The Indian men's hockey team dominated Uzbekistan in their opening Asian match at the Gongshu Canal Sports Park Stadium in Hangzhou, People's Republic of China, securing a resounding 16-0 victory, on Sunday.
Global trends, trading activity of foreign investors and movement of oil benchmark Brent crude would dictate terms in the domestic markets this week, analysts said. Equity markets, which fell nearly 3 per cent last week, may face volatile trends amid the monthly derivatives expiry on Thursday. This week marks the September month Futures and Options (F and O) expiry, which is expected to bring about volatility in the market, said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Prime Minister Narendra Modi is set to inaugurate nine Vande Bharat trains in a move that is expected to significantly improve rail connectivity to religious and tourist destinations across 11 Indian states. The inauguration will be conducted via a video conferencing session, in line with the Prime Minister's vision to enhance connectivity and provide top-tier facilities for rail passengers.According to an official statement, these new Vande Bharat trains will be the fastest on their respective routes, ensuring passengers save a considerable amount of time during their journeys. The routes on which these trains will operate are as follows:Udaipur - JaipurTirunelveli-Madurai - ChennaiHyderabad - BengaluruVijayawada - Chennai (via Renigunta)Patna - HowrahKasaragod - ThiruvananthapuramRourkela - Bhubaneswar - PuriRanchi - HowrahJamnagar - AhmedabadCompared to the current fastest trains on these routes, the Vande Bharat trains are expected to significantly reduce travel times. For instance, the journey between Rourkela, Bhubaneswar, and Puri will be shortened by approximately three hours. Similarly, travel time between Hyderabad and Bengaluru will be reduced by over 2.5 hours, while the route from Tirunelveli to Madurai to Chennai will see a reduction of more than 2 hours.In addition, travel times between Ranchi and Howrah, Patna and Howrah, and Jamnagar and Ahmedabad will be shortened by approximately one hour. The journey between Udaipur and Jaipur will be trimmed by about half an hour.These new Vande Bharat trains will facilitate pilgrimages to important religious destinations such as Puri and Madurai. The Vijayawada - Chennai Vande Bharat Express, which operates via the Renigunta route, will provide seamless connectivity to the Tirupati pilgrimage center.The Vande Bharat trains come equipped with world-class amenities and advanced safety features, including the revolutionary Kavach technology. This marks a significant leap forward in providing modern, swift, and comfortable travel options for the common people, professionals, businessmen, students, and tourists.Read More: Nine Vande Bharat trains to be launched Sunday. Here are all the details about routes, travel time, stopsKasaragod - Thiruvananthapuram Vande Bharat Express:Among the nine new Vande Bharat Express trains, Kerala's second Vande Bharat Express stands out with its eye-catching orange-grey livery. This decision was made due to the high passenger occupancy on this specific route. The Kasaragod - Thiruvananthapuram Vande Bharat Express will cover a distance of 574 kilometers and is expected to reduce travel time between the two cities to approximately 8 hours and 5 minutes.This train will operate on all days except on Tuesdays when traveling from Kasaragod to Thiruvananthapuram and on Mondays when traveling in the opposite direction. The regular service for Kerala's second Vande Bharat Express is set to commence on September 26, 2023.Train Number 20631: Kasaragod to Trivandrum CentralTrain Number 20632: Trivandrum Central to KasaragodAs per the IRCTC schedule, the Vande Bharat Express departing from Kasaragod station will leave at 07:00 hrs and reach Trivandrum Central station at 15:05 hrs. On the return journey, the Vande Bharat Express from Trivandrum Central will depart at 16:05 hrs and arrive at Kasargod at 23:58 hrs.Patna-Howrah Vande Bharat:This is also the second Vande Bharat Express for Bihar, following the introduction of the Patna-Ranchi Vande Bharat on June 27.The Patna-Howrah Vande Bharat train is expected to cover a total distance of 535 km in approximately 6 hours and 30 minutes, operating at a normal speed of 90 km per hour. While the exact fare is being worked out by the railways, it is believed to be Rs 2,650 per passenger in the AC executive class and Rs 1,45 in AC chair car per passenger for a single journey with meals/breakfast.Ranchi-Howrah Vande Bharat:The Ranchi-Howrah Vande Bharat Express will travel via Tatanagar and will make stops at Muri, Purulia, Chandil, and Kharagpur. Meanwhile, the Patna-Howrah Vande Bharat Express will halt at Asansol and Jasidih.Indore-Jaipur Vande Bharat:Indore is also in line to receive another Vande Bharat Express, this time heading to Jaipur. This follows PM Modi's previous inauguration of five Vande Bharat trains from Bhopal earlier this year.Currently, Indore only has one Vande Bharat Express route to Bhopal, which has faced challenges in filling seats due to abundant travel alternatives between the two cities. In contrast, Bhopal enjoys Vande trains connecting it to Gwalior, Jabalpur, and New Delhi.Bengaluru-Hyderabad:The Bengaluru-Hyderabad Vande Bharat Express will cover the 610 km distance in just eight and a half hours. The train will maintain an average speed of 71 kmph. A trial run is scheduled for Thursday. The proposed schedule indicates that the train will depart from Kacheguda in Hyderabad at 5:30 am and reach Yeshwantpur around 2:00 pm. In the return journey, it will depart from Bengaluru at 2:45 pm and reach Hyderabad around 11:15 pm.The train is expected to make stops at Mahabubnagar, Kurnool City, Anantapur, Dhone, and Dharmavaram. This new service will operate on all days except Wednesdays.These new additions to the Vande Bharat Express network promise to revolutionize rail travel in India, providing a superior travel experience for passengers and enhancing connectivity between various states and important destinations.Presently, 20 train services connect Bengaluru and Hyderabad, including superfast, Rajdhani, mail express, and others, with most taking 12 hours to reach Kacheguda from Bengaluru.(With inputs from Agencies)
PVR Inox expects the fiscal second quarter to be one of the best quarters for cinema exhibitors with the film industry delivering a string of blockbusters like Shah Rukh Khan's Jawan, Sunny Deol's Gadar-2, and Rajinikanth's Jailer, said PVR Inox co-CEO Alok Tandon. I hope that comes true, Tandon said when asked if the July-September period would be the best quarter for the cinema exhibition industry. The last couple of weeks have been extraordinarily good for footfalls in cinema halls, and even the pipeline looks very exciting. He noted that movies like Jawan, Oh My God 2, Gadar 2, Jailer, Rocky Aur Rani Kii Prem Kahaani, Oppenheimer, and Mission Impossible - Dead Reckoning Part One have drawn record audiences to theatres.Tandon is also hopeful that the cinema exhibition industry will return to pre-pandemic levels in terms of footfalls. The movies that have come till now have had houseful shows, and people have loved them. We also love the hustle and bustle, which is back in the lobbies, he said.
The difficulty of switching search engines has been hotly contested in US government's antitrust suit, which alleges that Google illegally maintained its monopoly over online search via contracts with web browsers and smartphone makers, including Apple.
A government shutdown in the U.S. looms large. Why and how does it happen? Know here which departments can function under a government shutdown and if the employees will be paid for this period or not.
The festive season will mean business for the steel industry as it is the time when automotive and consumer appliance companies bump up demand to prepare for higher sales, experts have said. Ranjan Dhar, chief marketing officer at ArcelorMittal Nippon Steel India (AM/NS India), said that bookings by auto and consumer appliance industries are 20 per cent higher ahead of the festive season compared to last year. While this could be for a couple of months, it could normalise later at approximately 10 per cent, he said.
The Indian men's and women's table tennis teams secured their places in the pre-quarterfinals of the Asian Games with convincing 3-0 victories over Nepal and Tajikistan, respectively. The Indian women topped their group with two wins and will face Thailand in the next round, while the Indian men also finished at the top of their group with a perfect record.
Samsung is set to launch its highly anticipated smartphone, the Galaxy S23 FE, in India. The company teased the release on Amazon, hinting at an epic experience. The device is expected to have a 6.3-inch display with a 120Hz refresh rate, an under-display fingerprint sensor, and will be powered by the Exynos 2200 chipset.
Versace showcased a checkerboard print on dresses and suits during Milan Fashion Week. The collection featured collarless jackets, feminine dresses, satin jackets with billowy shorts, denim outfits, and skirt suits in black and white tones. Accessories included flat ballerina shoes and hair bows. The designer described the collection as fresh, graphic, joyful, and sharp.
Researchers at Imperial College London conducted a study on mice and discovered that when the mice became tired, their brains triggered a behaviour known as est building, or preparing for sleep. The study involved keeping the mice awake by presenting them with toys and observing their brain activity using optogenetics.
This week, 15 Indian startups raised about $91 million. Audio content platform Kuku FM raised $25 million followed by social gaming and live streaming startup Eloelo and agritech firm Ergos which scooped up $22 million and $10 million respectively. Last week, 16 Indian startups raised nearly $424 million. Meanwhile, the details of two startups remained Continue reading Funding and acquisitions in Indian startups this week [18-23 Sep] The post Funding and acquisitions in Indian startups this week [18-23 Sep] appeared first on Entrackr .
Jewellery e-tailer Bluestone is raising Rs 550 crore from a clutch of high net worth individuals, startup founders and institutional investors. Ranjan Pai, chairman of Manipal Group, Info Edge Ventures and Zerodha co-founder Nikhil Kamat will be investing Rs 100 crore each. The Remaining Rs 250 crore will be pumped by Zomato and CarDekho co- Continue reading Bluestone to raise Rs 550 Cr from Ranjan Pai, Nikhil Kamat, Info Edge and others The post Bluestone to raise Rs 550 Cr from Ranjan Pai, Nikhil Kamat, Info Edge and others appeared first on Entrackr .
Jewellery e-tailer Bluestone is raising Rs 550 crore from a clutch of high net worth individuals, startup founders and institutional investors. Ranjan Pai, chairman of Manipal Group, Info Edge Ventures and Zerodha co-founder Nikhil Kamath will be investing Rs 100 crore each. The Remaining Rs 250 crore will be pumped by Zomato and CarDekho co- Continue reading Bluestone to raise Rs 550 Cr from Ranjan Pai, Nikhil Kamath, Info Edge and others The post Bluestone to raise Rs 550 Cr from Ranjan Pai, Nikhil Kamath, Info Edge and others appeared first on Entrackr .
A bizarre and ominous situation prevails in the countrys foodgrain scenario. There have been successive record harvests of rice and wheat, and also of various nutri/coarse cereals, according to second advance estimates of the agriculture ministry released earlier this year. Even total production of pulses is at record levels though some of the pulses (like tur/arhar) are a bit down. Through a series of measures, the government has prevented too much exports. A significant amount of procured wheat has been sold by the government in the open market.
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Parineeti-Raghav Wedding: Royal Udaipur Venue, VIP Dinner & Other Lavish Preparations
Players and team officials of Pakistan's World Cup-bound contingent are yet to get visas for their scheduled travel to India on September 27, two days before their opening warm-up fixture. The Pakistan squad was supposed to reach Hyderabad via Dubai where a two-day team bonding exercise was planned before travelling to India on September 27. The Babar Azam-led side is scheduled to play its first warm-up game against New Zealand on September 29. PCB sources told PTI that the team bonding trip to Dubai has been cancelled as players await their visas from the Indian High Commission in Islamabad. Sources also confirmed that the PCB has raised the matter with the International Cricket Council (ICC). Pakistan last visited India for the T20 World Cup in 2016. The arch-rivals only play each other in Asia Cup and ICC tournaments due to the tense relations between the two countries. PCB had sent its officials to Islamabad for passport collection yesterday but the visas are still in process. That has forced the board to cancel the team bonding trip in Dubai. If the visas come through, the team will reach Hyderabad on September 27 via Dubai, said a source. Another source privy to the matter added: he visas will come through after due vetting process. When it comes to issuing an Indian visa to a Pakistan passport holder, clearances need to come from three ministries - home, external affairs and sports. That process takes time but it will happen. A total of 33 members of the Pakistan contingent, including players, three travelling reserves and team officials, are awaiting their visas. Tournament host BCCI could not be reached for a comment. Pakistan's second warm-up will be against Australia on October 3, also in Hyderabad. They will remain in the city for their opening two World Cup games against Netherlands and Sri Lanka on October 6 and 10 respectively before flying to Ahmedabad for the big game against hosts India on October 14. Only two members from the current Pakistan squad have toured India for cricket - Mohammad Nawaz and Salman Agha.
Earlier this month, CCI released draft regulations on combination for public consultations, seeking comments till September 25. This is the first such upgradation in combination regulations since 2011. As per these regulations, approval of CCI would be mandatory for all transactions beyond the deal value threshold of Rs 2,000 crore.
Six years ago, Indian authorities shared a dossier with Canadian counterparts containing allegations against separatist leader Hardeep Singh Nijjar. However, no action was taken at that time. Nijjar had obtained Canadian citizenship to protect himself from an Interpol notice and extradition. He joined the Babbar Khalsa International in 2001 and maintained close ties with Jagtar Singh Tara, involved in the assassination of a former Punjab CM.
A coalition of consumer groups, along with public health advocates, lawyers, and doctors, has urged the Indian government to take action against the consumption of junk food high in sugar, salt, and fat. The coalition is calling for legislation to define junk food and restrictions on marketing similar to those for infant foods. They also recommend setting up guidelines to prevent the serving of unhealthy foods in schools, hospitals, prisons, and other public places. The coalition believes that existing regulatory policies on junk food are ineffective.
The Indian government has reportedly decided to cancel plans to impose licensing requirements on the import of IT hardware products such as laptops and tablets. Instead, the government will regulate inbound shipments through an import management system, with no immediate restrictions on imports. After six to eight months, an import authorisation mechanism will be put in place to grant quotas to firms importing IT hardware.
Mirwaiz Umar Farooq, a Hurriyat leader, was released from house arrest and allowed to address the Friday congregation at Jama Masjid for the first time since August 5, 2019. He quoted Prime Minister Narendra Modi's speech on war and stated that this is not an era of war. His release was welcomed by regional political parties, including the ruling BJP.
Insolvency professionals should focus on improving the insolvency ecosystem in India to increase the confidence of potential bidders for stressed assets and enhance the prospects for successful resolution, according to the chairman of the Insolvency and Bankruptcy Board of India (IBBI), Ravi Mital. He also called for efforts to reduce delays and litigations.
The talks for a free trade agreement (FTA) between India and Canada may have taken a pause but will resume once the political row between the two countries is resolved as the pact has economic benefits for both the nations, trade experts and exporters said on Friday. However, they said that India may not hurry for the trade agreement as 60 per cent of New Delhi's exports are already entering Canada at zero duty. Earlier this month, India and Canada paused the negotiations for the agreement due to political reasons.
Nayak became the third Indian agriculture scientist to win the prestigious Norman E Borlaug award for 2023
Facing headwinds due to pilot exits, Akasa Air on Friday said it had approached the Delhi high court seeking interpretation and clarification with respect to mandatory notice period requirements for pilots and that the move was not against the DGCA or the civil aviation ministry. Akasa Air, which started flying in August last year, has initiated legal action against a small set of pilots who left the carrier without serving their notice periods that led to cancellation of many flights. In a statement, the airline said it sought relief from the Delhi high court to stop the unethical and illegal practice by this set of pilots.
Electric scooter manufacturer Ather Energy has secured Rs 1500 crore, roughly $185 million within the last 12-month period. The capital infusion from investors comes on the back of its significant 4.3X scale which jumped to Rs 1,784 crore during the last fiscal year (FY23). Arthers revenue from operations surged 4.36X to Rs 1,784 crore during Continue reading Ather Energy posts Rs 1,784 Cr revenue in FY23, losses surge 2.5X The post Ather Energy posts Rs 1,784 Cr revenue in FY23, losses surge 2.5X appeared first on Entrackr .
India's foreign exchange reserves declined $867 million to $593.04 billion in the week ended September 15, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves dropped $4.99 billion to $593.90 billion. In October 2021, the country's reserves had touched an all-time high of $645 billion.
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Leading stock exchange BSE has decided to discontinue Stop Loss Market (SL-M) orders from October 9 to prevent erroneous order placement arising out of manual or algo trades. This came after a recent freak trade incident caused a lot of angst among the trading community earlier this month due to an SL-M order. SL-M is a type of order that automatically sells or buys a security at the market price when the trigger price is reached.
In a recent announcement on September 22, the Finance Ministry displayed unwavering optimism concerning the nation's potential to achieve a 6.5% growth rate in the fiscal year 2024. This bullish outlook is underpinned by marked improvements in corporate profitability, private capital mobilization, and the expansion of bank credit. These factors, the ministry contends, will continue to drive economic growth, even in the face of looming concerns such as escalating crude oil prices and a monsoon deficit. The August edition of the Monthly Economic Review published by the ministry underscored the robust growth of 7.8% recorded during the initial quarter (April-June) of the fiscal year. This growth was primarily attributed to vigorous domestic demand, sustained consumption levels, and increased investments. Furthermore, this positive trajectory was corroborated by various high-frequency indicators. However, the report did not ignore potential pitfalls. It raised alarms about the steadily rising global crude oil prices and the impact of the August monsoon deficit on Kharif and Rabi crops, deeming these factors as areas warranting closer scrutiny. Nevertheless, the report noted that September's rains have managed to alleviate some of the rainfall deficit accrued by the end of August. The Monthly Economic Review also acknowledged the ever-present risk of a stock market correction, especially in the wake of an impending global market correction. Nonetheless, these apprehensions are being offset by the encouraging performance of corporate profitability, private sector capital mobilization, bank credit growth, and the construction sector's sustained activity. Summarily, the Finance Ministry maintains its unwavering confidence in its projected 6.5% real GDP growth estimate for the fiscal year 2024, despite the presence of balanced risks. The report attributed the strength in domestic investments to the government's unwavering commitment to capital expenditure. Central government measures have also incentivized state governments to ramp up their capital expenditure, bolstering economic growth. Additionally, external demand has complemented domestic growth, with net exports contributing significantly to GDP growth in Q1FY24, driven by robust performance in services exports. The High-Frequency Indicators (HFIs) for July/August 2023 reflect the sustained momentum in growth during Q2FY24. Turning to the banking sector, the report noted an increasing resilience through declining Non-Performing Assets (NPAs), improved Capital to Risk-weighted Asset Ratio (CRAR), and rising Return on Assets (RoA) and Return on Equity (RoE) as of March 2023. Similarly, data for Non-Banking Finance Companies (NBFCs) indicated improvements in profitability and risk management behavior as of March 2023. The report also highlighted a consistent and broad-based growth trend in the non-food bank credit of Scheduled Commercial Banks (SCBs) since April 2022, according to July 2023 estimates by the RBI. Addressing retail inflation, the report revealed a decrease in August, with both core inflation and food inflation easing compared to July figures. Government interventions, including adjustments in duties on critical inputs and monetary policy tightening, played a pivotal role in reducing core inflation to its lowest level in 40 months. However, global food inflation remains high in many major economies. In India, consumer food price inflation eased to 9.9% in August, thanks to targeted government measures for specific crops, including buffer buildup, procurement from producing centers, and subsidized distribution. Dollar Nears Six-Month High as Central Banks Weigh Decisions Finance Ministry to Set up 31 GST Appellate Tribunal Benches Across India
Wipro was the biggest loser among Sensex firms, sliding 2.32 per cent, followed by HDFC Bank, Power Grid, UltraTech Cement, ITC, ICICI Bank and Tata Motors. IndusInd Bank, Maruti, State Bank of India, Mahindra and Mahindra, Asian Paints and Bajaj Finserv were among the gainers.
The move potentially gives global investors greater access to the worlds fastest-growing large economy that offers some of the highest returns in the region
The net financial savings of the household sector has moderated to 5.1% of GDP in FY23 from 7.6 per cent in FY20, as households shifted their savings to physical assets amid low interest rates during the pandemic, according to State Bank of India's (SBI) Research report.
India's bank credit remains resilient and is showing no signs of systematic risk, Reserve Bank of India (RBI) Deputy Governor Michael Patra said on Monday. A copy of the speech was uploaded on the RBI website on Thursday. Bank credit is monitored as a lead indicator of overheating. Our assessment, based on a menu of approaches, indicates that current rates of credit expansion are not pointing to systemic stress building up. Illustratively, the credit gap - the difference between the credit to GDP ratio and its trend - is currently negative, said Patra, while delivering a speech in Cambodia.
Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, announced that the eagerly anticipated USD 2.75 billion semiconductor facility by the US-based Micron Technology, Inc. is scheduled for its groundbreaking ceremony this Saturday in Gujarat. Chandrasekhar expressed optimism, stating that the progress on the plant signifies an underlying growth trajectory that may not be immediately evident but will soon become apparent. This ambitious project is being developed with substantial financial support from both the Union and State governments, covering 70% of the total project cost. Chandrasekhar reaffirmed the government's commitment to these subsidies, emphasizing that post-2026-27, when the Production-Linked Incentive schemes for various IT hardware and electronics manufacturing initiatives conclude, the industry is expected to attain global competitiveness. Chandrasekhar cautioned, The distinction between gradual and assured growth lies in our ability to achieve these remarkable milestones. He hinted at the fact that establishing semiconductor manufacturing in India is a gradual process and urged patience. He described the Micron plant as a foundational milestone for the industry's growth, echoing IT Minister Ashwini Vaishnaw's expectation that the plant will commence production by December 2024, in line with Micron's estimates. Focusing on incentivizing semiconductor development, Minister Chandrasekhar highlighted India's dual approach, emphasizing both assembly and the prioritization of design and engineering. He referenced the recent stock market debut of Arm, a UK-based semiconductor design firm valued at USD 65 billion, which does not operate fabrication units for chip production. Chandrasekhar further noted that Qualcomm, Inc. and NVIDIA Corporation, despite lacking their own fabrication units, outperform many larger firms in terms of valuation. The Design-Linked Incentive scheme, aimed at fostering the development of intellectual property for semiconductor technology, has garnered numerous applications, with seven already approved. The government is also actively working to facilitate collaboration between multinational corporations and Indian startups, provided that the resulting product patents are registered in India. Minister Chandrasekhar defended the import licensing regime implemented for IT hardware, including laptops, servers, tablets, and all-in-one PCs. He stated that approximately 80% of the digital ecosystem's supplies come from foreign sources without explicitly mentioning China. The government is determined to ensure the reliability of these sources. Chandrasekhar revealed plans to share a draft version of the import management system for IT hardware with industry representatives, underlining the importance of trust in the supply chain. He expressed the goal of increasing the proportion of locally assembled devices to meet 65-70% of local hardware demand within the next four years, currently standing at 8-10%. Microsoft Unveils Unified AI Assistant, New Surface Devices Indian Economy Creates 52-Million New Formal Jobs from FY20 to FY23: SBI
The finance ministry on Thursday sought to clarify that there was no distress in household savings and the data indicated that changing consumer preference for different financial products was the real reason for the change in the pattern of household savings. The clarification comes in the backdrop of Reserve Bank of India data showing that household net financial savings rate is at its lowest in decades, at 5.1 per cent of GDP in FY23 compared to 7.2 per cent of GDP in FY22. The divergence in the data for household gross financial assets and liabilities is not a cause for concern for the government, as the loans have largely been taken to buy real assets or automobiles, the finance ministry said.
The government on August 9 announced it would sell an additional 50 lakh tonne of wheat and 25 lakh tonne of rice under the OMSS to bulk users.
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In this edition of Moneycontrol Pro Panorama: ITC is best suitor for FMCG buyouts, harnessing the power of AI, rising disconnect between education and employment, how to deal with short-term market volatility, and more
'ESG is actually a concept which cannot be applied effectively in the very short run.'
Tesla, under the visionary leadership of Elon Musk, has unveiled ambitious intentions to establish a battery storage facility within the burgeoning market of India, according to recent reports. The electric vehicle titan has reportedly taken strides towards crafting blueprints for the production and sale of battery storage systems within the subcontinent. In pursuit of this objective, the company has diligently compiled a proposal, seeking incentives that could facilitate the establishment of such a factory. The cornerstone of Tesla's proposal revolves around bolstering India's battery storage capabilities through its renowned 'Powerwall' system. This sophisticated apparatus is engineered to amass and preserve electrical energy generated from solar panels or grid sources, ensuring its availability during the nocturnal hours or during instances of power shortages. Evidently, Tesla's vision extends beyond mere electric vehicles (EVs), as it endeavors to augment India's energy infrastructure. However, the road to realization has not been without its challenges. In the pursuit of its goals, Tesla expressed a desire for various incentives to facilitate the construction of its battery storage factory. Regrettably, it encountered a somewhat frosty response from Indian officials who conveyed that such incentives might not be readily available. Instead, the Indian government proffered an alternative approach, suggesting the provision of subsidies to consumers who invest in these cutting-edge energy storage products. This, they argue, could help foster a more equitable business model. As the proposal now rests in the hands of government authorities, Tesla is at a pivotal juncture in its quest to expand its footprint in India. The company has been engaged in discussions with Indian officials regarding the establishment of an electric vehicle manufacturing plant, with the aim of producing an affordable car priced around $24,000. Nevertheless, the Powerwall initiative represents a more comprehensive endeavor, signaling Tesla's determination to diversify its presence in the Indian market, transcending the realm of EVs. India's energy landscape has traditionally leaned heavily on coal-based power generation. However, a paradigm shift is underway, as the nation fervently aspires to transition towards cleaner, non-fossil fuel energy sources. This ambitious vision includes an ambitious target to enhance energy capacity to a substantial 500 GW by the year 2030. Tesla's proposal for the Powerwall system aligns perfectly with India's evolving energy ambitions. The Powerwall itself is a sleek, meter-high device engineered for domestic and light commercial use. It can be conveniently mounted in a garage or positioned outdoors adjacent to a residence. Should this proposal gain traction and evolve into a tangible venture, Tesla could potentially explore the development of more expansive solutions tailored to the requirements of Indian industries. It's worth noting that the Powerwall is currently priced at over $5,500 (approximately Rs 45,000) in California, with additional costs associated with solar panels. Indian officials, in a candid dialogue with Tesla, have indicated that efforts to mitigate the cost of these battery storage products must be a central focus for the company. As the Indian government deliberates over the proposal, the outcome remains uncertain. Nonetheless, Tesla's ambitions in India underscore a broader global trend toward sustainable energy solutions and a transition away from fossil fuels. This potential venture not only signifies the company's commitment to India's clean energy journey but also holds the promise of reshaping the nation's energy landscape for a greener and more sustainable future. Samudrayaan Mission: India's Ambitious Quest for Clean Energy Through Deep-Sea Mining
New TCS rule from 1 October 2023: TCS on foreign remittances under LRS raised to 20% from 5% in Union Budget 2023. Effective from October 1, 2023
The company offers a buyers platform linking farmers to markets, safe grain storage in warehouses, and access to affordable finance through partner lenders
JPMorgan will include Indian government bonds in its Government Bond Index-Emerging Markets from June 2024
OlaMoney, the fintech platform, recently made headlines with its merger with Avail Finance, a neo-banking firm acquired by the ride-hailing giant Ola. However, assessing the impact of this merger on the companys financial performance will require some patience. OlaMoney is yet to file its financial reports for FY23, and it has just released its FY22 Continue reading OlaMoney turns profitable in FY22 with over 2.5X growth in scale The post OlaMoney turns profitable in FY22 with over 2.5X growth in scale appeared first on Entrackr .
Global financial firm J P Morgan has said that it plans to include Indian government bonds (IGBs) or government securities (G-Secs) into its benchmark Emerging Market index from next year, a move that will bring down borrowing cost for the government. The inclusion of the IGBs will be staggered over a 10-month period from June 28, 2024 to March 31, 2025, indicating one per cent increment on its index weight. India's weight is expected to reach the maximum weight threshold of 10 per cent in the GBI-EM Global Diversified, and approximately 8.7 per cent in the GBI-EM Global index, J P Morgan said in a statement on Friday.
After a steady surge, prices of pulses, except those of urad and masoor to some extent, are showing signs of stabilising amid a revival of monsoon rains over major growing areas of Maharashtra and Karnataka, and on expectations of a rise in imports. Chana prices, which too had moved up in recent months, have dropped by almost 3 per cent since the end of August due to increased liquidation of government stocks, official data shows. Monsoon rains seem to have benefitted the standing soybean crop as well.
Dogs came to the rescue of a 2-year-old girl in Michigan.
Agritech platform Ergos has raised $10 million in a Series B round led by Abler Nordic, a Norway based financial inclusion fund focused on African and Asian markets. The companys existing investors, Aavishkaar Capital, Chiratae Ventures and Trifecta Venture also poured in some capital. Ergos has raised the funds in a mix of equity and Continue reading Agritech firm Ergos secures $10 Mn in Series B funding The post Agritech firm Ergos secures $10 Mn in Series B funding appeared first on Entrackr .
The government on September 14 further reduced the stock limit on wheat traders, wholesalers and big chain retailers to 2,000 tonnes from 3,000 tonnes with immediate effect to control wheat prices, which are showing an uptick again after being stable for some time. Announcing the move, food secretary Sanjeev Chopra said that retail prices of key essential food items, especially wheat, rice, sugar, and edible oils, were unlikely to see any sharp rise in the upcoming festival season as the country had adequate supply and the government was keeping a close vigil on hoarders.
There have been several positive signals in Bharti Airtel with revenue market share (RMS) growth, better visibility of profits from Africa, and enough free cash flow to pursue deleveraging. Airtel's 4G and 5G data subscriber net additions were 5.6 million in Q1FY24, and 24.5 million in the last 12 months. Airtel currently has 230 million data subscribers on 4G/5G, which is about 70 per cent penetration of its base of 339 million subscribers.
A new poll found that a majority of Americans support the recent strikes by auto workers and Hollywood screenwriters and actors.
The stock exchange on which they are traded boasts higher profits than most of the companies whose shares are hitting new highs. Only 37 of approximately 2,000 listed companies with comparable data for 2022-23 (FY23) reported higher profits, while the rest had lower profits. Despite rising corporate profitability, the universe of companies that outperform the National Stock Exchange (NSE) in terms of profitability has been shrinking of late, according to an analysis of companies with comparable data over the past seven years.
The complexity of central banks last mile on inflation is part of a bigger economic challenge
Vietnamese and Thai rice export rates declined further from recent highs this week, while India's curbs on parboiled rice exports brought activity to a standstill for the top exporter as buyers held off for cheaper deals. Export rates for India's 5% broken variety were static at $525-$535 per metric ton for a second straight week, albeit still near a record high of $520-$540 hit on Aug. 31. New Delhi had imposed a 20% duty on parboiled rice exports in August, adding to existing curbs on non-basmati rice. Exports of broken and white rice are currently banned, and parboiled rice buyers are reluctant to pay the 20% duty, said a Mumbai-based dealer with a global trade house. Vietnam's 5% broken rice was offered at $610-$620 per metric ton, compared to $620-$630 last week. The Philippines' recent move to impose a ceiling on rice prices might have cooled export prices of Vietnamese rice, a Ho Chi Minh City-based trader said. But tight supplies and strong demand from other buyers will keep prices from falling further, the trader added. Preliminary shipping data showed 275,250 metric tons to be loaded at Ho Chi Minh City port during Sept. 1-22, most of it heading to Indonesia, Malaysia, the Philippines and Turkey. Thailand's 5% broken rice prices were quoted at $605 per metric ton, slipping from $613-$615 last week. The drop was due to a depreciating baht, a Bangkok-based trader said. The baht has weakened 4.4% versus the dollar so far this year, and hit a more than 10-month low on Wednesday. Meanwhile, domestic rice prices in Bangladesh remained high, despite good yield and record reserves according to food minister Sadhan Chandra Majumder.
Those who consider the rupee as a proxy for virility have started thumping their chests and dreaming of dethroning the dollar from its coveted position, observes Tamal Bandyopadhyay.
Here is a list of INR to USD forex rates offered by some of the major banks and travel aggregators.
Teenagers-focused neo-banking platform Akudo is shutting down its core UPI and card business, according to three sources aware of the details. The move is a result of Reserve Bank of India (RBI) direction which forbade Unified Payments Interface (UPI) in a co-branding arrangement. Akudo is likely to wind up its operations and shut down completely Continue reading Exclusive: Y Combinator-backed Akudo to shut down operations The post Exclusive: Y Combinator-backed Akudo to shut down operations appeared first on Entrackr .