Hinduja Group chairman SP Hinduja passes away at 87
London: Srichand Parmanand Hinduja, the eldest among the Hinduja brothers and the chairman of the Hinduja Group, passed away in London on Wednesday at the age of 87.
Finance
RBI allows SBI Funds Management to buy 9.99% stake in HDFC Bank
Mumbai: The Reserve Bank of India (RBI) has granted permission to SBI Funds Management (SBIMFL) to acquire a stake of up to 9.99 percent in terms of paid-up share capital or voting rights of HDFC Bank, the bank said in an exchange filing on Wednesday.
Tata Sons Chairman N. Chandrasekaran awarded France's highest civilian honour
Mumbai: Tata Sons Chairman N. Chandrasekaran was awarded the highest civilian honour of France "Chevalier de la Légion d'Honneur"—the highest honour in France by French Minister for Europe and Foreign Affairs Catherine Colonna.
Bharat Petroleum unveils Rs 49,000 crore petrochemical and capacity expansion project at Bina Refinery
Mumbai: Bharat Petroleum Corporation Limited (BPCL), a oil and gas company in India, has announced its ambitious expansion plans worth Rs. 49,000 Crore, further increasing the Company’s footprints in petrochemical segment and renewable energy, together with augmenting marketing infrastructure.
Aditya Birla Capital launches ‘Udyog Plus’
New Delhi/Kolkata: Aditya Birla Capital, the financial services business of the Aditya Birla Group, through its lending arm, Aditya Birla Finance, announced the launch of Udyog Plus, an innovative one-stop business platform, designed for MSME customers.
IndiGo inducts its second wide-body Boeing 777 aircraft which will operate on the Mumbai-Istanbul route
Mumbai: Airline major IndiGo has inducted its second Boeing 777 aircraft, on damp lease, which will operate to and from Mumbai- Istanbul route, effective on Wednesday.
Go First's disproportionate liabilities consequence of aircraft grounding, says Resolution Professional: Report
The Interim Resolution Professional (IRP) of Go First Abilash Lal has informed the National Company Law Tribunal (NCLT) that the financially strained airline has incurred disproportionate liabilities due to the grounding of its aircraft, Moneycontrol reported.
Banks seek one more year to implement new loan provision system
Mumbai: Banks have appealed to the RBI for an additional year to implement the Expected Credit Loss (ECL) system for loan provisioning. Currently, banks allocate funds when an asset becomes non-performing. However, once the new system is implemented, it is anticipated to have a one-time effect on banks' profits, said media reports.
Russian companies investing rupee surplus in Indian govt bonds: Report
Mumbai: According to the Indian Banks' Association (IBA), Russian banks and companies with trade surpluses from Indian lenders are using the rupee funds to invest in domestic government debt, Reuters reported.
Mobile Premier League expands in Africa
New Delhi: Mobile Premier League (MPL), the mobile esports and digital gaming platform, has officially launched its app in Nigeria, marking its first foray into the African gaming market.
Indian Oil Q4FY23 PAT soars 67% YoY to Rs 10,059 crore
Mumbai: State-owned refiner Indian Oil Corp Ltd reported a jump in its standalone net profit for the quarter ended March 2023, with a year-on-year growth of 67 percent to Rs 10,059 crore compared to the net profit of Rs 6,021 crore recorded in the same period last year.
Top Tesla execs to visit India to explore supply chain expansion outside China: Report
Amid ongoing trade tensions between the United States and China, companies such as Tesla are swiftly recognizing the imperative to redirect their attention away from China.
SEBI explores broadening QIB definition to allow debt market investments by universities and urban local bodies
If the consultation paper issued by the market regulator SEBI is approved, it could enable higher educational institutions, urban local bodies, and Micro Units Development & Refinance Agency (MUDRA) to participate as Qualified Institutional Buyers (QIBs) in investing in debt securities, Moneycontrol reported.
Paytm promotes Bhavesh Gupta as president and COO
Mumbai: In a move to bolster its lending operations amidst growing competition in the digital lending sector, Paytm has promoted Bhavesh Gupta, a key executive in its lending division, to the position of President and Chief Operating Officer (COO).
Bharti Airtel Q4FY23 net profit soars 50% YoY to Rs 3,006 cr; ARPU raises to Rs 193
Mumbai: Bharti Airtel, the second-largest telecommunications company in India, recorded a massive 50% increase in consolidated net profit to reach Rs 3,006 crore for the quarter ending in March 2023 compared to Rs 2,008 crore in the same period last year.
Vodafone plans to cut 11,000 jobs over next three years
Telecom major Vodafone on Tuesday said it might cut 11,000 jobs over three years.
Bank of Baroda registers 2-fold jump in Q4 profit
Mumbai: Public sector lender Bank of Baroda on Tuesday reported over two-fold jump in its fourth quarter net profit at Rs 4,775.33 crore on account of higher interest income and low provisions for bad loans.
Emraan Hashmi celebrates 15 years Of Jannat!
Mumbai: Actor Emraan Hashmi is a true trailblazer and has given audiences one of the best films of the past decade.
Indian Minister Piyush Goyal emphasises 10x plus growth potential in next 25 years
New Delhi: During his two-day visit to Brussels to attend the first Ministerial meeting of India-European Union Trade and Technology Council (TTC), Union Minister for Commerce & Industry, Textiles, Consumer Affairs, Food & Public Distribution, Piyush Goyal was invited to attend the business meeting organised by Federation of Enterprises in Belgium (FEB).
India and EU affirm commitment to work together on WTO reforms
Union Minister for Commerce & Industry, Textiles, Consumer Affairs, Food & Public Distribution, Piyush Goyal and Executive Vice-President of the European Commission responsible for an Economy that Works for People, and the European Commissioner for Trade, Valdis Dombrovskis emphasised on the need for expediting the ongoing India-EU FTA negotiations by finding convergence on all issues.
Federal Bank inaugurates new branch in Ambernath
Mumbai: Federal Bank proudly announces the inauguration of its Ambernath branch, marking its 163rd branch in the Mumbai Zone.
Amazon lays off 500 employees in India: Reports
Technology giant Amazon India has laid off 500 employees in India, media reports said on Tuesday.
Kamdhenu strengthens the presence of its Brand 'Kamdhenu Colour Max Sheet’ in West Bengal
Kolkata: Kamdhenu Limited, India’s largest manufacturer and seller of branded TMT Bars in retail, announced its plans to strengthen the presence of its brand 'Kamdhenu Colour Max Sheet' in West Bengal.
UK’s SRAM and MRAM Group to invest USD 100 million in SpiceXpress; signs MoU
Kolkata: United Kingdom-based SRAM & MRAM Group will invest $100 million in SpiceXpress and Logistics Pvt. Limited. Both sides have signed a MoU as part of the investment deal.
Kotak Cherry launches 'Cherry and Chill' campaign
Kolkata: Kotak Cherry, a curated tech-led investment platform under Kotak Investment Advisors Ltd, a Kotak group entity, has unveiled its latest campaign, “Cherry and Chill”, aimed at providing investors with a fresh take on investing.
Vinsys to pursue inorganic global expansion strategy
Kolkata/Pune: Vinsys, Pune-headquartered global IT services company, is actively seeking inorganic growth opportunities to expand its reach in new markets, including the US and UK while continuing to consolidate its position in the Middle East.
Business Association of Nagas delegation visiting Bangladesh
A 12-member Business Association of Nagas (BAN) delegation is currently visiting Bangladesh where they are meeting industrialists and business bodies to explore business opportunities.
Vee Tech CEO Chocko Valliappa nominated as member of Syndicate of Anna University
Bengaluru: Chocko Valliappa, founder and CEO of IT services firm Vee technologies, has been nominated as a member of the Syndicate of Anna University, India’s foremost technical University.
India's wholesale inflation slips into negative territory in April
New Delhi/UNI: India's Wholesale Price Index (WPI) based inflation fell into the negative zone in April 2023.
PM Modi interacts with Walmart CEO Doug McMillon
New Delhi: Prime Minister Narendra Modi on Sunday said he held insightful discussions with Walmart CEO Doug McMillon, and he is happy to see India emerge as an attractive destination for investment.