The Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday, citing still elevated inflation as a rationale for what is now the highest U.S. central bank policy rate in 16 years.

The rate hike, the Fed's 11th in its last 12 meetings, set the benchmark overnight interest rate in the 5.25%-5.50% range, and the accompanying policy statement left the door open to another increase.

Jio Financial Services Limited (JFS) and BlackRock on Wednesday announced an agreement to form Jio BlackRock, a 50:50 joint venture, to enter India's asset management industry, BlackRock said in a statement.

The joint venture aims to deliver tech- enabled access to affordable, innovative investment solutions for millions of investors in India.

At Rs 3,08,732 in 2022-23, Telangana leads the list of Indian states with the highest per capita income at current prices, data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed. It is followed by Karnataka with a per capita income of Rs 3,01,673 and Haryana at Rs 296,685.

Telangana saw a big jump in the per capita income since last year. Last year with a per capita income of Rs 2,65,942 Telangana led the list among all the big states.

The Indian rupee may weaken a tad on Wednesday, weighed down by the move higher on U.S. yields on the possibility of a hawkish Federal Reserve outcome.

Non-deliverable forwards indicate the rupee will open marginally lower to the U.S. dollar, compared with 81.87 on Tuesday.

Tata Motors on Tuesday recorded a consolidated net profit of Rs 3,202.2 crore in the quarter that ended on June 30 as compared to a loss of Rs 5,006.6 crore in the same quarter last year. As compared to Rs 5,407.79 crore in the quarter that ended on March 31, the net profit was down 40.7 per cent.

The revenue from operations for the quarter at Rs 1.01 trillion was up 42.6 per cent as compared to Rs 71,227.76 crore in the same quarter last year.

The net profit of Larsen & Toubro (L&T) for the first quarter of the current financial year (Q1YFY24) saw a rise of 46.4 per cent to Rs 2,493 crore, compared to Rs 1,702 crore for the corresponding quarter of the previous year, the company said in a BSE filing.

Sequentially, the net profit was down 37.4 per cent. In Q4FY23, the net profit of the company was Rs 3,986.7 crore.

Kyoto-based Omron Healthcare, one of the world’s largest players in the medical devices space, has started the construction of its first manufacturing unit in India at Origins by Mahindra in Thiruvallur district's Peruvoyal village.

It was in May that the company signed a Memorandum of Understanding (MoU) to come up with a Rs 130 crore investment in the state. The company could start manufacturing all products in its portfolio, including blood pressure monitors, from Tamil Nadu.

Heavy rain is likely over Odisha and fishermen have been instructed not to venture into the sea until Thursday, according to the India Meteorological Department.

"Heavy rain is likely over Odisha on July 26, with heavy to very heavy rain likely over many parts of South and Coastal Odisha. Fishermen have been instructed not to venture into the sea till July 27", said Umashankar Das, senior scientist, IMD on Tuesday.

TVS Supply Chain Solutions (TVS SCS), which is part of the Rs 15,000-crore TVS Mobility Group, has got the Securities and Exchange Board of India’s approval to raise funds through an initial public offering (IPO).

The IPO will include a fresh issue of equity shares of around Rs 750 crore and an offer for sale (OFS) of more than 20 million equity shares by promoters and shareholders.

Prime Minister Narendra Modi on Tuesday derided the opposition alliance INDIA as the most directionless the country had ever seen and cited reviled names such as East India Company and Indian Mujahideen to assert that people cannot be misled merely by the use of the country's name.

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