CATEGORIES

Cummins India beats Street in Q4 with 68% jump in net profit

Cummins India Ltd on Wednesday said standalone net profit in the March quarter jumped 68.4% to ₹318.5 crore, crossing the ₹268 crore estimated in a Bloomberg analysts’ poll. The engine maker attributed the strong numbers to robust demand, strategic pricing, and prudent cost management.

Dixon Technologies' fortunes hinge on scale-up of mobile biz

Dixon Technologies (India) Ltd’s shares surged over 7% on Wednesday.

What after taming inflation beast?

The inflation fever is finally breaking. The latest round of inflation prints from key global economies is a harbinger of that. After remaining stubbornly elevated through 2022, price pressures are easing across many developed and emerging economies.

Jungle Ventures leads $11 mn round in ice cream co NIC

Singapore's Jungle Ventures, a backer of unicorns such as Moglix and Livspace, has led a $11 million (about 191 crore) round of funding in Pune-based ice cream brand NIC.

Govt plans ropeways, funicular railways

Road transport and highways minister Nitin Gadkari on Wednesday unveiled extensive proposals for the development of India’s transportation infrastructure, including ropeway and funicular railway projects, as well as 500 new bus terminals to support the goal of having 200,000 electric buses.

India works on standards to soften EU carbon tax blow

Move aims to avoid disputes if EU, other countries recognize embedded carbon standards

India to ship grains to Indonesia, Nepal, Senegal, Gambia

India will despatch around 1.05 million tonnes of food grains to Nepal, Indonesia, Senegal and Gambia as part of its economic diplomacy in the current financial year, waiving curbs on exports.

Nineteen opposition parties vow to skip Parliament opening

Nineteen opposition parties announced on Wednesday that they would boycott the inauguration of the new Parliament building on 28 May, arguing that Prime Minister Narendra Modi’s decision to open the building instead of President Droupadi Murmu was an “assault on democracy\".

RIL softens hiring in retail, telecom, cuts duplication

Reliance Industries Ltd is rolling out a cost-efficiency drive across its units Reliance Retail and Reliance Jio Infocomm, reducing hiring, reviewing compensation benchmarks, and firing underperformers, multiple executives from the company and the wider industry said.

Capital Foods sale: Nestle, ITC in last lap, deal at up to 15k cr

Food giants Nestle India Ltd and ITC Ltd have emerged as the finalists in the race for leading ingredient maker Capital Foods Pvt. Ltd, two people aware of the matter said. A deal may value the maker of Ching’s Secret and Smith & Jones food ingredients between ₹4,000 crore and ₹5,000 crore, they said.

Govt to integrate MSME Global Mart with ONDC

The government is working on integrating the B2B platform, MSME Global Mart, into the Open Network for Digital Commerce (ONDC) to bolster small businesses, said Narayan Rane, Union minister for micro, small and medium enterprises.

Fresh tax troubles brewing for FPIs

Tax dept bars offsetting derivative gains against equity losses

How Beijing Tried To Derail A G20 Youth Meeting In Ladakh And Failed

China engaged in an intense but ultimately abortive backroom attempt to derail a G20 youth conference held in Ladakh in late April, according to persons aware of the matter.

Apple inks 5G deal with Broadcom

Apple Inc signed a new multiyear, multi-billion dollar deal with Broadcom Inc to get 5G radio frequency components for its devices, extending a sometimes-contentious relationship between two of the world's biggest tech companies.

Biden has no good options left in US debt-ceiling fight

A group of House Democrats penned a letter to Biden calling on him to abandon talks with House Republicans

IT cos may recruit 40% fewer freshers in FY24

India’s IT companies will slash campus hiring by at least 40% on the back of robust bench strength, reduced client orders and poor visibility of when the recessionary phase will pass, an analysis by recruitment firm TeamLease Digital found.

Carlyle to buy over 20% in Quest Global

Private equity giant Carlyle Group is on the verge of acquiring a substantial stake, exceeding 20%, in the engineering services provider Quest Global Services Pte Ltd, according to two people with knowledge of the deal. As part of this transaction, Quest’s promoter, Ajit Prabhu, is also set to bolster his existing holdings.

BoE must sharpen response to big economic shocks: Bailey

Bank of England officials made their clearest admission yet that they were slow to respond to a jump in inflation and have lots to learn about how they handle the sorts of large shocks buffeting the global economy.

Go First files SC caveats against 4 lessors

The suspended board of Go First has taken proactive measures by filing caveats in the Supreme Court against four aircraft leasing companies, which are seeking to deregister their aircraft from the airline’s fleet in order to repossess them.

Zee appeals NCLT's Sony merger ruling

Zee Entertainment Enterprises Ltd has moved the National Company Law Appellate Tribunal (NCLAT) to contest an interim ruling by the National Company Law Tribunal (NCLT)’s Mumbai bench related to its proposed merger with Sony Pictures Networks India Pvt. Ltd.

ATM supremacy in a cashless economy

Cash continues to dominate the Indian economy despite the soaring popularity of digital payments and record UPI transactions.

Shree Cem bets on a volume play

Shree Cement Ltd’s results for the March quarter (Q4FY23) are not inspiring, but they are not bad either.

PC shipments fall in Jan-Mar as firms drag feet on orders

Reduced and delayed procurement of laptops, desktops and workstations by companies, including small and medium enterprises, have led to a 25% decline in shipments of business and commercial PCs in the first quarter of 2023 compared to a year earlier, the International Data Corporation (IDC) said in a report on Tuesday.

Wakefit plans buyouts to outgrow mattresses

Company has received a dozen offers for acquisition in last one year

Scarce rains may cut pulse, oilseed yields

Likely deficit rainfall in the second half of the monsoon may impact key kharif crops such as pulses and oilseeds, reducing their yields, if the India Meteorological Department's prediction on El Nino comes true.

n Modi, CMS to draw up plan for developed economy status

Prime Minister Narendra Modi and chief ministers will discuss the steps needed to help India become a developed country by 2047 at NITI Aayog’s governing council summit on Saturday, a person informed about the development said.

JPMorgan spends $20 million to suck carbon from the sky

JPMorgan Chase & Co. has made one of the largest single corporate purchases to pull carbon from the air: The bank will pay Swiss startup Climeworks $20 million for removal services, JPMorgan announced on Tuesday.

ADIA invests $50-60 mn in Purplle at $1.1 bn valuation

Purplle, an online retailer of beauty and personal care products, has raised $50-60 million from Abu Dhabi Investment Authority (ADIA), two people aware of the matter said.

Warburg to acquire 66% stake in Watertec, may buy the rest later

Private equity firm Warburg Pincus is set to acquire a majority stake in Watertec (India) Pvt. Ltd, a bathroom accessories and fittings maker, two people aware of the development said.

Leyland to invest up to ₹1,200 cr in Switch Mobility

Ashok Leyland Ltd, India’s second-largest commercial vehicle maker, plans to invest as much as ₹1,200 crore in Switch Mobility during this fiscal year to fund the electric vehicle unit’s capital requirements as external fundraising efforts face delays, said Dheeraj Hinduja, chairman of Ashok Leyland.