Category: Business & Economics

Tesla CEO Elon Musk will be in India later this month to meet Prime Minister Narendra Modi. Musk and Modi last met in New York in June. According to a Reuters report, Musk is expected to make an announcement on his plans to invest and open a new factory in India during his visit to the country. The billionaire businessman is likely to reveal his India plans soon, Reuters quoted sources as saying. He will be accompanied by other executives during his visit to the country. Neither Tesla, nor the…

Yoga guru Ramdev, the co-founder of Patanjali Ayurved, was back in the Supreme Court on Wednesday in connection with the “misleading” ads case, days after tendering an apology before the court in the matter. Supreme Court on Wednesday observed that the apology is only on paper after they — Ramdev and Acharya Balkrishna — “were caught on wrong foot in court.” Rejecting the second affidavit of apology submitted by Patanjali, the Supreme Court warned Patanjali MD Acharya Balkrishna and co-founder Ramdev to be ready to face action in the contempt…

The Ministry of New & Renewable Energy, Government of India has issued Guidelines for implementation of R&D Scheme under the National Green Hydrogen Mission. The R&D scheme seeks to make the production, storage, transportation and utilization of green hydrogen more affordable. It also aims to improve the efficiency, safety and reliability of the relevant processes and technologies involved in the green hydrogen value chain. The scheme also aims to foster partnerships among industry, academia and government in order to establish an innovation ecosystem for Green Hydrogen technologies. The Scheme will also help…

After acquiring Wistron’s India operations for USD 125 million in October last year, Tata Group is now reportedly planning to acquire another iPhone manufacturing facility in India. As per reports, Tata is eyeing to acquire Pegatron’s iPhone manufacturing facility near Chennai. The deal has Apple’s backing as the company ramps up its presence in India, claimed a Reuters report. If the deal goes through, it will see Tata holding at least 65 percent stake in the joint venture that will operate the plant. Pegatron will provide the technical support and…

The 154-year-old Shyama Prasad Mukherjee Port or Kolkata Port records Rs 501.73 crore profit in FY’24, a 65 per cent jump compared to that in the previous fiscal. The port said its net surplus in 2022-23 was Rs 304.07 crore. It also recorded an all-time high of 66.4 million tonnes of cargo handling in 2023-24. The port which has Kolkata Dock System (KDS) and Haldia Dock Complex (HDC) under its command recorded a combined growth was 1.11 per cent owing to trade disruptions in sea freight due to geopolitical reasons.…

Government of India through Designated Officer, Ministry of Mines issued the Notice Inviting Tender dated 29 November 2023 under Tranche I of e-auction by Central Government, in respect of 20 blocks of Critical & Strategic Minerals notified in Part D of the First Schedule of MMDR Act. Further to launch of the first ever tranche, two roadshows in New Delhi and Bhubaneshwar, Odisha respectively on 19 December 2023 & 07 February 2024 and a Pre-bid conference were conducted on 22 December 2023. These events received a good response from the…

In order to manage the overall food security and to prevent hoarding and unscrupulous speculation, the Government of India has decided that Traders/Wholesalers, Retailers, Big Chain Retailers and Processors in all States and Union Territories have to declare their Stock position of wheat on the portal (https://evegoils.nic.in/wheat/login.html) w.e.f. 01.04.2024 and then, on every Friday till further orders. All the respective legal entities to ensure that stock are regularly and correctly disclosed on the portal. Further, Wheat Stock Limit is expiring on 31.03.2024 for all categories of entities in States and…

Government e Marketplace has closed this financial year with ₹ 4 lakh crore in Gross Merchandise value (GMV) – doubling its GMV clocked at the end of previous Fiscal Year. This testifies to the portal’s unique digital capabilities and functionalities that have facilitated greater efficiency, transparency, and seamlessness in public procurement. The procurement of Services through the GeM portal has proved to be a pivotal force behind this staggering GMV. Nearly 50% of this GMV has been attributed to the procurement of Services, displaying a remarkable surge of 205% in…

The Government of India, in consultation with the Reserve Bank of India, has finalized its borrowing programme for the first half (H1) of FY 2024-25. Out of Gross Market borrowing of ₹14.13 lakh crore projected for FY 2024-25 in the Union budget, ₹7.50 lakh crore (53.08%) is planned to be borrowed in the first half (H1) through dated securities, including ₹12,000 crore through issuance of Sovereign Green Bonds (SGrBs). Based on market feedback and in line with global market practices, it has been decided to introduce a new dated security of 15-year tenor.…

V. Vaidyanathan, the esteemed managing director and CEO of IDFC First Bank, stands as a beacon of inspiration in the Indian banking realm. In a move that epitomizes his benevolence, Vaidyanathan recently gifted a staggering 700,000 equity shares of IDFC First Bank, valued at over Rs 5 crore, to five individuals unrelated to him. In the past, he astounded many by endowing shares worth millions to various beneficiaries, including drivers, maids, colleagues, and charitable organizations like the Rukmini Foundation. Beyond his corporate endeavors, Vaidyanathan’s philanthropic endeavors and commitment to social…