In this issue

March 27, 2024

Auto sector shifts gears to premium models as high segment 2Ws, PVs take over

The Indian automobile sector is riding high on premiumisation as trends show in two-wheelers and passenger vehicles. A study of model-wise data for twowheelers (2Ws) and PVs for FY24 (year-to-date) shows that the growth in domestic motorcycles has been driven largely by the 125cc and above segments with the 125cc segment up 15 per cent yoy, 150-250cc segment up 22per cent YoY and the 250cc plus segment up 19 per cent YoY. On the other hand, the 100cc segment continues to underperform the industry and is up about 9 per cent.

2 mins

India's engg exports log highest growth of 15.9 % in Feb'24, Russia's share up

Indian engineering exports rose for the third straight month, with February 2024 showing the highest monthly growth of 15.9 per cent growth in fiscal 2023-24, driven by a substantial rise in shipment of iron and steel and products, aluminium and its products, electrical machinery and industrial machinery. Indian engineering goods exports to Russia nearly doubled to USD1.22 billion in the current financial year 2023-24 (up to February) from USD 616.68 million in the previous financial year while shipments to the US dipped 7 per cent year-on-year during this period, the Engineering Exports Promotion Council said on Tuesday.

2 mins

INDIA TO GROW AT 6.8 % IN FY25, FLAGS IMPACT OF TIGHT INTEREST RATES ON DEMAND

After a better-than-expected 7.6 per cent growth in fiscal year 2023-2024 estimated by the National Statistical Office, S&P Global Ratings expects Indian economy to grow at 6.8 per cent in fiscal year 2024-2025, which is an upward revision by 40 basis points of India's GDP.

2 mins

Regulatory steps will make financial sector strong, but raise cost of capital

India's financial system Iregulator, the Reserve Bank of India (RBI), is demonstrating a serious commitment to improving governance and transparency at finance companies and banks, with the RBI's recent measures aimed at curtailing lenders' overexuberance, enhancing compliance culture and safeguarding customers.

2 mins

MUMBAI DETHRONES BEIJING AS ASIA'S BILLIONAIRE CAPITAL, NOW AMONG WORLD'S TOP THREE

The Hurun Global Rich List 2024 reveals a surge in billionaire numbers worldwide, adding 167 new individuals and attributing over half of the new wealth to advancements in artificial intelligence (AI).

2 mins

Adani Ports acquires Gopalpur Port for Rs 3,080 cr to boost port network

The deal is significant as Gopalpur port is located on the east coast of India and has the capacity to handle 20 MMTPA(million metric tonnes per annum) of cargo. The Government of Odisha awarded a 30year concession to GPL in 2006, with the provision of two extensions of 10 years each.

2 mins

ECOR hauls record 250 million tonnes of freight in FY'24

The East Coast Railway (ECOR) zone has reached a significant milestone by achieving a freight loading of 250 million tonnes during the fiscal year 2023-24. This accomplishment underscores the railway zone's efficiency and capability in handling a substantial volume of freight despite various challenges.

1 min

Nikhil Kamath leads $10mm investment in Coffee Brand Subko

Subko, a Mumbai-based brand known for its specialty coffee, craft-baked goods, and bean-to-bar chocolate, has secured a significant investment of $10 million. Leading the round is renowned investor and co-founder of Zerodha, Nikhil Kamath, valuing the company at approximately $34 million postmoney. Kamath is also an investor in Third Wave Coffee.

1 min

Bain Report: India tops emerging markets for PE investment

Amid concerns of global slowdown and geopolitical tensions, Bain and Company's 2024 Asia-Pacific Private Equity Report has put India and Southeast Asia as two best emerging markets for investment opportunities. The report has put Japan as one of the three developed markets for PE investments over next 12 months.

1 min

Wipro GE Healthcare announces Rs 8,000 cr investment in Medical devices and R&D

Wipro GE Healthcare on Tuesday said it Wi Won will invest over Rs 8,000 crore in India over the next five years to increase local manufacturing and research and development (R&D) initiatives.

2 mins

TEJAS NETWORKS AND TELECOM EGYPT JOIN FORCES FOR DIGITAL EGYPT VISION

Anand Athreya, CEO and Managing Director of Tejas Networks said the pact with Telecom Egyptis an \"important milestone\" for both organisations

1 min

Axis Bank launches digital US dollar FDs for NRIs at GIFT city

Axis Bank on Tuesday announced the introduction of digital US dollar fixed deposit (FD) for NRI customers at the IFSC Banking Unit (IBU) at GIFT City, Gujarat.

1 min

LANKA ECONOMY RECORDS 4.5% SURGE IN Q4 2023: CENTRAL BANK

Sri Lanka's bankrupt economy is expected to grow by 4.5 per cent year-on-year in the fourth quarter of 2023, following six consecutive negative quarters. In February, the Central Bank reported a decrease in headline inflation to 5.9 per cent from 6.4 per cent in January. The gross official reserves improved to 4.5 billion dollars by the end of February 2024. This includes a swap facility from the People's Bank of China

1 min

India firmly supports Philippines in upholding its sovereignty: EAM Jaishankar

India firmly supports the Philippines in upholding its national sovereignty and wants to explore new areas of cooperation, including defence and security, External Affairs Minister S Jaishankar said on Tuesday, amid Manila's maritime dispute with China in the South China Sea.

4 mins

Week after 21-year-old Palghar woman committed suicide, boyfriend booked for abetment

A week after a 21-year-old woman from Maharashtra's Palghar district was found hanging, the man with whom she was in a relationship has been booked for abetment of suicide, police said on Monday.

1 min

50 rescued after fire erupts at corporate park; no injuries: Officials

Nearly 50 people were rescued after a fire erupted in a six-storey corporate park at suburban Mulund in Mumbai on Tuesday morning, officials said. Those rescued had been stranded on various floors of the smoke-filled building, where the fire started around 9.25 am, a civic official said.

1 min

SBI Life organizes breast cancer awareness programme for women officers of Mumbai Police

Taking cognizance of the trials and tribulations of the women in police, SBI Life on the occasion of 'International Women's Day', organized a Breast Cancer Awareness Programunder its 'Thanks-A-Dot' initiative for the women officers of Mumbai Police, in association with Lion's Club. The hardships faced by police personnel is exponentially elevated in case of the women officers, who often end up neglecting their own health to balance the call of duty and household responsibilities.

2 mins

MINOR BOY ALLEGEDLY FORCED TO CHANT RELIGIOUS SLOGAN IN THANE, POLICE CASE FILED

A 11-year-old boy was allegedly forced to chant religious slogans in Maharashtra's Thane, police said on Tuesday.

1 min

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The Business Guardian Newspaper Description:

The Business Guardian is a monthly business magazine published in India. It was launched in 2005 and is one of the most popular business magazines in the country. The magazine is known for its in-depth coverage of the Indian economy, as well as its insights from leading experts in the field. It covers a wide range of topics related to business, including:

* Economic news and analysis: The Business Guardian covers the latest economic news and trends from India and around the world. The magazine also provides in-depth analysis of the Indian economy, as well as its impact on businesses and individuals.
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The Business Guardian is a valuable resource for anyone who is interested in business in India. It is a must-read for anyone who is looking to stay informed about the latest economic and business trends in the country, or who is looking for insights from leading experts in the field.