Business

03 May

Share of Russian crude in India’s imports increment to nearly 40% in April

Priyanka RoyBusiness, Economy, India

Russia increased its share of Indian crude imports from 30% in March to nearly 40% in April, closing at its all-time peak of 42% last July, as higher global oil prices forced Indian refiners to seek concessional Russian oil, inspired to increase barrel intake to reduce their average crude oil purchasing cost. Indian refiners imported 1.78 million barrels per day (mb/d) of crude oil from Russia in April, up 19% from March, according to energy cargo tracker Vortexa.

02 May

Tamil Nadu: Private bank held a woman hostage after her husband failed to pay loan installment of Rs 770

Business CorrespondentBUSINESS

A shocking incident took place in Tamil Nadu’s Salem district when a branch of a private bank allegedly held a woman captive on Wednesday(1, May) after her husband failed to pay a loan installment. The woman was eventually let go after her husband paid the loan installment of Rs 770. He borrowed Rs 35,000 According to employees of the branch, the man identified as Selvam (name changed) a daily wager who lives in Dukiyambalayam, next to Vazhappadi in Salem district had been provided a loan of Rs 35,000 with a weekly installment of Rupees 770 for 52 weeks. He is…

02 May

Adani Ports Q4 net profit upgrade 77% to Rs 2,014 crore

Priyanka RoyBUSINESS, Economy

Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday reported a 76.87% rise in consolidated net profit at Rs 2,014.77 crore for the fourth quarter ended March 2024. The country's largest integrated logistics company had posted a profit of Rs 1,139.07 crore in the corresponding period of the previous financial year, the company said in a BSE filing. Its consolidated total income rose to Rs 7,199.94 crore in Q4FY24 from Rs 6,178.35 crore in the year-ago period. Total expenses also increased to Rs 4,450.52 crore in the quarter under review from Rs 3,995 crore a year ago.

02 May

BABA’s musical marathon: A journey of passion and perseverance

Business BureauBusiness

BABA emerges as a beacon of inspiration, embarking on a remarkable 30-day song challenge that transcends mere creativity—it's a testament to the human spirit. BABA's love affair with music began at a tender age, fueled by an insatiable curiosity and an unwavering passion. Now, as a singer-songwriter and producer, he's set himself a Herculean task: to write, record, produce, mix, and master a new song every day for a month. But this challenge is about more than just making music; it's a journey of self-discovery and growth. Each day brings its own set of obstacles, but BABA meets them head-on…

02 May

Samsung to Soon Unveil Galaxy F55 5G with Premium Vegan Leather Finish in India

Business BureauBusiness

Samsung is gearing up to introduce its latest innovation to the Indian market with the unveiling of the Galaxy F55 5G. The announcement, made today, marks a significant moment for tech enthusiasts across the country. The Galaxy F55 5G, a flagship addition to Samsung's esteemed Galaxy F series, promises to redefine luxury in smartphone design. Boasting a premium vegan leather finish, adorned with a tasteful stitched pattern, the device is set to captivate users with its blend of elegance and sophistication. With a focus on offering segment-leading features, the Galaxy F55 5G aims to elevate the smartphone experience to new…

02 May

Kotak Announces Departure of KVS Manian

Business BureauBusiness

Kotak Mahindra Bank announced today the departure of KVS Manian, the Whole Time Director designated as Joint Managing Director, from the group. Manian has decided to step down from his position to explore new opportunities within the Financial Services sector. The Board has swiftly accepted his resignation, effective immediately. In response to this change, the Bank has introduced a revamped reporting structure aimed at bolstering leadership oversight and driving a sharper focus across its business segments. Under the new arrangement, the Wholesale, Commercial, and Private Bank will report directly to Ashok Vaswani, the Managing Director & CEO. Meanwhile, the Asset…

01 May

RBI promulgated updated guidance note for banks, NBFCs

Priyanka RoyBanking Finance, Business, Economy

The Reserve Bank of India (RBI) has updated its "Guidance Note" on operational risk management for the financial sector, and extended it to non-banking financial companies (NBFCs), including housing finance companies. Only commercial banks were included in the 2005 'Guidance Note on Operational Risk Management'.RBI said all regulated entities (REs) in India should implement robust information and communications technology (ICT) risk management program in line with their operational risk management framework."RES should manage their reliance on relationships for the delivery of critical functions, but not limited to, third parties (including intragroup entities)," the Reserve Bank said in its guidance note.…

30 Apr

Toyota Rumion revs up, new G-AT grade hits roads at Rs. 13,00,000!

Business BureauBusiness

Toyota Kirloskar Motor (TKM) introduces the Toyota Rumion Grade G-AT, ushering in a new era of comfort and convenience on the roads. Priced affordably at Rs. 13,00,000 ex-showroom, the Rumion Grade G-AT promises to make every journey a memorable experience for drivers and passengers alike. With its robust 1.5-litre K series petrol engine and Neo Drive (Integrated Starter Generator-ISG) technology, coupled with a 6-speed Automatic Transmission, the Rumion Grade G-AT ensures a smooth and responsive ride, embodying Toyota's commitment to excellence in performance and innovation. Bookings for this exciting variant open on April 29th, requiring a token amount of just…

30 Apr

Tata Motors accelerates commercial vehicle financing with South Indian Bank partnership

Business BureauBusiness

Tata Motors has joined forces with South Indian Bank. This strategic alliance aims to revolutionize financing solutions for both customers and dealerships, marking a significant milestone in the automotive financing sector. Under the Memorandum of Understanding (MoU), South Indian Bank will extend its financial expertise to Tata Motors' diverse commercial vehicle portfolio. The partnership promises to simplify credit processing, minimize collateral requirements, and offer competitive interest rates, enhancing accessibility and convenience for stakeholders. Mr. P R Seshadri, MD & CEO of South Indian Bank, affirmed the institution's commitment to delivering tailored banking solutions. He expressed confidence in the collaboration's ability…

30 Apr

UltraTech Cement Q4 net profit jump 35% to Rs 2,260 Crore

Priyanka RoyBUSINESS, Economy

UltraTech Cement Ltd on Monday reported 35.24% rise in consolidated net profit at Rs 2,258.58 Crore for the fourth quarter (Q 4) ended March 31, 2024. The foremost cement maker had posted a consolidated net profit of Rs 1,670.10 Crore in the January to March quarter. In the last financial year, according to a regulatory filing by UltraTech. Its revenue from operations increased by 9.41% to Rs 20,418.94 Crore during the period under review. It was Rs 18,662.38 Crore in the same period a year back. UltraTech's total expenses in the March quarter increased by 6.67% to Rs 17,381.09 Crore. The…