Sunday, December 22

Tag: Business news

Exports decline by 22% to $32.97 billion in June, steepest monthly fall in 3 years
14Jul By adminNo Comments
Business

Exports decline by 22% to $32.97 billion in June, steepest monthly fall in 3 years

NEW DELHI: India's exports contracted by 22%, the steepest decline in the last three years, to $32.97 billion in June on account of global demand slowdown, especially in the Western markets like the US and Europe. According to the data of the commerce ministry, the trade deficit in June stood at $20.3 billion against $22.07 billion in the same month last year due to a fall in exports and imports. The inbound shipments during the month under review declined by a steep 17.48% to $53.10 billion. Exports in May 2020 contracted by 36.47% when the world was reeling under the impact of the Covid-19 pandemic. Commenting on the numbers, Commerce Secretary Sunil Barthwal said trade sector growth is in the hands of global factors. As the World Trade Organisation (WTO) has projected a slowdown in wo...
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Russian oil: Trade headaches for India as crude prices hit $60
14Jul By adminNo Comments
Business

Russian oil: Trade headaches for India as crude prices hit $60

NEW DELHI: A top buyer of Russian oil is bracing for trading trouble as the price of Urals, the country’s main export grade, breaks through a $60-a-barrel cap set by Western nations to curb Moscow’s revenue.India and China have been the two dominant buyers of Russian crude since the invasion of Ukraine more than a year ago prompted others to shun the OPEC+ producer. As Urals climbs above the limit set by the Group of Seven, however, importers will face greater scrutiny on their purchases. Officials from three Indian refiners said they are preparing for tougher talks with local banks involved in the financing of their Russian oil cargoes, including a lot more requests for evidence verifying the purchase price. The officials spoke on condition of anonymity as they’re not authorized to comme...
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Mohandas Pai, former SBI chair, to join Byju’s advisory council
13Jul By adminNo Comments
Business

Mohandas Pai, former SBI chair, to join Byju’s advisory council

BENGALURU: Early Byju's investor Mohandas Pai and former State Bank of India chairman Rajnish Kumar will join a council aimed at addressing corporate governance issues at the edtech startup roiled by government scrutiny and a spate of high-profile resignations.The council will mentor Byju's board and its CEO Byju Raveendran on crucial matters, the company said in a statement on Thursday.The move comes weeks after board members representing investors Peak XV, Prosus and the Chan Zuckerberg Initiative stepped down. Byju's auditor Deloitte also resigned saying the startup had not submitted its financial papers for fiscal 2022."As part of the advisory council, I look forward to advising the leadership in evolving the systems of governance and financial reporting," Pai, who first invested in t...
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Rice: India mulls banning most rice exports as local prices surge
13Jul By adminNo Comments
Business

Rice: India mulls banning most rice exports as local prices surge

NEW DELHI: India, the world’s biggest rice shipper, is considering banning exports of most rice varieties, a move that may send already lofty global prices of the food staple higher as the disruptive El Niño weather pattern returns. The government is discussing a plan to ban exports of all non-Basmati rice, according to people familiar with the matter. Authorities want to avoid the risk of more inflation before elections, said the people, who asked not to be identified as the information is not public.The ban will affect about 80% of India’s rice exports. While the move may lower domestic prices, it risks sending global costs even higher. Rice is a staple for about half of the world’s population, with Asia consuming about 90% of global supply. Benchmark prices have already soared to a two...
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Utkarsh Small Finance Bank IPO opens for public today: Should you subscribe it?
12Jul By adminNo Comments
Business

Utkarsh Small Finance Bank IPO opens for public today: Should you subscribe it?

NEW DELHI: Utkarsh Small Finance Bank IPO is opening for public subscription from July 12 to July 14. Utkarsh Small Finance Bank has announced the price band for its initial public offering (IPO) at Rs 23-25 per share.The bidding for anchor investors began on July 11. Utkarsh Small Finance Bank on Tuesday said it has mobilised Rs 223 crore from anchor investors.The IPO consists entirely of fresh equity shares, and the proceeds will be utilized to strengthen the bank's tier 1 capital base to meet future capital requirements. Interested investors can bid for a minimum of 600 equity shares, with subsequent bids in multiples of 600 equity shares.Established in 2017, Utkarsh offers a range of deposit products, including savings accounts, salary accounts, current accounts, recurring and fixed d...
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Suzlon to install 47.6 MW Wind Power Project in Bharuch
11Jul By adminNo Comments
Business

Suzlon to install 47.6 MW Wind Power Project in Bharuch

AHMEDABAD: Renewable energy major, Suzlon Group, on Monday, announced that it has bagged an order to develop a 47.6 megawatt (MW) wind power project for the KP Group in Vagra in Bharuch district. The project is expected to be commissioned by 2024.Suzlon is set to supply S133 wind turbines and supervise the execution and commissioning of the project. Suzlon will also provide comprehensive operations and maintenance services post-commissioning.JP Chalasani, CEO, Suzlon Group, said, “The KP Group has been a long-standing player in renewable energy and has consistently worked towards increasing renewable energy adoption in the country. The power generated from this project will serve the Commercial & Industrial (C&I) consumer segment, which is a key segment to drive deeper penetration...
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Foxconn: Foxconn exits Vedanta chip project over missing tech
11Jul By adminNo Comments
Business

Foxconn: Foxconn exits Vedanta chip project over missing tech

NEW DELHI: Vedanta’s ambitious semiconductor bid with Taiwanese contract major Foxconn failed to take off as the foreign partner opted out of the venture over their failure to rope in a technology provider for the sophisticated chip and glass manufacturing business.While the Vedanta group maintained that it remains “fully committed” to the project and claimed to have “lined up” new partners, ministers Ashwini Vaishnaw and Rajeev Chandrasekhar maintained that the break-up will not impact India’s semiconductor efforts or the individual business plans of the two companies.The two companies had announced a mega $19. 5 billion plan for a semiconductor foray after the Indian government had come out with a lucrative $10 billion incentive package for those willing to invest but could not come up ...
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India’s direct tax mop-up in FY24 rises 16% to Rs 4.75 trillion so far
10Jul By adminNo Comments
Business

India’s direct tax mop-up in FY24 rises 16% to Rs 4.75 trillion so far

India’s direct tax collection soared 16 per cent to touch Rs. 4.75 trillion this fiscal, showing continuity in revenue growth despite external headwinds.  The collection have gathered pace over past months of the current fiscal, with net direct tax collection, net of refunds, grew 15.87 per cent to Rs. 4.75 trillion, by July 9, higher than the net collections for the corresponding period of last year,” finance ministry said on Monday while releasing the provisional figures. It said that the numbers so far “continue to register steady growth.” On a gross basis, collection from direct taxes, which includes income and corporate taxes, grew 14.65 per cent to Rs. 5.17 trillion.  “The provisional figure is 26.05 per cent of the total Budget Estimates of direct...
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Adani row: SEBI disagrees with expert panel, says will take action if any violation found
10Jul By adminNo Comments
Business

Adani row: SEBI disagrees with expert panel, says will take action if any violation found

NEW DELHI: Capital markets regulator SEBI on Monday told the Supreme Court that its 2019 rule changes do not make it tougher to identify beneficiaries of offshore funds, and action will be taken if any violation is found or established.SEBI said it has continuously tightened rules concerning beneficial ownership and related-party transactions - key aspects in the allegations of Adani Group manipulating its stock price.A Supreme Court-appointed expert committee had in an interim report in May stated that it saw "no evident pattern of manipulation" in billionaire Gautam Adani's companies and there was no regulatory failure.It, however, cited several amendments the Securities and Exchange Board of India (SEBI) made between 2014-2019 that constrained regulators' ability to investigate, and it...
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Banks, consumer companies to drive first-quarter earnings amid IT uncertainties in India
10Jul By adminNo Comments
Business

Banks, consumer companies to drive first-quarter earnings amid IT uncertainties in India

NEW DELHI: Banks and consumer companies are expected to drive first-quarter earnings in India boosted by accelerating economic activity, easing input costs and decade-low bad loans at lenders, while the outlook for the nation’s software exporters is clouded by global headwinds. India’s banks have largely remained insulated from a global crisis in the industry with their heavy reliance on local markets. Meanwhile, the nation’s consumer and capital goods companies are expected to benefit from commodity prices that have come off peaks seen after Russia’s invasion of Ukraine. “Across industries, we’re seeing costs coming off sharply, so that will reflect in earnings,” said Varun Saboo, Mumbai-based head of equities at Anand Rathi Share and Stock Brokers Ltd. Saboo estimates earnings growth in...
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