Category: Business

Business

Food price momentum indicates continuing build up: RBI officials

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Food price momentum indicates continuing build up: RBI officials

Reserve Bank of India (RBI) Deputy Governor Michael Patra. File | Photo Credit: Reuters The momentum of food prices at 2.5% in July, over and above the momentum of 2.7% recorded in June, indicates continuing build-up of underlying price pressures within the food group, Reserve Bank of India (RBI) officials led by Deputy Governor Michael Debabrata Patra wrote in…

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NCLT approves slice and North East Small Finance Bank’s Merger

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NCLT approves slice and North East Small Finance Bank’s Merger

Rajan Bajaj, Founder and CEO, slice | Photo Credit: The Hindu slice, India’s leading consumer payments and lending company has received approval from the National Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank (NESFB). The NCLT, Guwahati bench, has sanctioned the Scheme of Arrangement and Amalgamation involving Garagepreneurs Internet Private…

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SEBI allows Category I and II AIFs to borrow, extends tenure for LVFs

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SEBI allows Category I and II AIFs to borrow, extends tenure for LVFs

Photo used for representation purpose only. Alternative Investment Funds (AIF) in category I and II can now borrow for operational flexibility, the Securities and Exchange Board of India (SEBI) said in a circular on Monday (August 19, 2024). “The regulator has capped borrowings to 10% of investible funds, or 20% of drawdown value, which is…

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Optimise loan recovery and resolution, pursue deposits: FM Nirmala Sitharaman tells banks

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Optimise loan recovery and resolution, pursue deposits: FM Nirmala Sitharaman tells banks

Union Finance Minister Nirmala Sitharaman chairs a meeting to review the performance of Public Sector Banks (PSBs), in New Delhi on Monday. Department of Financial Services (DFS) Secretary M Nagaraju, DFS Additional Secretary MP Tangirala and other dignitaries are also present. | Photo Credit: ANI Finance and Corporate Affairs Minister Nirmala Sitharaman on Monday acknowledged…

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Business

Rupee rises 8 paise to close at 83.87 against U.S. dollar

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Rupee rises 8 paise to close at 83.87 against U.S. dollar

The Indian rupee appreciated by 8 paise to close at 83.87 (provisional) against the U.S. dollar on Monday (August 19, 2024), supported by a weak US dollar and a decline in crude oil prices. Forex traders said fresh foreign fund inflows boosted investor sentiments. At the interbank foreign exchange, the rupee opened at 83.88 against…

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Sensex, Nifty settle almost flat in lacklustre trade

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Sensex, Nifty settle almost flat in lacklustre trade

Benchmark equity indices Sensex and Nifty ended on a flat note in a lacklustre trade on Monday (August 19, 2024), as investors preferred to remain on the sidelines awaiting further triggers. Participants also booked profits in select blue-chip stocks amid high valuation concerns, according to experts. In a range-bound trade, the 30-share BSE Sensex slipped…

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Business

Finance Ministry should identify high risk taxpayers in GST composition scheme: CAG

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Finance Ministry should identify high risk taxpayers in GST composition scheme: CAG

CAG has asked the Finance Ministry to identify high risk taxpayers in the GST composition scheme on a periodical basis and verify from other sources, including third parties, their declared value of sales to check tax evasion. | Photo Credit: The Hindu The Comptroller and Auditor General (CAG) has asked the Finance Ministry to identify…

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Business

Tech firms reiterate opposition to telcos’ demand of OTT licensing

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Tech firms reiterate opposition to telcos’ demand of OTT licensing

Image for representational purposes only. | Photo Credit: AP Industry associations representing technology firms once again warned against the Cellular Operators Association of India (COAI)’s advocacy to bring OTT communications apps like WhatsApp under a licensing framework. In response to a TRAI consultation, the Internet & Mobile Association of India (IAMAI), Asia Internet Coalition (AIC),…

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Business

Cognizant says entry-level annual pay for engineers at ₹4-12 lakh; best in industry

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Cognizant says entry-level annual pay for engineers at ₹4-12 lakh; best in industry

Facing social media backlash over the ₹2.52 lakh annual salary offer for freshers, IT giant Cognizant on Sunday (August 18, 2024) said it offers ₹4-12 lakh salary to fresh engineering graduates, and the salary being quoted on social media is for non-engineering undergraduate degree holders. The firm also faced social media ridicule for doling out…

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Business

Adani Portfolio Q1 PAT surges 50% to ₹10,279 crore

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Adani Portfolio Q1 PAT surges 50% to ₹10,279 crore

According to the results, the strong performance for the quarter was led by Adani Enterprises’ emerging businesses, including solar and wind manufacturing. File | Photo Credit: Reuters Adani Group said that its portfolio of companies reported first quarter adjusted net profit surged 50.1% to ₹10,279 crore over the year ago period. EBITDA for the quarter…

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