Reliance Retail temporarily shuts down Centro stores to focus on in-house brands amid strategic revamp

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.

India may consider lowering tariffs on goods that don't impact domestic industry: Sitharaman

Nov 13, 2024, at 02:51 am

New Delhi: In response to U.S. President-elect Donald Trump’s recent remarks labelling India as the ‘biggest’ imposer of import tariffs, Finance Minister Nirmala Sitharaman indicated on Tuesday that she may reconsider increased tariffs on goods that do not impact the domestic industry, media reports said.

NTPC Green Energy seeks valuation of $12 billion for IPO: Report

Nov 13, 2024, at 01:55 am

Mumbai: NTPC Green Energy Ltd., a subsidiary of state-run NTPC Ltd., is reportedly aiming for a valuation of around $12 billion in what could be one of India’s largest IPOs in the renewable energy sector, Bloomberg reported.

Swiggy hiring top Flipkart, Amazon executives amid expansion plans

Nov 13, 2024, at 01:15 am

Mumbai: Amid expansion plans, food delivery major Swiggy is hiring more executives from e-commerce companies like Walmart-owned Flipkart and Amazon, with at least 12 senior executives from these companies stepping into Swiggy, Moneycontrol reported on Tuesday.

India's Oct retail inflation peaks 12-month record to 6.2%

Nov 13, 2024, at 12:54 am

New Delhi: India’s retail inflation reached a 14-month peak of 6.2% in October, up from 5.5% in September, driven primarily by escalating food inflation due to rising vegetable prices.

Hyundai Motor India's Q2FY25 profit drops 16.5% to Rs 1,338 cr

Nov 12, 2024, at 11:17 pm

Mumbai: Hyundai Motor India, India’s second-largest automaker by market share, reported a 16.5% drop in quarterly profit, attributed to weaker domestic sales and export disruptions from Red Sea tensions, Reuters reported.

Air India completes merger with Vistara, creating India’s largest full-service carrier

Nov 12, 2024, at 11:12 pm

New Delhi/IBNS: The Air India Group has successfully completed the operational integration and legal merger of Air India and Vistara, finalizing a major step in its post-privatization transformation.

Elon Musk's Starlink in the process of complying with security requirements: Telecom Min Jyotiraditya Scindia

Nov 12, 2024, at 09:43 pm

New Delhi/IBNS: Elon Musk's Starlink is making progress with its license application in India, with Telecom Minister Jyotiraditya Scindia confirming on Tuesday (Nov. 12) that the Elon Musk-led company is working to fulfill government-mandated security requirements.

RIL to invest Rs 65,000 crore in Andhra Pradesh for 500 biogas plants

Nov 12, 2024, at 09:11 pm

Mumbai/IBNS: Reliance Industries Ltd (RIL) is gearing up to make its largest investment outside of Gujarat, committing Rs 65,000 crore to construct 500 compressed biogas plants in Andhra Pradesh over the next five years, as reported by The Economic Times.

Elon Musk's Starlink agrees to data security rules, satcom license application back on track: Report

Nov 11, 2024, at 11:03 pm

New Delhi/IBNS: Starlink’s application for an India license is advancing after the satellite broadband provider, led by Elon Musk, agreed to meet India's data localization and security requirements, Moneycontrol reported, citing its sources, on Monday (Nov. 11).

Govt to summon Flipkart, Amazon executives over FDI rules violations: Report

Nov 11, 2024, at 10:49 pm

New Delhi/IBNS: The Indian government is set to summon executives from Flipkart and Amazon as part of an expanded investigation into potential violations of foreign investment regulations, according to a report by Reuters.

Monthly mutual fund SIP inflow hits all-time high, crosses Rs 25,000 crore mark for first-time

Nov 11, 2024, at 10:31 pm

Mumbai/IBNS: Monthly contributions to mutual fund SIPs (Systematic Investment Plans) reached an all-time high of Rs 25,323 crore in October, surpassing September’s figure of Rs 24,509 crore.

Zomato CEO Deepinder Goyal impressed with Bengaluru man's suggestions on X for new feature, offers him job

Nov 11, 2024, at 09:56 pm

New Delhi/IBNS: Zomato recently introduced a new feature called "Food Rescue" that lets users purchase cancelled food orders at a discount, a move aimed at reducing food waste.

Food Rescue: Zomato introduces new feature to reduce food wastage

Nov 11, 2024, at 09:53 pm

New Delhi/IBNS: India's leading multinational restaurant aggregator and food delivery company Zomato has launched a new feature called "Food Rescue," which allows users to purchase cancelled food orders at a discounted price to help reduce food waste.

SEBI proposes amendments to Insider Trading and Disclosure Regulations to expand scope of info disclosed by listed companies

Nov 11, 2024, at 09:42 pm

Mumbai/IBNS: To ensure companies follow rules on unpublished price sensitive information (UPSI) thoroughly, the Securities and Exchange Board of India (SEBI) is aiming to expand the list of corporate events that would qualify as UPSI.

Rupee slips to all-time low of 84.38 against US Dollar as Asia FX declines

Nov 11, 2024, at 08:10 pm

Mumbai/IBNS: The Indian rupee hit a record low on Monday (Nov. 11), pressured by concerns over Donald Trump's US presidentiaL election victory that weighed on Asian currencies and ongoing outflows from Indian stocks impacting the local currency.

'Where sky isn't the limit, but just the beginning': Vistara bids goodbye today, with final flights before Air India merger

Nov 11, 2024, at 07:23 pm

Mumbai/IBNS: Today (Monday, Nov. 11) marks the final day of operations for Vistara under its own brand, as the airline will transition to flying as part of Air India starting Tuesday (Nov. 12).

Bitcoin hits all-time record high over $81,000 as Donald Trump's win turbocharges cryptocurrencies

Nov 11, 2024, at 06:47 pm

Mumbai/IBNS: Bitcoin has surged to a new record high, exceeding $81,000, following the election of US President-elect Donald Trump and his perceived support for digital assets, Bloomberg reported.

India set to benefit from Trump's possible tariff hike on Chinese imports: Report

Nov 09, 2024, at 09:44 pm

New Delhi/IBNS: After Donald Trump's win in the US presidential election, a report from CareEdge suggests that India might gain from shifts in global trade if Trump proceeds with plans to impose hefty tariffs on Chinese imports.

Global oil prices could have skyrocketed without India’s oil purchases from Russia: Union Minister Hardeep Singh Puri

Nov 09, 2024, at 07:44 pm

New Delhi/IBNS: Union Minister Hardeep Singh Puri emphasized that India’s decision to purchase oil from Russia has played a crucial role in preventing global oil prices from escalating even further.

Zinka Logistics sets IPO price range at Rs 259-273, aims to raise Rs 1,114 cr

Nov 09, 2024, at 05:40 am

Mumbai: Zinka Logistics Solutions Ltd has set a price range of Rs 259-273 per share for its initial public offering, opening for subscription on November 13.

Bridgestone India to invest $85 million to boost production, establish tech center in India

Nov 09, 2024, at 05:10 am

Kolkata: Japanese tyre giant Bridgestone Corporation announced a $85 million (around Rs 720 crore) investment to boost production capacity and capabilities at its two Indian plants.

Motherson Sumi Wiring India Q2FY25 net profit drops 3% to Rs 152 cr

Nov 09, 2024, at 04:38 am

Mumbai: Motherson Sumi Wiring India reported a 3% drop in net profit to Rs 152 crore for the quarter ending September 30, 2024, compared to Rs 156 crore in the same period last year.