Finance

Passenger vehicles sales rise 10% in July to 320,129 units on new launches, discounts: FADA

New Delhi/IBNS: India's passenger vehicle sales recorded a 10 percent on-year surge in July driven by new model launches and enhanced discounts, according to Federation of Automobile Dealers Associations (FADA), the apex national body of Automobile Retail Industry in the country engaged in the sale, service and spares of two and three Wheelers, passenger cars, utility vehicles (UVs), commercial vehicles and tractors.

Indian rupee slips to all-time low on outflow worries

Mumbai/IBNS: Indian rupee opened at a record low against the US dollar on Monday, on worries that the risk off prompted by US recession worries could lead to foreign outflows, reports said.

Gautam Adani to step down as Adani Group chairman in 8 years, sons to take over in early 2030s: Report

Ahmedabad/IBNS: Gautam Adani, the chairman of Indian multinational conglomerate Adani Group, said he is planning to step down as the group's chairman at the age of 70.

Stock market crashes amid weak global cues: Here're some major factors that dampen sentiment

Mumbai/IBNS: Indian stock markets crashed in early hours on Monday (Aug 5) as benchmark indices Sensex and Nifty were off to a weak start on the bourses, extending losses for a second session in a row after weak global cues, growing tensions between Iran and Israel in the Middle East, weak US jobs data, and recessionary fears dented sentiment across sectors.

Indian market tumbles, Sensex trading 1500 points below

The Indian market witnessed one of the major crashes on Monday with Sensex and Nifty marking a significant drop during early trade.

National Handloom Development Corp holds expo at Delhi's Janpath to mark 10th National Handloom Day

New Delhi: A fortnight long exhibition dedicated to celebrating 10th National Handloom Day began at Handloom Haat in Janpath on Saturday.

Tata begins construction of India's first chip plant in Assam for Rs 27,000 cr

Guwahati: The construction of Tata’s semiconductor unit in Assam's Jagiroad started on Saturday as part of the government's attempt to create an end-to-end semiconductor manufacturing ecosystem in India, the Ministry of Information Technology said in a press release.

UPI transactions cross Rs 20 trillion for third straight month in July 2024

New Delhi/IBNS: The Unified Payments Interface (UPI) transaction values surpassed Rs 20 trillion for the third successive month in July 2024, according to data released by the National Payments Corporation of India (NPCI) — a state-owned organization that operates retail payments and settlement systems in the country — on Thursday (Aug 1).

Ford to consider proposal for India re-entry as western markets face speed bumps: Report

Dearborn, Michigan/IBNS: American multinational automobile giant Ford, which exited India in 2021 over losses and poor sales, could re-enter the Indian market with a global team including CEO Jim Farley as it is set to consider a fresh proposal with a new strategy for the market, reports the Times of India (TOI).

PM Modi inaugurates 32nd International Conference of Agricultural Economists

New Delhi/IBNS: Prime Minister Narendra Modi inaugurated the 32nd International Conference of Agricultural Economists (ICAE) at National Agricultural Science Centre (NASC) Complex in New Delhi on Saturday.

India’s seafood exports increase 31% to Rs 61043.68 cr

New Delhi: India’s seafood exports have increased from Rs 46,662.85 crore in 2019-20 to Rs. 61043.68 Crore in 2023-24 registering a growth of 30.81%, Minister of State for Commerce and Industry Jitin Prasada informed Rajya Sabha on Friday.

Coal sector grows by 14.8% in June; highest in 8 core sectors

New Delhi: The coal sector showed the highest growth of 14.8% among the eight core industries in June 2024, according to the Index of Eight Core Industries (ICI) with a base year of 2011-12, released by the Ministry of Commerce & Industries.

UDAN round 5.3 reopens bidding for routes discontinued before 3-yr tenure

New Delhi: Air routes that were discontinued before the three-year tenure have been re-offered for bidding under UDAN Round 5.3, Minister of State for Civil Aviation Murlidhar Mohol informed Lok Sabha on Thursday.

Govt permits 100% FDI via automatic route for aircraft maintenance, repair and overhaul

New Delhi: In a major boost to the domestic MRO industry and to the aviation sector, the Centre has announced a uniform rate of 5% IGST on imports of parts components, testing equipment, tools and tool-kits of aircraft, irrespective of their HSN classification subject to specified conditions.

Centre approves 8 national high-speed road corridor projects of length 936 km for Rs 50,655 cr

New Delhi: The Cabinet Committee on Economic Affairs approved eight national high-speed road corridor projects on Friday, spanning a total length of 936 km across the country, with an investment of Rs 50,655 crore, Union Minister Ashwini Vaishnaw said in a press briefing.

Britannia's FY25 June qtr consolidated profit grows to Rs 506 cr

Mumbai: Britannia Industries reported quarterly earnings below market expectations on Friday, as branded consumer goods makers face stiff competition from smaller rivals offering cheaper alternatives, Reuters reported.

Byju's removed from insolvency resolution process as NCLAT approves settlement between Byju Raveendran and BCCI

Bengaluru: The National Company Law Appellate Tribunal (NCLAT) approved the settlement reached between Byju Raveendran and the Board of Control for Cricket in India (BCCI), exempting Byju's parent company, Think and Learn, from the insolvency resolution process.

Hindustan Zinc Q1FY25: Profit soars 19% to Rs 2,345 cr

Udaipur: Hindustan Zinc on Friday said its consolidated net profit for June quarter rose 19 percent to Rs 2,345 crore as against Rs 1,964 crore in Q1FY24.

Zomato Q1FY25 net profit grows multifold to Rs 253 cr; share prices soar

Mumbai: Zomato's net profit soared 126.5 times to reach Rs 253 crore in the April-June quarter (Q1) compared to the same period last year, media reports said.

Record 7.28 crore ITRs filed till July 31 for AY 2024-25, 72 percent opt for New Tax Regime

The Income Tax department on Friday said a record Rs. 7.28 crore has been filed till July 31 which is 7.5% more than the total ITRs for AY 2023-24 (6.77 crore) filed till 31st July, 2023.

Apple's India revenue projected to cross $9.5 billion in 2024: Report

Mumbai: After an unprecedented quarterly revenue in April-June period, Apple is anticipated to witness a 20 percent rise, exceeding $9.5 billion in 2024, Moneycontrol reported.

Karnataka GST authorities withdraw pre-show-cause notice served to Infosys, directs the company to respond to DGGI

Bengaluru/IBNS: Indian multinational information technology company Infosys on Thursday (Aug 1) announced in a regulatory filing to the stock exchanges that the Karnataka state Goods and Services Tax (GST) authority has withdrawn the pre-show-cause notice against the company for alleged tax evasion.

Why the Sensex sank nearly 800 pts on Friday: Here're possible reasons

Mumbai/IBNS: The Indian equity market started Friday's (Aug 2) trading session on a dismal note tracking steep losses in global peers as fears of a possible slowdown in the world's biggest economy resurfaced, reports said.

Intel to lay off about 17,500 employees to cut $20 bn in expenses

California/IBNS: American tech major Intel Corporation announced Thursday (Aug 1) that it will slash more than 15 percent of its workforce in a cost-saving move, following which the company's share price plunged 20 percent in extended trade, losing more than $24 billion in market value.

Ather Energy signs MoU with Amara Raja to manufacture battery cells for its electric two-wheelers

Kolkata: Amara Raja Energy & Mobility (AREM) has signed a pact with Ather Energy to create and supply Nickel Manganese Cobalt (NMC) and Lithium Iron Phosphate (LFP) lithium-ion cells for electric two-wheeler batteries, a press release said.

CNH India hits production milestone with 700,000 tractors in Greater Noida factory

Greater Noida: Agricultural machinery manufacturer CNH, with its New Holland and Case IH brands, has hit the production milestone of 700,000 tractors at its manufacturing site in Greater Noida. 

Tata Motors announces demerger of Commercial Vehicle and Passenger Vehicle business; know how shareholders will be affected

Mumbai: The Board of Directors of Tata Motors Ltd has approved a Composite Scheme of Arrangement involving the demerger of its Commercial Vehicle (CV) business undertaking and the merger of Tata Motors Passenger Vehicles (TMPV) with the existing listed company thereby resulting in two separate listed companies for the CV and PV businesses.

Tata Motors Q1FY25 jumps 74% YoY to Rs 5,566 cr

Mumbai: Tata Motors Ltd reported on Thursday a 74 percent year-on-year increase in its consolidated net profit for Q1 FY25 to Rs 5,566 crore, up from Rs 3,203 crore, surpassing market expectations.

Indian government setting up 12 new industrial parks: Piyush Goyal

Union Minister Piyush Goyal recently said the Indian government is setting up 12 new industrial parks across the country and has 5-6 mega textile parks lined up and urged the private sector to take advantage of it.

Ola Electric IPO: Bhavish Aggarwal-led company raises Rs 2,763 crore from QIPs

Mumbai: Ola Electric, India's largest electric two-wheeler manufacturer, allocated 364 million shares to anchor investors, raising Rs 2,763 crore, media reports said.