Category: Business

Business

Rural, urban consumption inequality dips during August 2023-July 2024: Government Survey

Posted on By admin
Rural, urban consumption inequality dips during August 2023-July 2024: Government Survey

Consumption inequality in rural as well as urban areas declined during August 2023-July 2024 period as compared to a year ago, according to the latest Household Consumption Expenditure Survey released on Friday (December 27, 2024). The Gini coefficient declined to 0.237 from 0.266 for rural areas and to 0.284 from 0.314 for urban areas during…

Read More “Rural, urban consumption inequality dips during August 2023-July 2024: Government Survey” »

Business

Forex reserves drop by $8.478 billion to $644.391 billion

Posted on By admin
Forex reserves drop by .478 billion to 4.391 billion

Photo used for illustration purpose only. | Photo Credit: Reuters The country’s forex reserves dropped by a further $8.478 billion to $644.391 billion for the week ended December 20, the RBI said on Friday (December 27, 2024). In the previous reporting week, the reserves had dropped by $1.988 billion to a six-month low of $652.869…

Read More “Forex reserves drop by $8.478 billion to $644.391 billion” »

Business

NCLT directs initiation of insolvency proceedings against Hero Electric

Posted on By admin
NCLT directs initiation of insolvency proceedings against Hero Electric

Sohinder Gill, CEO of Hero Electric India poses with the Dash and ER series electric two-wheelers, in Kolkata. | Photo Credit: PTI The National Company Law Tribunal (NCLT) has directed initiation of insolvency proceedings against Hero Electric after admitting a plea filed by Metro Tyres, an operational creditor claiming a default of ₹1.85 crore. As…

Read More “NCLT directs initiation of insolvency proceedings against Hero Electric” »

Business

Markets settle higher on buying in bank, auto stocks

Posted on By admin
Markets settle higher on buying in bank, auto stocks

From the 30 Sensex pack, Mahindra & Mahindra, IndusInd Bank, Bajaj Finance, Tata Motors, Bajaj Finserv, Nestle and ICICI Bank were the biggest gainers. File | Photo Credit: Reuters Benchmark indices Sensex and Nifty ended higher on Friday (December 27, 2024) amid buying in bank and auto stocks. The 30-share BSE Sensex climbed 226.59 points…

Read More “Markets settle higher on buying in bank, auto stocks” »

Business

RBI allows PPI holders to have UPI transactions through mobile app of third-party UPI apps

Posted on By admin
RBI allows PPI holders to have UPI transactions through mobile app of third-party UPI apps

RBI said the relevant provisions have been amended. File | Photo Credit: Reuters The Reserve Bank of India (RBI) has decided to enable UPI payments from/to full-KYC Prepaid Payment Instruments (PPIs) through third-party UPI applications as per it’s previous announcement made in the Statement on Development and Regulatory Policies dated April 5, 2024. “This will enable PPI holders to…

Read More “RBI allows PPI holders to have UPI transactions through mobile app of third-party UPI apps” »

Business

Adani Ports places ₹450 crore order for eight tugs with Cochin Shipyard

Posted on By admin
Adani Ports places ₹450 crore order for eight tugs with Cochin Shipyard

Ahmedabad, May 02 (ANI): Adani Ports and Special Economic Zone reported that its Profit After Tax or net profits during the just-concluded financial year 2023-24 grew by a whopping 50 per cent to Rs 8,104 crore, on Thursday. | Photo Credit: ANI Adani Ports and Special Economic Zone Limited (APSEZ) said it has placed an…

Read More “Adani Ports places ₹450 crore order for eight tugs with Cochin Shipyard” »

Business

UltraTech to acquire minority stake in Star Cement from promoters in ₹851-crore deal

Posted on By admin
UltraTech to acquire minority stake in Star Cement from promoters in ₹851-crore deal

Leading cement producer UltraTech Cement on Friday (December 27, 2024) said it will acquire a minority stake of 8.69% from the promoters of Meghalaya-based Star Cement in a deal worth up to ₹851 crore. UltraTech Cement will by pick up stakes from Rajendra Chamaria and his family’s holdings, part of the promoter group, sources told…

Read More “UltraTech to acquire minority stake in Star Cement from promoters in ₹851-crore deal” »

Business

Air India to see progress on key initiatives in 2025; working towards profitability: CEO Wilson

Posted on By admin
Air India to see progress on key initiatives in 2025; working towards profitability: CEO Wilson

Air India will see progress on various key initiatives, including refitting of wide body and narrow body planes, in 2025 as well as tighten practices and processes to ultimately become profitable, the airline’s chief Campbell Wilson said on Friday (December 27, 2024). After taking over the loss-making Air India from the Government in January 2022,…

Read More “Air India to see progress on key initiatives in 2025; working towards profitability: CEO Wilson” »

Business

SaaS Fintech Zaggle raises ₹595 crore via QIP; eyes acquisitions

Posted on By admin
SaaS Fintech Zaggle raises ₹595 crore via QIP; eyes acquisitions

Dr. Raj Narayanam, founder & executive chairman, Zaggle. File | Photo Credit: Special arrangement B2B Software-as-a-Service (SaaS) fintech Zaggle Prepaid Ocean Services having raised ₹595 crore through Qualified Institutional Placement (QIP) route is now eying at least two acquisitions in the next 12 months, it is learnt.  “The company is evaluating five to six potential targets in the SaaS…

Read More “SaaS Fintech Zaggle raises ₹595 crore via QIP; eyes acquisitions” »

Business