Pakistan’s National Assembly on Tuesday unanimously passed a money bill aimed at raising tax revenues to fulfil the demands set by the IMF for seeking a USD 1.1 billion loan facility to avoid an economic meltdown. The Finance (Supplementary) Bill 2023 or ‘mini-budget’ was approved in the lower lower house of Parliament days after the [...]
Tata Motors Limited, the largest Electric Vehicle (EV) maker in India has entered into an agreement with the US-based company Uber, India’s leading ridesharing platform, to supply 25,000 of its X-Pres-T electric sedans. This is the largest electric vehicle order in India so far. The Tata group company is expected to deliver the order over [...]
Prime Minister Narendra Modi on Tuesday expressed hope that digital transactions will soon surpass cash as Unified Payments Interface (UPI) is increasingly becoming the most preferred payment mechanism in the country. Modi after the launch of the cross-border connectivity between the UPI and PayNow of Singapore said about 74 billion transactions amounting to more than [...]
The shares of the construction and infrastructure development company, Dilip Buildcon Ltd were trading at Rs Rs 207 levels in the early hours of Tuesday. The scrip was in focus after the company bagged an order worth Rs 1,947.06 Crore. The company, through Dilip Buildcon Limited - Skyway Infraprojects Pvt. Ltd has received a letter [...]
India needs investments to the tune of Rs 33,750 crore to achieve the government PLI target of setting up 50 GWh of lithium-ion cell and battery manufacturing plants, according to a study. The country requires up to 903 GWh of energy storage to decarbonise its mobility and power sectors by 2030, and lithium-ion batteries will [...]
The number of insolvency cases increased 25 per cent in the December 2022 quarter, while recovery of debt through the process remained the lowest at 23.45 per cent during the period, an analysis showed. While the number of insolvency petitions increased by a steep 25 per cent, the overall recovery rate till the third quarter [...]
Capital markets regulator Sebi on Monday came out with a consultation paper on streamlining disclosure requirements by listed entities. In its consultation paper, Sebi is looking to address the challenges faced with regard to submission of the financial result for the first time by newly listed firms and related to timeline to fill up vacancy [...]
The Gujarat government on Monday signed 18 memoranda of understanding (MoU) worth Rs 9,852 crore under the state government's 'Aatmanirbhar Gujarat Schemes for Assistance to Industries', which was announced last year to boost new investment, an official release said. Through these 18 agreements, various firms have pledged to invest Rs 9,852 crore in different parts [...]
The Reserve Bank of India (RBI) on Monday cancelled licence of Garha Co-operative Bank, Guna in Madhya Pradesh as the lender does not have adequate capital and earning prospects. About 98.4 per cent of the depositors of the co-operative bank are entitled to receive full amount of their deposits from Deposit Insurance and Credit Guarantee [...]
The country’s biggest institutional investor Life Insurance Corporation of India (LIC) is known to hold high stakes in Indian companies. Every quarter, the insurer publishes the list of stocks in which it has either increased or decreased its holdings. Here are 3 stocks bought by Life Insurance Corporation of India in Q3: Coforge Limited Coforge [...]
JK Tyre Industries is looking to expand its retail network across the country by up to 20 per cent over the next 12-18 months, a top company official said on Monday. The company, which on Monday expanded its retail presence in North India by opening six outlets, is also looking to bolster presence in the [...]
The central government on Monday again clarified that the funds deposited for National Pension Scheme (NPS) cannot be given to state governments as per the current laws. Both finance minister Nirmala Sitharaman and finance secretary Vivek Joshi said that if any state is expecting that the funds deposited for NPS can be returned to them [...]
Advertising agency Crayons Advertising Ltd on Monday said it has filed draft papers with NSE Emerge for its initial public offering (IPO). The company plans to offer 64.30 lakh equity shares of face value Rs 10 each through the book-building process, according to a statement. Proceeds to the tune of Rs 15.28 crore from the [...]
Nibe Limited, a company that has a presence across verticals that include Information Technology, E-vehicles, and Defence, saw its shares jump by more than 3 percent in the early hours of Monday to reach a new 52-week high of Rs 413.90. The Company has received three purchase orders from Dymac Global Limited for the manufacturing [...]
The value of foreign portfolio investors' (FPI) holdings in the domestic equities reached USD 584 billion at the end of December 2022, which was 11 per cent lower from preceding year, according to a Morningstar report. This was largely on low return given by the Indian equities and exodus of foreign money from the domestic [...]
Union Finance Minister Nirmala Sitharaman on Monday said that the government is taking a lot of steps to control inflation and will continue to focus on it. For instance, in the case of pulses, the government is encouraging farmers to grow pulses to boost domestic production and has also reduced the import duty on some [...]
Homegrown Servotech Power Systems Ltd (SPSL) has inked a pact with Dubai-based Al Ansari Motors to provide electric vehicles charging solutions to the Middle Eastern and African markets. The two entities have signed a sole distributorship agreement, which will see Al Ansari Motors bring Servotech’s EV charging capabilities to the potential electric vehicle adopting segment [...]
Automotive company Samvardhana Motherson International’s shares zoomed 5.7% to reach an intraday high of ₹ 84.25 apiece after the company announced the acquisition of Germany-based SAS Autosystemtechnik through its step-down subsidiary Samvardhana Motherson Automotive Systems Group B.V., Netherlands. At 01:11 PM on Monday, Samvardhana Motherson International share was quoting at ₹ 82.25 apiece and 2.49 [...]
Pennar Industries, a leading value-added engineering products and solutions company has bagged orders worth ₹ 851 crores across its various business verticals. Following the news, its share price zoomed 8.37% to reach an intraday high of ₹ 79.65 apiece on the National Stock Exchange (NSE). According to the exchange filing, the company received these orders [...]
The government has extended the enforcement date of its steel and steel products quality control order for a ferronickel grade by another six months till July 23 this year. "The Steel and Steel Products Quality Control Order dated December 22, 2020, and subsequent order dated November 1, 2022, the date of enforcement of Indian Standards [...]
