India Financial News

Mint earlier reported about India considering imposing retaliatory tariffs on EU exports in response to the bloc’s proposed carbon tax that could disrupt over $8 billion worth of Indian metal exports to the EU. As the EU’s CBAM has been in discussion, Yadav said, “until a proposal comes, we cannot take a call. Our stand on this will be protecting the larger interests of all developing nations." “Before COP29, pre-consultations are taking place.

Sanjay Singh, CEO and head of territory, BNP Paribas India, also confirmed the bank has recently received a ₹300-million capital infusion from its Paris-based parent group. The lender has carried out equity capital market deals worth $4.2 billion over the past year, and is noticing optimism among clients for the future pipeline. Edited excerpts from an interview with Bhaskar Dutta. ET has learnt that BNP Paribas India has received ₹300 million worth of additional capital over the past couple of months. What triggered the decision and what are the India plans for the bank?

₹98,924 crore in FY23. China’s electronics conglomerate BBK Group, which operates five gadget brands in the country, maintained steady revenue at ₹81,870 crore in FY23 despite sales volumes falling significantly. Apple India clocked ₹49,321 crore in revenue in FY23.

IMD) has forecasted heavy to very heavy rainfall across several states, including Maharashtra, Gujarat, Andhra Pradesh, Telangana, Meghalaya, and Mizoram on Monday. These areas have already been experiencing severe flooding due to prior heavy rain. Additionally, Cyclone ASNA has weakened, bringing some relief to affected regions. The IMD announced the weakening of Cyclone ASNA in a post on X. «Deep Depression (Remnant of CS ASNA) over northwest Arabian Sea weakened into a depression & lay centered at 05.30 hrs IST of 2 Sep over the same region about 200km southeast of Ras Al Hadd (Oman). Likely to weaken gradually into a well-marked low-pressure area during next 6 hours,” the agency stated.

Securities and Exchange Board of India has put the proposed initial public offering of JSW Cement 'in abeyance', an update on the capital market regulator's website showed. The cement business of the JSW Group was looking to raise ₹4,000 crore through the primary market offering, and had filed its draft papers with Sebi last month. The IPO is a combination of offer-for-sale and fresh issue of shares.

Buy or sell stocks today: The Indian stock market's benchmark index, Nifty 50, hit fresh record highs on Monday, September 2, marking its 13th consecutive day of the index closing in the green. The index closed 0.17 per cent higher at 25,278.70 points, up from 25,235.90 points in the previous session. The BSE Sensex closed 0.24 per cent higher at 82,559.84 points, compared to 82,365.77 points in the previous market close.

Mint explains the trend and why companies resort to such tactics. Ghost jobs are vacancies posted by companies across various sectors, either on job portals or their company websites. They look like real vacancies but here’s the catch: there is no urgent need to fill these positions.

₹68,000 per 10 grams, while that of 9 KT gold ranged between ₹25,000 and ₹30,000 per 10 grams. The rise in demand for low-karat gold jewellery comes amid an increase in chain-snatching incidents. According to the National Crime Records Bureau (NCRB), India witnessed a significant spike in 2022, with the numbers rising to 9,278—a 32.54% increase - from 7,000 in 2021.

Congress on Monday charged Securities & Exchange Board of India (Sebi) chairperson Madhabi Puri Buch of receiving remuneration from private entities such as ICICI Bank and ICICI Prudential even while heading the regulatory body. Congress leader Pawan Khera alleged that Buch received ?16.8 crore from ICICI since joining Sebi in 2017. While Khera refused to divulge the source of this information saying Buch should prove the figures are wrong, he added that this amount was 5.09 times more than her salary of ?3.3 crore from Sebi during the corresponding time frame. Hours later, ICICI Bank refuted the charges and it has not paid any salary or granted ESOPs to Buch after her retirement.

Maruti Suzuki's workhorse SUV Brezza raced past Hyundai Motor India's Creta to occupy the top slot on the sales chart last month. Maruti Suzuki sold 19,190 units of the Brezza in August, ahead of Hyundai's flagship SUV, Creta which sold around 16,760 units. While Creta slipped to the third spot in the best-selling list last month, Tata Motors' popular model Punch fell to the fifth position with sales of about 15,640 units.

Mumbai: The newly merged entity of Star India and Viacom18 will boast a strong cash position exceeding ₹19,000 crore, factoring in Viacom18's current cash reserves and investments of ₹7,829 crore, and an infusion of ₹11,500 crore from Reliance Industries (RIL), officials close to the development said. Star is, however, unlikely to have any cash reserves currently, the people said. The cash pile will empower Star-Viacom18 to make major investments in its digital and sports businesses, which are anticipated to be loss-making in the short term. As per the agreement with Walt Disney, RIL will inject ₹11,500 crore into Star-Viacom18, gaining a controlling 56% stake.

Assam Chief Minister Himanta Biswa Sarma presented permanent appointment letters to 23,959 contractual and state pool teachers of upper and lower primary school teachers in Guwahati. The appointment of the teachers is considered a great step towards empowering the teaching fraternity of the state. It may be noted that under the present government, Assam has achieved an impressive milestone with a total of 1,24,345 appointments made so far. The recruitment drive has seen substantial growth: 4,779 candidates were selected by the end of 2021, followed by a leap to 35,130 in 2022. In 2023, the number soared to 55,593, and by August 26 this year, an additional 4,887 were added to the list. Sarma said that this robust recruitment effort highlights the government’s dedication to enhancing job opportunities and ensuring a merit-based, transparent selection process throughout the state. Plans are underway to create 50,000 new government jobs in the coming years, aiming to significantly boost employment opportunities and strengthen the public sector workforce across various departments and services, he added.

MNCs, including Microsoft India, Sumitomo Corporation India and AT Kearney India, the Delhi High Court on Monday quashed the final tax assessment orders that were passed against them without there being any draft assessment orders as mandated under Section 144C of the Income Tax Act 1961. It further said that the final assessment orders if framed after the prescribed time under Section 153 of the Act had expired are liable to be quashed on that ground additionally. Failure to frame a draft assessment order by the assessing officer would “clearly be violative of the mandatory prescriptions of Section 144C and the final order of assessment framed in violation thereof is liable to be viewed as a nullity,” a Division Bench comprising justices Yashwant Varma and Ravinder Dudeja said.

The project will generate direct employment for about 102 lakh man-days, or what Vaishnaw described as «human days», during the construction. Prime Minister Narendra Modi said in a post on X, «Today's Cabinet decision will improve connectivity between Mumbai and Indore. In addition to boosting commerce, it will also provide employment opportunities to several people.»

₹51 crore from the previous quarter, while write-offs themselves rose by ₹105 crore over the same period. Abhijit Chakravorty, chief executive of SBI Cards, told analysts in a conference call: “The primary reasons for the increase in credit cost…is that customers obtained multiple trade lines from other lenders after taking a card, and this over-leveraging has impacted their repayment capacity." The credit card business is a tough one and can be highly cyclical. Importantly, the business in general is the canary in a coal mine for economic conditions.

Telugu films to its streaming platform, offering viewers a mix of genres and stories. From emotional dramas to thrilling action, these new releases promise something for everyone. Here’s a brief overview of the movies you can catch on Aha this week.

Asia’s latest factory activity data showed some loss of momentum midway through the third quarter, but a broad continuation of growth in output and orders. Views among manufacturers on the sector’s outlook were mixed amid uneven price and demand developments through the region, though many were cautiously upbeat. S&P Global’s manufacturing purchasing managers index readings for Japan and South Korea signaled improvement in August, while those for India, Thailand, Taiwan and Malaysia indicated expansions in manufacturing, though at a slower pace.

The Economic Survey for 2023-24 questioned the merits of India’s inflation targeting regime, which aims at a headline inflation rate of 4% with a band of 2% on either side. It mused aloud whether a regime that targets inflation, excluding food prices, would be more appropriate in the Indian context, especially given the unintended effect it has on farmers’ terms of trade. Some have opined that it is a settled issue and there is no point in opening it up.

Reserve Bank of India (RBI) on Monday said 97.96 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,261 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation. The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 7,261 crore at the close of business on August 30, 2024, the RBI said. «Thus, 97.96 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned,» it said in a statement.

Madhabi Buch drawing salary post retirement from ICICI Bank, the private lender on Monday issued clarification by saying no salary or ESOPs were given to the SEBI chief. “ICICI Bank or its group companies have not paid any salary or granted any ESOPs to Ms. Madhabi Puri Buch after her retirement, other than her retiral benefits. It may be noted that she had opted for superannuation with effect from October 31, 2013," said ICICI bank in the statement. «All the payments made to Ms. Buch post her retirement had accrued to her during her employment phase with the ICICI Group. These payments comprise ESOPs and retiral benefits,» added the bank in the statement.

POP, a fintech enabler for direct to consumer brands started by former Flipkart employees, has introduced India’s first multi-brand co-branded credit card developed in collaboration with RuPay and Yes Bank. This launch coincides with POP surpassing one million UPI transactions, aims to leverage the power of the RuPay network to make credit on UPI easier for its network of users As India’s first multi-brand co-branded card, it brings together top brands such as Zomato, Blinkit, Cult, Rapido, Cleartrip, and Pharmeasy, covering key daily expenditure categories like e-commerce, groceries, F&B, travel, and health and fitness. POP aims to create a relevant value proposition with these marquee brands while leveraging the growing UPI and RuPay networks. Cardholders can earn rewards on every transaction through POPcoins. RuPay card holders benefit from accelerated POPcoins earnings when using the card with POP UPI.