Economy

08 Jan

India’s economic growth forecasted at 6.4% for 2024/25

DeepEconomy

India has projected an economic growth rate of 6.4% for the fiscal year 2024/25, marking its slowest pace in four years and falling below the previously anticipated range of 6.5%-7%. This slowdown is attributed to weaker manufacturing and reduced corporate investments. The National Statistics Office's forecast follows disappointing economic indicators in late 2024, including low growth, high inflation, low capital flows, and a record trade gap. The Reserve Bank of India had earlier revised its growth forecast for the year ending March 2025 from 7.2% to 6.6%. Despite these setbacks, the economy is expected to revive somewhat in the latter…

28 Oct

Gensol Engineering reports 29% profit expansion in Q2

Priyanka RoyEconomy, latest

According to exchange filings, Gensol Engineering reported a 29% rise in net profit after tax to ₹22.93 crore on a consolidated basis for the September 2024 quarter as against ₹17.71 crore in the same period last year.Gensol Engineering shares have declined by 9.52% in the last one year, and by 7.5% since the beginning of the year. Gensol Engineering shares closed at ₹788 on October 25, 2024, down 7.26% from the previous close.The company's total income rose to ₹346.82 crore in the July-September quarter from ₹304.87 crore in the same quarter of the previous fiscal. Operating expenses declined to ₹239.88…

02 Aug

LPG price hike, the middle class grew under more pressure

Banasree SarkarEconomyLPG gas

Shock at the beginning of the month. This time the price of a 19 kg commercial gas cylinder has increased by Rs 8.50. However, there has been no change in domestic gas cylinder prices. According to IOCL's website, the new rates are applicable from August 1. Thursday is the first day of August. New prices of LPG gas cylinders are fixed on the first of every month. Accordingly, oil marketing companies increased the price of a 19 kg commercial gas cylinder by Rs 8.50 from Thursday. After the price increase on this day, the price in Delhi stood at Rs…

01 Aug

The stock market stormed on Thursday morning, which shares saw the biggest gains?

Banasree SarkarEconomySensex

Sensex made history by crossing the 82,000 mark today. The graph of the index was bullish as the stock market started trading on Thursday. In this environment, the Sensex rose almost 300 points within an hour of the start of trading. As a result, the share index of the Bombay Stock Exchange crossed the 82,000 mark. Sensex touched a high of 82 thousand 129.49 points in the first hour of trading today. After that, the Sensex fell again and fell below 82,000. Meanwhile, today the Nifty50 index also made a new history by crossing the 25,000 mark. Nifty reached 25…

01 Jun

Bank credit grew 15.3% in April: RBI

Priyanka RoyBusiness, Economy, latest

The Reserve Bank of India (RBI) said the banking sector recorded higher credit growth in the first month of FY24, led by an increase in advances to the agriculture sector.On a year-on-year basis, non-food bank credit grow by 15. %3 in April compared with 16.2% growth a year earlier. In absolute terms, bank non-food credit stood at Rs 159.55 lakh Crore in April compared to Rs 138.38 lakh Crore in April 2023.RBI's sectoral deployment of bank credit for April 2024 showed that credit to agriculture and allied activities increased to 19.7% in April 2024 from 16.8% a year ago.Growth in…

31 May

India Q4 GDP data live updates: FY24 expansion likely to reach 8%, Q4 print moderate on agriculture slowdown

Priyanka RoyBusiness, Economy, latest

India Q4 GDP data live updates: India's gross domestic product (GDP) for the January-March quarter (Q4FY24) and full year (FY24) of the financial year 2023-24 (Q4FY24) will be released on Friday, May 31. The macroeconomic data will come only days before the high-stakes Lok Sabha election results 2024 on Tuesday, June 4.In the last October-December quarter (Q3FY24), the economy grew at the fastest pace in six quarters at 8.4% remaining the fastest-growing major economy in the world.In the current economic scenario, the International Monetary Fund (IMF) has raised India's GDP growth forecast by 30 basis points to 6.8% in FY2024,…

21 May

Spices Board inspecting MDH, Everest plants; Efforts underway to upturn compliance

Priyanka RoyBusiness, Economy

Data shared by the Ministry of Commerce and Industry on Monday showed that the maximum residue level (MRL) for EtO in Singapore was 50 mg/kg, while in the EU it was 0.02 to 0.01 mg/kg and in Japan it was 0.01.The Spices Board of India is carrying out inspections at several MDH and Everest processing plants in the country to ensure that spice exports meet the requirements of the respective export destination, senior government officials said on Monday, adding that they have also suggested corrective action such as the use of steam sterilization, Also added actions. The focus is on…

16 May

LIC will get 3 more years to sell stake up to 10%

Priyanka RoyBusiness, Economy

Mumbai: SEBI has extended the deadline for LIC to acquire 10% public shareholding by three years. The decision, which was communicated through a letter dated May 14, 2024, gives LIC time till May 16, 2027, to meet this requirement.LIC was listed on stock exchanges on May 17, 2022, following a Rs 21,000 Crore IPO, which resulted in the government's stake being reduced to 95%.Rule 19(2)(b)(iv) of the Securities Contracts (Regulation) Rules, 1957 requires that companies initially sell at least 5% of their shares to the public. Additionally, public shareholding will have to increase to at least 10% within two years…

14 May

‘Lubricants market will boost well, EVs both an opportunity and a challenge’:

Priyanka RoyBusiness, Economy

Petroleum-based lubricants used in internal combustion engines (ICEs) are being threatened by the growing trend of electric vehicles (EVs), which run on batteries instead of engines. Gulf Oil Lubricants India Limited, part of the Hinduja Group-owned Gulf Oil International, is a leading player in the domestic lubricants market and is valued at around Rs 4,500 crore on the stock exchanges. In conversation with Aggam Walia, Ravi Chawla, Managing Director and CEO, Gulf Oil India, talks about tackling the EV threat, Gulf's acquisitions in the EV sector and the role of lubricants in improving fuel economy.The lubricants market, at least in…

13 May

Promoters’ pledged stake downfall to 1.1% in March quarter: Report

Priyanka RoyBusiness, Economy

The percentage of promoters' pledged stake declined from 1.17% in the October-December 2023 quarter to 1.1% in the March 2024 quarter, a report by Kotak Institutional Securities said. In the last quarter of FY24, promoters of 73 companies in the BSE-500 index have pledged part of their stake and the value of pledged promoter holdings was Rs 1.96 lakh Crore or about 0.56% of the market capitalization of the total BSE-500 index. The report said that “Our analysis of pledged holdings of BSE-500 shares shows that the value of promoter (majority shareholder) pledged stake as a percentage of promoters holding…