indian Banks’ Association (IBA) chairman, MV Rao, highlighted that mutual funds offer higher returns as they are not subject to the same regulatory restrictions as banks. This has led to a shift in investor preferences towards MFs, making it difficult for banks to maintain a competitive edge in deposit mobilization. Rao emphasised that the regulatory framework governing banks, such as end-use monitoring and interest rate restrictions, limits their ability to provide attractive returns to depositors. He noted that mutual funds are not required to verify the end-use of funds or prioritize specific sectors, allowing them more flexibility and higher yields. “MFs do not have end-use verifications and restrictions on priority sector or to the MSME or government schemes. That’s why MFs can offer more than bank deposits,” said Rao, who also serves as CEO of Central Bank of India. Bankers across the sector have expressed concerns about the systemic risks posed by this trend. Rao warned that most MF investors are not conducting proper analysis and may face significant risks in the future if market cycles shift. HSBC India CEO Hitendra Dave added that blaming MFs might not be the solution, as liquidity eventually returns to the banking system. Dave urged banks to study the underlying factors affecting deposit growth rather than focusing solely on MF competition.

Food inflation, which has moderated a bit lately is further expected to come down in the coming months, Union Bank of India noted in a report, citing progressing Southwest monsoon and sufficient water in reservoirs across regions. A rise in reservoir levels, coupled with improved sowing of kharif crops are expected to keep the supply-side concerns at bay for some time. However, the report cautioned that any negative surprise may trigger it upwards. «With at least one more month to be covered by the monsoon, any negative surprise on the monsoon front whether deficit of rain or flooding will again trigger the food price inflation on the upper side,» said the report

Bajrang Punia on Friday joined the Congress party ahead of Haryana Assembly elections. «I will always be with the congress. I will fight for women, farmers and athletes. BJP does not support them,» said Punia upon joining the party. He said that the Congress was the only party who stood by the wrestlers during the protests in December 2023. He said that the BJP IT cell had alleged that the wrestler's objective was political, but added that it was not the case. «We sent BJP a letter to stand by is, but they did not come. We sent a letter to all the women leaders of BJP but we got no support. Congress came forward without even us asking for their help,» said Punia.

Prozeal Green Energy and Nepalese firm Golyan Power have inked a joint venture agreement for setting up solar power projects in the Himalayan nation. The agreement was signed on Tuesday at Golyan Group headquarters in Kathmandu, marking a significant milestone in both companies' commitment to advancing renewable energy solutions, a statement said. The agreement was signed by Shobit Rai, Director of Prozeal Green Energy, and Akshay Golyan, Director of Golyan Power. The partnership underscores a shared vision to contribute meaningfully to a cleaner and greener future for Nepal.

Wockhardt shares fell 5% to hit the day's low of Rs 1,034.55 on the NSE on Friday after Congress leader Pawan Khera accused Sebi chief Madhabi Puri Buch of a conflict of interest with the pharma company. Khera in a press conference held today, accused Buch of corruption and insider trading. Khera alleged that Buch and her husband own a property in Mumbai, which was given on rent to a company called Carol Info Services Ltd, and is a part of Wockhardt Ltd., a firm that SEBI has been involved with in multiple cases.

₹80 lakh on Sebi, the National Stock Exchange of India (NSE), and the BSE on August 26 for illegally freezing the demat accounts of two people erroneously classified as promoters. The powers of the exchanges stem from Sebi circulars dated 30 November 2015 and 26 October 2016, which prescribe the standard operating procedures for how to deal with non-compliance of norms by listed companies. Legal experts said the promoters of a company might not necessarily be the people making decisions.

Giriraj Singh on Friday expressed confidence that the niche carbon fibre — which is used in aerospace, civil engineering and defence as an alternative to metal — will be produced by India in 2025-26. Currently, India does not produce any carbon fibre and relies completely on imports from countries such as the US, France, Japan and Germany. The European Union's proposed Carbon Border Adjustment Mechanism, a tax on embedded carbon imports, is expected to kick in from 2026. «The coming days belong to Technical textiles in every sector… I am fully confident that in 2025-26 the niche carbon fibre product will also be with India,» Singh told reporters here.

India Middle East Europe Economic Corridor (IMEC) will strengthen maritime security and reduce New Delhi’s dependence on certain routes, commerce and industry minister Piyush Goyal said Friday. “I am sure the India Middle East Europe Economic Corridor will add to maritime security and reduce reliance on few routes that can become detrimental to maritime security and add faster and lower cost connectivity,” Goyal said at the India Mediterranean Business Conclave 2024 organised by the Confederation of Indian Industry (CII). Suggesting to setup a working group on tourism with the Mediterranean countries, he said that a collaboration between the countries of the Mediterranean region and India could provide a win-win situation for both.

net zero by the middle of the century and align itself with the Paris Agreement, according to BloombergNEF, a target that’s unlikely to be met due to the government’s push for the continued use of coal. The world’s third-biggest emitter needs $12.4 trillion in investment to reach net zero ahead of its official target of 2070, BNEF said in its New Energy Outlook for India published Thursday. That includes funding to accelerate clean energy deployment, large-scale adoption of electric vehicles, and scaling up new technologies like carbon capture and green hydrogen to decarbonize the coal-dependent economy. The report comes as India expands renewables but remains heavily reliant on coal to meet the power needs of the world’s largest population, prompting calls for it to be more ambitious in weaning itself off the dirtiest fossil fuel to support the Paris Agreement goal of keeping global warming below 2C (3.6F).

On the BSE, Gopal Iron & Steels Co(down 18.51 per cent), HKG Ltd(down 16.63 per cent), Nettlinx Ltd(down 11.82 per cent), Vodafone Idea(down 11.46 per cent) and GCM Capital Adv.(down 10.00 per cent) stood among the top losers in today's trade.

Ashwini Vaishnaw met Japan's Minister for Digital Transformation Taro Kono and discussed avenues to strengthen digital ties between the two countries. In a post on X (formerly Twitter), Vaishnaw — is the Minister for IT, Information and Broadcasting (I&B), and Railways — said the discussions focused on exploring avenues for collaboration and innovation in the digital landscape, particularly on futuristic technological advancements. «Met with H.E. Mr. Taro Kono, Minister for Digital Transformation of Japan, to discuss strengthening India-Japan digital ties. Explored avenues for collaboration and innovation in the digital landscape, focusing on futuristic technological advancements,» Vaishnaw wrote in the post as he held a series of high-level meetings in Japan.

Piyush Goyal on Friday said he has invited the steel industry to discuss about the «unfair» competition that some of them are facing to take appropriate steps with a view to promote the sector's growth. Certain steel industry players have raised concerns over rising imports from China at lower rates. «I have invited the steel industry...to understand the unfair competition that some of them are facing and take appropriate measures so that the steel industry remains vibrant, continues to grow and adds jobs to the Indian economy,» Goyal told reporters here. On September 5, he mooted the idea of introducing a border adjustment tax to protect the domestic players by providing a level-playing field against increasing imports.

₹1.5-2.5 trillion in incremental profit for the top 500 Indian companies over a five-year period. When businesses use AI-powered products, it delivers an even higher return on ad spend. It has been incredible to see large Indian brands such as Nykaa and Dream11 already use these tools as part of their advertising strategies.

upcoming interest rate cut by the US Federal Reserve has been a key talking point in the Indian stock market over the past few weeks. While discussions around Fed rate cuts have been recurring for over a year, it appears that the much-anticipated shift is finally on the horizon. The US Fed is poised to initiate its rate-cutting cycle, with the first reduction expected on 18 September, coinciding with the next Fed meeting.

tax burden on health and life insurance policies. However, the proposal to lower GST on insurance premiums is meeting resistance from several states, which fear a significant loss of revenue, particularly from medical insurance, ToI reported. Also Read: Indians may need to get over a tax headache to secure their health

Bengaluru, relocated to Luxembourg in 2020. The decision came after considering various factors, including bigger salaries in India or other countries like the US and Dubai. Their move was driven by the desire for a higher quality of life, even though it meant leaving behind potential financial gains. Prateek, a senior analyst at Amazon, and Neha, a finance manager for a German real estate company, admitted that staying in India or moving to other countries could have resulted in higher earnings. «Continuing in India or moving to the US would have given us more career and earning opportunities. But we wanted to taste the superior quality of life, which Europe offers,» Prateek explained to Live Mint.

capital gains in the total personal income of individual investors is expected to jump to 12-15% in FY24, according to Jefferies estimates. The brokerage has premised its findings on a four-to-five-fold increase in the number of individuals reporting short- and long-term capital gains in the period between FY19 and FY23. Jefferies’ head of India research Mahesh Nandurkar, in the latest Greed & Fear report, puts forth his analysis on the personal income tax data, highlighting the jump in capital gains from 4% in FY19 to 11% in FY22 while pegging the the capital gains share at 12-15% in FY24E.

Narendra Modi on Friday called the conservation of water and environment a part of India's cultural consciousness, pitching for the «reduce, reuse, recharge and recycle» mantra to save water. He was virtually speaking at a programme marking the launch of the 'Jal Sanchay Jan Bhagidari' initiative in Surat, a step aimed at strengthening community involvement in water conservation. «For water conservation, we have to work on the mantra of 'reduce, reuse, recharge and recycle'. We also need to adopt innovative techniques and the latest technology to conserve water,» said the PM. Modi said India has just four per cent of freshwater resources, and many parts of the country face a water crisis.