COST Financial News

India has faced as much scrutiny as Aadhaar. Civil society organisations had labelled it a step toward an Orwellian state, while others argued that it fostered exclusion. Some even alleged that it facilitates illegal immigrants obtaining Indian citizenship. Even a parliamentary standing committee criticised it as directionless and unnecessary. Despite these obstacles, Aadhaar is now central to India's public service delivery systems, and plays a crucial role in digital transactions through authentication services. It has created multiple digital artefacts, including eKYC, online digital signatures (eSign), DigiLocker and Consent artefacts. Aadhaar has made great strides in streamlining processes by cleaning up databases, such as PAN and bank accounts. Its eKYC services have minimised costs and friction in transactions. JAM has enhanced financial inclusion and facilitated DBT on a massive scale, with 118 bn authentication transactions and 14 bn eKYC transactions recorded to date.

Packaged foods makers Nestle and PepsiCo are in talks with Godrej Agrovet, one of the country's largest producers of palm oil, to buy refined palm oil locally for some of their biggest brands such as Maggi instant noodles and Lay's potato chips, executives directly aware of the developments said. Multinationals are sourcing locally amid rising global prices of the commodity as well as logistics costs and heightened scrutiny on the quality of edible oils by the government under the Food Safety & Standards Authority of India (FSSAI). They also aim to cut short months-long import buying cycles and circumvent any potential supply disruptions amid continued global geopolitical turmoil. So far, Nestle and PepsiCo have sourced palm oil primarily from Indonesia and Malaysia for Indian operations.

Vice President Kamala Harris’ campaign is out with a string of new proposals on food prices, taxes, housing and medical costs that she says will empower the middle class

Vice President Kamala Harris is promoting a broad set of economic proposals that would offer new tax breaks and lower the cost of living for Americans

Veronika Rinecker is based in Germany, studied international journalism and media management. She specializes in politics and regulation, energy, blockchain, and fintech. Since 2017, she has been...

Securities and Exchange Board of India (Sebi) on Friday released a consultation paper seeking feedback on proposals, including alignment of provision regarding approval and authentication of financial results for entities having listed non-convertible securities with that for equity listed entities. Under the proposed norms, the quarterly financial results submitted shall be approved by the board of directors. Further, the financial results submitted to the stock exchange shall be signed by the chairperson or managing director, or a whole-time director. In the absence of all of them, it should be signed by any other director of the listed entity who is duly authorised by the board of directors to sign the financial results.

metro projects in Bengaluru, Pune, and Thane, aiming to alleviate traffic congestion and enhance transportation efficiency.

Prime Minister Narendra Modi on Friday approved airport projects at Bagdgora in West Bengal and Bihta in Bihar for an estimate cost of Rs 1549 crore and Rs 1413 crore respectively. Union Minister Ashwini Vaishnaw said that Bagdgora Airport's project also includes construction of an apron capable of accommodating 10 parking bays suitable for A-321-type aircraft while the Bihar project includes the construction of an apron capable of accommodating 10 parking bays suitable for A-321/B-737-800/A-320 type aircraft. The Bagdogra project will feature a new terminal building spanning 70,390 sqm, designed to handle 10 million passengers annually and 3,000 peak hour passengers, as per the government.

Retailers Association of India (RAI) have urged the Delhi government and Municipal Corporation of Delhi (MCD), to reconsider the prohibitive signage fees currently being imposed in Delhi and the National Capital Region (NCR). These fees are significantly higher than those in other parts of India, placing a heavy financial burden on small and medium retail traders who rely on store signage to attract customers. RAI, representing approximately 13,667 member establishments nationwide, including large and small retailers, is committed to fostering a supportive environment for the growth of modern retail in India. The current signage fees in Delhi NCR, particularly in areas such as Janakpuri, are making it increasingly difficult for retailers to afford the necessary signage that highlights their stores to the public.

Taxpayers are expected to save billions after the Biden administration inked deals with pharmaceutical companies to knock down the list prices for 10 of Medicare’s costliest drugs

Japanese stocks are leading gains in world markets after Wall Street close to its record heights as data showed the U.S. economy is holding up better than expected

Thinking of buying a home with the help of a real estate agent

Former JPMorgan Chase chief economist Anthony Chan reacts to Kamala Harris saying it will be her Day One priority to bring down prices despite already being in office on Varney & Co.

Former Assistant Treasury Secretary for Economic Policy Michael Faulkender says there is nothing changing to cause a cutback on the inflationary pressures on 'Kudlow.'

Here is a look at the list of banks that have revised their MCLR in August 2024.

Nifty delivered a 4% year-on-year (YoY) growth in profit after tax (PAT), surpassing Motilal Oswal's estimate of 3%. This is the slowest growth since the pandemic quarter of 2020. Nifty heavyweights HDFC Bank, Tata Motors, ICICI Bank, Maruti Suzuki, and Tata Consultancy Services (TCS) contributed 127% of the incremental year-on-year earnings growth. In contrast, Bharat Petroleum Corporation (BPCL), JSW Steel, ONGC, Reliance Industries (RIL), and Grasim Industries had a negative impact on Nifty earnings, according to a preview note by the brokerage. State-run Coal India, Dr Reddy's Laboratories, Apollo Hospital, Adani Ports & Special Economic Zone (APSEZ), and Tata Steel have received earnings upgrades from Motilal Oswal. In contrast, BPCL, Bharti Airtel, Hero MotoCorp, JSW Steel, and IndusInd Bank are the top five earnings downgrades.

Ola Electric surged 15.8% to a day’s high of Rs 128 on the BSE after the company announced a 32% YoY increase in revenue for the first quarter of FY25, reaching Rs 1,644 crore. The company also launched its electric motorcycle, the Roadster, on August 15.

Steel Authority of India expects its blended realizations to sequentially fall another Rs 1,000 per tonne this quarter, as local steel prices continue to be weighed down by cheap Chinese imports, a senior executive said. Net sales realization, or blended steel prices for the June quarter, stood at Rs 53,700 per tonne, down Rs 800 from the March quarter. The cost of coking coal, though, is likely to remain at levels similar to the June quarter, even though prices have corrected in the last few weeks. This is because the state-owned steelmaker has stocked up higher-than-average coking coal from some of its miners with whom it has long-term agreements, Anil Kumar Tulsiani, Director (Finance), told analysts after the company’s earnings.

The Biden administration says Medicare recipients will save about $1.5 billion dollars on medications to for diabetes, heart disease, types of arthritis and other ailments under new prices negotiated with drug companies that will take effect in 2026

₹27 lakh for the batch of 2022-24, unchanged from the previous 2021-2023 group, but higher than ₹26.5 lakh for the students of 2020-22 session. The institute, which last worked upon its course in 2020, is again reviewing it to improve engagement with companies so that placements do not suffer, "irrespective of the markets", said Chatterjee. The campus placement reports of some of the older IIMs also show a dip in the median compensation.

Mint takes a look at the key sectoral themes that emerged from the Q1 show: The overall earnings growth was driven by domestic cyclicals—firms that alternate between periods of high and low profit—such as automobiles and banking, financial services and insurance (BFSI), underpinned by robust demand and credit growth. There were improved contributions from healthcare, real estate and capital goods. Conversely, earnings growth was weighed down by global cyclicals such as oil and gas, where firms suffered an up to 90% plunge in profits, along with metals, cement and specialty chemicals.