India Financial News

Prestige Estates Projects Ltd has raised Rs 5,000 crore by selling equity shares to institutional investors through private placement. The company had on August 29 launched its Qualified Institutional Placement (QIP) to raise funds. In a regulatory filing on Wednesday, Prestige Estates informed that a fundraising committee of the board approved the allocation of 2,98,68,578 equity shares at an issue price of Rs 1,674 apiece to eligible institutional investors.

bull run. It is India’s time, and that’s where the ultimate money follows the value. So, HNIs and retail investors are in the right place at the right time,” says Rajeev Mathur, Head-Wealth Broking, Yes Securities India Ltd. In an interview with ETMarkets, Mathur said: “To make money, you don’t need to be the most intelligent person in the world; you just need to be disciplined. All asset classes offer sufficient wealth creation opportunities” Edited excerpts:

Regional Connectivity Scheme (RCS)-UDAN, Union Minister of Civil Aviation Ram Mohan Naidu Kinjarapu has said the Centre «wants» to extend it for another 10 years. The central government had launched the UDAN (Ude Desh ka Aam Nagrik) scheme on October 21, 2016, to make air travel affordable for the people. "..We have observed the huge success that the RCS UDAN scheme has achieved. So, we want to extend it for another 10 years and see what gaps are there and try to address them...Right now, we have 157 (airports), in the plan of Viksit Bharat for 2047, we are planning to improve these 157 airports to 400 airports — including waterdrome airports, heliports and everything," said Naidu on Wednesday.

₹16,999.Customers can purchase the Amazfit GTR 4 New through Amazon or directly from Amazfit India’s official website. This smartwatch boasts a 1.45-inch AMOLED display with a resolution of 331 ppi, ensuring crisp visuals.

RecommerceX, a chemical recycling and sustainability startup, has raised $3.6 million in a funding round led by venture capital firm Accel and Kae Capital. The funds will be used for expanding the team, developing its technology platform, investing in R&D for advanced material recovery, and scaling business operations in India and other international markets. According to founder and chief executive Shobhit Goel, this space is highly unorganised, with no major players managing these categories.

Share prices around the world slumped on Wednesday after an overnight drop in US markets led by Nvidia. Stock markets from London to Frankfurt and Tokyo all traded in the red as concerns grew of global growth weakening after a subdued US manufacturing report.

Mansukh Mandaviya on Wednesday approved the centralised pension payment system (CPPS), which will allow 7.8 million Employees' Pension Scheme subscribers to withdraw their pension from any branch of any bank across India starting January 1, 2025. In the next phase, CPPS will enable a smooth transition to the Aadhaar-based payment system (ABPS), the ministry of labour and employment said in a statement. The move will enhance ease of living while significantly cutting pension disbursement costs of the Employees' Provident Fund Organisation (EPFO).

Mint shows that the depreciation rate—the rate at which a product loses value—of electric vehicles entering the used-car market is slowing down, with some models holding onto their value better than expected. The Tata Nexon EV, a popular choice among Indian consumers, has seen its depreciation rate drop significantly—from about 51% in 2020 to 26% in 2023, according to data sourced from auto intelligence firm JATO Dynamics. The Nexon EV is Tata's first electric car, and was launched only in 2020, which means the resale market for these vehicles, compared to the legacy internal combustion engine (ICE) vehicles, is relatively nascent.

China's emergence as the manufacturing centre of the world is largely a consequence of American policy, because if you look at the top 30 companies in the United States of America, 95% to 98% of the manufacturing is outsourced to China, India's G20 Sherpa Amitabh Kant said here on Wednesday. Both the Chips Act and the Inflation Reduction Act of USA are protectionist in character. «It's important because if you want to shift towards net zero, it will be almost impossible to do it without India. And the reason for that is that green hydrogen manufacturing firm from India today is costing $4.5 per kilogram, whereas in the US, it will cost about $7-7.5 per kilogram. The extent of subsidisation will be enormous,» Kant said at an interaction with US G20 & G7 Sherpa and Deputy NSA Daleep Singh on India-USA Economic Partnership organised by the Observer Research Foundation. «If you want the world to move towards clean energy, reach the target of net zero, you want production of the lowest cost possible. And therefore, the size and scale of manufacturing from India, which India has demonstrated through procurement of LED bulbs, the prices for procurement of large scale buses, electric buses, prices for you, it needs the size and scale of a country like India to radically bring down the price to $1 per kilogram by 2030 and that capacity to do it only India has. And that's why, if you want the world to achieve success in net zero, you need to work with partners like India.»

assistant coach for all clubs, permission of concussion substitutes and appeal against «wrongful» red card decisions are some of the new rule changes that were announced by the Indian Super League on Wednesday ahead of the upcoming 11th season beginning on September 13. As per the new rules, «all the teams must have an Indian assistant coach, holding the AFC Pro License (or equivalent)». «If the head coach is relieved from his position or suspended for certain matches, the Indian assistant coach will take over all head coach duties as the Interim head coach,» the new rule stated. A perfect case in point will be regarding FC Goa where Gourmangi Singh will take over the coaching role when Manolo Marquez, who is the current India head coach, is not available.

Jujutsu Kaisen Chapter 269 promises crucial developments in the ongoing story. It will be released on September 15, 2024.

Karnataka wants to create 4-5 more regions like Bengaluru, India's Silicon Valley, in the state, minister for electronics and information technology and biotechnology Priyank Kharge said. Speaking at an event organised by IT industry body Nasscom, Kharge said he wants to position Karnataka not just as an investment destination, but also a space for knowledge and skills. In a fireside chat with Nasscom president Debjani Ghosh at its Design and Engineering Summit 2024 on Wednesday, Kharge said this will bring in more innovation in the country and in the next 4-5 years, Karnataka will not just be innovating for India but for the world. In a recent post on microblogging portal X, Kharge said Karnataka is the fourth largest technology cluster in the world and the leader in the country in many verticals. The southern state has over one-third of India’s tech talent and close to 25,000 startups, 52 unicorns (startups with valuation of $1 billion or more) and 47 soon to be unicorns.

₹58,000-crore quick service restaurant industry, the challenge form restaurant aggregators isn’t new. But the post-pandemic revenge dining boom has petered out, while Covid-driven surge in home deliveries continues. Consumers cutting back on spending to counter inflation has made it worse.

₹71,112 crore for 2024-25. Out of this, poll-bound Maharashtra gets the highest amount of ₹19,023 crore. States ruled by all-important NDA allies Andhra Pradesh and Bihar get an allocation of ₹7,266 crore and ₹10,720 crore respectively.

Mint breaks down which option would be the best fit for your needs and how this choice can shape your investments. But first, what’s a portfolio investment scheme? It’s an arrangement introduced by the Reserve Bank of India to enable NRIs to invest in the stocks of Indian companies, and allows for both repatriation and non-repatriation of profits. But there are differences in PIS and non-PIS accounts that you need to consider before deciding on one.

Nitin Gadkari on Wednesday said two-wheeler manufacturers should provide helmet to the purchaser of the vehicle at a discount or reasonable rate as many people die in road accidents just for not wearing helmets. Addressing an event here, Gadkari said 50,029 people lost their lives in accidents in the country in 2022 when they were not wearing helmets. «I am thinking of requesting two-wheeler manufacturers… if they can give some reasonable discount on helmets to the purchaser of the vehicle then we can save the life of the people,» he said. The road transport and highways minister also stressed on the need to plan the parking arrangement for school buses.

For the first time ever, India’s real estate market has been categorized as ‘transparent’ by the Global Real Estate Transparency Index, compiled by property advisory JLL every two years. Mint explains the index and India’s position. Launched in 1999, and conducted every two years, it categorizes real estate markets into five tiers—highly transparent, transparent, semi-transparent, low transparency and opaque.

Ather Energy, Bajaj Auto, and TVS Motor Company, as well as leading electric passenger vehicle makers Tata Motors, MG Motor India and BYD, said that since 30 August, the Delhi government has been charging a road tax of 7%-8% in the case of electric two-wheelers and 10% for four-wheelers. Buyers enjoyed a full road-tax waiver under the now-expired EV policy.

The Arc reported last week. To be sure, most quick commerce platforms already offer a limited number of items such as earphones, toasters and induction cooktops. The companies are expected to expand stocks and add new categories for the festive season.

Indian Space Station, Chandrayaan-4 plans ready for govt approval: Isro chairman Industry experts welcomed the move. Chaitanya Giri, fellow at think-tank Observer Research Foundation (ORF)’s Centre for Security, Strategy and Technology, said, “A collaborative move is good for India’s space startups.

Buy or sell stocks for today: The Indian stock market's leading indices, the Sensex and Nifty 50, closed in the red on Wednesday, September 4, due to profit booking in major stocks like ICICI Bank, Infosys, and Larsen & Toubro (L&T), coupled with weak global signals. The Sensex opened with a sharp decline of 710 points at 81,845.50 and stayed in negative territory throughout the session, reaching an intra-day low of 81,833.69, a drop of 722 points.