Thursday, September 19

Business

Hon’ble Governor of Maharashtra Sri CP Radhakrishnan inaugurates the iconic statue of NSE Bull
Business

Hon’ble Governor of Maharashtra Sri CP Radhakrishnan inaugurates the iconic statue of NSE Bull

Hon’ble Governor of Maharashtra Shri C P Radhakrishnan has inaugurated the iconic statue of NSE Bull and launched a commemorative Coffee Table Book titled "The Journey of Empowering 1.4 billion Dreams," at NSE Headquarters along with Shri Ashishkumar Chauhan, MD & CEO, NSE. The statue of NSE Bull represents strength, power, and resilience—qualities that are key to India’s economic growth. The bull's strong legs, prominent hump, and formidable presence symbolize the nation's robust financial ecosystem. Surrounded by figures representing the People of India from diverse backgrounds — such as a school-going boy, a village woman, and professionals—the sculpture underscores the inclusivity and unity of India’s investment landscape. This iconic creation reflects the collective efforts...
Rapido raises $200 Mn in Series E at $1.1 Bn valuation
Business

Rapido raises $200 Mn in Series E at $1.1 Bn valuation

Rapido, India’s leading ride-sharing platform, has raised $200 million in its latest Series E funding round, boosting its valuation to over $1.1 billion. The round was led by WestBridge Capital, with participation from existing investor Nexus and new investors Think Investments and Invus Opportunities. This funding comes on the back of rapid user growth, with Rapido now facilitating 2.5 million daily rides, a 2.5x surge in GMV over the past year. The investment will be used to expand Rapido’s operations and enhance its technology platform, strengthening its leadership in urban mobility. Co-founder Aravind Sanka said, "This investment empowers us to innovate and expand our offerings to meet evolving customer needs. Our growth has been tremendous, and we are committed to enhan...
Air India’s loss to upturn by 60% to Rs 4,444 crore in FY 2024: Tata Group
Business, News

Air India’s loss to upturn by 60% to Rs 4,444 crore in FY 2024: Tata Group

It said that during the year under review, 800 daily flights were operated, including to 55 domestic and 44 international destinations, carrying 40.45 million passengers.Tata Group-owned Air India's loss narrowed by 60 per cent to Rs 4,444.10 crore in FY2024 compared to the previous year, according to Tata Sons' annual report for 2023-24.The airline had reported a loss of Rs 11,387.96 crore in FY2013, the annual report said.The report said that the turnover during the year under review increased by 23.69 percent to Rs 38,812 crore as against Rs 31,377 crore.The group is strengthening its aviation presence with the merger of AirAsia India (AEX Connect) with Air India Express and the ongoing merger of Vistara with Air India, the report said.It also said Air India recorded its highest-ever c...
Samsung’s ‘Solve for Tomorrow’ 2024: Young innovators gear up for grand finale
Business

Samsung’s ‘Solve for Tomorrow’ 2024: Young innovators gear up for grand finale

Samsung India has announced the Top 10 teams of ‘Solve for Tomorrow’ 2024, its flagship CSR programme. The top 10 teams will now advance to the grand finale where they will present their unique ideas to a grand jury comprising Samsung leadership and other key industry leaders. The shortlisted teams come from some of the country's remotest regions, including Golaghat and Kamrup Rural in Assam, Jhalawar in Rajasthan, Udupi in Karnataka, and Bilaspur in Chhattisgarh, highlighting the programme’s deep regional penetration. The top 10 teams, represented by 22 students from across the nation, will now gear up for the finale event where they will pitch their innovations to a grand jury of Samsung and industry leaders.The young innovators earlier attended an Innovation Walk at Samsung offi...
HDFC Bank growth prime lending rate for this tenure; Check latest MCLR for September 2024 here
Business, News

HDFC Bank growth prime lending rate for this tenure; Check latest MCLR for September 2024 here

HDFC Bank has revised its marginal cost lending based interest rates (MCLR) with effect from Saturday i.e. 7th September. Now, MCLR based lending rates will be in the range of 9.10 to 9.45 percent per annum.However, the MCLR has been increased by 5 basis points only for a period of 3 months. Rates will remain the same for all other tenures. As the table below shows, the overnight MCLR rate is 9.10 percent and the one-month MCLR rate is 9.15 percent per annum.The three-month MCLR rate has now been increased from 9.25 percent to 9.30 percent. Six month MCLR is 9.40 percent. HDFC Bank website shows that the MCLR rate for all long tenures is 9.45 percent. What is MCLR? MCLR means marginal cost of funds based lending rates below which banks are not authorized to lend.In 2016, the Reserve...
Toyota Kirloskar Motor launches T CARE: A technological leap in customer service
Business

Toyota Kirloskar Motor launches T CARE: A technological leap in customer service

Toyota Kirloskar Motor (TKM) has introduced "T CARE," an innovative initiative designed to enhance customer ownership experiences across India. This comprehensive program bundles multiple services under one brand, reflecting Toyota’s commitment to superior quality and customer care. T CARE features a range of offerings, including T DELIVER for secure car delivery, T GLOSS for expert car detailing, and T ASSIST providing 24/7 roadside support for five years. Customers can also benefit from T SECURE’s extended warranties, T SMILE’s customizable maintenance packages, and T CHOICE’s diverse service parts options. Additional services include T INSPECT for used car inspections and T SPARSH, which supports rural areas with complete vehicle assistance. Mr. Sabari Manohar, Vice Presi...
Crisil says food costs decrease in August due to tomato, broiler chicken prices
Business, News

Crisil says food costs decrease in August due to tomato, broiler chicken prices

New Delhi: Rating agency CRISIL said in a report released on Friday that the price of home-cooked food or thali declined in August due to low prices of tomatoes and broiler chicken.Vegetarian food prices fell 8% year-on-year (YoY) and 4% month-on-month (MoM) to ₹31.20 in August, while non-vegetarian food prices fell 12% year-on-year and 3% YoY. A sharp decline was observed. , As per the report, MoM has reduced the cost to ₹59.30.In comparison, in August last year, the price of a vegetarian thali was ₹34 and that of a non-vegetarian thali was ₹67.50. By July 2024, the prices had already reduced to ₹32.60 for a vegetarian and ₹61.40 for a non-vegetarian thali.A typical vegetarian meal includes roti, vegetables (onion, tomato, potato), rice, dal, curd and salad. In the non-vegetarian version...
Raymond shares progress 8% in 2 days ahead of lifestyle business’ listing tomorrow
Business, News

Raymond shares progress 8% in 2 days ahead of lifestyle business’ listing tomorrow

Shares of Raymond surged 8% in two days, hitting a high of Rs 2,179 on the BSE on Wednesday, ahead of the listing of its lifestyle business, Raymond Lifestyle (RLL), on the stock exchanges on Thursday.Brokerages also see it as a transformational move for the company that is synonymous with legacy brands like Park Avenue, Raymond, ColorPlus and Parx.Domestic brokerage firms Motilal Oswal and Ventura are optimistic about the company's future prospects.“Currently RLL has 5% market share in the Rs 750 billion menswear market, as the wedding season contributes 35-40% to the revenue (Rs 25-35 billion in FY24). The company continues to focus on premium wedding collections and aims to grow its market share to 6-7% with a revenue CAGR target of 15%. The marriage format also delivers 300bp higher g...
Shares of ECOS India Mobility closed with a rose of 32% for the first time in the market
Business, News

Shares of ECOS India Mobility closed with a rose of 32% for the first time in the market

Shares of driver-driven mobility provider ECOS India Mobility & Hospitality ended with a 32 percent premium against the issue price of Rs 334 on September 4.The stock opened at Rs 391.30, up 17.15 percent from the issue price on BSE. During the day, it rose 36.52 percent to Rs 456. Shares of the company finally closed at Rs 441.05 with a gain of 32.05 percent.On NSE, the company's shares were listed at Rs 390 with a premium of 16.76 percent. The stock closed at Rs 441.05, showing a rise of 32.05 percent.The market valuation of the company stood at Rs 2,646.30 crore.In terms of trading volume, 22.82 lakh shares of the firm were traded on BSE and 327.63 lakh shares on NSE during the day.The initial share sale of Echos (India) Mobility and Hospitality was subscribed 64.18 times on the cl...
Private corporate sector sales gain 6.9%; Net profit rose 14.2% in April-June: RBI data
Business, News

Private corporate sector sales gain 6.9%; Net profit rose 14.2% in April-June: RBI data

Total sales inflation of listed private non-financial companies stood at 6.9 percent  in the April-June quarter of the current financial year (FY25), compared with 2.1 percent growth in the year-ago period. The data from the Reserve Bank of India (RBI) issued.Sales inflation in the last quarter (January-March) of FY24 was 6.9 percent.Private corporate business sector performance data for Q1 FY25 shows that net profit of listed non-government non-financial companies grew 14.2 per cent, from 9 percent in the year-ago period, and 6.4 percent in Q4 FY24 . , The analysis is based on quarterly financial results of 2,934 listed non-government non-financial companies.All major sectors, manufacturing (67.5 percent share in total sales), information technology (IT) (10.1 percent), non-IT servi...