City New Delhi Financial News

10.08 / 00:53

Citi Metro show beautiful cover electronic ecommerce Ecommerce growth slows in FY23 as Covid effect evaporates: Report

Unicommerce. Growth in gross merchandise value (GMV) also slowed to 23.5% from 73.6%, the company, which helps merchants and brands sell online and manage their inventory, said in a report. Unicommerce chief executive Kapil Makhija said the slowdown in growth was a sign of stabilisation in the ecommerce industry after a couple of years of tailwind gains from Covid-19.

09.08 / 19:53

Citi Provident Strategy Align performer star beautiful Trent Q1 results: Profit jumps 44% at ₹148.27 crore

New Delhi: Retailer Trent Ltd., part of the Tata Group, reported a 44% jump in June quarter profit to ₹148.27 crore from the ₹102.6 crore reported in the year ago period. Standalone revenue from operations grew 53.4% from ₹1,652.86 crore reported in they ago period to ₹2,536.43 crore, the company said in a filing to the exchanges. “Trent witnessed encouraging revenue growth during Q1FY24 amidst relatively subdued market conditions.

09.08 / 17:53

Citi Booking Dreams Metro Shell Weekend Room rates go through the roof for long weekend

NEW DELHI : The upcoming long weekend has extended this year’s dream run for India’s hotel companies, with last-minute holiday planners shelling out at least ₹20,000 to spend a single night at any top five-star resort. Taj Lake Palace in Udaipur is charging ₹1.8 lakh for two people for a three-night stay over the weekend, while Taj group-owned Rambagh Palace in Jaipur has a list price of ₹5.9 lakh for four nights for two people for its last few rooms. Accor Group’s Raffles in Udaipur is sold out, while Fairmont in Jaipur charges ₹20,000 a night.

09.08 / 17:53

COST Digital Citizens Aware Platform electronic ‘Will work with industry on DPDP law’

NEW DELHI : The government will consult the industry before implementing the Digital Personal Data Protection (DPDP) bill to ensure a smooth rollout roadmap, minister of state for electronics and IT Rajeev Chandrasekhar said. In an interview, Chandrasekhar said the government is open to the industry’s suggestion for an extended time frame but stressed that the new law will curb the exploitation of user data and make it costly for those who violate rules. Edited excerpts: This is an important fundamental law that has been put into place, and there will be a few more things that we will do down the road very quickly that will complete the global standards cyber law framework for this trillion-dollar digital economy, which is our goal.

09.08 / 17:53

Digital AXY Manufacturing CEO Platform NIIF taps Russell Reynolds to find next MD & CEO

NEW DELHI : The National Investment and Infrastructure Fund Ltd (NIIF) has mandated global leadership advisory firm Russell Reynolds Associates to find the next managing director (MD) and chief executive officer (CEO) of India’s quasi-sovereign wealth fund, two people familiar with the development said. After Sujoy Bose, who served as NIIF’s first MD & CEO for six years since 2016, quit in May, the company named Rajiv Dhar, the executive director and chief operating officer, the interim MD & CEO. In 2015, the then-department of economic affairs secretary Shaktikanta Das headed a search-cum-selection committee to select the CEO for the investment management company under NIIF.

09.08 / 13:45

Art classical Indian Indian ultra rich spending on luxury watches, art, handbags equally in 2023

New Delhi: Art, watches, and luxury handbags remain the most sought-after investment of passion in 2023 for super rich Indians. Over half the ultra-high-net-worth individuals' (UHNWIs) will also make a purchase in categories like classic cars, wine and furniture are the second most sought passion led investments this year in 2023. According to a report released by real estate consultancy, Knight Frank, under its ‘Attitudes Survey’, 4% of Indian UHNWIs wealth is expected to be pursued in assets which are passion driven rather than monetary gains.

09.08 / 13:35

Target Manufacturing Gap concert electronic India's imports from China across at least 25 major commodity groups rise on year

India's imports from China across at least 25 major commodity groups such as consumer electronics, auto components, and iron and steel products rose in fiscal 2023, the government told parliament on Wednesday. The statement, which listed Chinese imports in a total of 31 commodity groups, comes amid New Delhi's concerted efforts to reduce its trade deficit with China since border tensions flared in 2020.

09.08 / 12:41

Provident Digital No plan to change retirement age of central govt staff: Jitendra Singh

New Delhi: There is no proposal under consideration to change the retirement age of central government employees, Union minister Jitendra Singh said on Wednesday. Replying to a written question in the Lok Sabha, the minister said 122 officers have been given compulsory retirement under Rule 56 (j) during the last three years (2020-2023), including the current year.

09.08 / 12:03

FIVE Remark Highways performer Highway construction marks steady rise over last five years: Gadkari

New Delhi: The ministry of road transport and highways has been making remarkable strides in the construction of highways, with a notable increase in the length of highways built over the last five years when compared to figures from fiscal year 2013-14, said Nitin Gadkari, minister of road transport and highways. In a written reply to the Rajya Sabha, the minister said that the length of highways constructed in recent years has surpassed the numbers achieved during the fiscal year 2013-14, indicating a strong upward trend.

09.08 / 10:29

UPS MET Strategy Discover country India’s coal output rises 9.2%, aims for self-reliance: Minister Pralhad Joshi

New Delhi: Domestic coal production rose 9.2% year-on-year up to July 2023, Union minister of coal and mines Pralhad Joshi said on Wednesday.In a written response to Lok Sabha, the minister outlined the government’s efforts to escalate indigenous coal production while curtailing non-essential imports. “As per the existing import policy, coal is kept under Open General License (OGL) and consumers are free to import coal from the source of their choice as per their contractual agreement on payment of applicable duty. Most of the requirement of coal in the country is met through indigenous production.

09.08 / 09:33

Provident Citizens Waters Indus country Explainer Mint Explainer: 308 Indians held in Pakistan’s prisons. Here’s why

maritime boundaries between the two countries are somewhat blurry, fishermen have been caught in the net of authorities from both India and Pakistan. – This sets in motion a flurry of diplomatic activity where both governments push for the early release and repatriation of those languishing in jails.

09.08 / 09:33

Enterprise Latin settlement These Latin American, African nations are next in line for India’s bilateral currency settlement drive

Also read: Will the rupee emerge as a global currency? During the Joint Trade Sub-Commission (JTSC) meeting held in New Delhi on August 8, India engaged in discussions regarding the possibility of establishing a bilateral currency trade settlement with Vietnam. Vietnam stands as India's fifth-largest trading partner within the Association of Southeast Asian Nations (ASEAN) region, contributing to 11.2 percent of India's overall trade with ASEAN in the fiscal year 2022-23.

09.08 / 09:33

UPS Cooper Waters Backed Hunch Ventures-backed Circle FC, Israel tie up to address India’s water-related issues

New Delhi: The Circle: Founders Club (FC), a business accelerator backed by Hunch Ventures,has collaborated with the Embassy of Israel in India to launch a program to empower early-stage startups in water tech and foster innovations that solve water-related problems in India. The program “The Water Challenge" marks a critical milestone in India-Israel bilateral relations, fostering cooperation in the crucial domain of water technology.

09.08 / 09:33

Manufacturing country Siam Q1 data: Uttar Pradesh secures top spot with highest vehicle sales

New Delhi: Uttar Pradesh sold the maximum number of automobiles during the June ended quarter (Q1 FY24), followed by Maharashtra and Karnataka, according to data from the Society of Indian Automobile Manufacturers (Siam). In the passenger vehicle (PV) category, Maharashtra was the leader, selling 12% of total number of PVs sold in the country.

09.08 / 08:37

Cooper Pride Army chief leaves for the UK on a 5-day visit

New Delhi: Army chief Gen. Manoj Pande on Wednesday left for a five-day visit to the UK to attend a military event and hold talks with top British defence officials on bilateral strategic issues. Pande will review the 201st Sovereign’s Parade of Commissioning Course at the Royal Military Academy in Sandhurst as the ‘Sovereign’s Representative’ for the parade, the ministry of defence said.

09.08 / 07:13

show ICICI Lombard responds to GST notice, alleging tax demand of ₹273 crore; check here

GST) show-cause notice, alleging a tax demand of ₹273.4 crore along with interest, the company informed the BSE. On August 8, ICICI Lombard received a Show Cause Notice (SCN) dated July 26 from the Directorate General of GST Intelligence in New Delhi. The notice alleges a tax demand of ₹273,44,50,284 under Section 74(1) of the Central Goods and Services Tax (CGST) Act, 2017, along with interest under Section 50(1) of the Act and a penalty under Section 74(1) read with Section 122(2)(b) of the Act.

09.08 / 01:51

Fire breaks out at plywood shop in Delhi

fire broke out at a plywood shop in New Delhi's Gandhi Nagar area in the wee hours of Wednesday. There were no immediate reports of any loss of life or injuries in the blaze.Amandeep, the owner of the shop, said, the fire broke out at 3.30 am on Wednesday.

08.08 / 21:59

Provident Digital band performer exclusive Trai recommends creation of new category of license for digital connectivity infra providers

New Delhi: The Telecom Regulatory Authority of India has recommended creation of a new category of license called the Digital Connectivity Infrastructure Provider (DCIP) which will be allowed to create active as well as passive digital connectivity infrastructure. The license category will be an authorisation under the unified license and would not be levied any license fees, but a one-time entry fee of ₹2 lakh and processing fee at ₹15,000 will be charged.

08.08 / 13:49

Provident Fighting Assurant country services Rajya Sabha passes inter-services organisations bill

New Delhi: The Rajya Sabha on Tuesday passed the Inter-Services Organisation (Command, Control & Discipline) Bill, 2023, that seeks to provide commanders-in-chief and officers-in command of Inter-Services Organisations (ISOs) with disciplinary and administrative power over personnel from other forces serving in such establishments. The Bill was passed by the Lok Sabha on 4 August amid a renewed push for theaterisation for the best use of the military’s resources to fight future wars.

08.08 / 13:49

COST Provident country First trial shipment of fresh pomegranate exported to US: Commerce ministry

New Delhi: In a major boost to India’s fruit exports prospects, the commerce ministry on Tuesday said the first trial shipment of fresh pomegranate has been sent to the US through airways. The shipment was facilitated by the Agricultural and Processed Food Products Export Development Authority (APEDA). APEDA chairman Abhishek Dev said that the increase in pomegranate exports to the US would result in higher price realisation and increase in farmers‘ income.

08.08 / 12:53

Cooper Progressive Gap country Cooperation boost India and Vietnam pledge to boost bilateral trade, economic cooperation

New Delhi: With an aim to deepen bilateral trade and economic ties, India and Vietnam on Tuesday convened the 5th meeting of the India-Vietnam Joint Trade Sub-Commission (JTSC) , the ministry of commerce & industry said. This meeting was held after a gap of more than four years on account of the covid-19 pandemic and other factors.

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