BUSINESS

09 Nov

The price of oil would have skyrocketed worldwide if we hadn’t imported from Russia

TanupriyaBUSINESS

India's oil minister stated that foreign oil prices "would have hit the roof" if the major importer had not purchased oil from Russia during the conflict in Ukraine, adding that pricing would dictate the country's oil supplier.Since Ukraine's invasion started in early 2022, India, the third-largest oil importer and consumer in the world, has emerged as the leading purchaser of cheap Russian seaborne oil that Western nations have avoided. Prior to then, India purchased very little oil from Russia, its longtime defense ally. New Delhi has frequently justified its imports from Russia, arguing that they are essential to controlling pricing…

08 Oct

Garuda Construction & Engineering IPO finally debut today

Banasree SarkarBUSINESS

Garuda Construction and Engineering Ltd made its primary market debut today. On October 7, the company that provides civil construction services received ₹75 crore from anchor investors in preparation for its first public offering. Garuda Construction and Engineering's IPO price band is set at ₹92-95 per share, with a total offer value of ₹264.10 crore. Investors can subscribe to the initial share offering from today until October 10. Half of the issue size has been assigned to qualified institutional buyers, 35% to retail investors, and the remaining 15% reserved for NIIs. Interested investors may bid for a minimum of 157…

05 Oct

India’s forex reserve bank becomes the becomes the forth in reaching $700 billion

Sonakshi SarkarBUSINESS

India's foreign reserves surpassed $700 billion for the first time, rising by $12.6 billion during the week ending September 27, according to Reserve Bank of India (RBI) figures. India becomes the fourth economy in the world to reach $700 billion in foreign reserves, following China, Japan, and Switzerland. The $12.6 billion boost is the highest weekly addition since July 14, 2023. In comparison, the total reserves increased by $2.8 billion to $692.3 billion in the preceding reporting week. Stable oil prices & country's stocks flows and bonds have increased foreign exchange reserves to $705 billion. India's reserves first reached $100…

04 Oct

4 new apple retail store is going to open in India

Sonakshi SarkarBUSINESS

Apple plans to open four more retail outlets in India, one each in Bengaluru, Pune, Delhi-NCR, and Mumbai, the US multinational electronics company revealed on Friday. In April 2023, Apple established its first two stores in India: in Delhi and Mumbai. Apple announced that the iPhone 16 Pro and Pro Max, which are built in India, will be available soon for local users as well as export to "select countries" around the world. Apple began producing iPhones in India in 2017. It now has more than 3,000 employees in India. Apple now manufactures the full iPhone 16 family, including the…

01 Oct

Board meeting held of Life Insurance Corporation of India about new policies

Banasree SarkarBUSINESS

Starting this month, a policyholder will receive a larger reimbursement if he cancels his life insurance coverage during the first few years. The Insurance Regulatory and Development Authority of India (Irdai) has directed insurance companies to offer greater special surrender values (SSVs) for traditional endowment contracts from October 1, 2024. This is likely to increase flexibility and liquidity for life insurance clients looking to swap plans. According to various reports, insurers, including the Life Insurance Corporation of India (LIC), have pushed Irdai to amend the surrender value regulations and extend the deadline for compliance. However, there has been no official…

30 Sep

Board meeting of SEBI held for F&O trading

Sonakshi SarkarBUSINESS

Securities and Exchange Board of India (SEBI) meets today for F&O trading. Benchmark markets, Sensex and Nifty fell more than 1% in anticipation of these moves. The SEBI board is expected to approve proposals for a 'new asset class', mutual fund light restrictions, and a rights issue and preferential allotment of shares. The market regulator also had a consultation paper to introduce mutual fund light regulations for passively managed mutual fund schemes. This relaxed regulatory framework for passive MF schemes aims to reduce compliance requirements, increase penetration, diversify investments and encourage innovation. SEBI proposed several short-term measures in July this…

08 Jul

The APEDA along with the Department of Agriculture and Farmers Welfare, Govt.of Meghalaya organized a one-day Bharat Agri Conclave cum International Buyer-Seller Meet in Shillong

Business CorrespondentBUSINESS

The Agricultural and Processed Food Products Export Development Authority (APEDA) along with the Department of Agriculture and Farmers Welfare, Govt.of Meghalaya organized a one-day Bharat Agri Conclave cum International Buyer-Seller Meet in Shillong, Meghalaya on 6th July 2024. The primary objective of the event was to promote the agri-horti products in the North East Region (NER), especially those from Meghalaya. The event was inaugurated by Dr. Mazel Ampareen Lyngdoh, Hon’ble Minister for Agriculture and Farmers Welfare Department, Government of Meghalaya along with Dr. Vijay Kumar D, IAS, Commissioner and Secretary, Agriculture and Farmers' Welfare Department, Govt. of Meghalaya and Shri…

26 Jun

Direct helicopter services from Jammu to Shri Mata Vaishno Devi begins

Business CorrespondentBUSINESS

In a major boost to pilgrimage centre, the Vaishno Devi shrine, the much-awaited helicopter service from Jammu to Vaishno Devi via Panchhi helipad started on Tuesday(26 June 2024) The service will offer a convenient and comfortable mode of transportation to the shrine. The direct helicopter service from Jammu to Vaishno Devi was confirmed by the Shri Mata Vaishno Devi Shrine Board at its 72nd meeting on April 3, 2024. To cost Rs 35,000 The shrine board has set up two packages as per the need of pilgrims, the same day return (SDR) package which costs Rs 35,000 while the next…

22 Jun

KEI Wires and Cables Launches Revolutionary Eco-Friendly Product “Conflame Green+”

Business CorrespondentBUSINESS

KEI Wires and Cables, a leading name in the electrical industry, is proud to announce the launch of its groundbreaking house wire, Next Gen living eco friendly solution “Conflame Green+,” at a prestigious business partners meet in Assam. This event marks a significant milestone in KEI’s ongoing journey toward sustainability and consumer safety in the electrical solutions domain. The business partners’ meet was graced by the presence of distinguished leadership including Mr. Anil Gupta, Chairman and Managing Director of KEI, Mr. Akshit Divish Gupta, Director, Mr. Manoj Kakkar, Executive Director, and Mr. Ravi Sharma, Vice President of Sales and Marketing.…

13 Jun

Retail inflation hits 12-month low of 4.75% in May 2024: Government data

Priyanka RoyBUSINESS, News

Retail inflation fell to a one-year low of 4.75% in May as prices of some kitchen items declined marginally, according to government data released on Wednesday. Consumer Price Index (CPI) based retail inflation stood at 4.83 percent in April 2024 and 4.31% in May 2023 (previous low). According to data released by the National Statistical Office (NSO), inflation in the food basket stood at 8.69% in May, slightly lower than 8.70% in April. A headline price increase has seen a gradual decline since February 2024, albeit in a narrow range from 5.1% in February to 4.8% in April 2024. The…