Thursday, September 19

Business

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...
Toyota and Union Bank’s strategic alliance redefines vehicle financing across India
Business

Toyota and Union Bank’s strategic alliance redefines vehicle financing across India

Toyota Kirloskar Motor (TKM) has teamed up with Union Bank of India to launch a groundbreaking financing initiative. This new partnership promises up to 90% financing on the on-road price of Toyota vehicles for private use, eliminating any foreclosure or part-payment charges. This exciting collaboration rolls out two innovative schemes: the Union Vehicle Scheme, offering flexible tenures up to 84 months with interest rates starting at 8.80% per annum, and the Union Parivahan Scheme for commercial vehicles, with terms extending up to 60 months. Union Bank’s extensive network ensures that these options are accessible to customers across the country. This partnership is expected to create a significant buzz, offering residents enhanced financing solutions for Toyota’s range of vehicles...
GDP growth rate hits five-quarter low of 6.7% due to slowdown in agriculture, services
Business, News

GDP growth rate hits five-quarter low of 6.7% due to slowdown in agriculture, services

India's real gross domestic product (GDP) growth is set to fall to a five-quarter low of 6.7 per cent in April-June 2024-25 due to slow growth in agriculture, government spending and services, according to data released by the National Statistical Office (NSO).The quarterly GDP growth rate for Q1, which fell below the 7 percent mark for the first time in a year, came in at 7.8 percent, much lower than the 7.1 percent estimate given by the Reserve Bank of India (RBI). The previous quarter saw an increase of 8.2 percent and the year-ago quarter saw an increase of 8.2 percent.However, the manufacturing and construction sectors showed strong signs of growth with growth rates of 7.0 percent and 10.5 percent respectively in April-June as against growth of 5 percent and 8.6 percent in the year-a...
ICICI Pru Life Insurance crosses Rs 3 Lakh Crore AUM milestone
Business

ICICI Pru Life Insurance crosses Rs 3 Lakh Crore AUM milestone

ICICI Prudential Life Insurance Co. Ltd. has achieved a significant milestone by surpassing Rs 3 lakh crore in Assets Under Management (AUM). As of July 31, 2024, the company's AUM stood at Rs 3.14 lakh crore. Anup Bagchi, MD & CEO of ICICI Prudential Life Insurance, expressed his delight at this achievement, attributing it to customer preference for their products and trust in their ability to help achieve long-term financial goals. The company's focus on simplifying products and processes has been a key driver of this growth.ICICI Prudential Life Insurance emphasizes its role as a trustee and custodian of customer savings, implementing a stringent investment philosophy and risk management framework. This approach has resulted in a zero-Non-Performing Assets record since its i...
Moody’s increase India’s growth forecast to 7.2% for 2024
Business, News

Moody’s increase India’s growth forecast to 7.2% for 2024

Moody's Ratings raised India's growth forecast for 2024 to 7.2 percent from an earlier estimate of 6.8 percent, projecting a pick-up in private consumption.The global rating agency said on August 29 that the Indian economy is also expected to grow at a faster rate of 6.6 percent in 2025, compared to the earlier estimate of 6.4 percent.“Global growth is stabilizing and inflation is close to the central bank's target in most markets. We expect global growth to slow in 2024 and 2025 from 3.0% in 2023 to 2.7% and 2.5%, respectively. Although growth trends vary across countries, Moody's expects no change in the global outlook. Said while predicting.The Indian economy grew by 7.8 percent in the first quarter of 2024. Data for the April-June quarter will be available on August 30.Growth is likel...
Himalaya Wellness Company recently announce the achievement of planting over one million trees across India
Business

Himalaya Wellness Company recently announce the achievement of planting over one million trees across India

Himalaya Wellness Company, one of India’s leading wellness brands, has recently announced the achievement of planting over one million trees across India. This significant accomplishment was celebrated in a special event where the one millionth tree was planted by dedicated Himalaya employees, marking a step in the company’s commitment to environmental sustainability. Forests are vital for the health of the planet, serving multiple essential functions such as sequestering carbon, regulating temperatures, managing freshwater, and preventing erosion. They host 80% of terrestrial biodiversity and support around 350 million people with food and resources. However, their degradation is severely threatening these essential ecological functions and the biodiversity they sustain.KG Umesh, Dire...
Bajaj Finserv, Bajaj Finance shares gain ahead of mortgage arm’s IPO
Business, News

Bajaj Finserv, Bajaj Finance shares gain ahead of mortgage arm’s IPO

Shares of Bajaj Finserv and Bajaj Finance rose on Monday ahead of the announcement of mortgage lender Bajaj Housing Finance's Rs 7,000 crore initial public offering (IPO).The IPO is expected to Effectual the market during the first half of September.The IPO will have a special quota for shareholders of Bajaj Finserv and Bajaj Finance, both of which are classified as 'promoters'.Shares of Bajaj Finserv rose 2.84 percent, while Bajaj Finance gained 0.6 percent. Bajaj Finance holds 100 percent stake in Bajaj Housing, while Bajaj Finserv holds 51.34 percent stake in Bajaj Finance. Bajaj Housing's IPO will involve a share sale of Rs 3,000 crore by Bajaj Finance and a fresh fund raising of Rs 4,000 crore.The fresh funds will be raised to boost its capital base for future borrowing requirements....
Electricity imports from Vietnam grew up by 17% due to change in base by Chinese companies
Business, News

Electricity imports from Vietnam grew up by 17% due to change in base by Chinese companies

"Vietnam electricity exports boost, India's imports increased by 17%".India has seen a significant increase in imports of electrical machinery and parts from Vietnam in the first seven months of 2024. Imports from Vietnam rose 17% to $5.8 billion between January and July, according to analyzed commerce ministry data. Same period last year.A closer look at trade numbers shows that electrical machinery and parts, which make up a large share of imports from Vietnam, grew by a substantial 43% in the first 5 months of 2024 compared to a year earlier. This strong double-digit growth highlights Vietnam's growing prominence as a leading supplier of electrical goods and components to the Indian market.Experts attribute Vietnam's export success to Chinese companies shifting their operating bases to...
At Vi stores across India artisans support by various NGOs showcase their creations
Business

At Vi stores across India artisans support by various NGOs showcase their creations

Celebrating India, leading telecom operator Vi has launched its unique initiative, Artisans of India. This special initiative celebrated the craftsmanship and skills of local artisans, adding a vibrant touch across the country. Vi helped provide a platform to over 60 talented artisans across its stores in multiple States. Vi Stores in Maharashtra, Tamil Nadu, Uttarakhand, Uttar Pradesh, Kerala, West Bengal, New Delhi, Karnataka, Punjab, Andhra Pradesh, Telangana, and Gujarat collaborated with local NGOs to showcase artisans’ work to the public. These artisans, working with various crafts and traditions, showcased hand-painted bags, chikankari embroidery, paintings, toys, decorated diyas, and more. Some NGOs Vi partnered with for this initiative included Universal Smile, ESSCENT, Astha ...
Rupee growth 5 paise to 83.88 against US dollar in early trade
Business, News

Rupee growth 5 paise to 83.88 against US dollar in early trade

The rupee traded in a tight range and rose 5 paise to 83.88 against the US dollar in morning trade on Friday, supported by softening crude oil prices and fresh foreign fund inflows.Forex traders said the significant improvement in oil prices, which are around US$77 per barrel, is a big positive sign for the rupee, given India's substantial oil imports.At the interbank forex market, the local unit opened at 83.93 and then gained ground to touch 83.88, registering a rise of 5 paise from its previous close.Amit Pabari, MD, CR Forex Advisors said that “Despite the dollar index hitting recent lows, the Indian rupee remains stable, showing little signs of strengthening. This resilience can be attributed to the central bank's deliberate interventions aimed at stabilizing the USDINR around the 83...