Economy news - NewsLocker

Ford may look at LCVs in India

17-09-2024 23:59 via timesofindia.indiatimes.com

Ford is planning a return to India by exploring the light commercial vehicle and pick-up segment, including both internal combustion and electric options. The company is considering partnerships, potentially with Volkswagen, and has submitted a letter of intent to the Tamil Nadu government for using its Maraimalainagar plant for export manufacturing. A final decision is expected in December.

GCCs offer higher salaries to freshers

17-09-2024 23:53 via timesofindia.indiatimes.com

Despite inflation, entry-level salaries in the IT sector have stayed around Rs 3-4 lakh for over a decade. In contrast, Global Capability Centres (GCCs) offer higher pay, with some roles earning over Rs 8 lakh annually. GCCs focus on quality and strategic alignment, attracting talent from premier institutions.

India must build its own chip design cos: Cadence

17-09-2024 23:47 via timesofindia.indiatimes.com

Anirudh Devgan, CEO of Cadence Design, emphasizes India's strides in the semiconductor sector. He recommends prioritizing incentives for product companies creating intellectual property within India over manufacturing investments alone. This approach is expected to generate greater wealth and employment opportunities by harnessing India's existing chip design talent for both local and global markets.

Didn't pay over Rs 3,500cr in TDS & PF, admits SpiceJet

17-09-2024 23:36 via timesofindia.indiatimes.com

SpiceJet has revealed it failed to pay Rs 2,200 crore in TDS deducted from employees' salaries and Rs 1,353 crore in PF from April 2020 to August 2023. The airline seeks to raise Rs 3,000 crore by month-end to resolve financial problems like grounded aircraft due to unpaid dues and maintenance issues.

Didn't pay over Rs 350 crore in TDS & PF, admits SpiceJet

17-09-2024 23:36 via timesofindia.indiatimes.com

SpiceJet has admitted not paying about Rs 220 crore in TDS deducted from employees' salaries and over Rs 135.3 crore in PF between April 2020 and August 2023. The airline seeks to raise Rs 3,000 crore by the end of the month to stay afloat and reactivate its grounded fleet.

Trade deficit close to all-time high, thanks to record imports

17-09-2024 23:27 via timesofindia.indiatimes.com

India's trade deficit nearly reached a record high in August with total imports rising to $64.4 billion due to a surge in gold shipments, while exports fell to $34.7 billion. Commerce Secretary Sunil Barthwal attributed this increase to higher prices and festival season stocking, considering these figures normal for an emerging market economy.

New audit norms planned to check frauds

17-09-2024 23:18 via timesofindia.indiatimes.com

The National Financial Reporting Authority (NFRA) has suggested updating an outdated accounting standard to align with global norms, focusing on listed private companies. This proposal aims to safeguard investors by addressing multiple accounting lapses. Despite resistance from auditors, NFRA stresses the importance of modern standards given today's complex financial systems and increasing retail investor participation.

Subhadra first govt scheme to offer digital rupee payment

17-09-2024 22:53 via timesofindia.indiatimes.com

Subhadra Yojana in Odisha provides women with Rs 10,000 annually in Central Bank Digital Currency (CBDC). Launched by PM Narendra Modi, the scheme ensures direct deposits into beneficiaries' bank accounts without intermediaries. Linked to RBI's digital currency pilot, the digital rupee can be spent using UPI QR codes or transferred to bank accounts.

AR glasses are here: Snap launches spectacles at LA summit and its own OS to power it

17-09-2024 21:00 via timesofindia.indiatimes.com

Snap Inc introduced its fifth-generation AR spectacles at the Snap Partner Summit in Los Angeles. These lightweight glasses feature a new OS, hand gesture controls, and virtual console capabilities. Initially available to developers for $99 monthly, they promise advanced AR experiences with partnerships including OpenAI, Lego Games, and Niantic.

Petrol, Diesel To Become Cheaper? Windfall Tax On Crude Petroleum Slashed To Zero

17-09-2024 19:43 via zeenews.india.com

The tax is levied in the form of Special Additional Excise Duty (SAED) and is notified fortnightly based on average oil prices in two weeks.

Amazon Business customer base grew at 111% rate in 6 years: Mitranjan Bhaduri

17-09-2024 19:29 via timesofindia.indiatimes.com

Amazon Business has experienced a customer base expansion at a CAGR of 111% over the last six years in India, with 65% of orders made through mobile phones. Notable growth has occurred outside metro areas, especially in Bhopal. A study reveals strong consumer enthusiasm for online festive shopping, with 71% planning to shop online.

KRN Heat Exchanger to launch IPO on September 25

17-09-2024 19:04 via timesofindia.indiatimes.com

KRN Heat Exchanger and Refrigeration Ltd, headquartered in Rajasthan, will launch its IPO from September 25 to 27. Proceeds will fund a new manufacturing facility in Neemrana. Anchor investor bidding starts on September 24 for one day. The company specializes in fin and tube-type heat exchangers and has partnerships with major industry players.

India accounted for 25% of global IPOs in first half of 2024: Angel One Wealth

17-09-2024 18:20 via timesofindia.indiatimes.com

India's IPO market has bucked global trends by capturing a quarter of global IPO volumes in the first half of 2024. The country now leads with over 5,450 mainboard listed companies. This growth is driven by strong demand and domestic inflows across sectors like consumer products, industrial products, financial services, and healthcare.

Expanding jewels in Maharashtra's heart: PN Gadgil

17-09-2024 18:15 via timesofindia.indiatimes.com

PN Gadgil Jewellers plans to expand its presence in Maharashtra by opening 12 new stores by fiscal 2026. The company raised Rs 1,100 crore through an IPO for this purpose and to retire debt. PNG's flagship store in Pune remains the top revenue generator with Rs 800 crore in sales.

Government Urges Edible Oil Processors To Hold Retail Prices Despite Duty Hikes, Assures Ample Stock at Lower Tariffs

17-09-2024 17:03 via zeenews.india.com

India imports a large quantity of edible oils to meet domestic demand. The dependence on imports is more than 50 per cent of total requirements.

Gold Imports Doubled To Record High Of USD 10.06 Bn In August

17-09-2024 16:54 via zeenews.india.com

India's gold imports, which have a bearing on the country's current account deficit (CAD), dipped by 4.23 per cent to USD 12.64 billion during April-July 2024-25.

2024 Tata Punch Launched In New 'Avatar' With Added Features, More Affordable Sunroof Variant – Check Price & More

17-09-2024 16:25 via zeenews.india.com

2024 Tata Punch: The new 2024 Tata Punch has been launched at a starting price of Rs 6.12 lakh (ex-showroom, Mumbai), featuring several new additions and a more affordable sunroof variant.

Myntra's GenZ customer base doubles to 16 million

17-09-2024 16:13 via timesofindia.indiatimes.com

Myntra's GenZ customer base has surged from over 8 million in mid-2023 to 16 million in 2024, attributed to its FWD fashion vertical. The e-commerce platform aims to attract an additional 20-25 million GenZ users within the next few years by leveraging advanced technology for improved service.

JBM Ecolife Mobility secures $100 million funding from ADB, AIIB for electric bus expansion

17-09-2024 16:11 via timesofindia.indiatimes.com

JBM Ecolife Mobility has obtained $100 million in strategic funding from the Asian Development Bank and the Asian Infrastructure Investment Bank. This investment will facilitate the supply and operation of electric buses across several Indian states under the Gross Cost Contract model, aiding India's Net Zero 2070 target by promoting sustainable public transport.

Airfare Hike Not Linked To Rise In Airport Charges: Airports Council International

17-09-2024 15:36 via zeenews.india.com

Airport charges are an important element of the commercial aviation ecosystem for infrastructure development and increase in airfares is not linked to a rise in the charges, according to the Airports Council International (ACI).

Man Riding Two-Wheeler Killed After Hit By Auto Rickshaw Driven By Female Foreign Tourist

17-09-2024 14:33 via zeenews.india.com

Pune Hit & Run Case: A 55-year-old two-wheeler rider was killed on Monday in a hit-and-run accident involving an auto rickshaw allegedly driven by a female foreign tourist in Pune district of Maharashtra, police said.

Maharashtra Gets 3 New Vande Bharat Trains Taking Total To 11 Routes - Check Details

17-09-2024 14:21 via zeenews.india.com

Vande Bharat Trains: The number of Vande Bharat trains plying in Maharashtra increased to eleven as Prime Minister Narendra Modi flagged off three new services via video link from Ahmedabad.

Bajaj Housing Finance surges up by 10% hitting upper circuit limit following a solid market debut

17-09-2024 14:02 via timesofindia.indiatimes.com

Bajaj Housing Finance shares jumped by 10% on Tuesday, closing at Rs 181.48 on BSE and Rs 181.50 on NSE. The stock has increased by 159.28% from its issue price of Rs 70 since its debut. The company's IPO raised Rs 6,560 crore and was subscribed 63.60 times due to strong institutional interest.

Bajaj Housing Finance hit 10% upper circuit after solid market debut

17-09-2024 14:02 via timesofindia.indiatimes.com

Bajaj Housing Finance shares jumped by 10% on Tuesday, closing at Rs 181.48 on BSE and Rs 181.50 on NSE. The stock has increased by 159.28% from its issue price of Rs 70 since its debut. The company's IPO raised Rs 6,560 crore and was subscribed 63.60 times due to strong institutional interest.

Durg-Vishakhapatnam Vande Bharat Train Flagged Off By PM Modi; To Complete Journey In 8 Hours

17-09-2024 14:01 via zeenews.india.com

Durg-Visakhapatnam Vande Bharat Train: Durg-Vishakhatpatnam Vande Bharat Express train was flagged off virtually on Monday from the Raipur railway station by Prime Minister Narendra Modi.

Sukanya Samriddhi Yojana: What are the latest guidelines for SSY accounts? Check here

17-09-2024 13:30 via timesofindia.indiatimes.com

Sukanya Samriddhi Yojana: The Department of Economic Affairs under the Finance Ministry has issued new guidelines for Sukanya Samriddhi Yojana accounts. These include transferring guardianship to legal guardians, closing irregular accounts, and updating PAN and Aadhaar details. Post offices are directed to identify such accounts and inform holders promptly about these changes.

State Share Of National GDP: West Bengal Saw Steepest Decline Under Mamata's rule

17-09-2024 12:40 via zeenews.india.com

While Maharashtra clocked broadly steady performance throughout the 1960-61 to 2023-24 period, West Bengal’s share has been in continuous decline while Tamil Nadu, after a mid-way decline, picked up post-1991, according to the EAC-PM paper.

Low On Balance? UPI Lite To Soon Have Auto Top-up Feature Launching On October 31 -- All About It

17-09-2024 12:25 via zeenews.india.com

NCPI has said that with this new feature, the UPI LITE balance will automatically be reloaded by an amount chosen by the user, not exceeding the UPI LITE Balance limit, whenever the balance falls below a maximum limit set by them.

Sensex rises 6,300 points in just 100 days of Modi 3.0 government! Smallcaps turn multibaggers

17-09-2024 11:57 via timesofindia.indiatimes.com

BSE Sensex has risen by nearly 6,300 points in the first 100 days of PM Modi's third term. Smallcap stocks have delivered strong returns, led by Refex Industries' 221% gain. Despite concerns over tax hikes and policy risks, the long-term market outlook is positive according to analysts.

Sebi Chief Madhabi Buch’s Answers Raise More Questions, 'Facts' On Their Financial Dealings Not Contradicted: Congress

17-09-2024 11:42 via zeenews.india.com

In a point-by-point rebuttal of the Congress allegations, the Buchs said Madhabi has made all disclosures and followed SEBI's recusal guidelines.

Gujarat aims for 100 GW renewable energy by 2030: CM Bhupendra Patel

17-09-2024 11:29 via timesofindia.indiatimes.com

Gujarat Chief Minister Bhupendra Patel introduced the 'Mission 100 GW of renewable energy in Gujarat' at the RE-INVEST 2024 event. This initiative targets installing 100 GW of renewable energy by 2030, supporting India's national goals. Prime Minister Narendra Modi inaugurated the event, which includes significant international and domestic participation.

Wholesale Inflation Falls For Second Month In A Row To 1.31% In August

17-09-2024 11:16 via zeenews.india.com

The wholesale price index (WPI) based inflation was 2.04 per cent in July. It was (-) 0.46 per cent in August last year.

Public holiday: Why RBI has said there will be no trading in government securities, foreign exchange markets, money markets on September 18, 2024

17-09-2024 11:04 via timesofindia.indiatimes.com

The Reserve Bank of India has stated that trading activities in some financial markets will be halted on September 18, 2024, following a public holiday declared by Maharashtra. This affects government securities, foreign exchange, money markets, and rupee interest rate derivatives. Transactions due on this date will be settled on September 19, 2024.

WPI inflation eases to a four-month low of 1.3% in Aug as fuel prices soften

17-09-2024 10:26 via timesofindia.indiatimes.com

India's wholesale price inflation dropped to a four-month low of 1.3% in August from July's 2%, driven by reduced prices for fuel, power, and manufactured products. Core inflation fell to 0.7%, and food inflation reached a ten-month low of 3.3%. Retail inflation remained below the Reserve Bank of India's target for the second consecutive month.

India's Wholesale Price Inflation Eases To 4-Month Low Of 1.31 Per Cent In Aug

17-09-2024 10:25 via zeenews.india.com

The annual rate of inflation based on WPI Food Index decreased from 3.55 per cent in July to 3.26 per cent in August, as per data from Ministry of Commerce and Industry.

Donald Trump introduces World Liberty Financial, his new cryptocurrency venture

17-09-2024 10:08 via timesofindia.indiatimes.com

After an assassination attempt, Donald Trump introduced his new cryptocurrency venture, World Liberty Financial, with his sons and two crypto entrepreneurs. The initiative has raised concerns about conflicts of interest if Trump wins the election. The project's specifics are unclear but involve a new cryptocurrency called $WLFI.

Number of Indians earning over Rs 10 crore annually sees a whopping 63% rise: Centrum report

17-09-2024 09:49 via timesofindia.indiatimes.com

Centrum Institutional Research reveals a significant rise in wealthy Indians, with a 63% increase in those earning over Rs 10 crore annually and a 25% rise in individuals making more than Rs 50 lakh. Income for high earners has surged dramatically, indicating rapid growth in wealth among India's affluent population.

New UPI Lite feature! Soon your UPI Lite balance will be topped up automatically - here’s how it will work

17-09-2024 09:31 via timesofindia.indiatimes.com

The National Payments Corporation of India (NPCI) will introduce a UPI Lite auto top-up feature to automatically replenish your UPI Lite balance when it falls below a certain threshold. This aims to streamline small-value transactions.

Why Indian Railways is looking to outsource part of its maintenance operations

17-09-2024 08:43 via timesofindia.indiatimes.com

Indian Railways is rolling out a safety upgrade plan due to recent train accidents. The initiative involves training loco pilots with simulators and outsourcing some maintenance tasks.

Bandhan Bank Offers Up To 8.55% Interest On 1 Year FD --Check Latest FD Interest Rate And Tenure

17-09-2024 07:39 via zeenews.india.com

Bandhan Bank is also offering an attractive interest rate of 7.75% to the senior citizens on longer term fixed deposits for the tenure of less than 5 years.

Myntra Big Fashion Festival Kicks Off On September 26: Check Deals, Discounts, And Offers

17-09-2024 06:28 via zeenews.india.com

Shoppers can also avail assured cashbacks from PhonePe, through financial banks like ICICI, Kotak and Axis during Myntra Big Fashion Festival.

Stock market today: BSE Sensex, Nifty50 hold near record highs ahead of US Fed policy decision

17-09-2024 05:52 via timesofindia.indiatimes.com

Stock market today: Indian equity indices BSE Sensex and Nifty50 remained close to record highs with limited movement as investors awaited the U.S. Federal Reserve's interest rate decision.

Sovereign Gold Bond Scheme 2019-20 Series IV Premature Redemption Today: Check How Much Money Will You Get

17-09-2024 04:55 via zeenews.india.com

Premature redemption of Gold Bond may be permitted after fifth year from the date of issue of such Gold Bond on the date on which interest is payable.

'Our business is in a difficult period': Boeing considers layoffs amid workers' strike

17-09-2024 04:41 via timesofindia.indiatimes.com

In response to an ongoing factory workers' strike, Boeing has introduced several cost-saving measures. These include a hiring freeze, pausing pay increases for managers and executives, and halting non-essential travel. Temporary layoffs are also being considered as the strike poses significant risks to Boeing's financial recovery and plane delivery schedules.

Trump unveils crypto project, says US should dominate sector

17-09-2024 04:38 via timesofindia.indiatimes.com

Donald Trump unveiled World Liberty Financial, a decentralized finance platform intended to boost financial security and facilitate free transactions. This move aligns with his recent pro-crypto stance and aims to establish the US as a major crypto hub. The launch follows an apparent assassination attempt on Trump amid a tight presidential race.

US: Google saw ad startup as a ‘threat’ — and bought it

17-09-2024 04:36 via timesofindia.indiatimes.com

In a trial, the Justice Department argued that Google's 2011 acquisition of AdMeld was part of a strategy to eliminate competition in the online ad market. Google saw AdMeld as a threat and integrated its technology into its own platform, later shutting down the product to solidify its dominance. The Justice Department alleges that Google has monopolized the market for advertising technology tools used by websites.

No Transactions, Settlements In Govt Securities, Forex, Money Markets Tomorrow, September 18 In Maharashtra -- Here's Why

17-09-2024 04:22 via zeenews.india.com

Settlement of all outstanding transactions due on September 18, 2024 (Wednesday) will get postponed to the next working day, i.e., September 19, 2024 (Thursday).

'Must take on board facts given by Buchs'

17-09-2024 02:08 via timesofindia.indiatimes.com

Finance minister Nirmala Sitharaman discussed allegations against Sebi chairperson Madhabi Puri Buch, mentioning that she and her husband are defending themselves with facts. She highlighted the need for caution in speculative stock market activities and projected economic growth to recover in the second and third quarters due to increased capital expenditure following elections.

Capgemini opens ESOP to India staff

17-09-2024 02:06 via timesofindia.indiatimes.com

Capgemini's latest employee share ownership plan is now available to most of its 1.7 lakh Indian employees. To qualify, employees must have been with the company for at least three months and invest a minimum of 100 euros. The shares will be locked in for five years, offering potential benefits from Capgemini's stock performance.

Bajaj Housing Finance shares surge 136% on debut

17-09-2024 02:01 via timesofindia.indiatimes.com

Bajaj Housing Finance made a strong debut on the BSE with its stock opening at Rs 150, a premium of 114% over its IPO price and closing at Rs 165. This performance gives it a market capitalization of nearly Rs 1.4 lakh crore, making it the most valued housing finance company in India.