India Financial News

Kutch district have asked people living in huts and makeshift houses to take shelter in schools, temples or other buildings after the IMD said that a deep depression over the area might turn into a cyclonic storm by Friday morning. Following the warning by the India Meteorological Department (IMD), Kutch Collector Amit Arora issued a video message asking people living in Abdasa, Mandvi and Lakhpat talukas to leave their huts and kutcha houses and take shelter in any school or other buildings. He also urged locals to come forward and provide shelter to such poor people in their houses till Friday evening. In a statement on Thursday night, IMD said, «Deep depression over Kutch and adjoining areas is likely to move nearly westwards into northeast Arabian sea and intensify into a cyclonic storm during next 12 hours. It would then move west-northwestwards away from Indian coast during subsequent two days.»

Jawan released last year, no Hindi movie has managed to draw big numbers in Tamil Nadu Kerala, Andhra Pradesh and Telangana, once lucrative markets for commercial films featuring top stars like Shah Rukh Khan and Salman Khan. With mainstream commercial elements missing from most Bollywood films, southern movies continue to dominate their native states.

In an interview with ETMarkets, Somaiyaa said: “FII outflows might occur due to the negative outlook on US equities, and some market downside is expected. But with a lag, as currency dynamics shift, we should see significant FII inflows” Edited excerpts:

Official data on Friday will likely show growth moderated last quarter from near-8% pace previously, largely due to a slowdown in government spending before the elections. Recent indicators show consumer sentiment is waning and rural spending still hasn’t recovered to pre-Covid levels. A looming slowdown in the global economy is another major risk to the outlook. Goldman Sachs Group Inc. has already trimmed India’s growth forecast for the current calendar year by 20 basis points to 6.7%, while Bloomberg Economics lowered its projection for the fiscal year through March 2025 to 6.8% from 7.2%.

Lupin, while Macquarie maintains a neutral view on Reliance Industries. Citi and Investec have «buy» ratings on Bharti Hexacom and Sunteck Realty, respectively. We have collated a list of recommendations from top brokerage firms from ETNow and other sources:

Quess Corp's global headcount has topped 600,000, putting it in the same league with global staffing behemoths Adecco, Randstad and Manpower, and software services giant Tata Consultancy Services in terms of number of employees. The Bengaluru-headquartered firm, which offers staffing, workforce management and technology outsourcing services, ended the June quarter with an employee count of 597,000. Since then, it has added at least 6,000 workers, chairman Ajit Isaac told ET. “We are among the largest globally in headcount and perhaps the youngest to achieve this in a span of 17 years,” he said.

Google DeepMind's India unit is working on an Indic language AI project called Morni (Multimodal Representation for India) which aims to cover 125 Indian languages and dialects to build inclusive and equitable Indic AI. «So India has 22 scheduled languages, which are viewed as official languages. But in our work, we are targeting over 100 Indian languages, because we find that there are 60 Indian languages which have over a billion speakers and over 125 languages that have over a lakh speakers each,» said Manish Gupta, Director of Google DeepMind, Google India. He was speaking at the Global Fintech Fest in Mumbai on Thursday. He explained that 73 out of these 125 languages had zero corpus of digital data available. Even for a languages like Hindi, which is now spoken by close to 10% of the world's population, the share of Hindi text on the internet is 0.1%.

Line of Control in Kupwara district of northern Kashmir. Army officials informed that a joint anti-infiltration operation was launched by the Indian Army and Jammu and Kashmir police following Intelligence inputs regarding likely infiltration bids on the intervening night of Aug 28-29 in Tangdhar of Kupwara district. “One terrorist is confirmed to have been eliminated. The operation is in progress,” the army informed.

Air India-Vistara merger, Singapore Airlines (SIA) on Friday said that it has received approval from the Government of India for foreign direct investment (FDI) in a deal with the Tatas, the airline said in an exchange filing. Singapore's flagship carrier, which has a 49 per cent stake in Vistara, had announced the plan to merge the Indian airline and Tata-owned Air India in November 2022. Tatas own 51 per cent in Vistara. Upon completion of the merger, SIA is expected to hold approximately 25.1 per cent of the enlarged Air India.

Reserve Bank of India (RBI) has cautioned the public against unscrupulous elements that use various methods to defraud people by using the name of the central bank in some capacity. RBI said these fraudsters use enticing tactics like fake letterheads and email addresses of RBI, impersonating as employees of RBI or intimidating tactics via calls, SMS or emails impersonating as RBI officials threatening to freeze/block/deactivate bank accounts of recipients and convince/coerce them to share certain personal details, account/login details/ card information, PIN, OTP, etc. or install some unauthorised/ unverified application using a link provided in the communication.

Noida International Airport in Uttar Pradesh's Jewar are in full swing with work being done in partnership with Air India SATS, NIA Chief Executive Officer Christoph Schnellmann said on Thursday and noted there will be cargo capacity for well over one lakh tonnes of cargo when the facility opens. Schnellmann told that work on the passenger terminal is also in full swing. «The development works on the cargo terminal and multimodal cargo hub are in full swing as well. We're working in partnership with Air India SATS who have designed the facility, who are constructing the facility and who will operate the facility. There will be a capacity for well over 1 lakh tonnes of cargo when the facility opens and it's designed in a modular fashion to grow with the demand. We plan to submit our application for the aerodrome license this year,» he said.

custodians would make funds available to foreign portfolio investors on the day of settlement itself, a senior Sebi official said on Thursday. «Inefficiencies and opacity dog not only the Indian domestic investor; they also impact foreign portfolio investors (FPIs). While India fully moved to a T+1 settlement cycle in January 2023, most FPIs are only able to access their funds from sale of securities on T+2 or later,» Sebi whole time member Ananth Narayan said. He was speaking at the Global Fintech Fest.

recruitment of artificial intelligence (AI) talent in India, at least for 132 companies looking to hire such talent from the technology, finance and manufacturing sectors, according to a senior executive at Deel. The San Francisco-based payroll and compliance provider offers hiring and payments services to companies enrolling international employees and contractors. Mark Samlal, general manager for Asia-Pacific at Deel told ET in an interview that demand for AI expertise is on the rise but finding candidates proficient in skills can be very tough.

₹4.26 trillion over the last two financial years and rolled out 5G networks in record speed require some return on capital. “In 21 months, 5G has been rolled out, 450,000 base stations have been set up. Telcos have spent close to ₹4.26 trillion in the last two fiscals.

Mint. Interestingly, the compensation of women independent directors has doubled in these five fiscal years, while their male counterparts have seen a 1.7x increase in the same timeframe.

Plain Facts publishes a compilation of data-based insights, complete with easy-to-read charts, to help you delve deeper into the stories reported by Mint in the week gone by. The government has approved a new pension scheme, which promises government employees 50% of their last salary as a retiral payout, and other benefits. Meanwhile, India's economic growth may have slowed in April-June, according to a Mint poll.

₹3.5 lakh per year, and that too from non-IIT and non-NIT engineering colleges, according to an internal email sent to its employees that Mint has seen. Wipro resumes campus hiring in a fortnight’s time, the email mentioned. Starting salaries for employees from the Wipro’s ‘elite’ list of colleges have remained unchanged for at least a decade, the person cited above said.

Buy or sell stocks today: The Indian stock market indices, Sensex and Nifty 50, hit record highs on Thursday, August 29, fueled by index heavyweights such as Reliance Industries, Tata Motors, and ITC. The trading session marked the 11th successive day of Nifty closing in the green.

Icra Ltd. This, he said, was largely attributable to rising demand for international travel for leisure, jobs—primarily in the Middle East—and studies. India's aviation market—the world's third largest and also the fastest growing—is on the cusp of a boom as the economy expands and incomes rise, prompting airlines to add capacity.

After a two-year lull, businesses are warming up to laptops and PCs The covid-19 pandemic created a huge demand, leading to a 56% surge in tablet sales in 2021, and 24% growth in 2022 to an all-time high of 5.3 million units, data shared by IDC India with Mint revealed. This was driven by the need for remote work and education devices—while offices opted for laptops, tablet brands catered to education needs especially in the rural sectors.

Hinduja Global Solutions said the opportunities for generative AI lie more in areas where there are shortages of manpower. Giving examples of areas where productivity is less due to shortages of manpower, Partha DeSarkar, executive director and CEO of Hinduja Global Solutions (HGS), said conversational AI, loan processing, document processing and image recognition bots are some areas where HGS is doing pilots for clients. He said 10-12 pilots were currently being done by HGS and that the company hopes to take these pilots into production stage by the end of this year.