India

Date
2024-06-14

Amul has expanded from 19 operational ice cream plants until last year to 25, having invested more than Rs 1,000 crore this year in capacity. It aims to double ice cream capacity in two years On the one hand, ice cream is hot this summer, with healthy sales growth of 15 to 20 per cent being projected as the mercury rises to unprecedented levels in parts of the country..... More https://bit.ly/3RqNp9G Via business-standard.com


Maharashtra Industries Minister Uday Samant said that this investment would increase job opportunities in the state, as well as industries. German luxury car-maker Mercedes-Benz will invest Rs 3,000 crore in Maharashtra, said state minister after he met top executives of the company. The two sides met to discuss investment opportunities in the state, after which Industries Minister Uday Samant, confirmed the development on social media. ....


The state-run insurance behemoth is planning to foray into health cover business with a readymade customer base, preferring to take over a player that has digital capabilities. LIC intends to leverage its network in the country to grow the planned health insurance business Life Insurance Corp. of India (LIC) is planning to acquire one of India's five private standalone health insurance companies to secure a beachhead in the country's growing hea…


India boasts a diverse array of toys. These can be transformed into captivating characters and popularised through cinema The global toy and games market is anticipated to touch $130 billion in 2024, with dominant players like Hasbro, Mattel, Spin Master, and LEGO spanning various product categories such as action figures, dolls, puzzles, among others, according to Statista, a global data and business intelligence platform. These leading companie…


2024-06-13

In 2023 about 600,000 primary homes were built in India and even a fast pace of growth in the construction sector would struggle to meet the demand for 100 million homes Indian home builders may have to construct as many as 100 million new dwelling units this decade as rising household incomes in the world’s fastest-growing major economy buoy demand for new residences, according to a top official at one of the country’s largest develo…


The new talent and production company, AIG India, will focus on identifying, nurturing, and promoting Indian talent across various artistic disciplines Artist International Group (AIG), a global talent representation and film and TV production companyled by David Unger, and content creation firm Creativeland Studios have announced a joint venture to bring AIG to India....


The Indian cement industry is poised for growth, with demand expected to rise at a compound annual growth rate (CAGR) of 7-8% over the next five years. The Adani Group is reportedly pursuing multiple acquisitions in the cement sector, which includes Penna Cement, Saurashtra Cement, Jaiprakash Associates, and Vadraj Cement owned by ABG Shipyard as it ramps up its efforts to capture around one-fifth of the Indian cement market by FY28. Adani Cement…


Improved transportation has altered buying & selling/ consumption patterns in rural households, the research report says There appears to be a nearly equivalent increase across fractile classes in Monthly Per Capita Consumption Expenditure (MPCE) spanning both rural and urban areas over the decade, with a sharp reduction in the gap between the top and bottom fractiles in urban areas in particular, according to a State Bank of India Resea…


2024-06-12

Apple's vendors achieve 25% of FY25 target under PLI scheme Technology giant Apple Inc has pushed the pedal on exporting iPhones from India by racking up exports valued at over $2 billion in the first two months of the current financial year (FY25). This accounts for 81 per cent of the country’s total production of iPhones worth $2.6 billion..... More https://bit.ly/3RmqJqU Via business-standard.com


Quess plans to establish 15 Jobspot centres this year, which will offer employment to over one lakh entry-level and experienced blue-collar workers. The centres will provide access to formal employment, skill development, and social security benefits during their tenure with the company.Quess Corp on Tuesday announced the launch of Jobspot, a blue-collar recruitment hub, to address the growing demand for talent in the industrial sector. The first…


Addressing the MLAs, Naidu said ‘unprecedented’ victory of NDA Alliance represented the ‘victory’ of the people and it will now be the responsibility of the NDA Alliance to develop the State Amaravati is the capital of Andhra Pradesh while Visakhapatnam will be developed as financial capital, according to N Chandrababu Naidu, President of Telugu Desam Party (TDP) and Chief Minister elect of Andhra Pradesh.....


2024-06-11

The world's largest vaccine maker currently has the capacity to produce 3 billion doses of all types of vaccines each year, but only sells about 1.5 billion doses annually Serum Institute of India Pvt. is expanding its production capacity as it expects sales of life-saving vaccines, including those for malaria and cervical cancer, to double in the next five years The world’s largest vaccine maker currently has the capacity to produce 3 bill…


Industry experts see a growing trend of companies scouring for listed entities admitted for corporate insolvency with intentions of a reverse merger Precision Containeurs Ltd, a publicly listed maker of steel and plastic containers, had been defunct for about a decade when it blipped on the radar of Daman-based East India Drums and Barrels Manufacturing. In May last year, East India Drums acquired and merged itself into the defunct company, taki…


SBI balance sheet at Rs 62 lakh crore is more than the GDP of almost 174 countries in the world. MOFSL said this gap is only going to widen as SBI delivers steady growth going ahead. Motilal Oswal Financial Services Ltd (MOFSL) in its latest note said State Bank of India (SBI) remains well-positioned to deliver sustainable growth with high profitability, led by healthy loan growth, controlled opex and provisions. The state-run bank's ma…


Despite a coalition government, Prime Minister Narendra Modi on Monday maintained continuity in his Cabinet with all the top berths — Home, Defence, External Affairs, Finance and Surface Transport — going to the same ministers. Among the allies, only the TDP has been awarded key ministries while the JD(U), the JD(S), the Lok Janshakti Party, the Hindustani Awam Morcha, and others had to be satisfied with lesser portfolios....


2024-06-10

“Dubai International Chamber’s mission creates an impactful platform to strengthen trade and investment relations between the business communities in Dubai and Morocco and build fruitful partnerships that serve our mutual goals and interests.” Mohammad Ali Rashed Lootah - Non-oil trade between Dubai and Morocco reached a value of AED 3.2 billion during 2023. - A total of 850 Moroccan companies were registered as active members o…


2024-06-10

The cost of more towers is more than neutralised by the low price the telcos paid for the spectrum. Spectrum used currently for FWA is 43 times more expensive than the millimetre band The two dominant telecom service providers in the country, Reliance Jio and Airtel, have refrained from increasing tariffs for more than 20 months. A tariff increase may have come in the way of adding more subscribers to their networks as well as nudging existing us…


The government is also likely to increase the assistance provide to PMAY-G beneficiaries by around 50 per cent. The Union Cabinet is likely to approve the allocation of 2 crore additional houses under the Pradhan Mantri Awas Yojana-Gramin (PMAY-G) today in its first meeting. The government is also likely to increase the assistance provide to PMAY-G beneficiaries by around 50 per cent, sources within the government told Business Today......


Brookfield acquired assets of the luxury chain in 2019 in bankruptcy proceedings for ₹3,950 crore The Leela Palaces, Hotels and Resorts will seek a valuation of at least $2.5 billion (approximately ₹21,000 crore) in a public listing likely in nine months, two people familiar with its plans said, in a remarkable turnaround for the luxury chain that changed hands under crushing debt and defaults five years ago. Promoter Brookfield has tapped JM…


India could soon overtake China to become the world’s largest coal importer: IEA India’s coal sector investment is expected to grow by almost 10 per cent y-o-y to around $15 billion, or roughly ₹1.25-lakh crore, in the current calendar year as the country prepares to meet demand due to rising electricity consumption and expanding industrial base.....


2024-06-10

The Thai administration has expressed its readiness to strengthen Thai-Indian relations, with confidence that this year's planned visit to India will elevate bilateral ties to a strategic partnership. Thai Prime Minister Srettha Thavisin had a telephone conversation with Indian Prime Minister Narendra Modi, congratulating him on his re-election for a third consecutive term. Srettha praised Modi's popular governance and reaffirmed Thailand's commi…


While TCS has a unified AI and cloud offering, other Indian IT firms do not. Infosys Ltd operates two distinct service lines for its cloud and AI solutions: Infosys Cobalt and Infosys Topaz, respectively. Wipro manages its AI and cloud offerings through Wipro ai360 and Wipro FullStride Cloud. Tata Consultancy Services Ltd (TCS) on Friday launched TCS AI WisdomNext, an artificial intelligence platform under its newly-carved AI.Cloud unit, to help …


The 2-hour-long function starts at 7.15 pm. Nearly 9,000 guests, including heads of states from neighboring countries and the Indian Ocean region, are attending the event. Prime Minister-designate Narendra Modi is set to take oath today for a third straight term as the head of a coalition government after two full tenures in which the BJP enjoyed a majority on its own. Modi, 73, will be equalling the feat of first prime minister Jawaharlal Nehru,…


India can capitalise on the global talent shortage in chip design as it already accounts for 20% of global workforce, says Ameer Saithu Executive Vice President at HCLTech, in conversation with businessline’s Haripriya Sureban.  In this episode of the State of the Economy podcast, businessline’s Haripriya Sureban, talks to Ritesh Tyagi, Vice President & Global Head, VLSI Practice & Engineering Wipro, Ameer Saith…


2024-06-08

India will supplement Range Rover's global production at its iconic manufacturing base in Solihull, which will also produce Range Rover's upcoming fully electric model In the sultry heat of May, British luxury car brand JLR opened its doors to the first ever Range Rover House nestled in the quaint coastal town of Alibaug, off Mumbai...... More https://bit.ly/3VzcfH0 Via business-standard.com


Adani Ports stock climbed 2.37% to Rs 1384.90 on Friday against the previous close of Rs 1352.80 on BSE.  The stock hit a 52 week high of Rs 1607.95 on June 3, 2024 and fell to a 52 week low of Rs 702.85 on June 23, 2023. Shares of Adani Ports and Special Economic Zone Ltd (APSEZ) are in news today after the Adani Group firm said it has received a letter of intent for operation and maintenance of container terminal at Kolkata Port. Adan…


  Tech billionaire Elon Musk congratulated Indian caretaker PM Narendra Modi on his party's election victory and expressed excitement about his company's future work in India.  “Congratulations Narendra Modi on your victory in the world’s largest democratic elections!" Musk, the chief of Tesla and SpaceX, and owner of social media site X (formerly known as Twitter) wrote....


The proposed platform will share data on a real-time basis across digital payment eco-system The Reserve Bank of India (RBI) is planning to set up a digital payments intelligence platform for sharing data on a real-time basis across digital payment eco-system to safeguard the interest of consumers.....


2024-06-07

Trade and services emerged as the most prominent sector for new member companies, followed by real estate, renting, and business services - 2,222 new Pakistani companies and 1,404 new Egyptian companies joined the chamber’s membership. - Syrian companies secured fourth place on the list with 736 new additions to the chamber’s membership. - 698 new companies from the United Kingdom joined the chamber’s membership during Q1 2024, …


Wipro shares ended 2.09% higher at Rs 461 in the previous session. Wipro shares have gained 15% in a year and fallen 3.42% this year. Shares of IT major Wipro are in news today after the firm said it has been awarded a $500-million deal by a leading US communication service provider over a period of five years. "Wipro shall provide managed services for some products and industry specific solutions," said the IT firm in a stock exchange filing....


The NCLT's Chandigarh bench has approved the merger of Air India and Vistara, paving the way for the creation of a major airline group. Besides this, with approvals already obtained from shareholders, creditors, CCI, and the DGCA, the merger is expected to be finalised by end of the year. The National Company Law Tribunal (NCLT) has given the green light for the merger of Air India and Vistara, forming one of the largest airline groups …


The government is projected to maintain a 5.1% fiscal consolidation path, reallocating spending to welfare schemes and subsidies without reducing capex budgets, supported by a substantial RBI dividend transfer Foreign brokerage Goldman Sachs expects India’s macro stability to continue and not get compromised even with a reduced majority for the Modi-led National Democratic Alliance (NDA) regime...


2024-06-06

Granting more rights to them would be equivalent to pulling rug from under our feet: Air India CEO Indian carriers are divided on whether the Centre should give more bilateral rights to West Asian countries. While Air India and SpiceJet have opposed it, stating the government should instead focus on building major Indian airports as hubs, Akasa Air and IndiGo have said a decision should be taken after a holistic analysis.....


The proposed Central Excise Bill 2024 aims to align the excise duty regime with the GST and customs frameworks, potentially reducing compliance burden for oil and gas companies A new law proposed to replace the eight-decade-old Central Excise Act will cut the compliance burden on oil and gas companies that are currently governed by the excise duty regime.  The proposed Central Excise Bill 2024 aims to align the excise duty regime with the mo…


Foreign Brokerages predict fiscal consistency with a populist twist under Modi 3.0 Foreign brokerages anticipate changes in economic policy dynamics, with tougher reforms being delayed due to Prime Minister Narendra Modi’s smaller-than-expected poll victory. However, they believe policy continuity on investment-led growth, Capex, infrastructure creation and manufacturing will be maintained under the Bharatiya Janata Party-led coal…


2024-06-05

But, in coalition, the focus may go off specific policies such as labour codes and privatisation The next government at the Centre may not be a lame duck but it would rely on partners known for shifting their political sides frequently. However, it may not sound the death knell for economic reforms, given the track record of the coalition governments for more than two decades since 1991-92.   Although the previous two Narendra Modi go…


Big decisions will be taken in the third term," Modi assured the crowd, framing this as his personal guarantee.     The central government’s flagship health insurance scheme, Ayushman Bharat, is set to receive a significant boost as Prime Minister Narendra Modi on Tuesday assured that ‘Modi ki guarantee’ for major decisions will be fulfilled in the third term, should the National Democratic Alliance (NDA) secure anoth…


What’s on the horizon for India’s automotive landscape? Puneet Gupta, Director (India & ASEAN Markets), Sales & Powertrain forecast, S&P Global discusses various changes in India’s passenger vehicle market in this State of the Economy podcast with businessline’s S Ronendra Singh. In this State of the Economy Podcast, businessline’s S Ronendra Singh talks to Pun…


The airline aims to sign up 10 destinations in the current financial year to build on its existing service network of more than 120 cities India’s largest airline IndiGo will add Mauritius to its portfolio of foreign destinations and increase connectivity to Thailand, as it aims to sign up 10 destinations in the current financial year to build on its current service network of more than 120 cities, chief executive officer Pieter Elbers said…


Lenskart is looking to deepen its penetration in India while rapidly scaling its international presence in Asia including in Southeast Asia & Middle East Lenskart, the eyewear retailer has raised $200 million in secondary investment from Singapore’s Temasek and Fidelity Management and Research Company (FMR). This investment marks Temasek doubling down on its existing investment in Lenskart, while FMR joins the cap table. Following this …


2024-06-03

As India aims for carbon neutrality by 2070, automakers are divided over the best pathway India must encourage both hybrid cars and electric vehicles (EVs) as they are not in competition with each other when it comes to the country's aim of achieving carbon neutrality by 2070, Rahul Bharti, executive officer, corporate affairs, Maruti Suzuki India, stated on Saturday....


Currently, India represents 15-18% of its global assets under management and the firm is looking to gradually increase the share Riyadh-based investment management firm and limited partner Hades Financial Private Capital Group, which announced $28 million investments in two Indian investment firms on Monday, plans to invest $500 million in the country by 2027, a top official said.....


The clear verdict should calm market nerves about election uncertainty that dogged the markets in April-May, they say The exit polls indicate that the ruling National Democratic Alliance is likely to come back with a thumping majority.....


Adani Group chairman currently ranks 11th on the index with a net worth of $111 billion, surpassing Ambani's $109 billion. Billionaire Gautam Adani has once again overtaken Mukesh Ambani, the chairman of Reliance Industries to become Asia's richest individual. Adani Group chairman currently ranks 11th on the index with a net worth of $111 billion, surpassing Ambani's $109 billion....


Foreigners have sold $3.1 billion of stocks in the cash market this month, taking the net market outflow this quarter to $4.2 billion Indian retail investors are turning most bullish on stock derivatives ahead of the outcome of the country’s elections next week, even as foreigners are treading cautiously......


2024-06-02

AirAsia continues to soar high in its growing connectivity between India and Malaysia, celebrating its first newly-resumed flight from Bhubaneswar to Kuala Lumpur today (29.05.24).  The inaugural flight, with a full passenger load factor,  departed from Biju Patnaik Airport at 12.50 PM and landed in Kuala Lumpur International Airport (Terminal 2) at 7.05AM local time.  Guests onboard flight AK30 were given a warm reception upon arr…


Lessons learnt remain, some top global VCs put profit threshold before investing, writes Sourav Majumdar During a recent visit to Bengaluru, I had a chance to speak to some key venture capitalists about the outlook for deals in the coming months. Quite a few of them were of the view that the funding winter was finally tapering off. Deals were being cooked and it wouldn’t be surprising, they said, to see even larger deal sizes being put thro…


CPP Investments' assets under management in India rose to C$28 billion in FY24, led by expansions in public markets and substantial infrastructure investments The pension fund manager, however, has decided to reduce its allocations to emerging markets, which could affect its investments in India CPP Investments, among Canada’s largest pension funds, reported a surge in its assets under management in India to a record C$28 billion in fiscal …