Business

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…

12 Aug

Toyota Kirloskar Motor fuels hope for a greener future on World Biofuel Day 2024

Business BureauBusiness

On World Biofuel Day 2024, Toyota Kirloskar Motor (TKM) is spotlighting a transformative approach to sustainability that deeply impacts communities and individuals. As part of its global mission to achieve carbon neutrality by 2050, TKM is advancing the use of biofuels to create a more sustainable and equitable future. India’s growing reliance on imported crude oil has spurred TKM’s focus on ethanol, with blending rates hitting 15.90% in June 2024. The ambitious target of 20% blending by 2025 promises not just to cut carbon emissions but to bring significant social benefits. This shift towards biofuels is poised to rejuvenate local…

12 Aug

Godrej Agrovet drives green revolution with new oil palm initiatives in Tripura

Business BureauBusiness

Godrej Agrovet Limited (GAVL) is set to establish an innovative Oil Palm Processing Mill and a high-tech Research & Development (R&D) center in Tripura’s Dhalai district. This bold initiative not only includes boosting the nursery capacity from 300,000 to 500,000 plants annually but also introduces "Samadhan," a one-stop solution center dedicated to supporting local oil palm farmers. The groundbreaking ceremony, which saw the participation of Tripura’s Agriculture & Farmers’ Welfare Minister Ratan Lal Nath and Dr. Harikrishna Kulaveerasingam from SD Guthrie Plantations, Malaysia, symbolizes a new chapter in the region’s agricultural landscape. The R&D center aims to develop high-yield oil…

10 Aug

Godrej Agrovet expands oil palm footprint with new mill and R&D center in Tripura

Business BureauBusiness

Godrej Agrovet Limited (GAVL) is set to bolster India’s oil palm sector by establishing a state-of-the-art Oil Palm Processing Mill and an advanced Research & Development (R&D) center in Tripura’s Dhalai district. This initiative includes expanding their nursery capacity from 300,000 to 500,000 plants per year and launching “Samadhan,” a one-stop solution center for comprehensive support to oil palm farmers. The groundbreaking ceremony, inaugurated by Tripura’s Agriculture & Farmers’ Welfare Minister Ratan Lal Nath and attended by Dr. Harikrishna Kulaveerasingam of SD Guthrie Plantations, Malaysia, marks a significant milestone. The R&D center will focus on developing high-yield, locally adapted oil…

10 Aug

Bandhan Bank celebrates Leander Paes’s historic hall of fame induction

Business BureauBusiness

Bandhan Bank has honored Indian tennis icon Leander Paes on his historic induction into the International Tennis Hall of Fame, marking him as the first Asian player to achieve this prestigious accolade. This milestone recognizes Paes’s outstanding contribution to tennis and his global influence over a stellar career that has spanned over three decades. Ratan Kumar Kesh, MD & CEO (Interim) of Bandhan Bank, lauded Paes’s achievement, stating, “Leander’s induction is a monumental moment for the nation. His dedication and sportsmanship set a high bar for excellence.” Kesh also highlighted Bandhan Bank’s commitment to supporting Paes’s vision of inspiring 250…

10 Aug

Equity fund inflows drop 9% to ₹37,113 crore in July, AMFI data shows

Priyanka RoyBusiness, News

The Association of Mutual Funds in India released its data for the month of July on Friday.What happened: Open-ended equity mutual fund inflows lapse 8.6% month-on-month to ₹37,113.39 crore in July, according to the latest data. Net equity fund inflows had reached a new high of ₹40,608 crore in June.Inflows into large-cap funds stood at ₹670.12 crore, showing a decline of 31%, mid-cap funds saw inflows of ₹1,644.22 crore, while inflows into small-cap funds stood at ₹2,109.20 crore. Sectoral/thematic funds saw the highest investment of Rs 18,386.35 crore. With this, open-ended equity funds remained in positive territory for the 41st…

10 Aug

Golaghat team among top 20 semi-finalists in Samsung’s ‘Solve for Tomorrow’ 2024

Business BureauBusiness

Samsung India has unveiled the top 20 semi-finalists for its ‘Solve for Tomorrow’ 2024 competition, with Golaghat’s Team ‘Eco Tech Innovator’ making the cut. This flagship CSR program, which emphasizes technological solutions for pressing issues, features 51 students from across 12 states and 2 Union Territories. The competition highlights innovative ideas across two main themes: ‘Community and Inclusion’ and ‘Environment and Sustainability.’ Notably, 25% of the top ideas address water-related issues, including conservation and pollution, while 20% focus on bridging the digital literacy gap. Participants from remote areas such as Imphal, East Khasi Hills, and Bilaspur are among those recognized.…

10 Aug

Mahindra opened a brand-new dealership in Guwahati

Business BureauBusiness

Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra and Mahindra (M&M), today opened a brand-new dealership in Guwahati, Assam. Green Valley Autoworks is located at Jayanagar, Tripura Road near Nerim, Guwahati 781028 and will sell the entire range of LMM products including the all-electric Treo range – available in passenger as well as cargo, Zor Grand electric cargo, e-Alfa Plus rickshaw/Cargo, Jeeto (petrol/diesel/CNG) small commercial cargo 4-wheeler, and Alfa diesel/CNG 3-wheeler vehicles. The dealership boasts Mahindra-trained manpower for sales as well as service, excellent finance schemes for customers and lucrative exchange benefits. The dealership inauguration was done by…

09 Aug

TVS Ntorq comes in a new look, priced within 1 lakh

Banasree SarkarBusinessTVS Ntorq

TVS Motor Company has recently launched a new version of their old TVS Ntorq model. It has four color options. This standard model scooter has been launched in three new colors. Another matte black color has been added to the Race XP version of this TVS scooter. Apart from this new color, TVS (TVS Ntorq 125) has not brought any other changes to this scooter. New variant of this old model of TVS:TVS New Variant Scooter, the TVS Ntorq 125, and the TVS Ntorq Race XP have been released in the Indian market. TVS Ntorq 125 ex-showroom price starts from…

09 Aug

LIC Q1 results: Net profit upsurge 9% to ₹10,544 crore, VNB margin up 20 bps to 13.9%

Priyanka RoyBusiness, News

LIC Q1 results: Life Insurance Corporation of India (LIC) on Thursday, August 8 announced its April-June quarter results for the financial year 2024-25 (Q1FY25) with a nine percent rise in consolidated net profit to ₹ An increase of Rs 10,544 crore was recorded. Total income of India's largest insurer rose to ₹2,10,910 crore during the latest June quarter, compared to ₹1,88,749 crore in the year-ago period.The life insurance giant's first-year premium rose to ₹7,470 crore in the June quarter, compared to ₹6,811 crore in the year-ago period. LIC earned ₹56,429 crore from renewal premium, compared to ₹53,638 crore a year…