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RBI Governor Shaktikanta Das anticipates that India's GDP growth will meet the projected 7.2% for this financial year, driven by favorable monsoon conditions and higher government spending. The first-quarter growth dipped to 6.7% due to reduced government expenditure related to elections. However, he remains optimistic about achieving the annual projection. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/0fp2wMD

Bharat Petroleum will set up a new refinery and invest Rs 1.7 lakh crore to expand existing capacity, launch petrochemicals, gas, and new energy ventures. BPCL aims to meet 10% of India's energy needs, projected to quadruple by 2047, as part of 'Project Aspire', aligning with India's energy goals. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Q3uqAlM

In the April-June quarter, India's GDP growth slowed to 6.7%, the lowest in five quarters. The farm and services sectors remained sluggish, while manufacturing and construction were resilient. Despite the slowdown, strong domestic demand and government spending kept India as the fastest-growing major economy. The finance ministry expects sustained growth of over 7% in the medium term. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/YpFWh2A

The finance ministry has adjusted the minimum public float requirement from 25% to 10% to attract companies to list on stock exchanges at IFSC, Gandhinagar. This policy change is intended to match global standards, easing the listing requirements for Indian companies seeking to list on international exchanges within IFSCs, based on an official statement. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/7oYEAXh

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Christopher J Waller of the US Federal Reserve has voiced reservations about linking domestic fast payment systems like UPI to facilitate global transactions, citing potential risk management issues. Although the Fed has started FedNow, bilateral arrangements appear complex. However, India's RBI remains hopeful about connecting FedNow with UPI to improve remittances. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/4NRw01A

The Competition Commission of India has approved the merger of Reliance Industries and Walt Disney India's media assets, with specific modifications. This merger aims to establish an $8.5-billion entertainment powerhouse to compete with Amazon, Netflix, and Sony Pictures Networks. The companies will divest several TV channels and cap advertisement prices for streamed cricket matches for approval. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/D6UfzdG

Finance Minister Nirmala Sitharaman stated that the GST Council plans to address rate rationalisation, with states cautious about revenue concerns. The council aims to keep existing tax slabs intact while reconsidering other rates, starting discussions on Sept 9. States seek to balance revenue needs without excessively burdening the public. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/SyvNE4V

Major car manufacturers such as Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Hyundai, Kia Motors, and others are offering a 1.5% discount or up to Rs 20,000 on new vehicle purchases against old car scrapping for the next year. The initiative aims to advance circular economy efforts, ensuring cleaner, safer, and more efficient vehicles on roads. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ef8qWZK

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Anil Ambani, banned by Sebi for five years over fund diversion charges, is reviewing legal options. He plans to appeal Sebi’s August 22 order relating to Reliance Home Finance, now owned by Authum Investment. Ambani stepped down from Reliance Infrastructure and Reliance Power boards following a February 2022 interim order. A fine of Rs 25 crore was also imposed. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/krLoQV7

Ola CEO Bhavish Aggarwal stressed the private sector's role in job creation, stating businesses must step up while the government creates an enabling environment. Highlighting India's need to lead in AI, he discussed Ola's AI startup Krutrim and its goals. He supported incentives for global EV manufacturers and outlined India’s potential as an EV hub. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/HwtjAyu

India's leading oil companies, including Indian Oil and BPCL, were fined for a fifth quarter for not meeting listing regulations requiring independent and women directors on their boards. The companies cited that director appointments are government-controlled and requested waivers for the fines imposed by BSE and NSE for the June 2024 quarter. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/4JSBstF

IndiGo, holding a 62% share of the domestic market, took steps towards inclusivity by introducing the gender-neutral honorific 'Mx' for passengers. This initiative complemented existing benefits and recruitment programs aimed at the LGBTQ+ community. The airline, as of March 2024, had over 36,860 permanent employees, including over 240 individuals with disabilities in customer-facing roles. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/5UXz82Z

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An analysis revealed that 15% of insolvency cases, which exceed Rs 1,000 crore, represent 90% of the recoverable value. With delays increasing in resolution times, companies propose dedicated tribunals for high-value cases. The finance minister plans reforms and additional tribunals to expedite insolvency resolutions and prevent asset value loss. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/H6Earjp

RBI's monetary policy committee, chaired by Shaktikanta Das, maintained a hawkish stance against interest rate cuts, diverging from the US Federal Reserve. Despite differing views from some external members, concerns about persistent food inflation and the need to anchor inflation expectations prevailed. New external members joining the next meeting may influence future decisions. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/7TskVJu

Paisabazaar shifted its focus from unsecured to secured lending due to RBI's new directions. The firm partnered with 25 lenders for secured loans and aims to be a leading home loan platform. It plans to deploy 300 field staff in major cities and offer various secured loan products, reflecting market trends. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/kBbTtQP

Decathlon announced a new investment of 100 million euros in India, increasing their total commitment to over 200 million euros. The company plans to ramp up local manufacturing to reduce dependence on imports. Currently, 8% of Decathlon's global range is produced in India, with an aim to increase this to over 10% in three years. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ZNTA4HL

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Foreign investors sold Rs 21,201 crore worth of shares in Indian equity markets in August, following continuous inflows in June and July. The selling was driven by global factors such as the unwinding of the yen carry trade and recession fears in the US. Domestically, high valuations and mixed earnings contributed to the outflows. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/elf30D9

Bharat Petroleum Corporation announced plans to invest Rs 1.7 lakh crore over five years to expand its oil refining and fuel marketing businesses, along with ventures into petrochemicals and green energy. The company aims for net zero emissions by 2040 and is targeting 2 gigawatts of renewable energy capacity by 2025. These initiatives are part of its 'Project Aspire.' from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/GU9ENhY

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Home care products, including toilet cleaners, floor cleaning items, and mosquito repellents, saw a significant demand rise from 2015-23, influenced by the Swachh Bharat Mission. The initiative boosted consumption, with each category experiencing a two-to-three-fold increase in volumes. This surge also led to steady growth in the overall home care sector. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/V6ug7iN

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In July, India's wholesale price inflation slowed to 2%, down from 3.4% in June, owing to a favorable base effect. However, the prices of vegetables and food items saw a sequential rise. Notably, potato inflation jumped by 76.2%, and onion inflation soared to 88.8%. Key contributors included food articles, mineral oils, and natural gas. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/xtUz64h

India's trade deficit grew to $23.5 billion in July as exports declined 1.4% to $34 billion, mainly due to a drop in petrol, diesel, and gems exports. Imports increased 7.5% to $57.5 billion, with crude oil imports rising 17% to $13.9 billion. Commerce Secretary Sunil Barthwal cited domestic oil demand and global crude prices as factors. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/htqPTMJ

On Tuesday, global market weakness and geopolitical tensions led to a strong selloff in Mumbai markets, with the Sensex dropping nearly 700 points and Nifty down by 208 points. Foreign funds aggressively sold off, leading to a net loss. Major sectors like banking and IT saw significant declines, although two companies had strong listings amid the broader market downturn. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/YdbIUfE

Hindenburg Research's August 10 report revealed that Sebi chairman Madhabi Puri Buch and her husband had investments in offshore funds linked to Vinod Adani, brother of Gautam Adani. Offshore funds, often based in tax havens like the Cayman Islands and Bermuda, offer better returns and secrecy. Investments can be significant, with fees and tax implications varying by investor status. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/L3oQVMw

Bharti Global announced the acquisition of a 24.5% stake in BT Group plc from Altice UK, making it the largest shareholder. Bharti had already acquired 9.9% of BT. The move aligns with Bharti's strategy of investing in developed markets and enhancing India-UK business ties, subject to regulatory approvals and security clearance. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/K2WsjnN

In July, retail inflation in India fell to a near 5-year low of 3.5%, led by a drop in prices of vegetables, fruits, and spices. Industrial output growth also slowed to 4.2% in June. The easing inflation has sparked hopes for interest rate cuts in the second half of the fiscal year. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Vwxe4kf

The markets regulator Sebi dismissed allegations by Hindenburg Research about conflict of interest involving its chairperson, stating that adequate internal mechanisms were in place. Sebi emphasized its actions against Adani Group, highlighted completed investigations, and negated claims of regulatory changes favoring Blackstone. Sebi's response followed a show-cause notice issued to Hindenburg over illegal gains. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/w9YUT2W

The Indian government explored a new plan to blend 5% ethanol with diesel (ED-5) as it neared its target of 20% ethanol-blended petrol within two years. A meeting at the PMO was held to discuss this, with trials on older buses showing promising results. Further trials on heavy-duty vehicles are anticipated. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/EaBDmix

Hindenburg Research responded to Madhabi Puri Buch and Dhaval Buch's release, which called their previous report character assassination. Hindenburg highlighted critical questions and admissions, including an email Buch sent in 2018 on behalf of her husband. They questioned Buch's investments through her husband while serving as a SEBI member and noted Buch's connection to a fund linked to Vinod Adani. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/0BubFht

India's coal imports rose by 5.7% to 75.26 million tonnes in the first quarter of the current fiscal compared to 71.16 million tonnes in the same period last fiscal, according to Mjunction data. Given surplus coal and reduced industrial activity during monsoon, import demand is expected to remain subdued in the coming months. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/DeVBaMI

The combined market valuation of eight out of ten top firms fell by Rs 1,66,954.07 crore last week, with Reliance Industries and Life Insurance Corporation suffering the most. Alongside a 1.57% drop in BSE benchmark, major firms like State Bank of India, Infosys, and Tata Consultancy Services also saw significant declines in their market capitalizations. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/7ty9aDz

Madhabi Puri Buch, SEBI chairperson, and her husband, Dhaval Buch, denied allegations by Hindenburg Research regarding their involvement in offshore entities tied to the Adani Group scandal. The couple also expressed their disappointment and accused Hindenburg of resorting to character assassination in response to the regulatory measures. They emphasized that their life and finances are transparent and that they have consistently provided all necessary disclosures to SEBI over the years. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/jlfnOZg

A study by Policybazaar revealed that nearly a third of health insurance claims are due to seasonal infectious diseases like dengue, malaria, gastroenteritis, and influenza. These claims, driven by poor hygiene and environmental conditions, vary throughout the year, with treatment costs ranging from Rs 25,000 to Rs 1,50,000. Hospitalization rates for such illnesses have also increased. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/6QBpnuy

BSNL launched a 4G and 5G compatible OTA and USIM platform, developed with Pyro Holdings, allowing subscribers to choose mobile numbers and replace SIMs without geographical limitations. The rollout began in Chandigarh, with a disaster recovery site in Trichy, supporting BSNL's ongoing network upgrades to 4G and 5G and bridging the digital divide in rural areas. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/emBAzWR

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The RBI decided to keep policy rates unchanged for the ninth time, emphasizing the need to monitor inflation and support growth. The repo rate remains at 6.5%. Growth projections for FY25 are retained at 7.2%, but Q1FY25 has been revised to 7.1%. Banks have been advised to boost deposit mobilization. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/iUhsLAw

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