Nestle India Chairman and Managing Director (MD) Suresh Narayanan has rejected the allegation of racial distinction in the formulation of its products. The MD said the allegation that its products are racially stereotyped is unfortunate and untrue. Narayanan was speaking to the media on the issue of high added sugar content in complementary baby food product Cerelac. Every formulation of the company -- especially a formulation for children below 18 months -- is done on a global basis. There is n

NEW DELHI: The decision by the insurance regulatory and development authority of India (IRDAI) to remove age restrictions on health insurance policies is a significant move that reflects a more inclusive approach towards insurance coverage in India. Earlier, most insurance companies would not sell health insurance products to persons above 65 years. This change allows individuals of all age groups to access health insurance without being limited by age-related constraints. It indicates a progres

Your habits with money have an impact on the economy. You are saving less every year and borrowing even more. There is a decline in the net household savings rate to gross domestic product in 2022-23 to 5.3% of GDP. That is down from 7.3% in the year-ago period. At the same time, your intense borrowing through unsecured personal loans led to the Reserve Bank of India clamping down on it in November 2023. The RBI observed an eventual decline in unsecured personal loan growth. Even then, the overa

In my previous column, we had turned the spotlight on common mistakes market participants make while investing in the equity market, be it through shares or mutual funds. Some mistakes we listed were those abetted by sleazy market manipulators with the ability to stay out of the clutches of the regulator. But then, there is no shortage of self-induced mistakes committed by market participants either. For starters, half-baked knowledge based on some random reading or television viewing is potenti

NEW DELHI: In a bid to reduce the countrys reliance on expensive coal transportation for electricity generation, the coal ministry is planning to set up massive power plants around its coalfields across the country. These coal-based power plants, each with a capacity of 5,000 megawatts (total 30 GW capacity), will be built in the coal fields of Chhattisgarh, Odisha, and Jharkhand. According to the coal ministry, each power plant will be established through joint ventures (JVs) with the governmen

It is indeed commendable the Supreme Court has decided to take Patanjali by the scruff of its neck. Baba Ramdev and Acharya Balakrishna would not have been so brazen had it not been for the tacit support of the state machinery. Having opened a can of worms, the Supreme Court now has also rightly expanded the scope of the case to other unethical FMCG advertising. The Patanjali case is a frightening example of how money is to be made by peddling hocus pocus as remedies, and then using peoples fear

MUMBAI: Private sector lender Yes Bank Saturday said its net income soared 123 percent on-year to Rs 452 crore on improving asset quality and steady margins coupled with a strong growth in non-interest income for the March quarter and the management expects to reclaim the high margin levels of the pre-crisis period of over 4 percent in the next two-three years. In the year ago quarter the ban had earned Rs 202.4 crore and even sequentially too, the net jumped by 95.2 percent from the previous qu

MUMBAI: The second largest private sector lender ICICI Bank on Saturday reported a net income of Rs 10,707 crore for the March quarter, which is 17.4 percent more than what it had earned in the year-ago period, boosted by higher loan disbursals and lower provisions on healthy assets. The key net interest income (NII) rose 8 percent to Rs 19,093 crore on year, while the net interest margin (NIM), which is the mark up a lender makes from the advances over the cost of funds, rose to 4.4 percent in

Touched 5 mn UPI transactions monthly after Paytm partnership: Yes Bank CEO

NEW DELHI: In a setback for Go First, the Delhi High Court on Friday directed the countrys aviation regulator Directorate General of Civil Aviation (DGCA) to go ahead with the process of deregistering 54 aircraft leased by the grounded airline within the next five working days. DGCA shall forthwith and not later than five working days process the deregistration applications filed by the 54 aircrafts, the court said. This order has the capability to derail the revival process of the airline as it

NEW DELHI: On the back of robust sales volume and favourable commodity prices, the countrys largest car maker - Maruti Suzuki India Ltd (MSIL) - on Friday reported a 48% increase in net profit for the March quarter of FY24 (Q4FY24) to Rs 3,878 crore. The auto major had reported a net profit of Rs 2,624 crore in the year-ago period. MSIL registered revenue of Rs 38,235 crore in Q4FY24 as against Rs 32,048 crore clocked in the same quarter last fiscal. Additionally, MSIL declared the companys high

NEW DELHI: SBI Card on Friday reported an 11% rise in net profit to Rs 662 crore for the quarter ending March 2024. SBI Cards and Payment Services Ltd (SBI Card) had a profit of Rs 596 crore in the fourth quarter of FY23. Total revenue rose 14% to Rs 4,475 crore in the fourth quarter of FY24, compared to Rs 3,917 crore in the year-ago period. Interest income grew by 28% to Rs 2,139 crore in Q4FY24. For the full 2023-24 fiscal, profit after tax (PAT) climbed 7% to Rs 2,408 crore. The company had

NEW DELHI: Tamil Nadu-based Tamilnad Mercantile Bank posted 4% growth in net profit in FY24 to Rs 1,072 crore as against Rs 1,029 crore a year ago. Total income rose from Rs 4,710 crore in FY23 to Rs 5,493 crore FY24. Interest income improved to Rs 4,848 crore in FY24 from Rs 4,081 crore a year ago. Total business has increased to Rs 89,485 crore in FY24 from Rs 85,348 crore a year-ago. CASA rose to Rs 14,676 crore in FY24 from Rs 13,736 crore in FY23. On asset quality, gross NPA as a percentage

MUMBAI: The countrys largest auto-focused non-bank lender Shriram Finance on Friday reported a 57% jump in consolidated net income to Rs 2,021.28 crore on better asset quality and stable margins coupled with higher income led by incremental loan sales in Q4FY24. Consolidated net interest income for the quarter rose 22.27% to Rs 5,543.47 crore as against Rs 4,533.63 crore in the same period previous year. Disbursals clipped at a tad over 15 percent on-year. For the full year, consolidated profit

BENGALURU: HCLTech on Friday posted flat net profit at Rs 3,986 crore for the March quarter. Net profit in the year-ago period was Rs 3,983 crore. Revenue from operations for the quarter increased 7% to Rs 28,499 crore as against Rs 26,606 crore in Q4FY23. Its company constant currency revenue growth expected to be between 3% and 5% YoY in FY25 and EBIT margin expected to be between 18% and 19%. Addressing a media conference, C Vijayakumar, CEO & MD, HCLTech, said, We continue to remain optimist

NEW DELHI: The countrys forex reserves decreased by $2.282 billion to $640.334 billion for the seven days ending April 19 in the second consecutive week of drop in the kitty, the Reserve Bank of India (RBI) said on Friday. Reserves had declined by $5.401 billion to $643.162 billion in the previous reporting week, ending a multi-week trend of an increase, which also saw the overall reserves touching a new all-time high of $648.562 billion for the week ending April 5. In September 2021, the countr

NEW DELHI: The abundance of coal in the country has led to decline in imports for blending purposes by the domestic power plants in the first three weeks (till April 22, 2024) of this month. This comes despite high demand for power due to a heat wave in the country. According to the data from the coal ministry, imports declined to 1.42 million tonne (MT) till April 2024, 3.4% lower than 1.47 MT in the same period last year. The power ministry mandated generating companies (gencos) to blend impor

BENGALURU: Generative AI has now become a part of every conversation that IT firms are having with their clients. IT firms recently in Q4 earnings call announced that excitement over this technology is substantial. Gen AI is steadfastly at the forefront of the technology trends and customers are on the lookout for POCs (proof of concept) on the efficiencies that can be enabled by Gen AI in application development, application maintenance and deployment automation, said K Krithivasan, CEO and MD,

MUMBAI: The countrys largest corporate Reliance Industries, which is the first company to cross the Rs 10 trillion mark in topline and Rs 1 trillion mark in pretax profit in FY24, is likely to see its pre-tax profit halving to 8 percent this fiscal from 16.1 percent in FY24 but jumping to 14 percent in FY26 on falling capex amidst rising cash flows, Fitch Ratings has said. In FY24, the company reported a record consolidated topline of Rs 1,000,122 crore or $119.9 billion, which was 2.6 percent u

MUMBAI: To bring in the much-needed transparency in the cut-throat digital lending space that has seen many malpractices leading to even tragedies, the Reserve Bank Friday issued draft guidelines for those operating in with multiple partners/aggregators so that they give a digital view of the loans they offer to customers. The banking regulator, in a draft circular on digital lending called Digital lending transparency in the aggregation of loan products from multiple lenders, said the identity

MUMBAI: The largest auto-focused non-bank lender Shriram Finance Friday reported 57 percent jump in consolidated net income at Rs 2,021.28 crore on better asset quality and stable margins coupled with higher income led by incremental loan sales in the March quarter. Consolidated net interest income for the quarter increased 22.27 percent to Rs 5,543.47 crore as against Rs 4,533.63 crore in the same period previous year. Disbursals clipped at a tad over 15 per cent on-year. For the full year, con

Shares of Tech Mahindra on Friday surged over 13 per cent after the company's CEO outlined an ambitious three-year roadmap to accelerate revenue growth and lift margins. The stock jumped 13 per cent to Rs 1,344.95 on the BSE. At the NSE, it climbed 13.16 per cent to Rs 1,347. The company's market capitalisation moved up by Rs 10,754.85 crore to Rs 1,26,705.84 crore. It emerged as the biggest gainer on both the BSE Sensex and NSE Nifty. The IT services company on Thursday reported a 41 per cent f

Kia's net profit up 32.5 pc in Q1; India sales drop due to aging models, geopolitical factors

NEW DELHI: The successful conclusion of Vodafone Ideas follow-on public offer (FPO) of Rs 18,000 crore, the countrys largest FPO, marks a turning point for the telecom industry, said Kumar Mangalam Birla, Chairman of Aditya Birla Group and promoter of Vodafone Idea Limited (Vi). Speaking at the Vodafone Idea FPO ceremony held at the NSE on Thursday, April 25, Birla advocated for the presence of three private telecom companies in a country of 140 crore. Emphasising the significance of a revitalis

BENGALURU: Tech Mahindra as CEO and MD Mohit Joshi on Thursday at a post-earnings analyst call laid down a three-year road map and said FY26 will be stabilisation phase and FY27 will be Reaping returns. Tech Mahindra on Thursday posted a 41% YoY fall in its net profit for the March quarter at Rs 661 crore. Revenue stood at Rs 12,871 crore, down 6.2% YoY. Joshi, who was earlier with Infosys, joined Tech Mahindra last year, addressing media said FY25 will be a better year than the previous one. In

CHENNAI: Nestle India has posted strong quarterly numbers a day after Hindustan Unilever, another FMCG major, announced a disappointed set of numbers. The company for the first time logged revenue of Rs 5,000 crore or more in quarter. In the quarter ending 31 March 2024, the company posted Rs 5,294 crore, up 8.8% year-on-year. Profit from operations grew at 27% to Rs 934 crore during the quarter compared to Rs 737 crore. The board of directors of the company have recommended a final dividend for

NEW DELHI: Hyundai Motor on Thursday said it expanding its annual production capacity to 1.5 million (15 lakh) vehicle units for Hyundai Motor India (HMIL) and Kia India combined. The carmaker confirmed that it will unveil its first locally produced EV in India next year. Hyundai will commence mass production of its first electric SUV model at the Chennai plant at the end of 2024 and produce five more EV models here by 2030. Kia India, Hyundais sister concern, will start production of its local

NEW DELHI: Vedanta Ltds net profit declined by 27% to Rs 1,369 crore for the quarter ending March 31, 2024, due to rising finance costs and weak prices of metals such as zinc, copper, and aluminum. It had reported Rs 1,881 crore net profit in Q4FY23. Its revenue from operations fell 6% to Rs 34,937 crore in the quarter. Consolidated EBITDA fell 4% to `8,969 crore in Q4FY24 from a year earlier. Vedanta reported a reduction in net debt to Rs 56,338 crore as of March 31, down Rs 6,155 crore from Q4

MUMBAI: Fifth-largest private sector lender Indusind Bank on Thursday reported a 15% year-on-year growth in net profit at Rs 2,349 crore in the March quarter, helped by stable margins and other income coupled with more loan sales and better asset quality. The Hinduja group-promoted bank said the key profitability metric net interest income also grew 15% YoY to Rs 5,376 crore but was almost muted sequentially, inching up 2%. Net interest margin came in at 4.26% against 4.28% YoY and from 4.29% in

NEW DELHI: Cement maker ACC on Thursday said its profit after tax (PAT) rose four-fold to Rs 945 crore in Q4FY24 on account of robust sales. It had reported a PAT of Rs 236 crore in Q4FY23. Revenue from operations rose to Rs 5,409 crore in Q4FY24 as against Rs 4,791 crore in the year-ago period, ACC said in a regulatory filing. The trust of our customers and our commitment to building a sustainable future with investment in efficiency improvements, green power etc has furthered our success, as w

NEW DELHI: India continues to be the fastest-growing major economy, with positive assessments of the growth outlook for the current financial year for India by international organisations and the central bank, finance ministry said Thursday in its monthly economic review report. Factors such as strong domestic demand, rural demand pickup, robust investment, and sustained manufacturing momentum have contributed to Indias resilience. Projections by RBI and IMF forecast high growth rates for India,

MUMBAI: A day after the Reserve Bank had banned Kotak Mahindra Bank from issuing new credit cards and also all other online services to onboard new customers citing its poor risk management systems, larger rival ICICI Bank on Thursday voluntarily admitted that as many as 17,000 new credit cards issued in the past few days were erroneously mapped to wrong customers. In a late evening statement to The New Indian Express, the second-largest private sector lender, which is also the third-largest cre

NEW DELHI: IndiGo has placed a firm order for 30 Airbus A350-900 aircraft as the countrys largest airline is all set to enter the long-haul market (to and from India) which is currently dominated by global airlines such as Emirates and Qatar Airways. Among the Indian carriers, only Tata Group airlines (Air India and Vistara) operates long-haul flights from India. IndiGo said on Thursday this order will allow them to connect various Indian cities to the world as A350s have the range to fly non-st

MUMBAI: The Reserve Bank has delivered body-blow to Kotak Mahindra Bank on Wednesday and it is so hard that it nearly fully cripples the fourth-largest private sector lender as it has of late been selling loans and cards and other products and all services online or through the mobile app. Following the action, wherein the RBI ordered Kotak Bank to to cease and desist, with immediate effect, from on-boarding new customers through its online and mobile banking channels as well as from issuing fre