Saturday, August 31, 2024
Vande Bharat Sleeper Exclusive Sneak Peek: Indian Railways Unveils New Train Better Than Rajdhani! Check Top Photos, Features
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More reforms can push growth to 8%: Roubini
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Q1 bump tied to polls, confident GDP growth will hit 7.2%: RBI guv
RBI Governor Shaktikanta Das anticipates that India's GDP growth will meet the projected 7.2% for this financial year, driven by favorable monsoon conditions and higher government spending. The first-quarter growth dipped to 6.7% due to reduced government expenditure related to elections. However, he remains optimistic about achieving the annual projection.
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Friday, August 30, 2024
BPCL mulls major expansion, sees energy demand quadruple by 2047
Bharat Petroleum will set up a new refinery and invest Rs 1.7 lakh crore to expand existing capacity, launch petrochemicals, gas, and new energy ventures. BPCL aims to meet 10% of India's energy needs, projected to quadruple by 2047, as part of 'Project Aspire', aligning with India's energy goals.
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Nifty rallies for 12th day - its longest winning run ever
Sensex and Nifty reached new highs on Friday, driven by positive feedback from global ratings firms about the Indian economy. Buying by India-focused funds after MSCI updated the weights for some Indian stocks also boosted sentiment. Nifty closed at 25,236, marking its 12th straight session of gains, the longest run since the index was launched.
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April-June GDP growth falls to 5-quarter low of 6.7%
In the April-June quarter, India's GDP growth slowed to 6.7%, the lowest in five quarters. The farm and services sectors remained sluggish, while manufacturing and construction were resilient. Despite the slowdown, strong domestic demand and government spending kept India as the fastest-growing major economy. The finance ministry expects sustained growth of over 7% in the medium term.
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Thursday, August 29, 2024
Zepto raises $340 million, mops up $1 billion this year
Zepto, a quick commerce startup, has raised $340 million led by General Catalyst, valuing the company at $5 billion in 2024. Following a previous $665 million funding round, Zepto plans to expand into new cities and increase its dark store count from 370 to 700 by March 2025.
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Reliance plans 1:1 bonus stock issue after 7 years
Reliance Industries, under Mukesh Ambani's leadership, intends to consider a 1:1 bonus share issuance at its September 5 board meeting. Highlighting its sixth bonus since 1977, RIL aims to reward shareholders amid robust finances. The company's digital and retail units are poised to double their revenues in the next few years, driven by new energy ventures.
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Wednesday, August 28, 2024
US Fed not convinced with 'fast' cross-border payment
Christopher J Waller of the US Federal Reserve has voiced reservations about linking domestic fast payment systems like UPI to facilitate global transactions, citing potential risk management issues. Although the Fed has started FedNow, bilateral arrangements appear complex. However, India's RBI remains hopeful about connecting FedNow with UPI to improve remittances.
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RIL & Disney's $8.5 billion merger gets CCI nod
The Competition Commission of India has approved the merger of Reliance Industries and Walt Disney India's media assets, with specific modifications. This merger aims to establish an $8.5-billion entertainment powerhouse to compete with Amazon, Netflix, and Sony Pictures Networks. The companies will divest several TV channels and cap advertisement prices for streamed cricket matches for approval.
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Tuesday, August 27, 2024
BoB raises Rs 5,000 crore through infra bonds
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Major automakers announce discounts for 1-2 yrs for vehicle bought against scrapped one
Major car manufacturers such as Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Hyundai, Kia Motors, and others are offering a 1.5% discount or up to Rs 20,000 on new vehicle purchases against old car scrapping for the next year. The initiative aims to advance circular economy efforts, ensuring cleaner, safer, and more efficient vehicles on roads.
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Monday, August 26, 2024
Regulators, ICAI agree to align key a/c standard
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Coming soon: UPI-like platform for lending
RBI launched the Unified Lending Interface (ULI) to facilitate frictionless loans based on digital information flow and land records, aiding small businesses and rural borrowers. RBI Governor Shaktikanta Das highlighted ULI's success and potential, aiming for a nationwide launch. He also discussed AI integration and cross-border payment systems at a digital infrastructure conference in Bengaluru.
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Ministers panel on GST reviews rates of several categories
The GoM on GST rate rationalisation deferred reworking slabs but reviewed rates in the 12% and 18% categories. Focus areas include health insurance, restaurants, and some food products. Despite strong lobbying, no changes were made to the 28% levy on online gaming. Further rate changes are expected after discussions at the GST Council meeting on Sept 9.
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Sunday, August 25, 2024
Anil Ambani reviews legal options against Sebi order
Anil Ambani, banned by Sebi for five years over fund diversion charges, is reviewing legal options. He plans to appeal Sebi’s August 22 order relating to Reliance Home Finance, now owned by Authum Investment. Ambani stepped down from Reliance Infrastructure and Reliance Power boards following a February 2022 interim order. A fine of Rs 25 crore was also imposed.
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AI crucial for future, India should lead global tech transition, create jobs: Ola founder Bhavish Aggarwal
Ola CEO Bhavish Aggarwal stressed the private sector's role in job creation, stating businesses must step up while the government creates an enabling environment. Highlighting India's need to lead in AI, he discussed Ola's AI startup Krutrim and its goals. He supported incentives for global EV manufacturers and outlined India’s potential as an EV hub.
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Why did BSE, NSE fine IOC, BPCL etc for 5th consecutive quarter
India's leading oil companies, including Indian Oil and BPCL, were fined for a fifth quarter for not meeting listing regulations requiring independent and women directors on their boards. The companies cited that director appointments are government-controlled and requested waivers for the fines imposed by BSE and NSE for the June 2024 quarter.
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IndiGo introduces gender-neutral 'Mx' option for flight bookings
IndiGo, holding a 62% share of the domestic market, took steps towards inclusivity by introducing the gender-neutral honorific 'Mx' for passengers. This initiative complemented existing benefits and recruitment programs aimed at the LGBTQ+ community. The airline, as of March 2024, had over 36,860 permanent employees, including over 240 individuals with disabilities in customer-facing roles.
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Friday, August 23, 2024
Cognizant sues Infosys over trade secrets in US
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GQG buys 1.8% more in Ambuja in Rs 2,750 crore deal
GQG Partners, a prominent shareholder in the Adani Group, increased its stake in Ambuja Cements to 3.1% with a Rs 2,750 crore investment. This investment raises GQG's exposure across six Adani companies to about Rs 62,000 crore. The firm had first invested in the Adani Group following allegations of corporate malfeasance by Hindenburg Research in early 2023.
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Cases over Rs 1,000 crore make up 90% insolvency claim value
An analysis revealed that 15% of insolvency cases, which exceed Rs 1,000 crore, represent 90% of the recoverable value. With delays increasing in resolution times, companies propose dedicated tribunals for high-value cases. The finance minister plans reforms and additional tribunals to expedite insolvency resolutions and prevent asset value loss.
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Thursday, August 22, 2024
Wyndham plans budget hotels along highways
Wyndham Hotels & Resorts, an American hospitality major, aims to capitalize on India's highway infrastructure development by setting up budget and mid-scale hotels along highways. The company sees potential in road travel and plans to increase its presence in India from 60 to 150 hotels by 2025, focusing on affordability and accessibility.
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Food inflation: RBI remains hawkish
RBI's monetary policy committee, chaired by Shaktikanta Das, maintained a hawkish stance against interest rate cuts, diverging from the US Federal Reserve. Despite differing views from some external members, concerns about persistent food inflation and the need to anchor inflation expectations prevailed. New external members joining the next meeting may influence future decisions.
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Nestlé CEO Mark Schneider to step down after eight years; Laurent Freixe to take over from September
Nestlé CEO Mark Schneider will step down after eight years, to be succeeded by Laurent Freixe, head of the Latin America division, from September 1. Schneider expressed gratitude for his tenure, while Freixe's extensive in-market experience was praised. Nestlé recently adjusted its 2024 sales growth outlook amidst pricing strategy changes and controversies.
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Wednesday, August 21, 2024
Paisabazaar makes shift to secured loans
Paisabazaar shifted its focus from unsecured to secured lending due to RBI's new directions. The firm partnered with 25 lenders for secured loans and aims to be a leading home loan platform. It plans to deploy 300 field staff in major cities and offer various secured loan products, reflecting market trends.
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Decathlon invests Rs 930cr more to step up local manufacturing
Decathlon announced a new investment of 100 million euros in India, increasing their total commitment to over 200 million euros. The company plans to ramp up local manufacturing to reduce dependence on imports. Currently, 8% of Decathlon's global range is produced in India, with an aim to increase this to over 10% in three years.
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Tuesday, August 20, 2024
Axis pips ICICI in card machine business
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Monday, August 19, 2024
CCD case: NFRA bars 2 CAs from practice
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Domestic flyers up 5% this year despite higher airfares
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Honda overtakes Hero, market leader, in wholesales
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FM pushes banks to launch deposit mobilisation drive
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Sunday, August 18, 2024
FPIs pull out Rs 21k crore from equities in August
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India's holding of US government securities hits 1-year high
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FPIs turn net sellers; pull out Rs 21,201 crore from equities in August so far
Foreign investors sold Rs 21,201 crore worth of shares in Indian equity markets in August, following continuous inflows in June and July. The selling was driven by global factors such as the unwinding of the yen carry trade and recession fears in the US. Domestically, high valuations and mixed earnings contributed to the outflows.
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Saturday, August 17, 2024
BPCL plans Rs 1.7 lakh crore spend to expand core business, new energy foray
Bharat Petroleum Corporation announced plans to invest Rs 1.7 lakh crore over five years to expand its oil refining and fuel marketing businesses, along with ventures into petrochemicals and green energy. The company aims for net zero emissions by 2040 and is targeting 2 gigawatts of renewable energy capacity by 2025. These initiatives are part of its 'Project Aspire.'
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Friday, August 16, 2024
Spot gold rises to $2,500 an ounce for first time
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RBI imposes penalties on BoM, Hinduja Leyland Finance, Poonawalla Fincorp
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Former SBI deputy MD Salee Sukumaran Nair is TMB's new MD & CEO
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Thursday, August 15, 2024
Mahindra-owned iconic motorcycle brand BSA debuts
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Wednesday, August 14, 2024
India, Russia will look to balance trade
India and Russia sought to rebalance trade, which heavily favored Moscow, by discussing bilateral payment mechanisms and reducing barriers for Indian products like pharmaceuticals and meat. Despite a surge in trade during the Ukraine conflict, India's exports remained low. Officials noted a decrease in rupee trade volume due to reduced defense imports and used funds for settling Indian shipments.
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Goods exports decline for 1st time in 4 months
India's trade deficit grew to $23.5 billion in July as exports declined 1.4% to $34 billion, mainly due to a drop in petrol, diesel, and gems exports. Imports increased 7.5% to $57.5 billion, with crude oil imports rising 17% to $13.9 billion. Commerce Secretary Sunil Barthwal cited domestic oil demand and global crude prices as factors.
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Tuesday, August 13, 2024
Cognizant's RS 2.5 lakh annual pay, a decadal low, sparks outrage
Cognizant's off-campus recruitment drive offering Rs 2.5 lakh per year has sparked debate, as it marks a new low in the Indian IT sector. Traditionally, IT firms offer new graduates annual salaries ranging from Rs 3.5 lakh to Rs 4 lakh. Concerns are raised over the industry's disregard for rising living costs in India.
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Sensex slides nearly 700 points on global cues, profit-taking
On Tuesday, global market weakness and geopolitical tensions led to a strong selloff in Mumbai markets, with the Sensex dropping nearly 700 points and Nifty down by 208 points. Foreign funds aggressively sold off, leading to a net loss. Major sectors like banking and IT saw significant declines, although two companies had strong listings amid the broader market downturn.
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Monday, August 12, 2024
In role reversal, Bharti acquire 24.5% of iconic BT in $4 billion deal
Bharti Global announced the acquisition of a 24.5% stake in BT Group plc from Altice UK, making it the largest shareholder. Bharti had already acquired 9.9% of BT. The move aligns with Bharti's strategy of investing in developed markets and enhancing India-UK business ties, subject to regulatory approvals and security clearance.
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Retail inflation falls to near 5-year low of 3.5% in July
In July, retail inflation in India fell to a near 5-year low of 3.5%, led by a drop in prices of vegetables, fruits, and spices. Industrial output growth also slowed to 4.2% in June. The easing inflation has sparked hopes for interest rate cuts in the second half of the fiscal year.
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SpiceJet Mumbai airport dues: Flights won't be hit, says airline
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Sunday, August 11, 2024
Government moves to ready ground for 5% ethanol mix in diesel
The Indian government explored a new plan to blend 5% ethanol with diesel (ED-5) as it neared its target of 20% ethanol-blended petrol within two years. A meeting at the PMO was held to discuss this, with trials on older buses showing promising results. Further trials on heavy-duty vehicles are anticipated.
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Buchs, Sebi, Adani, fund deny Hindenburg allegations
Sebi chairperson Madhabi Puri Buch and her husband, Dhaval, refuted allegations by Hindenburg regarding their investments linked to Adani stocks. They stressed the investments were made when they were private citizens and were fully disclosed. Sebi backed them, emphasizing adherence to regulations and market integrity. Adani dismissed Hindenburg's claims as manipulative.
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Madhabi’s response raises new critical questions: Hindenburg Research
Hindenburg Research responded to Madhabi Puri Buch and Dhaval Buch's release, which called their previous report character assassination. Hindenburg highlighted critical questions and admissions, including an email Buch sent in 2018 on behalf of her husband. They questioned Buch's investments through her husband while serving as a SEBI member and noted Buch's connection to a fund linked to Vinod Adani.
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Saturday, August 10, 2024
India's coal imports rise by 6 per cent to 75.26 MT in April-June
India's coal imports rose by 5.7% to 75.26 million tonnes in the first quarter of the current fiscal compared to 71.16 million tonnes in the same period last fiscal, according to Mjunction data. Given surplus coal and reduced industrial activity during monsoon, import demand is expected to remain subdued in the coming months.
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Sri Lanka central bank fines Indian Bank
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Collecting Lego — yes, the plastic toys made of interlocking bricks that become cars and castles and robots —returned more than large stocks...
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A woman, in her early 20s, was stabbed to death by a man in southeast Delhi's Bhogal area on Friday evening, following which the accused...
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