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Cards this week: YES launches Pi, Phi credit cards, cashback update on RuPay-JCB cards
YES Bank has launched two Pi and Phi co-branded cards that have unique features and benefits.
NIIF-owned Ayana Renewable Power gets high five from bidders
The bids were submitted after allowing time to the suitors to conduct a limited due diligence that included access to some data and confidential financial information. As the next step, NIIF will communicate a shortlist of suitors over the next few weeks after which two or at best three will be allowed to conduct detailed due diligence, according to the sources.
Non-compete agreement: Godrej vs Godrej a no-no even in realty business
Godrej Properties, which is part of GIG, will have the right to use the brand for real estate development. GEG entity Godrej & Boyce will use the brand for any development on land parcels it owned on January 1 and it will not undertake any development outside of those holdings.
Apple logs record India sales amid global slide
iPhone shipments jumped 19-20% in the March quarter as compared to a year before, according to IDC India, with over half of the shipments coming from iPhone 15 and iPhone 14 models. The India region became Apple's fourth largest market for iPhones in Q1 2024, from sixth largest in Q1 2023, according to research firm TechInsights, which said shipments grew 24% on year in India, registering its highest ever Q1 shipment, driven by discounts and promotions during the Republic Day period.
Air India reduces free baggage limit for lowest-fare bracket to 15 kgs
Air India reduces lowest fare baggage to 15 kg under Tata Group post government ownership, aligning with industry standards. Various fare categories offer different baggage limits and amenities, aiming to increase revenue and provide tailored services to passengers.
Shree Naman gets NCLT approval to take over Radius Infra
NCLT approved Shree Naman's acquisition of Radius Infra Holdings, settling 81% debt. Shree Naman's plan had 100% lenders' vote. JC Flowers ARC has 81.12% CoC voting power. Naman Group to infuse 50 crore working capital.
Northern Railways cancels 69 trains, diverts 107 due to farmers' protest in Shambhu
Northern Railway canceled 69 trains, diverted 107, and changed 12 train routes due to farmers' agitation at Sambhu station. Major trains impacted include Delhi Sarai Rohilla AC Superfast Express and Jammu Mail.
Britannia Industries declares a final dividend of Rs 73 per share
The profit figure was down 3.6% versus Rs 558.66 crore reported in the year-ago period.
4 equity mutual funds offered over 30% returns in 3 & 5 years
Around 185 equity schemes have completed five years in the market.
Apple shares jump 7% as record buyback, sales growth forecast lure investors
Apple shares jumped nearly 7% on Friday as the iPhone maker's record stock buyback plan and promise of sales growth brought back investors who have shunned the stock on concerns over weak demand and increased competition in China.
8 defence stocks beat benchmark by wide margin, soar up to 267% in a year
From the pack Zen Technologies, and Mazagon Dock Shipbuilders have soared over 200%
Early filing can help taxpayers get refunds sooner. Additionally, it gives them more time to revise or correct returns without penalty, say experts.
Godrej Properties to market realty projects developed by Godrej & Boyce for management fees
Jamshyd Godrej and his sister control Godrej & Boyce with 3,000 acres Mumbai property. Adi Godrej and Nadir Godrej market real estate projects for management fees. Pirojsha Godrej mentions Vikhroli, Mumbai, and the Development Management (DM) model.
RBI approves reappointment of Atanu Chakraborty as part-time chairman of HDFC Bank for 3 years
Atanu Chakraborty has been reappointed as the part-time chairman of HDFC Bank by the Reserve Bank of India for a three-year term from May 5, 2024, to May 4, 2027. With a 35-year tenure in the Indian Administrative Service (IAS) in the Gujarat cadre, Chakraborty has extensive experience in finance, economic policy, infrastructure, and petroleum and natural gas sectors. He held key positions in the Union Government, including Secretary in the Ministry of Finance-Department of Economic Affairs, where he oversaw economic policy-making and budget formulation.
India's mining sector grows by 7.5% in FY24
India's mining sector thrived in FY24, with iron ore and limestone production leading the growth. The sector's positive performance was driven by robust demand in steel, cement, and aluminum industries, highlighting strong economic activity.
Reliance Jio outpaces Airtel in March user adds, Vi cedes more ground: Trai
As per Friday's release Airtel recorded the highest percentage of active subscribers on its network at 99.91%. Active, or visitor location register (VLR), data indicates the number of mobile users regularly using a mobile network.
AGEL, India's top renewable energy player, hit 10.9 gigawatts. Q4 FY 2023-24 results shared with future strategies. Khabra project targets 30 gigawatts by 2029. Strong revenue, EBITDA growth, reduced debt. Emphasis on investors, ESG focus.
ICAI defends action against EY affiliates, says move in sync with its statutory power
ICAI defends action against EY affiliates, cites statutory power. Delhi HC stays order. ICAI directs firms to end tie-ups violating norms. Accusations of bias. Supreme Court involvement.
PNB Housing Finance aims to grow business by 17% in FY25, the highest rate since 2019
PNB Housing Finance targets significant loan portfolio growth in FY25, driven by retail lending focus. The lender aims to balance affordable, emerging, and prime segments, with strategic branch distribution and varied interest rates for different loan types.
Sebi announces new rules for onboarding of clients by portfolio managers an explainer
Before onboarding, a portfolio manager and the client will enter into a written agreement that clearly defines the relationship and sets out their mutual rights.
Axis Nifty Bank Index Fund opens for subscription. Key things to know
Renewable energy accounted for 71 per cent of India's new power generation in FY 24
India's total installed energy capacity has now reached 442 GW, with RE comprising approximately 33 per cent (144 GW) and hydro contributing 11 per cent (47 GW), according to the report by CEEW Centre for Energy Finance (CEEW-CEF).
Aurobindo Pharma gets tax demand of over Rs 13 cr, including interest, penalty
Aurobindo Pharma Ltd confronts Rs 13 crore tax demand, ordered by Deputy Commissioner (ST) STU-1. The demand includes ITC reversal, GST payment with interest, and penalty. The company plans appeal with no financial impact reported.
FM Sitharaman refutes reports of income tax changes after Lok Sabha election results
Finance Minister Nirmala Sitharaman has refuted media reports that said the new government will bring some sweeping changes in the income tax system after the Lok Sabha election results.
Swiss Military to invest Rs 56.5 crore on new manufacturing unit in Haryana
A global lifestyle brand with a 30-year legacy, Swiss Military, offers premium and innovative products across 26 countries and has over 3,000 products across various verticals.
Renewable energy accounted for 71% of Indias power generation capacity addition in FY24: Report
Latest edition of the CEEW-CEF Market Handbook, says share of coal and lignite in Indias total installed capacity fell below 50% for the first time.
TARS Project Management secures $120 million funding from international fund house
The company said that it plans to invest in two new strategic verticals. The first vertical will focus on funding India-based startups, providing them with the necessary resources and expertise to thrive in the entrepreneurial landscape.
Mutual Fund KYC: Here's how to verify your status online and fix gaps
Sebi, it is directive, said that from April 1, investors with an 'on hold' KYC status will not be able to carry out any transactions in mutual funds. This includes investing in new mutual funds or redeeming units from existing mutual funds.
10 equity mutual funds deliver over 25% returns in 2024 so far
Buying digital gold in Akshaya Tritiya? 5 things to know
Transferring money to your spouse for groceries and other bills typically flies under the tax radar. But anything beyond that may land you in the tax net
Earn 7.7% interest rate on NSC: Tax benefits, lock-in, how to invest in National Savings Certificate
C2FO's TReDS platform goes live with SBI, Dabur India as first participants
This follows the recent approval received by C2FO's wholly-owned subsidiary, C2FO Factoring Solutions Private, from the Reserve Bank of India, to operationalise the TReDS platform, the company said in a release. TReDS, an initiative introduced by the Reserve Bank of India (RBI) and backed by the Ministry of Micro, Small & Medium Enterprises (MSME), addresses the liquidity & working capital challenges faced by MSMEs.
How to generate debit card PIN through SBI customer care number
How to generate debit card PIN through SBI customer care number
Lubi Pumps announces partnership with Gujarat Titans for IPL 2024 season
The brand also recently launched an ad campaign --'Flow nahi Force' -- featuring key players from the team Shubhman Gill, David Miller, and Umesh Yadav.
India's fossil fuel capacity grows 2.44 pc in FY24; non fossil-fuel rises 11 pc: Govt data
India's power generation capacity saw growth in both fossil fuel-based and non-fossil fuel-based sources in FY24. Fossil fuel capacity rose to 243.22 GW while non-fossil fuel capacity increased to 190.57 GW, with renewable energy sources like solar and wind contributing significantly to the rise.
Raymond's board approves demerger of engineering biz for its foray into aerospace, defence, EV
The boards of Raymond's various subsidiaries have approved a demerger of its engineering business to allow it to expand into sunrise sectors like aerospace, defense, and electric vehicle components. The merger will consolidate Raymond's engineering and MPPL businesses, aiming for profitable growth and segregation.
Best small-cap funds to invest: 4 small cap funds with up to 35.93% returns in 3 years
Air India adds an offering for your Switzerland trip
Air Indias new service will provide travellers in Switzerland, as well as those in southern Germany and western Austria with a non-stop option to travel to Delhi, and onward to destinations across Air Indias growing route network, particularly in the Indian Subcontinent, Southeast Asia, and Australia.
Mutual fund investors look for schemes that multiply their investments twice or thrice. An ETMutualFunds analysis found that three equity mutual funds turned Rs 1 lakh to Rs 1 crore in 30 years.
Before you take the decision to repay the home loan you need to take into account the future needs for funds for known reasons as well as for any emergency.
ITR-4 Form (Sugam): What is ITR-4, who should file and how to File ITR-4 for AY2024-25
From April 1, 2024, the Income Tax Department enabled the online income tax return forms, ITR-1, ITR-2 and ITR-4, for FY 2023-24 (AY 2024-25) on the e-filing portal. That means those who have all the details can file their ITRs.
Max Healthcare shares up 0.01% as Nifty falls
The stock quoted a 52-week high price of Rs 909.0 and low of Rs 468.0.
CBSE Board Exam Results 2024 expected next week; Here's all you need to know
CBSE is expected to announce the results of Class 10 and Class 12 board exams 2024 next week, with no official confirmation yet. Approximately 39 lakh students from 26 different countries appeared for the exams. Websites like cbseresults.nic.in and results.cbse.nic.in will host the results. Students can check their results by entering their roll number and date of birth.
ED opposes interim bail to Jet Airways founder Naresh Goyal; HC to pass order on May 6
A special court had in February refused bail to Goyal but permitted him to be admitted to a private hospital of his choice and seek medical treatment.
Physical gold vs gold mutual funds vs SGBs: What should you be going for?
In the case of physical gold, the expected returns would depend on the current gold price. For gold ETF, the value would depend on the price of the ETF.
Vodafone Idea target price: For BofA Securities, VIL is not a Buy as it is further awaiting clarity on funding position improvement post FY26 as the spectrum moratorium ends.
Max Estates to develop 4 million sq ft in Gurgaon, targets Rs 9,000 crore revenue
Max Estates, part of the Max Group, seals a joint development deal for 18.23 acres in Gurgaon, adjacent to existing land, with a potential revenue of Rs 9,000 crore. With an eye on the Delhi NCR market, it's poised to launch a pioneering Intergenerational residential community, aiming for a revenue of Rs 4,000 crore.
What are the effects of credit counselling on your CIBIL score?
Credit counselling entails a number of sessions where you receive guidance on managing your finances, creating a budget, and developing strategies to repay debt. Putting this advice in practice can lead to better financial habits, which may eventually improve your credit score.
VITEEE 2024 Results Announced: Here's how to check your score and what's next
VITEEE 2024 Results: Vellore Institute of Technology has declared the results for the VITEEE 2024, which can be accessed on viteee.vit.ac.in. The exam, held between April 19 and 30, is for admission to undergraduate engineering programs at VIT's campuses. The selection is based on performance in subjects like Mathematics/Biology, Physics, Chemistry, Aptitude, and English. The counselling process, based on rankings, will soon commence for candidates who qualify. The results announcement marks an important step towards the counselling process.
Balance transfer: How does it help improve your CIBIL score?
Balance transfer can be a useful tool to manage debt and improve your credit score. It should not be seen as a quick fix since improving your credit score takes time and regular financial management habits.
5 game-changing trends in personal loans
Personal loans are becoming more attainable, user-friendly, and customized to suit individual requirements. Furthermore, in areas such as India, the utilization of data analytics for credit evaluation and a concentration on simplified loan solutions in rural sectors are burgeoning trends.
Can I get a personal loan to pay off student loans? MintGenie explains
Although using a personal loan to settle your student loans may seem feasible, many lenders might reject your application if they discover that the loan will be utilized for this specific purpose.
Thematic funds catch the eye of investors, draw Rs 1.22 lakh crore in FY24
Assets under management (AUM) of this equity category in FY24 soared by 1.22 lakh crore to 2.93 lakh crore from 1.7 lakh crore a year ago - the highest growth in assets under management (AUM) collected by any equity category in this period.
Brick by brick, Pirojsha changed the realty game
Pirojsha Godrej's strategic leadership at Godrej Properties during the global financial crisis led to innovative approaches like joint developments and a capital-lite model. His focus on efficiency and immediate project launches propels the company's growth.
Rising heatwave could set AC costs of telecom towers soaring
Rising temperatures in India are expected to increase air-conditioning costs at telecom tower installations, potentially impacting the operational expenses of telecom operators. If heatwave conditions persist, telcos could face a 3-5% rise in power and fuel costs for air-conditioning mobile base stations, crucial for uninterrupted mobile connectivity. Power and fuel costs already make up a significant portion of telcos' network operating expenses.
Govt calls meet to discuss measures to bring gloves under quality control
Union government's high-level meeting aims to address the issue of substandard glove imports from Southeast Asia, focusing on implementing quality control orders for surgical gloves to ensure better standards in the domestic market.
Delhi Court stays ICAI move to bar EY affiliate firms, partners
Delhi High Court issued stay order against ICAI regarding actions on EY affiliate firms. Partners barred, fines imposed, partnerships terminated, retired partners affected. Investigation into Big Four ongoing, violation of Chartered Accountants Act cited, email IDs linkage issue addressed.
Essel Group looks to clear JC Flowers' dues by June
Essel Group, led by Subhash Chandra, aims to clear 1,500 crore debt by June. Positive talks with JC Flowers ARC ongoing. Assets like Dish TV, Zee Learn may be released upon payment. Seeking buyers for debt settlement.
India's mineral production rises 8 pc in Feb
India's mineral output surged 8% in February. The mining index reached 139.6, up by 8%. April-February growth stood at 8.2%. Key highlights include gold production, copper conc growth, and negative growth in iron ore, lead conc.
Expect India to become 2nd largest market for Citroen after France in 5yrs: CEO Thierry Koskas
Citroen plans to boost its presence in India, aiming to become the second-largest market after France. The automaker will focus on network expansion, introducing new products, and enhancing brand awareness to achieve its growth targets.
RBI lifts restrictions on Bajaj Finance's eCOM, Insta EMI card with immediate effect
On November 15, 2023, the RBI ordered Bajaj Finance to stop sanction and disbursal of loans under its two lending products eCOM and Insta EMI Card, with immediate effect.
RBI lifts restrictions on Bajaj Finance's eCOM, Insta EMI Card with immediate effect
The Reserve Bank of India (RBI) has lifted the restrictions on Bajaj Finance's eCOM and online digital Insta EMI Card with immediate effect, according to an exchange filing by the company. The RBI's decision follows the remedial actions taken by Bajaj Finance. Consequently, the company will resume the sanction and disbursal of loans in these two business segments, including the issuance of EMI cards.
ChatGPT advises investors with high risk appetite to invest in cryptos. Should you take the plunge?
Open AI-founded chatbot tells investors with a high risk appetite to opt for cryptos since the market is highly speculative and volatile. The popular options are bitcoin, Ethereum and other altcoins.
Tesla Inc., a prominent US electric vehicle (EV) manufacturer, has filed a complaint in the Delhi High Court against Gurugram-based Tesla Power India for allegedly infringing on its trademark 'Tesla.' The company seeks to restrain Tesla Power from using its trademark, citing confusion among consumers and potential harm to its business interests. Tesla Inc. claims that complaints regarding Tesla Power batteries are being mistakenly directed to them due to the similarity in branding.
Adani Green Energy secures $400 mn from international banks for 750 MW power projects
Adani Green Energy Ltd (AGEL) has secured USD 400 million financing from a consortium of five international banks for its upcoming solar projects totaling 750 MW in Gujarat and Rajasthan. These projects are slated to commence operations from November 2024 onwards. One of the projects, a 500 MW capacity development in Rajasthan, has a long-term power purchase agreement (PPA) with Solar Energy Corporation of India (SECI).
Health insurance: 43% policyholders faced hurdles in getting claims after treatment,findssurvey
The survey by LocalCircles stated that general insurance policy owners struggled the most in getting health insurance claims processed compared to motor or other insurance policies.
Blaze in NTPC's superthermal power plant in Jharkhand: NGT issues notice
NGT requests responses from authorities, including NTPC's plant head, on a recent fire incident at a 660X3 MW coal-based power plant in Jharkhand's Chatra district, emphasizing environmental norms compliance.
Savills to triple its business in India in 3 to 5 years
Savills targets tripling business in India over 3-5 years, focusing on acquisitions in facility management. Top markets are UK, US, China, and Southeast Asia. Growth hubs include Bangalore, Delhi, Hyderabad, Mumbai, and Kolkata.
Minor Hotels targeting 50 new openings in India in within the next decade
Minor Hotels, a global hospitality operator, plans to significantly expand its presence in the Indian market by opening 50 new properties within the next decade. Focusing on upper-upscale and luxury segments, it aims to leverage its Anantara, Avani, and NH Collection brands. The group will prioritize greenfield developments in emerging locations, emphasizing partnerships with aligned values.
Hold a joint mutual fund account? Sebi makes the nomination process voluntary. Details here
Exactly two months before the expiry of the deadline for nominating a nominee for mutual fund folios, Sebi made the process optional for investors who hold accounts in joint mutual fund folios
IndiGo announces bonus for its employees
IndiGo, India's largest airline, is set to return to full-year profitability in FY 24, following a challenging period due to the pandemic. The company has announced a bonus for its employees equivalent to one and a half months' salary. The surge in domestic passenger numbers has contributed to IndiGo's quicker recovery compared to other global airlines. Its shares have witnessed significant gains, with analysts expecting a profit between Rs 7,500-8,000 crore in FY 24.
Maiva Pharma raises Rs 1,000 cr from Morgan Stanley PE and India Life Sciences Fund
Maiva Pharma has raised Rs 1,000 crore from Morgan Stanley Private Equity Asia and India Life Sciences Fund, including both primary and secondary funding. The funds will be used to set up a new manufacturing facility near Karnataka's Hosur, with capabilities in sterile dosage forms, including pre-filled syringes, bags, oncology, and hormonal injectables. Maiva's complex injectables development and manufacturing capability, strong compliance and regulatory standards, and transparency differentiate the company from competitors.
Coforge to acquire 54% stake in Cigniti Technologies at Rs 1,415 per share
The acquisition process is expected to get completed by Q2FY25.
ICICI Bank, Axis Bank among 5 stocks with top long unwinding
In Thursday's trading session, five stocks witnessed a top long unwinding.
Fin inclusion, digital growth to drive payments bank momentum in India: Airtel Payments Bank CEO
Airtel Payments Bank CEO Anubrata Biswas is optimistic about the growth prospects of payments banks in India, driven by financial inclusion initiatives and rapid digital growth. Airtel Payments Bank has seen significant growth in users, revenue, and profits in FY24 and has nearly 500,000 banking points nationwide. The bank offers digital banking solutions and financial services targeting urban, rural, and business segments.
How life insurance policies still take advantage of tax loopholes
Whatever premium-payout combination one designs, the point remains that the IRR in traditional life insurance plans tends to be poor.
Electric bike sales decline 50% in April amid subsidy changes
Electric two-wheeler sales in April dropped by 50% due to subsidy changes. Ola Electric led with 33,000 units sold out of the 64,000 total EV scooter sales. Companies like Bajaj, TVS Motors, and Ather Energy also felt the impact.
Federal Bank Q4 Results: Net profit flat at Rs 906 crore
The bank's operating profit for the quarter was lower at Rs 1110 crore due to 41% higher operational expenses including Rs 162 crore one-time pension-related staff cost, offsetting 15% higher net interest income at Rs 2195 crore, its highest ever.
Consolidation continues in banking stocks; Nifty Bank support placed at 49K: Experts
The Nifty Bank witnessed selling pressure around its critical resistance level of 49,500, but it managed to hold on to 49,000-49,200.
12 mutual fund NFOs launched in April; 7 index funds offered
Of the 12 NFOs, three schemes are still under their NFO period. Here is the category-wise break up of new funds launched.
UPI transaction volume declined to 19.64 lakh crore in April. Check Details
In terms of number of transactions, the figure declined to 13.30 billion in April from 13.44 billion in the preceding month
Go First planes need engines, spare parts; lessors to take longer to fly them out of India
Industry experts anticipate that it will take longer for lessors to remove Go First's 54 deregistered planes from the country due to engine and spare parts requirements. The majority of these planes, stopped in May 2023, need maintenance and approvals for flight after being grounded for a year.
Are your mutual funds liquid? 5 things to know
Bank holidays in May 2024: Check state-wise list
Bank holidays in May 2024: Check state-wise list
Energy storage systems important to increase share of RE in power generation: ICRA
India aims for 40% renewable energy by FY2030, driven by RE capacity growth. Energy storage systems, especially BESS and PSP projects, play a crucial role in managing power intermittency, ensuring grid stability, and shifting peak loads to support the transition.
Vodafone Idea seeks Rs 15,000 cr loans in next two years
Vodafone Idea Ltd. plans to secure loans totaling 150 billion rupees ($1.8 billion) from lenders over the next two years. This is part of a larger strategy to raise 250 billion rupees in debt to repay creditors, roll out 5G, and bid for additional spectrum, following a recent $2.2 billion share sale.
Dabur explains why rural demand for its brands is growing at a faster clip than urban
FMCG giant Dabur has revealed that it has been investing in expanding its rural footprint which has driven the demand for its brands better by nearly 400 bps than in urban areas, the company said in a media release on Thursday.
Federal Bank CEO search in final stages, discloses MD Shyam Srinivasan
Federal Bank plans to present a roster of potential candidates for the managing director role to the RBI soon, though their identities remain confidential. Shyam Srinivasan, the managing director, confirmed the advanced stage of the selection process.
