RAI Financial News

India on Sunday scripted history as it clinched it's maiden gold medal in the 45th Chess Olympiad after D Gukesh, Arjun Erigaisi and R Praggnanadhaa won their respective matches against Slovenia in the 11th and final round match here. World Championship challenger Gukesh and Arjun Erigaise yet again delivered in key games to help India secure its first title in the open category. Up against Slovenia, Gukesh was at his very best in the technical phase of the game as black against Vladimir Fedoseev. Though it was a laboured victory, the 18-year-old Grandmaster was spot on with his tremendous strategic display.

He had to repeat the question before Dueera clarified that good ghee never came from dead animals. Hurryshunker suggested that the ghee he was selling was meant for lamps, not human consumption. Dueera said “I have never seen it used in lamps.”

Commerce and Industry Minister Piyush Goyal will meet Indian and Australian CEOs this week to discuss investment opportunities, an official statement said on Sunday. At the invitation of Don Farrell, the Minister of Trade and Tourism of Australia, Goyal will undertake a visit to Australia from September 23-25. The minister will co-chair the 19th India-Australia Joint Ministerial Commission meeting to be held in Adelaide on September 25, during which both sides will discuss ways to further elevate the bilateral economic engagement. «Commerce minister will interact with leading Australian and Indian CEOs and industry leaders and representatives from Australian pension funds to highlight the vast opportunities for investment in India,» the commerce ministry said.

Adani Airport Holdings Ltd (AAHL) said on Sunday that passengers across some airports in the country are facing disruptions in lounge access due to DreamFolks Services Ltd suspending its services. DreamFolks, the lounge access provider, acknowledged the disruption but said it is not related to any contractual issues and that they are working to resolve the problem quickly. AAHL, which runs seven airports in India—Mumbai, Ahmedabad, Lucknow, Jaipur, Guwahati, Thiruvananthapuram, and Mangaluru—said the problem is affecting services at four of these airports.

Piyush Goyal on Sunday said there are plans to open offices in different countries in the coming months to hand-hold foreign investors looking at opportunities to invest in India. The first such office of Invest India — the national agency to promote investments into the country — was inaugurated by the minister in Singapore. It will act as a dedicated point of contact for companies from the region looking to invest here. This move reinforces India's commitment to deepening investment partnerships and making it easier for global investors to engage with India.

NBFCs has improved since 2022 after the regulators adopted scale based regulations- a framework linked to the size, activity and risk levels, a study by RBI economists said. But it has also warned that they need to be watchful of cyber-security and climate risks and proactively identify and manage risks, it said. Gross NPAs ratio which ranged from 4.4 percent to 10.6 percent in December 2021 declined o 2.4 to 6.3 percent by December 2023. Scale based regulations were implemented from October 2022, the study found. «There has been a consistent improvement in the bottom line of the sector, as gauged by the profitability indicators, i.e., return on assets (RoA) and return on equity by Abhyuday Harsh, Rajnish Kumar Chandra, Nandini Jayakumar and Brijesh P from the central bank's department of economic and policy Research.» The sector remains resilient under the SBR framework. At end-December 2023, the sector continued to exhibit double-digit growth in credit, adequate capital and low delinquency ratio" The views expressed in the study published in the Reserve Bank's latest monthly bulletin are not that of the central bank.

Swami Avimukteshwaranand Saraswati of Jyotirmath, Uttarakhand refrained from paying obeisance at the Ram temple here on Sunday, asserting that prayers cannot be offered in a partially-constructed shrine. He said he would offer worship at the Ram temple only when the «shikhar» (topmost part) of the structure is fully constructed. Asked about not visiting the Ram temple, Saraswati told reporters, «Prayers cannot be offered in a partially-constructed temple. It is incomplete. I will offer worship at the Ram temple only when the shikhar of the temple is fully constructed.» He conducted a special prayer service at the Chineshwarnath temple and performed the circumambulation of the Ram Janmabhoomi complex along the Ramkot locality in Ayodhya.

Anil Ambani's Reliance Group has in recent years seen marquee firms being auctioned in insolvency proceedings and piling debt-fold businesses. But the group has, in the week gone by, made announcements that investors believe may mark its transformation. In three days — from September 18 to September 20 — the group announced it has turned into nearly zero and is implementing long-term fund raising plans that are said to solidify its financial position. Reliance Infrastructure's board approved fund raising of up to Rs 6,000 crore via preferential issue and QIP, while Reliance Power board is meeting on September 23 to consider and approve the fundraise via multiple routes.

NASA is planning to send an artificial star into space to help scientists solve some of the universe's biggest mysteries. Led by researchers at George Mason University, this $19.5 million mission will allow scientists to calibrate telescopes and more accurately measure the brightness of stars, from those nearby to distant supernova explosions in far-off galaxies. The mission aims to unravel key astrophysical mysteries, including the speed and acceleration of the universe's expansion.

NCLAT has dismissed the petition of Adesh Kumar Gupta, former CEO and Executive Director of Liberty Shoes, seeking an exemption from minimum shareholding norm to file a case of oppression and mismanagement against the company. Gupta has 5.83 per cent shareholding in Liberty Shoes. He was removed as an executive director of Liberty Shoes on September 30, 2023 and ceased to be the chief executive officer (CEO) of the company. However, the company informed the stock exchange about his removal from the board on November 21, a day after the Chandigarh bench of the National Company Law Tribunal (NCLT), on November 20 last year, dismissed his earlier plea.

West Bengal government and Centre over release of water from reservoirs of Damodar Valley Corporation, state Power secretary Santanu Basu has stepped down from the board of DVC, officials said on Sunday. The Chief Engineer, Irrigation and Waterways of West Bengal has also quit the Damodar Valley Reservoir Regulation Committee (DVRRC), they said. Basu in an email to DVC chairman on September 21 said, «In view of the unprecedented and uncontrolled release of water by the DVC from its dam systems, leading to widespread inundation causing immense sufferings to the people in vast areas of the state, I do hereby tender my resignation as the member of state from the board of DVC.»

President Biden received an antique silver hand-engraved train model with 'Delhi-Delaware' inscribed on the sides of the main carriage. First Lady Jill Biden was gifted a Pashmina Shawl in an intricately designed Papier Mache Box. Why did Modi gift a train to Biden? Notably, the vintage silver hand-engraved train model is a rare and extraordinary piece and masterfully crafted by artisans from Maharashtra — renowned for its rich heritage in silver craftsmanship. Made of 92.5 per cent silver, the model showcases the pinnacle of Indian metalworking artistry, with elaborate details achieved through traditional techniques such as engraving, repousse (hammering from the reverse to create raised designs), and intricate filigree work.

GST rate rationalisation will meet on September 25 and is expected to discuss tweaking of tax slabs and rates. «The meeting of the GoM on rate rationalisation is scheduled for September 25 in Goa,» an official told PTI. The six-member Group of Minister (GoM) under Bihar Deputy Chief Minister Samrat Chaudhary, last met on August 22 and had submitted a status report to the GST Council on September 9. During the August meeting, the panel had tasked the fitment committee comprising tax officers from the Centre and states to analyse the implication of tax rate change on some items and gather more data.

This underlines vast potential for expansion of retail spaces, it added. At present, the total retail space in top eight cities is around 60 million sq ft and 18 million sq ft is expected to be added during 2024-27.

Supreme Court is scheduled to deliver on Monday its judgment on a plea challenging a Madras High Court ruling that has said mere downloading and watching child pornography is not an offence under the POCSO Act and the information technology law. A bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra is likely to pronounce the verdict. Terming atrocious, the apex court had earlier agreed to hear the plea challenging the high court ruling that has said mere downloading and watching child pornography is not an offence under the Protection of Children from Sexual Offences (POCSO) Act and Information Technology (IT) Act. On January 11, the Madras High Court quashed the criminal proceedings against a 28-year-old man charged with downloading pornographic content involving children on his mobile phone.

BJD called Bhubaneswar shutdown on Tuesday, protesting the alleged assault of an Army officer and his fiancee in police custody. Addressing a press conference on Sunday, BJD MLA Arun Kumar Sahoo said the hartal will be held for six hours from 6 am till noon. BJD vice-president Debi Prasad Mishra said, «Our party president, Naveen Patnaik, is shocked over the incident. The custodial torture and sexual assault incident has shamed Odisha. The bandh will be observed to intensify the protest against police brutality. After much discussion, we have decided to call for the six-hour bandh in Bhubaneswar.» Patnaik on Friday demanded a court-monitored SIT probe and a judicial inquiry into the matter.

Andhra Pradesh Deputy Chief Minister Pawan Kalyan on Sunday said that the Tirumala Tirupati Devasthanams board was «altered for political gain» by the previous government after CM Chandrababu Naidu alleged that YSRCP govt used 'animal fat' in Laddu Prasadam given at Tirumala Temple in Tirupati. The Janasena Party chief statement comes as he started 11 days 'Prayaschitta Diksha' at Sri Dasavatara Venkateswara Swamy Temple in Guntur as penance. «Prasadam distribution has been ongoing for more than 100 years. But under YSRCP's rule, TTD board was altered for political gain. The Sri Venkateswara Trust was established, leading to various scams. Worship protocols were changed, and over 300 temples were desecrated,» Kalyan said.

Modi's engagements during the Quad summit is the emphasis of India on minimizing conflict and division while leveraging democratic values to pursue development objectives, Foreign Secretary Vikram Misri said on Sunday. Addressing a special briefing on PM Modi's visit to the US, Misri said, «India's emphasis is on minimizing conflict and division, leveraging democratic values even as we pursued development objectives, and highlighting the role of technology and the digital revolution in ushering in good governance, essentially to turn the disruptive features of technology to good ends.» These themes found reflections during the bilateral meetings in Delaware,the Foreign secretary said.

Arvind Kejriwal on Sunday revealed why he resigned from his post. «I resigned because I did not come to do corruption or to earn money. I came to change the politics of the country,» said Kejriwal at 'Janta ki Adalat'. «The lawyers said that this case can go on for ten years. I cannot live with this stain. So I thought that I would go to the court of the people,» the AAP leader said.

Indian economy recording 7 per cent growth rate for the fourth consecutive year. The budget for the next financial year would focus on reforms to be pushed to further accelerate growth momentum and measures to generate jobs and boost demand in the economy. "Pre-budget meetings chaired by Secretary (Expenditure) shall commence in the second week of October 2024. Financial Advisers shall ensure that necessary details...are properly entered in UBIS (Union Budget Information System) before/latest by October 7, 2024," Budget circular 2025-26 issued by the Department of Economic Affairs said. Hard copies of the data in the specified formats should be submitted for cross-verification, it said.