Drone startup Airbound garners $1.7 million in seed funding round; to focus on deliveries
Nov 16, 2024, at 04:40 am
Bengaluru: Drone technology startup Airbound has garnered Rs 1.7 million in seed round funding to implement its research and development plans focussing on medical deliveries, such as transporting blood samples from health centers to testing labs, media reports said.
Zepto to raise $300 million from domestic investors investors
Nov 16, 2024, at 04:36 am
New Delhi: Quick commerce startup Zepto is set to raise $300 million from domestic investors, doubling its initial target, The Economic Times reported, citing sources.
Samsung Electronics to buy back shares worth $7.17 billion to increase shareholder value
Nov 16, 2024, at 02:45 am
Mumbai: Samsung Electronics revealed plans to buy back shares worth 10 trillion won ($7.17 billion) over the next year to bolster shareholder value, Reuters reported citing a regulatory filing submitted after markets closed on Friday.
India’s foreign exchange reserves declined by $6.477 billion to $675.653 billion
Nov 16, 2024, at 02:07 am
New Delhi: India’s foreign exchange reserves declined by $6.477 billion to $675.653 billion for the week ending November 8, according to RBI data released on Friday.
Moody's says Indian economy in a favourable state, forecasts 7.2% growth in CY 2024
Nov 15, 2024, at 10:28 pm
New Delhi: The Indian economy is currently in a favourable position, combining strong growth with moderating inflation, according to Moody's Ratings, which forecasts GDP growth of 7.2% for calendar year 2024 and 6.6% for 2025.
SBI targets $1.25 billion in one of India's largest bank lending in 2024
Nov 15, 2024, at 07:39 pm
Mumbai/IBNS: The State Bank of India (SBI) is set to raise up to $1.25 billion through a dollar-denominated loan, marking the largest such borrowing by the country’s financial sector this year, Bloomberg reported, citing sources familiar with the matter.
India's goods trade deficit widens to $27.14 billion in October as imports surpass exports
Nov 15, 2024, at 07:30 pm
Mumbai/IBNS: India's merchandise exports surged 17.23 percent year-on-year (YoY) in October, reaching $39.2 billion, the fastest growth in 28 months, fueled by strong demand in key markets ahead of the Christmas season.
Hyundai Motor Group appoints Jose Munoz as CEO; South Korean automaker's first-ever foreign leader
Nov 15, 2024, at 07:17 pm
Seoul/IBNS: Hyundai Motor Group has appointed Jose Munoz as its Chief Executive Officer, marking the first time a foreign national will lead the South Korean automaker.
India sees opportunities to engage in Turkmenistan’s energy sector
Nov 15, 2024, at 04:31 pm
Turkmenistan presents India with an opportunity to boost energy security, strengthen regional ties, and deepen its strategic influence in Central Asia.
Rapido GOV grows 2.5x in Q2FY25, loss narrows to Rs 17 cr
Nov 15, 2024, at 05:49 am
Bengaluru: Low-cost mobility platform Rapido on Thursday reported a 2.5x increase in Gross Order Value (GOV), reaching Rs 2,461 crores in Q2FY25, up from Rs 977 crores in Q2FY24.
Reliance, Viacom 18, Walt Disney complete merger, creating India’s largest integrated media platform
Nov 15, 2024, at 05:30 am
Mumbai: Reliance Industries Limited (RIL), Viacom18 Media Private Limited, and The Walt Disney Company announced on Thursday the official completion of their merger, which combines Viacom18’s media and JioCinema businesses with Star India Private Limited (SIPL), media reports said.
Hero MotoCorp Q2FY25 profit rises 14% YoY to Rs 1,204 cr
Nov 15, 2024, at 05:18 am
Mumbai: Hero MotoCorp, the world’s largest two-wheeler manufacturer, reported a 14% YoY increase in net profit, reaching Rs 1,204 crore in Q2 FY25, driven by higher sales volumes, media reports said.
Blackstone eyes 20% stake in Haldiram's snacks business amid valuation clash
Nov 15, 2024, at 04:39 am
Mumbai: Blackstone has abandoned plans to acquire a majority stake in India’s Haldiram's snacks business and is now negotiating for a 20% stake at a valuation of $8 billion, which remains a point of contention, Reuters reported on Thursday.
Nov 14, 2024, at 10:53 pm
Kolkata/IBNS: At least 31 women entrepreneurs from the north-eastern states of Tripura and Mizoram with nano enterprises participated in a two-day bootcamp in Kolkata's American Center to learn about entrepreneurship skills and discuss next steps for building small businesses.
Boeing to layoff 10% workforce to boost efficiency but risks losing top talent: Report
Nov 14, 2024, at 09:42 pm
Boeing Co. will begin issuing layoff notices on Wednesday to employees impacted by its latest round of job cuts, a move that reflects the company's effort to boost efficiency while striving to retain a skilled workforce critical for future growth, Bloomberg reported.
Continuous FPI sell-off drives Rs 27,680 crore outflow from Indian equities in November
Nov 14, 2024, at 08:30 pm
Mumbai/IBNS: Foreign portfolio investors (FPIs) continued their withdrawal from the Indian stock market on Wednesday, marking the 33rd consecutive day of outflows.
Piyush Goyal calls on companies to lower prices to boost consumption
Nov 14, 2024, at 08:13 pm
New Delhi/IBNS: During a period when India Inc. is concerned about weakened consumer demand amidst a cyclical slowdown, Commerce and Industry Minister Piyush Goyal suggested that businesses prioritise competitive pricing over high margins to attract consumers.
Piyush Goyal says RBI should definitely cut interest rates; central bank's governor responds
Nov 14, 2024, at 08:08 pm
New Delhi/IBNS: Union Commerce Minister Piyush Goyal advocated for an interest rate cut by the Reserve Bank of India (RBI) on Thursday (Nov. 14), emphasizing that food inflation should not be a determining factor in rate decisions.
Bitcoin surges past $93,000 amid Trump's pro-crypto stance
Nov 14, 2024, at 06:14 pm
Mumbai/IBNS: Bitcoin surged past $93,000 on Thursday (Nov. 14), hitting a record high as its upward trend gained strength, driven by optimism about potential pro-crypto regulatory policies under President-elect Donald Trump and expectations of further interest rate cuts by the US Federal Reserve.
India's outward FDI grows $3.24 billion in Oct 2024: RBI data
Nov 14, 2024, at 06:32 am
Mumbai: India’s outward foreign direct investment (FDI) commitments reached $3.24 billion in October 2024, rising from $2.55 billion in October 2023. However, on a month-over-month basis, commitments declined from $3.77 billion in September 2024, according to the Reserve Bank of India (RBI).
India inches closer to non-fossil fuel target as renewable energy capacity crosses 200 GW
Nov 14, 2024, at 02:55 am
New Delhi: India’s total renewable energy capacity has crossed 200 GW (gigawatt), aligning with the country's ambitious renewable energy target of achieving 500 GW from non-fossil sources by 2030.
India's automobile industry registers robust growth in October 2024: SIAM report
Nov 14, 2024, at 02:21 am
New Delhi: India’s automotive sector demonstrated resilient growth in October 2024, with total vehicle production reaching 28.83 lakh units, a 9.9% increase from the previous year, according to the latest SIAM report.
Nov 13, 2024, at 11:50 pm
Mumbai: Reliance Retail is temporarily shutting down several stores in its Centro department chain as part of a strategic repositioning to emphasize its in-house brands and labels, many of which are launched in India under licensing partnerships, The Economic Times reported.
India’s edible oil imports drop 3.09% to 159.6 lakh tonnes
Nov 13, 2024, at 10:51 pm
New Delhi: India’s edible oil imports dropped by 3.09% to 159.6 lakh tonnes in the 2023-24 oil marketing year, primarily due to increased domestic oilseeds production and a decline in demand amid rising prices, according to the Solvent Extractors Association of India (SEA).
Hyundai Motor India aims to establish itself as a global production hub amid rising demands
Nov 13, 2024, at 09:14 pm
Mumbai/IBNS: Hyundai Motor India is intensifying efforts to establish India as a key production hub for emerging markets, responding to increased domestic and export demand, the company said on Wednesday (Nov. 13).
Swiggy shares jump 15% following modest market debut
Nov 13, 2024, at 08:53 pm
Mumbai/IBNS: Online food ordering and delivery company Swiggy's shares launched on the National Stock Exchange (NSE) with a 7.69 percent premium on Wednesday (Nov. 13), opening at Rs 420 per share compared to its IPO price of Rs 390.
Market crash: Sensex, Nifty 50 fall for 5th consecutive session; drops over 9% from peak
Nov 13, 2024, at 07:21 pm
Mumbai/IBNS: Indian markets continued their downward trend for the fifth consecutive session on Wednesday (Nov. 14) influenced by weak global cues, a strengthening dollar, a depreciating rupee, and persistent foreign investor outflows.
India’s industrial output rebounds with 3.1% growth in September, driven by manufacturing
Nov 13, 2024, at 06:08 am
New Delhi: India's industrial output increased by 3.1% in September 2024, primarily due to a recovery in manufacturing activity, according to data from the Ministry of Statistics and Programme Implementation.
ONGC Q2FY25 standalone net profit grows 17% to Rs 11,984 cr
Nov 13, 2024, at 03:15 am
Mumbai: State-owned ONGC reported a 17% rise in standalone net profit for the quarter ending September 2024, reaching Rs 11,984 crore compared to Rs 10,238 crore a year earlier, media reports said.
Nykaa's Sept qtr consolidated net profit jumps 66% to Rs 13 cr
Nov 13, 2024, at 02:57 am
Mumbai: FSN E-Commerce Ventures, the parent company of the omnichannel beauty and fashion retailer Nykaa, reported a 66% increase in its consolidated net profit for the quarter ending September 2024, reaching Rs 13 crore compared to Rs 7.8 crore in the same quarter last year, media reports said.