Business

08 Jul

Statement from Kotak Mahindra Discusses KIOF Fund’s Compliance Efforts

Business BureauBusiness

Spokesperson, Kotak Mahindra International Limited, stated, “K- India Opportunities Fund Ltd. (KIOF) is a SEBI registered Foreign Portfolio Investor and is regulated by the Financial Services Commission of Mauritius. The Fund, was established in 2013 to enable foreign clients to invest in India. The Fund follows due KYC procedures while onboarding clients and all its investments are made in accordance with all applicable laws. We have cooperated with regulators in relation to our operations and continue to do so. Kotak Mahindra International Limited (KMIL) and KIOF unequivocally state that Hindenburg has never been a client of the firm nor has…

08 Jul

Crop insurance coverage decrease in FY20 as top four insurers cut risk

Priyanka RoyBusiness, News

Despite pressure from the government to expand insurance coverage in the agriculture sector, general insurance companies reduced their exposure in crop insurance under the Pradhan Mantri Fasal Bima Yojana (PMFBY) during FY 2024. Gross direct premiums written by insurers declined 4.17 percent to Rs 30,677 Crore during the financial year, compared to Rs 32,011 Crore in the previous year, while farmers faced crop losses due to floods, unseasonal rains and heat waves. Crop insurance premium had improved by 8.66 percent to Rs 29,465 Crore in the previous financial year (FY23). According to data released by the General Insurance Council, the…

08 Jul

Samsung opens pre-reserve for Next Galaxy Z Series foldable smartphones

Business BureauBusiness

Samsung, India’s leading electronics brand, has announced the pre-reserve option for its upcoming Galaxy Z series foldable smartphones, providing customers with early access and exclusive offers. By paying a token amount of INR 2000 on Samsung.com, Samsung Exclusive Stores, Amazon.in, Flipkart.com, and leading retail outlets across India, consumers can secure their devices and enjoy benefits worth up to INR 7000 upon purchase. Scheduled for a global launch on July 10 at the Galaxy Unpacked event in Paris, the new Galaxy Z series smartphones are set to feature advanced Galaxy AI technology, promising a revolutionary mobile experience. "The next frontier of…

06 Jul

Gujarat sees 55% jump in FDI inflows in FY 2023-24

Priyanka RoyBusiness, News

According to data released by the Department for Promotion of Industry and Internal Trade (DPIIT) under the ministry, Gujarat recorded a 55 percent ($2.6 billion) increase in FDI inflows during FY 2023-24 compared to FY 2022-23. It received $7.3 billion in FY 2023-24 compared to $4.7 billion in FY 2022-23. With FDI inflow of $7.3 billion, Gujarat reached the second position in the country, surpassing Karnataka and Delhi. Gujarat has improved in attracting FDI for 3 successive financial years by securing investments of $2.7 billion in FY2022, $4.7 billion in FY2023 and $7.3 billion in FY2024. Speaking about Gujarat's performance…

05 Jul

Mahindra Powerol Unveils Fuel-Efficient, Compact DG Sets Ranging from 5 KVA to 650 KVA

Business CorrespondentBusiness

Joyshree Powerol authorise GOEM in Association with PL Bagri & Co. authorised Sales & Service dealer of Mahindra & Mahindra Ltd, one of the leading diesel generator manufacturers, today announce the launch of its latest CPCBIV+ emission standard compliant range of Diesel Generator sets at Guwahati, Assam. The CPCBIV+ Genset was launched by honourable Mr. Sanjay Jain, Business kleed SR. vp Mahindra Powerol, Mr. Susanta Das, Regional Sales Manager, Mahindra & Mahindra Ltd, Mr. Souvin Das, Area Sales Manager, North East, Mahindra & Mahindra Ltd in presence of Mr. Shyam Agarwalla, Managing Partner, Joyshree Powerol and Mr. Bimal Kumar Bagri,…

05 Jul

NK Singh says India needs to maintain growth path for next two decades

Priyanka RoyBusiness, News

NK Singh is the co-convenor of the High Level Expert Group on Reforms of bilateral Development Banks (MDBs) constituted by the G20 and the Chairman of the New Delhi-based Institute of Economic development.Chairman of the 15th Finance Commission and former Rajya Sabha MP NK Singh on Wednesday said that India needs to uphold its current expansion path for the next two decades as it hopes to accomplish developed nation status. Singh was awarded an Honorary Fellowship by the London School of Economics and Political Science at a ceremonial in London.In his acceptance speech titled "The India Era", Singh highlighted the…

04 Jul

Rupee decrease 1 paise to close at 83.50 against US dollar

Priyanka RoyBusiness, News

Resisting pressure from higher crude oil prices, the rupee pared its early losses and closed on an almost flat note at 83.50 (provisional) against the US dollar on Thursday.Forex traders said domestic equities witnessed a positive trend, with benchmark indices hitting all-time highs, and significant foreign fund inflows supported the rupee and stemmed the decline.At the interbank forex market, the local unit opened at 83.52 and hit an intraday high of 83.48 and low of 83.56 against the American currency during the session.It finally closed at 83.50 (provisional) against the dollar, which is 1 paise lower than its previous close.…

04 Jul

Tata Motors’ Comprehensive After-Sale Services Preserve Assam’s Truck Industry

Business BureauBusiness

Tata Motors has made significant strides in the Indian trucking industry by continuously strengthening its service ecosystem and playing a pivotal role in ensuring higher uptime of vehicles, a crucial element in meeting today's tight freight delivery timelines. Focused on offering a robust service network, range of value-added services, easy access to genuine spare parts, along with prioritizing driver well-being, the company consistently assures customers of an excellent ownership experience. Tata Motors has established a comprehensive service network in Assam, with 90 strategically located touchpoints and well-stocked dealerships. The company's skilled technicians are central to its service excellence. To enhance…

04 Jul

Tata Motors Surpasses Expectations, Sells 229,891 Units in Q1FY25

Business BureauBusiness

Tata Motors Limited's sales in Q1FY 2024-25 increased to 229,891 vehicles, compared to 226,245 units in Q1FY 2023-24. The domestic sales performance showed a -8% decrease from June 2024 to June 2023, with total sales of 74,147 and 74,147 respectively. The change in Q1 FY25 from 225,719 to Q1 FY24 222,345 represents a 2% increase in the previous year. The rate of decrease for Domestic commercial vehicles in June 2024 and June 2023 was -8%, with a total of 30,623 vehicles sold in June 2024 as compared to 33,148, in June 2023. The total sales of commercial vehicles in June…

04 Jul

NESFB initiates a substantial hiring campaign to enhance regional employment opportunities

Business BureauBusiness

North East Small Finance Bank (NESFB) has announced one of the largest hiring drives in the Northeast. The bank aims to recruit over 200 new employees in the first phase of this expansive initiative. NESFB will hire for roles across their branches in Guwahati, Lakhimpur, Nalbari, Tezpur, Jorhat, Diphu, Dibrugarh, Kokrajhar, Kamrup, Shillong, Siliguri, Agartala and Aizawl. For the first phase of its hiring drive, the bank is primarily recruiting for two key positions across its branches: Relationship Officer - Assets and Relationship Officer - Liabilities. Candidates with a bachelor’s degree and 0-3 years of experience in the banking industry…