Sundram Fasteners Ltd, engaged in manufacturing of auto components has bagged a USD 250 million contract from a top automobile manufacturer for supply of sub-assemblies to its electric vehicle segment, the company said on Tuesday. The city-based company said the award of contract was the biggest EV contract secured in its 60 year old history. [...]
Operating margins of India Inc are likely to have fallen by 270 basis points (bps) to 18-19 per cent in the December quarter on easing commodity prices and moderating revenue growth, says a report. However, sequentially, operating margins are set for a rise for the first time in six quarters, Crisil said on Tuesday. Cheaper [...]
The Reserve Bank has sounded a note of caution on reversion to the old pension scheme by some states, saying it poses a major risk on the "subnational fiscal horizon" and would result in accumulation of unfunded liabilities in the coming years for them. The observations in the RBI's Report titled 'State Finances: A Study [...]
The Sensex and Nifty ended nearly 1 per cent higher on Tuesday amid buying in index majors Reliance Industries and HDFC twins. The 30-share BSE benchmark Sensex rallied 562.75 points or 0.94 per cent to settle at 60,655.72. During the day, it jumped 611.51 points or 1 per cent to 60,704.48. The broader NSE Nifty [...]
Media firm TV18 Broadcast Ltd on Tuesday reported an 87.86 per cent decline in its consolidated net profit to Rs 37.81 crore for the third quarter ended December 31, 2022, on account of a decline in advertising revenue. The company had posted a net profit of Rs 311.55 crore for the October-December period of the [...]
Motilal Oswal Alternates, which has already committed Rs 2,000 crore to realty projects during this fiscal so far, is planning to launch a new fund with similar investible corpus by March. Sharad Mittal, chief executive of real estate funds at MO Alternates, said, "in addition to the money already committed, we plan to launch a [...]
Steel wheels manufacturer, Wheels India Ltd has launched flow form technology equipped in cast alloy wheel considered one of the most advanced manufacturing technologies in the wheel industry, the company said on Tuesday. The city-headquartered company recently commenced shipment of the flow forming wheel to the United States and expects to unveil the product soon [...]
Sagar Cements has been declared as the successful bidder for debt-ridden Andhra Cements, a company which was owned by the Jaypee Group and is under the Corporate Insolvency Resolution Process. The Committee of Creditors (CoC) of Andhra Cements has voted with a majority in favour of the resolution plan filed by Sagar Cements Ltd, Andhra [...]
Capital markets regulator Sebi on Tuesday proposed to introduce a blocking of funds facility for trading in secondary markets, a move aimed at safeguarding investors' money from misuse and default by stock brokers. This is similar to Application Supported by Blocked Amount (ASBA)-like facility already available for the primary market which ensures that money from [...]
Sri Lanka on Tuesday announced further measures to tighten its finances ahead of reaching an agreement with its main creditors on the anticipated IMF bailout expected in the island nation’s ongoing economic crisis caused by forex shortages. Cabinet spokesman Bandula Gunawardena said that a further one per cent cut from the budgetary allocations of each [...]
