COST Financial News

President Joe Biden returns to southwest Wisconsin to make good on his promise to provide new investments in rural electrification

'Barron's Roundtable' panelists discuss why some automakers are scaling back plans for electric vehicle rollouts.

₹0-1 crore. This is the largest group of companies that pay taxes. Firms with profits in the range of ₹1-10 crore, ₹10-50 crore, ₹50-100 crore, ₹100-500 crore and with profits above ₹500 crore are in separate brackets.

Italy has approved new rules to put lucrative concessions for beach clubs up for bidding by June 2027, responding to pressing demands from the EU to open up the sector to new players

₹50 a bag in August from the normal ₹30-40 a bag. In fact, it was around ₹80 a bag in some parts of India, indicating weak demand from the infrastructure segment, the report added. The individual home building segment is the biggest driver of cement demand in India, estimated to contribute over 50%, followed by the infrastructure segment.

PwC) has resigned as its auditor following the property developer's recommendation, making it the latest Chinese company to sever ties with the troubled auditing firm. PwC has been in trouble over its role in auditing China Evergrande Group since the developer was accused in March of a $78-billion fraud, resulting in an exodus of clientele, cost cuts and layoffs. Country Garden has appointed Hong Kong-based Zhonghui Anda CPA as its new auditor, at least until the conclusion of its next annual general meeting, it said. «PwC is unable to fulfill the timetable requirements of the company for the publication of the audited consolidated financial statements for the year ended 31 December 2023 considering recent relevant matters,» Country Garden said in an exchange filing.

quarterly recharge plans priced at ₹899 or ₹999, or the annual plan priced at ₹3599 during this promotional period, will receive benefits worth ₹700. According to Reliance Jio’s announcement, these plans cater to different data needs and durations.

Innovative Retail Concepts Pvt Ltd, which runs the business-to-consumer (B2C) unit of online grocery and quick commerce firm BigBasket, posted a modest 6% year-on-year growth in its operating revenue for FY24 to Rs 7,885 crore, though a check on expenses reduced its net loss. It posted a net loss of Rs 1,267 crore for FY24, down 17% year-on-year, according to the company’s regulatory filings sourced from Tofler. Over the past two years BigBasket, majority owned by Tata Digital, has seen intense competition from quick commerce players such as Zomato-owned Blinkit, Swiggy Instamart and Nexus Venture Partners-backed Zepto in the hyper funded online grocery delivery space.

Vedanta on Thursday rose 2% on the BSE, reaching an intraday high of Rs 469.40, following an announcement that the company received a long-term rating upgrade from ICRA on the expectation of improvement in the company's credit metrics. The rating for its 'Longterm/S term –Unallocated limits' instrument was upgraded to [ICRA]AA from [ICRA]AA-/[ICRA]A1+ rating watch with developing implications. The Longterm–Fund based –Term loan instrument was upgraded to [ICRA]AA from [ICRA]AA- and continues on rating watch with developing implications. As for Commercial Paper the rating was upgraded to ICRA]A1+ rating watch with developing implications.

In an interaction with ET Digital, Ashvin Patil, Founder & Director, Biofuels Junction, says his company plays a critical role in the ongoing decarbonisation efforts as a supply chain partner to replace fossil fuels. Patil also explains how with the right technological solutions, India can create a more sustainable and efficient system to manage agricultural residue and promote the growth of the biofuels sector.

Persons with Disabilities (POW), including victims of the ongoing Manipur strife, a team of Bhagwan Mahaveer Viklang Sahayata Samiti (BMVSS), an organization for the rehabilitation of PWD, is currently holding “fitment camps” for them in the state. Since its establishment in 1975, BMVSS, the maker of globally commended “Jaipur Foot” has benefitted over two million people. Besides Manipur, the Samiti also held similar camps in Chhattisgarh’s disturbed areas of Dantewada and Sukma where a large number of people, who lost their limbs, were provided with artificial limbs and other aids and appliances.

On Wednesday, the Bank of Canada cut its benchmark interest rate by 25 basis points for the third consecutive time, bringing it down to 4.25 per cent. Economists are predicting further interest rate cuts by the central bank for the remainder of the year and into 2025. Here’s what experts have to say about the impact of the cuts on Canada’s real estate markets:

Mansukh Mandaviya on Wednesday approved the centralised pension payment system (CPPS), which will allow 7.8 million Employees' Pension Scheme subscribers to withdraw their pension from any branch of any bank across India starting January 1, 2025. In the next phase, CPPS will enable a smooth transition to the Aadhaar-based payment system (ABPS), the ministry of labour and employment said in a statement. The move will enhance ease of living while significantly cutting pension disbursement costs of the Employees' Provident Fund Organisation (EPFO).

A few months ago, it might have seemed that the stakes of the artificial-intelligence investment wave couldn’t have gotten much higher. Well, they have. Sequoia Capital last September published a report arguing that Nvidia infrastructure would have to collectively generate $200 billion in lifetime revenue to justify companies’ spending on those advanced AI systems over the course of just one year—and the spending wasn’t anywhere near that mark.

Mint shows that the depreciation rate—the rate at which a product loses value—of electric vehicles entering the used-car market is slowing down, with some models holding onto their value better than expected. The Tata Nexon EV, a popular choice among Indian consumers, has seen its depreciation rate drop significantly—from about 51% in 2020 to 26% in 2023, according to data sourced from auto intelligence firm JATO Dynamics. The Nexon EV is Tata's first electric car, and was launched only in 2020, which means the resale market for these vehicles, compared to the legacy internal combustion engine (ICE) vehicles, is relatively nascent.

China's emergence as the manufacturing centre of the world is largely a consequence of American policy, because if you look at the top 30 companies in the United States of America, 95% to 98% of the manufacturing is outsourced to China, India's G20 Sherpa Amitabh Kant said here on Wednesday. Both the Chips Act and the Inflation Reduction Act of USA are protectionist in character. «It's important because if you want to shift towards net zero, it will be almost impossible to do it without India. And the reason for that is that green hydrogen manufacturing firm from India today is costing $4.5 per kilogram, whereas in the US, it will cost about $7-7.5 per kilogram. The extent of subsidisation will be enormous,» Kant said at an interaction with US G20 & G7 Sherpa and Deputy NSA Daleep Singh on India-USA Economic Partnership organised by the Observer Research Foundation. «If you want the world to move towards clean energy, reach the target of net zero, you want production of the lowest cost possible. And therefore, the size and scale of manufacturing from India, which India has demonstrated through procurement of LED bulbs, the prices for procurement of large scale buses, electric buses, prices for you, it needs the size and scale of a country like India to radically bring down the price to $1 per kilogram by 2030 and that capacity to do it only India has. And that's why, if you want the world to achieve success in net zero, you need to work with partners like India.»

The Bank of Canada lowered its key interest rate by 25 basis points on Wednesday and opened the door to bigger cuts if the economy slows more sharply in the months ahead.

Ather Energy, Bajaj Auto, and TVS Motor Company, as well as leading electric passenger vehicle makers Tata Motors, MG Motor India and BYD, said that since 30 August, the Delhi government has been charging a road tax of 7%-8% in the case of electric two-wheelers and 10% for four-wheelers. Buyers enjoyed a full road-tax waiver under the now-expired EV policy.

A report on the deadliest U.S. wildfire in a century details steps communities can take to reduce the likelihood that grassland wildfires will turn into urban conflagrations

Donald Trump is betting that Americans crave trillions of dollars in tax cuts — and that growth will be so fantastic that it’s not worth worrying about budget deficits

Swiggy has reported a 36% year-on-year (YoY) increase in its operating revenue to Rs 11,247 crore for FY24, driven by strong growth in its quick commerce vertical Instamart and out-of-home consumption business, according to the company’s annual report. The Bengaluru-based company significantly reduced its net loss for the year to Rs 2,350 crore, 44% lower than a year ago. By comparison, Swiggy’s key rival,Zomato, reported a net profit of Rs 351 crore in FY24. The fall in Swiggy’s losses was primarily on account of a controlled YoY increase of 8% in its total expenses. Swiggy cut down on staff costs, advertising and sales promotion spends.