Seven IPOs to hit the market amid robust activity in India's primary market
Aug 19, 2024, at 06:18 am
Mumbai: Despite mixed sentiments in the Indian secondary market, the primary market remains active. Seven companies are set to launch Initial Public Offerings (IPOs) this week, with two in the mainboard and five in the SME segment. Here’s a summary of the upcoming IPOs:
'Rationalise and simplify': IMF's Gita Gopinath gives tips to increase GST revenue
Aug 18, 2024, at 07:13 am
New Delhi: Emphasising that structural reforms should be continuous, Deputy Managing Director of the International Monetary Fund (IMF) Gita Gopinath said that India should continue to rationalise and simplify its Goods and Services Tax (GST) system to boost revenue, media reports said.
EMIs on loans set to increase as SBI hikes lending rates by 10 bps across tenures
Aug 17, 2024, at 06:07 pm
New Delhi/IBNS: India's largest public sector lender State Bank of India (SBI) has announced a rise in its marginal cost of funds-based lending rate (MCLR) by up to 10 basis points (0.1 percent) across all tenures.
Govt slashes windfall tax on crude oil to Rs 2,100 per tonne
Aug 17, 2024, at 05:27 pm
New Delhi/IBNS: The Union government has reduced windfall tax on domestically produced crude oil to Rs 2,100 per tonne from previous Rs 4,600 per tonne, while windfall tax on export of diesel and aviation turbine fuel (ATF) has been kept at nil, reports said.
Reserve Bank tightens norms for NBFC P2Ps
Aug 17, 2024, at 07:09 am
Mumbai: The Reserve Bank tightened regulations for Non-Banking Financial Company - Peer to Peer Lending Platforms (NBFC-P2P) to enhance transparency and ensure better compliance.
Bharti Group secures $1.8 billion loan from Barclays Bank: Report
Aug 17, 2024, at 06:23 am
Mumbai: Sunil Mittal's Bharti Group secured $1.8 billion in debt from Barclays Bank to fund the acquisition of a 9.9 percent stake in British Telecom (BT), Moneycontrol reported, citing sources.
JSW Cement to raise Rs 4,000 cr via IPO; files documents with SEBI
Aug 17, 2024, at 05:47 am
Mumbai: Sajjan Jindal-promoted JSW Cement on Friday filed its offer documents with market regulator Securities and Exchange Board of India (Sebi), for a Rs 4000-crore initial public offering.
Cognizant draws flak for '1% salary hike' despite significant profit boost: Report
Aug 17, 2024, at 04:54 am
Bengaluru: IT giant Cognizant is under intense criticism for its minimal salary increases and historically low starting pay for fresh graduates, despite reporting a quarterly profit boost, media reports said.
Union Cabinet approves 3 metro rail projects in Karnataka and Maharashtra
Aug 17, 2024, at 03:02 am
New Delhi: The Union Cabinet approved three metro rail projects in Karnataka and Maharashtra, with a combined estimated cost of approximately Rs 30,765 crore.
Ola Electric Mobility sees 20% valuation jump on motorcycle launch and battery plan
Aug 16, 2024, at 10:49 pm
India's leading e-scooter manufacturer, Ola Electric Mobility, saw its valuation soar by 20 percent on Friday, reaching Rs 58,664 crore ($6.99 billion), following the launch of its new motorcycle lineup and optimism about cost reductions through in-house battery production, media reports said.
Adani Group pledges 51% stake in Navi Mumbai airport for Rs 12,770 cr loan: Report
Aug 16, 2024, at 10:11 pm
Mumbai: The Adani Group-controlled Mumbai International Airport Ltd (MIAL) has pledged a 51 percent stake in the Navi Mumbai International Airport (NMIAL) to the State Bank of India (SBI), media reports said.
India's medicine and antibiotics exports to US, Italy grow
Aug 16, 2024, at 06:24 pm
New Delhi/IBNS: India has become the third largest import source of medicine put up for retail sale in the United States, following Ireland and Switzerland, according to media reports citing Ministry of Commerce data.
Hindustan Zinc planning dividend payout of Rs 8,000 cr
Aug 16, 2024, at 07:37 am
Mumbai: Vedanta group firm Hindustan Zinc Ltd (HZL) is reportedly planning a special dividend payout of Rs 8,000 crore to its shareholders in the current fiscal, media reports said.
Telecom companies witness weak ARPU growth in 2024
Aug 16, 2024, at 06:54 am
New Delhi: The telecom companies in India have witnessed a significantly smaller rise in Average Revenue Per User (Arpu) at 7.5 percent in FY24, against nearly 20 percent in FY23, media reports said, citing the latest government data.
Ola founder Bhavish Aggarwal's first Krutrim AI chips to be ready by 2026
Aug 16, 2024, at 05:18 am
Bengaluru: Krutrim, an AI startup founded by Ola Cabs co-founder and CEO Bhavish Aggarwal last December, announced on Thursday that it plans to design, develop, and launch its first AI chip by 2026, media reports said.
Foxconn chief meets PM Modi, explores investment plan in Karnataka, Tamil Nadu and Andhra Pradesh
Aug 15, 2024, at 09:23 pm
New Delhi/IBNS: Young Liu, the chairman of iPhone contract manufacturer Foxconn, on Wednesday (Aug 14) met Prime Minister Narendra Modi and discussed the Taiwanese tech company's investment plan in India.
Govt to boost India's critical minerals self-reliance with financial incentives
Aug 15, 2024, at 05:24 am
New Delhi: The government announced on Wednesday its plans to introduce financial incentives for the development of critical minerals, including lithium, as part of its National Critical Minerals Mission.
Aug 15, 2024, at 05:08 am
Hyderabad: Electric two-wheeler maker Ather Energy has raised $71 million in a new funding round led by its existing investor, the National Investment and Infrastructure Fund (NIIF), elevating the company's valuation to $1.3 billion and securing its status as a unicorn, according to sources familiar with the matter, Moneycontrol reported.
Ola Electric Mobility Q1FY25 loss widens to Rs 346 cr YoY
Aug 15, 2024, at 03:43 am
Bengaluru: Bhavish Aggarwal-led Ola Electric Mobility reported a year-on-year (YoY) increase in losses for Q1 FY25, reaching Rs 346 crore, compared to Rs 268 crore in Q1 FY24.
Merchandise exports fall in July 2024 on muted demand for petroleum products
Aug 15, 2024, at 02:42 am
New Delhi: India’s merchandise exports fell after three months in July 2024, down 1.48 percent to $33.98 billion compared to $34.49 in July 2023 on the back of subdued global demand and geopolitical challenges.
India's auto industry sees steady growth in July 2024: SIAM
Aug 14, 2024, at 11:27 pm
Mumbai: India's automobile sector recorded a robust performance in July 2024, driven by strong domestic sales and exports across all vehicle categories.
HAL Q1FY25 net profit soars 77% to Rs 1,437 cr
Aug 14, 2024, at 11:09 pm
New Delhi: India's Hindustan Aeronautics Ltd (HAL) reported a 77% surge in first-quarter profit, driven by strong realizations from aircraft manufacturing contracts.
WPI inflation eases to a 3-month low of 2.04% in July amid falling food prices
Aug 14, 2024, at 10:01 pm
New Delhi: India's wholesale inflation, measured by the Wholesale Price Index (WPI), dropped to a three-month low of 2.04% in July, down from a 16-month high of 3.36% in June, largely due to a significant decrease in food prices.
Did his work-life balance POV cost Starbucks' Indian-origin head Laxman Narasimhan the job?
Aug 14, 2024, at 07:39 pm
When multinational global coffeehouse chain Starbucks on Tuesday announced Chipotle Mexican Grill's head Brian Niccol as its new chairman and chief executive officer (CEO), replacing Indian-origin Laxman Narasimhan, the shake-up shifted the focus as much on the rapid firing of CEOs in the US in recent times as on views of a corporate honcho on work-life balance.
Hero MotoCorp Q1FY25: Standalone net profit of Rs 1,123 cr, up 36% YoY
Aug 14, 2024, at 06:02 am
Mumbai: Hero MotoCorp reported a standalone net profit of Rs 1,123 crore for the quarter ending June 30, 2024, on Tuesday, reflecting a 36% rise from the Rs 825 crore recorded in the same quarter the previous year.
Coal India removes limit on procurement for power generation units
Aug 14, 2024, at 05:09 am
Kolkata: State-owned miner Coal India Ltd (CIL) has removed all limits on the amount of coal power generation units can procure, allowing plants with fuel supply agreements (FSA) to acquire as much coal as needed.
Starbucks appoints Chipotle CEO Brian Niccol as new head, Laxman Narasimhan steps down
Aug 14, 2024, at 02:48 am
Seattle (US): Multinational chain of coffeehouses Starbucks on Tuesday announced Chipotle Mexican Grill's head Brian Niccol will be its new chairman and chief executive officer, replacing Laxman Narasimhan.
SBI plans to sell stake worth Rs 2.2 billion in Yes Bank by end of March 2025: Report
Aug 14, 2024, at 02:42 am
Mumbai: India’s largest lender the State Bank of India (SBI) plans to finalise a deal by the end of March to sell its 24 percent stake in Yes Bank, valued at Rs 18,420 crore (around $2.2 billion), Reuters reported.
Private lender Bandhan Bank offers up to 8.50 pct interest rates on FD
Aug 13, 2024, at 11:01 pm
Private lender Bandhan Bank has announced a new bucket of 1 year 9 months at an attractive interest rate of 8.50%.
Aug 13, 2024, at 10:56 pm
Mumbai/Kolkata: After remaining tepid for two months, truck rentals across key trunk routes witnessed a rebound in July, according to a report.