Indian Financial News

Also Read: Explained | What does Saudi's oil output cut mean for India? Oil marketing companies had suffered significant losses in the first half of fiscal 2022-23 on high crude oil prices as a result of the Russia-Ukraine war. OMCs did not significantly increase retail prices last year even after crude reached a peak of $140 per barrel in March 2022. Due to this, the oil refiners registered losses as petrol and diesel rates have been unchanged since April 2022.

New Delhi: A majority of India’s Gen Z consumers aspire to become home owners, own a vehicle and realize the importance of savings to reach their goals, according to findings of a study by research firm Mintel. Mintel’s research suggests that 77% of Gen Z consumers—those between 18 to 26 years of age—aspire to become homeowners, 59% dream of buying a car and 55% expressed their desire to travel abroad. Over a third save from their pocket money and rely on parental support for spending.

Have you recently taken a flight? If you were flyi... moreHave you recently taken a flight? If you were flying from or to a major airport in the country.

Indian Oil Corporation has been appointed to the board of Rosneft in a fresh sign of growing energy ties between India and Russia. G K Satish, who served as Indian Oil’s planning and business development chief between 2016 and 2021, has been appointed to the Rosneft board along with 10 other members, the Russian firm said in a statement. The Rosneft board includes five independent directors, including Satish and a representative each from Qatar and the Philippines.

Reliance Jio's plan to launch a 4G phone at a market-low price of $12 to capture the broadly untapped entry-level 2G market in India will disrupt the bottom of the consumer pyramid, but not spark a price war reminiscent of its first such move in 2016, analysts said on Tuesday. Jio, late on Monday, unveiled an entry-level phone, called Jio Bharat, that is equipped with internet services such as digital payments to reach the roughly 250 million 2G users yet to migrate to smartphones.

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investors have adopted a cautious «wait and watch» stance as they anticipate the recovery of their beleaguered portfolios, created during crypto's most significant bull run in 2021, even as the crypto market shows signs of revival in the first half of 2023, driven predominantly by a resurgent Bitcoin. Bitcoin has jumped more than 80% in 2023, and the overall crypto market is now touching $1.19 trillion. «Most Indian crypto investors bought digital assets when the market was on a tear, and when in 2022 the market corrected sharply, their portfolios shrank substantially. Now they are just waiting to recover their initial investments. The 30% crypto tax has really dampened the enthusiasm of Indian crypto investors, further adding to their apprehension regarding the recovery prospects of their portfolios,» said Vishal Gupta, a Noida-based crypto investor. Chahal Verma, a Gurugram-based crypto investor said 2023 has proven to be an interesting year for the crypto markets, particularly Bitcoin, despite regulatory hurdles.

Indian Consulate in San Francisco, terming the violence a «criminal offense». A video by Khalistan supporters, dated July 2, 2023 posted on Twitter, showed the act of arson at the Indian Consulate in San Francisco. The video, with the words «violence begets violence» emblazoned over it, also showed news articles related to the death of Canada-based Khalistan Tiger Force (KTF) chief Hardeep Singh Nijjar.

Indian market is likely to open flat after the benchmark equity indices closed at record levels with the Sensex surpassing 65,000-mark and the Nifty ending above 19,300 fuelled by favourable economic data, sustained foreign fund inflows and positive global cues. Japan’s Nikkei 225 fell 0.72%, while the Topix declined 0.45%. South Korea’s Kospi eased, while the Kosdaq rose 0.13%.  Hong Kong’s Hang Seng index futures were trading around 130 points lower at 19,176.

imports of crude oil from Russia fell 6.5% in June after reaching a record high in May, while those from Iraq, Saudi Arabia and the US increased, according to energy cargo tracker Vortexa. India imported 1.8 million barrels per day (mbd) of Russian crude in June. China imported 1.6 mbd of seaborne Russian crude in June, 12% more than in May, and Europe took 0.42 mbd, 28% more than in the previous month.

Non-Resident Indians (NRIs) play an instrumental role in bolstering India’s economy. With inward gross remittances, they are fueling the country’s investment scenario and fattening foreign exchange reserves. Being a progressive economy, India has established itself as a leader in inward remittances by becoming the first country to touch the $107.5-billion mark in 2022.

Latin American agro-food varieties to India from apples to wines. Chilean food like kiwifruit, cherries, blueberries, apples, walnuts, and wines are becoming popular in India. Ignacio Fernandez Ruiz, the General Director of ProChile, visited India recently to explore new opportunities.

Hero MotoCorp, this made-in-India bike promises both affordability and performance. The grand unveiling is scheduled for July 3 at 7.20 pm and will be streamed live on Harley-Davidson India's official YouTube channel. In a prior announcement, the renowned US-based brand disclosed the key features of the X440 motorcycle.

H-1B visas in the country. «I am honoured and happy to see this announcement by the White House Joint Statement and Prime Minister (Narendra) Modi himself making an announcement. The H-1B restamping in the USA will bring relief to over one million people on H-1B,” Ajay Bhutoria, a Silicon Valley technology executive, community leader, speaker and author, said in a statement. In the Joint Statement by Prime Minister Modi and President Biden, issued during the Indian leader's State Visit last month, the leaders welcomed an announcement by the State Department that it would launch a pilot to adjudicate domestic renewals of certain petition-based temporary work visas later this year, including for Indian nationals, with the intent to implement this for an expanded pool of H1B and L visa holders in 2024 and eventually broadening the program to include other eligible categories. The much-sought-after H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. Technology companies depend on it to hire tens of thousands of employees each year from countries like India and China. Until 2004, certain categories of non-immigrant visas, particularly the H-1B, could be renewed or stamped inside the US. After that, for the renewal of these visas, in particular, those on H-1B, the foreign tech workers have to go out of the country, mostly to their own country to get the H-1B extension stamped on their passport.

smartphone market, which is still dominated by Chinese brands, regardless of the price levels: sub or above ₹10,000. An ET survey, which constituted nearly 20 mobile retail shops in Delhi, found that none sold Indian mobile brands-firstly, shops had limited stock of sub-₹10,000 mobile phones-which used to drive volumes historically in India; and almost all the shops sold 2-3 times more ₹ 10,000-plus mobile phones than sub-₹10,000 handsets, with demand mostly for 5G phones over 4G phones.

Erasmus Mundus scholarships for the degree programmes starting in the academic year 2023-24. Under this scholarship, selected students will be fully-funded by the European Union and will have an opportunity to study and conduct research in at least two universities located in different European countries and obtain a joint, double or multiple degree. The delegation of the European Union to India on Friday organised an event for the departing Indian students to mark this milestone. In 2022, 161 Indian students received the Erasmus Mundus scholarship. «I am pleased to share that 174 Indian students have won the Erasmus scholarship this year, beating the figure of 161 Indian students from last year. Given how competitive the Erasmus programme is, this deserves a big applause. »The Erasmus+ programme not only offers students state-of-the-art education opportunities and professional development, but also allows them to gain rich cultural experience and a unique opportunity to explore Europe's diversity. I wish all the students an enriching journey," said HE Seppo Nurmi, Charge d' Affaires of the EU delegation to India and Bhutan.

The Indian information technology industry was in for a reality check last quarter. Demand had decelerated for the first time in two years, but the companies were hoping for cost-cutting projects to make up for deal ramp-downs and cut in discretionary spending.

Pakistan on Saturday handed over a list of 308 Indian prisoners, including 42 civil and 266 fishermen, lodged in its jails to the High Commission of India here as part of a bilateral agreement. The step was taken in consistence with the provisions of the 2008 Agreement on Consular Access between the two countries, the Foreign Office (FO) said in a statement. The FO said that «the Government of Pakistan today handed over a list of 308 Indian prisoners in Pakistan (42 civilian prisoners and 266 fishermen) to the High Commission of India in Islamabad.» It further said that the Government of India handed over the list of Pakistani prisoners in Indian jails to the Pakistan High Commission, New Delhi. According to the list, there are a total of 417 Pakistanis in Indian jails, 343 of whom are civilian prisoners and 74 fishermen. Islamabad urged New Delhi to release and repatriate all those Pakistani civilian prisoners and fishermen, who have completed their respective sentences and their national status stands confirmed.

As the lead sponsor, Dream11 will have its logo on the front of the jersey of Indian men's, women's, and U-19 cricket teams. Dream11 was the only serious contender in the race as Disney Star was the only other company that picked the tender document, one of the people said.

The funding landscape for startups witnessed a 72% drop compared to the previous year. In H1 2022, $19.5 billion was raised across 1,576 funding rounds. And in comparison to the second half of 2022, when the funding winter took hold, investments have further declined by 23%.

cryptocurrency trading platform Coinswitch, which is funded by the likes of Tiger Global and Andreessen Horowitz, is planning to foray into Indian stock trading. This will see it go toe-to-toe with new-age investment players like Zerodha, Groww, Upstox, and Paytm Money. The company had earlier announced its plans to offer conventional investment products like mutual funds, US stocks, etc., widening its scope beyond cryptocurrencies, which have taken a battering over the last few years. Even though the price of bitcoin has recovered in the last six months, it is still half the highs it hit in November 2021. “The company is planning to apply for a stockbroker’s licence with SEBI (Securities and Exchange Board of India). There are also conversations going on with non-banking financial companies (NBFCs) and banks for offering fixed deposits,” a person aware of the matter said. For Coinswitch, the focus turned to Indian stocks after its plans to enable retail investment in US stocks were put on the backburner following the hike in tax collected at source (TCS) on foreign remittances under the Liberalised Remittance Scheme (LRS).