India Financial News

dark stores is gaining traction in the Indian online shopping landscape, as major online platforms seek to expand consumer reach. This has resulted in an increase in rental rates across major cities. Dark stores, located in city centers and dependent on micro-markets within each city, generally command higher rental rates compared to warehouses. Rental rates range from Rs 40 to Rs 250 per square foot. A “dark store” refers to a retail outlet or warehouse that is solely used for processing online orders and is not accessible to the public. These facilities are also known as dark shops, dark supermarkets, dotcom centers, or ghost stores. They function as distribution hubs for storing inventory and packaging products.

A senior official has confirmed a report that Turkey wants to join the BRICS bloc of developing economies but fell short of confirming that the NATO country had formally applied for membership

ministry of road transport and highways plans to build 74 new tunnels stretching 273 km at a cost of ₹1 lakh crore over the next few years as part of a mega scheme to strengthen India's highway network, roads minister Nitin Gadkari said. The minister said this will be done while ensuring regular performance audits of all under-construction projects. Addressing the second edition of Tunnelling India conference organised by Ficci on Tuesday, Gadkari favoured giving a majority 51% stake to foreign partners in joint ventures for building tunnels and detailed project reports to improve work quality, saying it will ensure that only serious and technically qualified players bid for tunnel projects.

real-time basis amid a spike in banking frauds, people familiar with the developments said. The list includes lawyers, builders, and gold loan appraisers among others colluding to secure loans through fraudulent means, they said. «The issue was discussed at a meeting (last month) with the Advisory Board for Banking and Financial Frauds (ABBFF), and it was decided that it will be made mandatory for the lenders to check this list before dealing with such entities and further update it on a real-time basis,» a senior bank executive told ET. He said the list is likely to be expanded as banks comply with the latest guidelines on fraud classification issued by the Reserve Bank of India (RBI) on July 15.

Congress is exploring the possibility of an alliance with AAP in poll-bound Haryana. The INDIA bloc partners had stated earlier that their electoral understanding was restricted to the Lok Sabha polls, when Congress contested nine out of 10 seats in the state and AAP one. However, there has been a growing realisation that if the two parties were to fight the assembly elections separately it could mean fragmentation of anti-BJP votes. According to people privy to talks, AAP has sought 10 out of 90 assembly seats but Congress is willing to part with seven. Two rounds of talks have taken place between AAP's Rajya Sabha MP Raghav Chaddha and Congress general secretary KC Venugopal, they said, adding another round of talks will take place soon.

employment-linked incentive scheme announced in the Budget. The ministry is firming up the three employment-linked incentive schemes, which will be implemented through the Employees’ Provident Fund Organisation, and has already sought views from the trade unions on the scheme. Representatives from the Confederation of Indian Industry (CII), Federation of Indian Chamnber of Commerce and Industry (Ficci), Assocham, PHDCCI, All India Organisation of Employers (AIOE), Laghu Udyog Bharati, Indian Council of Small Industries (ICSI), Federation of Association of Small Industries of India (FASII), All India Association of Industries (AIAI), All India Manufacturers’ Organization (AIMO), Standing Conference of Public Enterprises (SCOPE) and Employers Federation of India (EFI) attended the meeting.

Mahindra & Mahindra-backed motorcycle maker Classic Legends is planning an initial public offering (IPO) in the financial year starting April 1, 2026, cofounder Anupam Thareja said. The company manufactures and markets the Jawa, Yezdi and BSA motorcycle brands in India and overseas in the price range of ₹170,000 to ₹300,000. Classic Legends had acquired these iconic brands and successfully revived them. «This is the company that should have an IPO. It will be the most valuable one in its segment. Next year will be our first full year with all the new launches. Coupled with that the global expansion underway will also help. The year after next will also be crucial. In two years, we will have the company ready,» Thareja told ET on the sidelines of the launch of the 350 Jawa 42 FJ model with prices starting at ₹199,000. The company's motorcycles are positioned in the fast-growing middleweight (250cc to 350cc) segment where Royal Enfield is the market leader. Classic Legends retailed 2,131 units in July compared to Royal Enfield's 57,325 units, according to the Federation of Automobile Dealers Associations (Fada).

₹21,999 for the entry-level variant, which includes 8GB of RAM and 128GB of internal storage. For those requiring more space, the higher-end model, featuring 8GB of RAM and 256GB of storage, is available at ₹23,999.

Brunei on Tuesday took a trip of the iconic Omar Ali Saifuddien Mosque in capital Bandar Seri Begawan boosting the soft power quotient of the growing partnership in the Indo-Pacific region. The Prime Minister was received by Brunei's Minister of Religious Affairs Pehin Dato Ustaz Haji Awang Badaruddin. Brunei's Minister of Health Dato Dr. Haji Mohammad Isham was also in attendance. A gathering of Indian community members were also present to greet the Prime Minister. The mosque is named after Omar Ali Saifuddien III, the 28th Sultan of Brunei (father of the current Sultan, who also initiated its construction), and was completed in 1958. Earlier upon his arrival, PM Modi inaugurated the new Chancery premises of the High Commission of India in Brunei.

Karnataka is expected to pitch for GST exemption on health and life insurance only on such products used by the working and lower middle classes at the upcoming GST Council meeting. The Congress-ruled state is not in favour of a blanket exemption on premium insurance products bought by the higher income groups, according to Krishna Byre Gowda, the state’s revenue minister who represents the southern state on the GST Council. “We are open to the issue,” he told ET, responding to queries on demands for the removal of 18% GST on life and health insurance premium. “We will suggest health and life insurance, which are more of a working class and lower middle class issue, should be looked at positively, regardless of revenue considerations,” Gowda said.

Reasons to buyReasons to avoidAlso Read: Best pressure cookers in India in 2024: Top 10 picks that are efficient, durable and stylish kitchen essentialsThe Hawkins Contura Pressure Cooker is another excellent option for small kitchens. It is designed for fast and efficient cooking, with a capacity of 3 litres.

Atlas Cycles, Salil Kapoor, has allegedly committed suicide at his home in Lutyens Delhi on Tuesday. Police officials reported that Kapoor's body was discovered around 1 pm near the puja room of his house on Dr A P J Abdul Kalam Road by his manager with a gunshot wound. A note recovered at the scene mentioned a «financial burden» as the reason for his actions. According to police, Kapoor shot himself in the head using a licensed revolver. His family, including his wife and three children, were staying separately at the time. Kapoor's manager and his family lived with him in the three-storey building. «Kapoor was immediately rushed to a hospital where doctors declared him dead,» said a police officer.

The Congress party today said that protests in Kenya over Adani Group's proposed takeover of Nairobi airport is a matter of grave concern as it could turn into anger against India. «The proposed takeover of Nairobi airport by the Adani Group has sparked widespread protests in Kenya. The Kenya Aviation Workers Union has called for a strike to protest. This is a matter of grave concern for India, as the non-biological prime minister's friendship with Adani is now world-famous. The ongoing protests there could easily turn into anger against India and the Indian government,» Congress leader Jairam Ramesh said in a post on social network X (formerly Twitter).

bank data showed. The weighted average call rate (WACR) stood at 6.47% on Tuesday, as against 6.49% the previous day. The WACR is the operating target of the RBI's monetary policy and is supposed to be closely aligned to the central bank's repo rate. The repo rate is currently at 6.50%

Foreign direct investment in India jumped 47.8 per cent to USD 16.17 billion in April-June this fiscal on healthy inflows in services, computer, telecom and pharma sectors, according to government data. FDI inflows were at USD 10.94 billion in April-June 2023-24. The data showed that overseas inflows in May rose to USD 5.85 billion and in June to USD 5.41 billion from USD 2.67 billion and USD 3.16 billion, respectively, in the year-ago period. In April, FDI inflows were down marginally at USD 4.91 billion against USD 5.1 billion in April 2023.

loan loss provisioning by publicly listed banks in the June quarter increased to a four-quarter high led by a select banks including public sector banks (PSBs) such as State Bank of India (SBI) and Central Bank of India and private sector banks such as Axis Bank, Kotak Mahindra Bank, and Bandhan Bank. The sequential increase can be attributed to seasonal weakness in collections and higher delinquencies in the retail segment. For a sample of 29 banks, provisioning for non performing assets (NPAs) reached Rs 25,737.1 crore in the June 2024 quarter. On a sequential basis, these provisions rose by 11.3%, following an 18.3% increase in the previous quarter. The increase in provisioning in the June quarter was driven largely by the private sector banks, which posted a 38% sequential jump whereas the PSBs reported 2.9% drop in provisions.

DGFT on Tuesday said the Department of Defence Production has been authorised as the licensing authority for export of all items falling under the munitions category for military end-use. The Directorate General of Foreign Trade (DGFT) has notified the updated SCOMET (Special Chemicals Organisms Materials Equipment and Technologies) list for 2024. It said that India's export control list (SCOMET) has been updated, incorporating the recent changes in the control lists of the multilateral export control regimes, and certain policy amendments on the basis of inputs from relevant government organisations and stakeholders. «With the recent update, DGFT has also authorised the Department of Defence Production (DDP), Ministry of Defence, to be the licensing authority for export of all items falling under Category 6 of SCOMET for military end use,» it said in a statement.

Read more about other mattressesin the furnituresection on the Top Trending Productspage. Read about the Best Wakefit Mattresses in India below. 1. Wakefit ErgoTech EcoLatex Plus 8-Inch King Size Mattress Wakefit Mattress | 15 Year Warranty |Latex Plus Mattress | King Mattress, 8-Inch King Size Mattress (78x72x8 Inches, Firm Comfort, AeroTex Plus Fabric, Creme Beige)10% Off₹30,598₹33,990Buy Now Combining the benefits of ErgoTech EcoLatex Layer and ShapeSense Ortho Memory Foam, the Wakefit ErgoTech EcoLatex Plus 8-Inch King Size Mattress ensures a cushioned feel, maintained responsiveness and reduced pressure points. It offers reliable support while preventing sagging to ensure minimal sleep disturbance for a really long time. Its ResiPlus Luxury Base ensures a solid foundation and added durability. Also, the use of Wakefit’s TruDensity™ Technology ensures that each foam layer is made from 100% pure foam that retains its shape over time. Specia

tariff-rate quota (TRQ) scheme to the US for the October 2024 — September 2025 period. Shipments under the TRQ enjoy relatively lesser customs duties. After the quota is reached, a higher tariff applies to additional imports. «The quantity of 8,606 MTRV (metric tonnes raw value) of raw cane sugar to be exported to USA under TRQ scheme from 01.10.2024 to 30.09.2025 has been notified,» the Directorate General of Foreign Trade (DGFT) said in a public notice. A similar quantity was notified in January also.

Supreme Court on Tuesday asked the Sahara group to submit a “scheme” for the sale of its immovable, domestic and offshore properties by Thursday. This is to raise money for refund of more than Rs 24,029 crore collected by its two entities — Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) — from 3.3 crore bond investors, with an interest of 15% from March 2008, as directed by the apex court in a series of orders since August 2012. A bench comprising Justices Sanjeev Khanna, Bela Trivedi and MM Sundresh told Sahara’s senior advocate Kapil Sibal that “more than 10 years have passed, and you still haven't deposited the money… SEBI is seeking the remaining Rs 10,000 crore. How will you muster the remaining Rs 10,000 crore?” Sibal said that Sahara group did not have a fair opportunity to sell its properties to pay the balance amount and no one wanted to “touch its properties.”

EET Fuels (a trading name of Essar Oil (UK) Ltd), has appointed Toyo Engineering India Pvt. Ltd. (Toyo-India) (100% subsidiary of Toyo Engineering Corporation, Japan) a leading engineering, procurement, and construction company, to carry out the FEED phase — an integral part of the project management process. Toyo-India will oversee design completion, project de-risking, detailed costing analysis, and other vital work. Completion of FEED will enable the Company to make the final investment decision (FID) on the ICC project. Upon completion (expected in 2028), the ICC project will capture carbon dioxide emitted from Stanlow refinery’s full-residue fluid catalytic cracking (FCC) unit — one of Europe’s largest units. Leveraging Stanlow’s unique location, the captured carbon dioxide will use a repurposed existing gas transportation network and be permanently sequestered into depleted gas fields in Liverpool Bay, as part of the HyNet industrial decarbonisation cluster in the North West of England.