India Financial News

Indian Americans are in the spotlight in the US presidential election. Pro-Trump Vivek Ramaswamy and Usha Chilukuri Vance, the wife of Republican Party vice-presidential nominee JD Vance, have created waves in the media. But the focus of Indian Americans is Democratic presidential nominee Kamala Harris, a Baptist Christian married to a Jew who was born to a Jamaican-born father and an Indian-born mother. Many see the possible victory of Harris as a victory of American Indians, even though Harris rarely talks about her Indian roots.

AU Small Finance Bank has formally made an application to the Reserve Bank of India for voluntary transition to universal bank, the bank announced Tuesday. «We wish to inform (you) that the bank has submitted an application to the Reserve Bank of India to seek approval for voluntary transition from a small finance bank to universal bank on September 03, 2024,» the bank said in a regulatory filing to the stock exchanges. Transition to universal banks would mean that AU would have to follow easier regulatory norms in certain aspects — its capital adequacy requirement would come down to around 11.5% (including capital conservation buffer) from 15%, the priority sector lending norm would be lower at 40% instead of 75%, and the stipulation of having at least 50% of loan portfolio in loans less than Rs 25 lakh would no longer exist.

Oriental Trimex Ltd.(up 4.73%), Pokarna Ltd.(up 1.39%), MOIL Ltd.(up 1.32%), KIOCL Ltd.(up 1.14%), Gujarat Mineral Development Corporation Ltd.(up 0.61%), Lexus Granito(India)Ltd.(up 0.39%) and The Orissa Minerals Development Company Ltd.(up 0.17%) stood among the top gainers.

Households, which have recently brought down their net financial savings sharply, are likely to build back their financial assets as rising incomes provide a boost going ahead, Reserve Bank of India deputy governor Michael Patra said on Tuesday. “This process has already begun – households’ financial assets have increased from 10.6 percent of GDP during 2011-17 to 11.5 per cent during 2017-23 (excluding the pandemic year),” Patra said at an event organised by the Confederation of Indian Industry here. “Accordingly, households will remain the top net lenders to the rest of the economy in the coming decades,” he said.

Trai's massive crackdown against pesky calls and unregistered telmarketers. The move came after Telecom Regulatory Authority of India (Trai) asked telcos to blacklist and disconnect unregistered telemarketers. In a statement issued on Tuesday, Trai said it has observed a significant rise in spam calls, with more than 7.9 lakh complaints reported against unregistered telemarketers in the first half of 2024. In a bid to put a check on this, Trai had issued stringent directives to all access providers on 13th August 2024, and mandated access providers to immediately stop promotional voice calls from unregistered senders or telemarketers using SIP, PRI, or other telecom resources, according to the statement.

SoftBank-backed OfBusiness, an Indian shopping website that offers raw materials to businesses, is planning an Indian stock market offering worth up to $1 billion and is close to appointing bankers, a top executive told Reuters on Tuesday. The company is in active talks with Bank of America, Citi, JP Morgan and Morgan Stanley to manage the offer and plans to list on the Indian bourses in the second half of 2025, its Chief Financial Officer Bhavesh Keswani said. The initial public offering is expected to total between $750 million and $1 billion, with about $200 million in new shares and the rest shares offered by existing shareholders to new investors, Keswani said.

Defence Acquisition Council (DAC), under the chairmanship of Defence Minister Rajnath Singh on Tuesday accorded Acceptance of Necessity (AoN) for 10 capital acquisition proposals amounting to Rs 1,44,716 crore. «Of the total cost of AoNs, 99% is from indigenous sources under Buy (Indian) and Buy (lndian-Indigenously Designed Developed and Manufactured) categories,» said the official statement, For modernisation of the tank fleet of the Indian Army, the proposal for procurement of Future Ready Combat Vehicles (FRCVs) has been cleared. The FRCV will be a futuristic Main Battle Tank with superior mobility, all terrain ability, multilayered protections, precision & lethal fires over and real-time situational awareness.

LT Foods Ltd.(up 5.16%), Bajaj Consumer Care Ltd.(up 3.92%), Bikaji Foods International Ltd.(up 3.61%), Mrs. Bectors Food Specialities Ltd.(up 2.30%), Hatsun Agro Products Ltd.(up 1.91%), Zydus Wellness Ltd.(up 1.90%), Heritage Foods Ltd.(up 1.70%), Emami Ltd.(up 1.38%), Hindustan Foods Ltd.(up 1.32%) and Nestle India Ltd.(up 0.84%) stood among the top gainers.

Vinesh Phogat, the sports icon who, despite falling short of a medal, has etched her name in the annals of sporting history. On a rain-soaked evening in Jalandhar, thousands gathered at Lovely Professional University on August 29 for a felicitation event honouring the Olympic champions, which also included Vinesh Phogat. When Vinesh finally appeared, the cheers from the crowd were deafening. Despite her smiles, the sadness in her eyes was unmistakable. The rain seemed to echo her emotions, momentarily blurring her vision as she faced the throngs of fans who had come to honour her achievements. Even with the emotional weight she carried, the event soon transformed into a celebration of her indomitable spirit, with the crowd doing everything they could to lift her spirits.

Ugar Sugar Works Ltd.(up 6.52%), Dhampur Sugar Mills Ltd.(up 0.41%), Triveni Engineering & Industries Ltd.(up 0.37%) and Vishwaraj Sugar Industries Ltd.(up 0.17%) stood among the top gainers.

Nitin Gadkari said. Speaking at the second edition of Tunnelling India conference by the Federation of Indian Chamber of Commerce and Industry (Ficci) on Tuesday, Gadkari underlined technology upgradation and cost-effective solutions to tackle the unique challenges of India’s diverse terrain while maintaining high-quality standards. “We need to find out exactly which is the best technology that is cost-effective without compromising on quality,” he said, suggesting the need for adopting global best practices in infrastructure development.

MakeMyTrip's ‘How India Travels Abroad’ report for the period of June 2023 to May 2024. Rajesh Magow, co-founder and Group CEO, MakeMyTrip, said with rising disposable incomes, greater exposure to global cultures, and the increasing ease of travel, more Indians are exploring both domestic and international destinations for leisure as well as business. «Our data attests to the growing confidence in exploring new destinations and indulging in different/ luxury experiences, which is also transforming the travel industry,» he said. «While domestic tourism remains buoyant, as noted in our previous report, our latest findings highlight the notable changes in international travel behaviour driven by macroeconomic factors that are fuelling the surge in travel among Indians. These trends present an exciting opportunity for the travel and tourism industry to innovate and cater to the evolving needs of Indian travellers,» he added.

Raymond shares surged 9% to hit a high of Rs 2,182 on the NSE on Tuesday ahead of the listing of its lifestyle business which is expected this week. Brokerages see this as a transformative move for the company which is synonymous with legacy brands such as Park Avenue, Raymond, Parx and ColorPlus. Brokerages like Motilal Oswal and InCred which were part of the investors’ meet remain optimistic about the company's prospects.

Karnataka government has officially declared dengue as an epidemic disease following a sharp increase in cases across the state. According to the Health Department, a total of 7,362 dengue cases have been reported from January to July this year, with seven fatalities recorded during this period.

Aerospace (FWDA) on Tuesday announced the successful maiden flight of indigenous unmanned bomber aircraft, the FWD 200B. Classified as a Medium Altitude (15,000 feet) Long Endurance (MALE) Unmanned Aerial Vehicle (UAV), the FWD 200B is equipped with optical payloads for surveillance and missile-like weapons for air strikes and bombing, the FWDA Founder and CEO Suhas Tejaskanda told reporters here. «The aircraft's aerodynamics design, airframe, propulsion systems, controls systems, electronics are all made in India at FWDA's state-of-the-art manufacturing facility of 12,000 sq.ft built on 1.5 acre land, located at Electronic City, Bengaluru,» he said. FWD 200B features a wingspan of five metres and a length of 3.5 metres. It has a maximum take-off weight of 102 kg and a payload capacity of 30 kg, the company said.

Mumbai airport have faced significant disruptions due to ongoing conflicts between two rival unions, affecting baggage handling and causing delays for passengers. The dispute centers around the allocation of wheelchair attendant jobs, a highly coveted task among airport loaders.

consumer devices on Tuesday with the introduction of Mygate Locks, a range of smart door locks to offer home security with digital convenience. The Mygate Locks will enable users to go keyless and manage home access remotely. It includes features such as remote unlocking using OTP, end-to-end data encryption, simple user management, real-time notifications, and integration with the existing app for gated communities. This entry into the consumer electronic segment, available to users across India, marks an expansion of its product offerings beyond its core software solutions.

In the heart of Europe, Prateek Gupta and Neha Maheshwari are living a life many dream of—frequent European holidays and luxury cars. But behind this enviable lifestyle is a story of strategic financial planning that goes beyond indulgence. Despite moving from Bengaluru to Luxembourg in 2020, the couple has remained committed to investing exclusively in Indian stocks, carefully navigating the trade-offs that come with living abroad.

For decades, climate scientists have been warning governments—and society at large—about the impact of climate change, especially the increased frequency and intensity of a range of nature-related disasters. Today, we are witnessing these unfold as news media headlines scream, almost on a daily basis, about how climate change has exacerbated disasters.

international travel. A recent report by MakeMyTrip, covering the period from June 2023 to May 2024, highlights a significant rise in the number of Indians taking international trips, with a 32% growth in people going on two or more international journeys. Those taking three or more trips have grown by 37%, underscoring India's growing appetite for global travel.

Narendra Modi 'hijack' another of Congress' guarantees, the party's general secretary in-charge communications, Jairam Ramesh, asked on September 3 with respect to the ongoing debate around caste census. In may be noted here that the debate over caste census continues to stir political discourse in India, highlighting the complexities of addressing historically marginalised communities while balancing social welfare and electoral strategy. The Congress questioned whether Modi will take up the mantle of conducting a caste census after the Rashtriya Swayamsevak Sangh (RSS) indicated no objection to it, provided the data is used for welfare and not politics. This inquiry comes after the RSS's statement on Monday during a three-day coordination conclave in Palakkad, Kerala, where it addressed the sensitive nature of caste-related issues for Hindu society.