COST Financial News

component sub-assemblies that go into making a mobile device, a senior official told ET. This is part of a big upcoming incentive scheme to develop a local ecosystem for electronic components. Sops will be linked to a combination of production, capex and employment generation, given the government's renewed focus on job creation. «This will set the new template for the manufacturing sector,» said the official. China's value-add is currently in the range of 30%. India's target is to have 25-30% value add in about seven years, the official added.

Vedanta will save Rs 1,000 crore in interest costs each year after utilising the entire proceeds from its recent fund raising to repay debt, chief financial officer Ajay Goel said. In its earnings for the June quarter, the company has seen profit surge by more than 50%, while margins are at a seven-quarter high. «In the current fiscal, we will save around ₹750 crore in interest costs, and after that we will have the benefit of ₹1,000 each year,» Goel told ET. The natural resources major raised ₹8,500 crore through a qualified institutional placement-its first ever- ast month. The fundraising involved several prominent investors such as Abu Dhabi Investment Authority, Goldman Sachs AMC, Nippon Mutual Fund, SBI Mutual Fund, UTI Mutual Fund and ICICI Mutual Fund.

Tata Power Company Ltd is scouting for more public-private hydropower projects in Bhutan, Praveer Sinha, chief executive officer, and managing director, said. On Tuesday, Tata Power announced that it has partnered with Druk Green Power Corporation Limited to develop the 600 MW Khorlochhu Hydropower Project in Bhutan with 40% equity investment. The estimated project cost is ₹6,900 crore. The cost of acquiring 40% equity is ₹830 crore, the company added. No Indian governmental or regulatory approvals are required for the transaction. «The hydro project with Bhutan is a game changer. This may be the beginning of many more such projects in Bhutan. We may look at three to four projects over the next five to seven years,» said Sinha. The company said it is working towards large-scale round-the-clock availability of power by harnessing the vast potential of hydropower through the development of the 600 MW Khorlochhu power project and its upcoming 2800 MW pumped hydro storage plants in Maharashtra.

Vinesh Phogat (50kg) became the first Indian woman wrestler to reach the final of the Olympic Games with a 5-0 win over Cuba's Yusneylis Guzman Lopez in Paris on Tuesday. With this win in the semifinal, Phogat guaranteed herself at least a silver medal. Vinesh was leading 1-0 at the end of the first period. She extended her dominance in the second period with four more points to seal the bout in her favour.

Microsoft blamed Delta Air Lines on Tuesday for its dayslong struggle to recover from a global cyber outage that led it to cancel more than 6,000 flights. The flight disruptions stranded hundreds of thousands of travelers and are estimated to cost the Atlanta-based airline $500 million. Last week, Delta's CEO Ed Bastian told CNBC that while the airline heavily relies on Microsoft and CrowdStrike, both tech companies had failed to deliver an «exceptional service.» In the interview, he also said that Microsoft had the «most fragile platform.»

The Canadian economy is in some serious trouble if it stays on its current trajectory, as it has had the worst growth out of 50 developed economies since 2019.

FOX Business' Gerri Willis reports on the alleged 'out-of-control' costs associated with going back to school and how much families may expect to spend this year.

managed to reduce the gap with Trump. “It is hard to assess Trump as he is disruptive and unpredictable," says Ajay Bisaria, a former diplomat. Unlike in 2016, Trump today has total control over the Republican Party.

The lender's credit cost, which signals the share of provisions as a percentage of on-book loan portfolio, jumped to 3.38% for the quarter under review against 0.88% a year back. Its gross non-performing assets ratio rose to 5.46% at the end of June from 3.2% a year back.

With inflation starting to ease, the millions of Americans with debt are less likely to cite this as an issue, but that doesn’t mean things are looking rosy.

MUMBAI : A key striking feature of Britannia Industries Ltd’s June quarter results is its high single-digit volume growth, estimated at 8% year-on-year, a multi-quarter high. However, pricing was weak, so revenue growth has lagged volume growth yet again. Britannia’s consolidated operating revenue increased by 4% year-on-year in the three months ended 30 June (Q1FY25) to ₹4,130 crore as pricing declined.

«So, while there are technical factors like the yen carry trade or the lack of confidence in the AI theme with the returns not commensurate with the investments that are being made in AI, etc, those are probably technical issues related to the market which is triggering some foreign selling,» says Rajesh Bhatia, CIO, ITI MF. The one question that everybody wants to have an answer for is how much should one be having the confidence that it is the kind of uptick that we are seeing on Nifty 50 today, the kind of gains that we are seeing today, how much is that giving you the confidence that yes, we are over the global selloff or do you believe that in the near term there are some more risks that could be there in the room? Rajesh Bhatia: Well, look at it this way. Among the strongest markets in the world today has been the Indian market.

bulk holdings of large institutional investors indicate about a stock? When large institutional investors, such as mutual funds, pension funds, or hedge funds, hold substantial portions of a company's stock, it often signals confidence in the company's stability and growth potential. These investors conduct thorough research and analysis before making large investments, indicating strong fundamentals or promising growth prospects. Additionally, significant institutional holdings can attract more attention to the stock, potentially leading to increased market liquidity and investor interest.

Bharti Airtel initially jumped almost 2% in early morning trade on BSE a day after its consolidated net profit for the June quarter rose more than two-and-a-half times from a year earlier and doubled sequentially, helped by an exceptional gain, along with an improvement in average revenue per user (ARPU) and lower finance costs. Airtel shares were eventually trading 0.61% higher at Rs 1474.95 on the exchange.

Shippers and producers held their breath ahead of a possible strike by thousands of railworkers this month that would halt freight traffic, clog ports and disrupt industries.

Cambodia on Monday broke ground to build a controversial, China-funded canal to link the capital Phnom Penh to the sea despite environmental concerns and the risk of straining ties with neighboring Vietnam

Thousands of displaced residents on Maui have faced a year of anxious uncertainty since the deadliest U.S. wildfire in a century devastated Lahaina

From Wipro to LTIMindtree, IT employees irked by another delay in salary hikes Subcontractor costs for Tata Consultancy Services Ltd, India’s largest IT services company, dropped to 4% of its operational revenue of ₹62,613 crore in the June quarter, its lowest since October-December 2019, when its temporary worker costs accounted for 7.9% of revenue. For HCL Technologies Ltd, this figure dropped to 12.6% from 14.8% in the same period, and for Wipro Ltd, to 11.3% from 14.7%.

smaller cities, which hold the default advantage of lower operational costs and low attrition rates. Two recent reports – the Economic Survey and Infosys ESG – suggest that tech firms and global capability centres (GCCs) of multinationals are increasingly expanding their operations beyond metros, thanks to a newer base of talent available after their relocation during Covid. What is driving them to smaller cities is high availability of talent that migrated during pandemic and didn’t return to their work locations post pandemic plus cost benefit across operations, said Munira Loliwala, vice president for strategy and growth at TeamLease Digital.

digital payment mode in the country at the cost of mobile wallets that are losing relevance with their monthly transactions in steep decline. Around 403 million mobile wallet payments were recorded in June this year, 24% lower compared with 530 million such transactions a year earlier, data from the Reserve Bank of India show. The number has also been falling sequentially every month since January, when it was more than 576 million. Throughout this year, these prepaid payment instruments have shown a decline in transactions with January recording more than 57 million wallet payments, compared to the next six months when it kept declining to the 40 million range.

Recreational marijuana sales will begin across Ohio on Tuesday when the state issues its first operating certificates