Wednesday, February 4

Business

Uber Green electric vehicles launched in Kolkata
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Business

Uber Green electric vehicles launched in Kolkata

Uber on Thursday(20th June 2024) announced the launch of its flagship electric vehicle service, Uber Green, in Kolkata, marking a step towards eco-friendly urban transportation. Now, Uber stands as the second ride-hailing service provider to offer EVs in the city, following Snap E, another brand operating with an all-EV fleet. "Enhancing the air quality in Kolkata is a shared duty we all must embrace. I commend Uber for introducing 'Uber Green' in Calcutta, a significant step towards reducing carbon emissions in our city," West Bengal Transport Minister Snehasis Chakraborty said. "This service allows residents to book zero-emission rides with ease through the Uber app, promoting sustainable travel across the city, including routes to and from Kolkata international airport," Uber ...
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SBI to upgrade ₹20,000 crore through long-term bonds in FY2025
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SBI to upgrade ₹20,000 crore through long-term bonds in FY2025

State Bank of India (SBI) announced board approval to raise up to ₹20,000 crore through long-term bonds in FY 2024-25. The central board meeting on June 19, 2024, approved raising funds through public issue or private placement.At the time of writing, SBI shares are trading at ₹846.65 which is 0.70% lower than its previous close. The stock has seen a total rise of 49% in the past year and 32% since the beginning of the year.In January, SBI raised ₹5,000 crore through perpetual bonds at a coupon rate of 8.34%. In the last financial year, SBI had issued 15-year infrastructure bonds to raise ₹20,000 crore.Earlier this month, SBI's London branch raised $100 million through three-year senior unsecured floating-rate bonds priced 95 basis points above the secured overnight financing rate (SOFR)....
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Direct tax collections progress 21% to Rs 4.62 lakh crore from higher corporate advance tax
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Direct tax collections progress 21% to Rs 4.62 lakh crore from higher corporate advance tax

The first installment of advance tax, which was due on June 15, saw accumulation inflation 27.34% to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) of Rs 1.14 lakh crore and Personal Income Tax of Rs 34,470 crore. Net direct tax collections have jumped by 21 percent to over Rs 4.62 lakh crore so far this financial year due to higher advance tax payments by corporates. The first installment of advance tax, which was due on June 15, saw collections inflation 27.34% to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) of Rs 1.14 lakh crore and Personal Income Tax (PIT) of Rs 34,470 crore. According to the CBDT (Central Board of Direct Taxes), the net direct tax collections of Rs 4,62,664 crore (till June 17, 2024) include CIT of Rs 1,80,949 crore and PIT...
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US retail sales in May flourish just 0.1% from April as still-high inflation curbs spending
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US retail sales in May flourish just 0.1% from April as still-high inflation curbs spending

Consumers barely up spending in May compared to April as still-high inflation and high interest rates curbed spending. According to the Commerce Department, retail sales rose 0.1 percent in May, slower than the pace expected by economists. And April sales were revised downwards – down 0.2 percent from unchanged. Sales rose 0.6 percent in March and 0.9 percent in February. This comes after a 1.1 percent decline in sales in January, which was partly due to bad weather. Excluding gas prices and auto sales, retail sales increased by the same amount. Excluding gasoline sales, whose prices are falling, sales rose 0.3 percent. Retail sales data gives only a partial look at consumer spending because it doesn't include things like travel and lodging. However, sales at restaurants, the only s...
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Jio’s network is down, people unable to use mobile internet or fiber 
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Jio’s network is down, people unable to use mobile internet or fiber 

Jio, a leading telecom provider, experienced a huge network outage, impacting thousands of users across the country on Tuesday(18th of June 2024), with widespread complaints about the inability to use essential social media applications such as YouTube, WhatsApp, Snapchat, Instagram and Google. Downdetector, a platform monitoring real-time outages, recorded complaints from 2,437 individuals facing connectivity issues with their Jio services. The problem turned worst around 1:42 PM, resulting in widespread disruption for users who depend on the network for important communication and internet access. Several users took to X (formerly Twitter) to address their grievances. A user wrote, "#Jio network is down for Google, Swiggy & major websites. Whereas, WhatsApp, Jio’s own platform...
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SBI araise MCLR by 10 bps for all tenors
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SBI araise MCLR by 10 bps for all tenors

State Bank of India (SBI) has increased the marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps) for all tenors. The MCLR hike by SBI comes days after the Reserve Bank of India (RBI) left the key policy rate unchanged.This move is likely to be followed by other lenders, resulting in loans becoming costlier for borrowers.The country's largest lender has revised the one-year MCLR from 8.65 percent to 8.75 percent. Overnight MCLR has been increased from 8 percent to 8.1 percent. One and three month MCLR has been increased to 8.3 percent from earlier 8.2 percent.The revised MCLR for two-year and three-year MCLR is 8.85 percent and 8.95 percent respectively. The new rates have become effective from today.Last week, the RBI's Monetary Policy Committee (MPC) left the repo ra...
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Retail inflation decrease to 12-month low of 4.75% in May
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Retail inflation decrease to 12-month low of 4.75% in May

Retail inflation fell to a one-year low of 4.75% in May as prices of some kitchen items declined marginally, according to government data released on Wednesday. Consumer Price Index (CPI) based retail inflation stood at 4.83 percent in April 2024 and 4.31% in May 2023 (previous low). According to data released by the National Statistical Office (NSO), inflation in the food basket stood at 8.69% in May, slightly lower than 8.70% in April. A headline price increase has seen a gradual decline since February 2024, albeit in a narrow range from 5.1% in February to 4.8% in April 2024. The government has entrusted the Reserve Bank with the task of ensuring that CPI inflation remains at 4% with a margin of 2% on either side. Earlier this month, the RBI had projected CPI inflation a...
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Tata Motors share prices progress as brokerage firms maintain bullish stance; Stocks rise 7% in a week
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Tata Motors share prices progress as brokerage firms maintain bullish stance; Stocks rise 7% in a week

Tata Motors share price rose more than 2% on Wednesday, adding 7% in a week, as brokerages maintained a bullish stance on the stock amid better growth prospects highlighted by the company in an investor meet. While Tata Motors' Indian business has already become net debt free by FY2024, it has set a target for Jaguar Land Rover (JLR) to become net debt free by FY2025. Tata Motors aims to grow up the passenger vehicle (PV) industry by 2X on new nameplates across ICE, CNG and EVs with a development of 80% of the addressable market by FY2030 from 53%. It aims to progress profitability with double-digit margins in the combined PV and EV business by FY2030. It also targets the electric vehicle (EV) business to accomplish EBITDA get by FY26. Better growth prospects in CV prompt brokera...
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Vi launches all-In-one sports streaming plans for cricket and football fans
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Vi launches all-In-one sports streaming plans for cricket and football fans

Vi is revolutionizing the way sports fans in India watch their favorite games with its new subscription plans on the Vi Movies & TV App. According to a recent Ormax Media report, India boasts 678 million sports viewers, with cricket and football being the most popular, drawing 612 million and 305 million fans respectively. This season, Vi users can enjoy the World’s Biggest T20 Cricket Tournament on Disney+ Hotstar, UEFA Euro 2024, and Copa America all under a single subscription. The Vi Movies & TV App, compatible with connected TVs and various devices, promises an immersive and seamless viewing experience.The Vi Movies & TV Pro plan, available for Rs 199 per month (postpaid) and Rs 202 per month (prepaid), grants access to major sports events on Disney+ Hotstar, Sony LIV,...
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New business premium of life insurers upgrade 15% to ₹27,034 Crore in May
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New business premium of life insurers upgrade 15% to ₹27,034 Crore in May

New business premium collections of life insurance companies grow by 15.15% in the month of May 2024 compared to the same month last year, boost by strong demand for improved insurance protection from both corporate and individual consumers. According to the Life Insurance Council, new policy issuances grew by 12.45% in the same period, reflecting strong underlying demand for life insurance products. New business premium increased from Rs 23,448 Crore in May 2023 to Rs 27,034 Crore in May 2024, with year-to-date (YTD) collections rising even further to Rs 47,293 Crore from Rs 36,043 Crore. Driven by strong demand for enhanced insurance protection from individual consumers, new policy issuances in May this year also grew by 12.45 percent year-on-year, resulting in 16,61,324 new polic...
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