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Business / The Economic Times

Maruti sourcing local Li battery packs for export, home use in hybrid buildup

A resolution on related party transactions in the FY22 annual report shows Maruti will export battery packs to Suzuki's European subsidiary Magyar Suzuki and the amount will not exceed 1,500 crore in a financial year for the period beginning from FY23 to FY25. The peak value of export will be realised in the third year as the production progresses.

8 Aug 2022 6:03 am
Fear over IPO Street eases, Syrma SGS issue's the 1st offer after 80 days

Aether Industries' IPO, which closed on May 26, was the last issue of 2022. Between January and May this year, 16 companies including LIC raised 40,310 crore compared to 1.19 lakh crore raised by 63 companies in 2021.

8 Aug 2022 5:54 am
Multi-modal Logistics Park in Chennai to be awarded in August

After award of the project, the private sector will make an investment of around 782.58 crore for the Chennai MMLP. Bids for the Nagpur and Bengaluru MMLPs are expected to close soon too, Prakash Gaur, the chief executive of National Highways Logistics Management Ltd (NHLML), told ET. Gaur said bids for the MMLP in Bengaluru will close next, followed by Nagpur.

8 Aug 2022 12:40 am
JDU not to join union council of ministers

JDU national president Rajiv Ranjan Singh, alias Lalan, who addressed a press conference here, however, dismissed queries about Kumar's absence at the Niti Aayog meeting.

8 Aug 2022 12:24 am
US Navy ship docks in India for the first time for repairs

Defence secretary Ajay Kumar termed the event a 'red-letter day' for both the Indian industry and the bilateral defence relationship. India's initiative also assumes special significance in furthering the strategic partnership between India and the US. It marks the beginning of a new chapter for deeper engagements, he said.

7 Aug 2022 11:48 pm
Tata Motors to buy Ford Gujarat plant for Rs 750 crore

The takeover of the Gujarat plant will offer much-needed capacity for Tata Motors, which has set its sights on crossing half a million annual sales this financial year, up from 370,400 in FY22. The company is currently operating at 85-90% capacity and to sustain this momentum it will need fresh capacity.

7 Aug 2022 10:57 pm
CWG: Sharath-Sathiyan settle for silver

The seasoned Indian pair of Sharath Kamal and G Sathiyan was outsmarted by familiar foes Paul Drinkhall and Liam Pitchford of England in the men's doubles final at the Commonwealth Games here on Sunday. The Indian duo had to settle for silver for the second successive edition after losing 11-8, 8-11, 3-11, 11-7, 4-11 to the English combine. It was a repeat of the 2018 final in Gold Coast and to the disappointment of the Indians, it was the same result. The Indian contingent has been getting tons

7 Aug 2022 8:32 pm
Chinese embassy seeks urgent meeting with Sri Lankan authorities as Colombo seeks postponement of research ship's visit

The Chinese embassy in Colombo sought an urgent meeting with the higher Sri Lankan authorities to discuss the issue after receiving the note from the Foreign Ministry seeking a delay in the visit, sources here said. Some Sri Lankan news portals also reported that Sri Lankan President Ranil Wickremesinghe held a closed-door meeting with China's Ambassador Qi Zhenhong after Colombo sought a deferment of the planned docking. But the President's Office denied the media reports over the meeting.

7 Aug 2022 7:56 pm
Indian Coast Guard Dornier aircraft forced Pakistan Navy warship to return to its waters

According to government sources, this took place on the high seas at the peak of the Monsoon season in the first half of July. The Pakistan Navy Ship Alamgir had moved from its side to Indian waters, crossing over the maritime boundary line between the two nations. Shortly after entering Indian waters, it was first detected first by an Indian Coast guard Dornier aircraft. The aircraft was in the air after it had taken off from an air base in the vicinity for maritime surveillance.

7 Aug 2022 7:23 pm
Agreement reached on Gaza truce: Sources

Israel and Palestinian militants have agreed to observe a truce in Gaza from Sunday evening as proposed by Cairo, sources said, after a weekend-long pounding of Palestinian targets by Israel drove militants to target its cities with longer-range rockets. An Egyptian security source said Israel had agreed to the truce offer, while a Palestinian official familiar with Egyptian mediation efforts said it would go into effect at 20:00 (1900 GMT). Spokespeople for Israel and Islamic Jihad, the faction

7 Aug 2022 6:55 pm
Goa to implement hundred per cent NEP in higher education from next academic year: CM to Centre

Sawant said the state government is working on the skilling of manpower through agreements signed with various industry associations in the state.

7 Aug 2022 6:36 pm
Ahead of Market: 10 things that will decide stock action on Monday

As long as Nifty stays below the hurdle of 17,500 levels, there is a possibility of muted movement in the market. A sustainable move above 17,500 could open the next upside targets of 17,800-17,900 levels in the near term. Immediate support is placed at 17,200 levels, he said.

7 Aug 2022 5:16 pm
Natural gas prices at new highs: Is Russia using gas as a geopolitical weapon?

Russia has been facing several economic sanctions from the US and European Union after its inversion of Ukraine. This includes freezing the assets of the Russian central bank, barring Russian banks from international transactions, and limiting imports of Russian oil and gas. The European Union also announced plans to reduce demand for Russian gas by two-thirds and make Europe independent from Russian fuels by 2030.

7 Aug 2022 5:09 pm
IT stocks attractive for 3-year timeframe: Surjitt Singh Arora

From a three-year perspective, given the strong cash flows and business fundamentals, valuations are coming into an attractive zone, he said.As a result, banks could see better profitability. In addition, given better asset quality metrics, healthy provisions and sufficient capital levels, we remain positive on this space. Credit growth will be key for outperformance.

7 Aug 2022 5:03 pm
Q1 results this week: LIC, Bharti Airtel, Patanjali Foods, Hero Moto

Overall, the earnings season in India was in line with expectation, while revenue growth was ahead of expectation, indicating a healthy demand environment, said Surjitt Singh Arora, Portfolio Manager-PMS, PGIM India.

7 Aug 2022 4:57 pm
Vodafone Idea says industry needs tariff increases at regular intervals

India continues to have the lowest tariffs globally, while the proliferation of unlimited data bundles have led to India having one of the highest data usage (per subscriber) in the world, VIL said in its latest annual report. The ARPU levels remain lower in comparison to historic trends, despite consumers getting much more value in terms of unlimited voice and daily data allowances, compared to five years ago.

7 Aug 2022 4:50 pm
Will the emerging market crisis eventually touch Dalal Street?

The emerging market crisis follows a very familiar pattern. In times of high liquidity cycle (while the Fed is easing), the money supply is abundant and reaches far-away shores to seduce the usual EM suspects to go for an overdrive on consumption-driven growth with borrowed capital.

7 Aug 2022 4:06 pm
Illegal land transaction: Ayodhya Development Authority names mayor, BJP MLA among 40 people

Sin by BJP workers in Ayodhya! BJP's Mayor, local MLA and former MLA are establishing illegal colonies in association with land mafia. In collusion with responsible departments, 30 illegal colonies have been set up, causing loss of state revenue to the tune of hundreds of crores. The matter should be investigated. Action should be taken against the culprits, the SP said on its official twitter handle.

7 Aug 2022 3:59 pm
SSLV: Satellites no longer usable, says ISRO

The Indian Space Research Organisation (ISRO) on Sunday said the satellites onboard its maiden Small Satellite Launch Vehicle are no longer usable after the SSLV-D1 placed them in an elliptical orbit instead of a circular one. The space agency said a committee would analyse and make recommendations into today's episode and with the implementation of those recommendations ISRO will come back soon with SSLV-D2. SSLV-D1 placed the satellites into 356 km x 76 km elliptical orbit instead of 356 km ci

7 Aug 2022 3:27 pm
Crypto Movement at a Glance: Bitcoin holds $23,000; Merge on the cards for Ether

Bitcoin started the week trading above the $23,000 level but fell to $22,000 due to increasing pressure, US central banks latest interest rate hike, and ongoing tension between China and Taiwan. However, bulls have succeeded in recapturing the $23,000 back the crypto lost its weekly gains.

7 Aug 2022 3:21 pm
Gold bulls fail to survive the US jobs report; US dollar reclaims upper hand

Gold holdings with SPDR ETF slipped to fresh January lows last week, showing that investors are not confident about recent price gains. Gold is also challenged by concerns about consumer demand in India and China.

7 Aug 2022 2:49 pm
ETMarkets Trade Talk: 3 principles that help Bangalores option trader Siva make money in 5 minutes

In this interview with ETMarkets on the sidelines of the Traders Carnival, Bangalores star trader Sivakumar Jayachandran explains the key fundamental principles that help him make money within a small window of just 3-5 minutes as an option scalper.

7 Aug 2022 2:20 pm
Rakesh Jhunjhunwalas Akasa Air operates its first flight

Starting Sunday, Akasa Air will offer weekly flights between Mumbai and Ahmedabad. Progressively adding cities and routes to its network, the airline has already announced a total of five routes alongfive cities, including Mumbai, Ahmedabad, Kochi, Bengaluru and Chennai.

7 Aug 2022 2:14 pm
Air India to restart 10 grounded aircrafts

Air India on Sunday announced to bring back its 10 grounded wide-body aircraft to service by early 2023. A wide-body aircraft has a bigger fuel tank that allows it to travel on long-haul international routes like India-US and India-Canada. Air India's wide-body fleet currently stands at 43 aircraft, of which 33 are operational. This is a significant improvement from 28 aircraft that the airline was operating till recently, reported PTI citing the official statement of the company. The remaining

7 Aug 2022 2:09 pm
Why rate hike by RBI may not compromise growth

In my view, RBI has front-loaded the increase to aggressively target inflation and manage the currency. With this increase, the rates are back around the pre-pandemic levels. Post this announcement, as expected, the currency reacted positively. Surely, some of the RBI objectives are fulfilled.

7 Aug 2022 1:12 pm
CUET-UG: NTA announces reexamination schedule for affected students

The NTA is conducting CUET -UG 2022 from July 15 to August 20 in two phases at 489 centres in 259 cities in India and nine cities abroad. The exam is being held in two shifts morning and afternoon. Approximately 14.9 lakh students have registered for the exam.

7 Aug 2022 1:06 pm
Inflation trajectory eyed! We expect terminal repo rate would be 5.75% by FY23 end: Deepak Jasani

The Reserve Bank of India (RBI) has chosen to again front-load the rate hikes to tackle the elevated inflation levels which would remain above the upper tolerance level of six per cent till at least Q3FY23.A move to hike interest rates by 50bps highlights the urgency to move closer to the neutral policy rate especially when the external environment remains uncertain.

7 Aug 2022 1:03 pm
What India needs to learn from Europe's rapid EV adoption

Traditionalists are facing the heat. New market entrants, including brands such as Tesla, NIO, or Polestar, are starting to eat into market share. Tesla, for instance, sold almost 936,000 EVs globally in 2021.

7 Aug 2022 12:42 pm
What's the essence of interest rate in an economy?

Here we may feel that RBI is controlling the financial and interest rate of India. Otherwise, it serves as an intellectual intermediary of a growing democratic economy. RBI must balance the mood of the worlds financial market, domestic economy position, managing govts financial needs, and strength of INR. The monetary strength of a country depends on the efficacy of a central bank else it has a dire impact on the outlook of the country, currency, inflation, and interest rate.

7 Aug 2022 12:39 pm
Weekly Options Strategy: Nifty bias may stay positive; consider Call Ladder

From the options space, we are witnessing continued Put writing at ATM and OTM strikes with 17,400 Put holding the major open interest. Call writers continue to remain under pressure and the maximum Call base remained at 17,500. Closure among these options is likely to take Nifty towards 17,800 levels. On downsides, we remain positive with stop loss near 17,200 levels.

7 Aug 2022 12:32 pm
Car sales likely to surge in festive season

The auto industry expects car sales to be on the fast lane this festive season on the back of new launches and improved production but is cautiously optimistic on the road ahead once the festivities peter out. The festive season, which usually witnesses a spike in automobile sales, begins this year on August 11 with Rakshabandhan stretching up to Diwali on October 25. We expect the festive season this year to be the best in terms of passenger vehicle sales on the back of new launches and improve

7 Aug 2022 12:21 pm
PGCIL to seek shareholders' nod to raise up to Rs 6,000 cr via bonds in 2023-24

On July 6, the PGCIL board had approved the proposal to raise Rs 6,000 crore in 2023-24, for financing of capital expenditure requirement, providing inter-corporate loans to wholly-owned subsidiaries and other purposes.An amount of Rs 8,500 crore is being considered as expected capital expenditure (CAPEX) during the fiscal year 2023-24, as per the notice of the AGM.

7 Aug 2022 11:54 am
Earnings, global cues to set market trend this week: Analysts

This week market will deal with the last batch of Q1 earnings where it will react to SBI, HPCL and BPCL results on Monday, while Adani Ports, Bharti Airtel, PowerGrid, Coal India, Eicher Motors, Hindalco, Grasim, Hero Motocorp, LIC, ONGC and Bata India will be other prominent earnings during the week, said Santosh Meena, Head of Research, Swastika Investmart Ltd.

7 Aug 2022 11:49 am
28 cos secure Sebi's clearance to float IPOs worth Rs 45,000-cr in Apr-Jul FY23

Among the firms that have secured the regulator's clearance include Lifestyle retail brand FabIndia; Bharat FIH, a subsidiary of FIH Mobiles and a Foxconn Technology Group; TVS Supply Chain Solutions; Blackstone-backed Aadhar Housing Finance; Macleods Pharmaceuticals and Kids Clinic India, which operates super-specialty mother and babycare chain Cloudnine.

7 Aug 2022 11:00 am
Will Nifty zoom past 17,500 this week? Watch out for these 6 triggers

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said while the pace of momentum may slow down, the market is expected to maintain its positive bias in the near term.

7 Aug 2022 10:55 am
India's new Akasa Air commences operations

Akasa Air, Indias newest carrier backed by billionaire Rakesh Jhunjhunwala, has finally taken off. The airline's inaugural flight between Mumbai and Ahmedabad was cleared by Civil Aviation Minister Jyotiraditya M Scindia and MoS General Vijay Kumar Singh on Sunday.Akasa Air's service between Mumbai and Ahmedabad will see 28 weekly flights.Akasa started taking reservations for its inaugural commercial flights on Friday. The airline will initially operate out of Ahmedabad, Bengaluru, Mumbai, and K

7 Aug 2022 10:31 am
Jhunjhunwala's Titan stock bet sees EPS upgrades post Q1. What lies ahead?

Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala held a 5.05 per cent stake in the June quarter, which was worth Rs 10,911.30 crore, as per Trendlyne.Emkay Global said Titan reported an 8 per cent beat to its Ebitda estimates. Ex-bullion sales, consolidated Ebitda margin at 13.2 per cent was 200 bps higher than pre-Covid levels, led by operating leverage, exit from loss-making ventures and 80 bps one-off, it said.

7 Aug 2022 10:31 am
IOB Q1 Results: Net profit rises 20% to Rs 392 crore

The bank's operating profit for the quarter was lower at Rs 1026 crore against Rs l202 crore, due to mark to market provision of Rs 340 crore on investment, Sengupta said.Total provisions were lower at Rs 630 crore against Rs 868 crores in the year ago period primarily because of lower bad loan provisions in line with the improvement in asset quality.

7 Aug 2022 10:24 am
Factory production weakens on lingering supply chain constraints

The standoff between the US and China over Taiwan has thrown a spotlight on growing risks to one of the worlds busiest shipping lanes -- even a minor disruption could ripple through supply chains.

7 Aug 2022 10:08 am
Berkshire CEO-designate Abel sells stake in energy company he led for $870 million

Buffett's Omaha, Nebraska-based conglomerate took a $362 million charge to capital, reflecting the premium over how much the stake's value was reflected on its books.Berkshire now owns 92% of Berkshire Hathaway Energy, whose businesses include energy, utility and pipeline operations and a large U.S. real estate brokerage.

7 Aug 2022 10:06 am
Motherson Sumi Wiring will do even better in coming quarters: Vivek Chaand Sehgal

We will have to keep a watch on the China-Taiwan developments, but I do not think there will be that much of an impact. By September, the chip issue should be sorted out reasonably. Production is happening all over the world and is not necessarily confined to Taiwan only now.

7 Aug 2022 10:00 am
Berkshire Hathaway posts $43.8 bln loss as stock holdings tumble

Berkshire nevertheless generated nearly $9.3 billion of operating profit, as gains from reinsurance and the BNSF railroad offset fresh losses at the Geico car insurer, where parts shortages and higher used vehicle prices boosted accident claims.Rising interest rates and dividend payouts helped insurance businesses generate more money from investments, while the strengthening U.S. dollar boosted profit from European and Japanese debt investments.

7 Aug 2022 9:58 am