The three main state-owned oil refining and marketing companies have so far lost $2.25 bn (Rs 17,000 cr) due to the freeze on petrol and diesel price imposed by the government ahead of state elections in Uttar Pradesh, Punjab and Goa, according to a report by Moody’s. The rating agency pointed out that Indians are […]
The relentless selling of stocks by foreign institutional investors or FIIs is likely to ‘taper off’ by the end of the current month, according to an analysis of FII fund flows into India by Maximus Securities Research. “The FII selling is expected to taper off by end of March’22, After which we expect normal market […]
ICICI Bank is emerging as a strong challenger for long-time leader HDFC Bank in India’s credit card market, thanks to strong take-up for its co-branded card with Amazon, according to an analysis of RBI’s January numbers. ICICI Bank accounted for 2.41 lakh of the 13 lakh new credit cards added in January 2022. With this, […]
Info Edge Ltd, the parent of Naukri.com, has bought a 76% stake in dating app maker Aisle Network Pvt Ltd for Rs 91 cr. Aisle Network operates several dating websites, such as Aisle, Anbe, Arike and HeyDil, catering to various languages and states such as Malayalam, Hindi and Tamil. The company is based in HSR […]
Bharti Airtel, formerly India’s No.1 telecom operator, said it has acquired a 4.7% stake in India’s largest tower company Indus Towers from Britain’s Vodafone Plc. The company is likely to have paid around Rs 2,650 cr for the stake, going by the current valuation of the tower company. It said the money it pays to […]
Tata Motors, India’s second biggest automaker, is on track to set another monthly record in terms of passenger auto sales in February, even as market leader Maruti Suzuki will continue to see a year-on-year decline, according to Emkay Research. The third major listed automaker, Mahindra & Mahindra is also scheduled to report a strong February […]
As the country nears the two-year anniversary of COVID-19, strong demand for non-IT engineers, finance professionals and software developers is driving a recovery in hiring activity in India, according to numbers from recruitment website indeed.com Overall demand for workers, as reflected in the number of new job postings, are up 44% as of February this […]
AirAsia has launched its ‘FlyAhead’ service in India, allowing passengers to switch to an earlier flight by paying Rs 500-1,500 at the airport counter. “Guests who reach the airport six hours or more prior to their scheduled flight departure, can opt for the FlyAhead service at the AirAsia Airport Counter. Change fees, which are typically […]
Flipkart, one of India’s oldest e-commerce players, said it will sell the Middle East business of Cleartrip, acquired by the company last year, to local rival Wego as part of its strategy to focus on the Indian market. The financial details of the transaction were not revealed. Cleartrip, founded in 2006, is one of the […]
Godrej Properties, the real estate arm of the Godrej group, is all set to get a major infusion of cash in the form of a Rs 2,000 cr investment by parent Godrej Industries. The flagship company of the Godrej group said it has also decided to invest Rs 500 Godrej Agrovet Ltd, which makes cattle […]
Reserve Bank of India governor Shaktikanta Das today warned investors to exercise caution when investing in crypto-currencies. “I have made our position very clear on this. Private crypto currency or whatever you call it, is a very big threat to our macro-economic and financial stability. “RBI’s position is that private crypto-currencies will interfere with RBI’s […]
Imagine Marketing Limited, the company behind ‘Boat’ earphones, has filed a draft red herring prospectus with the Securities and Exchange Board of India — taking the first step to listing its shares on the stock exchanges. The company wants to raise Rs 2,000 cr from investors. Out of this, only Rs 900 cr is being […]
Emami Limited, one of the country’s oldest consumer brands, said its founders RS Agarwal and RS Goenka have stepped down from their managerial positions, and their sons Mohan Goenka & Harsha Agarwal will take over vice chairman and managing director respectively. Mohan Goenka is the eldest son of RS Goenka and Harsha Agarwal is the […]
Godrej Properties, one of India’s fastest growing and most profitable real estate companies, said it has got the approval of its board of directors to explore the possibility of acquiring a stake in rival and listed real estate developer DB Realty. “..the Board of Directors of the Company has at its meeting held today, i.e. […]
Maruti Suzuki reported better numbers as part of its January Auto Sales performance compared to recent months, with India sales declining only 7% compared to the same month of last year. This is comparatively better than its performance in recent months. In November, for example, its domestic passenger vehicle sales fell by a whopping 19% […]
Finance Minister Nirmala Sitharaman gave a relatively short speech in Parliament today detailing government of India’s spending plans for the next financial year. Here is the full text of the FM’s speech on Budget 2022. “At the outset, I want to take a moment to express my empathy for those who had to bear adverse […]
The government of India today said it will introduce a digital rupee — a central bank digital currency — in the year starting April 2022. The move was announced by finance minister Nirmala Sitharaman. With this, India has become one of the few countries in the world to announce a date for the introduction of […]
Kia India, the Korean carmaker and one of the fastest-growing, has started producing its three-row recreational vehicle Kia Carens in India, and said the car got 7,738 bookings in the first 24 hours. The car is being produced at Kia’s manufacturing facility in Anantapur, Andhra Pradesh. “The Kia Carens is the latest ‘Made-in-India’ offering from […]
Bharti Airtel said it will acquire 25% in a Bengaluru based networking software company for an undisclosed amount. Lavelle Networks helps large corporations and organizations create their own virtual networks spread over several physical networks. “Software-defined Wide Area Network is the necessary arsenal for enterprises to transform and future-proof their network infrastructure in this digital […]
Bharat Electronics Ltd, the government of India managed defence electronics manufacturer, said it has entered into a $73 million co-development and manufacturing deal with a US network consultant to manufacture and supply internet-of-things or IoT devices. The companies did not disclose the exact nature of the devices, but said the contract opens the door to […]
