RBI likely to pause interest rate hike in April policy meet: SBI Research

28/03/2023
new delhi, mar 27: The Reserve Bank of India (RBI) is expected to pause their interest rate hike and the current 6.5 per cent repo rate could be the terminal rate for now, said SBI Research in its latest Ecowrap report. The repo rate is the interest rate at which the RBI lends money to all commercial banks. The next monetary policy meeting is scheduled for the first week of April 2023. At the latest Monetary Policy Committee (MPC) of the RBI in early February, it decided to raise the repo rat...

Centre hikes MGNREGA wages, new rates to be applicable from April 1

28/03/2023
new delhi, mar 27: Centre has increased wage rates for the rural jobs guarantee scheme, MGNREGA, for the financial year 2023-24. The state of Haryana will have the highest wage rate at Rs 357 per day. On the other hand, Madhya Pradesh and Chhattisgarh have the lowest daily wage rate of Rs 221. The latest wage rates will be applicable from April 1, 2023. In a notification released on March 24, the Union Ministry of Rural Development declared revisions to the rural job guarantee programme for ...

Paytm gets extension from RBI for resubmission of PA license application

28/03/2023
new delhi, mar 27: Paytm Payments Services Limited (PPSL) on Sunday announced that it had received an extension of time from the Reserve Bank of India for resubmission of its payment aggregator (PA) license application. The RBI said in a letter that PPSL can continue with its online payment aggregation business while it awaits the Centre's approval for past investments from its parent firm One97 Communication (OCL) into PPSL, under FDI rules. On November 26, the company said that the RBI had r...

EPFO likely to decide rate of interest on employees’ provident fund deposits for FY23 by Tuesday

28/03/2023
new delhi, mar 27: The retirement fund body EPFO is likely to announce the rate of interest on employees’ provident fund (EPF) deposits for 2022-23 at its two-day meeting beginning Monday. The EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about 5 crore subscribers, from 8.5 per cent in 2020-21 in March 2022. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent. “The Employees’ Provident Fund Organisation’s (EPF...

Sensex snaps two-day losing streak on gains in RIL, Maruti; Nifty tests 17,000 level

28/03/2023
Mumbai, mar 27: Equity benchmark Sensex snapped two-day losing streak to close 126 points higher on Monday, propped up by buying in index heavyweights Reliance Industries, Maruti and SBI amid a higher opening in European equities. However, investors remained cautious amid stress in the US and European financial systems, traders said. The 30-share BSE Sensex climbed 126.76 points or 0.22 per cent to finish at 57,653.86. During the day, the index witnessed a high of 58,019.55 and a low of 57,41...

Govt sets up committee to monitor tur stocks to check hoarding

28/03/2023
new delhi, mar 27: The government on Monday said it has constituted a committee to monitor the stock of tur dal held by importers, mills, stockists and traders in order to check hoarding and speculation. The government is also closely watching the stock position of other pulses in the domestic market to take necessary preemptive measures in the event of unwarranted price rise in the coming months, an official statement said. The decision has been taken in view of the reports of market players...

BMW plans to launch 19 car models in India this year; eyes double-digit growth

28/03/2023
new delhi, mar 27: German luxury auto maker BMW plans to introduce 19 car models, including electric vehicles, in India this year as it looks to sustain double- digit sales growth in the country, a top company official said on Monday. The car maker, which expects 2023 to be the best for it in terms of sales in the country so far, also aims for electric vehicles to account for about 15 per cent of its overall sales this year. The group also plans to introduce three bike models under the BMW Mo...

Sunnier days help solar projects improve their performance this fiscal, says report

28/03/2023
Mumbai, mar 27: Longer sunnier days have ensured that the performance of solar power farms improved to 75 per cent in the current fiscal from 59 per cent in the year-ago period, according to a report. Rating agency Crisil has prepared the report based on the performance of 115 solar projects aggregating to 4.6 GW of power generation and those having an operational record of at least one full year. As per the report, 75 per cent of these projects reached P90 level of generation in the current ...

Four SAIL projects worth Rs 2,338 crore face delays: Steel minister

28/03/2023
new delhi, mar 27: Four projects of Steel Authority of India Ltd (SAIL) worth Rs 2,338 crore are facing delay due to reasons like delayed placement of orders and supply of materials/equipment, Parliament was informed on Monday. However, there is no cost overrun in these projects, Union steel minister Jyotiraditya M Scindia said in a reply to Rajya Sabha. As per the information provided by the minister, SAIL is executing a project of the modification in the washing circuit of CSW plant of Dall...

India’s highways infra to match US by 2024: Gadkari

26/03/2023
ranchi, mar 26: India's highways infrastructure will match that of the US by 2024 for which work in time bound 'mission mode' is on including construction of green expressways and rail over bridges, Union Road Transport and Highways Minister Nitin Gadkari said. He said cabinet nod to 'Bharatmala 2' is likely soon and once obtained it will meet the requirements of a robust infrastructure in the country. "I am confident that India's highways will be on par with that of the US by 2024. Work in...

Govt caps maximum GST cess rate on pan masala, tobacco; links rate to retail sale price

26/03/2023
new delhi, mar 26: The government has capped the maximum rate of GST compensation cess that would be levied on pan masala, cigarettes and other forms of tobacco and linked the highest rate to their retail sale price. The capping of the cess rate was brought in as part of the amendments to the Finance Bill, 2023, which was passed by the Lok Sabha last Friday. As per the amendment, the maximum GST compensation cess rate for pan masala will be 51 per cent of the retail sale price per unit. In th...

Cabinet to impose price caps on gas to stave off rising rates to $10.7

26/03/2023
new delhi, mar 26: The Union Cabinet is likely to soon consider imposing caps or a ceiling on price for majority of natural gas produced in the country to keep input costs for users ranging from CNG to fertilizer companies in check, sources said. The government bi-annually fixes prices of locally produced natural gas which is converted into CNG for use in automobiles, piped to household kitchens for cooking and used to generate electricity and make fertilisers. Two different formulas govern r...

RevFin targets financing 2 million electric vehicles in next 5 years

26/03/2023
new delhi, mar 26: Electric vehicles (EV) financing digital platform RevFin Services is targeting to finance 20 lakh vehicles in the next five years, with an aim to grow three to four times every year, according to its CEO & Founder Sameer Aggarwal. With the Indian electric vehicle industry poised for an accelerated growth, he said the company is confident of meeting its target and would continue to raise funds through debt and equity going forward for the purpose. "From a long-term perspectiv...

Centre notifies revised MGNREGA FY24 wage rates; highest for Haryana

26/03/2023
new delhi, mar 26: The Centre has notified a hike in wage rates under the rural job guarantee programme for the 2023-24 financial year with Haryana having the highest daily wage at Rs 357 per day and Madhya Pradesh and Chhattisgarh the lowest at Rs 221. The Union Ministry of Rural Development issued a notification on the change in wage rates under the Mahatma Gandhi National Rural Employment Guarantee Scheme on March 24. The notification was issued under Section 6 (1) of the Mahatma Gandhi Na...

Five of top-10 firms lose Rs 86,447 crore in M-cap; Infosys, TCS, SBI hit hard

26/03/2023
new delhi, mar 26: Five of the top-10 most valued firms together lost Rs 86,447.12 crore in market valuation last week, with Infosys, Tata Consultancy Services and State Bank of India taking the biggest hit. Last week, the BSE benchmark fell 462.8 points or 0.79 per cent. While Reliance Industries Limited, Tata Consultancy Services (TCS), HDFC Bank, Infosys and State Bank of India suffered erosion from their valuation, ICICI Bank, Hindustan Unilever Limited, ITC, HDFC and Bharti Airtel posted...

Hinduja group not keen to make higher offer for Reliance Capital

26/03/2023
Mumbai, mar 26: The Hinduja group has backtracked from making an offer for bankrupt firm, Reliance Capital by informing lenders that it will not be able to offer Rs 9,000 crore for the firm as indicated earlier in December last year. The revised Hinduja stand has put Indian lenders, with an exposure of Rs 24,000 crore, in a spot as it was the Hinduja's offer, which led to a call for second auction and litigation by the other bidder Torrent. Torrent, the highest bidder for the company in the...

Mutual fund nomination deadline to end on March 31

26/03/2023
new delhi, mar 26: Existing mutual fund investors have time till March 31 to nominate a beneficiary or opt out of it by submitting a declaration form, failing which their folios will be frozen, and they will not be able to redeem investment. The Securities and Exchange Board of India (Sebi), in its circular on June 15, 2022, made it mandatory for mutual fund subscribers to submit the nomination details or declaration to opt out of the nomination on or after August 1, 2022. Later, the deadline ...

Govt caps maximum GST cess rate on pan masala; links rate to sale price

26/03/2023
new delhi, mar 26: The government has capped the maximum rate of GST compensation cess that would be levied on pan masala, cigarettes and other forms of tobacco and linked the highest rate to their retail sale price. The capping of the cess rate was brought in as part of the amendments to the Finance Bill, 2023, which was passed by the Lok Sabha last Friday. As per the amendment, the maximum GST compensation cess rate for pan masala will be 51 per cent of the retail sale price per unit. In th...

Zydus recalls over 55k bottles of generic drug used to treat gout in US

26/03/2023
new delhi, mar 26: Drug firm Zydus Lifesciences is recalling over 55,000 bottles of generic medication in the US market due to failed impurities specifications. As per the latest enforcement report by the US Food and Drug Administration (USFDA), Zydus Pharmaceuticals (USA) Inc is recalling 21,936 (30 count) and 33,096 (100 count) bottles of Colchicine tablets, which are used to treat gout. The affected lot is manufactured by Ahmedabad-based Zydus Lifesciences and marketed in the US by New Jer...

Salesforce may cut more jobs after laying off 8,000 in January: Report

26/03/2023
new delhi, mar 25: Salesforce Inc. could see another round of job cuts while the company continues to focus on improving profitability, said Chief Operating Officer Brian Millham. “The structure of the organization if we feel like it needs to change and reshape we’re going to make those moves to drive the efficiencies,” Millham said Friday in an interview. He added that consultant Bain & Co., which Salesforce is working with to review the business, has yet to provide final recommendations. ...

Sitharaman reviews public sector banks amid volatility in US banking system

26/03/2023
new delhi, mar 25: Union Finance Minister Nirmala Sitharaman on Saturday chaired a meeting to review the performance of government-owned banks. Various financial, efficiency and health parameters in the banking sector were reviewed. This review meet comes amid volatility in the US banking system due to the recent collapse of Silicon Valley Bank and some other banks in contagion. For the record, prominent global lender in the world of technology startups, the Silicon Valley Bank collapsed on ...

TII, Premji Invest sign share purchase agreement to acquire Lotus Surgicals

26/03/2023
Chennai, mar 25: Tube Investments of India (TII) and Premji Invest (PI) on Saturday signed a share purchase agreement to acquire 100 per cent equity capital of Lotus Surgicals (Lotus) from India Medical Consumables Holdings (a Samara Capital entity) and other shareholders. TII will acquire 67 per cent, while PI will acquire the remaining 33 per cent, subject to the completion of certain conditions. Currently, Lotus is engaged in the business of wound closure products. TII will invest up to Rs...

Climate change threatening tea sector globally: ITA

26/03/2023
Kolkata, mar 25: Leading planters body Indian Tea Association (ITA) said climate change is threatening the industry globally which is resulting in lower yields and rise in production costs. A spokesman of ITA said climate change is also threatening the long-term viability of tea industry, which is also causing increasing pest infestations making pesticide residue management surfacing as a major challenge. To mitigate this, ITA said that the industry needs to adopt a multi-faceted to address t...

High-speed Airtel 5G services now available across 500 Indian cities

26/03/2023
new delhi, mar 25: High-speed Airtel 5G services are now available across 500 cities in India, with the telecom service provider adding 235 more cities to its network. Airtel said its 5G services are now available in every major city from Kashmir to Kanyakumari. The list of cities where the services are made available can be accessed on its website. "We are delighted to see the rapid pace of 5G adoption in the country. Airtel was the first to offer 5G services in October 2022, and today's me...

Jio installs 1 lakh towers to roll out India’s fastest, deepest penetration 5G network

26/03/2023
new delhi, mar 25: Billionaire Mukesh Ambani's Reliance Jio has installed close to 1 lakh telecom towers, nearly 5 times of its nearest competition, to roll out India's fastest and deepest penetration 5G telecom network to provide ultra-high speed internet, according to latest DoT data. The latest daily status report from Department of Telecommunications' (DoT) National EMF Portal shows Jio has installed 99,897 BTS (base transceiver station) across 2 frequencies it owns (700 MHz and 3,500 MHz)...

Meta-owned Whatspp’s new features to give more power to group admins

26/03/2023
new delhi, mar 25: Mark Zuckerberg announced two new updates for WhatsApp groups recently. With the new updates, admins will get more control over their group privacy. These changes follow some updates made over the last few months, including making groups larger, and giving admins the ability to delete messages sent in the groups they manage. "Groups continue to be an essential part of WhatsApp, and we're excited to give people even more tools to get the most out of groups. Today, we're ex...

Paytm launches upgraded payments platform powered by fully indigenous technology

26/03/2023
new delhi, mar 25: One97 Communications, which owns the payments and financial services platform Paytm announced the launch of its fully indigenously developed new technology platform. Paytm has been at the forefront of India's digital revolution with its technology-led innovations that have empowered users with a 'Made in India' payments platform. The fintech firm's revamped platform is expected to further power its fast, secure and seamless payments. Paytm's new payments infrastructure will...

Small US banks see record drop in deposits after SVB collapse: Fed data

26/03/2023
new delhi, mar 25: Deposits at small U.S. banks dropped by a record amount following the collapse of Silicon Valley Bank on March 10, data released on Friday by the Federal Reserve showed. Deposits at small banks fell $119 billion to $5.46 trillion in the week ended March 15. That was more than twice the previous record drop and the biggest decline as a percent of overall deposits since the week ended March 16, 2007. Borrowings at small banks, defined as all but the biggest 25 commercial U.S....

India’s forex reserves rise sharply

26/03/2023
new delhi, mar 25: India's foreign exchange reserves rose sharply by USD 12.798 billion to USD 572.801 billion in the week ending March 17, according to the Reserve Bank of India's latest data. During the prior week that ended on March 10, India's foreign exchange reserves declined by about USD 2.4 billion to USD 560.003 billion. According to RBI's latest data, India's foreign currency assets, the biggest component of the forex reserves, rose by USD 10.485 billion to USD 505.348 billion. Gold...

Need more pvt investments to address shortage of feedstock cracker in petrochem sector: Govt

24/03/2023
new delhi, mar 24: The government on Friday said there is a shortage of feedstock cracker in the petrochemicals sector and more private investments are required in the sector to reduce imports. Addressing an Assocham-organised conclave on speciality chemicals, Chemicals and Petrochemicals Secretary Arun Baroka said with electric vehicles coming up and demand for petrol/diesel set to reduce, automatically there will be more push for petrochemicals in future. "We know that there is a shortage o...

Airtel pips Jio in 5G roll-out, reaches 500 cities

24/03/2023
new delhi, mar 24: Telecom operator Bharti Airtel overtook Reliance Jio in 5G roll-out with the expansion of the network to additional 235 cities, taking its total reach to 500 cities. Reliance Jio has so far announced the expansion of its ultra high-speed fifth generation (5G) network to 406 cities. “Bharti Airtel...ultra-fast 5G service is available to customers in 500 cities in the country. Airtel added 235 cities to its network, making it one of the largest roll-outs to date,” the company...

India’s current account deficit likely narrowed to 2.7% of GDP in Q4: Poll

24/03/2023
BENGALURU, mar 24: India's current account deficit is likely to have improved in the final quarter of 2022 from a nine-year high in July-September as the goods trade gap moderated and net services exports rose, a Reuters poll found. The median forecast of 22 economists polled March 16-23 showed a current account deficit of $23.0 billion in October-December 2022, or 2.7% of gross domestic product (GDP). Forecasts ranged from $15.0-$28.0 billion, or 2.0%-3.2% of GDP. In July-September, the gap ...

Individual taxpayers with income marginally over Rs 7 lakh to get relief under new tax regime

24/03/2023
new delhi, mar 24: In a relief to taxpayers opting for the new tax regime, individuals earning a marginally higher income than the no-tax ceiling of Rs 7 lakh will pay tax only on the differential income after the government amended the Finance Bill. The Finance Bill 2023, passed by the Lok Sabha on Friday, has proposed a marginal relief to taxpayers under the new tax regime. Explaining the provision, the finance ministry said under the new tax regime with effect from April 1, if a taxpayer h...

Rupee falls 24 paise to close at 82.44 against US dollar

24/03/2023
Mumbai, mar 24: The rupee depreciated by 24 paise to close at 82.44 (provisional) against the US dollar on Friday weighed down by the strength of the American currency and massive selling in the domestic equity market. At the interbank foreign exchange market, the local unit opened lower by 12 paise at 82.32 as the US dollar rebounded against global currencies. During intra-day trade, the rupee touched a high of 82.20 and a low of 82.49 against the greenback. The domestic unit finally settled...

Credit card payments on foreign tours to be brought under LRS to ensure compliance with TCS

24/03/2023
new delhi, mar 24: Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (LRS) of the Reserve Bank, to ensure that such expenses do not escape TCS (Tax Collection at Source). While moving the Finance Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman said the Reserve Bank has been asked to look into ways to bring credit card payments on foreign tours under the LRS. "It has been repres...

Motovolt acquires stakes worth 1 mn euros in German electric two-wheeler maker eROCKIT AG

24/03/2023
new delhi, mar 24: Electric mobility startup Motovolt on Friday said it has acquired an undisclosed stake in German electric two-wheeler maker eROCKIT AG for 1 million euros (nearly Rs 9 crore). The company plans to further invest around 10 million euros (nearly Rs 90 crore) in India for industrialisation of the latter's products, Motovolt said in a statement. "The deal with eROCKIT is going to make a major impact on the Indian markets, and transform the two-wheeler segment. Our aim is to ben...

Nunify raises the bar with upgraded in-person event tech and event app solutions

24/03/2023
Bengaluru, mar 24: Nunify, the top event technology platform, is setting its sights on revolutionizing the event industry with a wave of game-changing upgrades. As in-person events make a triumphant return, Nunify has announced a suite of innovative features and functionalities that are designed to make event planning and management easier and more efficient than ever before. These upgrades are poised to redefine what's possible in the world of event management, empowering organizers around ...

Govt to introduce GPS-based toll system in six months to replace toll plazas

25/03/2023
new delhi, mar 24: The government will introduce new technologies including GPS-based toll collection systems in the next 6 months to replace existing highway toll plazas in the country, Union minister Nitin Gadkari said on Friday. The move is aimed at reducing traffic congestion and charging motorists for the exact distance travelled on the highways, Gadkari said. Addressing an event organised by industry body CII, Gadkari further said state- owned NHAI’s toll revenue is currently Rs 40,000 c...

India’s e-comm mkt to grow from $83 bn in 2022 to $185 bn in 2026: Report

24/03/2023
new delhi, mar 23: Indian e-commerce was worth $83 billion in 2022 and will likely grow to $185 billion in 2026 as it is propelled by unified payments interface (UPI) transactions, said a report on Thursday. India has emerged as a global leader in payments by developing a real-time payments (RTP) infrastructure, said the report by global financial technology solutions provider FIS. Cash use is declining in the country: it comprised 71 per cent of point of sale (POS) transaction value in 2019...

India’s Feb crude oil imports jump 8% as demand hits over 2 decade high

24/03/2023
new delhi, mar 23: India's imports of crude oil in February rose about 8% from a year earlier, government data showed on Wednesday, as fuel demand hit over 2-decade highs in the world's third-biggest oil importer and consumer. Rising crude demand and a strong Indian economy bodes well for higher refinery runs and imports, in addition to cheaper Russian crude, said Refinitiv analyst Ehsan Ul Haq, adding he expects refiners to boost runs and imports as temperatures rise and people travel more. ...

FM Sitharaman to review PSBs performance Sat amid financial crisis in West

24/03/2023
new delhi, mar 23: Finance Minister Nirmala Sitharaman will chair a meeting with heads of all the state-owned banks on Saturday. The FM will review the work of the PSBs, including lending to infrastructure, rural areas, and flow of cash transfers to beneficiaries under various government flagship schemes. Though the financial crisis in the West is not specifically on the agenda, officials expect the current global situation to also be discussed at the meeting. “The meeting is a regularly sc...

Rupee gains 32 paise to close at 82.27 against US dollar

24/03/2023
Mumbai, mar 23: The rupee gained 32 paise to close at 82.27 (provisional) against the US dollar on Thursday, tracking the weakness of the American currency in the overseas market. Traders said the weak US Dollar and decline in US Treasury yields on the back of dovish Federal Open Market Committee (FOMC) boosted investor sentiments. The 25 basis points interest rate hike by the US Federal Reserve was on the expected lines, and the declining crude oil prices boosted the overall sentiments, they ...

Polygon and Big Eyes Coin are potential gainers in 2023

24/03/2023
new delhi, mar 23: One of the best ways to gain massive profits in the crypto market is to discover the winning coins early. Those who took a gamble on the very first crypto asset, Bitcoin (BTC), gained massive profits that shot them up the financial pole. In fact, their success stories encouraged tons of other individuals to try out their luck with cryptocurrency. As they soon learned, the crypto market can be quite generous when it comes to offering financial rewards, but it can be just as ...

Accenture to cut 19,000 jobs amid worsening global outlook, trims forecast

24/03/2023
new delhi, mar 23: Accenture Plc said on Thursday it would cut about 19,000 jobs and lowered its annual revenue and profit projections, the latest sign that the worsening global economic outlook was sapping corporate spending on IT services. The company also trimmed its annual revenue growth and profit forecasts on Thursday, amid worries that recession-wary enterprises will cut technology budgets. The company now expects annual revenue growth to be in the range of 8 per cent to 10 per cent in...

Indian stocks close in red on continued US Fed’s interest rate hike

24/03/2023
Mumbai, mar 23: Indian stocks settled lower on Thursday in line with weakness in the US markets, which declined sharply overnight as the US Federal Reserve went ahead with its further monetary policy tightening to bring down inflation to its target even as volatility in the banking system continued due to recent collapse of some banks. Both Sensex and Nifty closed the day 0.5 per cent lower each; with majority of the Nifty sectoral indices trading in the red. During the day, the Sensex and Ni...

Bitget invests USD 30M in BitKeep broadening its Ce-DeFi ecosystem

24/03/2023
Bengaluru, mar 23: Bitget, the largest crypto copy trading platform, has announced a USD 30 million investment in BitKeep the decentralized multi-chain wallet, becoming its biggest stakeholder. The investment will allow the exchange to extend its range of centralized crypto services into a decentralized ecosystem. The sister companies will leverage their respective offerings and collaborate on linking CeFi and DeFi. The investment involves the merger of BitKeep Wallet with Bitget's business d...

G20 second Framework Working Group meeting to discuss global macro-economic issues: CEA

24/03/2023
Chennai, Mar 23: A host of global issues pertaining to inflation, energy security and climate change would be discussed in the G20 second Framework Working Group meeting scheduled to begin Friday, Chief Economic Advisor V Anantha Nageswaran said here on Thursday. India along with the United Kingdom would play a 'facilitator role' in discussing the issues with member countries during the two-day summit, he said. "The Framework Working Group of the G20 Finance Track will discuss global macro ec...

Piramal Realty partners Jio-bp for installation of EV charging stations

24/03/2023
Mumbai, mar 23: Real estate arm of the Piramal Group, Piramal Realty, and Jio-bp announced their partnership to provide world-class EV charging solutions across all Piramal's residential projects in the Mumbai Metropolitan Region, a joint press release stated on Thursday. Jio-bp is a fuel and mobility joint venture between RIL and bp. As part of this partnership, customers and visitors to Piramal's residential projects will be able to charge their electric vehicles seamlessly at Jio-bp pulse E...

Governance, funding info key to Adani ratings: S&P

22/03/2023
new delhi, mar 22: Weeks after it revised the rating outlook of two companies of embattled Adani group, S&P Global Ratings on Wednesday said it is watching for additional information on the conglomerate's governance and funding for any ratings action. Investors, it said, seek clarity on the credit impact of a string of allegations against the group in a short-seller report published in late January, and on the findings of a recently launched Supreme Court investigation. S&P Global published a...

Markets climb for second day amid firm global trend; healthcare, financial stocks rise

22/03/2023
Mumbai, mar 22: Equity benchmarks Sensex and Nifty extended their gains for the second straight session on Wednesday, mainly due to buying in healthcare, financial and commodity stocks amid a firm trend in global equities. However, sustained foreign fund outflows from the domestic equity markets capped the rise, traders said. In a largely range-bound session, the 30-share BSE Sensex advanced 139.91 points or 0.24 per cent to settle at 58,214.59, with 18 of its constituents posting gains. Du...

We want to be leading airport operators not only in India but in world: Adani Airports CEO

22/03/2023
new delhi, mar 22: Adani Airports Chief Executive Officer Arun Bansal on Wednesday said the company's ambition is to be the leading airport operator not only in India but in the world. Addressing the media on the sidelines of the CAPA India Aviation Summit event in Delhi on Wednesday, Bansal said, "Our ambition is we want to be the leading airport operators not only in India but in the world." Bansal said, "We will selectively be looking for financial sense right now. We are focusing on Indi...

Ola to raise $300 mn to fund expansion of scooter, and battery cell plants

22/03/2023
new delhi, mar 22: Ola Electric is looking to raise $300 million from West Asian, and US-based global private equity funds at a $7-8 billion valuation. This move will dilute the shareholding of the promoters marginally from 40 per cent currently to around 37- 38 per cent, say sources involved in the deal. Once the deal is through, Softbank, the first investor to invest money in Ola Electric, will see its equity diluted to below 20 per cent. Sources say that they are not expecting any seconda...

Nike sales jump as it works through inventory glut

22/03/2023
Oregon, mar 22: Nike made progress working through the inventory glut that squeezed the sneaker maker last year, reporting a 14 per cent jump in quarterly sales and raising its revenue growth target, CNN Business reported. The sportswear company said its inventory increased 16 per cent in the quarter ended February 28 compared with the same period a year ago. Inventories had swelled by more than 40 per cent in each of the prior two quarters, according to CNN Business. The company ended Feb...

VoltUp partners with BSNL to set up electric vehicles battery swapping stations

22/03/2023
new delhi, mar 22: Battery-as-a-Service (BaaS) startup VoltUp on Wednesday said it has partnered with BSNL for setting up electric vehicles battery swapping stations in the country. Initially, under the partnership battery swapping stations will be set up in four locations across Gurugram, enabling an infrastructure of over 150 charging docks, the company said in a statement. It will be further extended to 30 locations across Haryana and other cities by the end of the year. "Further, the pa...

Present CPI aggregation method raises issues for monetary policy: RBI paper

22/03/2023
Mumbai, mar 22: The method used by the National Statistics Office at present to aggregate the Consumer Price Index at times presents challenges for the conduct of monetary policy as the inflation captured by the index reflects data distortions, Reserve Bank of India staff wrote. “The present method of horizontal aggregation of CPI, across sectors and States/UTs for all-India item level indices as well as for indices at sub-group/ group and overall, at times creates challenges for use of the in...

PharmEasy SurgiCare: Redefining the future of surgeries in India

22/03/2023
Mumbai, mar 22: PharmEasy, one of India's leading healthcare' super apps', has once again taken a step towards revolutionising the healthcare industry with the launch of PharmEasy SurgiCare. Dedicated to enhancing its customers' health and wellness journey since 2015, PharmEasy will now aid patients looking for a seamless and hassle-free surgery experience with SurgiCare. PharmEasy SurgiCare aims to extend the level of faith, ease, and care brought to the field of medicine and diagnostics to ...

Bringing India’s finest tea, spices, and foods to your doorstep: Gardens of India’s ecommerce launch

22/03/2023
new delhi, mar 22: Gardens of India, a homegrown brand for tea, spices, and foods, is excited to announce the official launch of its ecommerce website on March 22nd, 2023. The brand is committed to establishing a strong presence in both the domestic and global markets with its dedication to excellence, authenticity, and quality. At Gardens of India, authenticity, purity, and flavour are at the core of every tea and spice blend. They are carefully sourced from the finest farms and estates in ...

Bosch appoints Guruprasad Mudlapur as its Managing Director

22/03/2023
new delhi, mar 22: Auto components major Bosch Ltd on Wednesday announced leadership changes with Guruprasad Mudlapur appointed as its Managing Director, and President of the Bosch Group in India with effect from July 1, 2023. He will succeed Soumitra Bhattacharya who will be retiring from Bosch India effective June 30, 2023, after 28 years of service in various capacities, the company said in a regulatory filing. Further, Bosch said from July 1, 2023, Sandeep Nelamangala, currently, Executiv...

India misses RE capacity target due to low solar rooftop, wind energy project installations: Par panel

22/03/2023
new delhi, mar 21: A parliamentary panel has attributed low installation of solar roof-top and wind energy projects as key reasons for the shortfall in achieving India’s renewable energy capacity target of 175 GW by 2022. India set an ambitious target of installing 175 GW of renewable energy capacity by the year 2022, which included 100 GW from solar, 60 GW from wind, 10 GW from bio-power and 5 GW from small hydro-power. However, a renewable energy capacity of 120.90 GW has been installed in ...

Unlike global economy, India would not slow down: RBI article

22/03/2023
Mumbai, mar 21: Unlike the global economy, India would not slow down and maintain the pace of expansion achieved in 2022-23, an RBI article said on Tuesday. "We remain optimistic about India, whatever the odds," said the article on the state of the economy published in the March edition of the Reserve Bank bulletin. The NSO's end-February data release indicates that the Indian economy is intrinsically better positioned than many parts of the world to head into a challenging year ahead, mainly...

India likely to require 31,000 pilots in next 20 years, says Boeing

22/03/2023
Mumbai, mar 21: US aircraft maker Boeing has said India may require 31,000 pilots and some 26,000 mechanics over the next 20 years amid the growing order book of the aircraft original equipment manufacturers. Speaking on the sidelines of a CII event here, Boeing India President Salil Gupte also said the South Asian region is expected to remain the fastest growing market globally over the next 20 years. India is going to need over 31,000 pilots and 26,000 mechanics over the next 20 years to tak...

Crypto decouples from global financial markets amid banking sector gloom

22/03/2023
new delhi, mar 21: Opposite to the sentiments in the global markets, prices of various crypto assets surged in the last two weeks. At $27,957 on Tuesday, Bitcoin was trading at its highest since June 2022. The total market cap of the crypto assets, at $1.16 trillion, was the highest since August 2022. "Last week, crypto decoupled from the traditional financial world as crypto prices rallied despite the banking crisis. Many observers see this as a watershed moment in crypto's evolution as an as...

World Bank to assist Kerala in waste management projects

22/03/2023
Kerala, mar 21: Kerala government on Tuesday said World Bank is ready to provide assistance for its waste management projects. The management of waste will be intensified with the participation of international experts, the Chief Minister's Office (CMO) said in a release. A drone survey in the landfills of the state will be conducted soon and an agreement to that effect has been reached with World Bank. World Bank officials met Chief Minister Pinarayi Vijayan, and subsequently decided to coll...

Indian stocks in green with focus on US monetary policy outcome

22/03/2023
Mumbai, mar 21: Benchmark stocks in India closed Tuesday's trade in the green tracking positive overnight gains in the US, which rose on hopes of a relatively smaller interest rate hike in the ongoing two-day US monetary policy review meeting amidst the banking crisis. The US monetary policy review meeting is scheduled for March 21-22. Sensex and Nifty settled 0.7-0.8 per cent higher than the previous session, with most of the Nifty sectoral indices on the rise. "Investors hoped for less-aggr...

Indian banks can endure global banking turmoil fallout: S&P Global Ratings

22/03/2023
Mumbai, mar 21: Indian lenders are capable of enduring any potential contagion effects emanating from the U.S. banking turmoil and UBS's recent takeover of embattled Swiss lender Credit Suisse given their manageable exposures to their global counterparts, S&P Global Ratings said on Tuesday. "Strong funding profiles, a high savings rate, and government support are among the factors that bolster the financial institutions we rate," the rating agency said. S&P also said Indian banks had sufficie...

Snapdeal starts taking orders on ONDC, sees demand for smaller cities

22/03/2023
new delhi, mar 21: E-commerce firm Snapdeal said on Tuesday it has started receiving orders through the Open Network for Digital Commerce (ONDC), the non-profit company set up by the government as an alternative for internet shopping. Snapdeal made its debut on ONDC in July last year and it was fully integrated earlier this month. It is the only e-commerce firm in India to fully integrate its buyer and seller platforms onto ONDC. Amazon announced in February that it will integrate its logistic...

Fino Payments Bank targets young millennials as Bharat plugs into digital economy, The Bank’s CASA expansion plan gets digital push

22/03/2023
Mumbai, mar 21: Fino Payments Bank ("Fino Bank", "The Bank") is actively pursuing to capitalize on the opportunities arising out of increasing digitalization of India's economy. The profitable payments bank and the only listed entity in its space, is focusing on digital-led growth as part of its Fino2.0 journey. For Fino Bank fully digital means engaging with a new set of digitally savvy and aspirational customers, the young millennials. Towards this objective, the Bank strengthened its direct...

Larsen & Toubro bags major orders for hydrocarbon business

22/03/2023
new delhi, mar 21: Engineering and construction conglomerate Larsen & Toubro (L&T) on Tuesday said it has bagged major orders in the range of Rs 5,000 crore to Rs 7,000 crore for its hydrocarbon business. The scope of work comprises engineering, procurement, construction and installation of offshore structures and upgradation of existing facilities. "The hydrocarbon business of Larsen & Toubro (L&T) has secured multiple offshore packages from a prestigious overseas client," the engineering an...