India Financial News

Chhattisgarh's Dantewada administration has imposed a penalty of Rs 1,620.5 crore on the National Mineral Development Corporation (NMDC) for alleged violations of mining laws in the district. NMDC, a central public sector unit, has called this move «completely inappropriate,» claiming that the penalty was levied «solely and blindly without considering the facts and circumstances in the case.» The NMDC operates mining activities in the Bailadila hills, encompassing the Kirandul village under the Bacheli tehsil of Dantewada. Dantewada collector Mayank Chaturvedi directed the NMDC to deposit the penalty within 15 days, as per a letter dated August 29, Press Trust of India reported. The collector stated that the NMDC's clarifications in response to the show cause notices issued by the district administration were unsatisfactory. According to the letter, the NMDC violated Chhattisgarh mining excavation, transportation and storage rules. NMDC has contested this penalty. The NMDC, in a statement, claimed the Dantewada collector proposed to levy penalty and compensation to the tune of Rs 1,620.5 crore for alleged transport of iron ore without a railway transit pass (RTP), and thereby alleging contravention of the various provisions of different mining laws.

economic growth decelerated to 6.7% in the April-June quarter of 2024, marking a 15-month low. This slowdown contrasts sharply with the 8.2% growth recorded in the same period last year. According to Reserve Bank of India (RBI) Governor Shaktikanta Das, the primary reason for this slowdown was reduced government spending due to the enforcement of the model code of conduct during the recent Lok Sabha elections. Das noted, «The Reserve Bank projected a growth rate of 7.1% for the first quarter. However, the first advance estimation data released by the National Statistical Office (NSO) showed the growth rate at 6.7%.»

Rubina Francis won a bronze medal in the women's air pistol SH1 event final to continue the strong show from the country's shooters in the Paris Paralympics on Saturday. Rubina scored a total of 211.1 to finish third in the eight-woman final. She had qualified for the final at seventh spot in the qualification round earlier in the day. This was India's fourth medal in shooting and fifth overall at the Paris Paralympics. On Friday, Avani Lekhara had created history by successfully defending her women's 10m air rifle gold medal which she had clinched in Tokyo Paralympics, with compatriot Mona Agarwal clinching the bronze.

Election Commission of India (ECI) has announced a revision in the polling schedule for the upcoming Haryana Assembly elections. Originally set for October 1, 2024, the polling day has been rescheduled to October 5, 2024.

Aviva said on Saturday its India unit is «actively engaging» with local authorities in connection with alleged tax evasion practices. Reuters reported on Friday that an Indian tax agency has found that Aviva India breached local regulations capping commissions to sales agents with a system of fake invoices and clandestine cash payments between 2017 and 2023. Aviva's India business paid about $26 million to entities who purportedly provided marketing and training services, but they did not perform any work and were actually a front for channeling funds to Aviva's agents, the tax agency said in a Aug. 3 notice reviewed by Reuters.

Cambodia is eyeing to increase Indian tourists' footfalls by 3-4 times in the current year as a robust growth in India's tourism sector presents huge potential for the Southeast Asian nation, a Cambodian tourism ministry official said. «We have launched Cambodia-India Tourism year for the first time this year to tap the Indian market which has potential, as the country's tourism is booming. We are witnessing a positive momentum and expect that there will be a lot more tourists from India. We expect to increase, maybe, 3-4 times in terms of the number at the moment that we have,» Cambodia's Minister of Tourism Hul Seila told PTI over phone on the sidelines of Business, Leisure, Travel and MICE Tourism Exhibition 2024 (BLTM). In 2023, Cambodia hosted 68,836 India travellers. The figure was over 91 per cent of the pre-Covid (2019) levels, he said. In 2019 Cambodia received 75,286 visitors from India. This year, in the first six months (January-June 2024) the number of tourists coming from India to Cambodia was around 32,000-33,000, around 17 per cent more compared to the figure of the same time a year ago, he said.

United Nations in the 1970s, a young Shashi Tharoor reached out to the chief of personnel seeking a "licence to write" like the famous fictional spy James Bond's «licence to kill». Tharoor, known as a «wordsmith» among netizens and literati for his vocabulary that more often than not leaves people looking for a dictionary, started writing before he turned a teenager. The Congress MP published his first story at the age of 10 in an Indian English magazine. One of his early novels about an Anglo-Indian fighter pilot in World War II was serialised in a newspaper before he turned 11. Speaking at the launch of his latest book, "The Wonderland of Words", on Friday, Tharoor shared his love for the written word and how he managed to continue writing at the UN, which has a «strict code of conduct for its staff».

State Bank of India (SBI) has launched a new design for its FASTag which aims to reduce the travel time for commuters. According to a press release dated August 30, 2024, «The bank has introduced a new design for SBI FASTag in the Vehicle Class (VC-04) category. The advanced FASTag design enhances vehicle identification and toll collection efficiency aimed at reducing travel time for millions of commuters in India.»

stocks viz. Adani Green Energy, Adani Energy Solutions and Adani Total Gas are eligible for inclusion in the derivatives segment as per the new criteria for the entry into the futures & options (F&O). Securities and Exchange Board of India (Sebi) on Friday tweaked the entry and exit criteria for stocks via a circular. The eligibility of these Adani stocks into the derivatives segments is estimated by Nuvama Institutional Equities which has created a probable list of stocks that could enter the F&O segment as per the new norms, Nuvama said, adding that the final decision lies with Sebi.

Visa is focusing on leading the digital economy with more women entrepreneurs, said Kelly Mahon Tullier, Vice Chair and Chair People and Corporate Affairs Officer at Visa. She was speaking at the Economic Times World Leader Forum being held in New Delhi on Saturday. «The purpose of Visa (company) is to uplift the world by engaging them in the digital economy...Visa is so much more than a credit card,» she said in the session called The New Paradigm of Payments, chaired by Arijit Barman, Associate Editor, The Economic Times. Tullier also spoke on Visa's work with uplifting women in India in collaboration with United Way of Mumbai.

Nifty 50 Index ended the week on a very strong note. Witnessing a strong momentum on the upside, the markets expanded their trading range as well. The Nifty traded in a range of 393.65 points during the week and closed near its high point forming a fresh lifetime as well as a fresh closing high for itself. The volatility dropped a bit lower; the India Vix declined marginally by 1.18% to 13.39 on a weekly basis. While the markets rose in almost an unabated manner, the headline index posted a net weekly gain of 412.75 points (+1.66%). The month ended as well; Nifty posted a monthly gain of 284.75 points (+1.14%) The markets are in a strong uptrend; however, once again it has created a situation wherein they have sharply deviated from their mean. This warrants a very careful approach towards the markets. The nearest 20-week MA is placed at 23.659 which is 1576 below the current close. The 50-week MA which is placed at 22104 is 3131 points below the current level. All these things point at the markets deviating from their mean once again; this leaves them prone to volatile profit-taking bouts once again at higher levels.

Investors (FPIs) were net buyers of Indian equities in August, purchasing shares worth Rs 7,320 crore. The total investments by them now stand at Rs 42,886 crore, so far in 2024. In July, FPIs bought domestic shares worth Rs 32,365 crore while in June, they were net buyers at Rs 26,565 crore after remaining net sellers in April and May when they sold equities worth Rs 8,671 crore and Rs 25,586 crore respectively. In February and March they were net buyers at Rs 1,539 crore and Rs 35,098 crore after starting the year on a negative note in January when they offloaded shares worth Rs 25,744 crore.

Ashwini Vaishnaw said during his address at the ET World Leaders Forum event held in Delhi on August 31. There are four pillars of growth, the minister said — investment in public infra, inclusive growth, manufacturing and simplification of laws. Vaishnaw observed that from 2014 to 2024, India constructed 14,985 kms of railway tracks, which is higher than a rich country like France achieved during the same time frame.

Gajendra Singh Shekhawat at The Economic Times World Leaders Forum on Saturday. “In the global economy, the contribution of tourism is about 10.4%. Compared to that we are at 7.9%. Our 7.9% contribution to the economy is going to be more than 10%. And we will exceed the global average in the next five years,” said Shekhawat as he spoke about Destination India and driving tourism to new heights. “By 2047, when the country will be on the cusp of being Viksit Bharat, one of the most crucial agents for driving that vision will be tourism. The world is looking at India with a new sense of curiosity,” he added.

ET WLF: At the ET World Leaders Forum event in New Delhi on August 31, a session headlined «The India opportunity: Empowering a billion dreams» generated high interest owing to the issues discussed and the quality of the conversation. The esteemed participants of the session were Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited; Rohit Jawa, President, Unilever, South Asia & CEO & Managing Director, Hindustan Unilever Limited (HUL); Preetha Reddy, Executive Vice Chairperson, Apollo Hospitals; and William Bissell, Managing Director, Fabindia. Preetha Reddy explained how keeping people out of the hospitals and keeping them healthy has become THE mandate.

Charlie Munger had once said that the big money is not in the buying or selling but in waiting. But to wait for a stock to give you ten-bagger returns, you need conviction. And conviction comes when you know what you are buying and why you are buying. To help investors learn how to pick the right stock, ETMarkets is organizing an online session with Gautam Baid, Managing Partner at Stellar Wealth Partners India Fund. You can register for the event here.

ET World Leaders Forum. Magow emphasised, «Addressing these factors is essential for enhancing India's appeal as a global tourist destination,» reflecting a strategic approach to maximizing India’s tourism potential. Despite the progress, Magow acknowledged that the sector is still recovering from the COVID-19 pandemic, stating, «We have just reached 85% of the recovery post-COVID.» He further remarked on the global attention India is receiving, suggesting that the country's tourism industry is poised for significant growth. The rapid development of infrastructure in India is transforming the nation's tourism landscape, with significant benefits for the hospitality sector. Puneet Chhatwal, Managing Director and CEO of The Indian Hotels Company Limited (IHCL), underscored the sector's pivotal role in this transformation.

tech innovation, said Maria Katris, cofounder and CEO of Built In. Speaking at the Economic Times World Leaders forum, Katris noted that the advancements in artificial intelligence (AI) will lead to increased job creation. Katris said that although there has been a tech recession the last two years, there will be a lot of job creation going forward. «India is going to be the future for tech innovation,» Katris added. Speaking during the startup panel «Catalysts of Change: Crafting the Future Through Startups», Nikhil Goel, CCO, Archer Aviation and cofounder of Uber Elevate, said India has an opportunity for better infrastructure.

iPhone 16 Plus. However, a report from Macrumors suggests that Apple could be using micro-lens technology to improve brightness and reduce power consumption on the iPhone 16 Plus.

Emami on Saturday announced the acquisition of the remaining 49.6 per cent stake in Helios Lifestyle, which owns male grooming brand 'The Man Company'. Helios Lifestyle is already a subsidiary of Emami with 50.4 per cent shareholding, according to a statement from Emami. «The completion of the acquisition of Helios by Emami will strengthen its presence in the fast-growing digital-first premium male grooming segment,» it said.

Yuki Bhambri and Albano Olivetti advanced to the men's doubles third round of the US Open with a hard-fought win over 15th seeds Austin Krajicek and Jean-Julien Roger here. The Indo-French pair defeated the USA-Dutch team 4-6 6-3 7-5 in the second round that lasted two hours and five minutes on Friday. This is only the second time that Bhambri has reached the third round at a Grand Slam, having reached the same stage at the Australian Open back in 2014. Second seeds Rohan Bopanna and Matthew Ebden also moved to third round with a 6-2 6-4 win over Spain's Roberto Carballes Baena and Federico Coria from Argentina.