According to the agreement, NHPC and Ocean Sun will explore key areas of cooperation for demonstration of Ocean Sun’s floating solar energy technology based on photovoltaic panels. The panels would be mounted on hydro-elastic membranes, at relevant sites to be identified by NHPC, the Ministry of Power said on Tuesday.

The agreement is in continuation of efforts towards sustainable development and the addition of renewable energy capacity by NHPC, which is engaged not only in hydropower development but also in various renewable energy projects such as solar, wind and green hydrogen projects.

The MoU was signed on April 29, 2024, by NHPC Executive Director R. Shrivastava and Ocean Sun CEO Kristian Torvold. The Ambassador of Norway to India, May-Elin Stener and senior NHPC officials were present on the occasion.

As part of its push for solar energy, NHPC recently won the bid to develop a 200 MW capacity solar power project in the Renewable Energy Park of Gujarat State Electricity Corporation Ltd at Khavda in the Kachchh district of Gujarat.

NHPC will develop the project on a build-own-and-operate basis at a tentative development cost of Rs 847 crore. The project, for which the tariff has been fixed at Rs 2.66 per unit, will be completed in 18 months.

Gold purchases have increased despite rising prices, reflecting higher incomes in a growing economy, according to market analysts.

Out of the total gold demand, the jewellery demand in India increased by 4 per cent to 95.5 tonne from 91.9 tonne. The total investment demand (in the form of bar, coin among others) grew 19 per cent to 41.1 tonne from 34.4 tonne.

India's gold demand in value terms rose 20 per cent to Rs 75,470 crore during the quarter compared to the same period last year.

The increase in the demand was higher from investors who saw gold as a safe-haven asset amid rising geopolitical tensions in the Middle East and the Russia-Ukraine war.

The Reserve Bank of India also stepped up buying of the precious metal which saw its gold reserves increasing by 19 tons in the January-March quarter this year, surpassing last year's net purchases of 16 tons, the WGC said.

Demand for gold from India is likely to range between 700 and 800 metric tons in 2024, with the figure falling near the lower band if prices continue to increase, said Sachin Jain, CEO of WGC's Indian operations.

Domestic prices of gold soared to a lifetime high of Rs 73,958 per 10 grams in April after steadily rising by more than 13 per cent in 2024. The increase comes on top of a 10 per cent rise in 2023.

Rising gold prices are leading to higher returns for investors, but the consumption demand for use in jewellery is being dampened due to the higher cost, Jain said.

Increased purchases of gold during the Gudi Padwa festival further fuelled gold prices this month. The sharp increase in prices could lead to some moderation in gold purchases during the Akshaya Tritiya festival compared to last year, according to jewellers.

Hailing from Patiala, Verma rose to prominence as the youngest millionaire in India at the age of 19.

Now 38, his entrepreneurial journey continues to make waves as he pioneers sustainable solutions for the nation.

Verma's latest endeavour involves the introduction of green cement, marking a historic milestone in India's construction industry. This eco-friendly alternative promises to significantly reduce carbon emissions and environmental impact, setting a new standard for sustainability in the sector.

In addition to his eco-friendly cement venture, Verma is also poised to introduce electric buses to the Indian market for the first time ever.

With a commitment to reducing reliance on fossil fuels and mitigating pollution, this initiative aligns with India's broader goals for clean and efficient transportation.

With a net worth exceeding $1 billion, Verma's success stresses the potential of youth entrepreneurship and innovation in shaping India's future.

His bold ventures not only drive economic growth but also pave the way for a more sustainable and prosperous nation.

Stay tuned as Himansh Verma continues to inspire and lead the charge towards a greener, more sustainable India.

The Navrattan Group stands as an epitome of innovation and sustainability in the Indian business landscape.

Headquartered in Mumbai, this multinational conglomerate boasts a formidable global presence, underpinned by a combined net worth surpassing $1 billion.

Renowned for its commitment to environmental stewardship, the group has strategically diversified its portfolio to encompass a wide array of cutting-edge ventures, including science and technology, clean energy, green cement, entertainment, renewables, and e-bus.

Founded by visionary entrepreneur Himansh Verma, the Navrattan Group continues to spearhead transformative initiatives that not only drive business growth but also contribute to the collective well-being of society and the planet.

With a steadfast focus on sustainability and innovation, the business group remains at the forefront of shaping a brighter, greener future for generations to come.

Consumption is reaching the grassroots even as metros continue to hold sway over with a 10.37 per cent increase in average ATM withdrawal for spending in metros, followed by a 3.94 per cent increase in semi-metros, semi-urban and semi-rural areas.

Furthermore, Delhi, Tamil Nadu, Uttar Pradesh, West Bengal, and Karnataka lead with the highest growth in ATM withdrawals for spending in the 2023-24 fiscal year (FY24).

The media and entertainment sector not only has a long history but has metamorphosed into a new-age, omnichannel, and vast industry that optimally caters to the nuances and growing consumption needs of the Indian audience.

The average spending towards media and entertainment increased by 29.3 per cent in FY24. It recorded the highest annual growth across 20-plus consumption sectors in India.

Over two years (FY22-FY24), average spending on media and entertainment increased by nearly 100 per cent.

While cinema continues to fuel the entertainment experience in India, niche OTT platforms and curated content are the new-age segments of growth.

Consumers are willing to pay for differentiated content that resonates with them.

Indians are moving beyond the "Roti, Karad, Makkar" paradigm. With India crossing the $2,000 GDP per capita mark, Indians are moving beyond necessities and spending more on both discretionary as well as non-discretionary goods with FMCG taking the lead in non-discretionary spending.

The average spending in the FMCG sector increased by a robust 16.76 per cent in FY24 with a remarkable consumption recovery after witnessing a decline of 21.94 per cent in FY23.

Additionally, there was an increase in average spending on consumer durables, too, with FY24 witnessing an increase of 3.74 per cent in the wake of a 7.64 per cent decline in spending in FY23.

Further, there has been a rise in the travel economy in the country.

According to the report, Indian consumers aren't spending on travel as exemplified by the growth in the aviation and railway sectors. The proliferation of rising affluence and increased mobility are engendering an economy where individuals are increasingly spending on travel.

The average spending in the aviation sector witnessed slow annual growth of 6.36 per cent in FY24 compared to a 19.81 per cent growth in FY23.

In the two years (FY22-FY24), average spending in the sector has increased by 27.42 per cent. The increase in air travel is exemplified by the sharp growth in passenger air traffic across the major airports of the country.

Since February 2023, passenger air tariff has witnessed a steady growth reaching a peak of 33 million passengers in December 2023.

During FY24, the average spending in the railway sector witnessed an annual growth of 8.16 per cent. In the two years (FY22-FY24), average spending in the sector increased by 56.35 per cent.

Similarly, recognising the role of education in improving employability and wealth, it is expected that spending in the sector will remain robust. While spending on the e-commerce sector has been on a decline, the pace of decline has been slowing down.

In FY23 the average spending declined by 25.44 per cent while in FY24, it declined by 14.61 per cent thereby indicating a strong recovery in the sector on the same-store basis.

(Sanjay Jog can be contacted at sanjay.j@ians.in)

The first lot comprises "7.33 per cent Government Security 2026" worth Rs 6,000 crore while the second lot consists of "7.23 per cent Government Security 2039" for an amount of Rs 10,000 crore and the third lot comprises "7.34 per cent Government Security 2064" worth Rs 12,000 crore.

The government will have the option to retain an additional subscription up to Rs 2,000 crore against each security.

The auctions will be conducted by the Reserve Bank of India in Mumbai.

Up to 5 per cent of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the auction of Government securities.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the RBI's Core Banking Solution (E-Kuber) system on May 3, 2024.

The non-competitive bids should be submitted between 10.30 a.m. and 11 a.m. and the competitive bids should be submitted between 10.30 a.m. and 11.30 a.m., the Finance Ministry said.

The result of the auctions will be announced on May 3 and payment by successful bidders will be on May 6 024 (Monday).

The securities will be eligible for "When Issued" trading in accordance with the RBI guidelines.

The acquisition is in line with Manipal Hospitals' strategy of expanding its footprint and presence in eastern India, a statement noted.

However, India's second-largest hospital chain did not disclose the amount for which the deal has been clinched.

Manipal Hospitals MD & CEO Dilip Jose said Manipal Hospitals would integrate Medica Synergie into its portfolio and rebrand it.

The acquisition of Medica has increased the bed count of Manipal Hospitals from around 9,500 to over 10,500.

The Punjab National Bank subsidiary registered a net profit of Rs 439 crore in the same quarter of 2022-23.

Interest income of the company in the reporting quarter stood at Rs 1,683.69 crore, as compared to Rs 1,580.59 crore in a year ago period driven by the buoyant demand for home loans as the real estate sector picked up during the quarter.

In the reporting quarter, Net Interest Income (NII) of the company grew 7 per cent on-year to Rs 632 crore.

On a sequential basis, NII increased just 6 per cent. By the end of FY23, NII of the company stood at Rs 2,346 crore.

The gross Non-performing Assets (NPAs) came down to 1.5 per cent of total loans as compared to 3.83 per cent at the end of March 2023, the company said in a regulatory filing.

Net NPA stood at 0.95 per cent of the loan assets at the end of March 2024.

The RBI has pointed out in its circular that during the course of an onsite examination of regulated entities (banks, NBFCs and housing finance companies) for the period ended March 31, 2023, it came across instances of lenders resorting to certain unfair practices in charging interest.

"Therefore, in the interest of fairness and transparency, all regulated entities are directed to review their practices regarding mode of disbursal of loans, application of interest and other charges and take corrective action, including system level changes, as may be necessary, to address the issues highlighted above," the RBI circular states.

Some of the unfair practices that the RBI has observed are:

• Charging of interest from the date of sanction of loan or date of execution of loan agreement and not from the date of actual disbursement of the funds to the customer. Similarly, in the case of loans being disbursed by cheque, instances were observed where interest was charged from the date of the cheque whereas the cheque was handed over to the customer several days later.
• In the case of disbursal or repayment of loans during the course of the month, some banks were charging interest for the entire month, rather than charging interest only for the period for which the loan was outstanding.
• In some cases, it was observed that banks were collecting one or more installments in advance but reckoning the full loan amount for charging interest.

The RBI said these and other such non-standard practices of charging interest which are not in consonance with the spirit of fairness and transparency while dealing with customers, is a cause for "serious concern".

Wherever such practices have come to light, the RBI through its supervisory teams has advised banks, NBFCs and housing finance companies to refund such excess interest and other charges to customers, the central bank said.

The lenders are also being encouraged to use online account transfers in lieu of cheques being issued in a few cases for loan disbursal, the RBI said.

The cement major had posted a net profit of Rs 1,670 crore in the same quarter last year.

The Ultratech board recommended a dividend of Rs 70 a share of face value of 10-each for the financial year 2023-24

The company's revenue went up 9.4 per cent to Rs 20,418.94 crore compared to the same quarter last year.

Sequentially, revenue rose 21 per cent and profit surged 27.3 per cent compared to the third quarter of the current financial year.

The company's surge in revenue and net profit comes on the back of increased government investment in big infrastructure projects and affordable housing projects which led to an increase demand in cement.

In the pandemic year 2020, the tourism sector accounted for 39 million jobs, constituting 8 per cent of the country's total workforce. Talent demand in this sector registered a spike of 44 per cent in August last year, according to the global technology and digital talent solutions provider NBL Services.

Serving as a vital source of foreign exchange, the travel and tourism sector contributed Rs 15.9 trillion ($191.25 billion) to the country's economy in 2022 and was estimated at Rs 16.5 trillion in 2023.

Among the job roles that will continue to be in demand experiencing (year-on-year) surges include sales (18 per cent), business development (17 per cent), chefs (15 per cent), travel consultants (15 per cent), tour operators (15 per cent), wildlife experts (12 per cent), transportation providers (15 per cent), and more, the report mentioned.

From a location perspective, the top five states attracting domestic tourists so far include Uttar Pradesh, Tamil Nadu, Andhra Pradesh, Karnataka, and Maharashtra.

According to the report, the top cities driving the increase in hiring include Delhi NCR, Mumbai, Bengaluru, Pune, and Kochi.

Jaipur, Ahmedabad, and Chandigarh are among the tier two cities. In the coming nine years, new jobs are also expected across emerging cities in Gujarat, Lakshadweep, and West Bengal, according to the report.

Mumbai, April 29 (IANS) Nifty closed at day’s high with gains of 223 points at 22,643 on Monday.

The majority of the sectors ended in green with buying seen in banking, financials, and oil & gas stocks.

The banking index is up 2 per cent at a record high after index heavyweights like ICICI Bank, Axis Bank, Indusind Bank, and HDFC Bank announced inline Q4 results, while small PSU banks reported impressive quarterly numbers, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.

This week the domestic equities will take cues from the US Fed meeting and economic data globally. The volatility index, India VIX, rose by 12 per cent to 12.30 ahead of these key events and back home Bank Nifty monthly derivatives expiry on Tuesday, he said.

“After witnessing a 1,000-point decline at the start of the month, the index has recovered smartly and it's now 133 points away from making a fresh high. We expect Nifty to continue its positive trend, on the back of a healthy earning season and macro data," Khemka said.

Vinod Nair, Head of Research at Geojit Financial Services, said the Indian benchmark indexes rebounded, aided by an upbeat in US tech quarter earnings and a drop in US 10-year yield. Domestically, the Bank Nifty outperformed, driven by its strong performance in the fourth quarter.

An ease in Middle East tensions and stable earnings are expected to maintain the positive market sentiment. Moving forward, US Fed policy and US non-farm payroll data will dictate the overall market dynamics, he added.

He also said that the result of the auction process of seven critical mineral blocks held recently was being finalised and would be declared within a month.

Critical minerals such as lithium, chromium, nickel, graphite, cobalt, titanium and rare earth elements are essential raw materials for sectors like electronics, electric vehicles, renewable energy, defence and high-tech telecommunications. Currently, the extraction of these minerals is dominated by a few countries such as China which makes the supply chain vulnerable to geopolitical uncertainties.

The ambitious plans for energy transition are set to drive the demand for electric cars, wind and solar energy projects and battery storage systems thereby increasing the demand for these critical minerals. India has committed to achieve 50 per cent of cumulative electric power installed capacity from non-fossil sources by 2030.

Rao said that due to the government's efforts, the exploration of critical blocks was accelerated over the last two years as a result of which over 100 critical mineral blocks are now in the pipeline and will be put up for auction.

He urged the industry to study the data on these blocks to gain insight into the opportunities that are now available.

Rao was speaking at the Critical Minerals Summit being held here to foster collaboration, share knowledge and drive innovation in the field of critical mineral beneficiation and processing.

The summit is bringing together a diverse array of Indian and international stakeholders, including industry leaders, startups, government officials, scientists, academics, and policy experts.

The goal of the Critical Minerals Summit is to equip government and industry stakeholders with the knowledge, connections, and tools necessary to accelerate the domestic production of critical minerals to support India's economic growth and sustainability objectives.

The contract entails the comprehensive supply of solar PV modules incorporating advanced bifacial technology for the 2,375 MW RE Park near Village Khavda, Great Rann of Kutch, Gujarat, the company said.

"Waaree Energies Limited will undertake the manufacturing, testing, packing, and transportation of these solar PV modules while adhering to the prescribed quality standards and with an aim to execute the project in a timely manner. Each module features ALMM category specifications and a capacity ranging from 540 Wp to 570 Wp," it added.

Waaree Energies CMD Hitesh Chimanlal Doshi said, "This initiative underscores our commitment to promote domestic manufacturing, generate employment, and support the nation's ambitious renewable energy targets."

According to the cloud software major SAP, 77 per cent of Indian businesses have seen sustainability strategies contributing to outcomes such as revenue or profit growth to a moderate or strong degree.

"Sustainability is now a business necessity rather than merely a moral duty. It can no longer be seen as distinct from the overall financial performance of the company," said Manish Prasad, President, and MD of SAP Indian Subcontinent.

"It is evident from the findings of our study that businesses that prioritise sustainability are more successful," he added.

Moreover, the report mentioned that 58 per cent of Indian firms expect a positive financial return on their sustainability investments within the next five years.

About 39 per cent of businesses plan to increase their investments in sustainability over the next three years.

"The Asian market represents more than 50 per cent of the world’s emissions, and so as one of the fastest growing hotbeds of innovation and economic activity in the region, India is in a unique position to lead the charge against climate change," said Paul Marriott, President, SAP Asia Pacific Japan.

In addition, the report said that 69 per cent of Indian organisations use sustainability data to inform strategic and operational decision-making to a moderate to strong degree.

"We expect a consolidation in the near term, leading investors to seek refuge in bonds and gold," says Vinod Nair, Head of Research, Geojit Financial Services.

Additionally, upcoming US Fed policy and US nonfarm payroll data will dictate the global market, while the ongoing Q4 earnings reports are poised to influence the domestic market dynamics, he said.

Relief from Middle East tensions, coupled with a correction in oil prices, and a bolstered Indian economic outlook fuelled by elevated composite PMI data from manufacturing and service sectors, propelled a market rally, Nair said.

However, the unexpected decline in US GDP and a surge in the US core PCE price index triggered a global stock market downturn on the last trading day, he added.

"The domestic market lagged its Asian peers as Q4 earnings remained largely subdued, with weak results from IT and a few index heavyweights also disappointing. The expectation of an improvement in asset quality and the RBI's regulatory ecosystem for private banks led the PSU banks to outperform," Nair said.

Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities, said the short-term trend of Nifty seems to have reversed down after a reasonable rise from the lows. Immediate support is placed at 22300 and the weakness below this support could trigger more declines ahead. Immediate resistance is at 22625 levels.

The transaction elevates AdaniConneX's construction financing pool to $1.65 billion, building on the maiden construction facility of $213 million executed in June last year.

"This successful exercise is a testament to the collective resolve of the parties to meet the challenges of establishing sustainable and robust digital infrastructure, thereby pushing norms and setting new industry benchmarks," said Jeyakumar Janakaraj, CEO of AdaniConneX.

The upcoming data centre facilities will employ state-of-the-art technologies and renewable energy solutions to minimise the ecological footprint while optimising operational efficiency.

The new financing has an initial commitment of $875 million, with an accordion feature to extend commitment up to $1.44 billion.

"Construction financing is a core element of the AdaniConneX capital management plan, enabling us to deliver a data centre solution firmly rooted in sustainability and environmental stewardship," Janakaraj added.

According to the company, a key feature of the data centre facility is the innovative solution of a syndicated guarantee-backed assurance programme in sync with the projects' procurement strategy.

The agreements have been executed with eight international lenders -- ING Bank N.V., Intesa Sanpaolo, KfW IPEX, MUFG Bank Ltd., Natixis, Standard Chartered Bank, Societe Generale and Sumitomo Mitsui Banking Corporation, informed the company.

AdaniConneX aims to build an environmentally and socially conscious 1GW data centre infrastructure platform by leveraging the complementary capacity of the Adani Group and EdgeConneX, one of the largest private data centre operators.

A ban has been imposed on onion export to ensure adequate domestic availability and keep prices in check as the output of both the Kharif and Rabi crops in 2023-24 are estimated to be lower as compared to the previous year and demand has increased in the international market.

The National Cooperative Exports Limited (NCEL), the agency for export of onion to these countries, sourced the domestic onions to be exported through e-platform at L1 prices and supplied to the agencies nominated by the government of the destination country at the negotiated rate on 100 per cent advance payment basis, according to the Food Ministry statement.

The offer rate of NCEL to the buyers takes into account the prevailing prices in the destination market and also international and domestic markets. The quotas allocated for export to the six countries are being supplied as per the requisition made.

As the largest producer of onion in the country, Maharashtra is the major supplier of onions sourced by NCEL for export.

The government had also allowed the export of 2,000 metric tonnes (MT) of white onion cultivated especially for export markets in Middle-East and some European countries.

Being purely export-oriented, the production cost of the white onion is higher than other onions due to higher seed cost, adoption of good agricultural practice (GAP) and compliance to strict maximum residue limits (MRL) requirements.

The procurement target for onion buffer out of Rabi-2024 under the Price Stabilisation Fund (PSF) of the Department of Consumer Affairs has been fixed at 5 lakh tonnes this year. The Central Agencies, viz., NCCF and NAFED are tying up local agencies such as FPOs/FPCs/PACs to support the procurement, storage and farmers registration to begin the procurement of any store-worthy onion.

A high-level team of the Department of Consumer Affairs, NCCF and NAFED had visited Nashik and Ahmednagar Districts of Maharashtra during April 11-13, 2024 to create awareness among the farmers, FPOs/FPCs and PACs about the procurement of 5 LMT of onion for PSF buffer.

In order to reduce the storage loss of onions, the Department of Consumer Affairs decided to enhance the quantum of stocks to be irradiated and cold stored from 1,200 MT last year to over 5,000 MT this year, with technical support from BARC, Mumbai.

The pilot of onion irradiation and cold storage taken up last year has been found to have resulted in the reduction of storage loss to less than 10 per cent.

The bank has recommended a dividend of Rs 10 per share.

ICICI Bank recorded an 8 per cent increase in net interest income (NII) at Rs 19,093 crore for the quarter compared to Rs 17,667 crore reported in the same quarter of 2022-23.

The bank also recorded an improvement in its asset quality with gross non-performing assets (NPA) dropping to 2.16 per cent of total loans from 2.81 per cent in the same quarter last year.

The net NPA for the quarter fell to 0.42 per cent from 0.48 per cent in the previous year.

Yes Bank registered Rs 452 crore in net profit for the fourth quarter (Q4) of FY24 compared to Rs 202.43 crore in the same quarter last fiscal year.

After the robust quarterly results, Kumar said that before the partnership with Paytm, "we were seeing around 3.3 million UPI transactions and now we are seeing 5 million monthly transactions on UPI".

"Our market share in merchant UPI transactions is around 55 per cent. This gives us advantage on fee income and we may look at cross selling products to them in future," he added.

Following the National Payment Corporation of India's (NPCI) approval on March 14 to onboard One 97 Communications Limited (OCL), which owns Paytm, as a third party application provider (TPAP) on the Multi Payment Service Provider API Model, Paytm expedited the integration with Yes Bank, Axis Bank, HDFC Bank and the State Bank of India .

Yes Bank, along with Axis Bank, went live on Paytm app early on March 15.

Meanwhile, Yes Bank reported a net interest income (NII) of Rs 2,153 crore, up two per cent from the corresponding figure of Rs 2,105 crore recorded in the same quarter of the previous year.

The total deposits were Rs 2.6 lakh crore, up 22.5 per cent.

The private sector lender also recorded an improvement in its asset quality with gross non-performing assets (NPA) coming down to 1.7 per cent of total loans, from 2.2 per cent in the same quarter of the previous year. The bank’s net NPA fell to 0.6 per cent from 0.80 per cent on a year-on-year basis.

The bank reported a net interest income (NII) of Rs 2153 crore, up 2 per cent from the corresponding figure of Rs 2105 crore recorded in the same quarter of the previous year.

Yes Bank’s net advances registered a 13.8 per cent year-on-year growth to Rs 2.27 lakh crore, on the back of a sustained momentum in SME and mid-corporate advances and resumption of growth in the corporate segment.

The total deposits of the bank stood at Rs 2.6 lakh crore, up 22.5 per cent while the CASA ratio was at 30.9 per cent in the quarter compared to 30.8 per cent in the same period of 2022-23.

LSPs are entities engaged by banks or NBFCs to carry out some functions for them such as customer acquisition, underwriting and loan recovery on digital platforms. In some cases, a regulated entity can also act as an LSP.

Banks and NBFCs should ensure that their LSPs provide a digital view of all the loan offers available to the borrower from all the willing lenders that the LSP has arrangements with, the RBI draft guidelines state.

The digital view, the RBI said, should include the name of the bank or NBFC extending the loan, the amount and tenor of loan, the annual percentage rate and other key terms and conditions in a way that enables the borrower to make a fair comparison between various offers.

The RBI said the guidelines have been issued as it has observed that many of the LSPs offer aggregation services for loan products, while they have outsourcing arrangements with several lenders and the Digital Lending App of the LSP matches the borrower to one of the lenders. In such cases, particularly where an LSP has arrangements with multiple lenders, the identity of the potential lender to the borrower may not be known upfront to the borrower.

While the LSP can adopt any mechanism to ascertain the willingness of the lenders to offer a loan, the RBI said it should follow a "consistent approach" that must be disclosed suitably on their website.

A link to the key facts statement (KFS) must also be provided in respect of each of the regulated entities, it said.

The content displayed by the LSP should be "unbiased" and should not directly or indirectly promote or push a product of a particular lender, including by use of any practices or deceptive patterns, to mislead borrowers into choosing a particular loan offer, the guidelines state.

The RBI has invited comments from stakeholders on the draft circular by May 31.

This strategic move reflects the company's commitment to further strengthen its governance structure and drive continued growth and innovation in the microfinance sector.

The three members include the Co-promoter of IIFL Group, R. Venkataraman, former Chairman of NABARD, Dr. Govinda Rajulu Chintala, and former Managing Director of Equifax Credit Information Services, Kalengada Mandanna Nanaiah.

R. Venkataraman joined as an Additional Director (non-executive), while Govinda Chintala and Kalengada Nanaiah joined as Additional Directors (non-executive and independent). The Board will now consist of six members.

Commenting on his appointments, Govinda Chintala said, "I am glad to join this exceptional team as we celebrate our company's impressive financial year results. Looking forward to contributing to our continued success."

Govinda Chintala has more than 20 years of experience as Director of Boards of various financial, insurance, and microfinance institutions.

He was the Chairman of NABARD till July 31, 2022. As the Chairman, he spearheaded pivotal initiatives including the sanctioning of landmark projects and forging strategic partnerships.

These endeavours encompassed the establishment of the Long-term Irrigation Fund and Rural Infrastructure Development Fund (RIDF), support for infrastructure projects, assistance for computerisation of Primary Agricultural Credit Societies (PACS), implementation of Special Packages, and facilitation of healthcare infrastructure under RIDF/NIDA.

Additionally, he played a key role in providing Rural Infrastructure Assistance to States (RIAS).

Commenting on his appointment, Kalengada Nanaiah said, "I had the opportunity to work with the microfinance industry during my tenure as CEO of Equifax India and I understand the needs and challenges of the industry. I am pleased to be joining the Board of a rapidly growing organisation like IIFL Samasta and I look forward to contributing to the strategic vision and development of IIFL Samasta in the coming years."

Kalengada Nanaiah was the Managing Director of Equifax Credit Information Services Private Limited for over five years till July 2023.

He was responsible for providing leadership and oversight for the credit bureau in India. He has extensive experience, expertise, and insight in the financial services sector, particularly in the realms of data, technology, and analytics.

Additionally, he serves as a visiting faculty at the College of Supervisors, Reserve Bank of India. With a deep commitment to microfinance, Kalengada Nanaiah has been recognised with awards for his dedication to fostering workplace diversity.

R. Venkataraman is the Co-promoter of IIFL Group and Chairman of IIFL Securities. He has been contributing immensely to the establishment of various businesses and spearheading key initiatives of the IIFL Group over the past 25 years.

He previously held senior managerial positions in ICICI Limited, including ICICI Securities Limited, the investment banking joint venture with J.P. Morgan of the US and Barclays –BZW. He also worked with GE Capital Services India Limited in its private equity division.

Commenting on the appointments, Venkatesh N., Managing Director of IIFL Samasta, said, "We are delighted to have G.R. Chintala, K.M. Nanaiah, and R. Venkataraman as our esteemed members of the Board of Directors. Their wealth of knowledge and insights will be instrumental in propelling our ongoing pursuit of innovation, delivering unparalleled value to our customers, and realising our ambitious objectives."

The newly appointed members bring a wealth of experience and expertise to the board, enhancing IIFL Samasta's ability to navigate challenges and capitalie on emerging opportunities.

Their diverse backgrounds and proven records of success will complement the existing Board members' skills and contribute to the company's strategic vision and long-term success.

The country's forex kitty had declined by $5.4 billion to $643.16 billion in the preceding week that ended on April 12 for the first time after rising steadily for eight weeks to a lifetime high.

The latest figures show that Foreign currency assets (FCAs) contracted by $3.79 billion to $560.86 billion while the gold reserves which also form part of the forex kitty went up by increased by $1.01 billion to $56.81 billion, whereas SDRs were down by $43 million to $18.03 billion.

Market analysts attribute the decline in foreign currency assets to the RBI actively releasing dollars in the market to curb the volatility in the rupee.

The Indian currency has tended to weaken as oil prices have been on the rise, which has triggered an increase in the demand for dollars to finance costlier imports.

The fall in the foreign currency portion of the reserves has been cushioned by the increase in the value of gold assets held by the RBI.

Central banks have been buying gold in recent months as an investment in safe-haven assets amid geopolitical uncertainties triggered by the Middle East conflict.

RBI Governor Shaktikanta Das had earlier this month referred to the record foreign exchange reserves as a reflection of the strength of the Indian economy.

"It is our prime focus to build a strong buffer in the form of a substantial quantum of forex reserves which will help us when the cycle turns or when it rains heavily," he remarked while unveiling the first monetary policy review of the current financial year that began on April 1.

India's forex reserves, including the central bank's forward holdings, can now cover around 11 months of imports, which is a two-year-high.

The domestic equity benchmarks halted their five-day winning streak driven by weak global cues, said Hrishikesh Yedve, AVP, Technical and Derivatives Research, Asit C Mehta Investment Intermediates.

The Nifty opened on a positive note on the first day of the May series but could not sustain at higher levels before closing the day on a negative note at 22,420 levels.

The broader market outperformed the benchmarks, with the midcap and smallcap indices registering fresh lifetime highs, he said.

Deepak Jasani, Head of Retail Research, HDFC Securities, said that cash market volumes on the NSE fell to Rs 1.22 lakh crore on Friday. The broad market indices ended in the positive even as the advance-decline ratio remained firm.

Global equities were mostly higher on Friday despite worries about the economic outlook and inflation in the US and the rest of the world. The Bank of Japan kept interest rates around zero on Friday, as expected, while removing a reference to the amount of government bonds it has roughly committed to buying each month, Jasani said.

DLG is an agreement between the bank and an entity under which the latter guarantees to provide compensation to the bank for losses due to default up to a certain percentage of the loan portfolio of the bank.

While issuing the guidelines in June 2023, the RBI had said that banks must ensure that the total amount of DLG cover on any outstanding portfolio -- which is specified upfront -- shall not exceed five per cent of the amount of that loan portfolio.

In its list of FAQs, the RBI said the portfolio for which DLG can be offered needs to consist of identifiable and measurable loan assets.

This portfolio will remain fixed for the purpose of DLG cover and is not meant to be dynamic.

The 5 per cent cap is applicable on the total amount disbursed out of the DLG set at any given time, the RBI said.

It also stated that the DLG amount once invoked by the RE cannot be reinstated, including through loan recovery.

While the guidelines mandate the banks accepting DLG cover to have a Board-approved policy in place, the banks acting as DLG providers shall also put in place Board-approved policy as a prudent measure, the RBI added.

The RBI has also clarified that DLG is not permitted on loans arranged on NBFC-P2P platforms.

Similarly, DLG arrangements are also not allowed for credit cards.

The RBI has on its website explained the FAQs with illustrative examples for easier understanding.

New Delhi, April 26 (IANS) The country’s leading carmaker Maruti Suzuki India Ltd on Friday reported a 48 per cent jump in net profit to Rs 3,878 crore for the January-March quarter of 2023-24 compared to the same quarter of 2022-23.

The company declared its highest-ever dividend of Rs 125 per share.

The car giant reported its highest revenue of Rs 38,235 crore in the fourth quarter.

The company achieved its highest-ever annual sales volume of 2 million units with a record level of exports and net profit, according to a company statement.

Maruti Suzuki chairman RC Bhargava said, "I strongly believe that the new government which is coming up in less than two months will propel the economy to phenomenal levels."

The company’s shares on BSE fell 1.26 per cent on Friday compared to the previous day, to settle at Rs 12,760 apiece.

While the Sensex fell by 609.28 points to end at 73,730.16, the Nifty also declined 150.40 points to close at 22,419.95 on Friday.

Vinod Nair, Head of Research at Geojit Financial Services, said the unexpected surge of the US core PCE price index, accompanied by weaker-than-forecast GDP growth and Treasury yield spikes, impacted market sentiments.

Investors are concerned about the possibility of a looming recession in the US, he said.

Experts say that high market valuations and earnings disappointment are looming over the market.

“The Indian market lagged behind its Asian and European peers due to worries over lofty valuations and lackluster Q4 earnings, fuelling expectations of downward revisions for FY25 earnings," Nair said.

The Nifty move may indicate a bearish reversal.

Rupak De, Senior Technical Analyst, LKP Securities, said the Nifty remained under selling pressure throughout the session on Friday as the index failed to sustain above the crucial level of 22,500. On the daily chart, a dark cloud cover pattern is observed, indicating a potential bearish reversal.

Immediate support is situated at 22,300, below which the Nifty could extend its losses towards 22,000. On the other hand, the level of 22,500 might act as a technical resistance for the Nifty, he said.

R. Lakshmanan, Joint Secretary, MoPSW said that the fund will cater to the unique and substantial funding requirements of the maritime sector, enabling the implementation of specific initiatives such as shipbuilding, decarbonisation, green energy adoption, technology innovation, and manpower training and development.

The proposed fund is considered an important step forward as India's shipping sector does not have sufficient access to finance sources such as bank credit and foreign investment, despite its crucial role to support the country's projected trade and economic expansion.

The Government of India, along with Cochin Shipyard Limited (CSL) and Inland Waterways Authority of India (IWAI) organised a two-day conference in Kochi this week (April 23-24) on 'Challenges and Prospective Solutions in Inland Waterways and Shipbuilding." These challenges include the non-availability of long-term funding, which is crucial for sustainable growth, along with lower interest rates.

Lakshmanan on Friday said, "The two-day conference at Kochi successfully facilitated enriching discussions encompassing India's key priorities including Green Transition of Inland Waterways, the establishment of a dedicated Sectoral Maritime Development Fund, promoting domestic shipbuilding, etc. This is one among many such meetings being conducted by the ministry to identify and address the key challenges faced by the maritime stakeholders in achieving the targets set forth in Maritime Amrit Kaal Vision 2047."

MoPSW is making decarbonisation efforts in the Inland Waterways sector being spearheaded by IWAI and CSL by the deployment of Green Hydrogen Fuel Cell Inland Vessels, aligning with the ministry's Harit Nauka Guidelines. Varanasi has been selected as the pilot location for immediate deployment on NW-1, with expansion plans informed by pilot learnings. Discussions are going on with potential players for facilities such as bunkering.

Methanol is also considered as one of the key green fuels for EXIM Vessels globally as seen in the recent case of Maersk's deployment of Methanol Powered Ships. Going forward, it was suggested to explore mechanisms of developing indigenous development of methanol marine engines in the country as a progressive step towards the green transition of inland vessels.

Bajaj Finance was down 8 per cent, Bajaj Finserv was down 3.7 per cent, and Nestle was down 3.2 per cent. IndusInd Bank was down 3 per cent, M&M was down 2.1 per cent.

Sensex was trading at 73,830 points, down 509 points.

Nestle India reported 9 per cent YoY revenue growth during the quarter ended March 2024. The company has achieved a 12 per cent revenue CAGR over a five-year period (CY18-FY24). Domestic sales grew 9 per cent YoY, well supported by pricing, mix, and volume growth, Motilal Oswal Financial Services said. The brokerage reiterated a neutral recommendation due to expensive valuations.

PSU stocks were among the gainers in the broader market with HUDCO up 12 per cent, NLC India up 7 per cent, Engineers India up 6 per cent, and CONCOR up by 6 per cent.

Twenty-three out of 30 Sensex stocks were trading in the red. 1972 or 50 per cent of the stocks advanced while 1761 or 45 per cent of the stocks declined.

Tech Mahindra is the top Sensex gainer and is up 8.31 per cent in trade.

Broking firm Prabhudas Lilladher said Tech Mahindra reported revenue of $1.55 billion, down 0.8 per cent QoQ in CC and down 1.6 per cent in reported terms, below the consensus of 1.4 per cent decline. The decline was led by the communication vertical (-2.7 per cent QoQ) along with the continued initiatives to de-risk its client mix.

The management laid out a three-year strategic plan to drive sustainable and predictable growth over FY25-FY27. The pillar of the growth strategy is to drive a balanced portfolio with reduced dependency on the communications business while drawing more attention to high-growth service lines and scaling potential top accounts.

The management indicated that it is a long-drawn approach and would require investments in the initial phase. It expects FY25 to be the year of turnaround followed by stable performance in FY26, while actual benefits are only to be achieved in FY27, the brokerage said.

JM Financial Institutional Securities said Tech Mahindra's 4Q was expectedly soft. "4Q results however are inconsequential now. The goal post for the company (and the stock) has clearly shifted to FY27. Management presented its three-year turnaround roadmap. While execution will define the success, the plan looks robust on paper, at least to us. Importantly, a three-year plan indicates the long rope which the board has extended to the management team. Investors should too," the brokerage said.