Government concerned over telcos' service quality

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Banking sector net crosses Rs 3 lakh crore for first time in FY24

In FY24, the banking sector's net profit surpassed Rs 3 lakh crore, with public sector banks leading at Rs 1.4 lakh crore. Private sector banks and IT services also flourished due to enhanced balance sheets and improved performance. Reliance Industries, TCS, Indian Oil, ONGC, Infosys, and Bank of Baroda were notable in the profit landscape.

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Veggies, pulses face heatwave price pressures

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Russia freezes Deutsche Bank, Commerzbank, UniCredit assets

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N Vaghul, banker who built ICICI brand, dies at 88

N Vaghul, a banking industry pioneer, passed away at 88 in Apollo hospital. He redefined ICICI, India's second-largest bank, and earned the Padma Bhushan. Vaghul led Bank of India, championed gender-neutral meritocracy, and mentored a generation of financial leaders like K V Kamath and Shikha Sharma.

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Patanjali official, 2 others get 6 months in jail as 'soan papdi' fails quality test

The chief judicial magistrate of Pithoragarh convicted three persons, including the assistant manager of Patanjali Ayurved Ltd, to six months in prison and fined them all for failing a soan papdi food test. On Oct 17, 2019, a food safety inspector visited Lila Dhar Pathak's shop at Main Market in Berinag, Pithoragarh, where concerns were raised about Patanjali Navratna Elaichi Soan Papdi (a sweet).

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CEA: Are futures & options trading volumes sign of progress or worry?

A finance ministry official raised concerns about the impact of futures and options trading volumes on capital market growth and household savings. The discussion included financial sector development, Nirmala Sitharaman's caution, and various financial indicators like investments in physical assets, bank advances, and mutual funds.

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Government to work with private sector for development journey: Finance minister Sitharaman

Finance minister Nirmala Sitharaman advocated for higher manufacturing investment, contrary to some economists' advice. She emphasized collaboration with the private sector and addressed Raghuram Rajan's support for a services-led strategy.

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Top Luxury Train In India! Jaw Dropping Pics of Maharajas' Express - Most Expensive Train by IRCTC

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Sensex swings 1,200 points, ends higher even as volatility spikes

Dalal Street witnessed ongoing volatility with the sensex fluctuating over 1,200 points intraday, driven by domestic fund buying. India VIX surged, FIIs sold off funds, and news of new stocks on the MSCI index hinted at fresh FPI flows. Prashanth Tapse commented on the market's volatile trading session.

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Mahindra & Mahindra lines up Rs 37,000 crore capex in next 3 years

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SBI hikes short-term FD rates, may push other PSBs to relook

SBI increases short-term deposit rates by up to 75 basis points to boost liquidity, replacing wholesale deposits. The move follows GST outflows and equity sales by foreign institutional investors, pushing rivals to review rates too. Mention of MSID 110157382, public sector banks, Bank of Baroda, Yes Bank, IndusInd Bank, IDFC Bank, and Dinesh Khara's statements.

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Urban joblessness up to 6.7% in FY24 Q4 from 6.5% in Q3

According to the most recent official data issued Wednesday, the unemployment rate for people aged 15 and up in metropolitan areas fell slightly to 6.7% in the January-March quarter of 2023-2024, down from 6.8% the previous year. Joblessness rate, which had soared to double digit during Covid, has stabilised over the months as curbs to ward off the pandemic lifted and economic activity gathered momentum.

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Work with Sebi to avoid futures & options blowout, Finance minister Sitharaman tells exchanges

Finance minister Nirmala Sitharaman emphasized the importance of preventing an 'explosion' in retail futures & options to maintain investor confidence amid a shift to capital markets, while also addressing dollar appreciation, rupee trade, stability under PM Modi, and promoting an investment-led growth strategy with greater openness and transparency.

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7 New Expected Bullet Train Routes in India

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'FPI selloff not due to poll jitters... other markets seem more attractive'

Foreign funds are selling Indian equities not because of election uncertainty but because they find other markets more compelling, and D-St valuations are providing them an exit opportunity, said HSBC India CEO Hitendra Dave. On Monday, Foreign Portfolio Investors were net sellers, selling shares worth Rs 4,499 crore in the capital markets.

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Election effect: Sensex swings 1k pts as FPIs keep up selling

The Sensex experienced significant fluctuations, dropping almost 200 points before recovering and closing with a slight increase. Market sentiment is influenced by uncertainties related to polls and foreign fund selling activities. Foreign investors have sold stocks worth Rs 22,800 crore in May, while domestic investors have purchased stocks worth close to Rs 23,000 crore.

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Why 2 spice cos are in global regulatory soup

The spice industry is facing growth challenges due to regulatory actions against MDH and Everest brands for ethylene oxide contamination. Both brands deny allegations and claim compliance with safety standards. FSSAI conducts nationwide inspections, emphasizing the need for stricter regulations and infrastructure improvements. Experts highlight the importance of export regulations and standardized testing procedures for food safety.

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Wipro to settle suit with top execs who joined rival co

Wipro is finalizing a settlement agreement with its former CFO Jatin Dalal and former healthcare head Mohd Haque, involving a lawsuit seeking Rs 25 crore from Dalal for breach of contract and a complaint against Haque for breaching non-compete agreements by joining Cognizant.

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FPIs sell over Rs 17k cr stocks in 6 sessions on poll jitters

Foreign fund managers in Mumbai are withdrawing funds due to increased market volatility caused by uncertainty about the Lok Sabha election results. Domestic institutions, especially mutual funds, have been significant purchasers on Dalal Street. Market players cite concerns related to polls and a surge in Chinese stocks as reasons for the fund outflow from India to China and Hong Kong.

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PM Surya Ghar Muft Bijli Yojana jobs boost! 1 lakh people to be trained to install solar panels in homes

PM Surya Ghar Muft Bijli Yojana: The ministries of renewable energy and skill development and entrepreneurship have collaboratively developed a "skilling plan"

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‘GenAI impact to be unimaginable’: TCS chairman N Chandrasekaran makes important observation

N Chandrasekaran, the chairman of Tata Consultancy Services (TCS), highlighted in the annual report 2024 the significant impact that generative artificial intelligence (GenAI) technologies will have on various sectors and countries in the future.

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Microsoft-backed cloud platform ‘will bully Indians to agree with it’: Ola CEO

Bhavish Aggarwal, the founder and CEO of Ola, announced the company's move to shift its workloads from Microsoft's Azure to its proprietary cloud platform named Krutrim. The decision was influenced by Aggarwal's concerns about cultural assimilation and ideological enforcement by Western tech giants. Ola's transition to Krutrim aims to promote Indian technology platforms and independence from Western monopolies.

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IRDAI approval paves way for Reliance Capital sale to IIHL

The Insurance Regulatory and Development Authority of India has given approval for a third Indian investor to hold 26% in Reliance Nippon Life, Reliance General, and Reliance Health insurance companies. This move paves the way for IndusInd International Holdings (IIHL) to acquire Reliance Capital.

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Industrial output grows 5.8% in FY24, slows a tad in March

Numbers released by the National Statistical Office on Friday showed the index of industrial production (IIP) rose an annual 4.9% in March, slightly lower than the downwardly revised 5.6% in Feb but above the 1.9% posted in March last year. For the 2023-24 fiscal year, industrial output growth rose to 5.8% from 5.2% in the previous year.

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SIP flows scale Rs 20,000 crore mark 1st time

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Sensex witnesses year's 2nd biggest fall, back at January level

From an intra-day low at 72,334, sensex closed at 72,404, down 1,062 points. It was the second biggest fall this year. Nifty lost 345 points to close at 21,958 points. "Investors turned risk averse in the ongoing poll season and further lightened equity exposure to avoid being caught off guard," said Prashanth Tapse, Senior VP (Research), Mehta Equities.

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TVS Credit reports 33% growth in Q4 FY24 PAT

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From teens to seniors: RBI talks UPI scale-up with companies

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Japanese financial company SMFG to invest Rs 1.3k crore in Indian arm

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Rural FMCG demand outpaces urban for 1st time in over 2 years

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India now net exporter of medical consumables

The country exported consumables and disposables worth $1.6 billion, while it imported products worth only about $1.1 billion in 2022-23, Union pharma secretary Arunish Chawla said on Tuesday. Exports went up 16% compared with the previous fiscal, while imports fell 33%. India is known as pharmacy of the world because of its generic medicines and low-cost vaccines.

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HC relief for holding companies facing GST notices over corporate guarantees

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Inclusion of foreign workers in PF unconstitutional: High Court

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Kotak Bank sees Rs 300-500 crore hit to profit from RBI curbs

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Millennial, Gen Z homes spur Q-commerce growth

In the past one year, half the new customers that we have added are all pure play quick commerce customers, who often do not make planned purchases and end up buying 4-15 times a month from our platform,” said Seshu Kumar Tirumala, chief buying and merchandising officer at BigBasket. Goldman Sachs said Blinkit's implied valuation - estimated at $13 billion - is now higher than that of parent Zomato's core food delivery business, indicating the rapid growth of the segment.

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Berkshire pares huge Apple stake

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ENIL revenue rises 13.6% to 500 crore for FY24

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Patym parent co president and COO quits

One97 Communications (OCL), which owns brand Paytm, on Saturday said the company's president and chief operating officer (COO) Bhavesh Gupta has resigned from his position. Gupta, whose resignation comes amid a series of recent top level exits at the Noida-based fintech, will however move to an advisory role in the CEO office. Gupta quit citing personal reasons and his last day with the organisation-which has come under regulatory scrutiny due to non-compliance at its banking unit-will be on May 31.

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NSE Q4 net profit jumps 20% to Rs 2,488 crore

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7 of 10 listed Adani companies get Sebi notices

Seven out of the 10 Adani group companies listed have been issued showcause notices by the market regulator Sebi for suspected breaches of different regulations, such as disclosure and related-party transaction norms. The companies that were served with the notices stated that the notices do not have any significant effect on their operations.

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Byju's links pay of sales staff to weekly revenue

Byju's implements weekly revenue-based payments for sales staff due to cash shortage. Employees receive a percentage of generated revenue till at least May 21, with performance pressure and potential payout suspension for underperformance.

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Freshworks founder quits as CEO, stock tanks 25% in US

Freshworks CEO Girish Mathrubootham steps down, focusing on product development. Dennis Woodside to lead as new CEO. Stock drops 25% in after-hours trading. Company aims to strengthen India presence under Girish's guidance.

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US Fed holds rates with eye on inflation

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Godrej camps can’t compete for 6 years, except in real estate business

The Godrej family has agreed to refrain from competing with each other for six years, except in the real estate business, after a division in the 127-year-old locks-to-land development group. Once the non-compete period is over, they can explore each other's areas of business, but not using the Godrej brand.

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Jamshyd, Smita keep construction rights on 3,000-acre Godrej land

As a result of a family agreement, siblings Jamshyd Godrej and Smita Crishna will have sole rights to develop on more than 3,000 acres of land owned by Godrej & Boyce Manufacturing Company in the eastern suburbs of Mumbai, establishing G&B as the largest private landholder in Mumbai. The land was an issue of contention as Godrej Properties Ltd (GPL).

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