Business

[ad_1] PARIS: While acknowledging unprecedented disruption of multilateral trading system, WTO chief Ngozi Okonjo-Iweala on Tuesday raised the issue of China-backed investment facilitation. While India is opposing this, Okonjo-Iweala wants New Delhi to support the move. "We spoke about issues of reform, about issues that India is interested in, like agriculture and how India needs to be a leader for MC 14 (next year's ministerial meeting)... India needs to open the way for other developing countries, for example, on investment facilitation for development, we want it to support, because so many developing countries, 90 out of the 126, who are members, would like to move with this. But for agriculture, we also need to listen to what India's issues are and try to be as supportive as possible," she said after a meeting with commerce & industry minister Piyush Goyal.India […]

[ad_1] WestBridge Capital on Tuesday sold a 12.4 per cent stake in Aptus Value Housing Finance, amounting to Rs 1,906 crore, via an open market transaction.The private equity firm, one of the promoters of Aptus Value Housing Finance, executed the sale through its investment arm, WestBridge Crossover Fund LLC. According to bulk deal data on the NSE, over 6.19 crore shares were sold at an average price of Rs 307.54 each, bringing the total transaction value to Rs 1,905.91 crore, PTI reported.Following the stake sale, WestBridge Capital’s shareholding in Aptus Value Housing Finance dropped to 16.19 per cent from 28.59 per cent.On the buy side, SBI Mutual Fund, Axis Mutual Fund, Morgan Stanley Asia Singapore, and Luxembourg-based Eastbridge Group collectively acquired more than 1.67 crore shares, equivalent to a 3.35 per cent stake, for a total of Rs 514.64 crore. […]

[ad_1] South Korean auto major Hyundai Motor Company has fully exited Ola Electric Mobility, selling its entire 2.47% stake for Rs 552 crore through an open market transaction on Tuesday.As per bulk deal data on the National Stock Exchange (NSE), Hyundai sold over 10.88 crore shares of Bengaluru-based Ola Electric at an average price of Rs 50.70 per share, valuing the deal at Rs 551.96 crore.In a separate transaction, Kia Corporation — part of the Hyundai-Kia Automotive Group — also divested more than 2.71 crore shares, equivalent to a 0.62% stake in the electric vehicle maker. The shares were sold at Rs 50.55 apiece, bringing the total transaction value to Rs 137.35 crore, PTI reported.Meanwhile, Citigroup Global Markets Mauritius emerged as a buyer, picking up over 8.61 crore shares, representing a 1.95% stake in Ola Electric, for Rs 435.47 crore. […]

[ad_1] HYDERABAD: California-based AI-powered SaaS solutions provider Evergent has opened its global value centre in Hyderabad.The company, which has already onboarded over 600 engineering and AI professionals in Hyderabad, plans to scale this up to over 1,000 employees by 2025 end.Inaugurating the new GVC, IT & industries minister Duddilla Sridhar Babu said Telangana is ready to contribute $1 trillion to India’s economy over the next decade.“To achieve this, we must shift from volume-led to value-led growth, by building strengths in high-impact areas like AI, semiconductors, defence, and deep-tech. The launch of Evergent’s GVC is a reflection of this vision and marks a shift towards building high-value IP and global products from Telangana by leveraging Hyderabad’s deep tech talent and driving innovation at scale,” the minister said.Evergent founder & CEO Vijay Sajja said though the company’s global headquarters are in Sunnyvale, […]

[ad_1] Swiss brokerage UBS has revised its forecast for India’s FY26 GDP growth to 6.4% from the earlier 6%, citing resilient economic momentum despite ongoing global trade tensions.This revision comes after official data last week showed India’s economy grew by 7.4% in the March quarter, pulling the full-year 2024-25 GDP growth down to 6.5%, compared with 9.2% in FY24.UBS attributed the upgrade to stronger-than-expected domestic demand, expectations of eased tariffs on Chinese imports, potential progress on a US-India trade deal, and support from lower global crude oil prices."We now raise our forecast of India's FY26 real GDP growth to 6.4 per cent from 6 per cent. Our higher GDP forecast assumes no significant increase in the effective tariff rate against India and the overall global tariff situation remaining the same," UBS said in a note.The brokerage’s composite economic indicator shows […]

[ad_1] Realty developer NeoLiv has sold all 263 residential plots in its debut project 'NeoLiv Grand Park' located in Kundli-Sonipat, Haryana, garnering over Rs 300 crore in sales.In a statement issued Tuesday, the Mumbai-based firm said the project, spread across 19.46 acres, witnessed demand nearly four times the available inventory, underscoring strong buyer interest, reported PTI."The overwhelming response to NeoLiv Grand Park reaffirms buyers' preference to place their trust in professionally driven and fund-backed real estate developers with a deep understanding of consumer preference, meticulous planning and high focus on delivering high-quality products," said Mohit Malhotra, Founder and CEO of NeoLiv.The company was co-founded by Malhotra, the former Managing Director and CEO of Godrej Properties, along with other real estate veterans in partnership with wealth management firm 360 ONE.All NeoLiv projects are supported by a SEBI-regulated Alternative Investment Fund (AIF), […]

[ad_1] In order to expand operations and develop a local ecosystem for future manufacturing and supply chain activities in India, Tesla has taken an important step by leasing a new office space in Kurla West, central Mumbai. This move highlights the company’s growing commitment to the Indian market. This new location is Tesla’s fourth office in India, joining its engineering facility in Pune, a registered office in Bengaluru, and a 30-seat office near Mumbai’s Bandra Kurla Complex (BKC), which it had secured on a one-year lease, according to an ET report. The recent lease is the second office deal Tesla has finalized within two months, signalling its increasing focus on preparing its operations in India. Tesla India Motor & Energy, the company’s Indian subsidiary, has signed a five-year lease for 24,500 square feet at the Lodha Industrial and Logistics Park […]

[ad_1] Moody’s Ratings on Tuesday said that India’s strong domestic economic environment will continue to support economic growth, helping banks maintain healthy asset quality and keeping systemwide nonperforming loan (NPL) levels between 2–3 per cent over the next 12 months.In a report focused on the Indian banking sector, Moody’s stated that even amid heightened global economic uncertainties, Indian banks are likely to remain resilient due to the strength of domestic fundamentals."While trade tensions have heightened economic uncertainty globally, India's domestic economic conditions will continue to be supportive for growth. That will underpin banks' asset quality, although the divergence of loan performance will remain across different product types and lenders," Moody’s said as quoted PTI.The report noted that several domestic factors—including increased government capital spending, tax relief for the middle class to boost consumption, and supportive monetary policy—will provide a cushion […]

[ad_1] The rupee depreciated by 21 paise to close at 85.60 (provisional) against the US dollar on Tuesday, as a stronger greenback and persistent foreign fund outflows weighed on market sentiment.Forex traders said the domestic unit came under pressure due to negative trends in local equity markets and geopolitical uncertainties. Investors also remained cautious ahead of the Reserve Bank of India’s (RBI) upcoming monetary policy decision, PTI reported.The RBI’s Monetary Policy Committee (MPC) begins its three-day policy deliberation on Wednesday, with the outcome scheduled for announcement on June 6.At the interbank foreign exchange market, the rupee opened at 85.55 and traded between a high of 85.44 and a low of 85.60 against the dollar. It eventually settled at the day's lowest point, recording a 21 paise loss from its previous close.On Monday, the rupee had gained 16 paise to finish […]

[ad_1] The working paper emphasises that India's agricultural industry requires protective measures. (AI image) India-US trade deal: Following the US implementation of 'reciprocal tariffs', India ought to implement a two-pronged strategy, according to a NITI Aayog working paper. This involves reducing elevated tariffs on non-critical agricultural imports from the US, whilst tactically extending concessions in areas where domestic production falls short.The working paper, titled 'Promoting India-US Agricultural Trade Under the New US Trade Regime', emphasises that India's agricultural industry requires protective measures to maintain stable prices for both producers and consumers, protecting them from significant international market fluctuations."A dual-track approach is essential now. In the short term, India should consider to selectively reduce high tariffs on non-sensitive imports and negotiate non-tariff safeguards on vulnerable segments such as poultry," states the paper.The analysis highlighted that the unexpected declaration of "reciprocal tariffs" […]