Healthy growth in the procurement of goods and services by central and state governments through GeM portal is helping the platform to catch up with global e-commerce giants like Amazon and Flipkart, the Economic Survey said on Tuesday. The Government e-Market (GeM) portal was launched on August 9, 2016 by the commerce ministry for online [...]
Production of eight infrastructure sectors rose at a three-month high of 7.4 per cent in December 2022 against 4.1 per cent in the same month of previous year on a better show by coal, fertiliser, steel, and electricity segments, according to the official data released on Tuesday. Crude oil output, however, contracted by 1.2 per [...]
Benefits of the production linked incentive (PLI) scheme for as many as 14 sectors will help make domestic manufacturers globally competitive, attract investment in cutting-edge technology and make India an integral part of the global value chain, the Economic Survey said on Tuesday. The scheme will benefit the MSME ecosystem in the country, it said. [...]
Indian Oil Corporation (IOC), the nation's largest oil firm, on Tuesday reported returning to profitability in the December quarter after losses in the preceding six months from holding fuel prices despite a rise in cost. Standalone net profit of Rs 448.01 crore in October-December 2022 compared with Rs 5,860.80 crore net earning in the same [...]
The number of demat accounts rose to 10.6 crore in November 2022, a sharp surge of 39 per cent on yearly basis, Economic Survey 2022-23 said on Tuesday. However, the incremental additions of demat accounts have been on a declining trend during FY23 relative to FY22, probably because of the increased volatility in the secondary [...]
Leading fund house Axis Mutual Fund is looking to garner Rs 3,000 crore from the new fund offer, Axis business cycles fund, which will open for subscription from February 2. The open-ended equity scheme will follow business cycle-based investing theme, the fund house said on Tuesday. The new fund offer, which will be managed by [...]
Equity benchmarks ended with marginal gains on Tuesday as investors adopted a cautious approach ahead of the Union Budget presentation and the US Federal Reserve's interest rate decision. Fag-end buying helped the 30-share BSE benchmark Sensex settle with a gain of 49.49 points or 0.08 per cent at 59,549.90. During the day, the benchmark hit [...]
India's sugar production is estimated to fall 5 per cent during 2022-23 marketing year ending September to 340 lakh tonnes as more quantity of sugarcane juice is being diverted for production of ethanol, according to industry body ISMA. Sugar production stood at 358 lakh tonnes in the 2021-22 marketing year (October-September). In a statement, Indian [...]
The gross tax revenues have touched 65 per cent of the Budget estimates at Rs 17.81 lakh crore during the first eight months of the current fiscal till November, propelled by corporate and personal income tax mop-up, according to the Economic Survey 2022-23 presented in Parliament on Tuesday. The survey, authored by Chief Economic Advisor [...]
Debt ridden telecom operator, Vodafone Idea’s shares gained 6.87% in the past two days and were trading at ₹ 7.00 apiece at 02:42 PM on Tuesday, ahead of its board meeting to consider the preferential issue of optionally convertible debentures (OCDs) to ATC Telecom Infrastructure Pvt. Ltd. In addition, the board will arrange an Extraordinary [...]
IndiaMART, one of the largest Indian e-commerce websites, along with four physical marketplaces in Delhi, Bengaluru, Kolkata and Mumbai have figured in the latest annual edition of the Notorious Markets List of the US. Released by the US Trade Representative (USTR) on Tuesday, the 2022 Notorious Markets List identifies 39 online and 33 physical markets [...]
The Rs 20,000 crore share sale of Adani group's flagship firm was fully subscribed on Tuesday after non-retail investors bid in big volumes, according to stock exchange data. As many as 4.62 crore shares were sought as against an offer of 4.55 crore. Non-institutional investors put in bids for over three times the 96.16 lakh [...]
Talent development corporation NIIT Ltd on Tuesday posted almost flat consolidated net profit at Rs 55 crore for the third quarter ended December 31, 2022 mainly on account of acquisitions that the company made in the US. The company had posted a net profit of Rs 54.9 crore in the same period a year ago. [...]
India's overall gold demand remained resilient and witnessed a marginal decline of 2.92 per cent in 2022 at 774 tonnes notwithstanding a sharp increase in prices, and the outlook for this year looks bullish, the World Gold Council (WGC) said in a report on Tuesday. The overall gold demand in 2021 stood at 797.3 tonnes, [...]
Foreign direct investment into the country is expected to rebound in the coming months on account of India's high economic growth, and steps to further improve the business environment of India, the Economic Survey said on Tuesday. The rise in global uncertainty in the wake of the Russia-Ukraine conflict, FDI equity inflows in the manufacturing [...]
Godrej Consumer Products Ltd on Tuesday reported a 3.55 per cent rise in consolidated profit after tax at Rs 546.34 crore in the third quarter ended December 31, 2022. The company had posted a consolidated profit after tax of Rs 527.6 crore in the same period last fiscal, Godrej Consumer Products Ltd (GCPL) said in [...]
The shares of Maharatna PSU, REC Limited, opened at Rs 116.15 levels and gained as much as 5 percent to trade at Rs 121.15 levels on Tuesday. The scrip gained after the company reported its quarterly results and announced an interim dividend. In Q3FY23, their total income stood at Rs 9,795.24 Crore which declined by [...]
The Adani Group's entry into Israel through its strategic acquisition of the Haifa port will turn this northern coastal Israeli city into a strong and exciting Mediterranean hub, the city's mayor said on Tuesday. A consortium of Adani Ports and Special Economic Zone (APSEZ) and Israel's Gadot Group won the tender in July last year [...]
Sun Pharma on Tuesday reported a consolidated net profit of Rs 2,166 crore for the third quarter ended December 31, 2022. The Mumbai-based company had posted a net profit of Rs 2,059 crore for October-December period of the previous fiscal year. Total revenue from operations stood at Rs 11,241 crore in the period under review. [...]
Asia's oldest stock exchange BSE's platform for small and medium enterprises (SMEs) on Tuesday announced the listing of Dharni Capital Services Ltd, taking the tally of such listed companies on the bourse to 414. Dharni Capital Services Ltd becomes the 414th company to get listed on the BSE SME platform, the exchange said in a [...]
