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moneycontrol.com | https://www.moneycontrol.com/news/business/companies/hindustan-zinc-gets-power-supply-from-serentica-180-mw-solar-project-12767101.html | Hindustan Zinc gets power supply from Serentica 180 MW solar project | The renewable energy is being used for Hindustan Zinc's operational business units in Rajasthan..Related stories. | Vedanta group firm Hindustan Zinc on Thursday said it has started receiving power supply from Serentica Renewables. The renewable energy is being used for Hindustan Zinc’s operational business units in Rajasthan. ”On Global Energy Independence Day, Hindustan Zinc… announced the commencement of the first phase of renewable energy integration from Serentica Renewables,” the Vedanta group firm said in a statement. Hindustan Zinc said it has entered into an agreement with Serentica for the supply of 450 MW power round-the-clock. While Hindustan Zinc has existing captive solar power capacity of 40.70 MW of solar power and depends on conventional fuel sources for the rest of its power requirement, this renewable power from Serentica will increase the quantum of renewables in the company’s overall energy mix, as per the statement. This marks a significant milestone in its ongoing commitment to sustainability and clean energy integration, the statement said, adding that this initiative aims to annually reduce about 0.45 million tonnes of CO2 emissions. ”This project will not only reduce our dependency on conventional fuels and minimise our total environmental footprint but also aid our transformation towards decarbonizing our operations, paving the way for a fully sustainable future,” Hindustan Zinc CEO Arun Misra said. ”The successful and ahead-of-schedule commissioning of Phase 1 (solar) in Bikaner exemplifies Serentica’s commitment to accelerating India’s clean energy transformation,” Akshay Hiranandani, CEO of Serentica Renewables, said. Hindustan Zinc Ltd is the world’s second-largest integrated zinc producer and the third-largest silver producer. Serentica provides renewable energy through a combination of solar, wind, energy storage and balancing solutions. | null | null | 2024-07-11 18:33 |
moneycontrol.com | https://www.moneycontrol.com/news/india/food-basket-high-yield-seeds-pulses-shivraj-chouhan-12767077.html | Pledge to make India world's food basket, 100 high-yielding seeds coming soon: Shivraj Singh Chouhan | We import pulses, but this dependency should end, said Shivraj Singh Chouhan..Related stories. | Government has pledged to make India the world's food basket, and very soon as many as 100 high-yielding varieties of seeds are going to be launched to boost farmers' income, Agriculture Minister Shivraj Singh Chouhan said. Minister Chouhan was addressing the Agriculture Leadership Conclave 2024 in Maharashtra, where he said better seeds and modern technology will help improve the per hectare crop yield, and the Indian Council for Agricultural Research (ICAR) will soon be launching high-yielding seeds. Highlighting the need to bring down the cost of production for farmers, Minister Shivraj Chouhan said the doubling of Kisan Samman Nidhi scheme corpus and MSP support are going to be very helpful for farmers. Shivraj Singh Chouhan said both crop insurance and crop diversification are essential in India's food security. "We import pulses, but this dependency should end. Tur, masur, urad dals will be purchased by government at MSP as much as they are produced", Chouhan added. India is the largest producer and fifth largest exporter of millets in the world, and the government is keen to put similar focus on pulses and lentils as with millets. The Union Cabinet had on June 19 approvedMinimum Support Prices (MSP) for 14 Kharif season crops, including Paddy, Ragi, Bajra, Jowar, Maize, and Cotton. The expected margin to farmers over cost of production are estimated to be highest in case of bajra (77 percent) followed by tur (59 percent), maize (54 percent) and urad (52 percent). | null | null | 2024-07-11 18:06 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/pepsico-quarterly-revenue-misses-on-slowing-demand-for-snacks-sodas-12767006.html | PepsiCo quarterly revenue misses on slowing demand for snacks, sodas | Easing production and other expenses from pandemic peaks are giving companies some relief from a surge in costs.Related stories. | PepsiCo missed expectations for second-quarter revenue on Thursday as a series of price hikes and competition from private-label brands slowed sales of its snacks and soda mainly in the United States, its largest market. Analysts have said that product prices, which are starting to normalize almost after two years of multiple hikes, are still higher than the pre-pandemic levels, giving packaged-food companies such as PepsiCo little room to raise prices as volumes shrink. PepsiCo raised average prices on its products by 5% for the quarter ended June 15, in line with the first quarter. However, overall organic volumes slipped 3%.Data from NielsenIQ showed sales at Frito-Lay North America, the company's snacking business that sells Lay's and Doritos chips, fell nearly 1.3% in the four weeks ended June 15, while the overall salty snacks category in the United States saw a smaller 0.7% decline. Frito-Lay North America, which contributed about 27% to PepsiCo's total revenue in fiscal 2023, is the company's second-largest business after North America beverages unit, which accounted for about 30% of overall sales. Shares of the company fell 2.2% in premarket trading.Easing production and other expenses from pandemic peaks are giving companies some relief from a surge in costs.That and the impact of price hikes pushed up second-quarter gross margins by 120 basis points. The company's revenue rose 0.8% to $22.50 billion in the quarter, while analysts had estimated $22.57 billion, according to LSEG data.On an adjusted basis, PepsiCo earned $2.28 per share, beating estimates of $2.16 per share. | null | null | 2024-07-11 16:41 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/pfizer-moves-forward-with-once-daily-weight-loss-pill-12767002.html | Pfizer moves forward with once-daily weight loss pill | Pfizer company logo is seen at a Pfizer office in Puurs, Belgium. | Pfizer said on Thursday it would advance a reworked, once-a-day version of its experimental obesity pill, danuglipron to clinical trials in the second half of this year, sending its shares 5% higher in premarket trading. The drugmaker last year said it was focusing on danuglipron's development after scrapping a separate, once-daily pill due to concerns about liver safety. Pfizer was testing both a once-daily modified release dosing and also a twice-daily form of danuglipron. It said early study results supported a once-daily dosing, with a safety profile consistent with prior danuglipron twice-daily dosage studies, including no liver enzyme elevations observed in more than 1,400 healthy adult volunteers. The Pfizer drug is part of the second-generation of weight loss pills, under development by companies including Eli Lilly and Novo Nordisk, that will offer patients more convenient dosing instead of injections. | null | null | 2024-07-11 16:37 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ongc-seeks-us-waiver-to-lift-venezuela-oil-industry-source-says-12766830.html | ONGC higher on hopes of getting US waiver to lift Venezuelan oil | ONGC seeks US waiver to lift Venezuela oil, industry source says. | Shares ofOil and Natural Gas Corp are trading higher afterReuters reported citing industry source that India's largest oil and gas exploration company has sought a waiver from the U.S. Office of Foreign Assets Control to lift crude oil from Venezuela. The report said ONGC is optimistic of winning an approval, according to a source who declining to be named. Earlier this year, US had reimposed sanctions on Venezuela citing that the country had broken an accord to hold free and fair elections. India and even American oil refiners had increased imports of Venezuelan oil in 2023 after a six-month waiver from sanctions was announced, which ended in April this year. Oil from Venezuela was among the cheapest for India's oil refiners, with average landed cost reported at $60.60 a barrel in January this year. TheReutersreport added that ONGC has been hopeful of recovering $500 million worth of dividends pending since 2014 for the stake it holds in Venezuelan projects. ONGC has instead sought oil instead of the pending dividend, however there has not been much progress on that front so far. Crude oil has rallied this year helped by supply cuts by OPEC+, though a volatility has declined to multi-year lows in June. | null | null | 2024-07-11 14:59 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/hiring-trend-india-inc-favours-experience-over-youth-in-post-pandemic-shift-shows-epf-data-12766770.html | Hiring trend: India Inc favours experience over youth in post-pandemic shift, shows EPF data | Experience finds place in formal job market.Related stories. | India’s formal sector employers are preferring experience over age while hiring post pandemic, going by the Employees’ Provident Fund Scheme additions, despite nearly half of the population being below 25 years of age compared with just over a quarter for China. AMoneycontrolanalysis of Ministry of Statistics and Programme Implementation data shows, the share of those aged 29 and above in the net additions to the Employees’ Provident Fund Scheme rose to 36.6 percent in FY24 compared with 21.7 percent in FY19. The rise has come at the expense of younger workers as their share declined to 25.2 percent in FY24 from 39.9 percent five years ago. The reasons Experts say that people opting for higher studies and easy availability of experienced workers at lower cost post-Covid might be reasons for this shift. “After the pandemic it has become easier to retain a retired employee. If you employ a younger person, the liability is higher in terms of benefits that need to be given,” said Satyaki Roy, associate professor, Institute for Studies in Industrial Development. Early entrants (aged below 21) constituted a third of additions to the EPF scheme in FY20 but declined to 28.7 percent during the pandemic and 24.8 percent in FY22. The share of those aged 22-28 has held steady at around 38-39 percent over the years. The trend also exists for lower remunerative jobs as well. The ratio of experienced employees in the Employees’ State Insurance Corporation scheme rose to 38.7 percent in FY24 compared with 36.8 percent in FY19. Experience counts more for women The share of experienced women in the net additions rose faster than that of male counterparts. In FY24, experienced women accounted for 38.5 percent of net additions to the EPF scheme, about 10 percentage points higher than FY19. In contrast, the share of experienced men in the workforce went up marginally to 44.2 percent from 42.1 percent earlier. “Female participation from younger group declined because more women are entering higher education,” Roy added.The change in the share of experienced men in the workforce came at the expense of 22-26-year-olds, as the share of early entrants held steady at 18.1 percent during this period. | null | null | 2024-07-11 14:57 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/auto-component-industry-to-see-moderate-growth-this-fiscal-icra-12766895.html | Auto component industry to see moderate growth this fiscal: ICRA | Auto component industry to see moderate growth this fiscal: ICRA.Related stories. | The Red Sea crisis is likely to impact the margins of the auto component industry over the next few quarters amid higher container rates and shipping time, credit ratings agency ICRA said on Thursday, projecting a moderate growth for the industry this fiscal. Close to two-thirds of the auto component exports are made to North America and Europe, and one-third of the imports is made from these regions, as per the ratings agency. "The disruption along the Red Sea route has resulted in a surge in container rates by 2-3 times in YTD (year-to-date) this calendar year compared to CY2023, while shipping time has also increased by around two weeks," ICRA said. The operating margins are set for a year-on-year improvement of around 50 basis-points in FY2025, benefitting from better operating leverage, higher content per vehicle, and value additions, while remaining exposed to any sharp volatility in commodity prices and foreign exchange rates, it said. Also, the industry's liquidity position, according to ICRA, remains comfortable, especially across tier-I players supported by stable cash flows and earnings. ICRA said it expects the growth in revenues of the Indian auto component industry to ease to 5-7 per cent this fiscal, from the highs of around 14 per cent in FY 2023-24. "Demand from domestic original equipment manufacturers (OEM) constitutes over 50 per cent of sales for the Indian auto component industry and the pace of growth in the segment is expected to moderate in FY2025," said Details, Vinutaa S, Vice President and Sector Head for corporate ratings at ICRA Limited. The ratings agency said these growth projections are based on the sample of 46 auto ancillaries with aggregate annual revenues of over Rs 3,00,000 crore in FY2024. The aging of vehicles and increased sales of used vehicles in global markets are also expected to aid in the export of components for the replacement segment in overseas markets, according to the ratings agency. On investments by auto component suppliers, Vinutaa added, "ICRA's interaction with large auto component suppliers indicates that the industry has incurred a capex of over Rs 20,000 crore in FY2024 and is estimated to spend another Rs 20,000 to Rs 25,000 crore in FY2025." The incremental investments would be made towards new products, product development for committed platforms, and development of advanced technology and EV components, apart from capex for capacity enhancements and upcoming regulatory changes. ICRA said it expects auto ancillaries' capex to hover around 8-10 per cent of operating income over the medium term, with the PLI scheme also contributing to accelerating capex towards advanced technology and EV components." The EV policy 2024 for electric four-wheelers would also help generate incremental demand for component makers, because of the domestic value addition mandated, according to the ratings agency. ICRA also expects opportunities for ancillaries in manufacturing components from other alternative fuel vehicles, as their penetration increases and expects EVs to account for around 25 per cent of domestic two-wheeler sales and 15 per cent of passenger vehicle sales by 2030. This would translate into a strong market potential for EV components by 2030, it stated. | null | null | 2024-07-11 14:39 |
moneycontrol.com | https://www.moneycontrol.com/news/business/vedanta-to-raise-up-to-rs-1000-crore-via-debentures-12766869.html | Vedanta to raise up to Rs 1,000 crore via debentures | Vedanta to raise up to Rs 1,000 crore via debentures. | Mining conglomerateVedantaLtd on Thursday said it plans to raise up to Rs 1,000 crore through the issuance of debentures. In a regulatory filing the company said, its directors have approved the allotment of 1,00,000 non-convertible debentures aggregating to Rs 1,000 crore on a private placement basis. "The duly constituted committee of directors of the company has approved the allotment of 1,00,000 secured, rated, listed, redeemable, non-convertible debentures (NCDs) of face value Rs 1,00,000 each aggregating to Rs 1,000 crore on a private placement basis," the filing said. Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the world's leading natural resources companies. Spanning across India, South Africa, Namibia, Liberia, UAE, Korea, Taiwan and Japan with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium, power and glass substrate and foraying into semiconductors and display glass. | null | null | 2024-07-11 14:03 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/will-resume-agitation-on-pending-demands-of-legal-guarantee-to-msp-farm-loan-waiver-skm-12766862.html | Will resume agitation on pending demands of legal guarantee to MSP, farm loan waiver: SKM | Will resume agitation on pending demands of legal guarantee to MSP, farm loan waiver: SKM. | Farmers' body SKM on Thursday announced it will resume its agitation over its pending demands, including a legal guarantee to MSP and loan waiver, and submit a memorandum to the prime minister and the leader of opposition in the Lok Sabha. The Samyukt Kisan Morcha (SKM), which led the 2020-21 farmers' protest, made the announcement a day after its general body met. "The general body has decided to resume the agitation demanding implementation of the agreement, dated December 9, 2021, that the Union government has with the SKM, signed by the Secretary of the Department of Agriculture, Government of India, and other key demands affecting the livelihood of farmers," the SKM said. It said the organisation will submit an updated charter of demands to all MPs, On August 9, the SKM will observe "Quit India Day" as "Corporates Quit India Day" by holding demonstrations across the country in support of its charter of demands, the organisation said. | null | null | 2024-07-11 13:59 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/indias-oil-gas-exploration-offers-100-billion-opportunity-hardeep-singh-puri-12766849.html | India's oil, gas exploration offers $100 billion opportunity: Hardeep Singh Puri | India's oil, gas exploration offers $100 billion opportunity: Hardeep Singh Puri.Related stories. | Oil Minister Hardeep Singh Puri on Thursday called for stepping up oil and gas hunt to cut India's reliance on imports and making available fuel at an affordable and sustainable way. Speaking at the Urja Varta conference, he said the exploration and production (E&P) sector is integral in the journey towards energy self-sufficiency, which is critical for sustained economic growth. "E&P offers investment opportunities worth USD 100 billion by 2030," he said. Stating that India's exploration and production potential still lies untapped, he said, "I find it strange that India is so heavily reliant on oil imports despite the abundant geological resources available to us." The Indian sedimentary basins hold about 651.8 million tonnes of crude oil and 1138.6 billion cubic meters of natural gas, he said. Puri said only 10 per cent of our sedimentary basin area is under exploration, which will rise to 16 per cent by 2024-end after the current bid ends. "The focus of our exploratory endeavours must pivot towards discovering 'Yet to Find' resources," he said. India imports over 85 per cent of its crude oil needs. Crude oil is converted into fuels like petrol and diesel in refineries. "The government is doing its part to catalyse investments in E&P. The Ministry of Petroleum and Natural Gas (MoPNG) has instituted sweeping reforms, empowering stakeholders to contribute to our nation's progress," he said, adding "We intend to increase India's exploration acreage to 1 million sq. km. by 2030." The minister said since its inception in 2015, the Discovered Small Field (DSF) Policy has garnered investments of approximately USD 2 billion and brought in 29 new players in the field. "The opening up of the erstwhile no-go areas has paved the way for exploration activities in previously restricted zones, fostering investments, notably in regions such as the Andamans," he said. Puri announced formation of a Joint Working Group (JWG), comprising representatives from private E&P operators, the National Oil Companies, MoPNG, and DGH to examine issues relating to the ease of doing business in E&P, adequacy of policies and procedures, and the need for their revision. "It will submit its recommendations within eight weeks," he added. | null | null | 2024-07-11 13:46 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/centre-to-launch-125-plus-fisheries-projects-worth-over-rs-100-crore-in-tamil-nadu-on-friday-12766810.html | Centre to launch 125-plus fisheries projects worth over Rs 100 crore in Tamil Nadu on Friday | Centre to launch 125-plus fisheries projects worth over Rs 100 crore in Tamil Nadu on Friday.Related stories. | In a major boost to the fisheries sector, Union Minister Rajiv Ranjan Singh is slated to inaugurate more than 125 projects at the Fisheries Summer Meet to be held in Madurai, Tamil Nadu on Friday, according to ministry officials. These initiatives, approved under the Pradhan Mantri Matsya Sampada Yojana (PMMSY), represent a total investment exceeding Rs 100 crore. The ministry officials said the diverse array of initiatives includes fish retail kiosks, shrimp hatcheries, brood banks, ornamental fish units, biofloc units, fish feed mills, and fish value-added enterprises. PMMSY, a flagship programme of the Centre, aims to foster sustainable development in the fisheries sector. While details of specific financial assistance were not disclosed, the scheme is expected to significantly bolster local businesses and enhance the country's fisheries output. The event will also see Singh distribute grants to 12 winners of the inaugural Fisheries Startup Grand Challenge, organised by the ministry. The minister will also interact with beneficiaries who have received central funding for their projects. The Fisheries Summer Meet serves as a platform for dialogue between the Centre and states, showcasing contributions of stakeholders in the fisheries and aquaculture sectors. It also aims to create awareness about various central government initiatives. Union Ministers of State for Fisheries, Animal Husbandry and Dairying, S P Singh Baghel and George Kurian, along with Tamil Nadu Fisheries Minister Anitha R Radhakrishnan will attend the event. | null | null | 2024-07-11 13:13 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/finance-ministry-notifies-gstr-1a-to-amend-outward-supply-form-12766771.html | Finance ministry notifies GSTR-1A to amend outward supply form | FinMin notifies GSTR-1A to amend outward supply form.Related stories. | The finance ministry has notified the GSTR-1A form which will give an option to taxpayers to amend outward supply or sales return form. Last month, the GST Council had recommended providing a new optional facility by way of form GSTR-1A to facilitate the taxpayers to amend the details in form GSTR-1 for a tax period and/ or to declare additional details. GSTR-1A will, however, have to be filed before filing of return in GSTR-3B for the said tax period. The finance ministry on July 10 notified the GSTR-1A form. Moore Singhi Executive Director Rajat Mohan said the Central Board of Indirect Taxes and Customs (CBIC) has introduced a significant enhancement to the GST compliance framework with the optional facility of form GSTR-1A. "By facilitating timely corrections, form GSTR-1A ensures that the correct tax liability is auto-populated in form GSTR-3B, reducing manual errors and fostering a streamlined compliance process," he said. This amendment not only minimizes the risk of penalties and interest due to incorrect filings but also significantly reduces the compliance burden, underscoring the CBIC's commitment to a more responsive and taxpayer-friendly GST regime, Mohan added. KPMG Indirect Tax Head & Partner, Abhishek Jain said enabling provisions for allowing rectification of GSTR-1 is a welcome move and should help contain unwarranted disputes on routine reconciliation between GSTR-1 and GSTR-3B (specifically inadvertent errors) for businesses. "Also, the modus prescribed should not significantly impact the input tax credit reconciliation process for businesses," Jain said. This will facilitate taxpayer to add any particulars of supply of the current tax period missed out in reporting in form GSTR-1 of the said tax period or to amend any particulars already declared in GSTR-1 of the current tax period (including those declared in Invoice Furnishing Facility (IFF), for the first and second months of a quarter, if any, for quarterly taxpayers), to ensure that correct liability is auto-populated in GSTR-3B. Currently, GST taxpayers file outward supply return GSTR-1 by the 11th day of the subsequent month, GSTR-3B is filed in a staggered manner between 20th-24th day of the succeeding month. Taxpayers with annual turnover of up to Rs 5 crore can file GSTR-1 quarterly within 13th day of the end of the quarter, while GSTR-3B is filed between 22nd and 24th day of the succeeding month. | null | null | 2024-07-11 12:42 |
moneycontrol.com | https://www.moneycontrol.com/news/business/electric-mobility-startup-vidyut-launches-offline-pre-owned-ev-sales-financing-platform-12766751.html | Electric mobility startup Vidyut launches offline pre-owned EV sales, financing platform | Electric mobility startup Vidyut launches offline pre-owned EV sales, financing platform.Related stories. | Bengaluru-based electric mobility startup Vidyut on Thursday announced the launch of its offline pre-owned EV sales and financing platform. The latest offline services have been made available in Delhi-NCR, Hyderabad and Bengaluru to begin with, while the plans are to expand them into six more markets including Mumbai, Chennai, Pune, Lucknow, Agra and Kanpur by the end of this fiscal, Vidyut said. The company said it plans to launch an online marketplace as well in the next six months. Under the new offering, the company will manage the end-to-end process from vehicle inspection and valuation to sale and RTO documentation for the owners, the Bengaluru-headquartered firm said. Currently, the platform offers resale of electric commercial three-wheelers from brands such as Mahindra, Piaggio, Euler Motors, Greaves and Altigreen, among others, it said. "Absence of a robust resale market is one of the biggest roadblocks in the acceleration of EV adoption. With the launch of our EV resale platform, we will be focusing on accurate and transparent vehicle and battery valuation. "Coupled with our battery subscription model and EV financing services, this approach mitigates the risk of the remaining battery life, uncertain resale value, EV loans, thereby accelerating EV adoption," said Xitij Kothi, Co-Founder, Vidyut. Vidyut started in November 2021 as a commercial EV financing platform. One of the major hurdles in EV adoption is the lack of accessibility to resale market and resale price discovery of EVs and, therefore, over the last two years, the company has built capabilities to inspect, value, sell and finance pre-owned EVs through its own demand generation platform for used EVs, the company said. | null | null | 2024-07-11 12:17 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sci-nmdc-steel-shares-rally-up-to-19-amid-buzz-of-likely-strategic-sale-12766700.html | SCI, NMDC Steel shares rally up to 19% amid buzz of likely strategic sale | At 11:15 am, while NSL was trading at Rs 60.65, higher by 5.22 percent compared to the opening price on NSE, SCI shares were trading 18.88 percent higher at Rs 327.1. The shipping firm posted its 52-week high during the session at Rs 329..Related stories. | Shares of two state-run companies recorded healthy gains in the early hours of trading on July 11. NMDC Steel Limited(NSL) andShipping Corporation of India(SCI) were generating interest in the market after Moneycontrol reported on July 10 that privatization of the two firmsare back on track. Moreover, the shipping ministry has also proposed a joint venture between SCI and Indian Oil Corporation Limited for the manufacturing of large oil tankers in an effort to reduce dependence on foreign firms,Mintreported on July 11. Also read:ÂBudget unlikely to revise Rs 1-lakh-cr revenue target from divestment, monetisation, dividends At 11:15 am, while NSL was trading at Rs 60.65, higher by 5.22 percent compared to the opening price on NSE, SCI shares were trading 18.88 percent higher at Rs 327.1. The shipping firm posted its 52-week high during the session at Rs 329. On July 10, Moneycontrol had reported that Department of Investment and Public Asset Management (DIPAM) is pushing for the strategic sales of firms such as SCI and NSL. Also read:ÂGovt may opt for 5-7% stake sale in CONCOR after tepid response to strategic sale plan Officials in the department told this website that work on the sale of NMDC Steel is at an ‘advanced stage’. DIPAM is awaiting Prime Minister's Office’s nod to go ahead with the sale, the official aware of the development told moneycontrol. However, the privatisation of NSL won’t be an easy move for the government as it is fraught with political challenges. The workers union of the state-run company is not in agreement with the divestment agenda. The company has 5,887 employees and assets worth Rs 36,929 crore. Also read:RBI's bumper payout to limit big ticket divestment; govt to maintain Rs 50k cr target NSL was demerged from NMDC as a separate company to operate its Nagarnar steel plant in Chhattisgarh. NSL was listed on the BSE in February 2023. The stake sale in SCI, too, should be completed this year, for which the financial bids need to be called for. However, here again, it will be a political decision, the official said. Also read:ÂCentre has total divestment potential of Rs 11.5 lakh crore at current valuations, says report | null | null | 2024-07-11 11:58 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/india-widens-use-of-foreign-currency-accounts-in-gift-city-12766718.html | India widens use of foreign currency accounts in GIFT City | India widens use of foreign currency accounts in GIFT City.Related stories. | Indians have been allowed wider usage of foreign currency accounts at the Gujarat International Finance Tec-City, or GIFT City, boosting business prospects for a finance hub pushed by Prime Minister Narendra Modi. GIFT City, launched in the western state of Gujarat by Modi in 2011, has been planned as an alternative to regional financial centres like Dubai. It offers easier regulations compared with the rest of India but has seen a slow pick up in interest from foreign investors. The latest changes, announced by the Reserve Bank of India in a circular late on Wednesday, allow Indian investors to use GIFT City as a route for more overseas spending and investments. Indians are allowed to remit up to $250,000 overseas each year for education and medical expenditure as well as certain kinds of investments. So far, foreign currency accounts in the finance hub could only be used for investing in overseas-listed securities and for paying tuition for foreign universities at GIFT City. The relaxation of norms will help banking and financial services in the finance hub, such as payments and insurance. The biggest beneficiary will be banks and the move will "open up the window" for life insurance companies, Jaiman Patel, partner at EY India said. It will give India visibility over how money remitted overseas is being deployed, as authorities can seek data more easily, Suresh Swamy, partner, PwC in Mumbai said. "Financial services activity which was getting routed through other jurisdictions such as Singapore or Dubai can now be done through International Financial Services Centre," he said. The overarching rules for remittances out of India will still hold, former central bank deputy governor R. Gandhi said. Over the last year, Indian authorities have taken a number of decisions to boost activity at GIFT City, including allowing the listing of Indian companies and permitting the wealthy to open family investment funds. | null | null | 2024-07-11 11:54 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/first-abu-dhabi-bank-says-not-evaluating-any-offer-for-stake-in-yes-bank-12766657.html | First Abu Dhabi Bank says not evaluating any offer for stake in Yes Bank | The Middle Eastern lender was weighing a bid for as much as a 51 percent stake in Yes Bank, Bloomberg reported on July 11.Related stories. | First Abu Dhabi Bank PJSC has denied reports that it is evaluating any possible offer for a stake in YES Bank, Reuters reported on July 11. Yesterday,ÂBloomberg reported that First Abu Dhabi Bank PJSCis among potential suitors for a roughly $5 billion stake in the Indian bank. The Middle Eastern lender was weighing a bid for as much as a 51 percent stake in Yes Bank, the report said citing sources. The stake sale has also drawn preliminary interest from Japan, including Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc., although it remains unclear how strong their appetite for a deal is and whether they will proceed, according to the report. Also read:ÂYes Bank jumps over 7% as Moody's upgrades outlook to 'positive' Meanwhile, the Indian lender denieda report that said it has receivedan in-principle approval from the Reserve Bank of India for a 51 percent stake sale. State Bank of India has pared its holding in Yes Bank after rescuing the lender four years ago when it was inundated with bad loans. It remains its biggest shareholder with a 24 percent stake. SBI’s chairman Dinesh Khara’s tenure is due to end in August, potentially delaying a deal involving Yes Bank. With inputs from agencies | null | null | 2024-07-11 11:01 |
moneycontrol.com | https://www.moneycontrol.com/news/business/kalpataru-projects-international-bags-orders-worth-rs-2995-crore-12766612.html | Kalpataru Projects International bags orders worth Rs 2,995 crore | Kalpataru Projects International bags orders worth Rs 2,995 crore.Related stories. | Kalpataru Projects International on Thursday said the company along with its joint ventures and international subsidiaries have bagged orders worth Rs 2,995 crore. In a statement the company said the new order wins were in the transmission & distribution (T&D), building & factories (B&F) and water business categories. Kalpataru Projects International Limited (KPIL) along with its joint ventures and international subsidiaries have secured new orders/notification of awards of Rs 2,995 crore, the statement said. KPIL has bagged orders in the T&D business in overseas markets. It has received an engineering procurement construction (EPC) order in the water business in a joint venture and has bagged a B&F order in the domestic market, the statement added. "The orders in the building and factories and water business have further strengthened our order book, thereby improving the growth visibility for these businesses. With the above order wins, our order intake till date in the current financial year stands at Rs 6,178 crore," Manish Mohnot, MD & CEO, KPIL, said. KPIL is one of the largest specialized EPC companies engaged in power transmission and distribution, buildings and factories, water supply and irrigation, railways, oil and gas pipelines, urban mobility (flyovers and metro rail), highways and airports. Kalpataru Projects International is currently executing projects in over 30 countries and has a global footprint in over 70 countries. | null | null | 2024-07-11 10:20 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/powell-stresses-message-that-us-job-market-is-cooling-a-possible-signal-of-coming-rate-cut-12766399.html | Powell stresses message that US job market is cooling, a possible signal of coming rate cut | Powell stresses message that US job market is cooling, a possible signal of coming rate cut.Related stories. | Federal Reserve Chair Jerome Powell on Wednesday reinforced a message that the Fed is paying growing attention to a slowing job market and not only to taming inflation, a shift that signals it's likely to begin cutting interest rates soon. "We're not just an inflation-targeting central bank," Powell told the House Financial Services Committee on the second of two days of semi-annual testimony to Congress. "We also have an employment mandate." On Tuesday, when Powell addressed the Senate Banking Committee, he suggested that the Fed had made 'considerable progress'Â toward its goal of defeating the worst inflation spike in four decades and noted that cutting rates too late or too little could unduly weaken economic activity and employment." Congress has given the Fed a dual mandate: To keep prices stable and to promote maximum employment. "For a long time," Powell said Wednesday, "we've had to focus on the inflation mandate." As the economy roared out of the pandemic recession, inflation reached a four-decade high in mid-2022. The Fed responded by raising its benchmark rate 11 times in 2022 and 2023. Inflation has plummeted from its 9.1% peak to 3.3%. The economy and job market have continued to grow, defying widespread predictions that much higher borrowing costs would cause a recession. Still, growth has weakened this year. From April through June, U.S. employers added an average 177,000 jobs a month, the lowest three-month hiring pace since January 2021. Powell told the House panel on Wednesday that to avoid damaging the economy, the Fed likely wouldn't wait until inflation reached its 2% target before it would start cutting rates. Most economists have said they expect the Fed's first rate cut to occur in September. Powell this week has declined to say when he envisions the first cut. | null | null | 2024-07-10 21:56 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/no-linkage-between-up-hybrid-car-policy-and-price-cut-of-xuv-700-variant-clarifies-mm-12766081.html | No link between UP hybrid car policy and XUV 700 price cut, clarifies M&M | Mahindra XUV700.Related stories. | Mahindra and Mahindra on July 10 clarified that there was no linkage between the recently announced price reduction of its popular SUV XUV 700 and Uttar Pradesh government's hybrid vehicle policy. In a regulatory filing, M&M said, "We wish to inform the stock exchanges that there is no linkage between the price cut on certain XUV700 variants and UP EV/hybrid policy as reported by some media." The announced price cut of XUV700 is a continuation of our business strategy execution that was articulated in our 14th February 2024 analyst meeting where we clearly outlined that “we have to bring the average price point down to drive growth," M&M further added. Mahindra & Mahindra said its XUV700's fully-loaded AX7 range now starts at Rs 19.49 lakh, a price cut of over Rs 2 lakh. The price cut will enable more people to experience the range, it added. "We kickstarted this effort with the launch of AX5 select variant in May 2024 and have also brought in a 3rd anniversary celebration variant for the higher-end XUV700 for a limited period of 4 months." The company has clarified that these are 'well deliberated' actions which were incorporated in its business plan based on the material cost savings it realised earlier. Shares of M&M were trading with deep cuts of around 7 per cent as of 2:15 pm IST, while benchmark indices were down 0.8 per cent. Meanwhile, to promote the use of environment-friendly vehicles in the State, the Uttar Pradesh (UP) government recently announced a complete waiver of registration tax on strong hybrid cars. The move is likely to benefit companies like Maruti Suzuki India (MSIL), Honda Cars India (HCIL) and Toyota Kirloskar Motor (TKM) wherein customers can benefit up to Rs 3.50 lakh. The UP government charges 8 percent road tax on vehicles which cost less than Rs 10 lakh, and 10 percent on vehicles costing more than Rs 10 lakh (on ex-showroom). According to FADA, UP is one of the largest markets for passenger vehicles in the country, with retail sales of 2,36,097 units in the first half (H1) of this year — a jump of 13.46 per cent compared with 2,08,092 units in January-June 2023. | null | null | 2024-07-10 20:31 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/accenture-acquires-cientra-in-a-bid-to-expand-silicon-design-capabilities-12766366.html | Accenture acquires Cientra in a bid to expand silicon design capabilities | The Cientra acquisition will help expand Accenture's silicon design and engineering capabilities, the company said.Related stories. | Accenture on July 10 announced the acquisition of Cientra, a silicon design and engineering services company, for an undisclosed amount. The Company which was founded in 2015, is headquartered in New Jersey, US, and has offices in Frankfurt, Germany as well as in Bangalore, Hyderabad and New Delhi. ŌĆ£Everything from data center expansion to cloud computing, wireless technologies, edge computing and the proliferation of AI, are driving demand for next-generation silicon products,ŌĆØ said Karthik Narain, group chief executiveŌĆöTechnology at Accenture. ŌĆ£Our acquisition of Cientra is our latest move to expand our silicon design and engineering capabilities and it underscores our commitment to helping our clients maximize value and reinvent themselves in this space.ŌĆØ "The company brings consulting expertise in embedded IoT and application-specific integrated circuit design and verification capabilities, which augments AccentureŌĆÖs silicon design experience and further enhances its ability to help clients accelerate semiconductor innovation required to support growing data computing needs," according to a press release. Cientra has deep experience in engineering, development and testing across hardware, software and networks, in the automotive, telecommunications and high-tech industries. The company brings approximately 530 experienced engineers and practitioners to AccentureŌĆÖs Advanced Technology Centers in India. ŌĆ£Since inception, Cientra has been dedicated to building top talent and fostering continuous innovation, developing product solutions that drive value for our clients,ŌĆØ said Anil Kempanna, CEO, Cientra. ŌĆ£Joining Accenture provides exciting opportunities to expand globally and scale our capabilities to create new avenues of growth for our clients as well as our people.ŌĆØ This acquisition follows the addition of Excelmax Technologies, a Bangalore, India-based semiconductor design services provider, earlier this week, and XtremeEDA, an Ottawa, Canada-based silicon design services company, in 2022. Excelmax provides custom silicon solutions used in consumer devices, data centres, artificial intelligence (AI) and computational platforms that enable edge AI deployments to clients in the automotive, telecom and high-tech industries. | null | null | 2024-07-10 20:23 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/retail-inflation-for-industrial-workers-eases-to-3-86-in-may-12766316.html | Retail inflation for industrial workers eases to 3.86% in May | Retail inflation for industrial workers eases to 3.86% in May. | Retail inflation for industrial workers eased to 3.86 per cent in May compared to 4.42 per cent in the same month a year ago. The Consumer Price Index-Industrial Workers (CPI-IW) was 3.87 per cent in April 2024, a labour ministry statement said. According to the statement, year-on-year inflation for May 2024 moderated to 3.86 per cent against 4.42 per cent in May 2023. The All-India CPI-IW for May 2024 increased by 0.5 points and stood at 139.9 points. It was 139.4 points in April 2024. The food and beverages group increased to 145.2 points in May from 143.4 points in April this year. The fuel & light segment dipped to 149.5 points in May from 152.8 points in April 2024. The Labour Bureau, an attached office of the Ministry of Labour & Employment, has been compiling the Consumer Price Index for Industrial Workers every month on the basis of retail prices collected from 317 markets spread over 88 industrially important centres in the country. | null | null | 2024-07-10 19:19 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/mospi-preparing-vision-2029-document-with-focus-on-ai-ml-12766276.html | MOSPI preparing Vision 2029 document with focus on AI, ML | Five year vision, with eye on AI.Related stories. | The Union Ministry of Statistics and Programme Implementation (MOSPI) is working on a five-year plan, which includes artificial intelligence and machine learning as focus areas, sources toldMoneycontrol. “Consultations are going on regarding our vision for the next five years,” a person aware of the developments said, noting that the ministry will set the themes, based on which it will decide on goals and a plan of action. One of the primary focus of the new document is likely to be further incorporating artificial intelligence and machine learning and strengthening the technology base. “We have already moved from paper-based interviews to computer-aided interviews, which check the data in real-time,” the person said. The document is also likely to lay down a year-wise plan for the ministry to work towards. The earlier document, which covered the period from 2019 until 2024, worked on three broad themes: Strengthening statistical infrastructure for real-time monitoring of the economy, launch of an integrated information portal and strengthening the monitoring of large infrastructure projects. The ministry last month announced the launch of its 'e-sankhyiki' portal to enhance data access. The ministry is also working on shortening the timeline of surveys. Moneycontrolhad earlier reported that the ministry if working towards releasingurban unemployment data monthlyand rural statistics every quarter. The ministry is also working towards a new calculation for national accounts, consumer inflation and industrial production. India's GDP data is likely to berevised by early 2026. The government recently formed a committee to advise on base year revision and changes to GDP calculation. | null | null | 2024-07-10 18:35 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/guaranteed-pension-model-will-hurt-states-more-than-the-centre-12766264.html | Guaranteed pension model will hurt states more than the Centre | Guaranteed pension model to be a burden for states.Related stories. | A guaranteed pension model, which ends up assuring 50 percent of basic income as pension, may end up hurting the states more than the Centre, as this will result in a reduced fiscal space to accommodate higher spends, according to aMoneycontrolanalysis. If 50 percent of the last basic income is set as a pension, the Centre and states will likely spend 269 percent more, in current value terms, than they would have spent had they adhered to the new pension scheme. On Wednesday, theTimes of Indiareported that the government was considering modifying the New Pension Scheme, established in 2004, to ensure a guaranteed element so that an employee received 50 percent of the last basic salary as a pension. In other words, if the return from NPS only yielded a pension equivalent to, say, 25 percent of the last drawn basic salary then the government would fill the gap. Under the old pension scheme, a guaranteed defined benefit of half of the last salary drawn is given as a lifelong pension, sans any contribution from the employee. The New Pension Scheme entails a 14 percent contribution from the government while the employee contributes 10 percent. The AP government set up a consultative committee in 2022 with the remit to ensure that state government employees received 33 percent of the last drawn salary as pension. As per the committee’s calculations, the National Pension Scheme was likely to return 20 percent of basic pay as pension by the end of an employee’s tenure. Thus, the gap, in this case 13 percent, would have to be met by the state government. The AP model assumes a 7 percent return on NPS investments between 2026-30, reducing to 4 percent by 2081-2100. The Centre’s pension bill (excluding defence) stood at Rs 71,256 crore in FY24 as per revised estimates. The NPS component was around 12 percent of the total pension spending, while Rs 51,152 crore went towards payments under the old pension scheme and other allowances. A back-of-the-envelope calculation shows that assuming NPS yielded a pension of 20 percent of the last drawn salary—going by the AP committee’s calculations—and the idea to increase the pension payable to 50%, then this would cost the Centre Rs 30,691 crore in today’s terms. The cost of this hybrid pension model would have likely amounted to 2.2 percent of net revenue in FY24, compared with 0.4 percent spent as contributions under the NPS. More trouble for states States are likely to face more stress as a larger proportion of their revenue goes into servicing pensions. While states spent 4.7 percent of revenues in servicing pensions in 1990-91, the ratio was likely higher at 12.9 percent in 2023-24, according to RBI data on state finances. In terms of their own tax revenues, states spend a quarter of what they earn from taxes on pensions. The AP model shows that the scheme under proposal with 50 percent benefit and a contribution from the employer, provides little reprieve to states in terms of their revenue spending. Pensions as a share of revenue receipts would be 33.2 percent by 2100 as per the AP committee’s calculations compared with 0.01 percent under the NPS model. The OPS model is likely to cost 38.9 percent. | null | null | 2024-07-10 18:21 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/aavas-financiers-eqt-cvc-capital-bain-in-the-fray-as-promoters-kedaara-partners-group-explore-full-exit-12766247.html | Aavas Financiers: EQT, CVC Capital & Bain in the fray as promoters Kedaara, Partners Group explore full exit | Kedaara Capital and Partners Group, classified under the promoter category, own a combined 26.47 percent stake in Aavas Financiers..Related stories. | Top global private equity firms EQT, CVC Capital and Bain Capital have independently expressed interest in the ongoing mega stake sale in the works at Aavas Financiers Ltd ( formerly known as AU Housing Finance Ltd), three persons in the know told Moneycontrol. On July 3, Moneycontrol was thefirst to reportthat the twin promoters of the NBFC, Kedaara Capital and Partners Group, are weighing a complete exit eight years after jointly acquiring the firm more than eight years back. The report had added that due diligence was being conducted for the proposed deal and Jefferies had been appointed as the sell-side advisor. One of the persons above said a strategic suitor looking to expand in the financial services segment may have also evaluated the opportunity, but it was immediately unclear if the firm was still in the fray. When contacted, Partners Group , EQT and Bain Capital declined to comment. Email queries sent to Kedaara Capital, Aavas Financiers and CVC Capital were left unanswered at the time of publishing this article, which will be updated as soon as we hear from them. In recent times, other global investors like Advent International, Warburg Pincus, Mubadala and Ontario Teachers Pension Plan have also evinced interest in financial services deals or struck them. Torrent Group's Torrent Investments had expressed interest in the sale process of Reliance Capital under the insolvency and bankruptcy code. Kedaara Capital and Partners Group, classified under the promoter category, own a combined 26.47 percent stake in Aavas Financiers. If the entire stake is sold to an incoming suitor , it would trigger the open offer threshold as per Sebi norms to acquire an additional 26 per cent from public shareholders and result in a change in control. Based on the market cap of Aavas Financiers at the end of day's trade on July 10, which stood at Rs 14,290 crore, the stake owned by Kedaara Capital and Partners Group is worth Rs 3,782 crore. At these levels, a majority stake of at least 51 per cent stake in the firm is worth around Rs 7,287 crore. Incidentally, both Kedaara Capital and Partners Group have diluted part stake earlier in the year via the block deal route. In March, both firms divested 12.6 per cent in Aavas Financiers for Rs 1,369 crore. In aninterview to Moneycontrolin April, Jean Salata, Chairperson of EQT Asia and Head of Private Capital Asia, named financials as one of the three sectors where EQT is considering deploying $5 billion in India this year. The other two segments are IT and pharma/healthcare. In the financial services space, Bain Capital backs Adani Capital, L&T Finance and 360 ONE ( formerly IIFL Wealth and Asset Management) . On the other hand, CVC Capital has not placed any financial services bets as yet domestically, even though the India team steered the acquisition of global online retail trading platform, currency data and analytics company OANDA. A closer look at Aavas According to its website, Jaipur based Aavas is engaged in the business of providing housing loans, primarily, in under-served markets which include the states of Rajasthan, Maharashtra, Gujarat, Madhya Pradesh, Haryana, Uttar Pradesh, Chhattisgarh, Uttarakhand, Punjab, Himachal Pradesh, Delhi, Odisha, and Karnataka. Currently, the firm is operating with a total of 371 branches, the website added. In February 2016, a Kedaara-Partners JV acquired Aavas Financiers Ltd for around Rs 950 crores, according to media reports. The firm was listed in October 2018 and its share price has risen by nearly 15 per cent in the last six months. Some of the shareholders of Aavas in the public category include SBI Small Cap Fund ( 8.86 per cent), UTI Flexi Cap Fund ( 3.06 per cent), Amansa Holdings Private Ltd ( 3.10 per cent) and ADIA ( 2.50 per cent) For FY23-24, theNBFC had a net profitof Rs 490.69 crore and revenues of Rs 2,017.50 crore. It reported a 20 percent uptick in disbursements to Rs 1,890 crore during the January-March quarter. Assets under management also rose 22 percent to Rs 17,300 crore during the same period. Also Read:ÂAadhar Housing CEO: Eventually it will be a two-horse race between us and Aavas Financiers | null | null | 2024-07-10 17:38 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/sula-vineyards-net-revenue-jumps-10-to-rs-130-cr-in-q1fy25-its-highest-ever-12766213.html | Sula Vineyards' net revenue jumps 10% to Rs 130 cr in Q1FY25, its highest ever | The firm’s wine tourism segment saw a decline of 2.5 percent at Rs 11.3 crore in the reported quarter against Rs 11.5 crore in the same period of previous year..Related stories. | Sula Vineyards Limitedon July 10 posted its highest ever overall net revenue in the first quarter of FY25, India’s largest wine producer said in an exchange filing. The company recorded a 9.7 percent growth in its net revenue for the reported quarter at Rs 129.6 crore against Rs 118.2 crore reported in the year-ago period, the filing said. The wine producer’s own brands' sales stood at Rs 104.4 crore in the June 30 ended quarter compared to Rs 101.6 crore, recording a growth of 2.7 percent. However, the firm’s wine tourism segment saw a decline of 2.5 percent at Rs 11.3 crore in the reported quarter against Rs 11.5 crore in the same period of previous year. “We are pleased to announce our highest ever Q1 net revenue, although wine consumption and tourism during the quarter were impacted by several dry days nationwide and locally during the Lok Sabha elections and the scorching heatwave conditions,” said Sula CEO Rajeev Samant. The stock of the wine maker closed 1.22 percent higher at Rs 501.4 on the NSE. However, the shares have seen a significant decline in the past seven months, since its 52-week high of Rs 699 achieved in January 2024. The CEO also announced the appointment of Omprakash Singh as the head of marketing. “I am also pleased to announce the appointment of Omprakash Singh as head of marketing. With a wealth of experience in various FMCG, e-commerce, and media companies like L&K Saatchi & Saatchi and Shemaroo, we're confident Omprakash is the right person to lead Sula’s expanded marketing initiatives moving forward,” Samant said. Moreover, the company announced it will start bottling at one more unit in Maharashtra. The facility, N D Wines facility, where the bottling will start, was recently acquired by the wine producer, the company said. The filing also informed that the company has decided to transition the economy and popular brands to a third-party sales force model in Maharashtra, starting with Mumbai and Pune. “This strategy, which has previously yielded strong results in Karnataka and Telangana, will allow Sula’s sales force to focus exclusively on the priority Elite and Premium brands.” | null | null | 2024-07-10 17:22 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/rupee-falls-2-paise-to-settle-at-83-51-against-us-dollar-12766231.html | Rupee falls 2 paise to settle at 83.51 against US dollar | Rupee falls 2 paise to settle at 83.51 against US dollar.Related stories. | The rupee stayed range-bound and settled 2 paise lower at 83.51 (provisional) against the US dollar on Wednesday amid rising crude oil prices overseas and selling in domestic equities. A softening American currency and inflow of foreign funds capped the fall in the local unit, forex traders said. At the interbank foreign exchange market, the rupee opened flat at 83.49 against the dollar and moved in a close range of 83.48 to 83.53 during the session. The local unit finally settled at 83.51 (provisional) against the American currency, registering a loss of 2 paise from its previous close. The rupee had edged up 1 paisa to close at 83.49 against the dollar on Tuesday. Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the rupee is expected to trade with a slight negative bias on weakness in domestic market and positive tone in the dollar. "Investors may remain cautious ahead of Fed Chair Jerome Powell's testimony to the US Congress and inflation data tomorrow. USD-INR spot price is expected to trade in a range of Rs 83.20 to Rs 83.80," he said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, eased 0.03 per cent to 104.77. According to Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, the upcoming US inflation data is expected to increase volatility in the forex market, potentially influencing the rupee. "However, RBI intervention has been helping to keep the rupee stable. Consequently, the rupee range can be seen between 83.35-83.40 as resistance and 83.60-83.70 as support," he added. Brent crude, the global oil benchmark, rose 0.22 per cent to USD 84.85 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex declined 426.87 points or 0.53 per cent to close at 79,924.77. The broader NSE Nifty lost 108.75 points, or 0.45 per cent, to end the session at 24,324.45. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday, as they purchased shares worth Rs 314.46 crore, according to exchange data. | null | null | 2024-07-10 16:47 |
moneycontrol.com | https://www.moneycontrol.com/news/business/jsw-mg-motor-joins-hands-with-shell-for-ev-charging-infra-12765966.html | JSW MG Motor joins hands with Shell for EV charging infra | Moneycontrol has exclusively reported that JSW MG Motor India, has lined up a slew of products, including Plug-in Hybrid Electric Vehicles and also Battey Electric Vehicles..Related stories. | JSW MG Motor India, known as MG Motor India Pvt Ltd until early this year, has joined hands with Shell India to enhance public charging infrastructure for Electric Vehicles (EVs) across the country. As per the partnership, JSW MG Motor India customers will be able to leverage on Shell's fuel station network across the country for vehicle charging. As per the Memorandum of Understanding (MoU) inked, Shell India will deploy CCS 50kW and 60kW DC fast chargers at various locations throughout India, bolstering the EV charging network and facilitating long-distance travel for EV users, the carmaker said in a statement. "The expansion of infrastructure will make EV fast charging more convenient, accessible and enable EV customers to plan hassle-free long-distance journeys," stated JSW MG Motor India Chief Growth Officer Gaurav Gupta. Recently,Moneycontrol exclusively reported that JSW MG Motor India, has lined up a slew of products,including Plug-in Hybrid Electric Vehicles and also Battey Electric Vehicles. Shell India claimed that its charging stations provide "reliable" and "ultra-fast charging", with a 98-99 percent charger uptime. "Our strategic partnership with JSW MG Motor India aims to promote the widespread adoption of electric vehicles in the country by leveraging digital integration and customer-centric initiatives," said Shell India Markets Director Sanjay Varkey. | null | null | 2024-07-10 15:08 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/sc-stays-gujarat-hcs-order-directing-for-recovery-of-108-hectare-land-from-adani-ports-12766052.html | SC stays Gujarat HC's order directing recovery of 108-hectare land from Adani Ports | The state HC had recently ordered the recovery of allotted land from the Adani group firm..Related stories. | Supreme Court on July 10 stayed Gujarat High Court’s order directing the recovery of land allotted toAdani Portsin Navinal village, Mundra. A bench of justices BR Gavai and KV Viswanathan passed the order in an appeal filed by Adani ports against the recovery of around 108 hectares of land by Gujarat government. During the course of the hearing, Adani contended that the order was passed without giving them an opportunity to make submissions in the case, thus it needs to be stayed. The court thus passed an order staying the HC's order. The state HC had recently ordered the recovery of allotted land from the Adani group firm in a PIL filed by a person named Fakir Mamed and others a decade ago against the allotment of the land. According to media reports, Mamed is a resident of the village. The case dates back to 2005 when the 108 hectares was allotted to Adani Ports. In 2010, when Adani Ports and SEZ started fencing the land, residents of Navinal village there approached the high court with a public interest litigation and challenged the allotment of 231 hectares of grazing land to Adani Ports. In 2014, the court disposed of the matter after the state government said that an order granting 387 hectares of government land for grazing had been passed. However, when the allotment did not happen, the matter was revived in the court. Subsequently, the court asked a senior revenue official to draw a solution to the issue. The official responded that the state government had decided to take back nearly 108 hectares — 266 acres — of land that had been allocated to Adani Ports in 2005. | null | null | 2024-07-10 15:03 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/india-to-sell-wheat-from-state-stocks-to-flour-millers-biscuit-makers-12766105.html | India to sell wheat from state stocks to flour millers, biscuit makers | India to sell wheat from state stocks to flour millers, biscuit makers.Related stories. | India plans to sell wheat from its state reserves to bulk consumers such as flour millers and biscuit makers from next month, according to a government order seen by Reuters, as it seeks to keep a lid on local prices by boosting supplies. The government has allowed the state-run Food Corporation of India (FCI) to start offering wheat from its inventories from next month at 23,250 rupees ($279) a ton, the order said, nearly 12% lower than prevailing open market prices. FCI is yet to decide the quantity of wheat that it plans to sell on the open market. Last year, FCI began selling wheat to private players in June. It sold a little more than 10 million metric tons in the fiscal year to March 2024, a record sale from state reserves. Because of the attractive price at which FCI will offer the wheat from its stocks, many private players would be interested in buying the grain in large quantities, said a Mumbai-based dealer with a global trading house. Indian wheat prices have jumped nearly 6% year-on-year. After five consecutive record harvests, a sharp rise in temperatures shrivelled the wheat crop in 2022 and 2023, pushing up prices of the staple and prompting the world's No. 2 producer to ban exports. Even this year's crop is 6.25% lower than a government estimate of 112 million metric tons. Wheat stocks in state warehouses dropped to 29.9 million metric tons on June 1 against 31.4 million last year. India is poised to begin wheat imports after a six-year gap to replenish depleted reserves and hold down prices, Reuters reported last month. The government in June imposed limits on wheat stocks that traders can hold, and a top government official said New Delhi might abolish or trim the import tax on the grain to allow imports to tame rising prices. New Delhi imposes a 40% tax on wheat imports. The reduction or removal of the tax could allow private traders and flour millers to buy from top exporters Russia and Australia. | null | null | 2024-07-10 14:46 |
moneycontrol.com | https://www.moneycontrol.com/news/business/signature-global-to-invest-rs-2500-crore-on-construction-of-current-housing-projects-in-fy25-cmd-12766094.html | Signature Global to invest Rs 2,500 crore on construction of current housing projects in FY25: CMD | Signature Global to invest Rs 2,500 crore on construction of current housing projects in FY25: CMD.Related stories. | Realty firm Signature Global will invest around Rs 2,500 crore this fiscal on the construction of its various housing projects, its Chairman Pradeep Kumar Aggarwal said on Wednesday. He expressed confidence that the company would meet the sales bookings guidance of Rs 10,000 crore for the current 2024-25 financial year, a significant growth from Rs 7,270 crore in the preceding year. "We have speeded up the construction work across all our projects. We will be investing around Rs 2,500 crore during this financial year on pure construction activities," Aggarwal said on the sidelines of the Assocham real estate conference. He said the company is expecting to collect Rs 6,000 crore from customers this fiscal. The company would also utilise the surplus internal cash flow to acquire land and reduce debt, he added. "We are looking for land in Noida and Delhi markets for the development of housing projects," he said, adding that the company intends to launch projects in these two new cities during 2025-26. On Sunday, Signature Global reported a 3.5 times jump in sales bookings to Rs 3,120 crore for the April-June quarter on high demand for its housing projects. The company's sales bookings stood at Rs 820 crore in the year-ago period. According to a regulatory filing, Signature Global sold 968 units in the first quarter of this fiscal against 894 units in the corresponding period of the previous year. In terms of volume, its sales bookings more than doubled to 2.03 million square feet from 0.91 million square feet a year earlier. Signature Global said the company continues to ride on a high growth trajectory, achieving robust pre-sales and collection figures for the third consecutive quarter. Signature Global, which got listed on the stock exchanges, has so far delivered 10.4 million square feet of housing area. It has a robust pipeline of about 32.2 million square feet of saleable area in its forthcoming projects and 16.4 million square feet in its ongoing projects. Founded in 2014, Signature Global, one of the leading real estate developers in India focused only on affordable housing projects in its initial years of establishment. The company has expanded its presence into mid-income, premium and luxury housing segments. | null | null | 2024-07-10 14:33 |
moneycontrol.com | https://www.moneycontrol.com/technology/karnataka-nets-rs-6450-crore-investment-commitment-from-japan-south-korea-to-create-1000-jobs-article-12766070.html | Karnataka nets Rs 6,450 crore investment commitment from Japan, South Korea; to create 1,000 jobs | Karnataka Large and Medium Industries & Infrastructure Development Minister MB Patil..Related stories. | Karnataka Large and Medium Industries & Infrastructure Development Minister MB Patil said on July 10 that the state delegation’s visit to Japan and South Korea secured Rs 6,450 crore in investment commitments which could create more than 1,000 jobs. Ahead of Karnataka's Global Investors Meet in February 2025,a high-level delegation from Karnataka, led by Patil recently concluded a two-week visit to Japan and South Korea. "These commitments from six major companies are projected to create over 1,000 jobs in Karnataka," said Patil. "Beyond immediate commitments, the Karnataka delegation identified promising leads worth $3 billion (Rs 25,000 crore) across the automotive, electronics, and energy solutions sectors. These leads signify potential future investments and underscore Karnataka’s strategic importance as an investment destination," said Patil. "During the two-week visit from June 24 to July 5, 2024, the Karnataka delegation engaged with senior leadership from leading companies and conducted investment roadshows for SMEs, highlighting Karnataka's robust manufacturing ecosystem," he said. The delegation met with over 35 industry leaders and 200 companies across the two roadshows conducted in Japan and Korea. Osaka Gas will invest Rs 5,000 crore to expand its gas distribution infrastructure in Karnataka over the next five years. DN Solutions signed a Rs 1,000 crore MoU to establish a manufacturing facility for precision tools and automation systems, creating 350 jobs. Aoyama Seisakusho committed Rs 210 crore for a manufacturing facility in the Japanese Industrial Township in Tumakuru Daiki Axis, HyVISION, and EMNI Co. Ltd signed MoUs worth Rs 240 crore collectively for environmental equipment manufacturing and battery cell storage and testing. Sumitomo Heavy Industries plans to open its head office in Bengaluru by the end of 2024 and enhance its collaboration with key customers like Siemens and GE. "The state will now focus on realising these MoUs and converting discussions into concrete investments, ensuring smooth grounding of investments and continued economic growth," said Patil. | null | null | 2024-07-10 14:14 |
moneycontrol.com | https://www.moneycontrol.com/news/business/tata-motors-mahindra-cut-suv-prices-to-boost-demand-12766067.html | Tata Motors, Mahindra cut SUV prices to boost demand | Tata Motors, Mahindra cut SUV prices to boost demand. | Tata MotorsandMahindra & Mahindrahave cut the prices of their SUV models to boost demand. Tata Motors has revised the starting prices of its flagship SUVs, the Harrier (Rs 14.99 lakh) and the Safari (Rs 15.49 lakh) and extended benefits of up to Rs 1.4 lakh on other popular SUV variants. "With regards to electric vehicles, never before seen benefits on the Nexon.ev (up to Rs 1.3 lakh), have made it the most accessible it has ever been," Tata Passenger Electric Mobility Chief Commercial Officer Vivek Srivatsa said in a statement. Complementing the same, the Punch.ev too is being offered with a benefit of up to Rs 30,000, he added. Mahindra & Mahindra said its XUV700's fully-loaded AX7 range now starts at Rs 19.49 lakh, a price cut of over Rs 2 lakh. The price cut will enable more people to experience the range, it added. | null | null | 2024-07-10 14:09 |
moneycontrol.com | https://www.moneycontrol.com/news/business/economy/industry-services-added-33-more-jobs-between-fy14-and-fy23-sbi-research-12766034.html | Industry, services added 33% more jobs between FY14 and FY23: SBI Research | Industry, services added more jobs.Related stories. | Industry and services created 33 percent more jobs in the decade between FY14 and FY23, compared with the previous decade, according to data released by State Bank of India’s research unit on Wednesday. Industry and services created 88.9 million jobs between FY14 and FY23, up from 66.4 million in the previous decade. The study also noted that the RBI’s KLEMS study released on July 8, is in sync with Annual Survey of Unincorporated Sector Enterprises report released last week. “If we compare, RBI KLEMS number with the recent released the factsheet of Annual Survey of Unincorporated Sector Enterprises (ASUSE) 2022-2023, it indicates the FY23 numbers are comparable and at similar level. ASUSE FY23 indicates total employment is 568 million and RBI reports 597 million,” it said. The RBI report had noted that the country added 4.7 million jobs in FY24, more than double of what it added in the previous year and the highest in four decades. “Our estimates indicate there has been significant increase in employment in construction activities, as Government’s focus is on infrastructure sector,” SBI researchers noted. They also highlighted that the current trend of employment addition also points to an increase in better-paid jobs in the economy. “EPFO data capture primarily low-income jobs, the declining share is quite encouraging and indicate that more better paid jobs are getting available in the economy,” it said, pointing out that the share of Employees’ Provident Fund Scheme within KLEMS had declined to 28 percent in FY24, compared with average of 51 percent between FY19 and FY23. EPFO and ESIC are used as proxy for estimating formal employment additions each year. A Moneycontrol analysis shows that new additions to EPFO declined 4.4 percent in FY24, while contributions to ESIC scheme, which applies to smaller establishments and lower payscale, had increased to 9.1 percent. Experts have been questioning the RBI’s job claims in lieu of the lower private consumption spending in FY24. Private final consumption expenditure declined to 4 percent in FY24, even as the economy grew at 8.2 percent. | null | null | 2024-07-10 13:53 |
moneycontrol.com | https://www.moneycontrol.com/news/business/juniper-green-inks-pacts-to-supply-480-mw-from-solar-wind-hybrid-projects-12766032.html | Juniper Green inks pacts to supply 480 MW from solar-wind hybrid projects | Juniper Green inks pacts to supply 480 MW from solar-wind hybrid projects. | Juniper Green Energy on Wednesday said it has inked two pacts for supply of 480 MW electricity from its solar-wind hybrid capacity to Gujarat Urja Vikas Nigam (GUVNL) and NTPC. According to a company statement, GUVNL Hybrid Phase 1 project has 190 MW of hybrid capacity (140 MW solar and 50 MW wind). It is set to generate 412 million units of electricity annually, offsetting 3,84,067 tonne of CO2 and supplying clean energy to 82,016 households. NTPC Hybrid Tranche -1 comprises 290 MW of hybrid capacity (210 MW solar and 80 MW wind) across Gujarat and Rajasthan. This project will produce 633 MU of electricity per year, reducing carbon emissions by 5,90,810 tonne and powering 1,26,165 households. "These strategic partnerships with GUVNL and NTPC signify more than just contracts; they represent our collaborative efforts towards pioneering hybrid energy solutions," said Naresh Mansukhani, CEO of Juniper Green Energy. | null | null | 2024-07-10 13:43 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ge-power-india-gets-order-to-supply-main-turbine-spares-12766031.html | GE Power India gets order to supply main turbine spares | GE Power India gets order to supply main turbine spares. | GE Power India Ltd (GPIL) on Wednesday said it has received an order from Mangalore Refinery and Petrochemicals for the supply of main turbine spares. The order has to be executed in a period of 18 month, GPIL said in an exchange filing. The base value of the order is Rs 76.67 million excluding GST, it said. GE Power India is into engineering, procurement, manufacturing, construction and servicing of power plants and power equipment. It has engineering centres in Noida and Kolkata and also a manufacturing unit dedicated to boiler in Durgapur, West Bengal. | null | null | 2024-07-10 13:40 |
moneycontrol.com | https://www.moneycontrol.com/news/business/jlr-india-retail-sales-rise-31-at-1371-units-in-q1-12766030.html | JLR India retail sales rise 31% at 1,371 units in Q1 | JLR India retail sales rise 31% at 1,371 units in Q1. | Jaguar Land Rover India on Wednesday said its retail sales increased 31 per cent year-on-year to 1,371 units for the first quarter ended June 30, 2024. The automaker had retailed 1,048 units in the April-June quarter of last fiscal. Sales of both Defender and Range Rover Evoque grew by more than 50 per cent with Defender being the highest-selling model in the portfolio, the company part of Tata Motors said in a statement. Range Rover, Range Rover Sport and Defender account for 75 per cent of the total order book, it added. "Our performance is tracking favourably as per our expectations. Alongside our robust sales, our order bank also grew by 10 per cent compared to the beginning of the fiscal year showing continuous growth in demand while we continue to enhance our supplies into the market," JLR India MD Rajan Amba said. The Defender remains the most sought-after model, and with the extraordinary response to the locally manufactured Range Rover and Range Rover Sport, the company remains confident of sustaining this momentum and delivering another successful year, he added. The Indian market is responding well to our exciting product lineup, Amba stated. | null | null | 2024-07-10 13:38 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/tata-trusts-forms-executive-committee-to-speed-up-decision-making-report-12765721.html | Tata Trusts forms executive committee to speed up decision making: Report | Vijay Singh and Venu Srinivasan, appointed as vice chairmen in 2018, represent Tata Trusts on the board of Tata Sons, aligning with governance and succession planning initiatives..Related stories. | Tata Trusts has formed an executive committee comprising Chairman Ratan Tata, Vice-Chairmen Venu Srinivasan and Vijay Singh, and Trustee Mehli Mistry, sources familiar with the development toldThe Economic Times. According to anETreport, the committee is formed to streamline day-to-day decision-making processes without necessitating full board approvals, addressing the complexity arising from over 18 trustees across multiple trusts. Tata Trusts, which holds a controlling stake in Tata Sons, the Tata Group’s holding company, has witnessed recent organisational changes. Aparna Uppaluri has resigned from her position as the Chief Operating Officer, citing personal reasons. Siddharth Sharma continues in his role as CEO since his appointment alongside Uppaluri in April 2023. The Trusts, endowed by members of the Tata family, including Sir Dorabji Tata Trust and Sir Ratan Tata Trust, hold approximately 66 percent equity capital of Tata Sons. Ratan Tata, 87, serves as Chairman of Tata Trusts and Chairman Emeritus of Tata Sons. Tata Trusts is reportedly seeking a successor to Uppaluri as part of its ongoing efforts to restructure and transition towards outcome-based funding, focusing on scalable and measurable impact through public-private partnerships. Mehli Mistry, noted for his close association with Ratan Tata, joined Tata Trusts in October 2022 and has played an active role in trust management. The report also notes that executive committees like this are permissible under specific conditions outlined in Section 47 of the Indian Trusts Act, as clarified by legal experts. They facilitate operational efficiency while ensuring trustees retain oversight and accountability for committee actions. Vijay Singh and Venu Srinivasan, appointed as vice-chairmen in 2018, represent Tata Trusts on the board of Tata Sons, aligning with governance and succession planning initiatives. Tata Trusts did not provide a comment on the matter, and independent verification byMoneycontrolwas not available. Sources close to the trusts also toldETthat the ongoing transformation towards proactive project implementation, marking a strategic shift in philanthropic efforts under Ratan Tata's leadership. | null | null | 2024-07-10 09:31 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/gold-rangebound-with-spotlight-on-us-inflation-reading-12765690.html | Gold rangebound with spotlight on US inflation reading | Gold rangebound with spotlight on US inflation reading.Related stories. | Gold traded in a narrow price range on Wednesday as investors looked forward to a key U.S. inflation reading that could shed more light on the Federal Reserve's interest rates trajectory. Spot gold rose 0.2% to $2,367.79 per ounce by 0229 GMT. U.S. gold futures climbed 0.3% to $2,374.10. Fed Chair Jerome Powell in his testimony to the Senate said inflation had been improving in recent months and that "more good data would strengthen" the case for looser monetary policy. Powell will next speak before the House later in the day. "With the recent run of weaker U.S. data, the case has been built around a September rate cut, but with the Fed Chair still wanting to see more good data, further inflation progress will be needed to offer more confidence for policymakers to open the door to rate cuts," said IG market strategist Yeap Jun Rong. Traders currently see a 73% chance of a rate cut in September, according to the CME Group's FedWatch Tool. Non-yielding bullion's appeal tends to shine when interest rates are lower. The June consumer price index (CPI) data, due on Thursday, is expected to show that headline prices rose 0.1% on the month, while core prices gained 0.2%. That would put annual gains at 3.1% and 3.4%, respectively. "Any surprise resurgence in pricing pressures may challenge the Fed's inflation fight, which could raise calls for a delayed policy easing process. That may weigh on gold, which could see prices fall back towards the $2,300 level of support," Yeap said. Global physically backed gold exchange traded funds saw the second consecutive month of inflows in June due to additions to holdings by Europe- and Asia-listed funds, the World Gold Council said on Tuesday. Spot silver rose 0.3% to $30.89 per ounce, platinum steadied at $984.55 and palladium gained 0.1% to $981.37. | null | null | 2024-07-10 08:54 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/hyundais-csr-wing-to-support-20-para-athletes-for-3-years-12765547.html | Hyundai's CSR wing to support 20 para-athletes for 3 years | The programme has identified talented athletes across eight key sports categories including athletics, swimming, badminton and archery. | The Hyundai Motor India Foundation, the Corporate Social Responsibility (CSR) division of Hyundai, on Monday announced an initiative to support 20 para-athletes for three years. As part of its 'Samarth Para-Sports Programme', the automaker has collaborated with GoSports Foundation. The initiative is designed to offer structured support to para-athletes, including financial aid, expert sports science guidance, access to assistive devices, soft skill development assistance and mentorship from renowned coaches. "By supporting Para-athletes, our endeavour is to showcase their incredible talent on a world stage and give them a chance to pursue their passions," Hyundai Motor India MD Unsoo Kim said. The programme has identified talented athletes across eight key sports categories including athletics, swimming, badminton and archery. | null | null | 2024-07-09 22:21 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/infosys-partners-with-sector-alarm-to-fuel-growth-via-cloud-based-solutions-12765289.html | Infosys partners with Sector Alarm to fuel growth via cloud-based solutions | On July 9, shares of Infosys ended lower by 0.33 percent at Rs 1,656.2 on NSE..Related stories. | Infosys, on July 9, announced a five-year strategic collaboration with Sector Alarm to transform the latter’s core enterprise business systems on the cloud, in an exchange filing. The Europe-based security provider is owned partially by global investment firm KKR. Lorenzo Bianchi, chief digital transformation officer, Sector Alarm, said, “Partnering with Infosys on implementing cloud-based ERP solutions, coupled with their strong collaboration with Microsoft, is a strategic step towards achieving this goal. Infosys’ expertise will give us the scalability and operational efficiency needed to seamlessly scale our business and reach new heights.” Under this partnership, Infosys will help Sector Alarm, which is a European firm with Norwegian origins, migrate their disparate, on-premises enterprise resource planning (ERP) platform onto Microsoft Dynamics 365 Finance and Operations (F&O), the company statement said. This will help Sector Alarm modernise its financial and business operating models, according to the filing. “Capitalizing on Infosys’ digital transformation capabilities, the Microsoft platform will enable Sector Alarm to streamline finances, gain business insights, and help seamlessly integrate with their existing CRM platform,” it stated in the filing. On July 9, shares of Infosys ended lower by 0.33 percent at Rs 1,656.2 on the NSE. Commenting on the occasion, Jasmeet Singh, EVP and global head of manufacturing, Infosys, noted, “This collaboration with Sector Alarm is a testament to Infosys’ expertise in driving digital transformation for high-growth organizations. By leveraging cloud-based ERP and CRM solutions and our long-term partnership with Microsoft, we are looking forward to empowering Sector Alarm with a robust IT platform to achieve their ambitious growth.” | null | null | 2024-07-09 16:18 |
moneycontrol.com | https://www.moneycontrol.com/news/business/phenomenal-launches-full-text-to-video-ai-platform-12765248.html | Phenomenal launches full text-to-video AI platform | Phenomenal launches full text-to-video AI platform. | Phenomenal AI on Monday said it has launched India's first full text-to-video (TTV) Artificial Intelligence platform. The platform is poised to transform the landscape of video content creation, the company said in a statement. Leveraging advanced AI and Machine Learning technologies, Phenomenal AI empowers users to generate high-quality videos from mere text descriptions, making professional video production accessible to all, it said. The new-age AI studio addresses the traditional challenges of video creation, providing a seamless and cost-effective solution to transform text descriptions into stunning, professional-grade videos, it said. With its technology, users can create engaging videos for marketing, education, e-commerce, social media, and personal projects, making video creation as simple as writing a script, in this case, a prompt, it added. | null | null | 2024-07-09 14:43 |
moneycontrol.com | https://www.moneycontrol.com/news/business/alembic-pharma-gets-usfda-nod-for-generic-bromfenac-ophthalmic-solution-12765230.html | Alembic Pharma gets USFDA nod for generic Bromfenac ophthalmic solution | Alembic Pharma gets USFDA nod for generic Bromfenac ophthalmic solution. | Alembic Pharmaceuticals Ltd on Tuesday said it has received final approval from the US health regulator for its generic Bromfenac ophthalmic solution, which is indicated for the treatment of postoperative inflammation and pain in patients who have undergone cataract surgery. The approval by the US Food & Drug Administration (USFDA) is for the abbreviated new drug application (ANDA) for Bromfenac Ophthalmic Solution, 0.07 per cent, Alembic Pharmaceuticals said in a regulatory filing. The approved ANDA is therapeutically equivalent to the Reference Listed Drug (RLD) product, Prolensa Ophthalmic Solution, 0.07 per cent of Bausch & Lomb Incorporated (Bausch), it added. Bromfenac Ophthalmic Solution 0.07 per cent is a Nonsteroidal Anti-inflammatory Drug (NSAID) indicated for the treatment of postoperative inflammation and reduction of ocular pain in patients who have undergone cataract surgery, the company said. It has an estimated market size of USD 168 million for 12 months ended March 2024, Alembic said citing IQVIA data. | null | null | 2024-07-09 14:25 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ashwin-sheth-group-to-invest-rs-5000-crore-to-expand-real-estate-business-to-launch-ipo-in-2-years-12765188.html | Ashwin Sheth Group to invest Rs 5,000 crore to expand real estate business; to launch IPO in 2 years | Ashwin Sheth Group to invest Rs 5,000 crore to expand real estate business; to launch IPO in 2 years.Related stories. | Realty firm Ashwin Sheth Group on Tuesday announced an investment of around Rs 5,000 crore to expand its business and will launch its maiden public issue in the next 18-24 months. Mumbai-based company said it has achieved sales bookings of around Rs 1,500 crore during the last fiscal, a 3-fold increase from the 2022-23 financial year. "We are targeting to double our sales bookings to Rs 3,000 crore in the current 2024-25 fiscal," the company's CMD Ashwin Sheth told reporters here. He said the company plans to expand its business portfolio in the Mumbai Metropolitan Region (MMR) and is foraying into Bengaluru, Delhi-NCR. It is also exploring to enter Hyderabad, Chennai and Goa. "We are planning to launch an Initial Public Offering (IPO) in the next 18-24 months," Sheth said. Ashwin Sheth Group will also enter into other segments like warehousing. "India's real estate market has long been a key driver of economic growth, significantly contributing to the country's GDP. As Mumbai leads the luxury market and the real estate industry experiences positive momentum, we decided this was the perfect time for us to move onto the next level," Sheth said. Bhavik Bhandari, Chief Sales and Marketing Officer, Ashwin Sheth Group, said, "We are aggressively expanding in the Pan MMR region and we will be soon launching projects in Kandivali, Borivali, Sewree, Juhu, 7 Rasta, Marine Drive, Nepean Sea Road, Goregaon, Thane, Mulund, and Mazagaon." Bhandari said the company is acquiring land across cities to expand business. The acquisition is both outright and Joint Development Agreements (JDAs) with landowners. He said the company is also expanding its product portfolio across residential, commercial, township, villas, retail, mix-use, farm-houses, co-working spaces, second homes and warehousing. Ashwin Sheth Group, founded in 1986, has developed more than 80 luxury projects in India and Dubai. | null | null | 2024-07-09 13:33 |
moneycontrol.com | https://www.moneycontrol.com/news/business/hyundai-under-pressure-from-tata-mahindra-as-3-5-billion-india-ipo-looms-12765050.html | Hyundai under pressure from Tata, Mahindra as $3.5 billion India IPO looms | Hyundai under pressure from Tata, Mahindra as $3.5 billion India IPO looms.Related stories. | Tata Motors Ltd. and Mahindra & Mahindra Ltd. are closing in on Hyundai Motor Co.’s No. 2 position in India, putting pressure on the South Korean automaker just as it prepares for a record $3.5 billion listing of its local unit. While Hyundai has long wrestled with Tata Motors for the second spot, Mahindra — famed for its big, brash sport utility vehicles — has been steadily climbing up the charts as Indian consumers embrace ever larger passenger vehicles. Hyundai sold 13.5% of all passenger cars in India last month, while Jaguar Land Rover-owner Tata Motors sold 13.2% versus Mahindra’s 12.4%, data from the Federation of Automobile Dealers Associations show. Maruti Suzuki Ltd. is by far and away India’s top carmaker, with a 40% share. The tussle for sales in India, one of the world’s fastest-growing automobile markets, comes just as Hyundai Motor India Ltd. plans to start gauging investor interest ahead of an expected initial public offering in September or October. An IPO of that size would also be one of Asia’s biggest in recent years. Hyundai is a “true leader compared to competitors, holding first and second rank in many categories,” Hyundai India CEO Unsoo Kim said during an investor presentation last week. But Chief Operating Officer Tarun Garg acknowledged that considering the many foreign automakers that have exited the country, “India is not an easy market to crack.” Hyundai is spending around 200 billion rupees ($2.4 billion) in India to develop electric vehicles — still a nascent sector in a country whose road transport industry is characterized by older, gas guzzling trucks and cars — and 70 billion rupees to get its second plant there operational by the back end of 2025. To woo consumers more interested in environmentally friendlier cars, it plans to launch an electric version of its bestselling mid-sized SUV, Creta, in the first quarter of 2025, according to the investor presentation. Tata Motors meanwhile is expanding its EV portfolio by adding 10 models by fiscal 2026. Mahindra plans to invest 270 billion rupees over the next three years to add capacity for making SUVs, as well as EVs. It hopes to launch nine diesel and gas-powered SUVs and seven EVs by 2030. Maruti Suzuki, although it leads India’s car market, currently doesn’t sell any battery-powered cars. “If some market share is lost by Hyundai, that can largely be attributed to product range,” said Deven Choksey, managing director at KR Choksey Shares & Securities Pvt. Tata Motors and Mahindra, with their appealing designs and competitive pricing, are “extremely challenging brands for all carmakers in India today,” Choksey said. | null | null | 2024-07-09 11:31 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/rategain-stock-jumps-on-multi-year-deal-with-malaysia-airlines-12764997.html | RateGain stock jumps 5% on multi-year deal with Malaysia Airlines | The stock price of the company surged 2.79 percent to Rs 806.8 on NSE at 10:26 am..Related stories. | TheRateGain Travel Technologies Limited stock jumped 5 percent on July 9 after the Noida-based firm announced a multi-year partnership with Malaysia Airlines Berhad, the national carrier of Malaysia. At 10.26 am, the stock was trading at Rs 821.05 on the National Stock Exchange, up 4.61 percent from the previous close. Malaysia Airlines will be able to leverage RateGain’s advanced AirGain platform to boost its competitive edge through superior pricing intelligence capabilities, the Indian firm said in an exchange filing. “Our partnership with AirGain aligns perfectly with our strategic goals allowing us to make data-driven decisions that keep us at the forefront of the competitive aviation industry. This partnership empowers us to strengthen our position and continue to be the gateway to Asia and beyond,” said Ahmad Luqman Mohd Azmi, chief executive officer of Airlines at Malaysia Aviation Group, the parent company of Malaysia Airlines. According to the company, the partnership aims to elevate Malaysia Airlines’ performance across its network of domestic and international routes. “Amid significant competition, the integration of the AirGain platform positions Malaysia Airlines to not only compete but also set market trends. By providing a real-time view into competitive pricing, AirGain offers a critical advantage for sustained growth and competitiveness on both regional and international stages,” the filing said. The airline will be able to utilise AirGain’s “cutting-edge” price intelligence solution to refine pricing strategies, optimise daily opportunities for expansion and enhance customer satisfaction. Vinay Varma, senior vice president and general manager at AirGain, said, " This collaboration not only signifies a leap toward advanced pricing intelligence but also underscores our commitment to enhancing the competitive dynamics of the airline industry.” | null | null | 2024-07-09 11:20 |
moneycontrol.com | https://www.moneycontrol.com/news/business/inox-wind-bags-order-for-200-mw-wind-project-in-gujarat-rajasthan-12764978.html | Inox Wind bags order for 200 MW wind project in Gujarat, Rajasthan | Inox Wind bags order for 200 MW wind project in Gujarat, Rajasthan. | Inox Wind on Tuesday said it has secured an order for a 200 MW wind energy project from a renewable C&I power producer. The project will be executed in Gujarat and Rajasthan, a company statement said. The order is for (Inox Wind Ltd) IWL's latest 3 MW (each) Wind Turbine Generators (WTGs) and the scope comprises end-to-end turnkey execution, it said. Additionally, Inox Wind will provide post-commissioning multi-year operations & maintenance (O&M) services. Kailash Tarachandani, CEO, Inox Wind, said, "I believe this, along with our existing order book and strong order pipeline, reinforces our commitment towards achieving substantial growth in FY25 and beyond." | null | null | 2024-07-09 10:01 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/rkn-enterprises-sells-12-65-stake-in-godrej-industries-for-rs-3803-crore-under-settlement-plan-12764722.html | RKN Enterprises sells 12.65% stake in Godrej Industries for Rs 3,803 crore under settlement plan | The shares were disposed of at an average price of Rs 893.05 apiece, taking the combined transaction value to Rs 3,802.90 crore..Related stories. | RKN Enterprises, a part of Godrej Enterprises Group, on Monday sold shares worth Rs 3,803 crore in Godrej Industries Ltd to members of Godrej Industries Group as part of the Godrej family settlement announced in April. According to the block deal data available on the BSE, RKN Enterprises offloaded a total of 4,25,83,272 shares, amounting to a 12.65 per cent stake in Godrej Industries.The shares were disposed of at an average price of Rs 893.05 apiece, taking the combined transaction value to Rs 3,802.90 crore. These shares were acquired by promoters Nadir Burjor Godrej, Pirojsha Adi Godrej, Nisaba Godrej and Tanya Dubash at the same price, thus raising their stake in the group’s flagship company Godrej Industries.Earlier, Godrej Industries had announced that Adi-Nadir Godrej faction will buy the 12.65 per cent stake in Godrej Industries via block deals from RKN Enterprises, thus raising its stake in the group flagship company. ”We, Nadir Godrej, Pirojsha Godrej, Tanya Dubash and Nisaba Godrej, are submitting the requisite notification under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) regulations (SEBI SAST Regulations) in respect of the proposed acquisition of shares of Godrej Industries Ltd (GIL), from RKN Enterprises.”The acquirers and the seller have been classified as promoter/ promoter group of GIL for more than three years in Sebi SAST Regulations,” the company said in a regulatory filing on July 1. On Monday, shares of Godrej Industries rose 0.82 per cent to close at Rs 899.90 apiece on the BSE. In April, the founding family of 127-year-old Godrej Group, which spans from soaps and home appliances to real estate, had announced to split the conglomerate, with Adi Godrej and his brother Nadir keeping Godrej Industries that has five listed firms, while cousins Jamshyd and Smita getting unlisted Godrej & Boyce and its affiliates as well as a land bank, including prime property in Mumbai. The group has been split between two branches of the founding family, with Adi Godrej (82) and his brother Nadir (73) on one side and their cousins Jamshyd Godrej (75) and Smita Godrej Crishna (74) on the other, according to a statement issued by the group. Godrej Enterprises Group — comprising Godrej & Boyce and its affiliates that have a presence across multiple industries spanning aerospace and aviation to defence, furniture and IT software — will be controlled by Jamshyd Godrej as chairperson and managing director. His sister Smita’s daughter Nyrika Holkar, 42, will be the executive director. Their families will control this arm that also will hold the land bank, including 3,400 acres of prime land in Mumbai. Godrej Industries Group which includes listed companies Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec Lifesciences will have Nadir Godrej as chairperson and will be controlled by Adi, Nadir and their immediate families. Pirojsha Godrej, 42, son of Adi, will be the executive vice chairperson of GIG and will succeed Nadir as the chairperson in August 2026. The Godrej family termed the split as ”an ownership realignment” of the shareholdings in the Godrej companies. ”The realignment has been arrived at in a respectful and mindful way to maintain harmony and to better align ownership in acknowledgement of the differing visions of the Godrej family members.”This will help maximize strategic direction, focus, and agility, and will accelerate the process of creating long-term value for shareholders and all other stakeholders,” the company said. Both Groups will continue to use the Godrej brand and are committed to growing and strengthening their shared heritage. | null | null | 2024-07-08 19:55 |
moneycontrol.com | https://www.moneycontrol.com/news/business/welspun-one-raises-rs-2275-crore-for-second-fund-to-build-warehousing-assets-12764275.html | Welspun One raises Rs 2,275 crore for second fund to build warehousing assets | Welspun One raises Rs 2,275 crore for second fund to build warehousing assets.Related stories. | Welspun One has raised Rs 2,275 crore from investors for its second fund and would use the capital to develop warehousing properties. Welspun One, an integrated fund and development management platform, on Monday announced the successful closure of its second fund totalling Rs 2,275 crores, inclusive of co-investment commitments. This marks the largest domestic fundraise in this space, the company claimed. The capital was sourced from a diverse pool of about 800 Limited Partners (LPs) or investors, including high-net-worth and ultra-high-net-worth individuals, family offices, corporates, and domestic institutions. Welspun One's second fund has already committed nearly 40 per cent of its investible capital across four investments. It expects to commit the remaining capital over the next 3-4 quarters. This will add 8 million square feet to Welspun One's existing portfolio of 10 million square feet, taking their aggregate portfolio to around 18 million square feet, entailing a total project outlay of around USD 1 billion. Welspun One's focus for fund 2 is on new-age warehousing assets, such as urban distribution centres, cold chain, agro logistics, and port and airport-based logistics, the statement said. Balkrishan Goenka, Chairman of Welspun World, said, "Our commitment to advancing critical logistics infrastructure is in perfect alignment with India's strategic objective of reducing logistics costs from 14 per cent to 8 per cent, thereby enhancing the global competitiveness of our industries." By making investments in essential infrastructure, he said the fund aims to streamline logistics operations and stimulate industrial growth. Anshul Singhal, Managing Director, Welspun One, said, "Embarking on the exploration of new-age warehousing assets represents an exciting journey for us at Welspun One. Our progress has been remarkable, having successfully established a well-capitalized platform poised to achieve an AUM of over USD 1 billion." Welspun One had raised Rs 500 crore in its first fund. Till date, Welspun One's first fund is fully committed with six investments, aggregating to a development potential of 7.2 million square feet across 300 acres of land in five cities. Currently, about 50 per cent of this is already delivered, with the remaining 50 per cent scheduled for delivery over the next 4-6 quarters. The portfolio includes clients such as Tata Croma, Delhivery, FM Logistics, Asian Paints, and Ecom Express, amongst others. Welspun One is the warehousing platform of the USD 5 billion global conglomerate Welspun World, which is one of India's fastest-growing multinationals with a leadership position in line pipes, home textiles, infrastructure, advanced textiles, and flooring solutions. | null | null | 2024-07-08 19:07 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/mahanagar-gas-hikes-rates-for-cng-and-domestic-png-in-mumbai-12764651.html | Mahanagar Gas hikes rates for CNG and domestic PNG in Mumbai | The natural gas company will increase the price of delivered CNG by Rs 1.5 per KG, while domestic PNG will see a hike of Rs 1/SCM, the statement said..Related stories. | Mahanagar Gas(MGL) on July 8 announced a hike in prices for CNG and domestic piped natural gas (PNG) in and around Mumbai starting July 9 to offset the rising input cost, the state-run firm said in a statement. The natural gas company will increase the price of delivered CNG by Rs 1.5 per KG, while domestic PNG will see a hike of Rs 1/SCM, the statement said. After this, the revised delivered price, inclusive of taxes, for CNG will be Rs 75.00/Kg and domestic PNG price will be Rs 48/SCM in and around the financial capital of the country. The state-run firm said the hike has been carried out to meet the additional cost incurred to import natural gas. "To meet the increasing volume of CNG and domestic piped natural gas (PNG) segments and due to further shortfall in domestic gas allocation, MGL is sourcing additional market priced natural gas (imported LNG) which has resulted in higher gas cost," the firm said in a statement. The shares of the company closed 1.97 percent lower at Rs 1,666 on NSE. On June 22, Indraprastha Gas Ltd, the city gas license holder for the national capital and adjoining cities, hiked CNG price by Re 1 per kg to Rs 75.09 in Delhi. It, however, had not touched PNG rates, which continue to be Rs 48.59 per scm. "Even after the above revision, MGL's CNG offers attractive savings of about 50 percent and 17 percent as compared to petrol and diesel, respectively, at current price levels in Mumbai, while MGL's domestic PNG continues delivering unmatched convenience, safety, reliability and environmental friendliness to consumers," the company said. The firm also added that "even after the minor increase, MGL's price of CNG and domestic PNG are amongst the lowest in the country". Natural gas pumped out of the ground and seabed is turned into CNG for running automobiles and piped to households for cooking. But supplies from state-owned Oil and Natural Gas Corporation (ONGC's) domestic fields have not kept pace with the demand. Gas from ONGC fields makes up for 66-67 per cent of CNG demand and the rest has to be imported. | null | null | 2024-07-08 19:01 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/delta-corp-shares-jump-a-day-ahead-of-q1fy25-earnings-12764597.html | Delta Corp shares jump 8% a day ahead of Q1FY25 earnings | The stock price surged 7.76 percent to Rs 144.97 on NSE at close. It had opened flat at Rs 135.5 and touched day’s high of Rs 147.95 before paring some gains..Related stories. | Shares ofDelta Corpzoomed close to 8 percent on July 8 a day ahead of the gaming and hospitality firm is set to announce its June quarter earnings. The stock price surged 7.76 percent to Rs 144.97 on NSE at close. It had opened flat at Rs 135.5 and touched day’s high of Rs 147.95 before paring some gains. In the past one month, the stock has gained over 20 percent, but it is trading lower than the month’s high reached on June 19. However, the stock has slipped significantly in the past one year, recording a drop of over 41 percent. The stock had made some gains in the last one month following speculations that the gaming firm will receive some relief from the GST Council. The gaming industry was expecting the Council to make amendments to the CGST Act, 2017, which would quash retrospective tax demands. However, the Council concluded with no relief in disappointment for the industry. The sector was also hoping that the council will review the 28 percent rate levied on online gaming and casinos. In the previous quarter that ended March 31, the company had reported a net profit of Rs 72.4 crore, up 41.5 percent. It was driven by an exceptional gain of Rs 49.78 crore. Its revenue from operations declined 9 percent on-year to Rs 194.8 crore in the last quarter of FY24 over Rs 214.31 crore reported in the year-ago period. | null | null | 2024-07-08 18:34 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/bharat-petroleum-among-eight-bidders-for-sri-lankan-lpg-company-and-terminal-12764600.html | Bharat Petroleum among eight bidders for Sri Lankan LPG company and terminal | A man paints the logo of oil refiner Bharat Petroleum Corp (BPCL) on a wall on the outskirts of Kochi. | Vitol Asia and Bharat Petroleum are among eight bidders for Sri Lanka's state-run LPG company and terminal as the island nation looks to reduce losses incurred by government-owned enterprises under a $2.9 billion International Monetary Fund (IMF) programme. The eight bidders can now submit proposals to the Sri Lankan government for the acquisition of shares in Litro Gas Lanka Limited and Litro Terminals (Private) Limited, a statement released by Sri Lanka's finance ministry said. The other shortlisted bidders are Siamgas and Petrochemicals Public Company Limited, Bgn Int Dmcc And Bayegan Dis Ticaret A.S, Confidence Petroleum India Limited, OQ Trading Limited, Tristar Transport LLC and Infinity Holdings, and Infinity Holdings Sidecar 1 and National Gas Company Saog. Litro holds the largest market share in Sri Lanka's duopoly LPG market that is mostly focused on domestic gas supplies. Sri Lanka finalised an IMF program with the global lender last March, pledging to reform its economy to emerge from its worst financial crisis in decades. | null | null | 2024-07-08 17:38 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/southwest-air-names-aviation-industry-veteran-rakesh-gangwal-to-board-12764584.html | Southwest Air names aviation industry veteran Rakesh Gangwal to board | Gangwal is no stranger to discount carriers and the US aviation industry..Related stories. | Southwest Airlines Co., which is facing demands for sweeping leadership and business changes from activist Elliott Investment Management, has named aviation industry veteran Rakesh Gangwal to its board. The addition of Gangwal, the billionaire co-founder of InterGlobe Aviation, which controls Indianbudgetcarrier IndiGo, is the second defensive step taken by Southwest in response to Elliott’s $1.9 billion stake in the carrier, after last week adopting a “poison pill” shareholder rights plan. His appointment to the board is effective today, the airline said in a statement. “This appointment is part of the board’s deliberate efforts to evolve its composition to comprise professionals with a diverse range of skills and experience in areas critical to Southwest’s business,” the airline said. It’s added eight independent directors, including Gangwal, over the past three years. Gangwal is no stranger to discount carriers and the US aviation industry. Best known for co-founding InterGlobe , which is credited with generating the bulk of his wealth, he also helmed US Airways from 1996 to 2001, and spent a decade at United Airlines Inc. from 1984. He was chairman, president and chief executive officer at Worldspan Technologies Inc., a travel and transportation information services and technology company, from 2003 to 2007. Southwest’s lagging financial performance and insular culture have been focal points for criticism by Elliott, which said the airline has “written off” sources of revenue over the past 15 years that were adopted by rivals, including offering a bare bones economy fare and charging customers for checked bags and assigned or premium seats. Southwest Chairman Gary Kelly and CEO Bob Jordan have had “a stubborn unwillingness to evolve the company’s strategy,” Elliott has said. Elliott also earlier called for changes to Southwest’s board, including adding directors with external airline experience. “Rakesh knows the importance of building a business that has both a distinct culture and enduring profitability,” Kelly said in the statement. Under the “poison pill” adopted last week, the acquisition of at least 12.5% of the airline’s common stock would trigger the issuance of rights allowing existing investors to buy shares at a 50% discount. Such rights held by the 12.5% investor would become void, making it prohibitively expensive for Elliott to expand ownership and also diluting its stake in the carrier. Elliott has built an economic interest equal to about 11% in the carrier, but hasn’t reported its full position in securities filings, Southwest said. Southwest has pushed back at Elliott, saying it already had been assessing possible changes such as premium seating or revised boarding that it would unveil at a September investor meeting. But the airline had to cut its second-quarter outlook for unit revenue on June 26, saying it was struggling to adapt its revenue management system to changes in travelers’ booking habits. Gangwal, 70, and his family once controlled almost 37% of the Indian airline group. His decision to team up with Rahul Bhatia to create IndiGo in 2005 led to the rise of Asia’s largest budget carrier that’s now worth $20 billion, making it the third most-valuable airline in the world behind Delta Air Lines Inc. and Ryanair Holdings Plc and immediately ahead of Southwest. A subsequent feud and concerns over corporate governance led Gangwal to step down from the carrier’s board and pare his stake in recent years. Gangwal is currently worth $6.4 billion, according to the Bloomberg Billionaires Index. | null | null | 2024-07-08 17:15 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/tata-a-step-closer-to-merging-four-group-airlines-into-two-by-harmonising-operating-manuals-12764470.html | Tata a step closer to merging four group airlines into two by harmonising operating manuals | Air India and group companies are initiating the necessary crew training to action the harmonized processes, which will be another step in the direction towards building the new Air India and Air India Express.. | Tata Group airlines on 8 July announced that it had completed the harmonisation of the operating procedures across its key functions, including harmonisation of the supporting manuals across all four carriers, reaching an important milestone in the merger of four airlines into two in the run-up to the Vistara-Air India merger and amalgamation of AIX Connect with Air India Express “This is an important milestone in the merger of the Tata Group airlines and we are grateful for the support received from the Ministry of Civil Aviation in terms of timely clearances for the merger process. We are also grateful to DGCA for their continuous guidance, systematic review and approval of the harmonised operating manuals. DGCA has guided our teams with a safety-first change management approach which is congruent with the safety-first priorities of the TATA Group. The live tracker created by the Flight Standards Directorate of DGCA with a dedicated team for continuous monitoring of the progress of the harmonisation process has been instrumental in achieving the challenging task in a time bound manner,” said Campbell Wilson, Chief Executive Officer & Managing Director, Air India. Over the last 18 months, a team of more than 100 members have worked to align on the best practices and adopting common operating procedures. The result of this will be two separate manuals for the full-service carrier and the low-cost carrier. Air India and group companies are initiating the necessary crew training to action the harmonized processes, which will be another step in the direction towards building the new Air India and Air India Express. At present, the steel-to-software conglomerate fully owns three airlines -- Air India, Air India Express and AIX Connect (formerly AirAsia India) -- while it holds a majority of 51 per cent in Vistara. Singapore Airlines holds the remaining 49 per cent in Vistara. Over the last 18 months, a team of more than 100 members have worked to align on the best practices and adopt common operating procedures, Air India noted. In another development earlier in June, Air India Express relocated its headquarters to the Vatika One-on-One complex in Gurugram, now sharing the same campus as Air India's headquarters. This strategic move aims to enhance collaboration and synergies between the two entities. | null | null | 2024-07-08 15:46 |
moneycontrol.com | https://www.moneycontrol.com/news/business/mercedes-benz-india-posts-record-half-yearly-sales-at-9262-units-12764441.html | Mercedes-Benz India posts record half-yearly sales at 9,262 units | Mercedes-Benz India posts record half-yearly sales at 9,262 units.Related stories. | German luxury carmaker Mercedes-Benz on Monday reported a 9 per cent growth in sales at 9,262 units in India in the first half of 2024, its highest ever half-yearly sales in the country, riding on strong demand across categories and availability of volume models. The company had posted sales of 8,528 units in the January-June period of 2023, which was its previous highest half-yearly sales, Mercedes-Benz India said in a statement. It plans to launch six new products in the second half (H2) of 2024. SUV penetration was at 55 per cent in H1 2024, while the TEV (top-end vehicle) segment priced above Rs 1.5 crore comprised 25 per cent of total sales, it added. The SUV segment saw robust performance from the GLA, GLC, GLE and GLS models, while the sedan portfolio comprising the A-Class, C-Class, outgoing LWB E-Class and S-Class topped customer preference for luxury sedans, it added. The BEV (battery electric vehicle) portfolio grew by 60 per cent in H1 24, comprising 5 per cent of total sales volumes, Mercedes-Benz India said. "New and updated products, elevated customer experience at retail and ease of ownership, combined with positive customer sentiments boosted our best-ever H1 sales performance," Mercedes-Benz India Managing Director & CEO Santosh Iyer said. The company further said availability of volume models also played a part in delivering record sales in the first half of this year. On the outlook for the rest of the year, Iyer said, "We have new products coming up for the upcoming festive season. So we feel we should be able to close the year with a double-digit growth as projected earlier." | null | null | 2024-07-08 14:20 |
moneycontrol.com | https://www.moneycontrol.com/news/business/man-industries-gets-rs-1850-crore-order-from-international-firm-for-lng-project-12764440.html | MAN Industries gets Rs 1,850 crore order from international firm for LNG project | MAN Industries gets Rs 1,850 crore order from international firm for LNG project. | MAN Industrieson Monday said it has secured a pipe supply order worth Rs 1,850 crore from an international oil and gas player. This order entails supplying API 5L grade line pipes for an offshore LNG project through competitive international bidding, MAN Industries said in a statement. "MAN Industries demonstrates robust strength and market credibility through its latest achievement of securing the Rs 1,850 crore order from a top-tier international oil & gas company, marking one of the largest orders of its kind in the company's history," it said. The delivery of the line pipes is scheduled over the next 12 to 18 months. MAN Industries will also supply SAW pipes for this project. With this, the company's order book will surpass Rs 4,000 crore. MAN Industries (India) is the flagship company of the Man Group. The company's manufacturing facilities have a combined capacity of 1 million metric tonne per annum for L-SAW (longitudinal-seam submerged arc welding) and H-SAW (helical submerged arc welding) pipes. | null | null | 2024-07-08 14:14 |
moneycontrol.com | https://www.moneycontrol.com/news/business/maruti-suzuki-plans-to-dispatch-35-of-total-vehicle-production-via-railways-in-7-8-years-12764439.html | Maruti Suzuki plans to dispatch 35% of total vehicle production via railways in 7-8 years | Maruti Suzuki plans to dispatch 35% of total vehicle production via railways in 7-8 years.Related stories. | Maruti Suzuki Indiaplans to utilise Indian Railways to transport 35 per cent of the vehicles produced across its factories over the next 7-8 years, according to MD and CEO Hisashi Takeuchi. The share of vehicle dispatches through railways scaled to 21.5 per cent in the 2023-24 fiscal from 5 per cent in 2014-15. The country's largest carmaker's vehicle dispatches through railways increased from 65,700 units in 2014-15 to 4,47,750 units in 2023-24. "With our production capacity nearly doubling from about 2 million units to 4 million units by FY 2030-31, we plan to augment the use of railways in vehicle dispatches, close to 35 per cent over the next 7-8 years," Takeuchi stated. Maruti Suzuki has so far dispatched over 20 lakh units through Indian Railways. The automaker ferries vehicles to 20 destinations, serving over 450 cities using Indian railways. Takeuchi said the company pioneered the use of railways for vehicle dispatches over a decade ago by becoming the first company in India to obtain the Automobile-Freight-Train-Operator license. Since then, the company has systematically increased its share of vehicle dispatches using railways, he added. "Through our sustained efforts in green logistics, we have achieved outstanding results including cumulative reduction of 10,000 metric tonne of CO2 emissions and 270 million litre of cumulative fuel savings," Takeuchi noted. The company stands committed to the country's net zero emissions target by 2070, he added. Earlier this year, under the PM Gati Shakti programme, Prime Minister Narendra Modi inaugurated the country's first automobile in-plant railway siding at Maruti Suzuki's Gujarat facility. This facility has a capacity to dispatch 3 lakh vehicles per annum. The next in-plant railway siding is in progress at the company's Manesar facility and will be operational soon, the automaker stated. | null | null | 2024-07-08 14:10 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/lt-wins-mega-orders-to-build-3-5-gw-solar-pv-plants-in-middle-east-12764239.html | L&T wins mega orders to build 3.5 GW solar PV plants in Middle East | Shares of the company were trading 0.53 percent down at Rs 3,608 on NSE at 11:21 am..Related stories. | Larsen & Toubro's renewable energy arm has secured mega orders with an undisclosed Middle East-based player to develop Gigawatt scale Solar PV plants with a cumulative capacity of 3.5 GW, the infra major informed the exchanges on July 8. The deal also includes scope for grid interconnections encompassing pooling substations and overhead transmission lines. The company said detailed engineering and initial construction work are expected to commence shortly. The deal is worth between Rs 10,000 crore and Rs 15,000 crore, according to the filing. Shares of Larsen & Toubro were trading 0.53 percent down at Rs 3,608 on NSE at 11:21 am. Earlier in June, the firm had announced securing a solar-cum-storage plant order in India. Following the Middle East deal, the current portfolio of L&T’s renewables unit is set to touch 22 GWp (Gigawatt Peak) cumulative capacity, comprising solar and wind generation projects already commissioned and those in the making, according to the company. S N Subrahmanyan, chairman & managing director, L&T, said, “The Middle East is far ahead in creating sustainable energy infrastructure and in providing a smart lifestyle. These orders are welcome additions to our green portfolio, as we build the company of the future with next-generation technologies” T Madhava Das, whole-time director & senior executive vice president (Utilities) – L&T, said, “The successive order wins stand testimony to our proven engineering and project management capabilities to meet the requirements in terms of plant performance, workforce mobilisation, safety, quality and timeline. We cherish this level of customer trust”. | null | null | 2024-07-08 11:36 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/adani-group-investment-green-hydrogen-venture-12764108.html | Adani Green plans $9 billion infrastructure spend on green hydrogen in Phase one: Report | The plan includes the deployment of specialised ships for exporting hydrogen to Europe and Asia.. | Adani Group is planning to invest $9 billion towards manufacturing and transportation infrastructure at its green hydrogen venture in Kutch, Gujarat, business dailyMinthas reported citing sources. The move will help the project aim at a capacity of one million tonnes per annum of green hydrogen in its initial phase, produced through the electrolysis of water using renewable power sources. Moneycontrolis yet to verify the report independently. The publication quoted sources saying that the plan includes deployment of specialised ships to export hydrogen to Europe and Asia. Initially, the project will utilise alkaline electrolyzers, with future plans to manufacture electrolyzers based on anion exchange membrane technology. This initiative is expected to generate between 7,500 to 10,000 new jobs and will be pivotal to Adani Group's strategic growth agenda, the report added. Simultaneously,Adani Green Energyrevealed plans toinvest Rs 1.5 lakh crore to scale up capacityto 30 gigawatts (GW) at its Khavda renewable energy project site in Kutch, Gujarat, over the next five years. The project is one of the world’s largest renewable energy initiatives covering 538 sq km of barren land, approximately the size of Mumbai. Currently, operations have commenced for 2GW of the planned 30GW capacity, within a year of project initiation. Chairman Gautam Adani underscored theconglomerate's commitment to energy transition projects, with plans exceeding $100 billion (approximately Rs 835 crore) aimed at manufacturing essential components for green energy generation. This includes establishing solar parks and wind farms for electricity production alongside facilities for manufacturing electrolyzers, wind power turbines, and solar panels. | null | null | 2024-07-08 09:18 |
moneycontrol.com | https://www.moneycontrol.com/news/opinion/gig-workers-and-large-companies-a-symbiotic-relationship-under-threat-12764045.html | Gig Workers and Large Companies: A symbiotic relationship under threat | Most gig workers are typically unskilled youth and benefit both monetarily and in skills through this employment..Related stories. | The Indian gig economy has emerged in the past decade as a powerful engine of economic growth. Since the surge in the startup and new-age platform companies over the past decade, many of them continue to provide jobs to these “gig workers”. These gig workers are typically unskilled youth and benefit both monetarily and in skills through this employment. Large companies play a pivotal role in transforming the lives of millions of these “gig” unskilled workers, as these people get employment and wages commensurate to their tasks, with flexibility in work hours. On the other hand, detractors of thisgig economy point to many issues: lack of recognition of gig workers as employees, low and inconsistent wages, no pay transparency or guaranteed income, lack of benefits such as ESIC and PF, no social security or job security, opaque AI-driven employment decisions, long and unregulated working hours, inconsistent or arbitrary commission deductions and no predefined work environments. The gig and platform economy in India has witnessed exponential growth, driven by advancements in technology, increased internet penetration, and a growing demand for flexible work opportunities. The gig economy encompasses a diverse range of work, including ridesharing, food & grocery delivery, urban services, freelancing,and other on-demand services. According to a NITI Ayog report on “India’s Booming Platform and Gig Economy”, the rise of the gig economy in India is changing the face of the workforce. The current estimation for gig economy jobs in India is at 8 to 18 million, which is projected to increase to over 90 million jobs in the non-farm sector in the next ten years. In the next decade, the gig economy in India will be $250 billion or almost 1.25% of India’s Gross Domestic Product. The gig economy is a reality, and large companies and gig workers are responsible for each other’s success and growth, sharing a symbiotic relationship. The interdependence that binds them ensures a series of positive outcomes for both parties. Companies and policymakers should work towards: * Ensuring the long-term sustainability of the gig economy * Balancing economic growth with social equity * Promoting ethical and fair practices within the gig economy The above objectives are being achieved by large companies by: 1)Training and Upskilling Initiatives Unskilled labour in India often seeks opportunities to improve their livelihoods and fulfil their aspirations. Large companies play a crucial role in transforming this workforce by investing in upskilling initiatives. They provide gig workers with training programs, certifications, and access to online learning platforms, equipping them with in-demand skills and opening doors to higher-paying opportunities. Swiggy and Zomato, major players in food delivery, have introduced skilling programs to enhance the professional skills of gig workers. These programs open new avenues for personal and career growth, while also raising the standard of service across the platform. Similarly, Amazon India provides training in safe driving, customer service, and efficient package handling, empowering workers with valuable logistics skills applicable within and beyond the Amazon ecosystem. 2)Using Technology and Promoting Innovation In India, technology has significantly bolstered the gig economy by improving efficiency and expanding reach. Food delivery companies have utilized advanced route optimization algorithms to ensure timely deliveries while minimizing fuel consumption, reducing costs for gig workers. Similarly, Urban Company employs AI-driven tools to match customers with the best service professionals, enhancing earnings for gig workers. With the automation of tasks, Amazon, Flipkart, Delhivery, etc have streamlined tasks and made it less strenuous assignments. By continuously leveraging technology, companies are enhancing productivity of gig workers leading to higher earnings for the workers. 3)Worker Well-being and Better Work Environment Ensuring the well-being of gig workers is crucial for the sustainable growth of the gig economy in India. Large companies are increasingly recognizing the importance of providing a safe and supportive work environment. Initiatives such as health insurance, mental health support, and safety training are becoming more prevalent. For example, Zomato has introduced shelter rest points to combat worker fatigue. Amazon has been working to get the people working at its sites enrolled under two key government programs: E-Shram (Pradhan Mantri Suraksha Bima Yojana) and Health ID (Pradhan Mantri Jan Aarogya Yojana). 4)Side Stepping the Negative Voices The success of the gig economy model hinges on recognizing the interdependence between companies and workers, fostering upskilling initiatives, promoting innovation, and addressing the challenges faced by gig workers. As India's gig economy continues to evolve, a focus on collaboration and shared responsibility will be critical in ensuring its long-term success and positive impact on millions of lives. However, it has been seen multiple times that parties with vested interest prey on this partnership for their own commercial benefits. As India's gig economy continues to grow, a focus on collaboration and shared responsibility by policy makers, governments, and companies will be critical in ensuring its long-term success and positive impact on millions of lives. The nay-sayers with vested interests do not factor in the interdependence between companies and gig workers. The future of India's gig economy hinges on empowering the large companies to be transformative forces, upskilling the workforce, fostering innovation, and propelling economic growth. It is equally important for the labour work force not to fall prey to the narrative of the vested interests and derail the gig economy. | null | null | 2024-07-08 08:40 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/morning-scan-essential-stories-to-kickstart-your-day-12764104.html | Morning Scan: Essential stories to kickstart your day | Key news stories from leading newspapers..Related stories. | #1. June quarter to see Nifty50 companies post double-digit revenue and profit growth The firms that constitute the Nifty50 index are expected to report double-digit growth in aggregate revenue and profit for the June quarter, driven by some companies in the automobile, banking and finance, and pharmaceutical space. The sample’s net profit is expected to grow 26.4 percent in the quarter, according to the Economic Times, which will be despite the high base of 36.2 percent expansion in the year-ago period. Revenue is likely to grow in double digits after a gap of four quarters by 10.6 percent compared to 6.9 percent increase a year ago. Why it’s important:The three months to June is traditionally a strong quarter for domestic cyclicals but the good show will be boosted by metals and healthcare firms. Geopolitical developments and slow growth in domestic consumption remain key near-term challenges. #2. Market concentration increases in key industries on business growth and acquisition Market concentration continued to increase in India’s key industries as top companies grabbed a larger share of the business in 2023-24 either through organic growth or acquisition, the Business Standard reported. The Herfindahl-Hirschman Index, a common measure of market concentration in an industry, reached a new high in the just-concluded financial year in industries such as telecom, airlines, cement, steel, and tyers. Why it’s important:Most industries in India have become either highly concentrated or moderately so. The trend is expected to continue due to a spate of mergers and acquisition in recent years and better profitability of larger firms. #3. Adani Group to invest massive $9 billion in capex in first phase of green hydrogen venture The Adani Group will spend $9 billion to build manufacturing and transportation infrastructure for the first phase of its ambitious green hydrogen venture, the Mint reported. Once production gets under way, the business group will hire specialized ships to export what will be the world’s cheapest green hydrogen and its derivatives to Europe and some Asian countries. Why it’s important:Adani’s green hydrogen plans are pivotal to the conglomerate’s business aspirations and crucial to the world’s third most polluted country’s net-zero transition. #4. Regime change in UK could derail Tata Steel’s plans for job cuts at Port Talbot factory The change of government in the UK could be detrimental to Tata Steel’s plans to pare jobs as part of its strategy to shut down ageing blast furnaces at Port Talbot plant in South Wales, the Hindu Businessline reported. Britain’s Labour Party, which came back to power after a decade, has made it clear that concerns around job cuts at the Tata Steel plant will be given top priority. Why it’s important:Tata Steel has been grappling with losses at the UK plant for several years. If the British government takes a hard stance on job cuts, the company will have to extend its losses. #5. Godrej Enterprises Group to map course to unlock growth potential with strategic plan The leadership team of Godrej Enterprises Group comprising the unlisted Godrej & Boyce and several closely held affiliates is working on a strategic plan with the Boston Consulting Group to create integrated and scalable consumer and industrial solutions businesses, the Economic Times reported. The group may consider creating separate scalable business units to drive growth. Why it’s important:Godrej Enterprises aims to tap into synergies offered by business adjacencies to hasten growth after a recent realignment of revenue streams and companies in the century-old Godrej Group. #6. Top startups may see stricter compliance norms on new digital competition regime Over a dozen top startups, including Zomato, Myntra and Nykaa, which command millions of users and large revenues, are likely to face stricter compliance standards under the new legal regime governing digital competition, the Mint reported. Besides MNCS like Alphabet and Meta, these local firms could also be identified as digital gatekeepers with significant influence over the market, according to a study by CUTS Institute for Regulation and Competition. Why it’s important:India is preparing to enact a new competition law to ensure fair play in digital markets, which would set specific thresholds that are expected to cover these homegrown companies. Setting the thresholds would be of critical importance in a country like India that has a strong smartphone penetration. #7. Central government may tweak new electric vehicle policy to benefit legacy automakers India is likely to make changes to its new electric vehicle policy to incentivize automakers that have already made investments in the country, the Economic times reported. The government may potentially consider investments in factories producing both internal combustion engine and electric vehicles as eligible for incentives to add scale and make large investments viable for automakers. Why it’s important:The development comes even as electric carmaker Tesla Inc is still to make any firm commitment on building a factory in India. The policy that aims to hasten local manufacturing of electric cars currently supports only fresh investments. #8. Cash-rich unicorn Zepto to supercharge management team ahead of initial public listing Flush with funds, quick-commerce unicorn Zepto is looking to strengthen its leadership ahead of its upcoming initial public offering in the next 12-15 months by hiring several senior-level employees across various categories, co-founder and CEO Aadit Palicha to the Business Standard. Zepto operates around 350 dark stores across top 10 cities and plans to expand the count to 700 in another 10 cities. Why it’s important:Quick commerce platforms in the country are growing at a breakneck pace, a development that was hard to predict even a few years ago. Finding the right talent for this new business space will not be easy. #9. Auditing overseer free to move against entire firm for alleged misconduct, Delhi high court rules The Delhi High Court has empowered the CA Institute’s disciplinary committee to act against an entire audit firm even when no single individual can be held responsible for the allegations in a complaint, the Hindu Businessline reported. Dismissing a batch of 10 writ petitions filed by partners from firms, including BSR and Associates, Price Waterhouse and Lovelock & Lewes, the court ruled that the committee is free to proceed against the firm as a whole or its individual members, as deemed appropriate, in response to allegations of professional misconduct. Why it’s important:This is a landmark verdict that will compel auditing firms to look closely at their business practices to avoid being censored. It would potentially boost accountability and transparency. #10.Budgetcould provide funding support to northeastern state to boost hydropower generation The upcoming budget national could unveil funding support to northeastern states for purchasing equity in hydropower projects, the Economic Times reported. The Centre could support equity participation by state governments in hydropower projects in the northeast at 24 percent of the total project equity, subject to a cap of Rs 750 crore per project initially. Why it’s important:Increasing hydropower generation is a key element in India’s green energy transition and reducing emissions intensity of GDP. Financial help to cash-strapped northeastern states would be a welcome move that will help hydropower projects that typically have a long gestation period. | null | null | 2024-07-08 08:19 |
moneycontrol.com | https://www.moneycontrol.com/news/business/real-estate/signature-global-q1-sales-bookings-jump-3-5x-to-rs-3120-crore-on-strong-demand-12763796.html | Signature Global reports strong Q1 FY25 performance amid real estate sector challenges | Signature Global reports strong Q1 FY25 with INR 31.2 billion pre-sales, INR 12.1 billion collections, and reduced net debt to INR 9.8 billion, focusing on premium housing amid sector challenges..Related stories. | Signature Global a prominent player in India's real estate sector, has announced robust financial results for the first quarter of FY25 despite challenges in the market. The company reported a significant growth in pre-sales, collections, and a notable reduction in net debt. In Q1 FY25, Signature Global achieved pre-sales of INR 31.2 billion, marking a remarkable 255% increase compared to the same period last year. This achievement underscores the company's strong market presence and customer demand, with over 30% of its full-year pre-sales target of INR 100 billion already accomplished. Also Read: Signature Global sells over 1,000 luxury apartments in Gurugram for Rs 3,600 crore Collections during the quarter surged by 102% year-on-year, reaching INR 12.1 billion, reflecting efficient cash flow management and robust sales realization of INR 15,369 per square foot. The company's strategic focus on the premium housing segment has also been fruitful, evident from the successful launch of two group housing projects in Gurugram, which received a positive market response. Moreover, Signature Global managed to reduce its net debt by 16%, bringing it down to INR 9.8 billion from INR 11.6 billion at the end of FY24. This reduction in debt highlights the company's prudent financial management amidst a challenging economic environment. Commenting on the performance, Mr. Pradeep Kumar Aggarwal, Chairman and Whole-Time Director of Signature Global, emphasized the company's commitment to sustained growth and customer trust. He expressed confidence in surpassing their ambitious pre-sales target for FY25 and reiterated the company's strategic vision to deliver excellence in the real estate sector. Founded in Gurugram in 2014, Signature Global has established itself as a leader in affordable and mid-housing segments in northern India. With a disciplined land acquisition strategy and strong investor backing, the company continues to expand its portfolio and deliver quality projects that meet global standards of excellence. Looking ahead, Signature Global remains optimistic about its future prospects, supported by a robust pipeline of upcoming and ongoing projects totaling approximately 48.6 million square feet. The company aims to sustain its growth momentum and uphold its position as a trusted name in the Indian real estate market. Also Read:Â Mcap of 8 of top-10 most-valued firms jumps Rs 1.83 lakh cr; TCS, Infosys biggest gainers | null | null | 2024-07-07 12:25 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/vedanta-says-it-has-arranged-250-million-to-settle-zambian-copper-mine-debts-12763372.html | Vedanta says it has arranged $250 million to settle Zambian copper mine debts | A bird flies past the logo of Vedanta installed on the facade of its headquarters in Mumbai.Related stories. | Vedanta Resources Ltd said on Friday it has arranged the financing it needs to start paying creditors of its Konkola Copper Mines in Zambia as it takes steps to revive operations after regaining control of the assets. The miner owned by Indian billionaire Anil Agarwal will have around the $250 million it needs to pay small creditors in Zambia on or around July 8, it said in a statement Vedanta needs to settle debts owed by KCM as part of a deal reached with Zambian authorities after it regained control of the copper mines and smelter. The company regained control of KCM late last year after a five-year battle to recover the copper mines and smelter that were seized by the administration of former Zambian president Edgar Lungu which accused the company of failing to invest to expand copper production. Vedanta said it would also grant KCM workers a 20% salary increase and once-off payment of 2,500 Zambian Kwacha (about $102). Vedanta will still need to raise an additional $1 billion revive the mining operations and invest in advancing particularly the Konkola Deep Mining Project, which holds one of the richest copper deposits in the world. A Vedanta spokesperson told Reuters on Wednesday the company was committed to exploring all funding options, including via debt or selling a stake in the copper assets. Talks to sell a stake in KCM to the United Arab Emirates' International Resources Holding (IRH) collapsed after the parties failed to agree on the assets' value. Vedanta owns 80% of KCM and has said it may sell a 30% of its holding to raise capital to invest in boosting copper output. The Zambian government owns 20% of KCM through state firm ZCCM-IH . | null | null | 2024-07-05 22:54 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/govt-should-review-gst-rates-on-vehicles-powered-by-clean-fuels-rajiv-bajaj-12763350.html | Govt should review GST rates on vehicles powered by clean fuels: Rajiv Bajaj | At the launch of the first integrated motorcycle Freedom 125 here, Bajaj also voiced concerns about the use of "unsustainable subsidies" to promote electric vehicles (EVs)..Related stories. | Bajaj Auto Managing Director Rajiv Bajaj on Friday suggested that the government review GST rates on vehicles powered by clean fuels. At the launch of the first integrated motorcycle Freedom 125 here, Bajaj also voiced concerns about the use of ”unsustainable subsidies” to promote electric vehicles (EVs). Earlier, he, along with Union Minister for Road Transport and Highways Nitin Gadkari, launched the world’s first CNG-run bike in three variants at a starting price of Rs 95,000 (ex-showroom). ”I would call it a suggestion that the government should seriously review GST rates… Just as they’ve done the right thing with the 5 per cent GST for electric (vehicles),” Bajaj said. He said in the major two-wheeler markets in Latin America and ASEAN countries, the equivalent of GST was 8-14 per cent and almost without exception, the GDP per capita was equal to, or higher, in these countries than India. ”So, the aam aadmi (common man) of India is the one who can afford the least out of Thailand, Malaysia, Indonesia, Brazil, etc. Then what is the logic, justification of 28 per cent GST,” he asked. According to Bajaj, there is no party happening in the EV segment as of now. Bajaj said the company has played its part by keeping the prices of the new motorcycle below Rs 1 lakh (at the lower end of the range) and was of the opinion that government should also now do its bit with lower GST. ”How can sustainable technologies be promoted by unsustainable subsidies, not only in India but worldwide… we want freedom from all of this,” he said. Terming the launch as a ”game-changer”, Bajaj said, ”Today, the message with the Freedom bike is Tiger Zinda Hai.” Speaking at the unveiling event, Gadkari said India has recently reached the third spot in the global automobile industry after the US and China. ”Our automobile industry contributes around Rs 3 lakh crore in terms of GST and employs around 4 crore people,” he said. The minister suggested that Bajaj Auto should ”make it (the vehicle) a 2-litre tank of ethanol, instead of a 2-litre petrol tank, along with the CNG tank.” He also urged the company to keep the price of the new motorcycles below Rs 1 lakh. This groundbreaking innovation will revolutionise the two-wheeler industry by providing a cost-effective and environment-friendly alternative to traditional petrol motorcycles, the company said. Bajaj Auto claimed that its Freedom CNG motorcycle offers about 50 per cent cost savings by significantly reducing fuel expenses, compared to similar petrol motorcycles. The CNG tank provides a range of 200-plus kilometres on just 2 kilograms of CNG fuel. Additionally, it has a 2-litre petrol tank that performs as a range extender, offering over 130 km of range in case the CNG tank empties, ensuring an uninterrupted journey. ”The Bajaj Freedom 125 showcases Bajaj Auto Ltd R&D and manufacturing prowess. Through innovation, Bajaj Auto Ltd has addressed the twin challenge of reducing rising fuel costs and reducing the environmental footprint from travel. ”The initiative also aligns strongly with the Government of India infrastructure projects of building a CNG network, driven by the need to use cleaner fuels and save foreign tourism exchange,” Bajaj Auto Ltd Executive Director Rakesh Sharma said. The Freedom 125 motorcycle will be produced at the company’s Aurangabad manufacturing facility, Sharma said, adding that the initial capacity will be 10,000 vehicles a month and the plans are to scale it up to 30000-40,000 by the fourth quarter of this fiscal. Sharma added that the company will look at exporting the bike in the next six months. ”Initially, our focus is, of course, India, which is a huge market. But, as we’ve been doing this, six countries come to our mind who have adequate network of CNG. These are Egypt and Tanzania in Africa, Colombia and Peru in Latin America, and Bangladesh and Indonesia in Asia,” Sharma added. | null | null | 2024-07-05 22:06 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/adani-wilmar-q1-update-company-records-robust-volume-growth-at-13-yoy-12763269.html | Adani Wilmar Q1 update: Company records robust volume growth at 13% YoY | The quarter's growth was additionally supported by sales of non-basmati rice to Government-appointed agencies for exports.. | Adani Wilmar Ltd, which is mainly into edible oil and food-FMCG businesses, on July 5 said that it has achieved robust volume growth of 13 percent year-on-year for the quarter ended 30 June, 2024, propelled by market-specific strategies in each category. With a robust product portfolio, the company also said it is actively pursuing substantial opportunities by executing strong sales and distribution strategies in general trade. The company’s alternate channels like e-commerce, quick commerce and MT maintained their momentum with 19 percent year-on-year volume growth in Q1. The volume of its branded exports increased by 36 percent year-on-year. The quarter's growth was additionally supported by sales of non-basmati rice to Government-appointed agencies for exports. The Food & FMCG business volume grew by 23 percent YoY. Segment-wise, Adani Wilmar said the edible oil business thrived due to robust execution in sales and distribution, bolstered by the ongoing efforts to improve retail penetration. This came despite the challenges in the industry during the quarter, including decreased out-of-home consumption and seasonal dips in summer demand. The edible oils volume for the quarter increased 13 percent year-on-year, while the sales value for the segment jumped 10 percent year-on-year. | null | null | 2024-07-05 19:32 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/dvc-to-invest-rs-20000-crore-in-solar-energy-projects-by-2030-12763255.html | DVC to invest Rs 20,000 crore in solar energy projects by 2030 | The corporation, created for flood control and development in the Damodar Valley, envisions investment worth Rs 50,000-60,000 crore by 2030 to enhance thermal, pump storage power plants and solar energy.Related stories. | Damodar Valley Corporation (DVC) on Friday announced that it has planned to invest Rs 20,000 crore by 2030 to install nearly 4,000 MW of solar capacity, a top official said. The corporation, created for flood control and development in the Damodar Valley, envisions investment worth Rs 50,000-60,000 crore by 2030 to enhance thermal, pump storage power plants and solar energy, he said.It aims at adding nearly 10,000 MW in thermal and green energy, which will bring its total installed capacity to about 16,700 MW.Of the current 6,700 MW installed capacity of DVC, 6,540 MW is thermal. ”Power demand is growing strong in the north, south, and western parts of the country. We are expanding sustainably with the right mix of thermal and renewable energy, which will keep power costs affordable. We will add 3,720 MW in thermal capacity and nearly 4,000 MW in solar by 2030,” DVC Chairman S. Suresh Kumar said during an interaction on the occasion of the 77th Foundation Day of the corporation. The Kolkata-headquartered corporation now has only 14 MW installed solar capacity and is executing a 348 MW project in association with NTPC.A 250MW/hour capacity of battery storage is also under consideration, he said.Kumar mentioned that DVC has been exempted from coal import due to its power plants’ proximity to the pithead.Recently, the Union Power Ministry has extended a coal import advisory to domestic thermal plants for 4 per cent blending till October 15 to ensure adequate fuel supply during the monsoon season. DVC also plans to ramp up its captive coal mining from its Tubed block in Jharkhand with a separate railway siding for smoother evacuation.”With the dedicated railway siding for loading, we will be able to ramp up production to six million tonnes. We have proposed to the Railways that we would set up the facility at our cost. Due to current evacuation bottlenecks, our output is below two million tonnes. Captive coal is already cheaper, and if Coal India revises the price further, our coal becomes extremely affordable,” Kumar said.The maximum annual production can reach up to nine million tonnes, he said.”The current coal requirement of DVC is 28-30 million tonnes,” Kumar added.The rest of the coal demand is met from the supplies by Coal India subsidiaries. The corporation is unable to bid for a new coal block due to legal hurdles regarding a legacy case, involving a past joint venture with Bengal Emta Coal Mines, the official said.Kumar, who was the former West Bengal power secretary, stated that apart from the 4,000 MW solar power, the corporation plans to install two pump storage facilities in Logu Pahar in Jharkhand (1500 MW) and Panchet in West Bengal (1000 MW).The Panchet project is proposed to be a JV with the West Bengal government.Speaking about dues from Jharkhand, the DVC official said the old dues have come down to about Rs 1,000 crore, and the state is clearing the same. | null | null | 2024-07-05 19:16 |
moneycontrol.com | https://www.moneycontrol.com/automobile/bajaj-auto-stock-jumps-after-launch-of-worlds-first-cng-powered-bike-article-12763052.html | Bajaj Auto stock jumps after launch of world's first CNG-powered bike | The motorcycle was unveiled by Rajiv Bajaj, managing director of Bajaj Auto, in the presence of Union road transport and highways minister Nitin Gadkari in Pune..Related stories. | Shares ofBajaj Autojumped over 2 percent on July 5 after the company launched the world’s first CNG-powered bike. The stock price of the automaker closed at Rs 9,634.1 on July 5, on the National Stock Exchange, up 1.83 percent from the previous close.The two-wheeler maker’s new offering Freedom 125 starts at an ex-showroom price of Rs 95,000, the company said. The top variant will cost Rs 1.1 lakh. To begin with, Freedom 125 would be available in Maharashtra and Gujarat and in the rest of the country by early new quarter, the automaker said.The motorcycle was unveiled by Rajiv Bajaj, managing director of Bajaj Auto, in the presence of Union road transport and highways minister Nitin Gadkari in Pune. It has flexible fuel options, featuring two separate switches for petrol as well as CNG. Rakesh Sharma, executive director of Bajaj Auto, said, "The Bajaj Freedom 125 showcases the firm's R&D and manufacturing prowess. Through innovation the company has addressed the twin challenge of reducing rising fuel costs and reducing the environmental footprint from travel."The two-wheeler maker's new bike offers approximately 50 percent cost savings by significantly reducing fuel expenses, as compared to similar petrol motorcycles. The CNG tank provides a range of over 200 km on just 2 kg of CNGfuel, the company said. Moreover, it has a 2-liter petrol tank which performs as a range extender, offering over 130 km of range in case the CNG tank empties, according to the automaker. | null | null | 2024-07-05 16:29 |
moneycontrol.com | https://www.moneycontrol.com/news/business/coffee-day-enterprises-total-default-at-rs-433-91-crore-in-q1-fy25-12763028.html | Coffee Day Enterprises' total default at Rs 433.91 crore in Q1 FY25 | Coffee Day Enterprises' total default at Rs 433.91 crore in Q1 FY25.Related stories. | Coffee Day EnterprisesLtd has reported a total default of Rs 433.91 crore on payments of interest and repayment of principal amount on loans from banks, financial institutions, and unlisted debt securities as NCDs and NCRPS for the quarter ended June 30, 2024. Coffee Day Enterprises Ltd (CDEL) which is pairing its debts through asset resolution, in a regulatory update said "the delay in debt servicing is due to liquidity crisis." There is no change in the default amount as the company has reported a similar amount in previous quarters. This is because the company is not adding interest from 2021. "Due to default in repayment of interest and principal to the lenders, the lenders have sent 'loan recall' notices to the company as well as initiated legal disputes. In view of the loan recall notices, legal disputes and pending one-time settlement with the lenders, the company has not recognised interest from April 2021," it said. CDEL has reported a default of Rs 183.36 crore on the payment of the principal amount on loans or revolving facilities like cash credit from banks or financial institutions as of June 30, 2024. Besides, it has also defaulted in payment of interest of Rs 5.78 crore on the above, informed CDEL. While for unlisted debt securities such as NCDs (Non-Convertible Debentures) and NCRPS (Non-Convertible Redeemable Preference Shares), the outstanding amount of default is Rs 200 crore as of June 30, 2024, along with a default in payment of interest of Rs 44.77 crore on the same. After the death of founder Chairman V G Siddhartha in July 2019, CDEL was in trouble and paired debts through the resolution of assets. In March 2020, CDEL announced repaying Rs 1,644 crore to 13 lenders after concluding a deal with Blackstone Group to sell its technology business park. It is also pursuing a legal course to recover over Rs 3,535 crore allegedly siphoned out of the company into Mysore Amalgamated Coffee Estates Limited (MACEL), a personal firm promoted by its late founder V G Siddhartha. | null | null | 2024-07-05 14:36 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/godrej-agrovet-promoters-to-acquire-2-16-stake-via-block-deal-12762984.html | Godrej Agrovet promoters to acquire 2.16% stake via block deal | On July 5, the shares of the company were trading down 1.18 percent at Rs 788.4 on NSE at 13:12 pm. However, the stock has gained over 46 percent since June 5. On July 2, the stock touched its 52-week high of Rs 841.94 on NSE..Related stories. | Godrej Agrovet’s (GAVL’s) promoter group members on July 5 announced their intention to acquire 2.16 percent stake in the company through a block deal, the firm said in a stock exchange filing. Promoters- Jamshyd Naoroji Godrej, Navroze Jamshyd Godrej, Smita Godrej Crishna, Nyrika Holkar and Freyan Crishna Bieri- submitted their proposal to buy 2.16 percent of the paid-up equity share capital of GAVL in aggregate from RKN Enterprises, which is a partnership firm, through a block deal, the company said in the filing. The promoters together intend to acquire 4,146,156 equity shares and the proposed move is likely to be completed in the next four days, the company said. On July 5, the shares of the company were trading down 1.18 percent at Rs 788.4 on NSE at 13:12 pm. However, the stock has gained over 46 percent since June 5. On July 2, the stock touched its 52-week high of Rs 841.94 on NSE. The agribusiness firm had posted close to a three-fold jump in consolidated net profit at Rs 65.48 crore in the March quarter on slightly higher sales and reduction in expenses. The company's net profit stood at Rs 23.47 crore in the same quarter previous fiscal, the company said in a regulatory filing. Total income on a consolidated basis rose to Rs 2,144.4 crore during the January-March quarter of the 2023-24 fiscal, from Rs 2,107.56 crore in the year-ago period. For the full financial year 2023-24 , the company posted a 22 percent jump in its consolidated net profit at Rs 359.45 crore compared with Rs 295.36 crore in the year-ago period. Total income increased to Rs 9,601.87 crore during 2023-24 fiscal as against Rs 9,481.18 crore in the previous year. With inputs from PTI | null | null | 2024-07-05 13:30 |
moneycontrol.com | https://www.moneycontrol.com/news/business/hdfc-bank-said-to-mull-loan-portfolio-sale-amid-growth-scrutiny-12762955.html | HDFC Bank said to mull loan portfolio sale amid growth scrutiny | HDFC Bank said to mull loan portfolio sale amid growth scrutiny.Related stories. | HDFC BankLtd. is mulling the sale of a loans portfolio, according to people familiar with the matter, amid heightened regulatory scrutiny on the nation’s lenders as their credit growth surges. India’s biggest private sector bank has approached public sector lenders, non-banking finance companies as well as some insurance companies and asset managers about participating in the sale, said the people, who requested anonymity discussing private conversations. A measure of how much of a bank’s deposits are being lent out as loans — known as the credit-deposit ratio — has drawn scrutiny from the Reserve Bank of India as that gauge for the nation’s industry stands at a decade high. Selling some of its loan portfolio would go some ways to help HDFC bring that down following an increase in the wake of its 2023 merger with the bank’s parent HDFC Ltd. and may also aid its liquidity. The move is an unusual one for HDFC Bank, which is approaching the market with such a sale for the first time since the two firms combined, the people said. A spokesperson for Mumbai-based HDFC Bank didn’t reply to an email request for comment. Shares of the bank fell the most in a month on Friday after it reported flat sequential deposit performance in the quarter ended June. HDFC Bank Shares Fall Most in a Month After 1Q Deposits Miss With loans growing significantly faster than deposits in India, where the economy’s expanding toward 8%, decision makers at banks are under pressure to address potential financial risks that are building. India’s central bank has also asked banks to raise buffers for some consumer loans as it tries to keep a cap on evolving risks. The banking industry’s credit-deposit ratio stood at 80.3% in March, a decade high, according to RBI data. That has eased since, though remains elevated at 77.9% as of June 14. Bank deposits in India grew 12.6% annually through June 14, compared with 19.2% loan growth, the latest RBI data show. “The persisting gap between credit and deposit growth rates warrants a rethink by the boards of banks to re-strategize their business plans,” the Reserve Bank of India said in a monthly bulletin last month. “A prudent balance between assets and liabilities has to be maintained,” it said. HDFC’s credit-deposit ratio rose as high as 110% after the merger, according to a report by ICRA Ratings, the local arm of Moody’s Investors Inc. It’s since dropped to 104% at the end of the last fiscal year, though remains above the average of between 85%-88% in fiscal 2021 through fiscal 2023. The firm’s total loans expanded about 53% to 24.87 trillion rupees at the end of June, compared with a 24% expansion in deposits during the same period. | null | null | 2024-07-05 12:55 |
moneycontrol.com | https://www.moneycontrol.com/news/opinion/electric-vehicle-makers-need-to-shorten-design-to-market-timeline-12761304.html | Electric vehicle makers need to shorten design-to-market timeline | The government is incentivizing EV manufacturers by offering various incentives. (Representational image).Related stories. | By┬аFaraz Khan and Saket Mishra┬а Technology associated with electric vehicles (EV) is rapidly evolving and by certain estimates total cost of ownership for EVs has already fallen below that of internal combustion engine (ICE) vehicles. Some reports suggest that EV sales in India contributed more than 5% of total vehicle sales between October 2022 and September 2023. As prices become competitive and charging infrastructure increasingly available, it is estimated that within this decade EVs could account for more than 40% of IndiaтАЩs automotive market┬аand EV sales will likely cross $20 billion in the two-wheeler sector, $1.7 billion in the three-wheeler sector, and $ 16.5 billion in the four-wheeler sector (including buses). The government is incentivizing EV manufacturers by offering various incentives through schemes such as FAME and other production linked incentive schemes. A variety of EV products are being frequently launched in the market across segments. While late-stage funds are entering into partnerships with established automobile manufacturers, early-stage capital is placing its bet on start-up EV and battery manufacturers, amongst other allied businesses such as battery-as-a-service and leasing of EV fleets to last and middle mile operators. Compressing Design-to-Market Timeline With competition heating up, reducing the time required to take new products from design-to-market has become increasingly important. One key factor in this process is тАШhomologationтАЩ - i.e., obtaining a тАШType Approval CertificateтАЩ to ensure that a particular vehicle is roadworthy and matches specified criteria laid out by the government for public use of such vehicle. This article examines the process by which an EV or battery manufacturer can obtain a Type-Approval Certificate for an EV or battery product under the (Indian) Motor Vehicle Act, 1988 (MV Act) and the (Indian) Central Motor Vehicles Rules, 1989 (CMVR┬аand, collectively,┬аthe MV Regulations). As a general rule, EVs expressly fall within the ambit of the MV Regulations. 2W EVs that weigh less than 60 kgs (excluding the battery) with a top speed less than 25 km/hr and power less than 0.25 KW do not require homologation. Such 2W EVs will nonetheless attract liability for defects under the Consumer Protection Act, 2019. All other EVs fall within the class of тАШbattery operated vehiclesтАЩ┬аas defined under the CMVR. Type-Approval for a New EV Like for ICE Vehicles, the homologation process requires an EV manufacturer to physically deliver to a тАШTesting AgencyтАЩ designated by the government, a prototype of the vehicle it seeks to have certified. The Testing Agency shall run such vehicle through a series of tests to determine if such vehicle meets the applicable Automotive Industry Standards (AIS). The AIS govern various aspects including manufacture, functional safety, energy consumption and range measurement of EVs and batteries. Every EV and battery manufacturer has to ensure that their products mandatorily comply with the AIS. Upon successful testing, the Testing Agency will issue a Type-Approval Certificate for the vehicle to the manufacturer certifying compliance with the MV Regulations. ┬аA vehicle that is not type approved cannot be sold for public use and any violation can result in significant fines and criminal liability as well. Until recently, the Automotive Research Association of India, Pune (ARAI) was the prominent Testing Agency for all vehicles including EVs. In recent years, other Testing Agencies such as NATRAX, Indore, ICAT, Manesar and GARC, Chennai have also gained favour. Notified as late as 2019, some of these Testing Agencies offer state-of-the-art infrastructure allowing for efficient, timely and accurate testing. Obtaining a Type Approval certificate for an EV today can take anywhere between 6 to 12 months. However, with EV manufacturers having the ability to access more Testing Agencies in recent times, the time required to complete the homologation process and obtain type approval certificates for each model is expected to come down. Type Approval For Batteries / Other Components of an EV Manufacturers of batteries and other components for which standards have been notified are required to ensure that such battery or component meet the relevant safety standards applicable to the manufacture of such component. AIS 156 is one such safety standard that was put in place to avoid and reduce battery related fire incidents involving EVs. It applies to battery packs, charging infrastructure and battery management systems. Its implementation did, in the near-term, result in a requirement to re-certify certain components and increase in costs for manufacturers and suppliers. Implementing detailed safety requirements for EV products should only benefit the EV industry in the long term. The Bureau of Indian Standards has also formulated its own standards to ensure safety of EV batteries but these are not mandatory yet. If enforced, it may create further challenges for battery and battery related component manufacturers to ensure compliance with multiple sets of rules promulgated by different authorities. Using batteries that are type approved in an EV does not exempt a manufacturer from obtaining a separate type approval certificate for such EV once laden with such certified battery. In the case of unladen EVs (not carrying a battery), it is not only the vehicle that has to be type approved but also a prototype of the vehicle with the battery installed, prior to such vehicle being sold or put in public use. In fact, where a manufacturer decides to change the type or model of battery used on a previously certified EV model, such manufacturer will be required to re-submit such EV with the new battery to obtain a fresh type approval certificate. This would apply irrespective of whether such a vehicle is installed with a fixed battery or uses battery swapping. In conclusion, it is evident that any efficient тАШgo-to-marketтАЩ strategy for a manufacturer of EVs, batteries and other components should take into consideration meticulous adherence to standards during the manufacturing process. This will significantly help avoid undue delay in the process of obtaining type approval certificates for electric vehicles. It is advisable for manufacturers to remain keenly involved during every type approval process for their products, such that questions raised by the Testing Agency are answered promptly and defects rectified swiftly. Faraz Khan (Partner) and Saket Mishra (Associate) are with INDUSLAW. Views are personal and do not represent the stand of this publication.┬а | null | null | 2024-07-05 12:45 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/thermax-shares-surge-after-subsidiary-wins-rs-500-crore-order-in-botswana-12762938.html | Thermax shares surge after subsidiary wins Rs 500-crore order in Botswana | The stock price of Thermax Limited jumped 3.66 percent to Rs 5,470 at 12:25 pm on NSE..Related stories. | Shares ofThermax Limitedsurged after Thermax Group announced that its subsidiary secured an order worth Rs 513 crore to set up a 600 MW greenfield energy project in Botswana, Southern Africa. The stock price of Thermax Limited jumped 3.66 percent to Rs 5,470 at 12:25 pm on NSE. The Pune-headquartered group’s wholly-owned unit Thermax Babcock & Wilcox Energy Solutions Limited (TBWES) will supply two 550 TPH CFBC (circulating fluidised bed combustion) boilers over a period of 23 months, the firm said in an exchange filing on July 5. This contract will provide support to the development of the first phase i.e. the 300 MW power station being established by the undisclosed customer, the firm said. TBWES will undertake the designing, engineering, manufacturing, testing, supply, supervision of erection & commissioning, and performance testing for the project, the filing said. The power generated is intended for sale to the national utility power company for sustaining the growing power requirement of the country, according to the stock filing. “We are delighted to win the order to support and accelerate power generation efforts in the region of Botswana. Our expertise in design, engineering and manufacturing boilers focussed on lower emissions, reduced operating costs and higher reliability for the power sector through TBWES has led to this win,” said, Ashish Bhandari, MD & CEO, Thermax. Thermax manufactures specialty chemicals and products for heating and cooling. It also provides waste management solutions and builds boilers for steam and power generation, among other things, according to the company. | null | null | 2024-07-05 12:43 |
moneycontrol.com | https://www.moneycontrol.com/news/business/kalyan-jewellers-reports-27-revenue-growth-in-q1-fy25-plans-expansion-12762884.html | Kalyan Jewellers reports 27% revenue growth in Q1 FY'25, plans expansion | Kalyan Jewellers reports 27% revenue growth in Q1 FY'25, plans expansion.Related stories. | Kalyan Jewellers on Friday reported a 27 per cent year-on-year increase in consolidated revenue for the first quarter of the financial year 2024-25, driven by strong performance in both Indian and Middle Eastern markets. The company had reported a consolidated net revenue of Rs 4,376 crore in the first quarter (April-June) of the 2023-24 fiscal year. India operations saw a 29 per cent revenue growth during the first quarter of this fiscal, compared to the corresponding quarter of the previous fiscal year, with a 12 per cent same-store-sales growth, the company said in a regulatory filing. The revenue from Middle East operations was up 16 per cent, contributing 15 per cent to the consolidated revenue. The company said 13 new franchisee-owned-company-operated (FOCO) showrooms were opened during the April-June period this year in India, while the digital platform Candere recorded a 13 per cent revenue growth. The company said it plans to convert its Candere business into a wholly-owned subsidiary after increasing its stake. "The recently concluded quarter has been a very satisfying one, having witnessed robust operating performance across all our markets in India and Middle East despite extreme volatility in gold prices and a strong base quarter," Kalyan Jewellers said. Kalyan Jewellers aims to launch over 130 new showrooms in FY2025, including about 40 Kalyan showrooms in India, approximately 30 Candere showrooms and the first US showroom by Diwali. The jeweller remains optimistic about the upcoming festive and wedding season, starting with Onam celebrations. As of June 30, 2024, the company operated 277 showrooms across its brands. | null | null | 2024-07-05 11:50 |
moneycontrol.com | https://www.moneycontrol.com/news/business/foxconn-chairman-young-liu-to-visit-india-this-year-12762828.html | Foxconn Chairman Young Liu to visit India this year | Foxconn Chairman Young Liu to visit India this year. | Taiwanese electronics giant Foxconn Chairman Young Liu plans to visit India this year. Liu received the Padma Bhushan Award from India Taipei Association Director General Manharsinh Yadav at Taipei on July 4. He was conferred with Padma Bhushan, the third highest civilian award, on the eve of the 75th Republic Day this year. "... I am humbled to receive the award. I also want to say I am privileged to accept this award on behalf of all the fine women and men who work to do our part in growing local economies in India... I look forward to meeting Madam President in India this year," Liu said in a statement. He last visited India in July last year to attend the Semicon India conclave where he met Prime Minister Narendra Modi. Foxconn's total investment in India is estimated to be in the range of USD 9-10 billion. The company is also in process of expanding its iPhone production facility, setting up a chip plant in a joint venture with HCL Group, an electric vehicle manufacturing unit and Apple Airpods. | null | null | 2024-07-05 10:44 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/raymond-board-approves-plan-for-real-estate-business-demerger-12762410.html | Raymond board approves plan for real estate business demerger | There is no cash consideration or any other form of consideration.Related stories. | Textile and real estate playerRaymond Ltdon July 4 said that its board has approved the demerged of its real estate business, Raymond Realty Limited, to unlock value of the business as a whole. The demerger plan aims to "exploit the growth potential of the real estate business and attract fresh set of investors / strategic partners to participate in the real estate business, it is proposed to consolidate the entire real estate business of the Group under one single entity," the company said in a regulatory filing. The company will issue 6.65 crore shares of Raymond Realty having face value of Rs 10 per share. Upon completion, shareholders will get one Raymond realty share for each held. There is no cash consideration or any other form of consideration. Raymond Realty will be listed on both the National Stock Exchange and BSE. The proposed restructuring will enable a "focused management to explore the potential business opportunities effectively and efficiently", said Raymond. "This strategic move comes as Raymond's Real Estate Business has achieved scale, reporting revenue of Rs 1,593 crore (43% YoY growth) and EBITDA of Rs 370 crore in FY24, positioning it well to chart its own growth path as a separate entity. Raymond Realty has 100 acres of land in Thane with 11.4 mn sq ft RERA approved carpet area of which about 40 acres is currently under development. There are five ongoing projects worth Rs 9,000 crore on its Thane land, with an additional potential to generate more than Rs 16,000 crore, making a total potential revenue of over Rs 25,000 crore from this land bank," said Raymond in a press release. Recently, Raymond Realty has launched its first joint development agreement (JDA) project in Bandra, Mumbai. Additionally, Raymond has signed three new JDAs in Mahim, Sion, and one more in Bandra East Mumbai, taking the combined revenue potential from four JDA projects in the Mumbai Metropolitan Region to over Rs 7,000 crore. With the development of Thane Land Bank and current 4 JDA’s gives company the potential revenue of Rs 32,000 crore, added Raymond. Commenting on the development, Gautam Hari Singhania, Chairman C Managing Director, Raymond Limited said; “Having stated that now we have clear three vectors of growth at Raymond group i.e. Lifestyle, Real Estate and Engineering, this corporate action is in line with creating shareholder value creation. This strategy to demerge the Real Estate business into a separate company that will be listed through automatic route is another step to enhance the shareholder value. The existing shareholders of Raymond Limited will get the shares in the new listed Real Estate company in a ratio of 1:1.” Further, the company said that the demerger it will enable independent and distinct capital allocation approach and balance sheet management based on the distinct needs of each business. Meanwhile, shares of Raymond on July 4 closed almost flat at Rs 2,935.45 apiece on BSE. The stock has surged 68.87 percent in a year-to-date basis. Last year, in an plan to become net-debt free,Raymond had announcedthe demerger of its lifestyle business to Raymond Consumer Care to create a listed entity with pure-play B2C-focused lifestyle business. The lifestyle business consists of suiting business with manufacturing plants, B2C shirting, branded apparel and subsidiaries including garmenting business and B2B shirting. | null | null | 2024-07-04 18:30 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/indias-hopes-for-tesla-investment-cool-as-elon-musk-ceases-contact-12762281.html | India’s hopes for Tesla investment cool as Elon Musk ceases contact | Musk’s team hasn’t made any further inquiries with officials in New Delhi after the billionaire postponed a visit to India in late April.Related stories. | India doesn’t expect Tesla Inc. to move forward with an investment in the country any time soon after executives at Elon Musk’s electric carmaker stopped contacting them, according to people familiar with the matter. Musk’s team hasn’t made any further inquiries with officials in New Delhi after the billionaire postponed a visit to India in late April, the people said, asking not to be identified because they’re not authorized to speak publicly. The government is given to understand that Tesla has capital issues and doesn’t plan on pledging fresh investment into India in the near future, they said. The loss of interest in India comes as Tesla reported a second consecutive drop in quarterly deliveries globally and faces heightened competition in China. Musk announced major staff reductions in April, the EV maker’s first new model in years, the Cybertruck, has been slow to ramp up while construction of a new plant in Mexico has been delayed. Representatives from India’s Ministry of Heavy Industries, which oversees the automobile sector, and the ministries of finance, and commerce and industry, didn’t respond to requests for comment. Tesla also didn’t respond to a request for comment. Musk in April scrapped a planned visit to India that would have included a meeting with Prime Minister Narendra Modi, citing pressing issues at the company. He had originally announced his visit just weeks after India lowered the import taxes on EVs from foreign carmakers that pledge to invest at least 41.5 billion rupees ($497 million) and start EV production from a local factory within three years. Instead, India’s government is pinning its hopes on domestic automakers like Tata Motors Ltd. and Mahindra & Mahindra Ltd. to boost EV production, the people said. Should Musk decide to re-engage, Tesla would still be welcome to avail itself of the new import tax policy, they added. India’s EV market is in its infancy, with battery-powered cars accounting for just 1.3% of the total last year, according to BloombergNEF. Many buyers are hesitant to make the switch due to electric cars’ high upfront cost and a dearth of charging stations. | null | null | 2024-07-04 15:14 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ubs-loses-another-senior-india-banker-with-strategy-yet-unclear-12762254.html | UBS loses another senior India banker with strategy yet unclear | UBS loses another senior India banker with strategy yet unclear.Related stories. | UBS Group AG’s India operation is losing another senior executive to competitors, at a time when the firm is still charting its strategy to manage wealth in the country, according to people familiar with the matter. Aditya Goenka, a Mumbai-based managing director in structured lending, is leaving to join HSBC Holdings Plc in its commercial banking business, the people said, asking not to be named as the information is private. UBS, which exited India’s onshore wealth business about a decade ago, is seeking to lean on the Credit Suisse team it acquired to make a comeback there. While margins in India are slimmer than other markets, the firm sees there is opportunity in managing both the business and personal assets of clients benefiting from the boom in the stock market and economy. Still, even as UBS draws up its plans in India, it has become a hunting ground for wealth managers and banks looking for talent in a fiercely competitive market, the people said. Since news of the UBS takeover broke last year, about half a dozen ex-Credit Suisse executives have left for other firms, according to reporting and calculations by Bloomberg News. Goenka has been at Credit Suisse for more than 11 years, according to his LinkedIn profile. He was previously with Bank of America Corp. for nearly eight years, according to the profile. Spokespeople from UBS and HSBC declined to comment. Goenka didn’t respond to messages seeking comment. At HSBC, Goenka will join his ex-Credit Suisse colleague Rajat Sabharwal who led its equities business in the country until the end of last year, according to his LinkedIn profile. Sabharwal is now in a similar role at HSBC, the profile states. Other Credit Suisse departees are Sudipto Sinha, an executive director, who is now a business head at Angel One Wealth, as well as Sandipan Roy, the head of product development, who is now the chief investment officer at Motilal Oswal Wealth Management Ltd. Liechtenstein royal family-backed LGT Wealth India hired veteran relationship manager Ajay Punjabi as well as Chirag Doshi to lead its fixed income business. Vijay Shah, the head of advisory and sales in wealth management, also left the bank to start his own business, according to his LinkedIn profile. Credit Suisse had just over 40 wealth management employees in India, and around 7,000 people overall in the country, a spokesperson at the bank told Bloomberg News in April last year. About a month ago, UBS’ co-head for Asia-Pacific wealth management Jin Yee Young visited India, which she called a key strategic market. The firm is rebuilding in markets such as India, according to its Asia Pacific president Edmund Koh. “It’s a good market for us, but still early days in India, still a lot of heavy lifting to do,” Koh had said. | null | null | 2024-07-04 14:34 |
moneycontrol.com | https://www.moneycontrol.com/news/business/want-continuity-of-policy-supporting-evs-for-next-8-10-years-mercedes-benz-india-md-ceo-12762194.html | Want continuity of policy supporting EVs for next 8-10 years: Mercedes-Benz India MD & CEO | Want continuity of policy supporting EVs for next 8-10 years: Mercedes-Benz India MD & CEO.Related stories. | Mercedes-Benz India wants the government to commit to continuity in policies that support electric mobility for the next eight to ten years, for stable and better planning towards zero emission mobility, its Managing Director and CEO Santosh Iyer said on Tuesday. Besides, the company feels that providing the incentives given to electric vehicles to hybrid vehicles will extend the timeline for transition to emission free mobility. The company, which had increased EV penetration to 6 per cent in the first quarter of 2024, from 2.5 per cent earlier, expects the momentum to carry going forward with three new EV models slated for launch this year, starting with the EQA next week. "A much more clear roadmap when it comes to taxation on EVs," Iyer told PTI here when asked about the company's expectations from the upcomingUnion Budget. "We understand that the Budget may not address the GST topic, but at least if you are able to get a commitment that for the next eight to ten years, this kind of taxation benefit will continue, this will really help brands like us to plan long term and have more commitments when it comes to investments for the EVs," he said. For electric vehicles the government has already given 5 per cent GST compared to 48-50 per cent on internal combustion engines, Iyer added. Highlighting investment on infrastructure as another key aspect, he said, "One of the biggest drivers for our growth has been the growing road infrastructure and intercity road infrastructure that has come up in the last couple of years." He further said, "one big line item that we will see in the Budget is the capital expenditure on infrastructure. We expect (it) to go up if possible, so that not only it helps demand but also the indirect benefits of it for the country also is great." When asked about the discussions on extending the GST benefits given to EVs on hybrid vehicles, Iyer said, "Currently we can see electric as the only option when it comes to zero emission driving. Now on that road, if we add newer technologies, it will delay the transition, for sure." Iyer further said, "It is up to the government and the stakeholders to see how soon they want to accelerate the transformation to carbon free mobility and emission free mobility." On the company's roadmap for electric mobility, he said it is committed to zero emission mobility but "the EV transition is a marathon and not a sprint". "We have already three (EV) products in the market with which we achieved 5-6 per cent penetration and we will continue with the EQA (to be launched next week) to further penetrate," Iyer said. Two more EV models will be launched later this year, he added. In the first quarter of 2024, the company had posted total sales of 5,412 units, growth of 15 per cent from the year-ago period. On local assembly of EVs in India, Iyer said Mercedes-Benz India will consider other models too depending on demand. It currently assembles EQS at its Chakan plant. | null | null | 2024-07-04 13:36 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/pnb-housing-finance-to-seek-100-mn-in-placement-report-12751843.html | PNB Housing block deal: Asia Opportunities, General Atlantic to sell 4.2% stake for Rs 830 cr, says CNBC Awaaz | PNB Housing | CMP: Rs xx per share | The stock tumbled over 4 percent on June 20 as around 1.36 crore shares or 5.2 percent equity changed hands in multiple blocks. Though Moneycontrol could not ascertain buyers or sellers in the block deal window immediately, but sources cited by CNBC-Awaaz indicated General Atlantic and Asia Opportunities Fund being the likely sellers.. | Two shareholders of PNB Housing Finance Ltd. offer about 10.8 million shares or 4.2 percent stake worth Rs 830 crore via block deal, according to terms of the deal obtained by CNBC Awaaz Asia Opportunities V (Mauritius) Ltd. and General Atlantic Singapore Fund FII Pte are each selling about 5.4 million shares. The floor price has been set at Rs 773, an 8 percent discount to the last close of Rs 840, the CNBC Awaaz sources. There is a 60-day lock in for sellers in the deal. BNP and UBS are joint placement agents to the deal. Shares of PNB Housing on June 19 closed 2.58 percent lower at Rs 841.65 apiece on BSE. Earlier, on May 29, as much as 2.7 percent equity of PNB Housing Finance changed hands in block deals. The company reported a 57.3 percent increase in consolidated net profit at Rs 439.3 crore in the fourth quarter, compared to the previous years' Rs 279.3 crore. The consolidated net interest income for the quarter also rose 7.2 percent to Rs 623.2 crore against Rs 581.2 crore in the corresponding quarter of the last fiscal. As of the March quarter, Asia Opportunities V, held a total of 9.88 percent in the company and General Atlantic Singapore Fund Pte has 9.92 percent stake. | null | null | 2024-07-04 13:36 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/foxconns-bharat-fih-faces-potential-factory-closure-as-orders-dry-up-report-12762049.html | Foxconn's Bharat FIH faces potential factory closure as orders dry up: Report | Former board members of Bharat FIH have cited a lack of clarity in the company's direction as the reason for their departures..Related stories. | Bharat Foxconn International Holding (FIH) is considering closing its unit in Andhra Pradesh’s Siri City following a sharp drop in orders from key client Xiaomi, the Economic Times has reported, the latest trouble for the electronics manufacturer. The Foxconn group company was already in trouble after the exit of three independent directors in the past three months. InterGlobe Aviation chairman Venkataramani Sumantran, Sify Technologies cofounder Ramaraj R and former IT and telecom secretary Aruna Sundararajan cited a lack of clarity in the company's direction as the reason for their departures. Bharat FIH has struggled to diversify beyond Chinese smartphone maker Xiaomi, failing to compete effectively with rivals like home-grown Dixon Technologies, which has benefitted from the production-linked incentive (PLI) scheme, the report said. Moneycontrol couldn’t verify the report independently. The company’s inability to pivot quickly to other sectors exacerbated its woes, particularly as Xiaomi faces regulatory challenges in India, the report said. Foxconn is expanding its India operations, notably in iPhone production, through other subsidiaries. However, Bharat FIH has not benefitted much from this expansion. Bharat FIH has been hit by Xiaomi diversifying its manufacturing partners. It has promoted the firm to consolidate operations at its Sriperumbudur facility, which now focuses on diverse segments such as telecom equipment, EV components and displays. | null | null | 2024-07-04 12:53 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/tata-consumer-gets-tax-demand-of-rs-171-83-crore-from-income-tax-department-12758764.html | Tata Consumer gets tax demand of Rs 171.83 crore from Income Tax Department | Tata Consumer Products Ltd.Related stories. | FMCG firm Tata Consumer Products Ltd on 29 June said it has received a tax demand of Rs 171.83 crore from the Income Tax department for the assessment year 2019-20, firm said in a stock exchange filing. In a regulatory filing it said," The Company has received an Assessment Order dated June 27, 2024, under section 143(3) read with section 144C(13) of Income-tax Act, 1961, for the income tax return filed for the financial year 2019-20, wherein certain additions/ disallowances with respect to returned income, have been proposed by the assessing officer. Thedemand raised is Rs.171.83 crore (including interest). "The company believes that the aforementioned demand is not maintainable and it is in the process of preferring an appeal and rectification against the said order," the company further said in the statement. The stock price of the company closed at Rs 1,098.00, 1.14 percent higher on BSE on Friday.Meanwhile, Tata Consumer Products Ltd reported a 26.69 per cent decline in consolidated net profit to â‚ą212.26 crore in the fourth quarter ended March 31, 2024, impacted by exceptional items related to costs of amalgamation, acquisitions, asset write-downs and fair value loss on financial instruments. The company had posted a consolidated net profit of â‚ą289.56 crore in the same period a year ago, Tata Consumer Products Ltd (TCPL) said in a regulatory filing. Consolidated revenue from operations in the quarter under review stood at â‚ą3,926.94 crore as against â‚ą3,618.73 crore, it added. | null | null | 2024-07-04 12:27 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/bank-of-baroda-gets-rs-1067-82-crore-income-tax-demand-order-from-i-t-department-12759162.html | Bank of Baroda gets Rs 1067.82 crore income tax demand order from I-T department | The bank's gross non-performing asset (NPA) stood at 2.92 percent, down from 3.79 percent in the corresponding quarter last year. On the other hand, net NPA for the quarter stood at 0.68 percent as compared to 0.89 percent a year ago.Related stories. | State-owned Bank of Baroda in a regulatory filing has said that the bank has received a demand order of Rs 1067.82 crore under section 156 of the Income Tax Act, 1961, pertaining to AY 2017-18. In a regulatory filing, the Bank of Baroda said, "The Bank is under the process of filing an appeal before the Commissioner of Income Tax (appeals), National Faceless Appeal Centre (NFAC)/ writ petion before Honourable High Court (as may deems fit) against the said order within the prescribed timelines. Looking to the precedence/ orders of appellate Authorities, the Bank believes that it has adequate factual and legal grounds to reasonably substantiate its position in the matter. Accordingly, the Bank expects the entire demand to subside. As such, there is no impact on financial operations or other activities of the bank." Meanwhile, Bank of Baroda reported a net profit of Rs 4,886 crore for the January-March quarter of the financial year 2023-24, which marks a 2.3 percent jump as compared to a net profit of Rs 4,775 crore clocked in the year-ago period. The bank's gross non-performing asset (NPA) stood at 2.92 percent, down from 3.79 percent in the corresponding quarter last year. On the other hand, net NPA for the quarter stood at 0.68 percent as compared to 0.89 percent a year ago. The lender's net interest income for the quarter stood at Rs 11,793 crore from Rs 11,525 crore from last year. The bank saw a compression in its net interest margin which fell to 3.18 percent from 3.31 percent last year. Total domestic deposits of the bank stood at Rs 11.28 lakh crore, growing 7.7 percent yearly from Rs 10.47 lakh crore. And domestic advances grew by 12/9 percent from Rs 7.95 lakh crore in Q4FY23 to Rs 8.98 lakh crore in Q4FY24. | null | null | 2024-07-04 12:19 |
moneycontrol.com | https://www.moneycontrol.com/news/business/suzuki-motor-launches-rs-340-crore-fund-next-bharat-to-support-social-impact-startups-12762094.html | Suzuki Motor launches Rs 340 crore fund 'Next Bharat' to support social impact startups | Suzuki Motor launches Rs 340 crore fund 'Next Bharat' to support social impact startups.Related stories. | Japanese automobile firm Suzuki Motor on Thursday launched its first investment fund in India--Next Bharat Ventures--a Rs 340 crore fund dedicated to fostering impact entrepreneurs who create value in Tier-II and below geographies. This Suzuki initiative aims to support social impact startups in the domains of agriculture, financial inclusion, rural supply chains, and rural mobility, through a residency programme. "Next Bharat will invest in growth-stage impact firms and early-stage impact entrepreneurs through its flagship residency programme. In order to improve synergy among our early-stage portfolio, We do Fund of Fund operations, investing in Indian Early Stage Venture Capital firms, this investment will also help in establishing strong strategic synergies for the Next Bharat Impact Fund," Next Bharat CEO and MD Vipul Nath Jindal told PTI. During the 4-month hybrid residency programme, selected impact entrepreneurs will receive extensive mentorship, access to resources, and networking opportunities with industry experts and peers enabling them to scale their ventures organically, he added. Post completion of the programme, the selected startups will receive equity Investments worth Rs 1-5 crore. "The core value of Next Bharat lies in nurturing and empowering Impact entrepreneurs who are driven by Cause, Contribution, and Community. It places a strong emphasis on supporting businesses from Tier-II and 3 cities. "We aim to empower underrepresented regions, drive economic development, and foster a culture of innovation that addresses the unique challenges faced by these communities," Jindal said. Next Bharat Ventures aims to empower 'India's next billion' by supporting these impact entrepreneurs, an official statement said. "Bharat has about 1.4 billion people, but we have only reached about 0.4 billion with our mobility business. Our goal is to connect with the "Next Billion" people of India, extending beyond mobility and becoming a part of India's future story," Toshihiro Suzuki, President and CEO of Suzuki Motor Corporation said. | null | null | 2024-07-04 12:12 |
moneycontrol.com | https://www.moneycontrol.com/news/business/inox-wind-to-become-debt-free-company-post-rs-900-crore-promoter-infusion-12761975.html | Inox Wind to become debt-free company post Rs 900 crore promoter infusion | Inox Wind to become debt-free company post Rs 900 crore promoter infusion. | Inox Wind Ltd on Thursday said its promoter Inox Wind Energy (IWEL) has infused Rs 900 crore into the company, following which the wind energy solutions provider will become a net debt-free company. In a statement Inox Wind Ltd (IWL) on Thursday announced the completion of infusion of Rs 900 crore into the company by its promoter Inox Wind Energy Ltd (IWEL). "This fund infusion will help us become a net debt-free company, strengthening our balance sheet and help accelerate our growth. We expect substantial savings in interest expenses going ahead, aiding our profitability further," Kailash Tarachandani, CEO of Inox Wind said. The funds were raised by the IWEL on May 28, 2024, through sale of equity shares of IWL through block deals on the stock exchanges, witnessing participation of several marquee investors, as per the company statement. The funds will be utilised by Inox Wind Ltd to completely pare down its external term debt to achieve a net debt-free status, it added. Net Debt is a metric that determines how well a company can repay all of its debt it was due immediately. "Net debt free status is excluding promoter debt," Inox Wind said. | null | null | 2024-07-04 10:07 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/aavas-financiers-big-bang-stake-sale-brewing-as-kedaara-partners-group-explore-full-exit-12761775.html | Aavas Financiers: Big-bang stake sale brewing as Kedaara, Partners Group explore full exit | Currently, both the private equity players, classified under the promoter category, own a combined 26.47 percent stake in Aavas Financiers..Related stories. | A mega stake sale is in the works at Aavas Financiers Ltd (formerly known as AU Housing Finance Ltd), as Kedaara Capital and Partners Group are weighing a complete exit eight years after jointly acquiring the affordable housing finance firm, four persons in the know told Moneycontrol. Currently, both the private equity players, classified under the promoter category, own a combined 26.47 percent stake inAavas Financiers. If the entire stake is sold to an incoming suitor, it would trigger the open offer threshold as per Sebi norms to acquire an additional 26 percent from public shareholders and result in a change in control. Based on the market cap of Aavas Financiers at the end of day's trade on July 3, which stood at Rs 14,703 crore, the stake owned by Kedaara Capital and Partners Group is worth Rs 3,891 crore. At these levels, a majority stake of at least 51 percent stake in the firm is worth around Rs 7,498 crore. "Kedaara Capital and Partners Group have been invested for many years, got the firm listed and have scaled it up. They are now evaluating options to monetize their balance stake to either a private equity or strategic investor," said one of the persons above. Incidentally, both Kedaara Capital and Partners Group have diluted part stake earlier in the year via the block deal route. In March, both firms divested 12.6 percent in Aavas Financiers for Rs 1,369 crore. A second person told Moneycontrol that investment bank Jefferies has been mandated as the sell side advisor. "Three to four parties are conducting due diligence on the deal. It's a large cheque and affordable housing finance is a promising sector to look at, " this person added, without elaborating on the names of the suitors. Two other persons also confirmed the stake sale plans and the ongoing process. One of them added that private equity interest was high in the proposed transaction. "Let us see how the deal progresses. What if someone is keen on picking up less than 25 percent stake? But whoever enters will become the single largest shareholder in the firm," he elaborated. In recent times, the likes of Bain Capital, CVC Capital, Advent International, Warburg Pincus, Mubadala and Ontario Teachers Pension Plan have evinced interest in NBFC deals or struck them. All the four persons above spoke to Moneycontrol on the condition of anonymity. When contacted, Kedaara Capital and Partners Group declined to comment. Email queries and multiple reminders sent to Aavas Financiers and the firm's MD and CEO were left unanswered at the time of publishing this article. Jefferies couldn't be reached for an immediate response. A closer look at Aavas In February 2016, a Kedaara-Partners JV acquired Aavas Financiers Ltd for around Rs 950 crore, according to media reports. The firm was listed in October 2018 and its share price has risen by around 18.73 percent in the last six months. Some of the shareholders of Aavas in the public category include SBI Small Cap Fund (8.86 percent), UTI Flexi Cap Fund (3.06 percent), Amansa Holdings Private Ltd (3.10 percent) and ADIA (2.50 percent). For FY23-24, the NBFC had a net profit of Rs 490.69 crore and revenues of Rs 2,017.50 crore. It reported a 20 percent uptick in disbursements to Rs 1,890 crore during the January-March quarter.Assets under management also rose 22 percent to Rs 17,300 crore during the same period. Also Read:Aadhar Housing CEO: Eventually it will be a two-horse race between us and Aavas Financiers According to its website, Jaipur-based Aavas is engaged in the business of providing housing loans, primarily, in under-served markets which include the states of Rajasthan, Maharashtra, Gujarat, Madhya Pradesh, Haryana, Uttar Pradesh, Chhattisgarh, Uttarakhand, Punjab, Himachal Pradesh, Delhi, Odisha, and Karnataka. Currently, the firm is operating with a total of 371 branches, the website added. NBFC sector buzzing with deal activity Here's a slice of some of the frenetic deal action from the NBFC segment this year. In February, digital non-banking finance company Credit Saison (CS) India said Japan's Mizuho Bank acquired 15 percent stake in it for Rs 1,200 crore. Warburg Pincus- and Kedaara Capital-backed Avanse Financial Services, an education-focused non-banking financial company (NBFC), announced on March 26 that it has raised primary capital of Rs 1,000 crore. This round of funding was led by Mubadala Investment Company, an Abu Dhabi-based investment company, with participation from Avendus PE Investment Advisors Private Limited through its fund Avendus Future Leaders Fund II. Avanse laterfiled draft papers for a Rs 3,500-crore IPO. Top Chennai-based retail NBFC Shriram Finance announced the sale of its subsidiary Shriram Housing Finance to global private equity firm Warburg Pincus for Rs 4,630 crore on May 13. On December 14, Moneycontrol was the first to report that the listed parent hadrevived stake sale plansto unlock value in Shriram Housing Finance and launched a process to sell a controlling stake in the arm. Also Read:Â'Shriram HF acquisition is a Deja Vu moment for us', says Narendra Ostawal of Warburg Pincus Blackstone-backed Aadhar Housing Finance listed on the stock exchanges on May 15. The firm's share price has increased by 25 percent in last month. Recently, vehicle financier Kogta Financial raised $148 million in a Series E funding round from Ontario Teachers’ Pension Plan,giving the Canadian pension fund a significant minority stake in the Jaipur-based non-bank lender. Moneycontrol was the first to report the fund raise on June 26. | null | null | 2024-07-03 22:01 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/kotak-mahindra-bank-issues-clarification-on-public-statements-made-by-hindenburg-12760914.html | Kotak Mahindra Bank issues clarification on public statements made by Hindenburg | Kotak Mahindra Bank.Related stories. | Kotak Mahindra Bank on July 2 said that the Securities and Exchange Board of India (SEBI) has issued a show cause notice dated June 26 to Hindenburg Research, Kingdon, persons related to them as well as K India Opportunities Fund Limited. SEBI's allegations relate to short selling of the stock of Adani Enterprises Ltd. prior to the publication of a report by Hindenburg on January 25, 2023, the lender said in a regulatory filing. The transactions in respect of which the above allegations are being made were made by the Fund on the advice, and for the benefit, of its investor Kingdon, the bank clarified. K- India Opportunities Fund (KIOF) and Kotak Mahindra International Ltd (KMIL) are clients of Kotak Group. Regarding the notice, Kotak Mahindra Bank issued a clarification saying that Kingdon never disclosed to KMIL that they had any relationship with Hindenburg nor that they were acting on the basis of any price sensitive information. "We deny any allegation of being aware of such report or acting in collusion in any manner with Kingdon or Hindenburg," it added. Earlier today, Kotak Mahindra group saidHindenburg Research was never a clientof Kotak group's K- India Opportunities Fund (KIOF) and Kotak Mahindra International Ltd (KMIL) and that the fund was unaware of the US short seller being a partner of any of its investors. Hindenburg had saidthat Kotak Mahindra Bank and brokerage firms founded by Uday Kotak, created and oversaw the offshore fund structure used by the investor partner of Hindenburg to short Adani stocks. The US-based short-seller questioned why Sebi failed to name Kotak bank in its observations. “While Sebi seemingly tied itself in knots to claim jurisdiction over us, its notice conspicuously failed to name the party that has an actual tie to India: Kotak Bank, one of India’s largest banks and brokerage firms founded by Uday Kotak, which created and oversaw the offshore fund structure used by our investor partner to bet against Adani. Instead, it simply named the K-India Opportunities Fund and masked the name 'Kotak' name with the acronym 'KMIL',” Hindenburg said in an update. Hindenburg alleged that Sebi’s omission of Kotak’s name may be meant to protect the businessman from scrutiny. "Uday Kotak, founder of the bank, personally led SEBI’s 2017 Committee on Corporate Governance. We suspect SEBI’s lack of mention of Kotak, or any other Kotak board member may be meant to protect yet another powerful Indian businessman from the prospect of scrutiny, a role SEBI seems to embrace," Hindenburg said. Sebi show cause notice to Hindenburg Hindenburg Research received a show cause notice from market regulator SEBI regarding its Adani Report, the firm said in a blog post on July 2. The 46-page show cause notice was delivered on June 27, Hindenburg said. The blog post said that the firm was short on Adani shares 'through a deal with an investor partner who was indirectly short Adani derivatives through a non-Indian, offshore fund structure'. The post revealing Sebi notice reiterates its position that Hindenburg had adequately disclosed that it was short on Adani shares, 'so readers could weigh the potential for bias given that we stood to benefit from a decline in Adani shares.' Hindenburg allegations On January 24, 2023, Hindenburg Research published a report accusing Adani group companies of stock manipulation and accounting fraud, ahead of a proposed Rs 20,000 crore share sale by Adani Enterprises. The conglomerate termed the report as malicious and baseless. Meanwhile, India's Supreme Court ruled in January that the Adani Group won't face any further investigations beyond Sebi's current scrutiny, offering relief to the conglomerate. Sebi has been probing the Adani group for tax haven use and stock manipulation. The verdict suggested no heightened regulatory risk for Adani. The court also decided against altering disclosure rules for offshore funds, despite Hindenburg's claims. | null | null | 2024-07-03 17:46 |
moneycontrol.com | https://www.moneycontrol.com/news/opinion/tesla-sales-only-elon-musks-robotaxi-can-save-investors-now-12761552.html | Tesla Sales: Only Musk’s Robotaxi can save investors now | Dreaming of a robotaxi future. (Source: Bloomberg/Getty Images).Related stories. | Tesla Inc is, according to its promoters — very much including Chief Executive Elon Musk — an artificial intelligence giant trapped in a carmaker’s body. That much was evident from quarterly sales and production numbers, and the market’s reaction to them, on Tuesday morning. Tesla made about 411,000 vehicles and delivered about 444,000 in the second quarter. This was better than expected, with deliveries slightly beating the consensus estimate and, importantly, outpacing production. Tesla’s stock jumped as much as 10% in response. The slightest of digging yields a somewhat less bullish interpretation. First, that consensus has been going downhill faster than a Cybertruck withÂpedal issues. Only a month ago, Tesla’s numbers would have missed. Moreover, even beating estimates meant a 5% drop in deliveries, year over year. On a rolling four-quarter basis, Tesla’s vehicle sales flattened out last summer and Musk in JanuaryÂexplicitly abandoned the company’s previous growth target of 50% per year, compounded. The beaten-down consensus estimate implies sales dropping outright in 2024. With the first-half numbers now in the books, even hitting that forecast requires two record quarters in a row, averaging 487,000 deliveries apiece. Pending that next “growth wave,” Tesla’s core business, accounting for 89% of its gross profit, isn’t growing. Strikingly, sales of Tesla’s premium models, other than the mass-market-ish 3 and Y, were actually lower in the second quarter than in the fourth quarter of 2023. You may recall that is when the Cybertruck joined the Models S and X in the high-priced segment; meaning the addition of this third model hasn’t boosted those sales overall (which also came in a bit below production).ÂMultiple recalls for the months-old Cybertruck probably haven’t helped fully offset the continued ageing of the S and X when it comes to attracting buyers, even as rival models proliferate and Rivian Automotive Inc, a serious challenger at that end of the market, has received aÂfinancial lifeline from Volkswagen AG. Deliveries of the mainstay Models 3 and Y, while down year over year, did come in higher than production. That cleared about 36,000 vehicles from inventory, which should mean better free cash flow in the second quarter compared with the prior quarter’sÂbig burn. Yet, overall, Tesla only cleared about a quarter of its big pile of unsold vehicles that has built up since the second quarter of 2022. Moreover, it did so partly via further discounts and even resorting to zero-rate financing in China, which implies an effective price cut of several thousand dollars for those vehicles. Even then,Âpreliminary data from China’s Passenger Car Association show a 24% drop in shipments from Tesla’s Shanghai factory in June, year over year. As much as these headline delivery numbers beat a hurdle that had been all but buried, the wider context suggests little prospect of turning around what should be the main story: another big decline in earnings. The consensus estimate for 2024 now implies a 22% drop from last year, which saw a 29% drop from 2022. Yet a car company with flattened sales in its core business, an aging lineup and shrinking profits has seen its market capitalization expand by about $275 billion since hitting a low point in April, with a fifth of that on Tuesday morning alone. As growth and margins in the existing business of making electric vehicles have faltered, the need for AI-related promises to pick up the slack has only intensified. Luckily for Tesla, in the face ofÂrepeated disappointments andstructural challenges to Musk’s robotaxi vision, investors remain eager as ever to pull on that rope. Credit: Bloomberg | null | null | 2024-07-03 16:39 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/m-shares-rise-12761359.html | M&M selects ABB India's paint technology for new EV facility; shares rise | The deployment will make M&M the first original equipment manufacturer (OEM) to use the technology for painting contrasting roofs and pillars, according to the statement..Related stories. | CarmakerMahindra & Mahindrahas selected ABB India’s PixelPaint technology for its new electric vehicle paint facility, the latter said in a stock exchange filing on July 3. The firm said the technology, which uses a paint head similar to an inkjet printer, will begin serial production in 2025. The share price ofABB Indiawere trading 0.8 percent higher at Rs 8,582 on NSE at 12:46 pm. “Our revolutionary PixelPaint technology can apply large areas of uniform color as well as the tiniest details with complete accuracy, without delaying the production line or the need for manual intervention,” said Joerg Reger, managing director of ABB Robotics Automotive Business Line. “By deploying PixelPaint-equipped robots in dedicated cells, Mahindra’s paint shop will be able to apply finishes such as contrasting roof and pillar treatments on its new line of EVs in a completely automated process,” Reger said. According to the statement, PixelPaint consists of a paint head with over 1,000 tiny, individually-controlled nozzles, mounted on an ABB robot such as the IRB 5500 paint series. “Demand for personalization options has been growing in recent years, and PixelPaint is just one example of how ABB’s transformative technologies are helping to establish Mahindra’s products within the luxury segments,” the exchange filing said. The deployment will make M&M the first original equipment manufacturer (OEM) to use the technology for painting contrasting roofs and pillars, according to the statement. It builds on ABB and Mahindra’s existing relationship, which also includes 42 robots from IRB 5500 family, the firm said. | null | null | 2024-07-03 13:04 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/mega-sale-of-advent-backed-bharat-serums-vaccines-who-are-the-3-suitors-in-the-final-lap-12761357.html | Mega sale of Advent-backed Bharat Serums & Vaccines: Who are the 3 suitors in the final lap? | In May, Moneycontrol reported that a clutch of global private equity funds had evinced interest in the BSV sale process.
(Representative image).Related stories. | The ongoing big-bang sale process of private equity major Advent International-backed top biopharmaceutical firm Bharat Serums & Vaccines ( BSV) has boiled down to a three-way race, four persons in the know told Moneycontrol on the condition of anonymity. "A consortium of Swedish private equity firm EQT and ADIA ( Abu Dhabi Investment Authority), domestic pharma major Mankind Pharma and a consortium of ChrysCapital, Warburg Pincus and Mubadala have been selected for the next round post submission of initial bids," one of the persons quoted above said. Moneycontrol was thefirst to report the sale plansof BSV on December 2. This was followed by a December 20reportthat said investment banks JP Morgan and Jefferies had been picked as sell side advisors for the deal. Two other persons also confirmed that the above three suitors have been shortlisted for the next stage of the proposed transaction. They told Moneycontrol that the submission of binding bids is expected in mid-July. With BSV having an established market position in its product segments and strong R&D capabilities, Advent International is expecting a valuation between $1.5 billion to $2 billion for its portfolio company , as per the Moneycontrol report. A fourth person said the EQT led consortium and Mankind Pharma had been more aggressive in terms of financial bids and both parties were the frontrunners but also added that the ChrysCapital combine had more experience in striking deals across the pharma segment. When contacted, Advent International and EQT declined to comment. Email queries to ADIA, Mankind Pharma, ChrysCapital, Warburg Pincus and Mubadala were left unanswered at the time of publishing this article. In May, Moneycontrol reported that aclutch of global private equity fundshad evinced interest in the BSV sale process. Mankind Pharma and ChrysCapital had joined hands earlier in the race for Apax Partners backed medical devices player Healthium Medtech, which was eventually won by KKR. Further, in aninterview to Moneycontrolin April, Jean Salata, Chairperson of EQT Asia and Head of Private Capital Asia, shared that EQT is considering deploying $5 billion in India this year across sectors like IT, pharma/healthcare and financials. Incidentally,Advent is also exploring strategic optionsto unlock value in another portfolio company - India's largest rigid plastic packaging firm Manjushree Technopak. A sale process is in the works though Advent also wants to keep the IPO option handy, according to an earlier Moneycontrol report. A closer look at BSV Advent announced the buyout of a controlling stake in Bharat Serums in November 2019, providing a complete exit to the erstwhile investors, Orbimed Asia and Kotak PE. A partial exit was given to the founders, the Daftary family. Back then, the deal valued the firm around $500 million. Mumbai-based Bharat Serums and Vaccines Limited was set up in 1971 and is engaged in the development, manufacturing and marketing of biological, biotech and pharmaceutical formulations. According to a note by ICRA Ratings dated September 11, 2023, its product profile comprises plasma derivatives, monoclonal, fertility hormones, antitoxins, antifungals, anaesthetics, cardiovascular drugs, diagnostic products and more. The firm has a key manufacturing facility at Ambernath and another smaller facility at Thane. It also has a horse farm in Hyderabad, an R&D unit at Navi Mumbai and four wholly-owned subsidiaries in the US, Germany, the Philippines and India. | null | null | 2024-07-03 12:47 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/jsw-infra-arm-to-develop-cargo-berth-at-vo-chidambaranar-port-in-tamil-nadu-12761196.html | JSW infra arm to develop cargo berth at VO Chidambaranar Port in Tamil Nadu | Under the agreement, JSW Infrastructure will construct a new 7 million metric tonnes per annum (MPTA) cargo berth.. | JSW Infrastructure subsidiary JSW Tuticorin Multipurpose Terminal has finalised a concession agreement with the VO Chidambaranar Port Authority in Tamil Nadu for developing a berth. The agreement, signed on July 2, entails the development and mechanisation of North Cargo Berth-III (NCB-III) for handling dry bulk cargo at the port on a design, build, finance, operate, and transfer (DBFOT) basis. The firm will construct a 7 million metric tonnes per annum (MPTA) cargo berth, enhancing the port’s capacity to handle bulk products. The development aims to bolster JSW's market share on the East Coast of India, leveraging its expertise in handling diverse cargoes such as dry bulk, coal, limestone, gypsum, rock phosphate, and copper concentrate, the company said. The project is strategically positioned to facilitate access to a robust hinterland and support the port's capabilities in handling a range of commodities. At 10.31 am, theJSW Infrastructurestock was trading at Rs 350.5 on the National Stock Exchange, up 0.27 percent from the previous close. The stock has gained 123 percent over the past year. | null | null | 2024-07-03 10:34 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/paytm-payments-bank-clash-with-auditor-over-financial-viability-amid-regulatory-curbs-report-12761080.html | Paytm Payments Bank clash with auditor over financial viability amid regulatory curbs: Report | Paytm Payments Bank Ltd (PPBL) is reportedly in a dispute with its auditor, JC Bhalla & Co.Related stories. | Paytm Payments Bank Ltd (PPBL) has run into a dispute with its auditor JC Bhalla & Co over the certification of its accounts for the fiscal year 2024, theEconomic Timesreported. Given the regulatory restrictions that have brought its business to a near standstill, the auditor has raised concerns about the bank's viability. These remarks are related to whether the company remains a 'going concern' or not, according to sources familiar with the matter. PPBL has strongly opposed the auditor's suggested qualifications, arguing that the Paytm brand’s strength will support a revival plan and that there will be an infusion of capital to facilitate this. PPBL, which is 49 percent owned by listedOne97 Communicationsand 51 percent held by founder-promoter Vijay Shekhar Sharma, is concerned that such qualifications could hinder its plan to obtain a payment aggregator licence for Paytm Payments Services Ltd. Sources close to the development indicated that efforts are ongoing to persuade the auditors to accept a management representation or a legal opinion affirming the business's viability. Senior management of One97 Communications is seeking intervention from the Reserve Bank of India (RBI). However, it is unlikely the central bank will step in until the annual report is filed, as the matter stands between the management and the auditor. Also read:ÂPaytm shares under pressure, block trades for up to 1.1 percent of equity “The RBI has not indicated to PPBL that it would be allowed to resume operations, such as mobilising deposits and onboarding new customers, nor has it set conditions like completing KYC of accounts to restore permissions,” said one of the sources. “In fact, the opportunity to rectify compliance matters has passed, and now it is directed to wind down operations and transfer all businesses to One97 Communications.” The central bank banned PPBL from accepting new deposits starting March 15 due to the bank's failure to comply with know-your-customer (KYC) guidelines, which require face-to-face verification and the collection of officially valid documents. Since then, PPBL’s net worth has eroded, and it has generated no income, with no immediate prospects of recovery. Moneycontrolcould not very this news independently. | null | null | 2024-07-03 08:48 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/som-distilleries-shares-surge-4-after-madhya-pradesh-hc-stays-licence-suspension-12760651.html | Som Distilleries shares surge 4% after Madhya Pradesh HC stays licence suspension | The stock of the company was trading 3.51 percent higher at Rs 118.52 on NSE at 15:16 pm..Related stories. | Shares ofSom Distilleries and Breweries Limitedsurged more than 3 percent on July 2 after the company informed that the suspension of its licence was stayed by the Madhya Pradesh High Court on June 28. The stock of the company was trading 3.51 percent higher at Rs 118.52 on NSE at 15:16 pm. Following the stay order, the company said normal operations have resumed at the firm’s plant. On July 2, Reuters reported that child labourers aged between 13 and 17 were found working during an inspection of a plant by the Madhya Pradesh government. The child labourers were made to fill and pack liquor bottles and were forced to work long hours, the news agency reported. The report said that police are investigating the use of child labour at the distillery in Madhya Pradesh after the National Commission for Protection of Child Rights (NCPCR) said last month it had found 58 children working illegally at the factory. The commission released photos of some with hands showing chemical burns and said some children were transported in school buses for factory work. The report, which is not public but was seen by Reuters, says children were working 11-hour shifts starting at 8 am. The Madhya Pradesh government temporarily suspended the Som distillery's manufacturing licences, but the company has challenged the decision, saying there has been no conclusive finding of wrongdoing. After Som's challenge, a local court put the state's decision on hold and said it would next hear the case later this month. Som and the Madhya Pradesh government did not respond to the news agency's requests for comment. In a submission to the state government on June 18, also seen by Reuters, Som had said some children would visit the company to deliver food and medicines to their parents, and no worker was younger than 21. Som is one of the smaller distilleries in India's thriving alcohol industry, where both foreign and domestic players operate. Its website describes it as an "internationally acclaimed brand" available in more than 20 markets including the United States, New Zealand and the United Kingdom. With inputs from Reuters | null | null | 2024-07-02 15:47 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/adani-ports-posts-12-jump-in-june-cargo-volumes-shares-in-red-12760468.html | Adani Ports posts 12% jump in June cargo volumes; shares in red | The shares of the company were trading at Rs 1,471.8, down 0.18 percent on NSE at 12:33 pm..Related stories. | Adani Ports and Special Economic Zone Limited (APSEZ) on July 2 reported a jump in its cargo volume, the firm said in a monthly business update. APSEZposted a 12 percent year-on-year (YoY) surge in cargo volumes for June at 37 MMT, which was led by 33 percent YoY growth in containers and 8 percent YoY rise in liquids & gas, the Adani group firm said. The shares of the company were trading at Rs 1,471.8, down 0.18 percent on NSE at 12:33 pm. Also read:Aamdani Atthanni…: How much money did Hindenburg make out of the Adani report? Kattupalli Port in Tamil Nadu handled its highest-ever monthly cargo volume of 1.36 MMT, according to the company statement. In the first quarter of the current financial year, APSEZ clocked 109 MMT of total cargo, up 7.5 percent YoY. The growth in cargo was primarily driven by containers (up 18 percent) and liquids & gas (11 percent), APSEZ said. In the logistics segment, quarterly rail volumes stood jumped 19 percent to 156,590 TEUs and GPWIS volumes were at 5.56 MMT, higher by 28 percent. Also read:ÂHindenburg attacks India regulator, reveals small Adani profit Meanwhile, US-based Hindenburg research received a show cause notice from market regulator SEBI regarding its Adani report, the firm said in a blog post on July 2. The 46-page show cause notice was delivered on June 27, said Hindenburg. The short seller called out the markets regulator for failing to address the fraud it alleged in its Adani report published early last year, adding that it saw gains of only over $4 million in the short-seller episode that caused an epic market rout for the conglomerate. With inputs from Bloomberg. | null | null | 2024-07-02 12:47 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/nvidia-set-to-face-french-antitrust-charges-report-12760020.html | Nvidia set to face French antitrust charges: Report | The logo of Nvidia Corporation is seen during the annual Computex computer exhibition in Taipei.Related stories. | Nvidia is set to be charged by the French antitrust regulator for allegedly anti-competitive practices, people with direct knowledge of the matter said, making it the first enforcer to act against the computer chip maker. The French so-called statement of objections or charge sheet would follow dawn raids in the graphics cards sector in September last year, which sources said targeted Nvidia. The raids were the result of a broader inquiry into cloud computing. The world's largest maker of chips used both for artificial intelligence and for computer graphics has seen demand for its chips jump following the release of the generative AI application ChatGPT, triggering regulatory scrutiny on both sides of the Atlantic. The French authority, which publishes some but not all its statements of objections to companies, and Nvidia declined comment. The company in a regulatory filing last year said regulators in the European Union, China and France had asked for information on its graphic cards. The European Commission is unlikely to expand its preliminary review for now, since the French authority is looking into Nvidia, other people with direct knowledge of the matter said. The French watchdog in a report issued last Friday on competition in generative AI cited the risk of abuse by chip providers. It voiced concerns regarding the sector's dependence on Nvidia's CUDA chip programming software, the only system that is 100% compatible with the GPUs that have become essential for accelerated computing. It also cited unease about Nvidia’s recent investments in AI-focused cloud service providers such as CoreWeave. Companies risk fines of as much as 10% of their global annual turnover for breaching French antitrust rules, although they can also provide concessions to stave off penalties. The U.S. Department of Justice is taking the lead in investigating Nvidia as it divvies up Big Tech scrutiny with the Federal Trade Commission, a source familiar with the matter has told Reuters. | null | null | 2024-07-01 21:59 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/blackrock-enters-booming-market-for-stock-etfs-with-a-100-hedge-12759997.html | BlackRock enters booming market for stock ETFs with a 100% hedge | The S&P 500 gained around 14.5% in the first half of the year, buoyed by solid US growth and soaring megacap technology stocks.Related stories. | BlackRock Inc. is the latest asset manager to launch an exchange-traded fund that offers a way to ride the stock rally — while hedging 100% of the downside if markets plunge. The iShares Large Cap Max Buffer Jun ETF is set to begin trading under the ticker MAXJ on Monday. Using options, it will provide investors with upside exposure to the S&P 500 to a cap of around 10.6% and hedge all of the downside over a 12-month period. Such offerings may appeal to investors looking to tap into stocks’ record-setting rally even as worries mount around the outlook for growth and earnings. At the same time the Federal Reserve is signaling plans to keep interest rates elevated, while the US presidential election adds another potential wild card for markets. As is typical for so-called buffer or defined-outcome ETFs, investors in MAXJ are only promised the full protection if they keep their money in the fund for its entire lifespan, which in this case is 12 months from the day it begins trading. Otherwise, they’ll have to jump into the fund when shares are near that starting level. A year from now, they can redeem their shares or roll them into the next cycle. “They really can almost be viewed as an alternative to cash or Treasury-like instruments in the sense that you’re getting that downside protection, while also the opportunity to capture market growth and upside,” Rachel Aguirre, head of US iShares product at BlackRock, said in an interview. BlackRock plans to issue the ETF in a series every three months, with the next one expected to debut on Oct. 1, followed by subsequent versions in January and April, it said in a press release. The cap will reset automatically at the end of each one-year period. Assets in buffer ETFs have grown to some $46 billion, roughly tripling since October 2022, according to Bloomberg Intelligence. While defensive-minded investors can get elevated risk-free payouts on Treasury bills, Aguirre said that these products would comfortably exceed those kind of returns in the event equities stage a fresh leg up. The S&P 500 gained around 14.5% in the first half of the year, buoyed by solid US growth and soaring megacap technology stocks. An ETF from Innovator ETFs that promises 100% protection against losses over a six-month period is also set to launch Monday. It will trade under the ticker JAJL. | null | null | 2024-07-01 21:08 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/qualcomm-sponsors-manchester-united-amid-bigger-consumer-pc-push-12759982.html | Qualcomm sponsors Manchester United amid bigger consumer PC push | QualcommŌĆÖs sponsorship of the Manchester United shirt signifies its commitment to raising awareness of the Snapdragon brand, said Chief Marketing Officer Don McGuire. ItŌĆÖs part of a broader and sustained effort to help build the companyŌĆÖs position in PCs and other categories.Related stories. | Qualcomm Inc. has become the new front-of-shirt sponsor for Manchester United Football Club ŌĆö an attempt to boost awareness of its Snapdragon brand among consumers amid a broader push into personal computing. The California-based chipmaker is paying for a prominent brand position with one of the best-known clubs in the worldŌĆÖs most popular sport. One home game for the UK Premier League team will give Snapdragon as much exposure as a Super Bowl ad, the company said. While Snapdragon has existed as a Qualcomm chip brand for almost two decades, mostly associated with smartphone processors, itŌĆÖs now being tasked with playing a bigger role. Qualcomm is revving up its efforts to break into the PC industry, an attempt that will require it to take on one of the most successful marketing campaigns of all time: Intel Corp.ŌĆÖs ŌĆśIntel Inside.ŌĆÖ Both Qualcomm and Manchester United declined to comment on the size of the sponsorship deal. Bloomberg reported last year that this partnership is valued at just over ┬Ż60 million ($76 million) annually. That tops the roughly ┬Ż47 million paid by the current kit sponsor, German software company TeamViewer SE, Bloomberg previously reported. The three-year agreement includes an option for two more, and gives the football club access to technology that it will use to create interactive bonus experiences for fans, according to Manchester UnitedŌĆÖs commercial director, Florence Lafaye. The US company has also improved the Wi-Fi service at the Old Trafford Stadium and will help provide an augmented reality ŌĆ£visitŌĆØ to the football grounds, among other virtual experiences. The club has more than 1 billion followers worldwide, Lafaye said. QualcommŌĆÖs sponsorship of the Manchester United shirt signifies its commitment to raising awareness of the Snapdragon brand, said Chief Marketing Officer Don McGuire. ItŌĆÖs part of a broader and sustained effort to help build the companyŌĆÖs position in PCs and other categories, he said. With greater backing from Microsoft Corp., Qualcomm is rekindling its effort to break into the PC market, which carries much higher average selling prices. It claims that machines powered by its chips will provide significantly longer battery life ŌĆō days between recharges ŌĆō along with access to artificial intelligence features being rolled out to this class of devices. Conveying those benefits to consumers who have likely owned phones using QualcommŌĆÖs technology but donŌĆÖt recognize it as a household name will be key for the company as it brings a more than decade-long effort to fruition. Despite an extended period without industry-leading products, Intel Corp. still has close to 80% market share in PC processors. Its underwriting of marketing for the PCs and the strength of its Intel Inside campaigns over the years have given it a strong grip on the industry. Qualcomm and other companies that have attempted to tailor smartphone-grade chips for laptops have failed to gain significant traction. McGuire, who formerly worked at Intel, says the Manchester United deal demonstrates that Qualcomm now understands that better products arenŌĆÖt enough and that it will have to invest heavily if it wants to overturn IntelŌĆÖs leadership in the laptop chip space. ŌĆ£EveryoneŌĆÖs completely in agreement that success is not defined by product alone,ŌĆØ he said. ŌĆ£We had to make up our minds that weŌĆÖre committed to this business, not just to play, but win.ŌĆØ The launch of the new shirt will start with a video featuring former player Eric Cantona, and the two companies said theyŌĆÖre planning future roll-outs of technology-based offerings for fans. Manchester United will play three games in the US this summer, including one in San Diego, near QualcommŌĆÖs headquarters. | null | null | 2024-07-01 20:46 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/robinhood-acquires-ai-driven-investment-advice-platform-pluto-12759975.html | Robinhood acquires AI-driven investment-advice platform Pluto | Robinhood has expanded in recent years into services including cryptocurrency, retirement products and credit cards. | Robinhood Markets Inc. agreed to buy the artificial-intelligence research platform Pluto Capital Inc. to bring more tailored investment strategies and analysis to the retail brokerage’s users. Founded by Jacob Sansbury, 24, Pluto is best known for AI-driven personalized investment advice and real-time analytics. Terms of the deal weren’t made public. “They have built an impressive platform that is highly regarded in the financial-services industry,” Mayank Agarwal, Robinhood’s vice president of engineering, said in a statement Monday. “Their expertise in artificial intelligence coupled with a mission-aligned passion to democratize finance will complement our team’s effort to bring AI-powered tools to our customers.” Robinhood has expanded in recent years into services including cryptocurrency, retirement products and credit cards. While it has grown, it’s also maintaining its focus on average retail traders, an area where Pluto can assist by analyzing updated market information and a consumer’s own portfolio to make investment recommendations. That individualized advice has traditionally only been available to wealthier investors – something Sansbury has aimed to change. “There will be no thresholds or no gates,” he said in an interview. “It’s very important for us to give access very democratically to everyone.” | null | null | 2024-07-01 20:07 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/uks-unite-union-suspends-strike-at-tata-steel-plant-12759932.html | UK's Unite union suspends strike at Tata Steel plant | The union said the current industrial action and next week’s strike had been suspended.. | Tata Steel workers in Britain have suspended a planned all-out strike and overtime ban after the company agreed to negotiations about future investment, the Unite trade union said on July 1. Around 1,500 Tata Steel TISC.NS workers at Tata's Port Talbot and Llanwern sites were due to begin an indefinite strike from July 8 over the company's plans to close two blast furnaces and cut up to 2,800 jobs in Wales. The union is embroiled in a dispute with the company over plans to close the two blast furnaces at its plant in Port Talbot, south Wales and switch to a greener way of steel production, which needs fewer workers. They had already begun an overtime ban on June 17. "This is a significant development in the battle to protect jobs and the long-term future of steel making in South Wales," Unite general secretary Sharon Graham said. "It is essential that these talks progress swiftly and in good faith with the focus on fresh investment and ensuring the long-term continuation of steel making in South Wales." (With agency inputs) | null | null | 2024-07-01 18:41 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/samsung-electronics-union-in-south-korea-declares-strike-12759934.html | Samsung Electronics union in South Korea declares strike | An employee walks past the logo of Samsung Electronics during a media tour at Samsung Electronics' headquarters in Suwon, South Korea. | Samsung Electronics' union in South Korea said on Monday it would launch a general strike until its demands for better pay and time off were met. The National Samsung Electronics Union (NSEU), whose roughly 28,000 members make up over a fifth of the firm's workforce, is asking the company for commitments such as improvements to the performance-based bonus system and an extra day of annual leave. "We are declaring a general strike today," Son Woo-mok, president of NSEU, said in a live YouTube broadcast. "Until our demands are met, we will fight with the 'no pay no work' general strike". Samsung Electronics did not give details on the expected duration of the strike. | null | null | 2024-07-01 18:38 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/patanjali-foods-to-buy-patanjali-ayurveds-non-food-business-for-rs-1100-cr-12759816.html | Patanjali Foods to buy Patanjali Ayurved's non-food business for Rs 1,100 cr | Patanjali Ayurved's non-food business presently caters to dental care, skin care, home care, and hair care..Related stories. | Patanajali Foods on July 1 said that its board has approved the proposal to buy its parent company Patanjali Ayurved's non-food business for Rs 1,100 crore in tranches. The acquisition as a going concern on a slump sale basis will result in expansion of the product portfolio of the company, it said in a regulatory filing. Patanjali Ayurved is co-founded by Ramdev, while Balakrishna is the Managing Director of the company. Its non-food business presently caters to dental care, skin care, home care, and hair care. "This strategic initiative for acquisition of s Home and Personal Care (HPC) business shall strengthen the company’s existing FMCG product portfolio with an array of marquee brands that will contribute to significant growth in revenue and EBITDA," Patanjali Foods said. Separately, a licensing arrangement for a 3 percent turnover based fee along with other conditions has been agreed between the companies. Patanjali Ayurved owned a 32.4 percent stake in Patanjali Foods as of March 31, 2024 The acquisition will lead to a consolidation of ‘Patanjali’ brand FMCG products portfolio. It will bring along with it multiple key synergies in terms of brand equity and enhancements, product innovations, cost optimisation, infrastructure & operational efficiencies and positive impact on market share, the FMCG company added. Pursuant to the approval of the Board of Patanjali Foods, the company shall now take necessary steps to execute the definite agreements in connection with the acquisition as well as apply for necessary approvals integral to the transaction. Patanjali Ayurved Limited was advised by Jefferies India Private Limited on the transaction. Meanwhile,shares of Patanjali Foodson July 1 closed 6.81 percent higher at Rs 1,699.65 apiece on BSE. | null | null | 2024-07-01 17:46 |
moneycontrol.com | https://www.moneycontrol.com/news/business/companies/nhrc-says-report-on-foxconn-hiring-at-tamil-nadu-plant-raises-discrimination-concerns-12759702.html | NHRC says report on Foxconn hiring at Tamil Nadu plant raises discrimination concerns | Job aspirants talk with a hiring agent outside the Foxconn factory, where workers assemble iPhones for Apple, in Sriperumbudur, near Chennai.Related stories. | India's human rights watchdog said on Monday it had asked government officials to examine reported discrimination by Foxconn, after a Reuters investigation found the major Apple supplier has been rejecting married women from iPhone assembly jobs in the country. In a statement, the National Human Rights Commission (NHRC) said it had issued notices to the secretary of Prime Minister Narendra Modi's labour ministry and the chief secretary of the state government of Tamil Nadu, site of a major iPhone factory, calling for a detailed report within a week. "NHRC observes that the matter, if true, raises a serious issue of discrimination against married women causing the violation of the right to equality and equal opportunity," it said. The Reuters story has sparked debates on TV channels, newspaper editorials, calls from women groups, including within Modi's party as well as opposition parties to investigate the matter. Modi's federal government has also asked Tamil Nadu state for a "detailed report". Modi's labour ministry, Apple and Taiwan-based Foxconn did not immediately respond to requests for comment. A Tamil Nadu government spokesman referred questions to its labour department, which did not respond. The Reuters investigation found Foxconn systematically excluded married women from jobs at its main India iPhone plant on the grounds they have more family responsibilities than their unmarried counterparts. Foxconn hiring agents and HR sources cited family duties, pregnancy and higher absenteeism as reasons for not hiring married women. Responding to the investigation, published last week, Apple and Foxconn acknowledged lapses in hiring practices in 2022 and said they had worked to address the issues. All the discriminatory practices documented by Reuters at the Tamil Nadu plant, however, took place in 2023 and 2024. The companies didn't address those instances. Foxconn has said it "vigorously refutes allegations of employment discrimination based on marital status, gender, religion or any other form." Apple has said all its suppliers, including Foxconn, hire married women and "when concerns about hiring practices were first raised in 2022 we immediately took action and worked with our supplier to conduct monthly audits to identify issues and ensure that our high standards are upheld." Indian law does not bar companies from discriminating in hiring based on marital status, though Apple's and Foxconn's policies prohibit such practices in their supply chains. The NHRC said it "noted the fact that gender equality is not only required in the Indian constitution but the international treaty and covenants." State authorities must ensure that all companies follow the norms and regulations relating to labour laws, it added. | null | null | 2024-07-01 15:27 |
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