Category: Business & Economics

Domestic automobile retail sales rose 10 percent in June driven by sales growth across various segments, including passenger vehicles and two-wheelers, automobile dealers body FADA said. Total retail sales last month rose to 18,63,868 units from 17,01,105 units in the year-ago period. Passenger vehicle retail sales increased 5 percent to 2,95,299 units as against 2,81,811 units in June 2022. Similarly, two-wheeler sales climbed 7 percent to 13,10,186 units last month as compared with 12,27,149 units in the same month last year. Three-wheeler sales surged 75 percent to 86,511 units from…

Steel Authority of India Limited (SAIL) has achieved record-breaking performance in the first quarter of the financial year 2023-24 (Q1 FY24) in terms of production and sales. The production of hot metal, crude steel, and saleable steel of 5.037 million tonnes (MT), 4.667 MT, and 4.405 MT, respectively, marked the best ever first quarter results. These figures represent a remarkable growth of 7%, 8%, and 8% respectively in comparison to the previous best. SAIL also attained its highest-ever sales performance in the first quarter by achieving a sales volume of 3.9 MT, thereby marking a growth of around 24% over the CPLY. This record breaking performance by SAIL has come up in…

Indian refiners have begun paying for some oil imports from Russia in Chinese yuan, sources with direct knowledge of the matter said.  Western punishments over Russia’s invasion of Ukraine have shifted global trade flows for its top export, with India emerging as the largest buyer of seaborne Russian oil.  The U.S. dollar has long been the main global oil currency, but now the yuan is playing an important role in Russia’s financial system because Moscow has been frozen out of the dollar.  Indian refiners have begun paying for some oil…

One of the world’s most common artificial sweeteners is set to be declared a possible carcinogen next month by a leading global health body, according to two sources with knowledge of the process, pitting it against the food industry and regulators. Aspartame, used in products from Coca-Cola diet sodas to Mars’ Extra chewing gum and some Snapple drinks, will be listed in July as “possibly carcinogenic to humans” for the first time by the International Agency for Research on Cancer (IARC), the World Health Organization‘s (WHO) cancer research arm, the…

The GST intelligence officers have busted a syndicate operating 569 fake firms and passing on fraudulent tax credit of Rs 1,047 crore, the finance ministry said. The majority of the fake firms are located in Delhi with a presence in 13 other states. The Jaipur Zonal Unit of Directorate General of GST Intelligence (DGGI) has busted a major crime syndicate operating in 14 states, based out of Delhi. The ministry said Delhi-based Rishabh Jain, aged 30, had hired 10 employees for operating these fake firms. After extensive recce and data…

Adani Group chairman Gautam Adani addressed the report released by US short-seller Hindenburg Research, which alleged the conglomerate of stock market manipulation and accounting frauds, and said that it was a combination of “targeted misinformation and outdated, discredited allegations.” The billionaire said that the short seller generated profits through a ‘deliberate drive down of stock prices of Adani group firms. In a message to shareholders, Gautam Adani said, “On the eve of our Republic Day, a US-based short seller published a report just as we were planning to launch the…

The Government has decided to release Tur from the national buffer in a calibrated and targeted manner till imported stocks arrive in the Indian market. The Department of Consumer Affairs, Ministry of Consumer Affairs, Food & Public Distribution has directed National Agricultural Cooperative Marketing Federation (NAFED) and National Cooperative Consumers Federation (NCCF) to dispose of Tur through online auction among eligible millers to augment the available stocks for milling into Tur Dal for the consumers. The quantities being auctioned and the frequency will be calibrated on the basis of the…

The tax searches against the Kolkata-headquartered cement firm continued for the second time his week. A whopping ₹ 23,000 crore tax evasion has been found in tax searches at multiple locations of Shree Cement Ltd in Rajasthan, sources have told news agencies, claiming it is one of the biggest tax evasions to date. The tax officials, say sources, recovered forged documents. The deductions claimed by the company, which is one of India’s top three cement producers, are false, sources added. The sources say that the company siphoned off ₹ 1200-1400…

The UK is poised for a modest economic upturn due to lower energy prices, government support measures, and a robust labor market. However, trade prospects may remain lacklustre due to the sluggish economies of major trading partners. Businesses also face a high cost of financing which remains another area of concern. In line with this scenario, the country is set to record a marginal growth of 0.1% in 2023, diverging from previous contraction outlook, forecasts GlobalData, a leading data and analytics company. GlobalData’s latest PESTLE Insights report, “Macroeconomic Outlook Report:…

Department for the Promotion of Industry and Internal Trade  and Invest India in collaboration with the Department of Industries and Commerce, Nagaland, and Press Information Bureau Kohima organized an ODOP Sampark event on the 21st of June 2023 at the Hotel Vivor, Kohima, Nagaland. The event was graced by the Smt. Sumita Dawra, Special Secretary, DPIIT, Govt. of India, Shri R. Ramakrishnan, IAS, Development Commissioner, Govt. of Nagaland and Shri Kekhrievor Kevichusa, Commissioner & Secretary, Industries & Commerce, Govt of Nagaland The event was organized to create awareness regarding the efforts…