RAI Financial News

Hindalco Industries plans to start solar modules manufacturing and set up a plant in the western state of Gujarat, two people familiar with the matter told Reuters on Tuesday. The company, owned by cement to fashion retail conglomerate Aditya Birla Group, is evaluating a five-year plan in the competitive sector, one of the sources said. Hindalco has identified land in port town Mundra in Gujarat, the second person said.

RINL) is struggling to tide over a financial crisis, Andhra Pradesh Chief Minister N Chandrababu Naidu on Tuesday said he would try his best to ensure that the state-owned steel plant is not privatised. Addressing a press conference here, he also cautioned the employees and trade unions of the Visakhapatnam Steel Plant to implement proper management policies and bring it out of the woods. Noting that it was he who got the RINL's debt restructured and paved way for smooth functioning during former Prime Minister Atal Bihari Vajpayee's regime, Naidu blamed the previous YSR Congress government for not taking the plant's health seriously. «The union and employees ( of RINL) have a responsibility to ensure smooth flow of operations and turn the loss-making project into a profitable one. While steel plants in the private sector are making profits, the management should think why a government undertaking has to face such a situation,» he said.

Kolkata court on Tuesday extended the CBI custody of ex-principal of RG Kar hospital Dr Sandip Ghosh and Tala police station officer in charge Abhijit Mondal for three days in the medic's rape and murder case. Since Ghosh and Mondal were not cooperating with CBI officers, an extension of their custody was required, the CBI informed the court. The agency said that its detectives were yet to get any evidence of gang rape in the RG Kar Medical College and Hospital case. The CBI counsel also submitted that its sleuths have not yet found any evidence proving any direct involvement of Ghosh and Mondal in the rape or murder of the postgraduate doctor whose body was found in the hospital's seminar room on August 9.

Mphasis on Tuesday announced the appointment of Ajay Arya as the head of mergers & acquisitions (M&A), the company said in a regulatory filing. “Ajay will be based in New York and lead the entire process, including strategy, evaluation, deal sourcing, negotiation, diligence management and post-merger integration,” the company said. Mphasis has completed nine acquisitions with an average acquisition amount of $71.8 million, accoridng to data and market research platform Tracxn. Its most active year was 2023, with two acquisitions, and it has averaged nearly one acquisition per year over the past three years.

The Great Indian Kapil Show Season 2', Archana Puran Singh has candidly shared insights into her salary compared to her fellow crew members. In a recent chat with Siddharth Kannan, alongside Sunil Grover, Kiku Sharda, and Rajiv Thakur, Singh revealed that despite her laughter being a central part of the show, her salary is not as high as others who handle more demanding roles. Singh noted, “I’m happy with what I earn because I only have to laugh. The rest of the crew, who work harder and handle makeup, get paid double for their efforts.” She humorously added, “Some get paid for their beauty, others for their talent, but I get paid for all of that.” Reflecting on the nature of her role, Singh emphasized that if anyone ever suggested she tone down her laughter, they “might not be on this earth.” Sunil Grover interjected, pointing out the irony of such suggestions given Singh’s unique role on the show.

resignation letter to Lt Governor V K Saxena on Tuesday, will vacate his official bungalow in north Delhi's Civil Lines within a couple of weeks, a party functionary said. He said after leaving his official residence, Kejriwal and his family will stay in Delhi. A search for suitable accommodation for them is underway, the party functionary said. According to rules, Kejriwal has to vacate the official bungalow within a month of his resignation. While announcing his decision on Sunday to resign as the chief minister of Delhi, Kejriwal accused the BJP of «mudslinging and slandering» him day and night, and asked people to decide whether he was honest or not.

Ben Affleck and Jennifer Lopez may have been influenced by his strong friendship with his ex-wife, Jennifer Garner, according to recent reports. Although Lopez's divorce is still pending, several of her friends believe Garner played a role in the couple's breakup. Affleck and Garner frequent sightings together, which apparently unsettled Lopez, gave rise to considerable conjecture, as per the reports of Yahoo entertainment.

US industrial production surged in August as motor vehicle manufacturing bounced back after plummeting in July, the Federal Reserve said Tuesday, shortly before kicking off a two-day meeting on interest rates. Total industrial output exceeded expectations to rise by 0.8 percent last month from a revised 0.9 decline in July, the US central bank said in a statement, pinning much of the rise on «a recovery in the index of motor vehicles and parts.» The index «jumped nearly 10 percent in August after dropping roughly 9 percent in July,» it added. The July data was affected by the larger-than-expected impact of Hurricane Beryl.

Union Ministry of Home Affairs (MHA), Government of India, has launched a programme to provide essential commodities at affordable prices. The initiative involves extending the Kendriya Police Kalyan Bhandar (KPKB) facilities to the general population of the state. Originally introduced by the MHA in 2006, the KPKB system was designed to supply essential goods at concessional prices to serving and retired personnel of the Central Armed Police Forces (CAPFs), Central Police Organizations (CPOs), and state police forces across India. Considering the ongoing turmoil in Manipur, the facility has now been extended to benefit the local population, ensuring that essential goods are available at fair prices, despite the restrictions on travel and supplies caused by the unrest.

Red sea crisis and logistical challenges have severely impacted the country's exports in August, which contracted 9.3 per cent, according to exporters and experts. Think tank GTRI said the contraction of petroleum product exports' by 37.56 per cent to USD 5.95 billion in August is linked to the ongoing disruptions in the Red Sea. These exports were USD 9.54 billion in August 2023. «This dramatic decline has significantly impacted India's overall merchandise trade, leading to a 9.33 per cent reduction in August 2024 compared to the previous year,» Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said.

Road Transport and Highways Minister Nitin Gadkari on Tuesday came down heavily on agencies and contractors over ill-maintained roads, saying good operators would be awarded but bad ones would be «driven out of the system». «We will not spare you. We'll ensure that bank guarantees of those doing bad work are forfeited and after this, we will blacklist you, not allow you to apply for new tenders,» the minister said. His warning came after he noticed the bad maintenance of the Eastern Peripheral Expressway that he took to reach Ghaziabad to inaugurate a tree plantation drive 'Ek Ped Maa Ke Naam' under the 'Swachhata Hi Seva 2024 — Swabhav Swachhata — Sanskar Swachhata' campaign. During his address, the minister highlighted the strides in development made under the government, the ministry and the National Highway Authority of India, citing data, expenditures and the future vision for the sector.

Donald Trump was asked a series of questions pertaining to his vision of cryptocurrency and its impact in the US and global economy, the former US President was seen faltering multiple times, and appeared to be trying to deviate from the topic, as per a report by Daily Express US.

Panacea Biotec on Tuesday said it has entered into a settlement with Sanofi Healthcare India Private Limited in a patent infringement litigation over hexavalent vaccine. Under the terms of settlement agreement, Sanofi has agreed that at present it would not commercially launch its fully liquid hexavalent vaccine Shan6 in India and shall also withdraw the opposition filed against Panacea Biotec’s patent IN 272351 on hexavalent vaccine before the Indian Patent Office. In turn, Panacea Biotec has agreed to forgo its claim for damages and rendition of accounts in the proceedings against Sanofi.

Toyam Sports has acquired the Suresh Raina-led Hyderabad franchise in the Legends League Cricket (LLC) for an undisclosed amount. Toyam Sports is a publicly listed company involved in sports production, promotion, and management. Previously known as the Urbanrisers Hyderabad and owned by the Urbanrise Group, the franchise will now be rebranded as Toyam Hyderabad. The team is set to participate in the upcoming season of LLC, which begins on 20th September 2024.

Amit Shah on Tuesday said any conspiracy to cause railway accidents will not last long and the government will soon unveil an initiative for the protection of the 1.10 lakh km railway network across the country. The home minister's remarks came in the wake of a series of railway accidents, most of which appeared to be attempts at sabotage as obstructions were placed on the railway tracks. Addressing a press conference to mark 100 days of the third tenure of the BJP-led NDA government, Shah said he had discussed the issue of railway safety with Railways Minister Ashwini Vaishnaw over the last two days. «As far as accidents are concerned, we will investigate the root cause of this. Whatever the reason, the government is committed to addressing the issue. If this is a conspiracy, it will not last long. If there are gaps, they will be plugged,» Shah said with Vaishnaw by his side.

Uday Kotak’s group is planning to launch its first private credit fund this year, joining industry peers rushing to tap the booming market for direct lending. The fund would aim to raise about 10 billion rupees ($119 million) depending on investor demand, said Nilesh Shah, chief executive officer of Kotak Mahindra Asset Management Company, which manages 4.8 trillion rupees in assets. While private credit as an asset class has expanded globally, India has become a hotbed for the strategy, where institutions and funds make loans directly to companies, as investors hunt for higher returns.

Dominique Pelicot, the Frenchman accused of drugging his wife and recruiting dozens of strangers to rape her over a decade, on Tuesday admitted to the various criminal charges he faces and begged his family's forgiveness, French media reported. Dominique Pelicot had been due to testify last week in a case that has shocked France, but his appearance was delayed due to health issues. He appeared in court with a cane. «I am guilty of what I did,» Dominique Pelicot, 71, said, according to French media, whose reporters who were in the courthouse. «I pray for my wife, my children, my grandchildren to accept my apologies. I regret what I did, I ask for your forgiveness, even if it is not forgivable.»

Narendra Modi's election rally scheduled for Wednesday, a senior police official said. This will be Modi's first rally for BJP candidates in Kashmir before the assembly elections in the Union territory later this month. «We have made a multi-tier security arrangement for the VVIP visit as per the Standard Operating Procedure laid down for such events,» Inspector General of Police (IGP) V K Birdi said on Tuesday. The venue is within a kilometre from the iconic Lal Chowk clock tower.

Peter Thiel has predicted that the 2024 presidential election will not be close. Speaking at "The All-In Summit" earlier this month, Thiel mentioned that he believes either Vice President Kamala Harris or former President Donald Trump will win decisively. Thiel, known for his support of Trump, stated, «My one contrarian view on the election is that it's not going to be close. You know, most presidential elections aren't.» He noted that the previous two elections in 2016 and 2020 were unusually tight races, but suggested that two-thirds of elections typically are not. He speculated that either the «Kamala bubble will burst» or Trump's voters might become demotivated, leading one side to collapse before the election. «One side is simply going to collapse in the next two months,» Thiel added.

Bajaj Housing Finance Ltd., the country’s most valuable mortgage lender following its blockbuster trading debut Monday, sees competition in the housing market easing as larger banks retreat from retail segments and switch focus to corporate credit, where demand is picking up. Sanjiv Bajaj, chairman of the home-loan unit of India’s largest shadow lender and part of one of the country’s oldest conglomerates, said banks have focused on retail business in recent years, given softer demand from corporate borrowers and this has made housing finance “a very competitive market at this point of time”. But that is changing, Bajaj told Bloomberg Television’s Haslinda Amin and Menaka Doshi, a day after the company’s shares listed to a rousing welcome from investors. As India continues to grow, “corporate lending is restarting, so hopefully there’ll be a little less margin pressure,” on the home loan business, he said, adding the firm would be looking to expand in a “sensible manner.”

ABC News has denied claims that it provided questions in advance to Kamala Harris before her debate with former President Donald Trump. These allegations stem from an unverified document, purportedly a sworn affidavit, that appeared online. The document, which is said to be signed by a notary public on September 9, suggests there was close collaboration between ABC News and Harris’s team. The document claims that a male staff member, who has worked at ABC for ten years, wrote it. It alleges that ABC News agreed to conditions that would benefit Harris in the debate, including giving her the questions ahead of time. This document surfaced on the social media account of Philip Anderson, a right-wing influencer and January 6 participant, two days after the debate. ABC News has issued a statement saying, «ABC News followed the debate that both campaigns agreed on and which clearly state: No topics or questions will be shared in advance with campaigns or candidates.»