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Finance

Investors worry that India has passed ‘peak outsourcing’

Investors are worried that the juggernaut of Indian industry that is IT outsourcing is slowing down. Shares in Tata Consultancy Services, the back-office group that is the country’s second-biggest company by market capitalisation, have fallen 14 per cent since the start of the year, compared with 6 per cent for the benchmark Nifty 50. Rival […]

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Finance

Gautam Adani ramps up share of coal imports as power crisis grips India

The infrastructure empire of Asia’s richest man Gautam Adani has increased its share of India’s coal imports to more than a third, as the conglomerate cashes in on the country’s acute power shortage. India’s thermal coal imports hit a monthly record in June of 20.9mn tonnes, after Prime Minister Narendra Modi’s government called for increased […]

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Finance

India escalates crackdown on Chinese phone makers

India has continued a crack down on the Chinese companies that dominate its smartphone market, in a series of legal actions that have raised trade tensions between Asia’s two biggest nations. Oppo, which sells both the popular realme brand and its eponymous marque, was accused by Indian regulators of tax evasion this week. That move […]

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Finance

India’s top court sentences tycoon Vijay Mallya to four-month jail term

India’s Supreme Court has sentenced Vijay Mallya to four months in prison for disobeying a 2017 court judgment linked to the collapse of Kingfisher Airlines, a blow to the flamboyant tycoon who is seeking to stay in London. The Supreme Court judges handed down the sentence on Monday, five years after Mallya was found guilty […]

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Finance

‘This is all because of the politicians’: rising prices anger Indians

With the price of everything from beans to medicines soaring, retiree Philomena Amara has little doubt about who is to blame: the ruling Bharatiya Janata party of India’s prime minister Narendra Modi. “They are minting money, only thinking of themselves,” the 70-year-old fumed as she scoured a Mumbai market for the cheapest options. India’s poor […]

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Finance

Foreign investors dump record $33bn of Indian stocks since October

Foreign investors have dumped a record $33bn of Indian shares since October last year, equivalent to 1 per cent of India’s market capitalisation, according to Goldman Sachs. The sell-off has ended India’s outperformance against Asian markets during the coronavirus pandemic, when investors fleeing China hunted for other options in the region. Fund managers have been […]

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Finance

Special treatment for Tesla not in India’s ‘interest’, Ola says

The founder of ride-sharing group Ola said granting special incentives to Tesla in India was not be in the best interests of the country, as New Delhi works to accelerate the growth of homegrown champions in the electric vehicle sector. Bhavish Aggarwal, the chief executive of SoftBank-backed Ola, is pushing into the country’s nascent electric […]

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Finance

Mukesh Ambani: India’s top businessman starts succession planning

Speaking to business leaders in 2016, India’s then richest man and chair of Reliance Industries Mukesh Ambani revealed a maxim from the company’s founder, his father Dhirubhai: “Always keep the average age of Reliance at 30.” On Tuesday, a 30-year-old Ambani took centre stage. Mukesh’s eldest son Akash became chair and replaced him on the […]

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Finance

Modi’s BJP teams up with rebels to reclaim power in India’s richest state

Narendra Modi’s Bharatiya Janata party has regained control of India’s richest state Maharashtra by forming a partnership with rebel lawmakers who brought down the state government. Maharashtra, the second most populous state in India and home to the country’s financial capital Mumbai, is a huge political prize for the BJP as it consolidates power ahead […]

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Finance

Tata Power bets on microgrids for rural power supply in India

Manoj Gupta has spent the past two years bouncing along the dusty roads of rural India, looking at solar panels. The veteran of 107-year-old Tata Power, one of India’s oldest and biggest electricity distributors, is tasked with perfecting a type of solar power installation called a microgrid. Although microgrids are typically used in philanthropic projects, […]