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April 09, 2024

Consumption story gets a facelift as rural demand shows promise

Consumer goods firms and auto companies are witnessing an upturn in rural demand, which had been lagging for most of FY24.

3 mins

Hyundai, Kia tie up with Exide for EV battery localisation

South Korean automotive majors Hyundai Motor Company and Kia Corporation on Monday announced a partnership with Exide Energy Solutions (EESL), a subsidiary of Kolkatabased battery manufacturer Exide Industries, to localise electric vehicle (EV) battery production in India.

2 mins

Nifty cos' profit growth seen at slowest in 5 qtrs

Brokerages expect revenue growth to remain in low single digits

2 mins

INDIA'S MCAP TOPS ¥400 TRN AS INDICES HIT NEW HIGH

The combined market capitalisation (mcap) of all BSE-listed companies crossed ₹400 trillion for the first time on Monday.

1 min

'Stillearly days for GenAI on revenue side'

When the merger of L&T Infotech and Mindtree was announced in 2022 the idea was that the merged entity would be in for larger deals. The integration has been flawless, according to DEBASHIS CHATTERJEE, chief executive officer and managing director of LTIMindtree and the man who put the process in action. Chatterjee talks to Shivani Shinde about the path ahead, the $10 billion target, and the GenAl opportunity in Mumbai. Edited excerpts:

2 mins

Jio adds 3.59 mn users, corners 40% of market share in Feb

Reliance Jio continued to strengthen its position in the Indian telecom market by gaining 3.59 million users in February, and crossing 40 per cent of the subscriber market share for the first time, according to the latest data from the Telecom Regulatory Authority of India (Trai).

1 min

Status quo on repo rate to impact car sales: Fada

But says govt spending, expected good monsoon may support demand

2 mins

US electronics trade: India lags peers in plugging China gap

Non-Chinese incremental electronics exports to the US considerably lower than Vietnam, Taiwan, and Mexico

1 min

Pegatron may sell only India plant to Tata

Pegatron is in advanced talks to hand over control of its only iPhone manufacturing facility in India to the Tata group, said two sources with direct knowledge, marking the Taiwanese firm's latest scale back of its Apple partnership.

1 min

Biocon leads India push into weight loss drugs

Biocon is pivoting to anti-obesity therapies as patents for the blockbuster medications start to expire, unleashing a wave of generic supply for the market that's expected to touch $100 billion by 2030.

1 min

Pharma market value grows 9.5% in March

The Indian Pharmaceutical Market (IPM) saw a 9.5 per cent growth in March 2024 on the back of all major therapy areas showing positive value growth, according to market research firm Pharmarack.

1 min

Go First gets 60 days more from insolvency court

The National Company Law Tribunal (NCLT) on Monday gave another 60-day extension to Go First to complete its insolvency process.

1 min

Pristyn Care eyes profit in 6 months, mkt debut in 3 yrs

Gurgaon-based health tech firm Pristyn Care aims for profitability within the next six months and eyes an initial public offering (IPO) within three years.

1 min

Building materials B2B e-commerce gains momentum

The building materials e-commerce segment, though still nascent, is heating up with companies reporting higher revenues.

1 min

Fifth time in a row: India invokes peace clause for rice in WTO

Prescribed subsidy limit breached for marketing yr 2022-23

1 min

Premium of non-life insurers grew 13% in FY24

Non-life insurers posted a 12.78 per cent year-on-year (Y-o-Y) growth in gross direct premium underwritten in 2023-24 (FY24), reaching ₹2.89 trillion, compared to 16.4 per cent in the previous financial year.

2 mins

Production of wheat may exceed last yr's output

A survey commissioned by the Roller Flour Millers' Federation of India forecasts a 3 per cent increase in India's wheat production for the ongoing 2024-25 crop marketing year that started on April 1, projecting a total of 105.79 million tonnes (mt) compared to last year's 102.9 mt.

2 mins

Fuel consumption increased 4.6% to record high in FY24 DEMAND UPTICK

Fell 0.6% in March Fuel consumption in India, a proxy for oil demand, increased 4.6 per cent, to hit a record high of 233.32 million tonne (mt) in FY24.

1 min

Manoj Panda new 16th FC member

The government has appointed former Institute of Economic Growth director Manoj Panda (pictured) fulltime member of the 16th Finance Commission, a notification by the finance ministry said.

1 min

Critical mineral auctions face three-month delay

Final date to select the preferred bidders for remaining seven mineral blocks has been deferred to July 8

2 mins

Cong, NC seal seat sharing for LS polls in J&K, Ladakh

The Congress and the National Conference on Monday announced they will fight the Lok Sabha polls in Jammu and Kashmir, and Ladakh, in alliance, with both parties contesting three seats each.

1 min

'31 mn jobs created in real estate under Modi government'

Over the past decade, the Indian real estate market has witnessed growth in terms of sales and sustainability due to several structural reforms under the Narendra Modi-led government, real estate consultancy Anarock said in a joint report with the National Real Estate Development Council (Naredco) on Monday.

2 mins

Ahead of polls, Manipur counts its losses

GST mop-up falls 24% to ₹1,095 crore in FY24

2 mins

Muslim League blueprint: War of words over Congmanifesto

At his public meetings in Chhattisgarh on Monday, Prime Minister (PM) Narendra Modi again criticised the Congress manifesto for bearing the \"Muslim League imprint\".

1 min

28% Phase1candidates crorepatis; 16% are booked in criminal cases

The Association for Democratic Reforms (ADR) has analysed the self-sworn affidavits of 1,618 (out of 1,625) candidates contesting in the first phase of the Lok Sabha polls on April 19.

1 min

Bond yield touches 2-month high

Yield on the benchmark 10year government bond rose to a two-month high on Monday, tracking a rise in US Treasury yields.

2 mins

Credit growth, quality assets may spur bank profits in Q4

Profits may grow 9.6%, net interest income 8.7% in March quarter

2 mins

Das for greater participation of banks in derivatives mkt

Banks should focus on bolstering the participation of Indian entities in the rupee derivatives markets, both domestically and internationally, while maintaining a prudent approach, said Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday.

1 min

NBFC co-lending book may reach ₹1 trn by June

The co-lending book of non-banking finance companies (NBFCs) is expected to reach 1 trillion by June 2024 amid rising interest from partner banks and the benefit of access to funding and diversification, according to CRISIL Ratings.

1 min

TSMC boosts Biden's Al chip ambitions with $11.6 bn deal

The US plans to award Taiwan Semiconductor Manufacturing Co (TSMC) $6.6 billion in grants and as much as $5 billion in loans to help the world's top chipmaker build factories in Arizona, expanding President Joe Biden's effort to boost domestic production of critical technology.

1 min

Won't allow Chinese imports to kill new industries: Yellen

US Treasury Secretary Janet Yellen warned China on Monday that Washington will not accept new industries being decimated by Chinese imports, as she wrapped up four days of meetings to press her case for Beijing to rein in excess industrial capacity.

1 min

Economic 'shot in the arm' for cities in the solar eclipse path

A vast swath of North America will soon be plunged into darkness.

2 mins

Palestinians returning to Khan Younis find unrecognisable city

Israel pulls some troops from Gaza

1 min

Inflation, polarisation, wars creating risks not seen since WWII: Dimon

JPMorgan Chase CEO Jamie Dimon said on Monday that he continues to expect the US economy to be resilient and grow this year.

1 min

Tata MF launches six sectoral, thematic index funds

Tata Mutual Fund on Monday launched six thematic index funds focused on infrastructure, health care, realty, financial services, automobile, and manufacturing.

1 min

RIL rally, earnings optimism propel markets to new peaks

Investors making long-term bets in hope of political stability: Analysts

2 mins

Emerging markets do well during coordinated global recoveries'

The US market has been the best-performing globally over the past one year.SAVITA SUBRAMANIAN, head of US equity and quantitative strategy, BofA Securities, spells out the factors underpinning a strong US equity market and possible headwinds and tailwinds, going ahead. In an interview with Samie Modak in Mumbai, Subramanian says high valuations suggest low to mid-single digit returns over the next 10 years. Edited excerpts:

3 mins

Delaporte's exit may weigh on Wipro stock

Brokerages see up to 15% downside

2 mins

Q4 updates add glitter to Titan, Kalyan Jewellers

Business updates from Titan Company and Kalyan Jewellers indicate that demand remains steady through the January-March quarter (Q4) of FY24 despite volatile gold prices.

2 mins

Voltas turns up the heat with record AC sales

Shares surge 11% to ₹1,373.2 on sales of over 2 million AC units in FY24

2 mins

More dependants, increased liabilities should prompt hike in term cover

Boost health coverage periodically to cope with double-digit medical inflation and access premium health care facilities

3 mins

50% of public service organisations set to use GenAI soon

About half of India's government and public service organisations are ready to implement their first Generative Artificial Intelligence (GenAI) solution within the next year, according to a new survey.

1 min

CEO compensation grew 40% in 4 yrs

The number of CEOs earning more than ₹20 crore has doubled since 2020

2 mins

Cash out: Mobile wallet payments may hit ₹532 trn in 2028

Mobile wallet adoption is swiftly becoming a primary payment option in India, surpassing traditional methods like cash and cards.

2 mins

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