RAI Financial News

Groww Mutual Fund has launched Groww Nifty India Defence ETF and Groww Nifty India Defence ETF FOF. The new fund offer or NFO is open for subscription and will close on October 4. The scheme will reopen for continuous sale and repurchase on October 18. Also Read | 5 smallcap mutual funds turn Rs 10,000 monthly SIP to over Rs 1 crore in 15 years The schemes will be benchmarked against Nifty India Defence Index — Total Return Index. Both the schemes will be managed by Abhishek Jain.

Amazon on Monday announced an increase in its standard commission income rates across 20 plus sub-categories for over 50,000 content creators engaged with it. The revised structure will offer content creators 1.5x-2x increased income across a wide range of product categories, including popular choices like fashion, beauty and personal care appliances, home, kitchen, toys, and books, Amazon said. «This empowers creators to earn more during the peak shopping season and capitalise on the increased consumer demand during the Amazon Great Indian Festival (AGIF),» a company statement said. The Amazon Great Indian Festival is set to start on September 27, with 24-hour early access for Prime members.

Fusion Finance expects an increase in its Estimated Credit Loss (ECL) provisioning to Rs 500 crore — Rs 550 crore in Q2FY25, compared to Rs 348 crore in Q1FY25, the micro finance institution disclosed in a stock exchange filing. The company also announced a leadership change with plans to appoint a new CEO. Following the announcement, Fusion Finance’s shares fell 10% on BSE, when the benchmark index gained 0.20% at 1 pm. However, the final provision will be confirmed with the Q2FY25 results, pending a statutory audit review.

JMM) on Monday urged the EC to conclude the poll procedure for the assembly elections by the first week of December so that the current government could complete its full term. An EC team headed by Chief Election Commissioner (CEC) Rajiv Kumar came to Ranchi earlier in the day to review the preparedness for the assembly polls due this year. The team held its first meeting with different political parties. JMM representatives-MLA Sudivya Kumar and central spokesperson Supriyo Bhattacharya-placed the party's points before the commission.

EPFO recorded a net addition of 19.94 lakh members in July this year, the Labour Ministry said on Monday. Union Labour Minister Mansukh Mandaviya said in a press conference that 10.52 lakh new or first-time workers subscribed to Social Security schemes run by the Employees Provident Fund Organisation (EPFO). The minister said almost 20 lakh net new members addition (19.94 lakh) were recorded in July this year. He also informed that 8.77 lakh members added in July are in the age group of 18-25 years.

K Rammohan Naidu on Monday highlighted the need for developing the area of aviation psychology as well as robust stress and fatigue management systems for the safety of aircraft operations. Ensuring continued safety is a collective responsibility as human factors are contributors to aircraft accidents, he said. The minister was speaking at the national seminar on Human Factors in Aircraft Accidents organised by the Aircraft Accident Investigation Bureau (AAIB) in the national capital. Safety measures need to keep pace with the Indian aviation sector's rapid growth, Naidu said and called for continuous skilling and upskilling of people.

ACC) secretariat has expressed concerns about ministries altering the established criteria for appointing directors and heads of Central public sector undertakings, reported TOI. In a memo sent to all ministries last week, the secretariat emphasised that the authority to relax norms related to age, educational qualifications, and eligibility criteria lies solely with the ACC. It noted that even guidelines regarding the composition of search-cum-selection committees are not being followed. “The authority to relax any norm related to age, education qualifications, eligibility criteria etc. rests with ACC,” said the memo.

Haryana Assembly elections, the All India Congress Committee suspended rebel party leader Chitra Sarwara for a period of six years for being involved in "anti-party activities". This comes after Chitra Sarwara fielded her candidature from Ambala Cantonment as an independent candidate. The Congress has fielded Parvinder Pal Pari from the seat against six-time MLA and senior BJP leader Anil Vij. The Congress said Sarwara's participation as an independent candidate against its nominee constitutes a 'violation' of the party's policy.

Palestinian President Mahmoud Abbas at Lotte New York Palace Hotel in New York on Sunday (local time). The Prime Minister expressed «deep concern» at the humanitarian situation in Gaza and reaffirmed India's continued support to the Palestinian people. «PM @narendramodimet H.E. Mahmoud Abbas, President of Palestine, on the sidelines of UNGA today. PM expressed deep concern at the humanitarian situation in Gaza and reaffirmed India's continued support to the people of Palestine,» MEA spokesperson Randhir Jaiswal stated in a post on X.

The Ministry of Labour and Employment is developing the Occupational Shortage Index (OSI) in consultation with the International Labour Organization (ILO), a government official said. This is aimed at long-term labour market planning and development of policies to facilitate employment generation, he said. «We are looking to create an index that can provide a picture of demand and supply of workers in a particular occupation in each state,» the official said.

yacht tourism and personal boating in India, ports, shipping and waterways minister Sarbananda Sonowal has said. India with 7,500 kilometres long coastline does not have a single international-standard marina. A marina is a dock, especially a fancy one used for sailboats and yachts. «Along with cruise tourism, we are going to add a new dimension by developing the ecosystem for yacht tourism in India,» Sonowal said.

Nisus Finance Services (Nifco), a real estate investment firm, is in the process of raising approximately $200 million from investors in Singapore, the UK, and the Middle East. The inaugural special situations offshore fund has secured $40 million to date and anticipates the first close by March 2025. An offshore entity will act as a feeder or co-investor in the domestic fund and has commitments of around $40 million. «This capital can be invested alongside the domestic pool, which is nearing final closure. We have an additional $160 million under discussion, with interest from HNIs, bank treasuries, and family offices for high-yield assets,» said Amit Goenka, managing director and CEO of Nisus Finance.

Modi addressed thousands of Indian Americans in New York on Sunday, highlighting his ambitious plans for India's future. He emphasized that India is now a "land of opportunities" and reflected on the significance of the recent election results. «After going through this tough election process, this long election system, something unprecedented happened in India (this year). What happened… 'Abkibaar Modi Sarkaar,'» Modi stated. He noted that for the first time in 60 years, the people of India delivered a mandate of great importance. «During my third term, I have very ambitious goals to achieve. We have to move forward with three times the strength,» he asserted.

Reliance Power is planning to raise around ₹6,000 crore to expand operations, according to sources aware of the development after announcing last week that it had become a debt-free company. The board will meet today (Monday, September 23) to consider and approve the raising of long-term funds from domestic and/or global markets, either by way of preferential issues and/or QIP and/or rights issues and/or foreign currency convertible bonds. Reliance Power, among others, runs the 3960 MW pithead coal-based Sasan Ultra Mega Power Project in Madhya Pradesh and the 1200 MW coal-based Rosa Power Project in Uttar Pradesh. It also has a 45MW wind project in Maharashtra.

Air India is planning for a faster upgrade of its in-flight product on its key international routes to US and Europe as the Tata group airline tries to attract premium customers who had till now opted for Middle East carriers like Emirates and Qatar Airways due to higher service standard. The airline is planning to amplify its offerings with first class, on top of a business class in its new A350 planes and is also upgrading cabins in its A320 narrow body aircraft. Simultaneously it has planned to have exclusive lounges for its customers at Delhi, Mumbai, Dubai, London, New York, San Francisco by the end of 2025. “We have been talking about the Air India transformation and took a lot of initiatives, but with our new product people are now able to feel it. We have received good reviews from our customers and they feel that it is the sign of a new Air India which will be ready in next two years,” Rajesh Dogra, Chief Customer Experience Officer at the airline said.

Punjab government is likely to effect a cabinet reshuffle on Monday with speculations being rife that four to five MLAs may be inducted while a few ministers may be dropped. However, there was no official confirmation on the reshuffle in the Aam Aadmi Party government. In case there is indeed a reshuffle, the swearing-in ceremony is likely to take place at the Raj Bhavan on Monday, sources said. The likely Cabinet reshuffle would come days after AAP national convener Arvind Kejriwal was released from the Tihar Jail upon being granted bail by the Supreme Court in the excise policy case.

Bihar Chief Minister Nitish Kumar on Sunday wrote to Prime Minister Narendra Modi, requesting him to introduce a Vande Bharat train between Ayodhya and Sitamarhi so that pilgrims get better rail connectivity between the two holy towns. The state government has been developing Punaura Dham Janki Mandir, a Hindu pilgrimage site, in Sitamarhi district that is considered the birthplace of the goddess Sita. «Better rail connectivity between Ayodhya and Sitamarhi will make things easy for the pilgrims who visit both temples (Ram Mandir and Punaura Dham Janki Mandir) in large numbers every day. The Centre recently introduced several Vande Bharat trains from different cities in Bihar to other places in the country. »I extend my gratitude to the PM for introducing these Vande Bharat trains. I request you for the introduction of another Vande Bharat train between Ayodhya and Sitamarhi. The Ministry of Railways should be duly instructed in this regard," Kumar wrote in his letter to the PM.

Modi on Sunday said that the Indian diaspora in the US is the strongest brand ambassadors of the country, terming them 'Rashtra Dhoot'. He said that the Indian diaspora has connected India with America and vice versa. «Your skills, talent, commitment has no competition,» said Modi.

Call of Duty: Modern Warfare 3 (MW3) and Warzone introduces new features for players. The Battle Pass brings new weapons, operators and skins.

Rahul Gandhi on Sunday urged people to visit Wayanad and experience its beauty, help to revive tourism, rebuild livelihoods and restore its vibrancy. He stressed that while the recent landslide tragedy affected only the Mundakkai area, it has led to a misconception that all of Wayanad has been impacted, causing a sharp drop in tourism. «Wayanad's beauty is undisputed, but it is the compassion and kindness of its people that has always drawn me to it. Today, so many of those people who rely on tourism for their livelihood are looking to you all for help,» the former Congress chief said in a Facebook post.