Month: July 2023

Data | Why India’s rice export ban impacts Asian and African nations the most

July 28, 2023 admin

Rice kept for sale at a retail outlet in Kochi, Kerala. | Photo Credit: K.K. Mustafah In the last couple of days, many panic-stricken Non-Resident Indians (NRIs) have thronged grocery stores and supermarkets in the United States to hoard bags of rice. Videos of people jostling to buy sona masuri rice (a lightweight and aromatic…

Business

Nestle investing ₹4,200 crore by 2025, to set up its 10th factory in Odisha

July 28, 2023 admin

FMCG major Nestle India has “strong commitments” for local manufacturing with plans to invest ₹4,200 crore by 2025, including in its 10th plant in the country at Odisha, its Chairman and Managing Director Suresh Narayanan said on Friday. Nestle India, the maker of popular Maggi noodles, KitKat chocolate and Nescafe, is investing to create capacity…

Business

Our made-in-India chip will be ready in 2.5 years: Vedanta chairman on semiconductor plan

July 28, 2023 admin

Anil Agarwal, Chairman of Vedanta Resources Ltd, addresses the audience during the ‘SemiconIndia 2023’, India’s annual semiconductor conference, in Gandhinagar, India, July 28, 2023. | Photo Credit: Reuters Vedanta group chairman Anil Agarwal on July 28 said that first phase of its semiconductor project will involve $5 billion investment of the overall $20-billion outlay, and…

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Unsafe landings increase as IndiGo seeks to trim soaring fuel costs using ‘unsanctioned methods’

July 28, 2023 admin

An IndiGo Airlines cabin baggage security check tag is pictured on a passenger’s luggage at Bengaluru International Airport in Bangalore. File | Photo Credit: Reuters IndiGo’s attempts to save about six kg of fuel per flight, by recommending soft landings using only three of an aircraft’s wing flaps, may be leading to an increase in…

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PM Modi wants India to become a hub of semiconductor industry

July 28, 2023 admin

Prime Minister Narendra Modi speaks at the Semicon India 2023 event, in the presence of Gujarat Chief Minister Bhupendra Patel, Foxconn chairman Young Liu, Vedanta group chairman Anil Agarwal, Union IT Minister Ashwini Vaishnav, and Minister of State (Electronics and Information Technology) Rajeev Chandrasekhar, held at Mahatma Mandir, Gandhinagar, on Friday, July 28, 2023. |…

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Rail Vikas Nigam Ltd. offer-for-sale over-subscribed, institutional buyers place bids worth ₹2,000 crore

July 28, 2023 admin

The government’s 5.36% stake sale in Rail Vikas Nigam Ltd (RVNL) on Thursday got an enthusiastic response from institutional investors, who subscribed to the issue 2.73 times by putting in bids of over ₹2,000 crore. In the two-day offer-for-sale (OFS), the government is selling 11.17 crore shares, representing a 5.36% stake at a floor price…

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Explained | RBI’s proposal for interoperability of credit and debit cards

July 27, 2023 admin

Image for representation only The story so far: On July 5, apex banking regulator Reserve Bank of India (RBI) floated a draft circular seeking comments from stakeholders about mandating that card issuers provide their customers with the choice of multiple card networks. It also proposes to restrain issuers from entering into exclusive agreements with card…

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Currency note with * symbol in number panel valid note: RBI

July 27, 2023 admin

Image used for representative purpose only. | Photo Credit: REUTERS A currency note with a star (*) symbol is identical to any other legal banknote, the Reserve Bank said on Thursday allaying concerns on the validity of such notes. The symbol is inserted in the number panel of a banknote that is used as replacement…

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Govt. to consider PLI scheme for chemicals and petrochemicals industry: Finance Minister Nirmala Sitharaman

July 27, 2023 admin

Union Finance Minister Nirmala Sitharaman. File | Photo Credit: PTI Finance Minister Nirmala Sitharaman on July 27 said the government will consider the Production Linked Incentive (PLI) scheme for Chemicals and Petrochemicals sector to make India a manufacturing hub for such products. In view of stringent pollution control regulations and rising labour cost, she said,…

Business

Meta posts higher profit, revenue for Q2 as advertising rebounds

July 27, 2023 admin

Facebook parent Meta posts higher profit, revenue [File] | Photo Credit: AP Facebook parent company Meta Platforms posted stronger-than-expected results for the second quarter on Wednesday, buoyed by a rebound in online advertising after a post-pandemic slump. The Menlo Park, California-based company earned $7.79 billion, or $2.98 per share, in the April-June period. That’s up…

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