Economy

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

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.

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

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…

28 Mar

MHA issues order to extend AFSPA in Nagaland

BanashreeEconomy

The Armed Forces (Special Powers) Act, 1958 (AFSPA) has been extended in eight districts and five Police stations as disturbed areas of Nagaland. According to the sources, the Ministry of Home Affairs has announced through a notification that the force will be continued for six months or more. Details about the extended AFSPA districts are Dimapur, Niuland, Chumoukedima, Mon, Kiphire, Noklak, Phek, and Peren in Nagaland. Police stations included as disturbed areas are Khuzama, Kohima North, Kohima South, Zubza, and Kezocha in Kohima district; Mangkolemba, Mokokchung-I, Longtho, Tuli, Longchem, and Anaki 'C' in Mokokchung district; Yanglok in Longleng district; Bhandari,…

27 Dec

Adani family to invest ₹9,350 cr in Adani Green

Priyanka BhowmickBusiness, Economy, FinanceAdani Group, Business

Adani Green Energy (AGEL) on December 26 said its board of directors has approved a priority issuance of warrants to promoters for an amount of Rs 9,350 crore at Rs 1,480.75 per share. The funds will be used to reduce and accelerate capital expenditures, the company said. It added that AGEL is now fully equipped to achieve its target of 45 GW by 2030, with 20.6 GW of installed capacity, over 2,00,000 acres (equivalent to 40 GW of additional capacity) of secured land in India's resource-rich areas, and an additional equity infusion of Rs 9,350 crore which fully funds this…

06 Sep

Interest of around 4 percent is available in recurring deposit schemes

editorBusiness, Economy

Recurring deposit schemes are earning around 8 percent interest. Recurring Deposit is a regular deposit scheme. In this, investors can deposit money regularly and get returns on the money at fixed interest rates. Recurring Deposit is a small investment that gives you a chance of big returns. Different banks have different interest rates on recurring deposits. This month, several banks revised their interest rates for recurring deposits worth less than Rs 2 crore. DCB Bank is currently offering great recurring deposit schemes. Currently, DCB Bank is offering maximum interest of 6.95 percent to general customers on recurring deposits. Whereas senior…

29 Jul

Income Tax department raids Haier’s office premises

Priyanka BhowmickBusiness, BUSINESS, Economy, Finance, India, North EastBusiness, india

The raids are linked to suspected "large-scale tax evasion," the same report said. The Chinese consumer durables company, which has a strong presence in India including refrigerators and washing machines, has set a target of Rs 6,000 crore in 2022 and Rs 10,000 crore in the next two years. In April, Satish NS, President, Haier India, said, "We have one of the largest manufacturing hubs for all domestic supplies in the country as well as expanding our export base. Product innovation and customer-centricity are rooted in the principles of our growth trajectory and so we are focused on bringing best-in-class…

24 Jul

State Bank of India announced the second largest lender bank

editorEconomy

HDFC Bank, India's largest private sector lender, expects loan growth of 17-18% this year due to strong credit demand. Effective July 1 parent mortgage firm HDFC Ltd merged with its subsidiary HDFC Bank to make it the second largest lender after State Bank of India. Meanwhile, Keki Mistry, vice-chairman of the now-merged entity HDFC Ltd, has become the most valuable independent director. The market capitalization of listed companies including HDFC Bank of which he was an independent director is over ₹27 lakh crore. Apart from HDFC Bank, it also has the boards of Tata Consultancy Services (TCS), HDF Life, Torrent…

06 May

Share Market Opening: Sensex Crashes nearly

editorBusiness, Economy

The stock market opened with a fall on the last trading day. Sensex is trading by breaking 358 and Nifty by 89 points. In the initial time, there is a decline in the shares of the banking sector. Shares from SBI to HDFC Bank are currently broken. The Indian stock market opened with a decline today. The Sensex is trading down 358.87 points at 61,390.38 and the Nifty 50 is down 89 points at 18,166.80. Bank Nifty is trading at 43,397, down 288 points. However, amidst the decline, there is a boom in mid and small-cap stocks. BSE Mid Cap…