Business

27 May

India’s stock market soars; NSE surpasses USD 5 trillion market cap, Nifty 50 hits new heights

Business BureauBusiness

The National Stock Exchange (NSE) of India has scaled unprecedented heights, with the market capitalization of listed companies eclipsing the USD 5 trillion mark on May 23, 2024. Accompanying this historic achievement was the Nifty 50 Index's remarkable ascent to an all-time peak of 22,993.60, illuminating the Indian stock market's meteoric rise. The journey to this zenith has been characterized by resilience and vigor. From USD 2 trillion in July 2017 to USD 3 trillion by May 2021, and further to USD 4 trillion by December 2023, the trajectory reflects India's unwavering commitment to economic growth.At the forefront of this…

26 May

Jobs in Israel: Over 2,200 Telangana workers apply, 900 selected

Business CorrespondentBusiness

In response to Israel's urgent need for skilled labor amid the ongoing war with Palestine's militant organization Hamas, Telangana workers have come forward to fill the gap. Following a 4-day recruitment camp in Hyderabad, 2,209 workers volunteered for construction jobs in Israel. Among them, 905 workers have been chosen to join Israel's foreign labor force. Organised by the Telangana state government in partnership with the National Skill Development Corporation International (NSDCI), the recruitment drive focuses to address Israel's pressing demand for skilled workers. The recruited workers, comprising ceramic tilers, plasterers, carpenters and iron benders, are drawn by the lucrative pay…

25 May

Divi’s Laboratories Q4 results: Net profit inflation 67% to ₹538 crore, revenue up 18% YoY; Dividend declared

Priyanka RoyBusiness, News

Divi's Laboratories Q4 results: Divi's Laboratories on Saturday, May 25 announced January-March quarter results for the financial year 2023-24 (Q4FY24), reporting 67.6% rise in net profit to ₹538 crore. Whereas last year it was ₹321 Crore. Same period last year. The pharma major's revenue from operations grew 18% to ₹2,303 Crore in Q4FY24, compared to ₹1,951 Crore in the year-ago period. The company's board also declared a dividend of ₹2 (at 1,500 per cent) per equity share at face value of ₹30 for the financial year ending March 31, 2024.

25 May

ICICI Prudential Life resolves death claims in just 1.27 days in FY2024

Business BureauBusiness

The claim settlement ratio of ICICI Prudential Life stood at 99.17% in FY2024, one of the best in the industry. Significantly, the average turnaround time taken to settle a genuine death claim was just 1.27 days. For the fiscal year ended 2024, the Company paid out a total of Rs. 1,867 crore as death claims. The company's claim settlement ratio for Q1-FY2024 was 97.94%, 98.14% in Q2-FY2024, and 98.52% in Q3-FY2024, demonstrating consistent claim settlement. To provide convenience, claimants can use digital touchpoints like WhatsApp and the mobile app, and home pick-up of claim-related documents is also available. Mr. Amish…

24 May

MAI labs launches MayaaVerse: A new era in immersive technology

Business BureauBusiness

MAI Labs has launched MayaaVerse, an advanced immersive tech platform embedded with AI, poised to transform the global creator economy. MAI Labs' MayaaVerse aims to redefine digital interaction, merging physical and virtual worlds through state-of-the-art VR technology. Backed by $17.5 million in funding and raising another $50 million at a $500 million valuation, MAI Labs is well-positioned to lead in this rapidly growing sector, which McKinsey projects could reach $5 trillion by 2030. "MayaaVerse is a milestone in our mission to revolutionize human-computer interaction and creativity within immersive environments," said Tapan Sangal, Lead Visionary at MAI Labs. Key features: Immersive…

24 May

Tata Motors’ subsidiaries collaborate with Bajaj Finance to empower dealers with enhanced financing options

Business BureauBusiness

Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM), have announced a strategic alliance with Bajaj Finance, a leading player in India's financial services sector. This partnership aims to revolutionize financing solutions for authorized passenger and electric vehicle (EV) dealerships. Under the terms of the Memorandum of Understanding (MoU), TMPV and TPEM will leverage Bajaj Finance's extensive network to provide dealers with streamlined access to funding, reducing collateral requirements and expediting business operations.Mr. Dhiman Gupta, CFO of Tata Passenger Electric Mobility Ltd. and Director of Tata Motors Passenger Vehicles Ltd., emphasized the pivotal role of dealer partners in…

24 May

ITC Q4 results: Net profit marginally down at Rs 5,020 Crore;

Priyanka RoyBusiness, News

ITC Ltd on Thursday reported: Net profit of Rs 5,020.20 Crore for the March 2024 quarter, down 1.3% on year-on-year (YoY) basis. The FMCG major had reported a net profit of Rs 5086.86 in the year-ago period. On a sequential basis, the bottom-line was marginally flat at Rs 5,572.07 in the December 2023, quarter.ITC's revenue from operations cut down 1.4% to Rs 17,571.72 Crore in the fourth quarter of financial year 2023-24. Its income in the same quarter of the previous financial year was Rs 17,506.08 Crore. Its income for the quarter ending December 31, 2023 stood at Rs 17,224…

23 May

Samsung ‘Solve for Tomorrow’ Conducts First Ever Design Thinking Workshop

Business BureauBusiness

Samsung has launched design thinking workshops in select schools across the nation. This initiative, a key component of Samsung's acclaimed ‘Solve for Tomorrow’ program, aims to instill crucial skills such as critical thinking and creativity in students through the Human-Centered Design Thinking framework. Led by SP Chun, Corporate Vice President of Samsung Southwest Asia, the workshops seek to integrate design thinking education into the academic curriculum. Chun emphasizes the importance of nurturing innovation from an early age, stating that the workshops provide students with a unique opportunity to identify real-world issues and propose tech-based solutions. The workshops, tailored for students…

23 May

Flipkart Grocery achieves 1.6X growth, accelerates sustainability with over 50% EV deliveries

Business BureauBusiness

Flipkart Grocery has reported an impressive 1.6X year-on-year growth, with over half of its deliveries now powered by electric vehicles (EVs). This growth positions Flipkart as the only e-commerce player offering next-day delivery in over 200 cities, including major metros like Bangalore, Chennai, Kolkata, Mumbai, New Delhi, and tier 2+ towns such as Anantapur and Vellore. Key factors driving this expansion include value offerings, flexible delivery slots, and a wide selection of fresh groceries. The company has leveraged homegrown technology to identify high-demand areas and meet consumer needs across India.In addition to its significant market expansion, Flipkart has seen a…

23 May

PBPartners hosted their signature ‘Pathshala Event’ in Agartala

Business BureauBusiness

PBPartners, Policybazaar’s PoSP arm and a leading player in the Indian insurance market, hosted a PBPathshala event in Agartala. The event unveiled the company’s commitment to fostering innovation, technological advancement, and financial inclusion among its agent partners. By giving new insurance PoSP agent partners the chance to learn from the finest in the business and obtain real-world experience through hands-on training, this Pathshala program offers unparalleled mentorship. Bajaj Allianz Life Insurance conducted a special product training session at the Agartala Pathshala event, showcasing their latest offerings. PBPartners also recognized the outstanding contributions of the top-performing agent partners at this event.…