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12 Sep

Granules India shares decrease 16% after USFDA inspection concludes with 6 observations

Priyanka RoyBusiness, latest

Shares of Granules India tumbled over 16 per cent during intraday trading on Thursday, September 12, after the company announced that the inspection of its Gagillapur FD facility by the USFDA, conducted from August 26 to September 6, 2024, concluded with six observations.In response, the company issued a statement to reassure concerned investors, underscore its commitment to resolve the issues raised. "We acknowledge that many investors have sought clarifications, and we would like to assure them that we are actively addressing the comments and remain fully committed to resolving the issues raised," Granules India said in its stock exchange filing.The…

11 Sep

Equity fund inflow flourish by 3 percent to Rs 38 thousand crore in August

Priyanka RoyBusiness, latest

Mumbai: Open-ended equity mutual fund inflows rose 3.03% to Rs 38,239 crore in August on the back of strong demand for small-cap and mid-cap funds, taking industry-wide assets under management past the Rs 66.7 lakh crore mark in the month under review from Rs 64.96 trillion in the previous month. The Nifty50 gained 1.14% during the month under review, while the benchmark Sensex rose marginally by 0.76%. Despite the muted performance of equity markets, investments surged led by large-cap funds, which attracted net inflows of Rs 2,636.86 crore in August, a 293% jump over July. Inflows into small-cap funds rose…

10 Sep

Nitin Gadkari told lack of success in reducing road accidents is a failure

Priyanka RoyBusiness, latest

Union Road Transport and Highways Minister Nitin Gadkari on Monday said the government was making all efforts to reduce road accidents but was not getting much success. Addressing the gathering at the annual meeting of the Automotive Component Manufacturers Association of India (ACMA), Gadkari urged the industry to use corporate social responsibility (CSR) funds to organise awareness programmes, especially in schools."We are trying our best, but we are not getting much success... I can admit that this is one of the failures," Gadkari said. He said around 5 lakh road accidents take place in India every year, of which 30,000…

09 Sep

Air India’s loss to reduction by 60% to Rs 4,444 crore in FY 2024: Tata Group

Priyanka RoyBusiness, latest

It said that during the year under review, 800 daily flights were operated, including to 55 domestic and 44 international destinations, carrying 40.45 million passengers.Tata Group-owned Air India's loss narrowed by 60 per cent to Rs 4,444.10 crore in FY2024 compared to the previous year, according to Tata Sons' annual report for 2023-24.The airline had reported a loss of Rs 11,387.96 crore in FY2013, the annual report said.The report said that the turnover during the year under review increased by 23.69 percent to Rs 38,812 crore as against Rs 31,377 crore.The group is strengthening its aviation presence with the merger…

07 Sep

Wockhardt shares downturn 5% amid conflict of interest allegations

Priyanka RoyBusiness, latest

New Delhi, Sep 6 (Language) Shares of Wockhardt Ltd fell 5 per cent on Friday and reached the lower circuit limit after Congress leveled fresh allegations of conflict of interest against the SEBI chief linked to the pharmaceutical company.Making further allegations of conflict of interest against Sebi Chairperson Madhabi Buch, Congress on Friday claimed that she received rental income from an entity affiliated with a company which the capital markets regulator is probing for various matters including insider trading.Congress media and publicity department head Pawan Khera said that between 2018 and 2024, Butch – as a full-time member and later…

06 Sep

Crisil says food costs drop in August due to tomato, broiler chicken prices

Priyanka RoyBusiness, latest

New Delhi: Rating agency CRISIL said in a report released on Friday that the price of home-cooked food or thali declined in August due to low prices of tomatoes and broiler chicken.Vegetarian food prices fell 8% year-on-year (YoY) and 4% month-on-month (MoM) to ₹31.20 in August, while non-vegetarian food prices fell 12% year-on-year and 3% YoY. A sharp decline was observed. , As per the report, MoM has reduced the cost to ₹59.30.In comparison, in August last year, the price of a vegetarian thali was ₹34 and that of a non-vegetarian thali was ₹67.50. By July 2024, the prices had…

05 Sep

World Bank upgrade India’s FY25 GDP forecast to 7% from 6.6%

Priyanka RoyBusiness, latest

The World Bank has revised its growth forecast for India, raising it to 7% for fiscal year 2024-25, up from its earlier estimate of 6.6%. The adjustment reflects the strong performance of the Indian economy, which was the fastest growing major economy with a growth rate of 8.2% in FY24.Looking ahead, the World Bank apprehend India's medium-term outlook to remain positive, with strong inflation projected for FY26 and FY27. Koume highlighted the importance of diversifying India's export basket and leveraging global value chains to achieve $1 trillion merchandise exports by 2030."India needs to diversify its export basket and leverage global…

04 Sep

Paint stocks gain 6% on falling crude prices; Asian Paints reaches 8 month high

Priyanka RoyBusiness, latest

Indian paint stocks rose today despite major indices trading in negative territory due to weak global cues. The rise in paint stocks came after a sharp fall in crude oil prices during Tuesday's session, driven by concerns over weak demand.Shares of Indigo Paints jumped 6 percent, reaching their highest level since late July. Asian Paints also rose 3 percent to an eight-month high. Berger Paints (India) stock rose 2.6 per cent to ₹591.80 per share, while Kansai Nerolac Paints and Akzo Nobel India gained 2.5 per cent and 1.1 per cent, respectively.Similarly, Shalimar Paints ended two-day losing streak with a…

04 Sep

Five arrested in Aizawl drug operation

Sonakshi Sarkarlatest

The Special Narcotics Police Station team under CID Crime, acting on a tip-off, conducted a successful operation in the Lungverh, Sakawrtuichhun area of Aizawl. The operation led to the seizure of 41.234 kilograms of suspected cvmethamphetamine, with an estimated market value of ₹5.36 crore. Five individuals were arrested in connection with the haul: Edenthara (27), son of Tlangthanga, Rihkhawdar, Myanmar (currently residing in Zemabawk, Aizawl)Rochharliana (38), son of Sangtinkulha, Hruaikawn, Champhai DistrictVanlalvunga (47), son of Vanlalmawia, Khuangleng, Champhai DistrictNasir Uddin (34), son of Junab Ali, Karimganj, AssamAnurul Haque (37), son of MD Abdul Rasid, Baghan, North TripuraThe suspects have been…

03 Sep

LPG price hike: OMC upsurge the prices of commercial LPG cylinder by Rs 39 from September 1. The current price in Delhi is Rs 1,691

Priyanka RoyBusiness, latest

Oil marketing companies (OMCs) have increased the price of 19 kg commercial LPG cylinder by Rs 39 from September 1. After this hike, the retail price of a 19 kg commercial LPG cylinder in Delhi is now Rs 1,691.50.The sudden inflation in LPG prices is likely to impact businesses across sectors ranging from restaurants and hotels to small-scale industries as consumers grapple with increasing costs.Earlier, OMC had reduced commercial LPG gas cylinder prices by Rs 30 on July 1 to provide relief to businesses and commercial establishments. Due to this cut, the retail price of 19 kg commercial LPG cylinder…