India Financial News

Return Prime aims to achieve a $3 million ARR and triple its revenue in the next 12 months by expanding its market share in the United States, Europe, and India. Over the next year, the company aims to help merchants generate more than $100 million in additional revenue. “We believe that our advanced return management solutions can address the pressing challenges faced by ecommerce merchants worldwide. Our goal is to help merchants not only manage returns efficiently but also turn them into opportunities for revenue generation,” said Shashwat Swaroop, co-founder of Return Prime.

At a time when the Telecom Regulatory Authority of India (Trai) is introducing new measures to address the issue of spam calls and messages, a survey by LocalCircles has found that 76% people get three or more such messages daily. The survey received responses from 41,000 people located in 357 districts of India. According to the data, 8 in 10 surveyed who are registered on DND (do not disturb) list say they still get unwanted SMS.

Shares of Au Small Finance Bank Ltd.(up 1.24 per cent), Punjab National Bank(up 0.68 per cent), State Bank of India(up 0.64 per cent), Axis Bank Ltd.(up 0.39 per cent) and Federal Bank Ltd.(up 0.19 per cent) ended the day as top gainers in the pack.

Motilal Oswal Financial Services, L&T Tech’s new strategy may not alter its growth path in the short term, but it could open up new avenues for growth, especially in hitherto weak areas such as mobility—a fast-growing segment for its peers. Against this backdrop, the company’s renewed strategy is a step in the right direction. However, the targets seem ambitious.

Sri Lanka's Debt Sustainability Agreement, Foreign Minister Ali Sabry has said resuming negotiations with the IMF could jeopardise its next tranche due in December and subsequent disbursements from the World Bank and the Asian Development Bank. The conditions for the Debt Sustainability Agreement (DSA) have now become part of the law and cannot be easily altered, Sabry said. He emphasised that renegotiating the deal could lead to further economic instability in the island nation, which is recovering from the worst-ever economic turmoil it suffered in 2022. Sri Lanka declared its first-ever sovereign default in mid-April 2022, having run out of its foreign exchange reserves. The halt to the debt services meant that the multilateral creditor nations and commercial lenders could not extend fresh financing to the country.

The Telecom Regulatory Authority of India (Trai) on Wednesday said there is a need to review and put in place provisions, including regulating tariff for SMS and voice calls beyond a certain limit, to curb unsolicited commercial communication (UCC) from unregistered telemarketers (UTMs) using 10-digit numbers.

₹6,850 crore, driven by major contributions from Azim Premji and Shiv Nadar. The number of UHNI donors grew from 100 to 120 between 2020-21 and 2022-23, with 70 consistent donors and 50 contributing sporadically. This reveals significant potential for more sustained engagement.

₹10,000 per month in 2022-23 (at constant 2011-12 prices). Casual wage labour, the worst form of employment, fetched only ₹4,500 per month.

Info Edge (India) Ltd. traded at Rs 7669.1 on BSE at 01:29PM (IST) on Thursday, up 0.65 per cent from previous close. The scrip quoted a 52-week low price of Rs 3973.15 and a high of Rs 7669.15.

Jio AI-Cloud Welcome offer, which aligns with the company’s vision of "AI Everywhere For Everyone" through the use of Connected Intelligence. As part of this offer, Jio users will receive up to 100 GB of free cloud storage.

PricingThe Realme 13 5G series starts at ₹17,999. Specifically, the Realme 13 5G is available at ₹17,999 for the 8GB+128GB version and ₹19,999 for the 8GB+256GB option.

Electric vehicles (EVs) have become popular because of several reasons, including zero tailpipe emission, which reduces pollution, and gives better fuel efficiency, which keeps customers’ expenses down. According to the latest Vahan data, EV sales stood at 178,948 units in July, marking a strong year-on-year increase of 53%. This is also the second-best performing month for EV sales in the calendar year to date, after March of FY2024 at 213,036 units, showing buoyant interest among buyers. However, EVs have also been in the news every now and then for catching fires and other problems. These raise significant concerns about the trustworthiness of EV technology, depressing its growth in India.

Hurun India Rich List, surpassing Bengaluru for the first time to secure the third position in terms of the number of wealthy residents. The city added 17 new entrants this year, reflecting its growing prominence in India's wealth landscape.

quick commerce space continues to see new entrants as more and more companies try to snag a piece of the pie. Ecommerce majors Amazon and Flipkart, and mobility major Ola are among those that are planning to enter the segment even as existing players like Zomato-owned Blinkit, Zepto and Swiggy’s Instamart continue to strengthen their play. Take a look at some of the recent developments in the quick commerce segment in India: Amazon India set to launch quick commerce: Amazon is all geared up to enter the buzzing quick commerce segment in India. The ecommerce major will likely launch its offering in the first quarter of the next year and has entrusted Nishant Sardana, who was heading the PC, audio, camera and large appliances business at Amazon India with the the responsibility of developing its quick commerce strategy, people in the know said.

Data centres, often dubbed the "data factories of the world," are vital to the modern digital ecosystem. These seemingly modest facilities house the technology that stores, processes, and manages vast data. This storage enables the smooth operation of the technologies we depend on daily.

Tube Investments of India Ltd. traded at Rs 4011.3 on BSE at 01:54PM (IST) on Thursday, down 3.42 per cent from previous close. The stock quoted a 52-week low price of Rs 2832.05 and a high of Rs 4666.0.

RIL AGM Highlights 2024: At the 47th Annual General Meeting (AGM) of Reliance Industries Ltd (RIL), shareholders are bracing for key announcements that may impact the conglomerate’s future growth trajectory. The meeting, widely watched for its impact on market sentiment, could reveal important updates across RIL's diversified business sectors, including telecom, retail, oil, and new energy. The spotlight will likely be on Reliance Jio, with expectations centered on its monetisation efforts following a recent tariff hike and the completed rollout of 5G services across India. Jio has been a driving force for RIL’s growth, and investors are keen to hear about new targets, partnerships, and strategies for maintaining its momentum. RIL’s AGM has traditionally been a platform for major announcements. Last year, the company unveiled a comprehensive five-year succession plan, placing Mukesh Ambani’s three children at the helm of different business divisions. This year, similar updates may follow, particularly regarding the oil-to-chemicals business, retail operations, and new energy initiatives.

Siddaramaiah on Thursday urged the 16th Finance Commission to cap cess and surcharge at 5% of gross tax revenue and move collections above that into the divisible pool for sharing with the states. Cess and surcharge are not part of the divisible pool. Over the years the union government has increased its reliance on cess and surcharge. This has caused substantial loss to all the states. The loss to Karnataka on account of the non-sharing of cess and surcharge was Rs. 53,359 crore during the five-year period from 2017, the CM said, addressing Chairman Arvind Panagariya and other visiting members of the Commission. The CM pressed for vertical devolution to states to be at least half of the divisible pool. All non-tax revenues of the Centre too should be included in the divisible pool. “Economically advanced states are committed to supporting poorer states, but this should not come at the expense of their own residents or economic efficiency. A larger proportion of resources generated by the states should be shared with them.”

In a post on X, CM Patel said that the PM guided him on matters including restoring public life quickly. «As it has been raining heavily for the last three days across Gujarat, Prime Minister Narendra Modi ji once again had a telephonic conversation with me this morning to get information about the situation. He learned about the relief measures for the affected people of various districts of the state. Expressing concern over the flooding of the Vishwamitri river in Vadodara, he sought details of the relief and assistance being provided to the affected people,» he said.

Vahan.ai to provide jobs to the blue-collar workforce. Madhav Krishna, CEO & Founder of Vahan.ai, says the company assists the urban poor in finding gig jobs, often within 48 hours of registration on their app. The Vahan app offers solutions through its AI-powered bot. “Once the job seeker has applied via the app, the AI recruiter calls them and helps them through the application process, helping them seamlessly onboard the platform. In some cases, individuals have managed to even secure a job within 8 hours of downloading the mobile application,” he says. Krishna gives an example of a man named Prasad who lost his job and found Vahan.ai through a WhatsApp job post shared by a friend. “He was onboarded on Vahan.ai and placed in Zepto, a grocery delivery platform, within a day of reaching out. He began working as a full-time delivery executive,” he says.

Assam Rifles along with the Indian Army, Border Security Force and Manipur police recovered arms and ammunition and war-like stores in the Sekmajin area of the Kakching district of the state. Giving information about the recovery, Assam Rifles posted on X and said, «Assam Rifles along with Indian Army, BSF and Manipur Police recovered one Sten Machine Gun, two 9mm Pistols, two single barrel guns, ten Grenades, ammunition and war like stores in Sekmaijin Area of Kakching District in Manipur on August 28.» Earlier on August 22, In a joint operation Assam Rifles and Manipur Police recovered arms and ammunition in the general area of Tekcham Maning Ching of Thoubal District, Manipur.