Category: Business & Economics

Birla Tyres set to roll again, acquisition finalised by a consortium of Himadri and Dalmia. The consortium of Himadri and Dalmia took physical possession of the plant and machinery of Birla Tyres at Balasore, Odisha. Birla Tyres, was once part of the famed BK Birla empire before slipping into insolvency. Now it will be a subsidiary of Calcutta-based Himadri, which claims to be the third largest producer of carbon black, a key ingredient in tyre making. The present capacity of the Balasore unit, spread over a 190-odd acre plot on…

Government of India’s decision to impose Minimum Export Price of USD 800/ton on Onion with effect from 29th October 2023 till 31st December 2023 to discourage exports and maintain availability in domestic markets has shown an immediate impact of price correction in Maharashtra markets, where prices recorded a decline of 5% to 9% from the highest price registered during last week. The weighted average price of Onion in Maharashtra across all the markets has declined by 4.5% and similar decline was observed in consumption centers as well. The Department of Consumer Affairs…

Minister of Housing & Urban Affairs and Petroleum & Natural Gas, Shri Hardeep Singh Puri, said that the approach of government towards issues pertaining to Urban Transport has witnessed a significant change after 2014. The rapid Urbanisation has been embraced as an opportunity rather than a challlenge during this period, he said. The Minister was speaking at the inaugural session of 16th Urban Mobility India (UMI) Conference cum Expo 2023 here today. Shri Pradeep Singh Kharola, Chairman and Managing Director, India Trade Promotion Organisation, Shri Manoj Joshi, Secretary, Ministry of Housing…

With the continued efforts of the Agricultural and Processed Food Products Export Development Authority (APEDA), Ministry of Commerce and Industry, India has registered a significant growth in the export of mangoes in the first five months of the current fiscal (2023-24) by exporting mangoes to the tune of USD 47.98 million, which is 19 percent higher than the previous years’ value of USD 40.33 million in the same period. With the collaboration of Ministry of Agriculture and Farmers Welfare and APEDA, India exported 22,963.78 MT of mangoes worth USD 48.53…

Ministry of Agriculture and Farmers Welfare has been released first Advance Estimates of production of major Kharif crops for 2023-24. The estimation of Crop production relies on data provided by States and is subsequently validated using information from various alternative sources. These sources include reports from the Crop Weather Watch Group (CWWG), Remote Sensing estimates, estimates based on econometric modeling, inputs collected from farmer surveys, and historical trends in crop estimation. As per First Advance Estimates, the estimated production of major Kharif crops for 2023-24 is as under: Foodgrains  –1485.69…

Market tremors wipe off investors’ wealth by Rs 14.60 lakh cr in five trading sessions  Amid rising West Asia tensions and overvalued Indian stocks, the BSE Sensex declined 522.82 points on its fifth consecutive day of losses, closing at 64,049.06  During the day, it dropped 659.72 points, or 1.02 per cent, to 63,912.16.  Of the Sensex firms, Infosys, Bharti Airtel, NTPC, IndusInd Bank, ICICI Bank, Tata Motors, Larsen & Toubro, Bajaj Finance, Tech Mahindra, Titan and Axis Bank were among the major laggards.  Among the indices, tech dropped 1.39 percent,…

India’s Tech Mahindra posted its biggest fall in profit in over 16 years as expenses mounted and clients tightened spending.  Top IT services providers Tata Consultancy Services and Infosys reported lower-than-expected revenue.  Infosys along with HCLTech cutting annual revenue forecasts earlier this month.  “Near-term demand environment remains challenging as the telecom sector, on which Tech Mahindra has a high dependence remains stressed,” said an expert.  Analysts cited one-off expenses due to the restructuring of various business operations in the quarter for a fall in EBIT margin.  Tech Mahindra is an…

The outlook for the Indian economy is “bright,” despite facing “significant” challenges from emerging geopolitical tensions  The ministry noted that with a lower trade deficit and a comfortable forex reserves position, India’s external account looks robust.   Echoing all this, the RBI’s forward-looking surveys on manufacturing, consumer confidence, employment, and inflation expectations have optimistic findings.  The report emphasized that India’s macroeconomic outlook for fiscal 2023-24 is bright and is solidly underpinned by strong domestic fundamentals.   Alongside private consumption, investment demand is also firming up.  The outlook for the Indian…