Auto component maker SEG Automotive India is looking to penetrate electric passenger and commercial vehicle segments with its high voltage motors after consolidating its position in two and three-wheeler verticals, a top company official said on Tuesday. The Bengaluru-based firm, a leading supplier of various auto components like starter motors and mild hybrid systems, has [...]
Underlining the contribution of non-resident Indians, Union Finance Minister Nirmala Sitharaman on Tuesday said remittances sent to the country by overseas Indians were about USD 100 billion for the year 2022, an increase of 12 per cent in one year. Speaking at a session during the Pravasi Bharatiya Divas (PBD) convention in Madhya Pradesh's Indore [...]
The Central government will soon launch an information technology server and IT hardware production linked incentive (PLI) scheme, and also offer additional incentives for manufacturers that incorporate Indian-designed intellectual property into their products, Union Minister of State for Electronics and IT Rajeev Chandrasekhar said on Tuesday. Virtually addressing the VLSI Design Conference 2023 that began [...]
State-owned Coal India Ltd (CIL) has issued the letter of acceptance for nine coal mining projects, having a production capacity of around 127 million tonnes, to be operationalised through engagement of mine developer and operators. Another six mining projects are at different stages of implementation. "The state-owned coal miner is tracking a total of 15 [...]
The mutual fund industry added Rs 2.2 lakh crore to its asset base in 2022, driven by consistent monthly increase in SIP (Systematic Investment Plan) flows. The Assets Under Management (AUM) of the mutual fund industry rose by 5.7 per cent or Rs 2.2 lakh crore to a total Rs 39.88 lakh crore in 2022, [...]
Saudi Crown Prince Mohammed Bin Salman has directed authorities to study augmenting the Gulf Kingdom's investments in Pakistan to reach USD 10 billion and increasing its deposit to the cash-strapped country's central bank to USD 5 billion, a media report said on Tuesday. Pakistan's economic situation is facing severe headwinds with inflation being forecast to [...]
Zydus Lifesciences Ltd on Tuesday said it has received final approval from the US health regulator to market its generic version of Febuxostat tablets used to treat high uric acid in the blood. The approval granted by the US Food and Drug Administration (USFDA) to market Febuxostat tablets is for strengths of 40 mg and [...]
President Ranil Wickremesinghe has instructed his ministries to slash five per cent of their estimated expenditure allocated in this year's Budget as Sri Lanka's Treasury was facing an acute shortage of funds, exacerbating fears that the cash-strapped country's economic crisis could be even worse than previously anticipated. Sri Lanka is in the midst of its [...]
Auction of as many as 132 coal mines will be conducted this month under the sixth tranche in states including Odisha, Jharkhand, Chhattisgarh, West Bengal among others, according to MSTC CMD Surinder Kumar Gupta. MSTC, under the Ministry of Steel, conducts e-auction of various materials and minerals and mines. This will be the sixth tranche [...]
With the opening up of the economy post the COVID pandemic, Knight Frank on Tuesday said housing sales rose 34 per cent to a 9-year high and gross office leasing grew 36 per cent during 2022 across eight major cities. While housing sales rose 34 per cent to 3,12,666 units in 2022 across eight major [...]
