Awards Financial News

She denied a request by Musk and Tesla’s directors to vacate her earlier ruling.

Shadowfax Technologies, a provider of e-commerce express parcels and value-added services (VAS), has announced that it has become profitable in both Adjusted PAT and EBITDA for the financial year, with revenue growing 33% year-on-year, from Rs 1,415.1 crore in FY23 to Rs 1,884.8 crore in FY24. EBITDA improved significantly, shifting from a loss of Rs 113.5 crore in FY23 to a profit of Rs 11.4 crore in FY24, while Adjusted PAT moved from a loss of Rs 123.8 crore to a profit of Rs 2 crore. Shadowfax has further diversified its revenue streams, with the majority share now coming from value-added services (VAS). These services include Prime solutions (Same Day and Next Day delivery), Reverse Logistics, Hand-to-Hand Exchange, and the rapidly expanding Quick Commerce (10-minute delivery). Over the past few years, Shadowfax has accelerated its investments in the middle-mile network, exceeding Rs 200 crore to automate its 40 sort centers, which now span over 1 million square feet. On the technology front, key innovations such as Shadowfax Maps for enhanced delivery accuracy and Shadowfax Shield for fraud detection have significantly boosted operational efficiency, driving this financial success.

Economists from the Bank of Baroda, ICICI Bank, HSBC and Standard Chartered now expect a CRR cut later this week as the Reserve Bank of India (RBI) would rely on the CRR lever, instead of the policy rates, to support growth through liquidity injection. CRR refers to the cash lenders must set aside as part of prudential norms. These funds, kept with the RBI, don't earn any interest. The pressure on the rupee, lower government cash balance and foreign portfolio (FPI) outflows have combined to cast a shadow on growth, although concerns over inflations haven't yet receded.

The Department of Supervision, RBI, recently conducted an analysis, which revealed that the number of inoperative accounts/unclaimed deposits in several banks was on the higher side vis-a-vis their total deposits as well as in absolute terms, it said. «The banks are ...advised to take necessary steps urgently to bring down the number of inoperative/frozen accounts and make the process of activation of such accounts smoother and hassle free,» a notification to chiefs of all the banks said.

Insolvency and Bankruptcy Board of India (IBBI) on Monday extended the deadline for filing forms to monitor liquidations by a month to December 31. The extension follows a request by liquidators and Insolvency Professional Agencies, citing technicalities and issues involved in the submission of the forms, the regulator said in a communication to stakeholders. Earlier, the deadline was extended from September 30 to November 30.

wheat and rapeseed. India is expected to experience above-normal minimum and maximum temperatures from December to February, with fewer «cold wave days expected», the India Meteorological Department said in a statement. Winter-sown crops such as wheat, rapeseed, and chickpea are planted from October to December and need cold weather during their growth and maturity stages for optimal yields.

Union Minister of State for Food Processing Industries Navneet Singh Bittu shared the data of organic food products exported during the last five years and current year in a written reply to Lok Sabha. As per the data, 6,38,998 tonnes were exported in 2019-20 for USD 689.10 million; 8,88,179.68 tonnes for USD 1,040.95 million in 2020-21; 4,60,320.40 tonnes for USD 771.96 million in 2021-22; 3,12,800.51 tonnes for USD 708.33 million in 2022-23; and 2,61,029 tonnes for USD 494.80 million in 2023-24 financial year.

Adani Ports and Special Economic Zone Ltd (APSEZ) on Monday said it has handled 36 million metric tonnes (MMT) of cargo in November 2024. The company in a regulatory filing said that the container segment registered a growth of 21 per cent growth. APSEZ said in the eleven month of 2024, it handled 293.7 MMT cargo, registering a 7 per cent growth compared to the same period last year. The company's logistic rail volume also rose 10 per cent in the eleven months of 2024 to 4.2 lakh twenty-foot equivalent unit (TEUs).

Parliament was informed on Monday. The government's aim is to have an installed power generation capacity of around 777.14 GW by 2029-30. India's overall power generation capacity was at 454.452 GW as of October 2024. The Ministry of Power, in consultation with states, has envisaged a plan to add thermal capacity of a minimum 80,000 MW by 2031-32, Union Minister Shripad Naik said in a written reply to Rajya Sabha. «Against this target, 29,200 MW thermal capacity is already under construction, while 51,520 MW is at various stages of planning & development,» the Minister of State (MoS) for Power said.

Reserve Bank of India on Monday announced decision to remove its supervisory restrictions on Sachin Bansal's Navi Finserv Limited following several rounds of interaction with the company for rectification of deficiencies. «RBI had several rounds of interaction with the company for rectification of deficiencies. Now, having satisfied itself based on company’s submissions, and in view of adoption of revamped processes, systems, and the company’s commitment to ensure adherence to the Regulatory Guidelines on an ongoing basis, especially for ensuring fairness in the loan pricing, the Reserve Bank has decided to lift the afore-mentioned restrictions placed on Navi Finserv Limited, with immediate effect,» said RBI in the statement. The central bank on October 17, 2024 had issued directions to Navi Finserv Limited, Bengaluru (and three other NBFCs), to cease and desist from sanction and disbursal of loans, effective from close of business of October 21, 2024.

RBI's regulatory initiatives and asset quality trends will push non-bank lenders to slow down their growth in asset under management (AUM) to 15-17 per cent in the current fiscal and next, domestic rating agency Crisil said on Monday. The sector had achieved a handsome growth of 23 per cent in the AUM in FY24, the agency said, adding that even with the slower growth, the AUM expansion will be higher than the 14 per cent of the last decade. Entities will opt for «sustainable growth» because of the regulatory environment and asset quality trends, the rating agency said, adding that the present situation will lead to recalibration in strategies. RBI had in November last year increased the risk weights on banks' lending to NBFCs along with the lending to unsecured loans, where NBFCs are very active. Additionally, the micro loan segment is also showing signs of stress on asset quality lately.

retail fuel outlets, the government has implemented a comprehensive monitoring system leveraging cutting-edge technologies, according to a Parliamentary report tabled on Monday. The monitoring framework integrates advanced technologies including OTP-based calibration, magnetic self-destructive pulsers, and digital payment systems, enabling real-time data analytics across the country's fuel distribution network. The action taken report by the standing committee on consumer affairs, food and public distribution revealed that the monitoring system has been expanded nationwide, with special emphasis on high-risk areas. The regulatory mechanism, developed under the Legal Metrology Act, 2009 and Legal Metrology (General) Rules, 2011, provides a robust oversight framework.

GDP growth target of 6.5%-7%, the country's economic affairs secretary said on Monday. The government expects growth to accelerate in the second half of the year, Ajay Seth said. India's economic growth slowed much more than expected in the second quarter of the financial year, hampered by weaker expansion in manufacturing and consumption, likely adding pressure on the central bank for interest rate cuts.

central government fiscal deficit stands at 46.5 per cent of its budget estimates in the first seven months of the current financial year 2025, highlights a report by Union Bank of India. The report also noted that the capital expenditure of the government in the first seven months of the current fiscal stands at only 42 per cent and it will be a challenge for the government to spend the remaining 58 per cent in the remaining five months. It said,«It would be a daunting task for the govt. to achieve the Rs 11.11 lakh crore budgeted target for the fiscal as the govt. has only five months left to spend the remaining 58 per cent of the full-year capex budget».

Ola Electric, India's electric vehicle (EV) company, has announced a massive expansion of its distribution network, aiming to increase the count to 4,000 stores by December 20, 2024. This rollout, featuring over 3,200 new outlets alongside its existing 800 stores, is one of the most extensive EV distribution expansions globally, underscoring Ola's commitment to democratizing EV adoption in India. The expanded network will cover all pin codes in the country, making Ola Electric the largest EV distributor in India. All new stores will be equipped with co-located service facilities, further enhancing after-sales support for customers.

Skoda Auto India's latest offering, the Kylaq sub-compact SUV, are set to open on Monday at 4 pm. While the company has only disclosed the starting price of the entry-level variant at Rs 7.89 lakh (ex-showroom), the complete price list for all four variants—Classic, Signature, Signature Plus, and Prestige—will be revealed today and updated accordingly. The Kylaq is entering in an already crowded segment of sub-compact SUV segment, taking on established players such as the Hyundai Venue, Kia Sonet, Tata Nexon, and Maruti Suzuki Brezza.

Alternative Investment Funds (AIFs) investments made across sectors in H1 FY2025, real estate’s share was the highest at 17% — nearly Rs 75,468 crore, according to latest SEBI data compiled by Anarock. Rs 12,801 crore were also raised via Qualified Institutional Placements (QIPs) within the same period — again, the 2nd highest among all the major sectors and comprising a 17% overall share. According to the data, other sectors benefiting from AIF investments are IT/ITeS, financial services, NBFCs, banks, pharma, FMCG, retail, renewable energy.

Adani Group stocks will be in focus on Monday after Gautam Adani, chairman of the energy-to-infrastructure conglomerate, addressed ongoing challenges, including allegations of bribery and fraud involving Adani Green Energy. Speaking at the 51st Gem & Jewellery Awards in Jaipur on Saturday, Adani described the allegations as opportunities to strengthen the group. «Less than two weeks ago, we faced allegations from the US regarding compliance practices. Every attack makes us stronger, and every obstacle becomes a stepping stone for resilience,» Adani said, referring to charges filed by the US Department of Justice and the SEC.

Bank of Baroda. The report highlighted that factors like favorable monsoon conditions, and higher reservoir levels are likely to strengthen rural demand, increase farm incomes, and contribute to a positive economic outlook. It said, «Agriculture growth expected to clock robust growth in the same period (Second half of FY25)»

daily essentials and grocery products with price tags of ₹5 and in many cases ₹10, often called popular or magic price points, an indication of consumers upgrading their shopping basket or opting for larger packs that offer them more grammage for every rupee spent. In several categories including noodles, chocolates, detergents, toothpaste, soaps and dishwash, contribution especially of ₹5 packs has fallen over the past four years while it has stagnated in biscuits, according to latest data by Kantar. Under ₹2 shampoo, however, is an exception, and saw its share expanding as people buy sachets in bulk especially in rural markets. «We are witnessing the emergence of ₹15 to ₹25 price points, reflecting a broader trend of upgradation across fast moving consumer goods categories. Consumers across all segments are increasingly looking for value across various price points, suggesting a shift towards higher grammage and premium options even during inflationary times,» said Neeraj Khatri, chief executive, Wipro Consumer Care.

Citing risk to the economic outlook and the likelihood of a rate cut by the Reserve Bank of India in February, they now predict gross domestic product (GDP) to grow 6.1-6.8% in the year ending March 31, lower than the central bank's forecast of 7.2%. GDP growth was the slowest in seven quarters at 5.4% in July-September, hurt by low consumption and weak investment demand. CareEdge Ratings lowered its FY25 GDP forecast to 6.5%, from 7%. «Urban consumption is seeing moderation after the sharp spurt, post-Covid,» said Rajani Sinha, its chief economist.