Business

26 Nov

Reliance Industries stock progress 3% after Citi upgrades it to ‘buy’ rating

Priyanka RoyBusiness, latest

Reliance Industries stock jumped as much as 3 per cent after analysts at Citigroup upgraded their rating for the stock to a 'buy' rating on November 25. The analysts also raised the price target for the stock to Rs 1,530, implying a 21 per cent upside potential from Friday's close.The brokerage believes the risk-reward dynamics for the stock have shifted favourably, boosted by several favourable conditions. At 10 am, Reliance Industries shares were the top gainers on the Nifty 50, trading at Rs 1,295 on the NSE. Citi expects an improvement in refining margins, mainly due to declining export competitiveness…

25 Nov

RVNL shares gain 10% in early deals, know why

Priyanka RoyBusiness, latest

RVNL shares surged 10.07% to Rs 462.75 on the BSE. RVNL's market cap on the BSE stood at Rs 93,513 crore. Rail Vikas Nigam Limited (RVNL) shares surged 10% in early deals on Monday after the state-owned firm said its joint venture with SCPL received a letter of acceptance from Eastern Railway for a Rs 837.67 crore project. In early deals, RVNL shares surged 10.07% to Rs 462.75 on the BSE. RVNL's market cap on the BSE stood at Rs 93,513 crore. RVNL shares have a one-year beta of 1.5, indicating high volatility during this period. Technically, the Relative Strength…

25 Nov

Air India Express expands operations from Agartala to strengthen northeast connectivity

Business BureauBusiness

Air India Express has ramped up its operations from Agartala, increasing its weekly flights from 14 to 21 as part of its winter schedule. The expanded frequency includes additional flights on the Agartala-Kolkata route, enhancing connectivity for the region. This move follows the airline's addition of Agartala as a station in September 2024 and is part of its larger network expansion, which now includes daily flights linking Agartala to key hubs such as Guwahati, Delhi, and Kolkata. Dr. Ankur Garg, Chief Commercial Officer of Air India Express, highlighted that the increased flights would not only support regional economic growth but…

25 Nov

North East Small Finance Bank Reports Strong Growth Post-Merger

Business BureauBusiness

North East Small Finance Bank (NESFB) has reported significant improvements in its financial health following its merger with slice on October 27, 2024. The merger combines NESFB's solid banking foundation with slice's technological innovations, enhancing the bank's operational capabilities. With a robust Capital to Risk-weighted Assets Ratio (CRAR) of 23.5%, NESFB is well-prepared for growth and risk absorption. Its net worth has increased to Rs 920 crores, and the Net Non-Performing Assets (NNPA) have improved to 4.6%, reflecting better asset quality and risk management. Managing Director & CEO of NESFB, Mr. Satish Kumar Kalra emphasized the merger's role in transitioning…

23 Nov

Toyota Kirloskar Motor celebrates sale of 100,000 Innova HyCross

Business BureauBusiness

Toyota Kirloskar Motor (TKM) has reached a significant milestone, celebrating the sale of 100,000 wholesale units of the Innova HyCross in India, just two years after its launch. This achievement underscores the growing popularity of the vehicle, known for its advanced technology, comfort, and performance. Launched in November 2022, the Innova HyCross is a testament to TKM’s commitment to sustainable mobility, featuring Toyota’s 5th Generation Self-Charging Strong Hybrid Electric System, which operates 60% of the time in electric mode. The model combines a 2.0-litre gasoline engine with innovative design, delivering fuel efficiency and a power output of 186 PS. Mr.…

23 Nov

Gap’s net sales expansion 2 percent in third quarter

Priyanka RoyBusiness, latest

US-based apparel giant Gap has reported a 2 percent increase in its net sales in the last quarter of this year. Sales in the third quarter rose to US$3.8 billion compared to last year's sales. The company's strong third quarter results have raised its full-year forecasts for net sales, gross margin and operating income. Gap Inc. Chairman and CEO Richard Dixon said, "I am pleased to report that Gap Inc. has again recorded a strong quarter, increasing net sales for the fourth consecutive quarter, gaining market share for all brands and significantly increasing operating profit." Although store sales declined 2…

22 Nov

NLC India shares inflation 5% after it emerges as top bidder for Odisha coal mine

Priyanka RoyBusiness, latest

NLC India shares rose up to 5 per cent on November 22 after the company announced it had emerged as the highest bidder (H1) for the New Patrapara South coal mine in Odisha's Angul district. The designation is given by the coal ministry following the commercial coal block e-auction conducted on November 21.At 2:50 pm, NLC India shares were trading 4 per cent higher at Rs 263. While the stock has gained 5 per cent so far this year, it has underperformed the Nifty 50, which has gained 9 per cent during the same period. Today marked the fourth consecutive…

21 Nov

Apple India’s net profit jump 23 percent to Rs 2,746 crore in FY24, revenue grew to Rs 67,152 crore

Priyanka RoyBusiness, latest

The company's total income grew 36 percent to Rs 67,121.6 crore in FY24.iPhone maker Apple India has reported a 23 per cent rise in net profit to Rs 2,745.7 crore in FY2023-24.This information has been given in the company's regulatory filing shared by Tofler.Apple India had reported a net profit of Rs 2,229.6 crore in FY23. The company reported a 36 per cent rise in total income in FY24, rising to Rs 67,121.6 crore from Rs 49,321.8 crore in FY23.Toffler said, "Apple India Private Limited, which provides and markets Apple brand products and software, including mobile devices and laptops, reported…

20 Nov

Equity investments in Indian real estate set to upsurge 49% this year to record $11 billion: CII-CBRE

Priyanka RoyBusiness, latest

Equity investments in Indian real estate are set to grow 49 per cent to $11 billion this calendar year amid strong demand for properties, according to a report by Confederation Indian Industries (CII) and real estate consultancy firm CBRE. In the 2023 calendar year, equity investments in real estate stood at $7.4 billion. Debt financing in the sector has also reached a record high, rising to over $4.7 billion from January to September 2024, marking a more than two-fold increase year-on-year, the report said. It noted that nearly 60 per cent of this debt financing targeted key markets, including Delhi-NCR,…

19 Nov

Durex TBBT sparks conversations on life skills at Shillong Cherry Blossom Festival 2024

Business BureauBusiness

DurexThe Birds and Bees Talk (TBBT), an impactfulprogram by Reckitt, global leaders in consumer health and hygiene, once again made a significant mark at the highly anticipated Shillong Cherry Blossom Festival 2024.The event was inaugurated by Shri. Conrad K Sangma, Hon’ble Chief Minister of Meghalaya, alongside Shri. Sniawbhalang Dhar, Deputy Chief Minister, Government of Meghalaya, Shri. Paul Lyngdoh, Hon’ble Minister of Tourism, Government of Meghalaya and Shri Jyotiraditya M Scindia, Hon’ble Union Minister of Development of North-Eastern Region, Government of India, among other dignitaries. With over 50,000 visitors each day, the two-day festival showcasedstellar performancesby globalicons includingR&B artist Akon, legendary…