Awards Financial News

MG Motor India’s proposal to avail benefits of production-linked incentive (PLI) scheme is under scrutiny, according to a report by the Times of India. Quoting sources, TOI claimed the company’s foreign investment scrutiny towards availing of PLI benefits had been “held back” by an inter-ministerial panel led by the Union Home Secretary. The report cited MG Motor's China connection as the reason for the review. The panel is primarily tasked with checking if FDI proposals are in line with the government’s Press Note 3 prescription.

The Biden administration is awarding nearly $3 billion to boost climate-friendly equipment and infrastructure at ports across the country, including in Baltimore, where a deadly bridge collapse killed six construction workers and disrupted commercial s...

FMCG has grown to over 1 million monthly orders on ONDC but these orders are mostly fulfilled from central warehouses, instead of local kirana stores, said Kiko Live, a SaaS solution for neighbourhood stores Kirana sales have dropped by up to 35% in tier 1 markets where quick commerce primarily operates. While customers still visit the store for larger orders, the small order basket, traditionally ordered via phone and delivered by the store delivery boy, is moving to quick commerce. Retailers understand that retaining these customers would require offering a similar quick commerce option. «Kirana-led grocery orders are also approaching a quarter million orders a month, with Kiko Live as the leading player. This is expected to grow rapidly in the coming months, with retailers understanding that going digital is not an option but a necessity for survival,» said Alok Chawla, Co-Founder of Kiko Live, adding early adopter retailers have started creating digital storefronts and offering trackable 30-minute quick commerce-type deliveries.

Inflation unexpectedly spiked to 5.49% in September, but was forecast to cool to an average 4.9% this quarter and drop to 4.6% in January-March, giving the Reserve Bank of India (RBI) room to ease policy. The central bank has held interest rates at their highest since early 2019 for the past 10 meetings.

Delhi High Court on Tuesday ordered auctioning of the Fortis trademark in connection with the ₹3,500 crore arbitral award passed in favour of Japanese pharma major Daiichi Sankyo and against the former Ranbaxy promoters. Justice Sachin Datta passed the order on an application filed by Daiichi Sankyo seeking the sale of the Fortis trademark, owned by RHC Healthcare Management Services which is one of the judgment debtors in the matter.

House of Hiranandani is looking to invest over Rs 12,500 crore to strengthen its development portfolio by around 10 million sq ft through a blend of acquisitions and greenfield projects to deepen its presence in Mumbai Metropolitan Region (MMR) in the next two years, said top officials of the company. With a luxury residential development pipeline of over 7.3 million sq ft, the company is aiming to capitalise on the region’s infrastructure growth backed by government initiatives coupled with rising demand for premium residential and commercial properties. The investment will flow into greenfield residential projects spread over 4.7 million sq ft and redevelopment projects of 2.6 million sq ft across various locations in the Mumbai region.

Reliance New Energy (RNEL), a wholly-owned subsidiary of Reliance Industries, has acquired the remaining stake in sodium-ion battery technology company Faradion from existing shareholders, making it a wholly-owned subsidiary, the company said in a regulatory filing on Tuesday. RNEL, in December 2021 announced the acquisition of Faradion at an Enterprise Value of £100 million. RIL had then stated that it intends to use Faradion’s technology at its proposed fully integrated energy storage giga-factory, part of the Dhirubhai Ambani Green Energy Giga Complex facility at Jamnagar.

FCI)." An amount of Rs 12200 crore has been released to the farmers in Punjab directly to bank accounts as of 28th October, it added. The procurement of paddy in Kharif Marketing Season (KMS) 2024-25 commenced on October 1, 2024, and 2,927 designated mandis including 1000 temporary yards have been opened throughout Punjab for smooth procurement of paddy.

dispute settlement body (DSB) has accepted a request from India and Taiwan to further defer the adoption of the ruling against New Delhi’s import duties on certain information and technology products till April 25 next year. This is the fifth time the adoption of the ruling has been deferred. The two were earlier given time until September 19, 2023 then December 18, then April 26, 2024 and then October 31 to resolve the dispute regarding New Delhi’s import duties on certain information and technology products.

Supreme Court had sought response from debt-ridden SKS Power Generation (Chhattisgarh) Ltd, its lenders and its resolution professional on an appeal by Torrent Power challenging the approval granted to Sarda Energy and Minerals resolution plan for takeover of the power generation firm. A Bench led by Chief Justice D.Y. Chandrachud while issuing notice to SKS, its Committee of Creditors and resolution professional Ashish Arjunkumar Rathi and Sarda Energy, the successful resolution applicant, observed that “there is much more than what meets the eye.” The apex court also noted senior counsel AM Singhvi’s submission on behalf of Torrent that the Sarda’s bid was modified in material respects after the conclusion of the negotiation process. However, the CJI directed that “any further steps which are taken in implementation of the resolution plan by the second respondent (Sarda) shall not create any equities in their favour.”

PM E-Bus scheme through a Direct Debit Mandate (DDM) with the Reserve Bank of India (RBI). According to the PM-eBus Sewa-Payment Security Mechanism (PSM) scheme, notified by the Ministry of Heavy Industries (MHI), states getting electric buses (e-buses) through this route will permit the centre to recover overdue amounts. Procurement and operation of e-buses by Public Transport Authorities (PTAs) is supported under the PM e-Bus PSM scheme. These buses are handed over to state government or union territory-controlled PTAs to operate them and recover costs through fares. Since the PTAs are in poor financial health, bus suppliers fear they will not be paid by the states. The PSM scheme addresses concerns of e-bus suppliers by ensuring timely payments to operators through a dedicated fund. In case of payment default by Public Transport Authorities (PTAs), Convergence Energy Services Limited (CESL), the implementing agency, shall make necessary payments from the scheme funds which will be later recouped by the centre.

Renault Nissan Automotive India Pvt Ltd in Tamil Nadu has reached a milestone of producing over 45 lakh powertrain units since commencing operation in 2010, the company said. The 600 acre facility at Oragadam near here, caters to domestic and overseas market requirements for Renault and Nissan. Since the start of production, the factory produces Renault and Nissan brand of cars with over 2.75 million cars being produced till date, while the plant has produced seven different type of engines and three varieties of gearboxes. The milestone of producing over 4.5 million powertrain units at the factory includes 2.83 million engines and 1.67 million gearboxes, the company said in a statement on Tuesday.

As the government considers imposing additional duties to curb the influx of cheaper steel imports, which are impacting domestic producers, the Engineering Export Promotion Council of India (EEPC India) as well as steel producer Jindal Steel have voiced their concerns about the potential effects of these protectionist measures. EEPC India, the organisation advocating for engineering goods exporters, is against limiting steel imports from cost-effective markets. According to the council, curbing steel imports from China will severely impact the engineering goods sector, especially MSMEs, which depend on competitively priced steel to sustain operations. “It is imperative to keep domestic steel prices competitive. The price differential between Chinese steel and Indian-produced steel is significant. This price advantage enables downstream industries, especially MSMEs, to remain competitive in domestic and global markets,” says Arun Kumar Garodia, Chairman of EEPC India.

Chirag Paswan on Tuesday witnessed the awarding of appointment letters to newly-appointed youth during the Rozgar Mela event in Thiruvananthapuram and congratulated all the youth who received the appointment letters. «As my Prime Minister calls it the 'Amrit Kal', they (recruits) will be a part of the government when we become developed nation on 2047. This comes with a huge responsibility for them to prove themselves. I congratulate each one of them,» Chirag Paswan said. Earlier today, PM Modi distributed over 51,000 appointment letters to newly appointed youth under Rozgar Mela through video conferencing.

Grammy award winning singer Erykah Badu was honored with the “fashion icon” award at the 2024 Council of Fashion Designers of America fashion awards Monday night

Philadelphia’s district attorney says he has filed a lawsuit to halt Elon Musk’s $1 million giveaway as part of his political organization’s effort boosting Donald Trump’s presidential campaign

Mahagenco and public sector NTPC has emerged as the top bidder to take over the 1,350 MW Sinnar Thermal Power plant near Nashik. Mahagenco's bid of Rs 3,800 crore is above the second-placed Adani Power in the initial round of bids. Lenders are evaluating legal and other compliances of the bidders, following which negotiations with individual bidders will start, said people familiar with the process. «The early bids put the Mahagenco-NTPC partnership at the top. The second-placed bidder is behind as its bid is less than Rs 3,000 crore. But the plans are still at the initial stage and we could see revisions since all parties interested are serious players in this sector,» said a person familiar with the process. Resolution professional (RP) Rahul Jindal did not reply to an email seeking comment.

potato and rice are set to remain high till December, traders and farmers said. Potato sowing in UP, the largest producer, has been delayed by a fortnight due to untimely rains and the new crop will come to the market by December. On the other hand, Cyclone Dana has damaged the standing paddy crop in West Bengal and Odisha. Rice prices have already jumped by up to 15% in the last fortnight after the government removed export curbs and may move up further for varieties like Gobindobhog and Swarna. UP produces around 16 mt of potatoes annually while West Bengal cultivates around 9-10 mt. «This year, untimely rains have delayed potato sowing in most of UP. Generally, sowing starts from September 15. This year, however, it started by the end of September and early October. So, the crop will be delayed and arrive in the market slowly from the end November-early December. Prices, therefore, will remain firm till December,» said Ajay Sharma, a leading potato trader from Agra.

flights per week flight movements this winter despite rising travel demand. Chhatrapati Shivaji Maharaj International Airport (CSMIA) is all set to provide an extensive network of travel options for its passengers with 3,372 weekly flights--2,361 weekly domestic and 1,011 weekly international flights-- for the winter schedule 2024, the private airport operator said. Significantly, as per the winter schedule for the Indian Airlines announced by the Directorate General of Civil Aviation (DGCA) earlier this month, the Indian airlines will operate 25,007 flights every week to and from 124 airports, which is 5.37 per cent more compared to the winter schedule of 2023. The winter schedule this year started from October 27, 2024 and will continue till March 29, 2025.

Bharti Airtel will decouple its Direct-to-home (DTH) business from the converged entertainment category, creating two new verticals — Connected Homes (which includes Broadband and Converged Entertainment) and DTH. Siddharth Sharma, currently CEO of DTH, will be appointed Director Marketing and CEO of Connected Homes.