Business

20 Aug

Block deal: Zomato shares decrease 2% amid high turnover; ANTFIN POTENTIAL SELLER

Priyanka RoyBusiness, News

Zomato shares fell 1.98 percent to an intraday low of Rs 257.10 on BSE, with the counter logging volume of 19.86 crore shares - 44.5 times its two-week average volume; And turnover was Rs 5,115.21 crore.Shares of Zomato Ltd decrease nearly 1 percent in Tuesday trade amid high turnover as China's Antfin Singapore Holdings sold 1.54 percent stake in the food delivery platform through a block deal. Zomato stock fell 1.98 percent to an intraday low of Rs 257.10 on BSE, with the counter logging volume of 19.86 crore shares - 44.5 times the two-week average volume; And turnover was…

20 Aug

Nagaland embraces future-ready disaster management with SBI General Insurance’s innovative parametric solution

Business BureauBusiness

In a pioneering advancement for disaster management, Nagaland has partnered with SBI General Insurance to deploy the cutting-edge Nagaland Disaster Risk Transfer Parametric Insurance Solution (DRTPIS). This innovative initiative is set to transform the state’s approach to managing natural calamities, marking a significant leap forward in risk management technology. The DRTPIS, outlined in a new three-year Memorandum of Understanding (MoU), integrates advanced parametric insurance technology to provide comprehensive coverage against extreme weather events, including excess and unseasonal rainfall. This tech-driven solution promises to expedite recovery processes and mitigate financial impacts from natural disasters, addressing the growing need for rapid and…

17 Aug

Gold decrease by Rs 400; Silver rises by Rs 800

Priyanka RoyBusiness, News

According to the All India Bullion Association, the price of gold in the national capital fell by Rs 400 to Rs 72,750 per 10 grams on Friday.In the previous session, the precious metal had closed at Rs 73,150 per 10 grams.Commodity markets were closed on Thursday on the occasion of Independence Day. Silver prices rose by Rs 800 to Rs 84,000 per kg, from Rs 83,200 per kg at the previous close.Meanwhile, gold of 99.5 percent purity fell by Rs 400 to Rs 72,400 per 10 grams. In the last session it had closed at Rs 72,800 per 10 grams.On…

16 Aug

Free India from the menace of illicit tobacco trade

Business BureauBusiness, North East

This Independence Day, Philip Morris International’s (PMI) India affiliate, IPM India, reinforces its commitment towards illicit tobacco trade prevention to safeguard India’s economic interest & protect consumers. Illicit tobacco trade is a major threat and growing challenge worldwide. India has witnessed a significant rise in illicit in recent years and it only seems to rise with time. As per 2022 FICCI Cascade study, the overall market for illegal cigarettes in India is estimated to be at ₹22,930 crore. As per the reports, the total loss to the Govt. of India estimated for 2022, on account of the illicit markets in…

16 Aug

Itanagar hosts energetic K-Pop contest as regional rounds progress

Business BureauBusiness

The Itanagar regional round of the All India K-Pop Contest 2024 drew significant attention as K-Pop fans flocked to the Dorjee Khandu State Convention Hall. This event, part of a nationwide search for K-Pop talent, featured a vibrant display of performances from 77 participants selected from 415 online registrations. In the dance category, 'The Trend' stole the show with a captivating routine to Stray Kids' 'God’s Menu,' while Dorothi Hazarika emerged victorious in the vocal category with Ailee's 'I Will Go To You Like The First Snow.' Both winners will advance to the semi-finals in New Delhi on October 19.The…

16 Aug

State Bank of India inflation MCLR by 10 bps for all tenors

Priyanka RoyBusiness, News

State Bank of India (SBI) has increased the marginal cost of lending rate (MCLR) by 10 basis points (bps), effective from today. The MCLR hike by SBI comes days after the Reserve Bank of India (RBI) left the repo rate unchanged at 6.5 percent. Overnight and one month MCLR have been increased to 8.2 percent and 8.45 percent respectively. The revised rate for six-month MCLR is 8.85 percent, which was earlier 8.75 percent. The bank will charge MCLR of 8.95 percent on one year loan. The revised MCLR on loans with tenures of two years and three years is 9.05…

16 Aug

Bandhan Bank launches 8.50% FD rates, eyes growth in Agartala

Business BureauBusiness

Bandhan Bank has introduced a new fixed deposit (FD) tenure of 1 year 9 months, offering highly competitive interest rates. Senior citizens can earn 8.50% per annum, while other customers receive 8%. The bank also offers up to 7% interest on savings accounts with balances above Rs. 10 lakh. Rajinder Babbar, Executive Director and Chief Business Officer of Bandhan Bank, highlighted the bank’s customer-focused approach, stating, “Our new FD bucket aligns with our commitment to provide exceptional returns and meet the evolving needs of our clients.”Bandhan Bank’s competitive FD rates have positioned it strongly across India, including emerging markets like…

14 Aug

HAL Q1 results: Net profit upgrade 77% to Rs 1,437 crore

Priyanka RoyBusiness, News

Hindustan Aeronautics Limited (HAL) on August 14 reported that its Q1FY25 consolidated net profit rose 77 per cent year-on-year to Rs 1,437 crore from Rs 814 crore in the same period last year. The PSU defense major's consolidated revenue from operations in the April-June quarter rose 11 per cent to Rs 4,348 crore from Rs 3,915 crore a year ago.Total income in the quarter under review increased by almost 18 percent to Rs 5,083 crore. In the year-ago period it was reported to be Rs 4325 crore. There was a slight increase in the company's expenses in the June quarter…

13 Aug

Revenue of domestic API companies will inflation by 7-8% by 2029: ICRA

Priyanka RoyBusiness, News

New Delhi, August 13 (Language) Rating agency Icra said on Monday that domestic active pharmaceutical ingredient producing companies are expected to see a growth of 7-8 percent in revenue by 2029.The rating agency expects revenues of its sample companies to grow at a CAGR of 7-8 percent between 2023 and 2029, from an estimated size of US$13-14 billion in 2023.It also estimates that there will be a marginal improvement in the operating profit margin (OPM) of its sample set of companies in FY2025. Domestic API industry players faced considerable volatility in earnings during FY 2021-2023 due to multiple constraints such…

12 Aug

Bank loan write-offs to decrease by 18% in FY2024, RBI data shows

Priyanka RoyBusiness, News

Banks in India have slowed down the pace of loan waivers, with the amount written off during the financial year ending March 2024 falling, according to Reserve Bank of India (RBI) data, The Indian Express reports. There has been a decline of 18.15%. After waiving off loans worth over Rs 9.90 lakh crore in the last five years, banks waived off Rs 1,70,270 crore in FY24, down from Rs 2,08,037 crore last year.Large-scale write-offs have helped banks reduce their non-performing assets (NPAs) by Rs 9,90,224 crore ($117.88 billion) in the last five years. However, recovery from these written off loans…