COST Financial News

PTC India Ltd has clocked 16 per cent growth in its power trading volumes during the first quarter of this fiscal and hopes for around 20 per cent rise in the entire 2023-24, driven by targeted segment wise trade and innovative products, according to CMD Rajib Kumar Mishra. PTC India's trading activities include long-term trading of power generated from large power projects and short-term trading arising from supply and demand mismatches, which inevitably occur in various regions of the country. The company also has a mandate to trade electricity with Bhutan, Nepal, and Bangladesh.

Rane Brake Linings Ltd, engaged in the manufacturing of auto-components including disc pads and brake linings, has projected a sustained growth momentum in the automotive industry during the current financial year, despite minor headwinds in the form of rising interest rates, the company said. Adoption of electric vehicles is expected to accelerate in the coming years as electric vehicles become more cost competitive backed by supportive government policies, enhanced charging infrastructure, and consumer willingness to move towards clean and sustainable mobility solutions, Rane Brake Linings noted.

The kitchen budgets are on a tight squeeze, therefore, the markets are witnessing a change in the spending habits of the consumers. Instead of buying fresh tomatoes, people have shifted to buying small cartons of tomato puree, from fresh ginger to single-use sachets of ginger paste and loose cumin powder to tiny 7-gm sachets, reported TOI. «Since last week I've been using tomato puree in my cooking and its value for money,» TOI quoted Sukanya Sinha, a postgraduate student who lives in south Kolkata, as saying.

Comex gold prices moved between gains and losses during the week and are poised to close relatively flat near $1,975 per troy ounce. The yellow metal declined during the first half of the week, as investors remained wary ahead of the June FOMC meeting. Despite a 1% decline in the dollar index, gold prices have not risen, as US short-term treasury yields inched higher.

During that period, the domestic market underwent an 11% correction, driven by concerns about a global recession that could potentially result in a local slowdown. However, on the contrary, the global economy has demonstrated resilience and fared out from the crisis. Now it is projected that the US economy is well poised and will avoid the deep correction to a hard landing in CY2023.

TVS Motor Company expects growth momentum to continue in the current fiscal, with the overall economy anticipated to grow at a robust pace and a continuous improvement in the road infrastructure. According to the company, the premium bikes and scooter segment is likely to grow on the back of a rise in overseas shipments and higher penetration of electric two-wheelers this fiscal. In its Annual Report for 2022-23, the company stated that it maintains a cautiously optimistic view regarding the current fiscal.

inflation cooled in the US and quickened in Europe, according to the latest readings, while central bankers in both regions signaled they’re prepared to raise interest rates further. In China, where the economy was expected to stage a huge rebound this year, the problems just keep piling up. On top of weak consumer spending and a housing slump, holiday tourism moderated last month and industrial profits are still plunging. Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy:

SGX Nifty, the Singapore Exchange Ltd.-traded futures on India’s key equity NSE Nifty 50 Index, will be known as GIFT Nifty from July 3, and all outstanding orders will be transferred to the GIFT City, the new financial hub in the western Indian state of Gujarat. The switch from SGX to the NSE International Exchange at GIFT or Gujarat International Finance Tech-City also highlights partial success of the Prime Minister Narendra Modi-led administration’s attempts to attract India-centric trading that had moved to global financial centers such as Dubai, Mauritius and Singapore to its shores.

According to a recent research report by Bank of America (BofA), tokenization can revolutionize financial and non-financial infrastructure and financial markets in the next five to 15 years. 

London | The existential crisis engulfing Britain’s largest water utility, Thames Water, has thrown a powerful spotlight on one of the UK industry’s most high-profile players: Macquarie Group.

From PwC’s desperate split to Bunnings’ surprising next bet, why Chris Minns want to break Sydney’s selfish property foundations, and Kyiv’s optimistic atmosphere. Here are ten thoughtful opinion pieces from the past week.

Goldman Sachs cut 25 managing directors in Europe, the Middle East and Africa as part of a global cull of senior bankers, as the Wall Street firm strips out around $1bn in costs. The US bank's cuts in the region account for 20% of the 125 senior bankers that are leaving as part of Goldman's third round of redundancies in less than a year, according to people familiar with the matter.

Rahul Gandhi to marry. Given that Sonia Gandhi keeps getting upset over her son's refusal to get married, was it just an affectionate elder politician offering advice to a younger leader, that too on a public platform? Or, did Yadav really eye a stronger opposition unity through an envisioned 'Baraat Jodo Yatra' when he said that all opposition leaders would come as 'baraati's for Gandhi's wedding? Or did his advice go much beyond that? A significant number of successful politicians in India are/were indeed conspicuously single/unmarried.

Mehrotra and Shantanu Mehrotra of Indian Accent served as part of their nine-course dinner at a pop-up in Singapore recently. It was not held at a restaurant or a hotel, but at a private members’ club, Mandala. The three-week pop up, which was extended to a fourth on popular demand, fed 2,200 diners.

India’s merchandise exports have undergone a major shift in recent years. The change has been rather silent except for the occasional buzz about export of iPhones. But it is not just about Apple’s flagship product. India’s share in the global export of machinery, phones, automobiles and petroleum has grown significantly between 2015 and 2022. Meanwhile, there has been a marked decline in India’s share in its traditional export items such as gems and jewellery, apparel, meat and leather articles. Exports of textiles, clothing and made-ups, for instance, fell by about 17% y-o-y in FY2023. Is this change temporary or will this be a permanent feature of our trade order? An analysis of the data by Delhi-based trade think tank Global Trade Research Initiative (GTRI) shows India’s exports in the category called electronics, telecom, mobile phone etc., jumped from $7.9 bn in 2015 to $26.6 bn in 2022 — from 0.41% share of world market to 0.71%, a 73% rise. In machinery, India’s global market share rose from 0.75% to 1.05%, a growth of 40%. The analysis for the same period lists other performing sectors such as petroleum (share in global trade went up from 1.87% in 2015 to 2.45% in 2022) and automobile and its components (from 1.11% to 1.32%). All figures pertain to calendar year.

NRI population has gotten so large, that sometimes it feels larger than the population of India itself. Land in any major city in the world, and all you'll see are Indian faces. Sometimes you can hear more Hindi on the streets of London, New York, Dubai and San Francisco than English.

paddy straw generated in Punjab, Haryana, Uttar Pradesh and Delhi. As per the revised guidelines, techno-commercial pilot projects for paddy straw supply chain will be established under the bilateral agreement between the beneficiary/aggregator and industries utilising the paddy straw, the agriculture ministry said in a statement. The beneficiary or aggregator can be farmers, rural entrepreneurs, cooperative societies of farmers, Farmer Producer Organisations (FPOs), and panchayats, it said.

Haryana, Uttar Pradesh and Delhi. As per the revised guidelines, techno-commercial pilot projects for paddy straw supply chain will be established under the bilateral agreement between the beneficiary/aggregator and industries utilising the paddy straw, the agriculture ministry said in a statement. The beneficiary or aggregator can be farmers, rural entrepreneurs, cooperative societies of farmers, Farmer Producer Organisations (FPOs), and panchayats, it said.

Reliance Industries Limited, Stanford Reliance Dhirubhai Fellowship Program provides financial support to Indian students who wish to pursue an MBA degree at Stanford Business School. Five candidates are given this scholarship every year The grant covers fees of the MBA program they are going to pursue. The only condition of this grant is that the student must commit to come back to India and work here for at least two years once their program is over.Eligibility Criteria

Taylor Swift is bringing in ticket sales of more than $13 million a night on the road — putting her on a trajectory to deliver the highest-grossing tour in music history. Most of the money goes toward the cost of production, and that sum doesn’t include the additional millions dollars in merchandise sales that the Eras tour is generating. But it still makes Swift, 33, the top-grossing artist in the world and marks the biggest tour of her career.

Cricket World Cup, businesses in India are also set to gain from the matches. The tournament will be held from October 5 to November 19 and played across 10 venues in Hyderabad, Ahmedabad, Dharamsala, Delhi, Chennai, Lucknow, Pune, Bengaluru, Mumbai and Kolkata. The pandemic left the hospitality sector ravaged, which has now limped back to normalcy.