Finshorts
JSW Steel has notified its decision to surrender the Jajang iron ore block lease in Odisha, citing “uneconomic operation.” The lease, acquired through an auction in 2020, is one of four mining leases the company holds. The notice was submitted on August 3 and is pending necessary approvals. This move reflects JSW Steel’s response to … Read more
Maruti Suzuki India, led by Chairman RC Bhargava, is awaiting a policy framework to boost eco-friendly technologies. The company plans to diversify beyond electric vehicles, considering hybrids, CNG, and biogas to reduce carbon emissions and dependence on imported fuel. Maruti Suzuki will introduce electric cars soon, depending on infrastructure and cost improvements. The company remains … Read more
Last week, eight of the top-10 most valued firms lost Rs 1,28,913.5 crore in market valuation, led by Tata Consultancy Services (TCS) and Infosys. TCS saw its valuation drop by Rs 37,971.83 crore, while Infosys lost Rs 23,811.88 crore. ITC, SBI, Reliance, Bharti Airtel, ICICI Bank, and Hindustan Unilever also experienced declines. HDFC Bank and … Read more
Zomato collected Rs 83 crore from its platform fee, introduced last August, as revealed in its annual report. The platform fee helped drive a 27% increase in Adjusted Revenue, reaching Rs 7,792 crore in FY24. The fee, initially Rs 2 per order and now Rs 6 in key markets, is one of the main factors … Read more
Amara Raja Energy & Mobility (ARE&M) announced a 26% rise in consolidated net profit to Rs 249.12 crore for Q1 FY25, up from Rs 198.31 crore a year earlier. Revenue grew to Rs 3,263.05 crore from Rs 2,796.27 crore, driven by strong performance in automotive after-market, OEMs, and exports. The company highlights growth in international … Read more
India’s outbound tourism spending is forecast to grow from USD 18.82 billion in 2024 to USD 55.39 billion by 2034, driven by rising disposable incomes and a growing middle class. Packaged tours dominate with a 39.20% market share in 2024. Factors like availability of Indian food abroad and interest in niche destinations like Egypt and … Read more
In FY24, Emami generated 45% of its revenue from acquired brands, with non-seasonal brands contributing 56% of its top-line. The company, transitioning from a seasonal and rural-focused entity to a “perennial and universal” brand, is embracing a consumer-centric strategy. Emami’s revenue from modern trade and e-commerce has risen from 5% to 22% over five years. … Read more
The Reserve Bank of India (RBI) is likely to keep the key interest rate unchanged at 6.5% in its upcoming meeting from August 6 to 8, 2024. This decision aligns with recent trends, as the rate has been held steady since February 2023. Despite the US Federal Reserve’s pause on interest rate changes and ongoing … Read more
Berkshire Hathaway, led by Warren Buffett, increased its cash reserves to nearly $277 billion by June 30, 2024, reflecting a cautious stance on the stock market. The company sold about half of its Apple stake, reducing holdings to around 400 million shares valued at $84.2 billion. This move comes as Berkshire reported a record quarterly … Read more
Classic Legends, a subsidiary of Mahindra and Mahindra Ltd, and retailer of the Jawa and Yezdi range of motorcycles in India aims to open 200 new retail showrooms each year. Currently operating 450 dealerships, the company plans to increase this to 600 by the end of the financial year. CEO Ashish Singh Joshi announced the … Read more