India Financial News

supercar owner, don’t underestimate the cost of maintaining one. Supercar collectors or long-time users point out that keeping the engine purring could set you back approximately 3,00,000 Rs 5,00,000 a year. “[On average] A supercar’s maintenance costs about 30 per cent more versus a regular luxury car,” says Imran Majid, owner of a Nissan GTR 35 Skyline (currently the fastest Nissan GTR in the country) and also co-founder of automotive customisation shop Kik Shift. Prime condition

Scaler Academy has reported a nearly fivefold increase in yearly operational revenue during a period in which it raised no external capital. The company said its operational revenue rose to Rs 316.7 crore in the financial year ended March 2023, from Rs 65.6 crore a year earlier.

claim settlement ratio comes into play. It is one of the crucial metrics that give you a rough sense of how the insurance company honours the policyholders' claims.

₹72 crore, on the back of a 2.7 times increase in revenue to ₹773 crore. Revenue in the first three quarters of the current financial year has risen 59.5%. Operating with an asset-light strategy, DreamFolks dominates India's airport service sector, capturing 75% of the domestic airport lounge market.

New Delhi, 1st March, 2024: The Indo-American Chamber of Commerce (IACC) announces the India-US Legal Services Summit, the first of its kind, scheduled to be held at The Lalit, New Delhi on 4th March 2024. Organized in collaboration with Bar and Bench, Society of India Law Firms (SILF), Services Export Promotion Council (SEPC), and Chartered Institute of Arbitrators (CIArb), the summit aims to promote cooperation between legal professionals from India and the United States on corporate and legal issues. The Inaugural Session, set to be a distinguished gathering, will be graced by luminaries in the legal fraternity including the Attorney General, Mr.

₹70,352 crores. Before the merger, the two companies engaged in fierce competition for cricket streaming rights, which made customers the ultimate beneficiary. After clinching the IPL streaming rights, Reliance-backed JioCinema announced free streaming of the domestic league, while Disney streamed the ICC World Cup 2023 free on its mobile application.

Decode Age, a trailblazing health and wellness brand and a pioneer of Longevity Research in India, made waves on Shark Tank India Season 3, captivating investors, and audiences with its groundbreaking approach to healthy ageing. Founded by Rakesh Somani, Parth Amin, and Darshit Patel, Decode Age has rapidly established itself as a leader in combating the effects of ageing through its cutting-edge products and services.

Business activity in India's manufacturing sector is showing signs of improvement. The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) rose to 56.9 in February from 56.5 in January. A figure above 50 indicates expansion.

Rajnath Singh will inaugurate the new administrative and training building of Naval War College at INS Mandovi near Panaji on March 5, a Navy official said on Friday. Rear Admiral Arjun Dev Nair, Commandant of the Naval War College told reporters that the building will help the institute train officers from all three military services three times more than its current strength. «This modern edifice has been named as 'Chola' in commemoration of the mighty maritime empire of the Chola dynasty. Defence Minister Rajnath Singh will inaugurate the new building on March 5 and the ceremony will be attended by senior naval leadership in addition to ex-commandants of the Naval War College,» he said. According to him, the College of Naval Warfare was established at INS Karanja in 1988 in Mumbai to impart advanced professional military education to the middle and senior level officers of the Indian Navy. The college was renamed as Naval War College in 2010 and was shifted to its current location at Goa in 2011. With the vision of being the pre-eminent iconic institution for higher military education, the mission of the college is to prepare officers of the armed forces for leadership at strategic and operational levels, Nair said.

India collected Rs 1.68 lakh crore as the Goods and Services Tax (GST) for the month of February, up 12.5%, against the same month last year. The growth was driven by a 13.9% rise in goods and services tax from domestic transactions, showing resilience of india economy despite the global headwinds. The average monthly gross collection for FY2023-24 stood at Rs 1.67 lakh crore, exceeding Rs 1.5 lakh for FY2022-23.

Reliance's media assets in India could spark intense antitrust scrutiny over their market power, with lawyers flagging concerns that the combined entity's strong portfolio of cricket broadcast rights could impact advertisers. The Disney-Reliance $8.5 billion merger would create India's No. 1 TV player with 120 channels, with local rival Zee closest with 50. Analysts at India's Ambit Capital estimate the entity, to be majority owned by billionaire Mukesh Ambani's Reliance, will have a 35% share of India's TV viewership.

foreign exchange reserves surged by of $2.98 billion to $619.07 billion for the week ending on February 23, latest data by the Reserve Bank of India (RBI) showed on Friday. Previously, forex reserves dropped by $1.13 billion to $616.1 billion, for the week ended on February 16, 2024. According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) increased by $2.41 billion to $548.19 billion. Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

consumption of traditional urea in India has declined from 357 lakh tonnes in financial year 2023 to estimated 327 lakh tonnes in FY 24 due to the introduction of nano urea, said fertilizer minister Mansukh Mandaviya on Friday. The country has reduced the consumption of traditional urea by 25 lakh tonnes, the minister said, without revealing the savings in subsidy on this account. With this the government intends to reduce the import of traditional urea becoming self reliant, he said, adding that the balance use of fertilizers will help on improving the quality of soil.

NTPC on Friday said the group's total installed capacity crossed the 75 GW mark with the completion of trial operations of the second unit of a 660 MW thermal power project in Jharkhand. «Unit-2 of 660 MW capacity of North Karanpura Super Thermal Power Project, (3 x 660 MW) has successfully completed trial operation and consequently included in the installed capacity of NTPC Ltd,» it said.

Shares of Gland Pharma Ltd.(up 1.23 per cent), Laurus Labs Ltd.(up 0.93 per cent), Sanofi India Ltd.(up 0.61 per cent), Lupin Ltd.(up 0.22 per cent) and Torrent Pharmaceuticals Ltd.(up 0.1 per cent) ended the day as top gainers in the pack.

BJP on Friday described the UPA's 10 years as the «lost decade of corruption and cronyism» and said Prime Minister Narendra Modi's «politics of performance» has made India the world's fastest-growing economy. The UPA government left behind a «devastated» economy and Prime Minister Modi «rebuilt» it in five years, senior BJP leader and Union minister Rajeev Chandrasekhar said at a press conference at the party headquarters here. Prime Minister Modi's two consecutive terms have seen «tremendous structural changes» in the country, he said. «The most defining changes have been Prime Minister Narendra Modi's politics of performance, his ability to transform and execute it at an unprecedented scale and depth, solve problems that remained unsolved for decades and change the narrative about India,» he said.

GDP growth for the current financial year could be within striking distance of 8 per cent, a study by the State Bank of India (SBI) said on Friday, a day after India posted an 8.4 per cent growth in the December quarter, and revised upwards the estimates for the preceding two quarters. «The third quarter GDP numbers jolted the psyche and cognitive framework of most in markets, while sweeping some by a pleasant surprise. Clearly, right policy prisms and perspectives can trump irrational expectations bordering fault lines,» SBI said in its research report 'Ecowrap'. It noted that defying all estimates, the economy grew 8.4 per cent in the third quarter of 2023-24 after exhibiting more than 8 per cent growth in the preceding two quarters. The buoyancy in indirect tax mop-up (32 per cent year-on-year growth), gap between Gross Domestic Product (GDP) and Gross Value Added (GVA) growth widened.

Shares of Wipro Ltd.(up 0.1 per cent) ended the day as top gainers in the pack.

Yash Raj Films (YRF) on Friday said it has launched a social media application for acting aspirants. The banner said budding talent from across the world would directly receive information about casting calls for its films and series through the YRF Casting App. According to YRF, the app would help the studio tackle fake casting calls issued in the name of the company. It would further enable aspirants to register their profile details and submit their auditions to the banner, it said in a press release.

CorporatEdge (CE), a premium serviced workspace solutions company plans to expand its total footprint by 10x to 1.7 million square feet across major cities over the next 5 years. “CorporatEdge has tapped into the growing demand for flexible workspaces and would deploy over Rs. 300 crore in the next 5 years. The expansion will be spread across 10 cities pan-India and densify presence in the existing cities as well,” said Aashish S Shukla, Managing Director of CorporatEdge. Recently, the firm launched its third facility named ‘Marquee’ in Bengaluru, at the Prestige Trade Tower spread over 29000 sq.ft. The is pegged as a Offitel — Office hotel facility with serviced offices, team offices, private office suites, director cabins and range of F&B offering and has a capacity of 350 workstations.

India collected Rs 1.68 lakh crore as goods and services tax (GST) in February, up 12.5 per cent from the year earlier, reflecting continued momentum in economic activity. This growth was driven by a 13.9 per cent rise in GST from domestic transactions and 8.5 per cent increase in GST from import of goods, the government highlighted in a press release. GST revenue net of refunds for February 2024 stood at Rs 1.51 lakh crore registering a growth of 13.6 per cent over that for the same period last year.