MUMBAI: Raghunandan Srinivas Kamath, the founder of Naturals icecream passed away on Friday night at HN Reliance Foundation Hospital. His last rites were performed on Saturday evening at Amboli, Andheri West. He was known as the ice cream man of India. Our thoughts on the sad demise of our patron and founder of Naturals Ice Cream, Late (Shri) Raghunandan Kamath. Indeed a very sad and unfortunate day for us. Regards, The Naturals Family. Date: 18th May, 2024. pic.twitter.com/6x5guC5ae8 Natural I

NEW DELHI: Foreign investors have pulled out a massive Rs 28,200 crore from Indian equities so far this month, owing to uncertainties about the outcome of the general elections and attractive valuations of Chinese markets. The withdrawal was way higher than a net pullout of over Rs 8,700 crore in April on concerns over a tweak in India's tax treaty with Mauritius and a sustained rise in US bond yields. Before that, FPIs made a net investment of Rs 35,098 crore in March and Rs 1,539 crore in Febr

In his new book -- Just a Mercenary former RBI governor D Subbaroa details his journey from a Sainik School to Mint Road in Mumbai.The book delves into several unknown chapters of Indias economic policy making. In an interaction with Dipak Mondal of the New Indian Express , the former RBI governor shares his view on many economic and financial issues facing the country. You are among a long list of IAS officers who ended up heading the RBI. Do you think bureaucrats make good RBI governors? The

As consumers of information and communication, most of us are victims of a daily barrage of pesky telemarketers. They think nothing of using our mobile phones as free soliciting devices. Then there are the criminals who use voice calls, and messaging for robbing us of our hard-earned money. Considering the scale of the problem, the government is just not doing enough. The worst offenders using telemarketers are banks, insurance companies and builders. As for criminal fraudsters, the preferred en

NEW DELHI: Hospitality firm Oravel Stays Ltd, which operates the brand OYO, has withdrawn its IPO after material changes in its finances. The withdrawal, as per sources, is on technical ground and the IPO papers would be refiled after accounting for material changes in the companys finances. Sources told TNIE the company is planning to refinance its $450 million loan in the international bond market. After refinancing of the loan, the interest cost of the company is likely to fall from 14% curre

NEW DELHI: Institutional investors of Nestle India have rejected a proposal by the companys board to raise royalty paid to its Switzerland-based parent. The proposal to increase the royalty fee to company to Societe des Produits Nestle SA to 5.25% of the net sales in a staggered manner over five years from 4.5% per annum currently was rejected by 70.8% of the institutional investors. Votes by institutional investors accounted for 80% of the votes polled on the proposal. Institutional investors h

NEW DELHI: If Congress-led INDIA alliance comes to power, it will lead to de-rating in markets and in specific sectors such as defence, capital goods, tourism, PSUs (including banks), drones, AMC, wires and cables, plastic pipes and EMS, said brokerage firm Prabhudas Lilladher in its India Strategy Report Mandate 2024, Brace of Volatility report on Friday. The report comes as India completes the 4th phase of what it calls the most hotly contested Lok Sabha elections in its history. It added tha

NEW DELHI: Even as other telecom service providers have been rolling out 5G, Vodafone Idea Limited (Vi), the countrys third-largest telecom operator, is still prioritising expanding its 4G networks. The telco on Friday announced that it will spend Rs 55,000 crore in the next three years in capex, and focus on 4G expansion. The capex will be spent on expansion of 4G coverage by rolling out more sites, capacity growth in 4G where sites have been deployed already. The third will be 5G where rollou

BENGALURU: Former Tech Mahindra vice chairman Vineet Nayyar, 85, passed away on Thursday. A civil servant turned corporate professional; he was one of the doyens of the Indian tech industry. He worked with the World Bank and then went on to serve state-owned energy corporation GAIL as its inaugural chairman and MD. He later joined HCL Corporation as its MD and became vice chairman of HCL Technologies. Anand Mahindra, chairman of Mahindra Group, wrote on X, Vineet was a larger than life figure in

NEW DELHI: State-owned gas utility GAIL (India) on Thursday reported more than tripling of its fourth quarter net profit as its natural gas transmission and petrochemical business saw a turnaround. Its standalone net profit of Rs 2,176.97 crore in the fourth quarter of 2023-24 - was 261% more than Rs 603.52 crore net profit in the same period last year, according to stock exchange filing by the company. The net profit was, however, 26 per cent lower than Rs 2,842.62 crore earning in the precedin

NEW DELHI: Finance Minister Nirmala Sitharaman has projected Indias share in global growth for the next five years to be at 18%. She conveyed optimism that the BJP government under Prime Minister Narendra Modi will secure victory in the Lok Sabha poll 2024 on June 4. We are confident that PM Modi is coming back with a good majority... We are looking at an India, which is going to be dynamic, contributing 18% to the global growth, Sitharaman said while addressing the Confederation of Indian Indus

NEW DELHI: The Telecom Regulatory Authority of India (TRAI) is in the process of finalising its recommendations on whether over-the-top (OTT) communication apps like WhatsApp, Telegram, and Signal need to be regulated. The regulatory body announced an open house discussion in next two to three months over the regulation of OTT communication apps. TRAI chairman Anil Kumar Lahoti, on the sidelines of an event on Friday, dismissed that current OTT paper has become infructuous in the wake of notific

NEW DELHI: JSW Steel has reported a 62% drop in consolidated net profit in the quarter ended March 2024. The consolidated net profit fell from Rs 3,446 crore in the fourth quarter of FY23 to Rs 1,322 crore in the same quarter in FY24. Total income during the quarter also fell 2% to Rs 46,511. Operating EBITDA of the company during the quarter was Rs 6,124 crore. The company in a press statement said that crude steel production during the quarter was 6.79 million tonne, and recorded the highest-e

NEW DELHI: Low-cost carrier SpiceJet received a major relief on Friday as a division bench of the Delhi High Court overturned its previous ruling that directed the airline to refund over Rs 270 crore to its former promoter Kalanithi Maran of the Sun Group. A bench of Justices Yashwant Varma and Ravinder Dudeja allowed the appeals filed by SpiceJet and its managing director Ajay Singh challenging the single judges July 31, 2023 order. The appeals stand allowed. Consequently, the July 31, 2023 ord

BENGALURU: Infosys co-founder SD Shibulals daughter-in-law Bhairavi Madhusudhan Shibulal has sold a portion of her holding in the company on the stock exchanges. She held 60,21,716 shares, amounting to 0.15% of the total shareholding. In a regulatory filing, she said, In terms of Regulation 29(2) of the Takeover Regulations, we are hereby informing you about the Sale of 3,61,302 equity shares (representing 0.01%) of Infosys Limited by way of Sale on the platform of the Stock Exchange on 15th May

KATHMANDU: Nepal has become the latest country to ban the import and sale of two popular Indian spice brands after reports that some of their products contained a cancer-causing pesticide, officials said Friday. Hong Kong and Singapore last month banned products from Everest and MDH -- two brands popular in India and exported worldwide -- after tests detected the presence of ethylene oxide, according to media reports. Besides its use as a pesticide, ethylene oxide is used to sterilise medical eq

BRUSSELS: The EU on Friday told Microsoft to hand over internal documents or face fines as it examines generative AI risks on the company's search engine Bing ahead of elections. The EU has identified generative artificial intelligence as one of the main threats to elections being held across the 27-country bloc June 6-9. Brussels in March pressed Bing, alongside several big digital platforms including Google Search, TikTok and YouTube, about action they have taken to mitigate AI risks. But Micr

MUMBAI: Signalling better returns for depositors going forward, the nations largest lender State Bank of India has increased the pricing on short-term retail fixed deposits (FDs) by 25-75 basis points, taking the peak offering to 6.25 per cent, a move other banks also likely to follow amidst rising credit demand and falling liquidity. This is the first interest rate hike on deposits since December last by the bank that controls over a fifth of the system wide funds and liabilities, when it had j

NEW DELHI: Brookfield India Real Estate Trust (BIRET) has inked biding agreements to acquire a 50% stake in four Grade A assets from Bharti Enterprises. The acquisition includes marquee commercial properties of 3.3 million square feet, at an enterprise value (EV) of Rs 6,000 crore. The total equity consideration for the 50% stake will be fulfilled via a preferential allotment of units in BIRET to Bharti, at Rs 300 per unit. Following this, Bharti will become the second-largest unitholder in BIRE

NEW DELHI: Reliance Jio, Indias largest telecom service provider submitted the maximum earnest money deposit (EMD) of Rs 3,000 crore for the upcoming spectrum auction on June 6. This is despite none of Jios licences need renewal. In contrast, competitors Bharti Airtel and Vodafone Idea (Vi) require spectrum renewals in some circles during the auction. Bharti Airtel deposited Rs 1,050 crore, while Vi deposited Rs 300 crore. All three private companies will compete for Rs 96,317.65 crore worth of

NEW DELHI: Anil Agarwal-led Vedanta Ltd announced on Thursday raising funds of up to Rs 8,500 crore by issuing equity shares. The company, in an exchange filing, also said that its board approved a dividend payment of Rs 11 per share for the financial year 2024-25, amounting to a total payout of nearly Rs4,089 crore. The record date for the dividend payment has been set at May 25, the company said in an exchange filing. The purpose of raising cash through the issue of equity shares (or via furth

MUMBAI: The Mahindra & Mahindra Group, which on Thursday reported a 32% jump in standalone net profit at Rs 2,038 crore for the March quarter, has earmarked Rs 34,000 crore of capital investment by FY27. Most of the money will go into the automotive business to develop new models in the traditional fossil fuel-driven vehicles and into electric mobility space. As much as Rs 27,000 crore of the planned Rs 34,000 crore capex and investment will go into the mobility segment, as the company is lining

BENGALURU: With a proposed investment of $700 million, homegrown SaaS unicorn Zoho is planning a new venture into chipmaking. Though the company did not comment on the development, reports suggest that Zoho has been seeking incentives from the government. It is also said the proposal is being reviewed by a panel and that the IT ministry has reportedly asked the firm to provide more clarity on the same. Earlier in March, the companys founder and CEO Sridhar Vembu had announced on X his plans for

NEW DELHI: Biotech company Biocon on Thursday reported a 57% fall in its consolidated net profit at Rs 136 crore for the fourth quarter ending March 2024 on account of higher expenses. It had reported a net profit of Rs 313 crore in the same quarter of the last fiscal. The companys total revenue increased marginally to Rs 3,966 crore in the said quarter compared with Rs 3,929 crore in the year-ago period, Biocon said in a statement. Total expenses surged to Rs 3,635 crore in the fourth quarter f

NEW DELHI: Telecom service provider Vodafone Idea reported a net loss of Rs 7,674 crore for the quarter ending March 31, 2024. The companys loss widened in the quarter under review from Rs 6,418.9 crore in the year-ago period. The telcos revenue from operations increased to Rs 10,606 crore from Rs 10,531 crore in the same quarter last fiscal. The EBITDA of the company stood at Rs 4,336 crore in the fourth quarter of this fiscal over Rs 4,210.30 crore in the previous year. We are pleased to repor

NEW DELHI: In another high-profile exit at ride-hailing major Ola Cabs, Karthik Gupta, Chief Financial Officer (CFO) of ANI Technologies, the parent company of Ola Cabs, has stepped down. The CFOs departure comes just two weeks after Ola Cabs CEO Hemant Bakshi decided to leave the company. Bakshi, who had joined Ola in September 2023, quit barely four months into the role. Gupta had joined Ola Cabs seven months ago and held responsibilities across financial strategy, growth, regulatory complianc

NEW DELHI: Domestic equity market made a swift recovery from last weeks aggressive sell-off which was triggered by concerns related to the outcome of 2024 General Elections. The local benchmark indices - BSE Sensex and NSE Nifty - extended this weeks gain and ended higher by nearly 1% each on Thursday, all thanks to robust buying across sectors during fag-end of the session. Experts say the buying was driven by strong global trends as lower-than-expected US consumer inflation figures have again