India projected to surpass China to become world's largest two-wheeler market
New Delhi/IBNS: India is projected to overtake China to become the world's largest two-wheeler nation in CY24, as per Counterpoint Research.
Finance
Equity mutual fund inflows drop 9% to Rs 37,000 crore in July
Mumbai/IBNS: Inflow in equity mutual funds slumped 9 percent month-on-month (MoM) to Rs 37,113 crore in July 2024 owing to the drop in fund infusion in large-cap, small- and mid-cap categories, reports said.
Ambani family's wealth 10% of India GDP: 2024 Barclays-Hurun India report
Mumbai/IBNS: The Ambani family has topped the inaugural Barclays-Hurun India most valuable family businesses list, with a valuation of Rs 25.75 trillion, which is almost equivalent to 10 percent of India’s Gross Domestic Product (GDP), reports Business Standard, quoting the 2024 Barclays-Hurun India report on the most valuable family businesses in the country.
LIC looking to acquire health insurance companies: Report
Mumbai/IBNS: The Life Insurance Corporation of India (LIC) is planning to take the acquisition route to get into the health insurance business, the Times of India (TOI) reported, citing LIC's MD and CEO Siddhartha Mohanty.
Bajaj Finance receives Rs 341 crore GST ’evasion’ notice from DGGI: Report
Pune/IBNS: Pune-headquartered non-banking financial company Bajaj Finance has received a Rs 341 crore show-cause notice from the Directorate General of Goods and Services Tax Intelligence (DGGI) alleging tax evasion by wrongfully categorising a service charge as an interest charge in an August 3 notice, as per a report by Economic Times.
Birla Corporation’s June qtr capacity utilization at 91% in contracting market
Kolkata: MP Birla Group's flagship company on Thursday said its June quarter profitability dropped due to unusually weak cement prices and sluggishness in demand, coupled with an unprecedented downturn in the jute industry.
GST on health and life insurance premiums may be reduced: Report
New Delhi/IBNS: The Goods and Services Tax (GST) rate on the premium paid on health and life insurance may be reduced as a proposal in this regard has been sent to the GST rate rationalisation committee, CNBC-Awaaz reported on Thursday (Aug 8) citing sources familiar with the development.
YouTube Shorts hit 1 lakh crore view milestone in India: CEO Neal Mohan
New Delhi/IBNS: YouTube chief executive officer (CEO) Neal Mohan announced on Wednesday that YouTube Shorts, a 60-second video format which made its global debut in India in 2020, has reached a trillion views.
Maruti Suzuki to recall 2,555 Alto K10 units over steering gear box defect
New Delhi/IBNS: Maruti Suzuki, India's largest passenger car maker, will recall 2,555 units of Alto K10 car due to a possible defect in Steering Gear Box, the company said in the statement.
Axis Bank facilitates seamless GST payments for its commercial card clients
Kolkata: Axis Bank today announced its successful integration with the Goods and Service Tax portal, thereby allowing its Commercial Card Corporate customers to make GST payments seamlessly.
NSE net profit rises 39% to Rs 2,567 cr in Q1FY25
Mumbai: The National Stock Exchange (NSE) reported a 39 percent year-on-year increase in consolidated net profit, reaching Rs 2,567 crore for the quarter ending June 2024.
Govt rolls back LTCG taxes: Big relief for property owners
New Delhi: In a significant relief for property owners, the central government has proposed an amendment to the long-term capital gains (LTCG) taxes for properties purchased before July 23, 2024, media reports said.
DoT disconnects 73 lakh mobile connections bought using fake documents
New Delhi: Telecom operators have disconnected 73 lakh mobile connections obtained using fake proof of identity or address, the Department of Telecommunications (DoT) informed Parliament on Wednesday.
Petition filed with NCLT over WazirX $230 million crypto asset theft
Mumbai: WazirX, along with its infrastructure partner Liminal and other associated entities, is facing a petition with the National Company Law Tribunal (NCLT) due to a $230 million crypto asset theft.
Petition filed with NCLT in WazirX $230 million crypto asset hack
Mumbai: WazirX, along with its infrastructure partner Liminal and other associated entities, is facing a petition with the National Company Law Tribunal (NCLT) due to a $230 million crypto asset theft.
Godrej Consumer Products Q1FY25 net profit soars 41% to Rs 450.69 cr
Mumbai: Godrej Consumer Products Limited (GCPL) on Wednesday reported a consolidated net profit of Rs 450.69 crore for the fiscal first quarter, reflecting a 41 percent increase from Rs 319 crore in the same period last year.
Amid global economic downturn, Indian IPO market booms
Mumbai: India's dynamic initial public offering (IPO) market is forging ahead with larger debuts, seemingly unaffected by this week's global equity downturn.
Godrej Consumer Products Q1FY25 net profit sores 41% to Rs 450.69 cr
Mumbai: Godrej Consumer Products Limited (GCPL) on Wednesday reported a consolidated net profit of Rs 450.69 crore for the fiscal first quarter, reflecting a 41 percent increase from Rs 319 crore in the same period last year.
Adani Enterprises claims Gautam Adani was misquoted in media reports on succession plan
Ahmedabad/IBNS: Adani Enterprises Ltd, the flagship entity of Adani Group, on Wednesday (Aug 6) issued a statement, addressing recent media reports concerning the Indian multinational conglomerate's Chairman Gautam Adani's succession plans.
Bata India's Q1FY25 profit rises 63% to Rs 174.36 cr
Shoemaker Bata India Ltd reported a 62.84 percent increase in its consolidated net profit, reaching Rs 174.36 crore in the first quarter ended June 2024, driven by margin expansion and gains from the sale of industrial land.
Bridgestone announces 25 billion yen investment at Japan’s Kitakyushu plant
Tokyo: Bridgestone Corporation today announced that it will invest ¥25 billion to upgrade equipment for certain facilities at the Kitakyushu Plant, which produces tires for mining and construction vehicles.
Govt to not go easy on Infosys over Rs 32,000 cr GST demand
New Delhi: The government is not considering any relaxation of the tax demand sent to Infosys last month, Reuters reported, citing a government source.
Amazon India head Manish Tiwary resigns
New Delhi: Amazon.com India's country head Manish Tiwary has resigned after working with the e-commerce giant for eight years, the company said on Tuesday.
Ola Electric IPO subscribed over 4 times on last day
Mumbai: Ola Electric Mobility's Initial Public Offering (IPO), valued at Rs 6,145.56 crore, was subscribed 4.26 times on its final day, falling short of market expectations, media reports said.
WazirX files FIR in cyberattack incident that wiped out 45% of its crypto assets
Mumbai: Crypto exchange WazirX said Tuesday that following its previous police complaint regarding the $230-million cyberattack last month, a first information report (FIR) was filed at PS Special Cell, PS Lodhi Colony in New Delhi.
Political upheaval in Bangladesh raises concerns over Adani Power's transnational supply project
New Delhi: The political upheaval in Bangladesh, which resulted in the ouster of Prime Minister Sheikh Hasina on August 5, may impact India's first transnational power supply project operated by billionaire Gautam Adani's Adani Power Ltd, according to media reports.
Vedanta Ltd Q1FY25: Consolidated net profit 36.5% to Rs 3,606 cr
Mumbai: Billionaire Anil Agarwal's Vedanta Ltd announced on Tuesday that its consolidated net profit for the quarter ending June 30, 2024, surged by 36.5 percent to Rs 3,606 crore, compared to Rs 2,640 crore in the same period the previous year.
Indian space tech startup EtherealX raises $5M, will make fully reusable launch vehicles
Bengaluru/IBNS: Indian space tech startup EtherealX, which is focussing on making reusable rockets, raised $5 million in a seed-funding round, which was led by 'Pre-Series A' fund YourNest Venture Capital and also saw participation from BIG Global investments JSC, BlueHill Capital and others.
Japanese stocks jumps 10% after Monday's record fall
Tokyo/IBNS: The Japanese stocks surged more than 10 percent on Tuesday (Aug 6), bouncing back from a record selloff on Monday (Aug 5) on worries over the US economy and a stronger yen, reports said.
US stock market crash: Dow Jones drops over 1,000 points, S&P 500 sheds 3% in worst day since 2022
New York/IBNS: The Wall Street on Monday (Aug 5) continued the sell-off in global equities owing to a multitude of factors.