Finshorts
Tata Electronics’ new Rs 27,000-crore chip assembly plant in Assam will generate 27,000 jobs, with 15,000 direct and 12,000 indirect positions. Expected to begin operations in 2025, the plant’s construction was marked by a Bhumi Pujan ceremony. Tata Sons Chairman N Chandrasekaran announced that the facility will initially employ 1,000 people from Assam and will … Read more
Former RBI Governor C Rangarajan, speaking at ICFAI’s convocation, emphasized that India’s push for self-sufficiency in critical imports, driven by the Russia-Ukraine war, should focus on efficient import substitution rather than outdated practices. He stressed that India’s development should be multi-dimensional, boosting investment, agriculture, manufacturing, and services while adopting new technologies. Rangarajan highlighted the need … Read more
State Bank of India (SBI) reported a nearly unchanged standalone net profit of Rs 17,035 crore for Q1 FY24, compared to Rs 16,884 crore a year earlier. Total income increased to Rs 1,22,688 crore from Rs 1,08,039 crore, driven by higher interest income of Rs 1,11,526 crore. Gross NPAs declined to 2.21% from 2.76%, and … Read more
Adani Group’s Ambuja Cement Ltd (ACL) plans to invest Rs 1,600 crore to establish a 6 MTPA cement grinding unit at Warisaliganj, Nawada district, Bihar. This is ACL’s first project in Bihar, marking the largest cement investment in the state. The project will be executed in three phases, with the first phase (2.4 MTPA) set … Read more
Transport Corporation of India (TCI) reported a 10% increase in consolidated profit after tax (PAT) to Rs 91.6 crore for the quarter ending June 30, 2024, compared to Rs 83.2 crore a year earlier. The growth was driven by improvements in coastal shipping, rail multimodal solutions, 3PL/warehousing, and cold chain logistics. TCI continues to invest … Read more
SEBI whole-time member Ananth Narayan stated that the primary aim of restricting derivative trades is to reduce the “expiry day frenzy” in options trading. Narayan clarified that Sebi does not intend to ban derivatives but to mitigate systemic risks through measures like limiting weekly option expiries and increasing margins on expiry day. Highlighting the issue, … Read more
The Centre fined Zerodha Asset Management and its key directors, including founder Nithin Kamath, for delaying the appointment of a CFO. Zerodha admitted the fault on July 9, violating Section 203 of the Companies Act, 2013, which mandates a CFO for companies with paid-up capital over Rs 10 crore. The delay spanned 459 days, ending … Read more
Investor wealth declined by Rs 4.46 lakh crore on Friday as the BSE Sensex dropped 885.60 points (1.08%) to close at 80,981.95. The market saw 25 of its 30 components decline. Of 4,033 stocks traded, 2,311 fell, 1,616 rose, and 106 remained unchanged. BSE market capitalization fell to Rs 4,57,16,946.13 crore. Weak global markets and … Read more
Finance Minister Nirmala Sitharaman will address the Reserve Bank of India’s central board on August 10, outlining key points of the FY25 Budget and the fiscal consolidation roadmap. The post-budget meeting will discuss the balance between growth, employment, and fiscal prudence. Sitharaman presented the Budget on July 23, estimating total receipts at Rs 32.07 lakh … Read more
Gold prices rose by Rs 350 to Rs 72,850 per 10 grams in the national capital on Friday, continuing a four-day increase due to higher local demand and strong global trends. Silver prices, however, fell by Rs 200 to Rs 86,000 per kilogram. Gold of 99.5% purity also saw an increase, reaching Rs 72,500 per … Read more