Category: Business & Economics

A rise in the prices of fruits, vegetables, pulses, and products increased the CPI-Food inflation from 3 percent in May to 4.5 percent in June.  The finance ministry has warned that the recent jump in food inflation warrants that the government and the Reserve Bank of India (RBI) take a “guarded approach”.  Economists expect Consumer Price Index (CPI) inflation to rise even more sharply in July.  The government and the RBI both expect India to clock a GDP growth rate of 6.5 percent in 2023-24, higher than the International Monetary…

Adani Group chairman Gautam Adani said Ambuja Cement’s promise to double its cement capacity by 2028 is on track. Ambuja Cement, a part of Adani Group, today announced its acquisition of Sanghi Industries at an enterprise value of ₹ 5,000 crore. Soon after the acquisition, Adani Group chairman Gautam Adani said Ambuja Cement’s promise to double its cement capacity by 2028 is on track. “Promise to double our cement capacity by 2028 on track. Delighted to announce the addition of Cement Sanghi, India’s most efficient / lowest cost clinker manufacturer…

Last month, the Centre reportedly rejected BYD Motors’ proposal to set up a $1 billion four-wheeler manufacturing facility in India.  DRI has alleged that BYD hasn’t paid tax worth Rs 73 crore ($9 million).  The DRI is yet to issue a final notice to BYD, which can challenge the findings.  Last week, BYD reportedly told its India partner that it wants to drop the $1-bn investment plan.  BYD, which has already invested more than $200 million in India, and it has sold about 1,960 cars in India since starting sales in…

The finance ministry said the top 50 willful defaulters owe Rs 87,295 crore to banks and financial institutions.  SCBs have written off an aggregate amount of Rs 10,57,326 crore during the last five financial years.  Fugitive Mehul Choksi’s Gitanjali Gems is the biggest wilful defaulter owing Rs 8,738 crore to banks.  66,069 frauds were reported in 2022-23 causing a loss of Rs 85.25 crore. In the previous year, 65,893 frauds were reported with financial implications of Rs 115.36 crore.  In order to prevent fraudulent online transactions, RBI has been issuing…

Sanghi Industries Ltd (SIL) has clinker capacity of 6.6 MTPA (million tonnes per annum), cement capacity of 6.1 MTPA and limestone reserves of 1 billion tonnes. ·         SIL’s Sanghipuram unit is India’s largest single-location cement and clinker unit by capacity, with a captive jetty and captive power plant.   Mumbai, August 3, 2023: Sanghi Industries Ltd (SIL), one of the leading cement manufacturers of Western India, today announced that it has signed a share purchase agreement with Ambuja Cements Ltd (ACL), the cement and building material company of Adani Cement and part…

Enforcement Directorate (ED) conducting raids at the residence of Pawan Munjal, Chairman of Hero MotoCorp.  Shares of Hero MotoCorp fell over 4 percent, trading at a year’s low of Rs 3,064, following the news of the ED raid.  The searches were carried out at premises located in Delhi and neighboring Gurugram in accordance with provisions of the Prevention of Money Laundering Act (PMLA).  The DRI had recently apprehended a close aide of Pawan Munjal in possession of undeclared foreign currency.  Pawan Kant Munjal is an Indian billionaire businessman, and the…

The Indian government has mandated e-invoicing for all GST taxpayers whose aggregate annual turnover exceeds Rs 5 crore which will be implemented from tomorrow 1st August. Over the years, this threshold for mandatory e-invoicing has been consistently brought down from initially covering only companies above Rs. 500 crores of annual turnover to now Rs. 10 crores of annual turnover.  From August this year, this threshold has been reduced to Rs. 5 crores.The implementation of lowering the threshold for e-invoicing has been done in a phased manner considering the readiness of businesses, particularly small…

Amazon is set to lay off workers at Fresh Grocery stores as part of a restructuring plan in the US.  Amazon did not disclose how many employees would lose their jobs as a result.  The company is eliminating the “zone lead” position, a store-level management position with responsibilities in individual departments that include oversight and employee training.  The layoffs will impact hundreds of employees, according to the Washington Post. Employees have been offered other positions with the company or a severance package.  The job cuts at the grocery chain follow…

Mumbai, July 28, 2023 – V-Logis, the warehousing and 3PL arm of V-Trans, announces the grand unveiling of its state-of-the-art warehouse facility at Bhiwandi. Strategically located on the Mumbai Nashik highway and near the newly opened Nagpur Mumbai Maharashtra Samruddhi Mahamarg, this remarkable facility is set to revolutionize the logistics industries and provide the best-in-class storage solution to clients nationwide. Covering a vast area of 1,25,000 square feet with an impressive clear height of 45 feet, this cutting-edge warehouse is specifically designed to cater to the evolving needs of modern logistics…

Mumbai, July 24, 2023: TVS Credit Services Limited, one of India’s fastest growing NBFCs, published its unaudited financial results for Q1 FY24 ending on June 30, 2023.   As of June 30, 2023, the Company’s Assets Under Management (AUM) amounted to Rs. 21,924 Crore, an increase of Rs. 6,528 Crore compared to June’22. This translates to a robust growth of 42% from Q1FY23. The Company’s Total Income increased by 56% year-on-year and stood at Rs. 1,353 Crore for Q1 FY24. The Net Profit After Tax also registered a very healthy growth…