Business

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, latest

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, latest

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, latest

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, latest

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.…