Business

18 Jun

US retail sales in May increase just 0.1% from April as still-high inflation curbs spending

Priyanka RoyBusiness, News

Consumers barely up spending in May compared to April as still-high inflation and high interest rates curbed spending.According to the Commerce Department, retail sales rose 0.1 percent in May, slower than the pace expected by economists. And April sales were revised downwards – down 0.2 percent from unchanged. Sales rose 0.6 percent in March and 0.9 percent in February. This comes after a 1.1 percent decline in sales in January, which was partly due to bad weather.Excluding gas prices and auto sales, retail sales increased by the same amount. Excluding gasoline sales, whose prices are falling, sales rose 0.3 percent.…

15 Jun

SBI expansion MCLR by 10 bps for all tenors

Priyanka RoyBusiness, News

State Bank of India (SBI) has increased the marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps) for all tenors. The MCLR hike by SBI comes days after the Reserve Bank of India (RBI) left the key policy rate unchanged.This move is likely to be followed by other lenders, resulting in loans becoming costlier for borrowers.The country's largest lender has revised the one-year MCLR from 8.65 percent to 8.75 percent. Overnight MCLR has been increased from 8 percent to 8.1 percent. One and three month MCLR has been increased to 8.3 percent from earlier 8.2 percent.The revised…

15 Jun

Kotak Life Insurance launches Kotak Gen2Gen Protect Protection plan that not only covers you but can also be passed on to your child as a legacy

Business CorrespondentBusiness

Kotak Mahindra Life Insurance Company Ltd (“Kotak Life”) announced the launch of its new protection plan Kotak Gen2Gen Protect. This product offers an industry-first feature with an option of covering two generations with one plan, thus passing on the legacy of protection. Coming with a 100% guaranteed return of premium benefit on survival, Kotak Gen2Gen Protect offers a flexibility of transferring the complete risk cover to the child, when the parent (primary life insured) turns sixty or sixty-five years of age. Addionally, this risk cover stays on with the child till the age of sixty. The product also offers comprehensive…

15 Jun

Minister Jayant Chaudhary champions inclusive skill development drive

Business BureauBusiness

In a proactive move towards reshaping India's skill development landscape, Minister of State (Independent Charge) for the Ministry of Skill Development and Entrepreneurship (MSDE), Jayant Chaudhary, embarked on a comprehensive review of ministry initiatives and operations today. His approach blended strategic oversight with personal engagement, starting the day by sharing a meal with ministry employees at their canteen—an unconventional yet effective method to connect with frontline staff and understand their perspectives firsthand. Throughout the day, Minister Chaudhary delved into discussions with senior officials and industry leaders, emphasizing the transformative potential of skill development in fostering economic empowerment and innovation-driven employment.…

15 Jun

Foundation stone laid for the project of solar-power by Assam CM

editorAssam, Business

Assam Chief Minister Himanta Biswa Sarma in a joint venture with the Assam Power Generation Corporation and Oil India Limited has laid the foundation stone for a 25-MW solar power generation project at Namrup Thermal Power Station in Dibrugarh district. According to the sources, the project will span 108 acres and is expected to cost Rs. 115 crore. The project aims to produce 50 million units of electricity annually. And expected to be completed by July 2025. Assam Chief Minister Himanta Biswa Sarma said, "The state produces only 419 MW of power, necessitating the purchase of around 2,100 MW daily.…

14 Jun

Punch.ev and Nexon.ev achieved a 5 star Bharat-NCAP safety rating

Business BureauBusiness

Tata Motors has achieved a historic milestone in automotive safety with its Punch.ev and Nexon.ev electric vehicles both receiving top-tier 5-star safety ratings from Bharat-NCAP, underscoring Tata's leadership in India's electric vehicle (EV) market. Punch.ev, Tata's latest addition to its EV lineup, achieved remarkable scores of 31.46/32 for adult occupant protection (AOP) and 45/49 for child occupant protection (COP), setting new benchmarks in safety standards. Similarly, Nexon.ev demonstrated exceptional safety with scores of 29.86/32 for AOP and 44.95/49 for COP, reaffirming Tata Motors as the sole OEM with a full SUV portfolio achieving 5-star ratings across both Bharat-NCAP and Global-NCAP…

14 Jun

Samsung launches Galaxy Watch FE

Business BureauBusiness

Samsung Electronics has introduced the Galaxy Watch FE, expanding its smartwatch offerings with enhanced health monitoring capabilities and a sleek design aimed at broader accessibility. The Galaxy Watch FE builds on Samsung’s commitment to democratizing advanced health technology, integrating powerful features like Samsung’s BioActive Sensor. This sensor enables continuous health tracking, including advanced sleep analysis, heart rate monitoring, and alerts for irregular heart rhythms. The watch also monitors blood pressure and offers ECG readings, supporting users with comprehensive health insights.Designed for everyday durability and style, the Galaxy Watch FE features a 40mm size with options in Black, Pink Gold, and…

13 Jun

Shri Jayant Chaudhary to Lead MSDE as Minister of State (Independent Charge)

Business BureauBusiness

Taking charge at Kaushal Bhawan, New Delhi, Shri Jayant Chaudhary assumes leadership as the Minister of State (Independent Charge) for the Ministry of Skill Development and Entrepreneurship (MSDE). Welcoming the seasoned leader, Shri Atul Kumar Tiwari, Secretary of MSDE, marks the inauguration of a pivotal phase in India's skill development and entrepreneurial ecosystem. In his inaugural address, Shri Chaudhary outlines a vision aligned with Prime Minister Narendra Modi's call for a 'Viksit Bharat,' emphasizing the urgent need to empower India's vast youth population with transformative skill development opportunities. Highlighting the ministry's commitment to bridging the skills gap, Shri Chaudhary pledges…

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…

12 Jun

Tata Motors share prices upturn as brokerage firms maintain bullish stance; Stocks rise 7% in a week

Priyanka RoyBusiness, News

Tata Motors share price rose more than 2% on Wednesday, adding 7% in a week, as brokerages maintained a bullish stance on the stock amid better growth prospects highlighted by the company in an investor meet. While Tata Motors' Indian business has already become net debt free by FY2024, it has set a target for Jaguar Land Rover (JLR) to become net debt free by FY2025. Tata Motors aims to grow up the passenger vehicle (PV) industry by 2X on new nameplates across ICE, CNG and EVs with a development of 80% of the addressable market by FY2030 from 53%.…