Business
RBI May Opt To Roll Over $5-Billion Forex Swap
MUMBAI: The Reserve Bank of India (RBI) could consider rolling over a $5-billion foreign exchange swap set to mature next week as the central bank, which has repeatedly flagged inflationary risks stemming from excess funds with banks, prioritises liquidity management over bolstering forex reserves. Some investors believe that a...
India Inc On Long Journey Towards Inclusion
BENGALURU/NEW DELHI: The mood on the ground in Corporate India is clearly towards inclusion, notwithstanding the Supreme Court saying no to same-sex marriages. HR and diversity, equity and inclusion (DEI) heads at leading corporates including Godrej, Lupin, Axis Bank and Publicis Sapient said the SC order will not hamper...
Swiggy Raises Platform Fee to Boost Unit Economics
Swiggy, the food delivery platform, increased its platform fee on food delivery orders from Rs 2 to Rs 3 on October 4. At first, the fare hike was introduced in Hyderabad and Bengaluru and later extended nationwide. Presently, Swiggy imposes a platform fee of Rs 5 but offers a...
Rekha Jhunjhunwala’s Portfolio Registers Record High At Federal Bank
The Federal Bank has released the results of the second quarter of the current financial year. In July-September 2023, the company recorded a net profit increase of 35.6 per cent to Rs 953.82 crore. In the same period, the bank’s net interest Income (NII) increased by 16.7 per cent....
GDP Growth Estimated At 6.3 Per Cent For 2023-24: FICCI Economic Outlook Survey
The Indian economy is projected to grow by 6.3 per cent in FY24 with a minimum and maximum growth estimate of 6.0 per cent and 6.6 per cent respectively, according to the latest Economic Outlook Survey released by the Federation of Indian Chambers of Commerce and Industry (FICCI) on...
SEBI, RBI Investigating Some Alternate Investment Funds: Sources
India‘s markets regulator and its central bank are investigating about a dozen cases of alternate investment funds (AIFs) allegedly being used to circumvent regulations, including “evergreening” of stressed loans, according to three sources with direct knowledge of the matter. The investigations could lead to increased disclosures and greater scrutiny...
Microsoft-owned LinkedIn announces fresh layoff! Nearly 700 get pink slips
LinkedIn, the Microsoft-owned career network company, announced new round of layoffs on Monday. Nearly 700 people have been handed over the pink slips as part of company’s new policy. The layoffs will impact finance, product, engineering and talent teams. Around three per cent of the total workforce will be...
Wholesale inflation remained in deflation zone for the sixth successive month in September
Producers’ inflation rate based on the Wholesale Price Index (WPI) remained in the negative zone for the sixth successive month at (-) 0.26 per cent in September, government data released on Monday showed. However, sequential data showed that deflation has come down. WPI inflation was (-) 0.52 per cent...
Food Inflation May Remain Elevated, Seen Above 6% In H2
NEW DELHI: A sharp decline in tomato prices may have caused the headline CPI (Consumer Price Index) inflation to plunge to 5.02% in September from 6.83% in August, but risks to food prices still persist, and experts see retail-food inflation staying above the 6%-mark in the second half of...
Muted Revenue Growth, Higher Profitability For RIL In Quarter Ending September
MUMBAI: For Mukesh Ambani’s Reliance Industries (RIL), analysts estimate higher profit growth for the July-September quarter (second quarter, or Q2) of 2023-24 (FY24), while revenue growth is expected to remain subdued. Key monitorables include guidance on new energy capital expenditure, retail expansion, and telecommunication (telecom) tariffs. In a Bloomberg...
HSBC Set For Debut In India Land Financing
MUMBAI: Global banking major HSBC is looking to get into funding real estate development in India through the FPI route. It might also enter the private debt space in other sectors as well, sources said. “They are big in Asia in real estate private debt. They want to explore...
India, UK Hold First ‘2+2’ Foreign & Defence Dialogue To Boost Cooperation
NEW DELHI: The inaugural India-UK ‘2+2’ foreign and defence dialogue on Monday saw the two sides focusing on ways to boost cooperation in a range of key areas such as trade and investment, defence, critical technologies, civil aviation, health and energy. At the senior official-level dialogue, the two sides...
Mumbai India’s Most Expensive Office Rental Market, Bengaluru 2nd
In its latest report ‘India Real Estate Q3 2023’, the real estate consultancy, Knight Frank India cited that the top eight markets of India have recorded office transactions of 16.1 million square feet (mn sq ft) recording a growth of 17% YoY during Q3 2023. The elevated demand in...
16-year-old raises nearly Rs 4 cr funding for AI-startup
Inspiring success stories of young entrepreneurs often go viral on the internet these days. Recently, a 16-year-old girl named Pranjali Awasthi has garnered all attention in the tech industry with her AI startup. The success story of Pranjali at such a young age is inspiring for all aspiring entrepreneurs....
Guinness Book’s 2024 Edition Gets Over 60 Records From India
The latest edition of the Guinness World Records has 2,638 achievements from around the world, including over 60 from India with the entry on rainfall in Meghalaya’s Cherrapunji being one of the oldest. Distributed in India by Penguin Random House, the book has nine fact-packed chapters – Blue Planet,...
Byju’s seeks more time to recast $1.2 billion debt
Edtech startup Byju’s has sought more time from creditors to renegotiate an agreement governing a $1.2 billion loan that is in breach of covenants, according to a latest report by news agency Bloomberg. The creditors have until Tuesday to sign a forbearance agreement, which will give the company time...
Air India-Vistara merger on cards
Air India and Vistara may merge soon as all possibilities are being discussed, Vinod Kanan, chief executive officer (CEO) of Vistara has said. Ever since Tata Sons acquired Air India, there have been talks of a possible merger between the two airlines, both owned by the group. Vistara, the joint venture...
Amex gets new India CEO after RBI ban on expansion lifted
American Express Banking Corp (AEBC) has announced the appointment of Sanjay Khanna as the Chief Executive Officer (CEO) and Country Manager for India. The company in a statement said Khanna heads the country executive team and is responsible for driving growth across the organisation’s consumer and commercial businesses. Khanna,...
