Provident Financial News

Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, reported results today for the fourth quarter and full year ended March 31, 2024. Aravind Maiya, Chief Executive Officer of Embassy REIT, said, “FY2024 has been a blockbuster year for Embassy REIT. We leased a record 8.1 msf to leading corporates, majority of which were GCCs, we delivered 2.2 msf of new office development, and we recently announced our intent to acquire, demonstrating our commitment to driving growth for all our stakeholders. In our fifth year as India’s first listed REIT, we continue to see our business grow from strength to strength, and we are excited to announce our entry into a new market with our proposed acquisition of Embassy Splendid TechZone in Chennai. Given the sustained robust performance and our positive outlook on Indian office, we’re pleased to provide guidance for FY2025, which includes 5.4 msf of total leasing and distributions guidance in the range of ₹22.40 to ₹23.10 per unit." The Board of Directors of Embassy Office Parks Management Services Private Limited (‘EOPMSPL’), Manager to Embassy REIT, at its Board Meeting held earlier today, declared a distribution of ₹495 crores or ₹5.22 per unit for Q4 FY2024.

Kumar Mangalam Birla, Chairman of Aditya Birla Group, hailed the recent Rs 18,000 crore fundraise by Vodafone Idea as a significant development for the company, describing it as a «fresh lease of life.» This fundraise, achieved through a follow-on public offer, is expected to provide the much-needed financial boost to Vodafone Idea, which has been facing stiff competition from rivals in the telecom sector. Calling it as the beginning of 'Vi 2.0', Birla said the money raised will be invested in the business, which will trigger a cycle of growth. «Vi will stage a smart comeback, this moment marks the beginning of Vi 2.0,» Birla said at the listing ceremony.

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Jharkhand Mukti Morcha (JMM) has revealed its candidate for the upcoming bypoll in the Gandey assembly seat. Kalpana Soren, wife of the incarcerated former chief minister Hemant Soren, will be contesting in the election. The Gandey seat, situated in Giridih district, fell vacant following the resignation of JMM MLA Sarfaraz Ahmad. Kalpana Soren, a homemaker, boasts educational qualifications with both MTech and MBA degrees. She pursued her schooling in Baripada, Odisha's Mayurbhanj district, and furthered her engineering and MBA studies at various institutions in Bhubaneswar. Her foray into politics was highlighted by a speech delivered at the JMM's 51st foundation day celebration in Giridih district on March 4. In her address, she accused her husband's opponents of hatching conspiracies against them since the formation of the Hemant Soren-led coalition government in 2019. She also affirmed that Jharkhand would retaliate against those responsible for her husband's imprisonment.

LTTS) reported a net profit of Rs 341 crore in the March quarter of FY24, up 1.4% quarter on quarter (QoQ). The profit for the company grew by just 0.2% on-year. The muted growth in profit comes on the back of the company seeing a marginal decline in its operating margin which fell from 17.2% in Q3 to 16.9% in Q4, a fall of 30 basis points (1.7%). A year ago, the company’s operating margin was at 17.9%.

India’s business travel sector is experiencing robust growth, indicating a shifting paradigm. India is the world's ninth-largest travel market for business travel spending and the fourth-largest market for the Asia Pacific region.

enforcement agencies have seized drugs, unaccounted cash, liquor and valuables worth Rs 321.51 crore in Punjab since the model code of conduct came into force last month for the Lok Sabha polls. Amritsar district topped the list with seizures worth Rs 60.3 crore. Punjab Chief Electoral Officer (CEO) Sibin C said drugs worth Rs 287.23 crore, unaccounted cash worth Rs 6.89 crore, liquor (22.8 lakh litres) valued at Rs 14.93 crore, precious metals and other items amounting to Rs 12.46 crore were seized. The model code of conduct came into force on March 16.

elections are round the corner, Union minister and BJP candidate Jyotiraditya Scindia's wife Priyadarshini Raje Scindia has also landed in the fray to campaign in support of her husband. Scindia's wife on Thursday reached Bhadora village in Guna district and interacted with people here. She said that she did not reach there as a leader and her relationship with them (people) was not one or two generations old but it was a 300-year-old relationship. «I have not come here as a leader. The relationship between you (people) and us is not one or two generations old but a 300-year-old relationship. This family (Scindia) has settled many villages here and even today work is done in those villages,» She said.

demat account offers various advantages, providing investors with a range of options for diversifying their funds. They can invest in instruments like mutual funds, bonds, and exchange-traded funds (ETFs). Investors also leverage demat accounts to build wealth by investing in fundamentally sound stocks for the long term.

REC Ltd has signed an agreement with Chenab Valley Power Project Private Limited (CVPPPL) to provide it with a financial assistance of ₹1,869.26 crore as a term loan. The power ministry said the loan will be utilized for development, construction and operation of the greenfield 4 x156 MW Kiru Hydro Electric Project on River Chenab, in Kishtwar district of Jammu & Kashmir.

Also read: Serum Institute to receive up to $30 mn from global network to make pandemic vaccines "An agreement has been signed under which Bharat Biotech will procure drug substances for manufacturing oral polio vaccines to be supplied within India and globally. This will contribute to supply security of oral polio vaccines. With this partnership, the capacity of BBIL to manufacture Oral Polio Vaccine (OPV) has increased to 500 million doses every year," said a statement by the Health Ministry.

Sun Estates Developers has announced its foray into the hospitality sector with a grand vision for Goa. The company is planning to invest close to Rs 1000 crore to introduce a series of hospitality projects, aimed at elevating the tourism experience in one of India’s most sought-after destinations.

Handling disputes about tax matters with the Internal Revenue Service can be lengthy and stressful but the agency wants to make it easier.

Jaegers joined Barclays Wealth in 2018 as director of macro investments, and was then promoted to head of investment strategy in 2019. He took on his most recent role in July 2019, where he was responsible for leading the team to provide asset allocation for multi-asset fund ranges and discretionary investment accounts. Barclays names private bank and wealth management CEO Before joining Barclays, he was a senior investment strategist for multi-asset funds at Prudential UK for three years, and prior to that he spent five years at BNP Paribas Asset Management, first as a senior port...

Specifications of Zebronics Zeb-Thunder Bluetooth Headphones Reasons to buyReasons to avoid The Zebronics Zeb-Thunder Connectivity in Sea Green is a stylish and affordable option for those looking for a reliable pair of Bluetooth headphones. With easy connectivity and a sleek design, these headphones are perfect for everyday use.

Also Read: Can you open a demat account without a PAN card? MintGenie answers In this article, we delve into the key compliance requirements that investors need to fulfill when opening and maintaining a demat account. These requirements encompass various aspects, including documentation, Know Your Customer (KYC) norms, transaction reporting, and regulatory disclosures.

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Mint’s Emerging Markets Tracker provides a summary of economic activity across 10 large emerging markets based on seven high-frequency indicators. One of the original members of the list, Russia, has been temporarily dropped from the tracker since its trade data has not been reliably available for the last two years. A country’s score on a given metric is a measure of its distance from both the best performer and the worst performer.

In 2023, the real estate sector showed resilience amid changing trends. Global economic recovery drove up demand for residential properties in India, thanks to low interest rates and a preference for smart living and luxurious ownerships. With India's status as one of the world's fastest-growing economies propelled by private spending and capital buildup, the real estate sector remains a top investment choice. 

Bengaluru, several businesses are providing incentives for voters’ engagement in the democratic process on Friday. Over 1 crore individuals are eligible to vote in Bengaluru. To motivate them to utilize their privilege, numerous hotels, pubs, and taxi aggregators have declared discounts, freebies, and complimentary rides. «They will have to show their inked index finger to avail the benefits.» This is not the first instance of such initiatives being publicized. Nisarga Grand Hotel on Nrupatunga Road is providing voters on polling day with complimentary butter dosa, ghee rice, and a beverage.

Provident Housing, a wholly-owned subsidiary of realty developer Puravankara has raised Rs 1,150 crore from HDFC Capital Advisors, the real estate private equity arm of HDFC Group, to support future growth and expansion plans. This strategic collaboration between the developer and India’s largest residential investment platform, is expected to lead to an addition of 6.2 million sq ft of new projects to the ongoing 14.8 million sq ft. This combined portfolio will hold a gross development value of Rs 17,100 crores, which will be delivered over the next five to six years.