Rapido GOV grows 2.5x in Q2FY25, loss narrows to Rs 17 cr
Bengaluru: Low-cost mobility platform Rapido on Thursday reported a 2.5x increase in Gross Order Value (GOV), reaching Rs 2,461 crores in Q2FY25, up from Rs 977 crores in Q2FY24.
Finance
SBI targets $1.25 billion in one of India's largest bank lending in 2024
Mumbai/IBNS: The State Bank of India (SBI) is set to raise up to $1.25 billion through a dollar-denominated loan, marking the largest such borrowing by the country’s financial sector this year, Bloomberg reported, citing sources familiar with the matter.
India's goods trade deficit widens to $27.14 billion in October as imports surpass exports
Mumbai/IBNS: India's merchandise exports surged 17.23 percent year-on-year (YoY) in October, reaching $39.2 billion, the fastest growth in 28 months, fueled by strong demand in key markets ahead of the Christmas season.
Hyundai Motor Group appoints Jose Munoz as CEO; South Korean automaker's first-ever foreign leader
Seoul/IBNS: Hyundai Motor Group has appointed Jose Munoz as its Chief Executive Officer, marking the first time a foreign national will lead the South Korean automaker.
India sees opportunities to engage in Turkmenistan’s energy sector
Turkmenistan presents India with an opportunity to boost energy security, strengthen regional ties, and deepen its strategic influence in Central Asia.
Rapido GOV grows 2.5x in Q2FY25, loss narrows to 17 cr
Bengaluru: Low-cost mobility platform Rapido on Thursday reported a 2.5x increase in Gross Order Value (GOV), reaching Rs 2,461 crores in Q2FY25, up from Rs 977 crores in Q2FY24.
Reliance, Viacom 18, Walt Disney complete merger, creating India’s largest integrated media platform
Mumbai: Reliance Industries Limited (RIL), Viacom18 Media Private Limited, and The Walt Disney Company announced on Thursday the official completion of their merger, which combines Viacom18’s media and JioCinema businesses with Star India Private Limited (SIPL), media reports said.
Hero MotoCorp Q2FY25 profit rises 14% YoY to Rs 1,204 cr
Mumbai: Hero MotoCorp, the world’s largest two-wheeler manufacturer, reported a 14% YoY increase in net profit, reaching Rs 1,204 crore in Q2 FY25, driven by higher sales volumes, media reports said.
Blackstone eyes 20% stake in Haldiram's snacks business amid valuation clash
Mumbai: Blackstone has abandoned plans to acquire a majority stake in India’s Haldiram's snacks business and is now negotiating for a 20% stake at a valuation of $8 billion, which remains a point of contention, Reuters reported on Thursday.
Small women entrepreneurs from Northeast participate in empowerment bootcamp by US Consulate in Kolkata
Kolkata/IBNS: At least 31 women entrepreneurs from the north-eastern states of Tripura and Mizoram with nano enterprises participated in a two-day bootcamp in Kolkata's American Center to learn about entrepreneurship skills and discuss next steps for building small businesses.
Boeing to layoff 10% workforce to boost efficiency but risks losing top talent: Report
Boeing Co. will begin issuing layoff notices on Wednesday to employees impacted by its latest round of job cuts, a move that reflects the company's effort to boost efficiency while striving to retain a skilled workforce critical for future growth, Bloomberg reported.
Continuous FPI sell-off drives Rs 27,680 crore outflow from Indian equities in November
Mumbai/IBNS: Foreign portfolio investors (FPIs) continued their withdrawal from the Indian stock market on Wednesday, marking the 33rd consecutive day of outflows.
Piyush Goyal calls on companies to lower prices to boost consumption
New Delhi/IBNS: During a period when India Inc. is concerned about weakened consumer demand amidst a cyclical slowdown, Commerce and Industry Minister Piyush Goyal suggested that businesses prioritise competitive pricing over high margins to attract consumers.
Piyush Goyal says RBI should definitely cut interest rates; central bank's governor responds
New Delhi/IBNS: Union Commerce Minister Piyush Goyal advocated for an interest rate cut by the Reserve Bank of India (RBI) on Thursday (Nov. 14), emphasizing that food inflation should not be a determining factor in rate decisions.
Bitcoin surges past $93,000 amid Trump's pro-crypto stance
Mumbai/IBNS: Bitcoin surged past $93,000 on Thursday (Nov. 14), hitting a record high as its upward trend gained strength, driven by optimism about potential pro-crypto regulatory policies under President-elect Donald Trump and expectations of further interest rate cuts by the US Federal Reserve.
India's outward FDI grows $3.24 billion in Oct 2024: RBI data
Mumbai: India’s outward foreign direct investment (FDI) commitments reached $3.24 billion in October 2024, rising from $2.55 billion in October 2023. However, on a month-over-month basis, commitments declined from $3.77 billion in September 2024, according to the Reserve Bank of India (RBI).
India inches closer to non-fossil fuel target as renewable energy capacity crosses 200 GW
New Delhi: India’s total renewable energy capacity has crossed 200 GW (gigawatt), aligning with the country's ambitious renewable energy target of achieving 500 GW from non-fossil sources by 2030.
India's automobile industry registers robust growth in October 2024: SIAM report
New Delhi: India’s automotive sector demonstrated resilient growth in October 2024, with total vehicle production reaching 28.83 lakh units, a 9.9% increase from the previous year, according to the latest SIAM report.
Reliance Retail temporarily shuts down Centro stores to focus on in-house brands amid strategic revamp
Mumbai: Reliance Retail is temporarily shutting down several stores in its Centro department chain as part of a strategic repositioning to emphasize its in-house brands and labels, many of which are launched in India under licensing partnerships, The Economic Times reported.
India’s edible oil imports drop 3.09% to 159.6 lakh tonnes
New Delhi: India’s edible oil imports dropped by 3.09% to 159.6 lakh tonnes in the 2023-24 oil marketing year, primarily due to increased domestic oilseeds production and a decline in demand amid rising prices, according to the Solvent Extractors Association of India (SEA).
Hyundai Motor India aims to establish itself as a global production hub amid rising demands
Mumbai/IBNS: Hyundai Motor India is intensifying efforts to establish India as a key production hub for emerging markets, responding to increased domestic and export demand, the company said on Wednesday (Nov. 13).
Swiggy shares jump 15% following modest market debut
Mumbai/IBNS: Online food ordering and delivery company Swiggy's shares launched on the National Stock Exchange (NSE) with a 7.69 percent premium on Wednesday (Nov. 13), opening at Rs 420 per share compared to its IPO price of Rs 390.
Market crash: Sensex, Nifty 50 fall for 5th consecutive session; drops over 9% from peak
Mumbai/IBNS: Indian markets continued their downward trend for the fifth consecutive session on Wednesday (Nov. 14) influenced by weak global cues, a strengthening dollar, a depreciating rupee, and persistent foreign investor outflows.
India’s industrial output rebounds with 3.1% growth in September, driven by manufacturing
New Delhi: India's industrial output increased by 3.1% in September 2024, primarily due to a recovery in manufacturing activity, according to data from the Ministry of Statistics and Programme Implementation.
India may consider lowering tariffs on goods that don't impact domestic industry: Sitharaman
New Delhi: In response to U.S. President-elect Donald Trump’s recent remarks labelling India as the ‘biggest’ imposer of import tariffs, Finance Minister Nirmala Sitharaman indicated on Tuesday that she may reconsider increased tariffs on goods that do not impact the domestic industry, media reports said.
ONGC Q2FY25 standalone net profit grows 17% to Rs 11,984 cr
Mumbai: State-owned ONGC reported a 17% rise in standalone net profit for the quarter ending September 2024, reaching Rs 11,984 crore compared to Rs 10,238 crore a year earlier, media reports said.
Nykaa's Sept qtr consolidated net profit jumps 66% to Rs 13 cr
Mumbai: FSN E-Commerce Ventures, the parent company of the omnichannel beauty and fashion retailer Nykaa, reported a 66% increase in its consolidated net profit for the quarter ending September 2024, reaching Rs 13 crore compared to Rs 7.8 crore in the same quarter last year, media reports said.
India may consider lowering tariffs on goods that don't impact domestic industry: Sithraman
New Delhi: In response to U.S. President-elect Donald Trump’s recent remarks labelling India as the ‘biggest’ imposer of import tariffs, Finance Minister Nirmala Sitharaman indicated on Tuesday that she may reconsider increased tariffs on goods that do not impact the domestic industry, media reports said.
NTPC Green Energy seeks valuation of $12 billion for IPO: Report
Mumbai: NTPC Green Energy Ltd., a subsidiary of state-run NTPC Ltd., is reportedly aiming for a valuation of around $12 billion in what could be one of India’s largest IPOs in the renewable energy sector, Bloomberg reported.
Swiggy hiring top Flipkart, Amazon executives amid expansion plans
Mumbai: Amid expansion plans, food delivery major Swiggy is hiring more executives from e-commerce companies like Walmart-owned Flipkart and Amazon, with at least 12 senior executives from these companies stepping into Swiggy, Moneycontrol reported on Tuesday.