The Centre is all set to introduce a research linked incentive programme shaped on the lines of the production linked incentive (PLI) scheme to boost research and development of biotech products in the country, said Drugs Controller General of India Dr V G Somani on Friday. PLI scheme aims to give companies incentives on incremental [...]
JSW Steel on Friday posted a sharp 85.50 per cent fall in its December quarter consolidated net profit to Rs 474 crore mainly on account of higher expenses. The firm had clocked a net profit of Rs 4,516 crore in the year-ago period, it said in a regulatory filing. Total income during the October-December quarter [...]
Online food delivery platform Swiggy on Friday laid off 380 employees as part of a "restructuring exercise" citing challenging macroeconomic conditions, with its CEO Sriharsha Majety saying that overhiring was a case of "poor judgement" where he should have done better. In an internal email, Majety, Co-Founder and CEO, also apologised to the affected employees [...]
The shares of ICICI Lombard General Insurance and ICICI Prudential Life Insurance shares faced selling pressure after they reported their financial results for the December quarter. ICICI Lombard’s shares closed at ₹ 1151.95 apiece on Friday, while ICICI Prudential’s shares closed at ₹ 471.90 apiece. ICICI Lombard General Insurance The general insurer reported a net [...]
The Pakistan government has requested the IMF to send its mission to the country at the earliest, preferably next week, to conclude a long-awaited agreement to revive the bailout programme, as it conveyed its willingness to accept all the four major conditions set by the global lender, according to a media report. Cash-strapped Pakistan revived [...]
Vedanta Group company, Hindustan Zinc’s shares opened 8.62% lower on Friday and fell as much as 9.89% to reach an intraday low of ₹ 340.20 apiece. This happened after the company announced the acquisition of Vedanta's Zinc International (ZI) assets for a cash consideration of $ 2,981 million. Hindustan Zinc is a subsidiary of Vedanta, [...]
The Defence Ministry has eased rules for rolling out mobile towers, optical fibre and other telecom infrastructure gears in its area in line with the "Right of Way (RoW)" Rules notified by the Telecom Ministry in 2016. A copy of the new rules uploaded on Gati Shakti Portal on Thursday replaces "shared communication tower and [...]
The insurance industry will need a capital infusion of Rs 50,000 crore per year to double its penetration in the next five years, sector watchdog Irdai's chief Debasish Panda said on Friday. Panda appealed to business conglomerates to channelise funds into the sector, saying the return on equity is at a healthy 14 per cent [...]
Around 71 per cent of stock brokers are considering a shift towards a technology-based model and mulling increasing manpower in their IT team, as per a survey conducted by ANMI among its 900 members. The survey found that the increasing frequency and sophistication of cyber threats could be prompting financial institutions to invest more in [...]
The shares of Coforge Ltd rallied 7.15% to reach an intraday high of ₹ 4250.00 apiece on the National Stock Exchange (NSE). The IT services provider reported better-than-expected net profit for the October to December quarter (Q3FY23), which is a seasonally weak quarter. Its shares were trading at ₹ 4210.60 apiece at 12:36 PM on [...]
