India Financial News

chartered accountants' apex body ICAI will discuss the changes proposed by regulator NFRA to auditing standard SA 600 on September 17 amid concerns in certain quarters about the suggested updates. Standard on Auditing (SA) 600 broadly pertains to standards applicable in situations where a principal auditor of a company relies on the audit work done by another auditor for a group entity. While the National Financial Reporting Authority (NFRA) has proposed aligning SA 600 with the relevant international standard, ICAI has flagged concerns about the changes as that could result in concentration of audit activities with a few firms, according to ICAI officials in the know. At present, the principal auditor has to give a main audit report and a consolidated statement of the audit works done by other auditors for the group entities.

Macrotech Developers has acquired two companies operating in the warehousing sector for nearly Rs 96 crore. The realty developer has Acquired Opexefi Services and One Box Warehouse for Rs 46.67 crore and Rs 49.09 crore, respectively. By acquiring 100% equity in both companies, Macrotech Developers is aiming to expand its logistics park and warehouse development vertical, strengthening its presence in the sector.

Shares of TVS Motor Company Ltd.(up 2.25 per cent), Bosch Ltd.(up 2.08 per cent), Mahindra & Mahindra Ltd.(up 1.74 per cent), Hero MotoCorp Ltd.(up 1.51 per cent) and Ashok Leyland Ltd.(up 1.05 per cent) ended the day as top gainers in the pack.

Unicommerce Esolutions reported a net profit of Rs 3.5 crore for the quarter ended June 30, 2024, which was up by 31% from Rs 2.7 crore reported by the company in the year ago period. The revenue from operations stood at Rs 27.5 crore, which was higher by 9% over Rs 25 crore posted in the corresponding quarter of the previous financial year.

Andre Agassi is set to visit India in January 2025 to officially kick off the PWR DUPR Indian Tour & League. This event, which is a collaborative effort between The Times Group, Pickleball World Rankings (PWR), and Dynamic Universal Pickleball Rating (DUPR), aims to introduce the sport of pickleball to a broader audience in India. The partnership seeks to generate global excitement around pickleball, a sport rapidly gaining popularity worldwide. It comes on the heels of the recent launch of a new rankings structure by PWR, as well as the announcement of the PWR World Tour and PWR World Series.

Brainbees Solutions Ltd, the parent firm of baby and mother care product retailer FirstCry, on Friday reported a 17% growth in operating revenue to Rs 1,652 crore for the quarter ended June 30, 2024. For the first quarter of fiscal year 2025, the omnichannel retailer said its net loss stood at Rs 75 crore, against a loss of Rs 110 crore a year ago. The firm saw its gross merchandise value (GMV), a proxy for net sales, grow 17% from a year ago to Rs 2,318 crore in the quarter ended June 30, 2024.

Ministry of External Affairs (MEA) of India refuted allegations from a CNN report that suggested India's involvement in the recent flood situation in Bangladesh. MEA spokesperson Randhir Jaiswal criticized the report, calling its narrative «misleading» and «factually not correct.» The MEA maintained that excessive rainfall, rather than any actions taken by India, was responsible for the flooding. «We have seen the CNN report on the flood situation in Bangladesh. Its narrative is misleading and suggests that India is somehow responsible for the floods. This is factually not correct and ignores the facts mentioned in the press releases issued by the Government of India clarifying the situation,» Jaiswal said. Jaiswal also criticized the CNN report for ignoring the existing communication between India and Bangladesh regarding water resources management.

nuclear-powered ballistic missile submarine (SSBN) within six months, further strengthening its sea-based nuclear deterrent. This comes after the formal induction of the second SSBN, INS Arighaat, into the Strategic Forces Command at Visakhapatnam on Thursday. The upcoming third SSBN, currently undergoing trials and expected to be commissioned as INS Aridhaman early next year, is larger than its predecessors, INS Arihant and INS Arighaat, allowing it to carry more long-range nuclear-tipped missiles. INS Arighaat can also deploy K-4 missiles with a range exceeding 3,000 km, unlike INS Arihant, which is equipped with 750-km range K-15 missiles. This capability is vital for maintaining a credible strategic deterrent amid ongoing military tensions with China. SSBNs, capable of remaining submerged for extended periods, provide a secure and stealthy platform for second-strike capabilities, deterring potential first strikes.

Recognising a critical gap in the real estate market, Credvest has designed Parking Capital to serve developers and investors. Developers gain access to essential capital and resources necessary for land acquisition, fostering growth in micro-markets. Simultaneously, investors can enjoy the opportunity to earn passive income through lucrative returns from real estate bonds offered by Parking Capital. Parking Capital is committed to thorough due diligence, encompassing financial, legal, and physical aspects. With pre-determined exit strategies tailored to individual investment capacities, investors can choose from monthly, quarterly, or annual interest payout options, ensuring flexibility and reliability.

Benchmark NSE Nifty closed 83.96 points up at 25235.9 amid buying in frontline bluechip counters.

Forex reserves were up by $7.02 billion to touch an all-time high of $681 billion as of August 23, as per data released by the Reserve Bank of India on Friday. Earlier, reserves expanded by $4.54 billion to $674.66 billion for the week ending on August 16. Previously, Forex reserves had touched an all time high of $675 billion as of August 2, but had fallen $4.8 billion on August 9.

India's eight core sectors' output growth slowed down to 6.1 per cent in July on annual basis as against 8.5 per cent in same month last year, showed government data on Friday. The production of Steel, Electricity, Coal, Refinery Products, Cement, and Fertilizers recorded positive growth in July 2024. The final growth rate of Index of Eight Core Industries for April 2024 stood at 6.9 per cent. The cumulative growth rate of ICI during April to July, 2024-25 stood at 6.1 per cent as compared to the corresponding period of last year.

₹10.4 lakh to ₹13 lakh. This trend would have likely continued in assessment year 2024-25. As for GST, the GST Council’s decision in August 2023 that online gaming companies will have to pay 28% GST, up from 18%, led to a jump in revenues.

Union Bank of India. It says the banking liquidity has fallen to Rs 0.95 lakh crore as on 28th August from a peak of Rs 2.86 lakh crore. The report highlights that the decline in liquidity continued throughout this month. At the beginning of the month, on August 2, 2024 banking liquidity was at Rs 2.56 lakh crore which has reduced to Rs 1.55 lakh crore on August 16th and now at Rs 0.95 lakh crore on August 28. The report stated, «As of 28th Aug, the system liquidity was in surplus, to the tune of Rs.0.95 lakh crore, easing from the peak of Rs.2.86 lakh crore earlier this month.»

Defence Minister Rajnath Singh on Friday stated that the Indian economy has now improved to 'Fabulous Five' from the 'Fragile Five' before 2014. The minister also added that the Indian economy is one of the fastest-growing large economies now. Speaking at the 'Manorama News Conclave 2024' in Thiruvananthapuram, the minister said, «India's economy has undergone unprecedented changes. Before 2014, India's economy was among the 'Fragile Five'. Today it is being recognised all over the world as one of the 'Fabulous Five'. The Indian economy has become one of the fastest-growing large economies today». The minister also added that the government has taken various steps to improve the ease of doing business in the country, he added that because of the efforts by the government now the process to get environment clearance has reduced to less than 75 days from 600 days earlier.

India's Bharat Petroleum Corp plans to increase its integrated refining and petrochemical capacities within the next five to seven years to meet growing energy demand, Chairman G. Krishnakumar told shareholders. India's annual consumption of refined fuels and petrochemicals is expected to rise steadily by 4-5% and 7-8% in the 'foreseeable future', he said. «This presents a strategic opportunity to expand refining capacity alongside the development of integrated petrochemical complexes,» Krishnakumar said.

Mint. This follows an aggressive expansion period for the banking technology startup, when the company targeted entering 30 countries and newer verticals after raising its first institutional funding of $250 million from SoftBank Vision Fund 2 at a valuation of $1.45 billion in 2021. "We have a razor-sharp focus on India.

Coal India Ltd saw the highest consensus earnings estimates increase for FY25 in absolute terms at ₹4,800 crore. The chart alongside, sourced from an ICICI Securities report dated 24 August, has the details. On the other hand, Oil and Natural Gas Corp.

spatial distribution has led to higher acreage under Kharif, or summer, crops compared to last year, and reservoir levels have also risen, all of which bode well for curbing elevated and sticky food prices. Remember, adverse weather conditions had led to a month-on-month (m-o-m) spike in vegetable prices over the past two months. However, in July, inflation measured by the headline consumer price index eased to 3.54%, with food inflation falling to 5.1%, though this was largely due to a favourable base.

Air India. In an exchange filing, the airline confirmed this key development, marking another step toward the merger of Air India and Vistara, a deal first disclosed in November 2022. But what happens to the flyers with Club Vistara loyalty points? As part of the merger, Vistara's frequent flyer program, Club Vistara, will be discontinued and integrated into Air India's Flying Returns program. However, until the integration is finalized, Club Vistara will continue its regular operations. Vistara sent an email on May 15, 2024, stating, “The process of integration between Air India and Vistara is ongoing, while we await some regulatory approvals. As we work towards a merged, larger airline, Club Vistara will also merge with Air India’s Flying Returns.”

Vistara merged with Air India, Tata SIA Airlines, the operator of Vistara Airlines, announced on Friday, that flight bookings for travel dates up to November 11, 2024, will be available until September 3, 2024. After November 11, 2024, all Vistara aircraft will become part of Air India's operations. Following this date, Air India will exclusively manage the remaining Vistara flight bookings. In May 2024, Air India clarified that Vistara's loyalty program will merge with Air India's Flying Returns and lounge access will remain unchanged. However, if you're a Vistara customer who paid for lounge access when booking your ticket, you might be wondering what will happen to your airport lounge booking after November 12, 2024. Here are important FAQs about flight bookings, lounge access, refunds and cancellations and more as per the Vistara-Air India merger website.