WhatsApp Financial News

Shriram Group RT Chair in Computational Mechanics’ at the Indian Institute of Science (IISc), Bangalore. This initiative is dedicated to supporting cutting-edge research in computational mechanics, encompassing various fields within mechanical, electrical, electronic, computational sciences and quantum mechanics. The appointed Chair– a distinguished faculty member at the associate or full professor level, will focus on pioneering research that applies computational methods to address real-world challenges. “Areas of research will include the development of novel numerical methods, data-driven modelling of physical phenomena, and the exploration of emerging computing paradigms such as quantum computing,” stated an official release by the company. This partnership aims to benefit the academic community and pave the way for practical applications using computational mechanics. Executive Vice Chairman of Shriram Finance, Umesh Revankar said “It is our honour and privilege to collaborate with IISc, one of India’s foremost institutions for scientific research and education. In establishing the Shriram Group RT Chair in Computational Mechanics, we aim to foster innovation and advance knowledge in fields that are critical to both academia and industry.” He added that the initiative underscores the group's commitment to driving progress through research and contributing to India’s academic landscape.

INS Tushil, the first of two stealth frigates being built in Russia, is likely to be commissioned in December, sources said on Tuesday. India and Russia signed an agreement in 2016 to build four stealth frigates, two of which were to be constructed at a Russian shipyard, while the remaining two frigates were to be built in India by the Goa Shipyard Limited. 'Tushil' is the first of the two Russian-made ships and this will be followed by 'Tamal', the sources said. The first of the two stealth frigates being built in Russia, 'Tushil', is likely to be commissioned in December this year, a source in the defence establishment said.

Temporary Foreign Worker Program (TFWP), including raising the minimum hourly wage requirements for the high-wage stream of the TFWP. Effective November 8, candidates applying through the high-wage stream of the TFWP will need to earn hourly salaries at least 20% higher than the median wage for their position relative to where they work, to be eligible, as per CIC News report. Authorities estimate that this change will impact up to 34,000 workers across Canada, resulting in an hourly wage increase between $5-$8 CAD for those who remain in the high-wage stream (depending on the area of work).

National Junior Athletics Championships scheduled to begin here on October 25 has been postponed due to an impending cyclone in Odisha, the national federation said on Tuesday. The five-day meet was to be held at the Kalinga Stadium here. «The 39th National Junior Athletics Championships postponed due to (impending) cyclone in Odisha. Next date will be published soon,» Athletics Federation of India (AFI) said in a statement. A well-marked low-pressure area over the Bay of Bengal intensified into a depression on Tuesday as it rolled towards the eastern coast with the likelihood of turning into a severe cyclonic storm, the IMD said.

disinvestment of IDBI Bank, reported by ET NOW, citing official sources. The due diligence process for prospective bidders is set to commence in November, with financial bids for the bank’s strategic sale likely to be submitted in the fourth quarter of FY25. Interested bidders are expected to gain access to IDBI Bank’s data room within the next 15 days. These bidders have already obtained security clearance from the Home Ministry, and the finalization of the draft Share Purchase Agreement will begin shortly, according to the ET NOW report.

hydro power giant NHPC on Tuesday said a major landslide in Sikkim affected its 510 MW Teesta-V Power Station and the estimated loss was around Rs 327.67 crore. The power station is currently not operational and undergoing restoration works after flash flood of October, 2023, the company stated in regulatory filing. The «estimated total amount of loss/ Re-do cost towards material damage (being intimated to insurance company) due to landslide at Teesta-V Power Station (510 MW) occurred on August 20, 2024 is Rs.327.67 crore.» Teesta-V Power Station (3x170 MW) is a run of the river scheme with diurnal storage to harness the hydro power potential of river Teesta for peaking during the lean season and is located in the state of Sikkim.

green energy sector. The state’s Industries Minister, MB Patil, announced the need for a policy to effectively capitalize on investment and production opportunities on Tuesday. With an estimated requirement of Rs 45-50 crore in capital and five gigawatts of power, the state aims to boost such projects. “As per experts, a location within a 20 km radius of Mangaluru port would be ideal for green ammonia and green hydrogen production,” Patil said while interacting with the state's Vision Group for Green Energy. He emphasized that achieving the state's renewableenergy goals will require close coordination between the Department of Large-Scale Industries and the Department of Power. A second meeting will be held with industrialists and potential investors to discuss the way forward. Patil also noted that there are suggestions to establish green industrial parks to attract more investments into the sector. Renewable energy company-- Avaada Energy’s CEO, Krishna Nair, who was present for the meeting, said the company has signed an MoU with Karnataka worth Rs 45,000 crore for green hydrogen production. «We can focus on electrolyte and battery production if the government introduces the right policies and incentives.»

Reliance Infrastructure on Tuesday announced the setting up of the largest Integrated project for Manufacturing of Explosives, Ammunition and Small Arms in Ratnagiri, Maharashtra. The company has been allotted 1000 acres of Land in Watad Industrial Area of Ratnagiri, Maharashtra to develop Dhirubhai Ambani Defence City (DADC). DADC will be the largest Greenfield project in the Defence Sector in India by any Private Sector company, Reliance said in a statement.

fund manager of Edelweiss Asset Management has settled a case pertaining to alleged violations of mutual fund rules with markets regulator Sebi following a payment of Rs 19.5 lakh towards settlement charges. Abhishek Gupta allegedly failed to ensure that the funds of the schemes were invested to achieve the objectives of the scheme and by doing so he allegedly violated mutual fund rules. The order came after Gupta filed an application with Sebi proposing to settle the alleged violations «without admitting or denying of the findings of fact and conclusions of law» through a settlement order.

Adani Green Energy on Tuesday reported a 39% jump in its consolidated net profit for the quarter ended September 2024 to Rs 515 crore as against Rs 371 crore posted in the year-ago period. The revenue from operations for the reported quarter stood at Rs 3,376 crore, up 30% over Rs 2,589 crore posted by the company in the corresponding quarter of the previous financial year.

The NSE Nifty index closed 309.0 points down at 24472.1, while BSE Sensex ended down 930.55 points at 80220.72.

Minister of Petroleum and Natural Gas of India Hardeep Singh Puri hopes that global oil prices will come down despite geopolitical tensions as more supplies are coming into the market. There is no shortage of oil in the world as more supplies are coming into the market from countries such as Brazil and Guyana, Hardeep Singh Puri said on Tuesday. «Prices should hopefully come down, and that's my personal opinion,» he said.

Russian submarine Ufa docked in Kochi and was greeted with a warm welcome by the Indian Navy. A Defence PRO said on Tuesday that the event highlights «unshakeable friendship» between India and Russia, especially in the field of naval collaboration.

Salman Khan received a threatening message last week, demanding Rs 5 crore to settle an ongoing dispute with notorious gangster Lawrence Bishnoi. However, just a few days later, the sender retracted the threat, claiming it had been sent in error and offered an apology. The original message, sent to the WhatsApp number of the Mumbai Traffic Police control room, was alarming in nature. On October 18, a message was sent to the Mumbai Traffic Police's WhatsApp line, warning that Rs 5 crore was required from Salman Khan to «end a feud with gangster Lawrence Bishnoi and ensure his safety.» The message allegedly came from an individual associated with the Lawrence Bishnoi gang, stating that the payment was essential to resolve the conflict between Salman Khan and the gangster. The message contained a grim warning, suggesting that failure to comply could lead to severe consequences for the actor, mentioning the recent killing of politician Baba Siddique.

Sensex and Nifty50 opened marginally higher on Tuesday, amid weak global cues, driven by gains in index heavyweights ICICI Bank, Infosys, and Reliance Industries. The BSE Sensex rose 171 points, or 0.21%, to 81,323, while the Nifty50 gained 45 points, or 0.18%, trading at 24,826 at around 9:19 am.

Federal Reserve Bank President Mary Daly on Monday said she has not seen anything to suggest the U.S. central bank would stop cutting interest rates, which are «absolutely» still high enough that they are restraining the economy. Daly, in a webcast interview with the Wall Street Journal, added that the goal is a "soft landing" where inflation cools to 2%, the labor market stays healthy, and wages catch up with higher prices.

Amaravati greenfield capital city in Andhra Pradesh, the state government said on Monday. Municipal Minister P Narayana, who was in Delhi today, met with HUDCO chief executive Sanjay Kulshrestha and explained to him about the state's government's plans for Amaravati development.

Mansukh Mandaviya Monday launched e-Shram 2.0, a one stop solution, to provide seamless access to different social security schemes to over 300 million unorganised workers registered on the portal. According to a statement issued by the ministry of labour and employment, the primary purpose of the eShram one stop solution is to simplify the registration process for unorganised workers and facilitate their access to government welfare schemes. «This platform will act as a bridge, connecting the workers to the numerous benefits offered by the government and making the registration process easier and more transparent,» minister Mandaviya said.

The NSE Nifty index closed 72.96 points down at 24781.1, while BSE Sensex ended down 73.48 points at 81151.27.

India and China have reached an agreement on a patrolling arrangement along their contested Himalayan border, marking a step toward easing tensions that escalated in 2020. Indian Foreign Secretary Vikram Misri shared this development on Monday, signaling progress in disengagement efforts between the two nations. “As a result of the discussions that have taken place over the last several weeks, an agreement has been arrived at on patrolling arrangements along the line of actual control in the India-China border area, and this is leading to disengagement and eventually a resolution of the issues that had arisen in these areas in 2020,” Misri said. Over last few weeks, Indian and Chinese negotiators have been in touch on it, Misri added, talking about the border row with China in eastern Ladakh.

Supreme Court on Monday dismissed a plea filed by former Delhi Chief Minister and AAP supremo Arvind Kejriwal challenging an order of the Gujarat High Court refusing to quash summons in a defamation case over his alleged remarks over Prime Minister Narendra Modi's educational qualification. A bench of Justices Hrishikesh Roy and S V N Bhatti noted that a separate bench of the apex court had junked the plea filed by AAP leader Sanjay Singh on April 8 in the same case. «We must have a consistent approach,» said the bench. The Gujarat High Court had on February 16 dismissed the pleas of Singh and Kejriwal seeking quashing of the summons issued against them in the case.