MUMBAI: Eighty-five per cent of about 12,000 freshers set to join the country's largest lender SBI in FY25 are engineering graduates, its chairman Dinesh Khara has said. The bank is in the process of onboarding up to 12,000 freshers in the roles of probationary officers and associates in FY25, and there is no bias towards onboarding engineers in the ranks, Khara said, stressing that this is not by design. After training the over 3,000 POs and over 8,000 associates with some banking knowledge, th

NEW DELHI: A study to assess required infrastructure and identify main industry clusters for achieving the USD 1 trillion merchandise exports target by 2030 may be submitted by August-September to the commerce ministry, an official said. The official said that the Asian Development Bank (ADB) is doing that study for the ministry. In 2023-24, India's merchandise exports dipped by over 3 per cent to USD 437 billion. Imports during the last fiscal dipped by 5. 7 per cent to USD 675. 4 billion. By 2

NEW DELHI: Maruti Suzuki India expects its CNG car sales to rise over 30 per cent to around 6 lakh units this fiscal, according to a senior company official. The country's largest carmaker also aims to export around 3 lakh units in the ongoing financial year. So CNG, this year, we did about 4,50,000 (units) in passenger vehicles. We are hoping to do something like 6,00,000 vehicles in FY24-25, Maruti Suzuki India Executive Director Corporate Affairs Rahul Bharti said in an analyst call. The comp

Arguing that a weak coalition government either led by the BJP or the Congress will not lead to massive macro risks but instead will lead to more meaningful policy changes, even though it will create short-term market mayhem, a foreign brokerage says that some things will not change in India as most of the good things here are independent of the government of the day. In a weekend report, analysts at the largest Japanese lender MUFG Bank, said, Whilemarket sentiment will no doubt take a sharp hi

NEW DELHI: State-owned Union Bank of India on Saturday reported an 18.36% increase in its consolidated net profit for the March quarter to Rs 3,328 crore, helped by lower provisions. For the financial year 2023-24, the lender reported a consolidated net profit of Rs 13,797 crore against Rs 8,512 crore in the year-ago period. In the quarter under review, its standalone net profit rose to Rs 3,311 crore from Rs 2,782 crore a year ago. The core net interest income grew 14.38% to Rs 9,437 crore on a

NEW DELHI: Eicher Motors on Saturday reported an 18% increase in consolidated profit after tax (PAT) to Rs 1,070 crore for the fourth quarter ended March 2024, driven by higher sales. The company posted a profit after tax of Rs 906 crore in the same period last year. The companys total revenue increased 12% to Rs 4,256 crore in the January-March quarter of financial year 2023024 compared to Rs 3,804 crore in the corresponding quarter of 2022-23, Eicher Motors said in a statement. Royal Enfield,

The belief of leaving behind an inheritance or legacy for ones progeny has remained in the human psyche for time immemorial. However, opinions differ based on how accumulated wealth over a lifetime should be distributed after an individuals lifetime. Recently, Sam Pitroda, the Chairman of the Indian Overseas Congress, has spoken in favour of introducing an inheritance tax in India. Citing the US as an example, he highlighted how a significant percentage of wealth is taxed by the government, and

NEW DELHI: In the last 10 years of Modi government rule, India has undergone marked tax reforms focused on streamlining the tax framework, enhancing compliance, and fostering transparency. The implementation of the Goods and Services Tax (GST) was a pivotal transformation, revolutionising the indirect tax landscape. Simultaneously, adjustments in direct tax rates and coverage have been pursued to create a more balanced system. Key reforms common to Customs, GST, income tax, and corporate tax inc

Musk's X banned over 1.8 lakh accounts for policy violations in India in April

Contractors curious about an extension cord on the roof of a Michigan grocery store made a startling discovery: A 34-year-old woman was living inside the business sign, with enough space for a computer, printer and coffee maker, police said. She was homeless, Officer Brennon Warren of the Midland Police Department said Thursday. Its a story that makes you scratch your head, just somebody living up in a sign. The woman, whose name was not released, told police she had a job elsewhere but had been

Social commerce platform Meesho raises $275 million

NEW DELHI: Nearly 17 companies selected under the PLI (Production Linked Incentive) for IT Hardware will begin production in this financial year (FY25), said S Krishnan, Secretary of Ministry of Electronics and IT (MeitY). Six-seven companies out of 27 had started production last year. Krishnan also mentioned that the government has been periodically reviewing the progress of the PLI incentive scheme and is quite satisfied with its progress. The government introduced a revised PLI scheme of Rs 1

BENGALURU: Jewellery retail outlets across the country saw similar sales volume on Akshaya Tritiya, Friday, like that of last year despite high gold prices. Nearly 20-22 tonne of gold is sold during Akshaya Tritiya. Every year sales used to increase as against preceding year, but this year it was not so. While volume-wise there might be a 5% decline, value-wise it was similar, All India Gem and Jewellery Domestic Council chairman Saiyam Mehra said. About 40% of business happened in the south and

NEW DELHI: Industrial growth decelerated to 4.9% in March from 5.7% in February, as per data from the Ministry of Statistics and Programme Implementation released on Friday. For the whole FY2424, Index of Industrial Production (IIP) grew 5.8%, up from 5.2% in the previous year. In March 2023, IIP had grown by 1.9%. The slowdown in IIP in March as against February was mainly driven by mining sector, which saw a growth of 1.2%, significantly lower than the 8% rise recorded in February. Manufacturi

NEW DELHI: Chennai-based TVS Holdings is acquiring 80.74% of the equity stake in Home Credit India Finance (HCIFPL) for Rs 554 crore. The Board of TVS Holdings approved this proposal on Friday while stating that the remaining 19.26% of the equity will be purchased by Premji Invest and other associates. This acquisition will help TVS Holdings to expand its presence in the consumer finance sector. Home Credit will operate as a subsidiary of TVS Holdings, maintaining its brand identity and focus on

NEW DELHI: State-owned Bharat Petroleum Corporation Limited (BPCL) said, in its investors call, it will import 25% of its total crude oil needs from Russia in FY 2024-25. Last fiscal, the company imported a total of around 36 million metric tonnes (MMT) of crude oil, of which nearly 39% came from Russia. The expected cut in imports this year is due to moderation in discount offered by Russia. The company said it previously received a discount of nearly $8-$10 per barrel on Russian crude oil last

MUMBAI: Digital-only non-life insurance player Go Digit General Insurance which is backed by celebrity couple Virat Kohli and Anushka Sharma on Friday fixed the price bank for its Rs 2,615 crore IPO at Rs 258-272. The issue opens on May 15 and closes on May 17. The Bengaluru-based Go Digit which is promoted by the Canada based NRI investor Prem Watsa said the IPO comprises a fresh issue of shares worth Rs 1,125 crore and an offer for sale (OFS) of 54,766,392 shares, according to the draft prospe

MUMBAI: State-run banks continue to get weighed down by the wage and pension related provisions with yet another lender Bank of India Friday reporting a muted 7 percent on-year growth in net income at Rs 1,439 crore for the three months ending March. On Thursday, the largest peer State Bank of India said it had to make an additional provision to the tune of Rs 7,100 crore towards pension settlements even though the bank still managed to report the highest ever earnings of Rs 20,698 crore, which

MUMBAI: An additional Rs 550 crore provision for the bankrupt Goair along with another Rs 800 crore for pensions have scuppered the overall numbers of Bank of Baroda, which Friday reported a muted 2.3 percent growth in net income at Rs 4,886 crore for the March quarter. For the full financial year the bank's net profit increased 26 percent to Rs 17,789 crore from Rs 14,110 crore in the preceding fiscal. Its total income increased to Rs 1,27,101 crore for the full year from Rs 99,614 crore in the

MUMBAI: After four weeks of continuous decline losing cumulatively around $10 billion, the forex reserves gained by $3.68 billion to $641.59 billion for the week to May 3, show the latest weekly data from the Reserve Bank Friday. In the immediate past week ending April 26, the overall kitty had dropped by $2.412 billion to $637.922 billion. Typically, the reserves gain when the RBI buys dollars/foreign exchange from the market primarily to stabilize the rupee, which for many weeks has been a bit

Indian IT companies become more conservative in FY25 growth projections

PARIS: French pharmaceutical giant Sanofi and struggling US rival Novavax announced Friday an alliance to sell a Covid vaccine and develop another that combines with a flu shot. Under a licensing deal worth up to $1.2 billion, the companies will co-commercialise Novavax's Covid-19 vaccine worldwide, except in some countries including India, Japan and South Korea, where the US firm already has partnership agreements. Novavax will receive an upfront payment of $500 million and up to $700 million i

Indians buying luxury homes more than ever, affordable housing sees 20 pc dip: Report

Apple was forced to apologise after its new iPad ad met with backlash from internet users. Apple reportedly apologised and admitted it missed the mark with its latest iPad Pro advertisement. The ad, featuring an industrial-sized hydraulic press crushing a collection of creative objects including musical instruments and books, was launched by Apples chief executive, Tim Cook, on Tuesday. Meet the new iPad Pro: the thinnest product weve ever created, the most advanced display weve ever produced, w

MUMBAI: The countrys largest lender State Bank of India has reported record quarterly and annual profit with a 24% growth in the March quarter earnings at Rs 20,698 crore, the highest among the India Inc including that of Reliance Industries. The banks annual profit peaked at Rs 61,077 crore. At Rs 20,698 crore, SBIs March quarter net income is much higher than that of the consolidated numbers of Reliance, which for decades has been the most profitable firm in the country. RILs Q4 net profit cam

NEW DELHI: Domestic mobile market witnessed a significant shift towards the premium segment in Q1, 2024, as for the first time ever premium smartphones captured a remarkable 20% share in terms of volume and a 51% share of the overall market value. This reflects a growing consumer preference for high-end devices (priced at Rs 30,000 and above). As per the Counterpoints Monthly India Smartphone Tracker, Samsung and Apple maintain their dominance in value segment, holding 25% and 19% market shares,

NEW DELHI: Asian Paints on Thursday reported a 1.34% rise in consolidated net profit to Rs 1,275.3 crore for the fourth quarter ended March 2024. The company had reported a consolidated net profit of Rs 1,258.41 crore in the corresponding quarter of the previous financial year, Asian Paints said in a regulatory filing. Its consolidated revenue from operations during the quarter under review stood at Rs 8,730.76 crore against Rs 8,787.34 crore a year ago, it added. Total expenses during the fourt

MUMBAI: An improvement in the asset quality has helped public sector lender Indian Overseas Bank on Thursday report a record Rs 808 crore net income for the March quarter, up from Rs 650 crore in the year-ago period, making it the highest-ever number for the Chennai-headquartered bank. Similarly, the bank also reported its highest-ever annual earnings at Rs 2,656 crore for FY24, up from Rs 2,099 crore in FY23. Overall its bad loan piles have more than halved in the reporting period, leading to l

BENGALURU: Cash-strapped Byjus has slashed its product prices by at least 30%. Sources said the annual subscription for the Byjus Learning App is now available at yearly price of Rs 12,000, while Byjus Classes and Byjus Tuition Centres (BTC) are priced at Rs 24,000 and Rs 36,000, respectively, for a complete year. This comes after the companys founder Byju Raveendran took over daily operational responsibilities of Byjus after nearly four years. In a meeting with over 1,500 sales associates and m

MUMBAI: Third-largest public sector lender Punjab National Bank on Thursday said its net income for the March quarter zoomed 160% to Rs 3,010 crore on improved asset quality and higher loan disbursals. For the full year ending March 2024, the New Delhi headquartered bank reported a net income of Rs 8,245 crore recording a robust 228.8% growth from Rs 2,507 crore posted in FY23. In the reporting quarter, gross non-performing assets (NPAs) fell to 5.73% from 8.74% last year and from 6.24% a quarte

BENGALURU: K Krithivasan, who took charge as the CEO and MD of Tata Consultancy Services (TCS) on June 1, 2023, took home about Rs 25.36 crore salary in FY24. His remuneration includes compensation for the full year as global head of BFSI for April 1, 2023, to May 31, 2023, and as CEO and MD from June 1, 2023, according to the companys FY24 annual report. Krithivasans package in FY24 was lower than that of former CEO and MD Rajesh Gopinathan as he received Rs 29.16 crore in FY23. Infosys CEO Sal

NEW DELHI: After a tepid FY23, the PSU oil marketing companies have turned the table and raked in record profits in FY24. The three state-owned oil marketing companies (OMCs) IOCL, BPCL and HPCL have together posted `82,500 crore standalone profit in 2023-34, 71 times the profit earned in the previous year. This is significant because these companies have been holding fuel price cuts citing low profitability. Experts cite robust double-digit gross refining margins (GRM) and healthy marketing m

NEW DELHI: With an aim to revive the hatchback segment, Maruti Suzuki (MSIL), countrys largest carmaker, on Monday launched the fourth generation of Swift at a starting price of Rs 6.49 lakh that goes up to Rs 9.64 lakh (ex-showroom price). The new swift will compete against the expensive Hyundai i20 and another Maruti model Baleno. The new Swift has improved mileage, lower carbon emission and additional safety feature where the company has made 6-airbag a standard feature. The hatchback, develo

BENGALURU: Mid-tier IT firm Sonata Software Chief Financial Officer Jagannathan Chakravarthi said Artificial Intelligence (AI) is going to play a key role in all deals in the coming days. We will not have any proposal without AI, he told TNIE in an interaction. The challenge is to know the role of AI, its benefits, what are we going to get out of it, and how many of our customers will adopt it. AI is an evolving area and it will take another five to six quarters for us to know the meaningful imp

MUMBAI: Continuing inflows into the most popular mutual fund segment, the systematic investment plans or SIPs set new records in April topping the Rs 20,000 crore mark for the first time, and coupled with this and fresh inflows into debt and equity funds took the total assets under management to Rs 57.26 lakh crore in the month, up from Rs 55.01 lakh crore in the previous month. Being the fiscal year closing month, March saw a significant outflow of Rs 1.59 lakh crore, but the industry reversed