India

Date

Floor price at ₹4,001 a share; block deal follows ₹17,000 crore buyback in November Tata Sons Pvt Ltd plans to raise over a billion dollars by selling a chunk of its shares in Tata Consultancy Services Ltd, at a time the conglomerate is entering newage businesses such as semiconductors, e-commerce, and phone assembly. The Tata group holding company plans to sell up to 23.4 million shares worth 0.65% stake in TCS through block deals to raise …


The airline will offer over 360 daily departures from March 31st to October 26th, 2024 Air India Express is ramping up for summer with a bigger flight schedule. The airline will offer over 360 daily departures from March 31st to October 26th, 2024. That’s a 25 per cent increase in domestic flights and 20 per cent more international flights compared to last summer.....


2024-03-18

Jebel Ali Free Zone (Jafza) is emerging as the powerhouse driving the unprecedented growth of India-UAE trade, with a 28% year-on-year surge in new Indian businesses setting up in the trade and logistics hub. DP World’s flagship economic zone has seen 190 new companies from India established in 2023, bringing the total number of Indian businesses in Jafza up by 15% year-on-year to over 1,500. The surge in customers was announced following a…


Gadkari said the scrapping of the electoral bonds scheme would open the floodgates for black money in political funding and all the parties should consider developing a better system. Union Minister of Road Transport and Highways Nitin Gadkari on Monday supported the electoral bonds scheme for political funding. Gadkari said the scrapping of the electoral bonds scheme would open the floodgates for black money in political funding and all the part…


At present, Air India, IndiGo, SpiceJet and Vistara operate flights between India and Bangkok India and Thailand have agreed to expand flight connectivity to boost trade and tourism. The two countries signed a memorandum of understanding on air services in Bangkok on Friday - a day before the announcement of general elections.....


The demand order has been received in respect of excess availment of input tax credit and short payment of GST, said Zomato. Online food delivery app Zomato has received a goods and services tax (GST) penalty notice from Gujarat's Deputy Commissioner of State Tax --an order for FY2018-19 pursuant to the audit of GST returns and accounts. According to a regulatory filing to the stock exchanges,....


He also criticised Congress leader Rahul Gandhi who had earlier claimed that the BJP was running the "biggest extortion in the world" through the Electoral Bond Scheme. Expelled Congress leader Acharya Pramod Krishnam has defended the Centre in the face of Opposition criticism over the publication of data on electoral bond funding. Krishnam questioned if the Opposition was implying that all 1,300 companies that donated via these bonds were 'thiev…


Counting will be held for all the seats on June 4 The Lok Sabha polls will be held in seven phases, beginning April 19, in which the fate of 102 seats across 21 states will be sealed to the last phase on June 1 in 57 seats in 8 states, the Election Commission said announcing the detailed poll schedule for the General Elections as as well as assembly polls in four states and by-elections in 26 constituencies......


With its ‘Raahi’ e-rickshaw, Ola Electric will enter a competitive electric three-wheeler space, challenging players such as Mahindra Treo, Piaggio Ape e-city, and Bajaj RE in the arena Ola Electric is gearing up to introduce its electric autorickshaw likely to be named 'Raahi', directly targeted at consumers, later this month (March 2024), The Economic Times reported citing sources.....


India's first semiconductor chip from the Tata Group plant in Dholera will most likely be out by 2026. Frank Huang, chairman of Taiwan's Powerchip Semiconductor Manufacturing Corporation, told the Economic Times in an interview that Dholera will debut with 28 nanometer chips, which can be "later moved down to 22 nm".....


On Monday, the Supreme Court dismissed an application by the SBI seeking for time until June 30, 2024, to provide details of electoral bonds The election commission confirmed on Tuesday that, following the ruling by the Supreme Court, the State Bank of India (SBI) has submitted electoral bond data. The commission is required to make the data public by 5 p.m. on March 15 as per the Apex Court’s directions.....


The Creta, which accounted for 33% of the mid-SUV market in January, will now be available in a performance version under Hyundai’s N Line brand  South Korean carmaker Hyundai has set its sights on India’s youth population, as it looks to consolidate its leadership in the mid-size SUV space with the Creta.....


The apex court had directed to bank to disclose details of the bonds encashed by political parties to the Election Commission by the close of the business hours on March 12. The State Bank of India is reportedly ready with electoral bonds data ordered by the Supreme Court on Monday.  The apex court had directed to bank to disclose details of the bonds encashed by political parties to the Election Commission by the close of the business hours…


During the programme, the Prime Minister handed over drones to 1,000 Namo Drone Didis (women drone pilots). Modi also disbursed around ₹8,000 crore loans to SHGs Prime Minister Narendra Modi disbursed on Monday around ₹10,000 crore Bank loans and Capitalisation Support Fund to Self Help Groups (SHGs) and appealed them to come forward in implementation of PM Suryaghar Muft Bijli Yojana....


Dwarka Expressway inauguration: The Haryana section of the 8-lane expressway includes two packages of 10.2-km-long Delhi-Haryana Border to Basai Rail-over-Bridge (ROB) and 8.7-km-long Basai ROB to Kherki Daula. Prime Minister Narendra Modi is scheduled to inaugurate the Haryana section of the Dwarka Expressway today that has been constructed to ease up traffic between Delhi and Gurugram on the National Highway 48. PM Modi will inaugurate and lay …


British art auction house Sotheby's is attempting to cater to young Indian art collectors through different initiatives such as proactively introducing new artists to its platform to provide more choices to the young collector British art auction house Sotheby's is attempting to cater to young Indian art collectors, who are now more comfortable about art and about spending on them, through different initiatives.....


At present, the group operates seven airports in the country and has one under construction in Navi Mumbai Adani Group will invest ₹60,000 crore over the next ten years to develop its airports into aviation hubs and commercial attractions for city residents.....


Swiggy's valuation rises to USD 12.16 billion ahead of IPO, but lags competitor Zomato in profitability. Baron, a US-based fund manager, has revised the value of its stake in Swiggy to USD 87.2 million, indicating a valuation of USD 12.16 billion for the hyperlocal commerce unicorn as it gears up for its reportedly upcoming initial public offering (IPO), as per a report by Moneycontrol....


Mainboard will see Popular Vehicles and Krystal Integrated opening for subscription next week, Pratham EPC, Signoria Creation, Royal Sense, and AVP Infracon are slotted in SME category. Seven IPOs open next week along with eight stocks that will make their Street debut. Mainboard will see Popular Vehicles and Krystal Integrated opening for subscription next week, while Pratham EPC, Signoria Creation, Royal Sense, and AVP Infracon are slotted in t…


Strong GDP growth and bullish long-term outlook attracting foreign investors The current fiscal year FY24 is set to end with record net inflows from Foreign Portfolio Investors (FPIs) into the Indian market, with net investments close to ₹12,000 crore ($1.4 billion) in March first week, after a tepid show in January and February.....


The Vietnamese electric vehicle (EV) giant of Vingroup last week formally inked a cooperation agreement with Bahwan Automobiles Trading (BAT) to distribute EVs in Oman. This event not only marks VinFast’s inaugural foray into the Middle East but also represents a pivotal step in the Vietnamese EV manufacturer’s global expansion journey....


India is looking to capitalise on the shift away from China as companies diversify their global supply chains, before the window of opportunity closes. When Mr Ganesh Sethuraman moved to India in 2023 to set up a new manufacturing facility for his Singapore employer, JLK Automation, he quickly learnt that perseverance was essential for doing business in the country...... Opportunities for Singapore Singapore manufacturers like JLK who…


For these firms, doing so will entail strategic investments in India’s developing technology ecosystem, industry experts and stakeholders said Big Tech firms such as Google, Microsoft and Nvidia are expected to lead India's efforts to develop a centralized computing infrastructure, which the India AI Mission, approved by the Union Cabinet on Thursday, envisions.....


The diplomatic strain between India and the Maldives hit another low after President Mohamed Muizzu, seen as pro-China, announced plans to expel all Indian military personnel from the country by March 10. Amid the ongoing diplomatic tussle between India and Maldives, Mohamed Nasheed, former Maldivian President, has expressed concerns about India's boycott call on the Maldives, saying it has deeply impacted the country's tourism sector....


Tata Motors is also planning to introduce at least five electric vehicle variants by the calendar year 2025 Having initially manufactured Tata Nano and later hatchbacks, the 14-year-old Tata Motors plant at Sanand in Gujarat will soon graduate towards manufacturing “bigger” passenger car variants....


Tourism and trade relations between Cambodia and India are expected to show more positive signs in the near future, as the Kingdom’s national flag carrier, Cambodia Angkor Air, announces plans to launch direct flights to the latter’s capital New Dehli. “Let’s go experience our new destination! Our new route to New Delhi, India will commence operation soon,” said a social media post from the airline.....


2024-03-08

Many fund managers are increasingly looking to redomicile their base to India's maiden International Financial Services Centre (IFSC), say legal experts Foreign portfolio investors (FPIs) are expanding their presence at the Gujarat International Finance Tec-City (GIFT City) to benefit from lower costs and mitigate operational challenges in popular jurisdictions like Singapore and Mauritius..... More https://bit.ly/49OTl3C Via business-standa…


Flipkart would directly compete with existing quick commerce players, including Blinkit, Swiggy Instamart, and Zepto. India's e-commerce giant, Flipkart, is gearing up to enter the quick commerce sector, Entrackr reported citing sources. The company plans to strategically establish a network of dark stores in cities such as Bengaluru, Delhi (NCR), and Hyderabad, intending to launch 10-15 minute deliveries in at least a dozen cities within the nex…


Aims to establish a comprehensive ecosystem for AI innovation The Union Cabinet on Thursday approved the comprehensive national-level IndiaAI mission with a budget outlay of ₹10,371.92 crore, to establish a comprehensive ecosystem catalysing artificial intelligence (AI) innovation through strategic programmes and partnerships across the public and private sectors....


2024-03-07

RBI governor says 85% Paytm wallet users won't face disruption The Indian economy is likely to grow more than the National Statistical Office (NSO) estimate of 7.6 per cent in the current financial year (FY24) and it could be close to 8 per cent, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Wednesday..... More https://bit.ly/3V0JSS6 Via business-standard.com


This strategic move aims to bolster the company's presence and growth within the duty-free industry. Adani Enterprises emphasized the significance of this acquisition in a filing to the exchange, highlighting its alignment with the expansion goals of Mumbai Travel Retail Private Limited. Gautam Adani-led Adani Enterprises announced that its Dubai-based arm, Ospree International FZCO, has successfully acquired 100% stake in France-based …


Last month, Reliance agreed to acquire Disney’s India business, creating an $8.5 billion media giant ranging from film and television production to news and sports content. Paramount Global is reportedly in discussions to sell its media joint venture in India stake to Mukesh Ambani’s Reliance Industries...


Ministry of Corporate Affairs’ move paves the way for CCI to issue regulations on “turnover determination”, commitment and settlement Amidst the ongoing legal tussle between tech giant Google and domestic Startups over Play Store Billing policy, the Centre has notified a new provision in the recently amended Competition law that would lead to the levy of penalty on a “global turnover” basis for any ant…


During the last financial year, funding for very early-stage deals continued, but growth-stage financing had slowed to a trickle. However, funding in the new economy across life stages of a business is now experiencing a revival When office commute platform MoveInSync decided to raise $15 million in January, it received term sheets from prospective investors within a week of launching the deal. Though such rapid response is still rare, many inve…


PM Narendra Modi is set to inaugurate India's first under-river metro tunnel in Kolkata, marking a significant stride in urban mobility and connectivity. Prime Minister Narendra Modi is scheduled to inaugurate India's first under-river metro tunnel in Kolkata on Wednesday. This marks a significant development in urban transportation in the country, with several key metro and rapid transit projects set to be inaugurated by the PM......


Indian bonds in key indices could attract big foreign investment in government securities Bloomberg on Tuesday said it will include India Fully Accessible Route (FAR) bonds in the Bloomberg Emerging Market (EM) Local Currency Government Index and related indices, to be phased in over a ten-month period, starting January 31, 2025. This comes about five months after JP Morgan had announced it would include India in its widely tracked emerging marke…


2024-03-05

NEOM, the sustainable development taking shape in the northwest of the Kingdom, has announced that it has been appointed as principal partner of Rajasthan Royals, one of India's premier T20 cricket league teams. Under the terms of the agreement, Rajasthan Royals will sport NEOM's corporate brand logo on the chest of all official team clothing during India's premier T20 cricket league in 2024 and 2025, thereby imprinting further awareness of NEOM …


Real estate baron Niranjan Hiranandani, Managing Director of Hiranandani Group, was questioned by the ED for alleged FEMA violation. The billionaire businessman cooperated during the 11-hour interrogation. The Enforcement Directorate (ED) questioned real estate baron Niranjan Hiranandani, Managing Director of Hiranandani Group, on Monday in a case related to alleged violation of the Foreign Exchange Management Act (FEMA)....


2024-03-05

Shaktikanta Das said there's considerable scope for expanding digital payments The Reserve Bank of India (RBI) is working to allow interoperability for internet banking transactions which is expected to be operational in 2024 and will facilitate quicker settlement of funds for merchants, Governor Shaktikanta Das said on Monday..... More https://bit.ly/48DVy0k Via business-standard.com


The above step is particularly important for those with a single phone number linked to multiple or joint accounts. Banks would also seek more verification from individuals who have multiple accounts opened with different documents.  Banks are planning to bring in more KYC (Know Your Customer) verification layers to strengthen the existing system. Under the plan being discussed with the Reserve Bank of India and the Centre, lenders doing so …


“Growth of battery industry will be incomplete without having a circular economy framework”: Vijayanand Samudrala In this episode of the State of the Economy podcast, businessline’s Rishi Ranjan Kala speaks to Vijayanand Samudrala, President, Amara Raja Advanced Cell Technologies, on the EV mobility movement in India. Samudrala shares insights on India’s journey towards electrification, from its inception to the current su…


CEO K. Krithivasan calls on top execs for double-digit revenue growth in FY25 India’s top IT services company will grow at its slowest pace this year, but for the year ahead, it has nothing short of a growth blitz in mind. Tata Consultancy Services (TCS) chief executive K. Krithivasan and Tata Sons chairman Natarajan Chandrasekaran huddled with the company’s top 800 executives last week to sketch out a detailed plan for the company&r…


Goenka stressed on frugality, optimisation and sharp focus on quality in his future course for the firm after the failed merger deal with Sony. With Sony deal in the past, Zee Entertainment Managing Director Punit Goenka the firm will look to hit an 18-20% Ebitda margin, which "should roughly translate to over Rs 2,000 crore of Ebitda on a cash basis".....


Weather, white butter and cashew too included on SEBI advisory panel’s recommendation The Indian government has permitted derivatives trading in 11 more commodities including skimmed milk powder, cement, apple, bamboo and timber based on a recommendation from the Securities and Exchange Board of India (SEBI), which supervises the trading, to the Finance Ministry.....


The next 10 years present an opportunity for explosive growth in India, and the alternate capital ecosystem will be among the leading drivers of this growth, facilitated by the rapid growth in digital infrastructure. Following a difficult 2022, the Private Equity and Venture Capital (PE/VC) market in 2023 saw considerable changes and alterations in investment strategies as it continued to navigate through turbulent waters. PE/VC investments and e…


After a five-month trial, a jury ordered Haresh Jogani to pay his brothers Shashikant, Rajesh, Chetan and Shailesh Jogani more than $2.5 billion in damages An obscure 21-year legal feud involving five brothers from India who’ve amassed a fortune in diamonds and Los Angeles real estate burst into public view this week with a multibillion-dollar US verdict that may be among the largest of the decade.....


Bengaluru blast latest: A week before, the cafe witnessed a bomb blast on March 1 wherein ten people were injured.  Raghavendra Rao, co-founder and CEO of Rameshwaram Cafe said that the popular eatery located in Bengaluru’s Whitefield area will reopen again this Friday. A week before, the cafe witnessed a bomb blast on March 1 wherein ten people were injured.....


So far, Adani group has invested about ₹18,000 crore in the Madhya Pradesh creating 11,000 jobs The Adani group is planning to invest ₹75,000 crore in Madhya Pradesh across sectors such as power generation, pump storage, cement and other sectors providing direct and indirect employment to around 15,000 people....