COST Financial News

Delhi government has planned to install 500 water ATMs to provide drinking water treated using the Reverse Osmosis (RO) process to people in slums and other such densely populated areas, Chief Minister Arvind Kejriwal said on Monday. The chief minister, who inspected an RO plant and inaugurated a water ATM at Khajan Basti in the Mayapuri area, said four water ATMs have been installed and 500 are planned in the first phase. Every person will be provided with a card which will let them draw 20 litres of water per day from these ATMs free of cost, he said.

input costs will aid the margins of JSW Steel over the remainder of the ongoing financial year, especially in the latter half, Jayant Acharya, the company’s joint managing director, told ET. The selling price of the alloy has bottomed out after coming under pressure in recent months, and it should remain «range bound» at current levels, Acharya said. Prices of benchmark hot-rolled coils (HRC) of steel are in the range of Rs 55,000-56,000 a tonne before taxes, data show.

The three-day comatose mode for markets ahead of the Federal Reserve’s rate decision is on, with oil prices barely moving Monday amid debate on what the central bank would say about — rather than immediately do — with rates when it meets Wednesday.

edtech startup's $1.2 billion term loan, have agreed to work towards amending that loan by Aug. 3, the steering committee of the creditors group said on Monday.

SEBI chairperson Madhabi Puri Buch discusses the recent developments with the investors. The Securities and Exchange Board of India, announced that it will move to a T+1 settlement cycle for all scrips, effective October 1, 2023. This means that trades will be settled one day after the date of the trade, instead of the current two-day settlement cycle.

ITC Ltd was looking to spin-off its hospitality division had been floating around for a while, and on Monday the conglomerate announced the development. The hotels division of the diversified conglomerate will be demerged under a scheme of arrangement with stakes in the new company allotted proportionately. That is, ITC as the flagship company will hold around 40% in the new entity, and the remaining 60% will be allotted to shareholders in proportion to their current shareholdings in ITC.

Rishi Sunak said on Monday that the government's net zero targets were important to him, but he did not want to do anything that will add to people's bills at a time of high inflation. Britain in 2019 became the first member of the Group of Seven wealthy nations to set a net zero target, but some in Sunak's Conservative Party have criticised the net zero agenda for being too expensive.

Crypto exchanges that connect buyers and sellers directly without Wall Street-style middlemen are under pressure to improve their services amid a decline in market share.

Livestock and crops are sweltering under high temperatures across much of the U.S., adding to the agriculture industry’s costs and threatening production. Chicken and pork producers in southern states are using mist and foggers to keep birds and hogs cool. Cattle are eating less feed in the heat, packing on fewer pounds and potentially costing producers money.

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BENGALURU : Chemicals maker BASF India on Monday reported a fall in its first-quarter profit, hurt by weak sales and higher input costs. The Indian arm of Germany's BASF said its profit for the quarter ended June 30 fell nearly 43% to 1.13 billion rupees ($13.8 million), while sale of products fell to 33.43 billion rupees from 38.58 billion rupees a year ago.

Uncertainty over the path of inflation later this summer makes it hard to predict the Federal Reserve’s next steps following a likely quarter-percentage point increase in interest rates this week. Some Fed policy makers and economists are concerned that the easing in inflation will be temporary. They see inflation’s slowdown as long overdue after the fading of pandemic-related shocks that pushed up rents and the prices of transportation and cars.

college is unaffordable. Or does it? The consensus view is that America has a college-affordability crisis and things are getting worse. According to the Heritage Foundation, a conservative think-tank, “college costs are out of control".

Flipkart Plus program, where users earn SuperCoins through regular shopping.  Despite the name "Premium," Flipkart Plus Premium will not require a paid subscription and will be completely free of charge for users, as confirmed by the teaser published on the platform. Flipkart Plus Premium is likely to serve as an extension of the existing customer benefits program, Flipkart Plus, and is scheduled to launch soon in India. While specific details about the perks of Plus Premium have not been revealed yet, the company has assured users that all the details will be disclosed within the next two weeks.

pound headed for a seventh straight day of losses on Monday against the dollar, its longest losing streak since the onset of the pandemic in 2020, after a survey showed Britain's private sector growing at its slowest pace in six months in July. The S&P Global/CIPS composite Purchasing Managers' Index showed a preliminary reading of 50.7, down from 52.8 in June in the biggest month-on-month drop in 11 months. Although above the 50-level that separates growth from contraction, it was the weakest reading since January.Sterling was last down 0.2% on the day at $1.2827 having touched a session low earlier of $1.2808 after a preliminary survey of UK business activity showed a downturn in British manufacturing deepened, while the service sector also slowed.

Supreme Court Monday warned the states, which are yet to submit their response to the Centre on forming a uniform national policy on menstrual hygiene for girls studying in schools, it will take recourse to the «coercive arm of law» if they failed to do so by August 31. The warning came after the Centre informed the apex court it has so far received the response of only four states. A bench headed by Chief Justice D Y Chandrachud directed the states and Union Territories (UTs), which have failed to submit their responses, to do so positively by August 31. «The states which are in default are placed on notice that should there be any further default, this court will be constrained to take recourse to the coercive arm of law,» said the bench, also comprising Justices J B Pardiwala and Manoj Misra. Additional Solicitor General Aishwarya Bhati, appearing for the Centre, told the bench the central government has so far received inputs from only four states — Haryana, Delhi, West Bengal and Uttar Pradesh. The apex court had on April 10 asked the Centre to prepare a Standard Operating Procedure (SOPs) and formulate a national model to be adopted by all states and UTs for managing the menstrual hygiene of girls studying in schools.

IDBI Bank on Monday reported a sharp growth of 61.9% in its net profit for the quarter ended June 2023 at ₹1,224.2 crore as compared to ₹756.4 crore in the same quarter last year. The lender’s net interest income (NII) during the first quarter of FY24 increased 60.7% to ₹3,997.6 crore from ₹2,487.5 crore, YoY. IDBI Bank’s net interest margin (NIM) for the quarter witnessed an on-year growth of 178 bps to 5.80% from 4.02% in Q1FY23.

₹158.6 million (BE) against ₹ 217.7 million in 2019-20.  “Therefore, the agriculture department should impress upon the finance ministry about the need of the hour for investing money in R&D for farm mechanization particularly for small and marginal Farmers, as mechanization plays a key role in improving agricultural production and productivity," the parliamentary standing committee on agriculture, animal husbandry and food processing said.

Although Bitcoin is trading 55% below its all-time high, the world's leading cryptocurrency is up 80% year-to-date. But that begs the question - Should you buy Bitcoin in 2023?

The Bhartiya Janata Party is facing waves of dissent in its party in Haryana. The unveiling ceremony of the statue of a 9-th century ruler, Samrat Mihir Bhoj, cost the party the resignation of as many as 40 leaders in the state. Moreover, several villages in Haryana have also banned the entry of BJP leaders.

«The rally has kind of surprised most people. From the start of the year till now markets are up close to 20%. It is on the back of improvement in global demand; global concerns which were there at the start of the year around US hard lending etc.