In corporate, Bharti Airtel and Ambuja Cements outperformed Q2 forecasts, with Airtel’s net profit tripling year-on-year and Ambuja achieving a 15% volume growth, bolstered by government incentives.
In defense, PM Modi and Spanish PM Pedro Sanchez inaugurated the Tata-Airbus C-295 manufacturing facility in Gujarat, marking India’s first private military aircraft assembly and a step toward defense self-reliance.
On the global stage, Iran warns Israel of “bitter consequences” following recent strikes, while Japan faces political uncertainty as its ruling coalition loses majority support. Meanwhile, U.S. candidates Trump and Harris intensify campaigns in a heated final week, highlighting the nation’s ideological divide. Stay with us for more details.
RBI governor on NBFC crackdown: Actions in ‘best interest of customers’ | Exclusive
Reserve Bank of India (RBI) Governor Shaktikanta Das believes that both the banking and Non-Banking Financial Company (NBFC) sectors remain robust, with regulatory and financial parameters remaining strong. However, in an exclusive interaction with CNBC-TV18, he said the central bank has tightened oversight on certain NBFCs and microfinance institutions (MFIs) to protect customer interests and maintain sectoral health.
The RBI recently took a firm stance by halting the loan disbursement activities of four NBFCs: Asirvad Micro Finance Limited, Arohan Financial Services Limited, DMI Finance Private Limited, and Navi Finserv Limited. Effective from October 21, 2024, the action was taken under Section 45L(1)(b) of the RBI Act, 1934.
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RBI Governor Shaktikanta Das remains an inflation hawk: Exclusive
Reserve Bank of India (RBI) Governor Shaktikanta Das has reiterated that inflation in India is starting to moderate but there are significant risks. “We are in a position where growth and inflation are well balanced and any premature move can upset the balance,” he said.
The remarks come weeks after the RBI Monetary Policy Committee (MPC) maintained the inflation forecast for 2024-25 at 4.5% in its fourth bi-monthly policy decision of the year on October 9. The panel had, however, increased the Q2 and Q4 inflation projection slightly to 4.4% and 4.4%, respectively.
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PM Modi, Spanish counterpart Pedro Sanchez unveil Tata-Airbus Gujarat unit
Prime Minister Narendra Modi and Spanish Prime Minister Pedro Sanchez inaugurated the Tata Aircraft Complex at the Tata Advanced Systems Limited (TASL) campus in Vadodara, Gujarat, today, October 28.
This landmark facility, dedicated to manufacturing C-295 military transport aircraft, signifies a major advancement in India’s ambition to achieve self-reliance in defence production.
Of the 56 C-295 aircraft ordered for the Indian Air Force (IAF), Airbus will deliver 16 from Spain in a flyaway condition, while the remaining 40 will be manufactured domestically, marking India’s first private-sector final assembly line for military aircraft.
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Banks propel Nifty 50 and Sensex to snap 5-day losing streak
The Nifty 50 and Sensex rose sharply on Monday, snapping a five-day losing streak on the back of strong performances from banking stocks that boosted the benchmark indices.
The Nifty gained 158 points to 24,339, and the Sensex climbed 603 points to 80,005. The midcap index surged 459 points to 55,737, while the Nifty Bank increased by 472 points to 51,259.
Monday marked the beginning of another set of second quarter earnings results by Indian companies.
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Bharti Airtel Q2 net profit zooms to ₹3,593 crore on ARPU lift; beats estimates
Bharti Airtel Q2 Results | Telecom operator Bharti Airtel Ltd on Monday (October 28) reported a 168% year-on-year (YoY) jump in net profit at ₹3,593.2 crore for the second quarter that ended on September 30, 2024.
In the corresponding quarter of the previous fiscal, Bharti Airtel posted a net profit of ₹1,341 crore, the company said in a regulatory filing. The CNBC-TV18 poll had predicted a profit of ₹4,336 crore for the quarter under review.
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Amid Ola Electric scrutiny another EV OEM might get notice from govt: Sources
The Department of Consumer Affairs is currently conducting a thorough review of Ola Electric’s response to a show-cause notice from the Central Consumer Protection Authority (CCPA), according to sources cited by CNBC TV18.
The notice was issued following over 10,000 consumer complaints logged with the National Consumer Helpline, most of which highlighted issues with Ola’s after-sales service. Ola Electric claims to have resolved 99% of these complaints; however, this figure is now under scrutiny as the CCPA seeks to cross-reference consumer responses with the company’s records to verify the accuracy of its resolution rate.
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US Presidential Election 2024: Trump refuses to rethink proposal to replace income taxes with tariffs
Former US President and Republican presidential nominee Donald Trump reiterated his proposal to eliminate income taxes and replace them with tariffs.
Speaking from an airplane hangar at Austin-Bergstrom International Airport on Joe Rogan’s widely popular podcast, Trump reiterated his commitment to this economic overhaul as part of his campaign strategy ahead of the November 5 election.
During the three-hour conversation, Rogan questioned Trump’s intentions, asking, “Did you just float out the idea of getting rid of income taxes and replacing it with tariffs?” Trump confirmed, responding, “Yeah, sure, but why not?”
What is Trump’s contentious Policy?
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Japan faces political upheaval as LDP coalition loses majority
Japan faces political instability after a gamble by Prime Minister Shigeru Ishiba to call a snap election backfired with the ruling coalition failing to win a majority in parliament for the first time since 2009.
Voter discontent over a slush-fund scandal has pummeled support for Ishiba’s Liberal Democratic Party, causing it and its ruling partner Komeito to fall short of the 233 seats needed for a majority in the lower house, according to a tally by public broadcaster NHK. Surveys by other media pointed to similar results.
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Iran vows to use ‘all available tools’ in response to Israeli airstrikes
Iran has declared its intent to utilise “all available tools” in response to Israel’s recent military strikes against its facilities. Iranian Foreign Ministry spokesperson Esmaeil Baghaei made this assertion during a televised news conference on Monday, October 28, following Israel’s air attack over the weekend, which targeted military installations in Iran.
“Iran will use all available tools to deliver a definite and effective response to the Zionist regime (Israel),” he said.
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Tata-Airbus C295 manufacturing a major leap in India’s aerospace self-reliance, says Defence Secretary
Defence Secretary Giridhar Aramane believes the collaboration between Tata Advanced Systems Limited (TASL) and Airbus Defence to manufacture C295 tactical airlift aircraft in India is a major step towards self-reliance in the aerospace sector.
In an interview with CNBC-TV18, Aramane noted that while 16 aircraft will arrive from Spain in a flyaway condition, the remaining 40 will be manufactured domestically by Tata, with each aircraft featuring substantial Indian-made components, particularly in electronics and warfare systems. Aramane remarked, “Made-in-India efforts are going to fructify in a major fashion in this project.”
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