Business and financial news
Mumbai/IBNS: Shares of Life Insurance Corporation (LIC)-backed Satluj Jal Vidyut Nigam Ltd (SJVN) rose 13 percent in early trades on Friday (July 26) after SJVN said it has secured a Letter of Intent from the Government of Mizoram to develop the 2,400 MW Darzo Lui Pumped Storage Project worth Rs 13,947 crore, marking the firm's entry to the North-Eastern state.
New Delhi/IBNS: The Reserve Bank of India (RBI), in view of the rising number of mobile and internet banking users, has proposed to tighten norms related to the liquidity coverage ratio (LCR) by increasing the run-off factor for retail deposits, reports said.
Mumbai/IBNS: Mankind Pharma Ltd, India’s fourth largest pharmaceutical company by market share, on Thursday (July 25) said it has entered into a definitive agreement to acquire a 100 percent stake in Bharat Serums and Vaccines (BSV) from Advent International for an enterprise value of Rs 13,630 crore, according to reports.
New Delhi/IBNS: Foxconn has been eyeing major expansion in India as the Taiwanese tech major is planning to assemble Apple's flagship tablet iPad at its Sriperumbudur facility in Tamil Nadu, according to a report by the Economic Times.
Mumbai/IBNS: Foreign portfolio investors (FPIs) have taken out almost Rs 10,710 crore ($1.27 billion) from the Indian stock market in the last three days after the government, in the Union Budget, raised taxes on derivatives trades and on capital gains from equity investments, reports said.
Bengaluru: State-run lender Canara Bank Thursday reported a 10.5 percent YoY growth in net profit at Rs 3,905.28 crore in the Q1FY25, compared to Rs 3,535 crore in the same period last year.
Mumbai: Indian Hotels Company (IHCL) on Friday announced the opening of Taj City Centre in Bihar’s capital Patna marking the iconic brand's debut in Bihar's vibrant capital city.
Mumbai: Tata Motors’ market capitalization crossed Rs 4 trillion for the first time on Thursday.
Bengaluru: India's IPO-bound Ola Electric has paused its plans to launch electric cars, choosing instead to concentrate on its e-scooter business, according to a Reuters report.
New Delhi: The government will handle all future bond payments for Mahanagar Telephone Nigam Ltd. (MTNL) as the state-owned company deals with a liquidity crisis, according to a Bloomberg report.
Chennai: Hinduja Group company Ashok Leyland reported an 8.7 percent decline in standalone net profit at Rs 525.58 crore in the first quarter of FY25, compared to Rs 576.42 crore in the corresponding period of previous financial year.
Eastern India’s leading Infra and e-commerce start up founder, Laxman Jaiswal said in a statement that the Union Budget of India for the fiscal year 2024 has been widely anticipated for its potential impact on various sectors, including angel investors, start-ups, and real estate.
New Delhi: Global credit rating agencies have praised the FY25 Budget for maintaining a strong commitment to reducing fiscal deficit. Moody's Ratings highlighted that the Budget is viewed as a positive development for the country's credit outlook, media reported.
Mumbai: The Reserve Bank of India (RBI) has updated the regulatory framework for domestic money transfer services, tightening Know Your Customer (KYC) requirements for regulated entities.
Mumbai: Federal Bank registered net profit of Rs 1009.53 crore for the quarter ended 30th June 2024, up 18.25 % YoY.
Mumbai: L&T reported a 12% increase in profit after tax (PAT) to Rs 2,786 crore for the June quarter, up from Rs 2,493 crore in the same period last year.
Mumbai: SBI Life Insurance reported a net profit of Rs 519 crore for the June quarter, up 36% YoY compared to the same period last year.
Mumbai: Axis Bank reported a net profit of Rs 6,035 crore for the first quarter of FY25, an increase from Rs 3,452 crore in the same quarter of the previous year, surpassing market expectations.
Tata Advanced Systems Limited (TASL), a private sector player for aerospace and defence solutions, and Airbus Helicopters have formalised the contract to establish the H125 Final Assembly Line (FAL) in India.
Bengaluru: Ola Electric, led by Bhavish Aggarwal and backed by Japanese investment giant Softbank, is preparing to launch its highly anticipated initial public offering (IPO) as early as the first half of August, according to multiple industry sources cited by Moneycontrol.
New Delhi: The Indian Railways received a 2 percent increase in its capital expenditure (capex) allocation in the Union Budget of 2024-25, reaching a record Rs 2.652 trillion, up from Rs 2.6 trillion in the Revised Estimate (RE) for 2023-24.
New Delhi: Finance Minister Nirmala Sitharaman announced a significant reduction in customs duties on gold and silver during her Budget presentation on Tuesday.
New Delhi: Union Finance Minister Nirmala Sitharaman on Tuesday announced some key benefits in Budget 2024-25, in her seventh consecutive budget, and the first budget of Modi 3.0
Mumbai: Real estate stocks dropped following Finance Minister Nirmala Sitharaman's proposal to remove the indexation benefit for calculating long-term capital gains tax (LTCG) on real estate.
The Indian Government will launch a comprehensive scheme for providing internship opportunities in top companies, Union Minister Nirmala Sitharaman announced on Tuesday.
The Government will implement 3 schemes for ‘Employment Linked Incentive’, as part of the Prime Minister’s package.
While presenting the Union Budget 2024-25 in Parliament on Tuesday, the Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman said land-related reforms and actions, both in rural and urban areas, will be incentivized for completion within the next 3 years through appropriate fiscal support.
New Delhi: Finance Minister Nirmala Sitharaman presented the 2024-25 Budget on Tuesday, her seventh consecutive budget presentation and setting a new record, surpassing former Prime Minister Morarji Desai. This budget is the first of Prime Minister Narendra Modi's third term. Sitharaman underscored the government's success in maintaining economic stability.
Union Finance Minister Nirmala Sitharaman has announced several measures to step up adoption of technology towards digitalization of the economy.
Union Minister for Finance & Corporate Affairs Nirmala Sitharaman announced a financial support for loans upto Rs. 10 lakh for higher education in domestic institutions for helping youth who have not been eligible for any benefit under government schemes and policies.
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