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The board of directors of Mukesh Ambani-led Reliance Industries Limited approved the demerger of its financial services undertaking into Reliance Strategic Investments Limited (RSIL), to be renamed Jio Financial Services Limited (JFSL). RBI-registered non-deposit-taking systemically important NBFC, RSIL is currently a wholly-owned subsidiary of RIL. Jio Financial Services Ltd will be listed separately on the […]
With the opening of it’s first store, the 18,000 square feet house of brands with a curated collection of at 1 MG-Lido Mall, MG Road, Bengaluru. Reliance retail has presented AZORTE to the world. Akhilesh Prasad, CEO, Fashion and Lifestyle – Reliance Retail, said, “AZORTE offers wardrobe must-haves for the fashion-forward customers of new India. […]
As per figures for the last fiscal year ended March 31, the rate at which Indians used to save has fallen to the lowest level in the last five years. The chief reason could be that while on one hand Indians bought heavily after the Covid pandemic and on the other hand inflation has affected […]
The Public Provident Fund is one of the most popular investment schemes of the government of India. At present, with a rate of interest of 7.1% compounded annually, it is one of the safest and most common investment schemes in India. It guarantees assured returns on the amount, provides tax benefits under Section 80C of […]
“Currently Patanjali Group turnover is approximately 40,000 crore. In 5 to 7 years, the Group’s turnover is likely to reach 1 Lakh Crore rupees ” Baba Ramdev informed reporters. Yog-Guru turned Business tycoon- a term he hates-Baba Ramdev- stated on Friday that Patanjali Group’s revenue is projected to increase 2.5-fold to 1 lakh crore over […]
The Indian rupee came to a record low of 80-to-a-dollar mark to hit its fresh entry again after July 19 while bond yields reached 6 basis-points, because of a descent fall in global equities triggered by the strong hawkish stance taken by the Chairman Jerome Powell at the Federal Reserve’s annual Jackson Hole Symposium. The […]
Mukesh Ambani-led telecom giant Reliance Jio reported a standalone net profit of Rs 4,335 crore in the quarter ending June 30, 2022, marginally up from the Rs 4,173 crore profit witnessed in Q4 of last fiscal. The rise registered was up 23.82 per cent y-o-y, with Rs.3,501 crores in Q1FY22. Incidentally, in Q3FY22, the net […]
Finance Minister Nirmala Sitharaman on Tuesday clarified about the decisions taken at the 47th GST council meet. She took to twitter as the opposition protests against the decision of imposition of GST on certain food items stalled the proceedings in the Parliament. Sitharaman clarified that this is not the first time that food items are […]
The rupee on Tuesday breached the 80 per US dollar mark for the first time. The attention of the traders is on the upcoming US Federal Reserve meeting as it is expected that a hike in the interest rate would be announced. After a week that saw the Rupee settle at a new low versus […]
The hike in lending rates and lowering of credit cost is likely to result in banks reporting a significant rise in net interest income (NII) and profits year-on-year (YoY) in the quarter ended June 2022 (Q1FY23), experts believe. In other words, loan growth, higher margins and lower costs will affect the profit of the banks […]
The Indian Institute of Management Ahmedabad conducted the 61st round of business inflation expectations survey (BIES) in order to predict the amount of slack in the economy by asking a panel of business leaders about their inflation expectations in the short and medium-term. Released on July 5, the BIES says “there are early signs of […]
The value of the Indian rupee decreased further in relation to the US dollar, falling to 79.38 on July 5 as worries about a growing current account deficit gained traction. According to official figures released on July 4, the nation’s merchandise trade imbalance increased to $25.6 billion in June 2022, up 62 percent from June […]
The rupee fell to a new record low against the dollar on Wednesday as concerns about a global recession reemerged. This happened just two days after a member of the US Federal Reserve downplayed the chance of a severe and imminent economic downturn in the world’s largest economy. According to market sources, the Reserve Bank […]
Economist Kaushik Basu has pointed out two key factors that would be crucial for a country like India to emerge as an economic power. He says that first and foremost is to focus on developing creative education and health sectors, while the second is to move away from hyper-nationalism. The former Chief Economist of the […]
After a review of the ‘status of human resources in all departments and ministries’, Prime Minister Narendra Modi’s office tweeted that the government will undertake the recruitment of 10 lakh people in mission mode, in the next 1.5 years. Massive Employment at this point? What could be the cause? The government has been slow on […]
Chief Economic Adviser (CEA) V. Anantha Nageswaran today said that India is on its way to becoming a US $5 trillion economy by 2026-27 and might even reach $10 trillion by the end of the next ten years. He insisted that with India currently at $3.3 trillion, achieving $5 trillion will not be a difficult […]
In the June MPC meeting, the Reserve Bank of India (RBI) raised the policy repo rate by 0.5 percent, or 50 basis points. Previously, the first meeting of the Monetary Policy Committee (MPC) for the fiscal year 2022-23, held in April 2022, had kept the policy repo rate at 4%. RBI’s surprise repo rate hike […]
Grocery bills for an average middle class or even upper middle-class family has seen a huge rise. What could be amassed for a Rs 3,000 departmental store jaunt, now touches the Rs 5,000 range. Surprising, however, is that it does not last that long. Despite all prudence, bordering even on a skimpy use of say […]
Supply chain company Delhivery has fixed a price band of ₹462-487 a share for its ₹5,235-crore initial public offering (IPO), which will open for subscription on May 11. Addressing an online press conference on Thursday, Delhivery’s Chief Business Officer Sandip Basaria said that the company is well positioned to gain from current economic trends. “The […]
In a surprise press conference held on Wednesday, Reserve Bank of India’s Governor, Shaktikanta Das, announced the increase of RBI’s repo rate. The RBI Monetary Policy Committee hiked the repo rate by 40 basis points. The change implies that the current repo rate is 0.4 percent. During the press meeting, Governor Shaktikanta Das mentioned the […]
