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The Economic Times
The Economic Times Zomato Q4FY24 results: Blinkit nearly triples its revenue; plans to reach 1,000 store mark
As per the regulatory filing, Blinkit’s revenue from operations for the financial year that ended March 31, 2024, stood at Rs 2,301 crore against Rs 806 crore in the last fiscal.
The Economic Times Zomato subsidiaries' auditor resigns, Deloitte Haskins & Sells to take charge
Zomato's auditor resigns, clearing the path for Deloitte Haskins & Sells LLP's appointment, aiming to streamline audit processes and enhance efficiency, aligning with the holding company's management objectives.
The Economic Times Evaluation of infrastructure requirements for achieving $1 trillion exports by August-September: Official
A study by the Asian Development Bank is underway to assess infrastructure needs and identify industry clusters to achieve India's USD 1 trillion merchandise export target by 2030. In 2023-24, exports dipped to USD 437 billion and imports to USD 675.4 billion. Investments in roads, ports, airports, and railways are crucial for handling the projected USD 2.5 trillion trade. Key sectors expected to drive export growth include electronics, pharmaceuticals, and marine products, with clusters in Chennai, Bengaluru, Gujarat, Odisha, and West Bengal.
The Economic Times Large PSUs' capital expenditure reaches ₹50,200 crore in April FY25, slower growth than previous year
Large public sector companies in India spent over Rs 50,200 crore on capital expenditure in April FY25, 6.46% of the annual target of Rs 7.77 lakh crore. Spending was lower than in April FY24. The Finance Ministry expects spending to increase. Railways, roads, and oil and gas sectors drove the expenditure.
The Economic Times NCLAT directs IRP to supervise ATS project
The appellate tribunal's decision follows ASK Property Fund, the real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group, taking ATS to the National Company Law Tribunal (NCLT) citing a default of ₹285 crore.
The Economic Times GST on corporate guarantees: SC to offer clarity, say officials
Several companies caught in the crosshairs of the GST authorities got a sense of relief last week after the Punjab & Haryana High Court stayed operation of a central board of indirect taxes & customs (CBIC) circular clarifying on the validity of the levy. CBIC's October 27, 2003, circular had clarified that a corporate guarantee, provided by one company to banks or financial institutions to help an associate company secure a loan, even without a consideration, should be considered supply of service between related parties under the Schedule I of the CGST Act, 2017.9
The Economic Times AI adoption in key Indian sectors touches 48% in FY24
A Teamlease Digital study revealed high AI adoption in pharma and healthcare (52%), followed by FMCG and retail (43%). Manufacturing (28%) lagged behind, while infrastructure & transport (20-22%) and media & entertainment (10-12%) saw the least adoption.
The Economic Times Sebi probing charges of 'coerced' voting to delist broking arm of ICICI
"The RMs would have been asked by some senior management personnel of the bank to woo the subsidiary's shareholders to vote in favour of the delisting proposal," said a person familiar with the regulator's thinking. "Sebi is looking into the allegations. Call data records of people involved in this matter will also be examined." Emails sent to ICICI Bank and Sebi remained unanswered.
The Economic Times Chipping in: N Chandrasekaran to chair Tata Electronics
Chandrasekaran will take over from Banmali Agrawala who has held the post for the last few years. Chandrasekaran who is already chairman of many key Tata group companies will take charge after requisite regulatory approvals. Agrawala, a key Tata Sons aide, has taken on an advisory role recently in the group.
The Economic Times Pvt sector capex likely to expand amid expectations of high growth: Experts
CII's business confidence index touched a 12-quarter high in Q4FY24, with 51% of firms expecting capacity utilisation of 75% and above. Moreover, 71% expect an improvement in private capex in the first half of FY25 compared with the second half of FY24.
The Economic Times FMCG companies to see muted demand in June quarter, recovery likely in H2
Overall volumes, which indicate the number of products consumers bought, expanded 5.2% in the March quarter, unchanged from the three months to December. Sales volumes in rural markets climbed 5.8%, and in cities by 4.7%, from a year earlier, data from Kantar showed. Kantar monitors branded and unorganised products, including unpackaged voluminous commodities. Nielsen, on the other hand, tracks primarily branded retail sales.
The Economic Times India to ink 10-year Chabahar Port pact with Tehran today
This is the first time India will take over management of a port overseas. The port, which is seen as India's key connectivity link to Afghanistan, Central Asia and the larger Eurasian space, will help counterbalance Pakistan's Gwadar port as well as China's Belt and Road Initiative. There are plans to link Chabahar with the International North South Transport Corridor (INSTC) that connects India with Russia via Iran. The port will enable India to bypass Pakistan to access Afghanistan, and ultimately Central Asia.
The Economic Times How inheritance tax may impact the Indian economy, if implemented
Critics argue that while such taxes exist in several advanced economies, they contribute minimally to overall tax revenues making them inefficient and cumbersome to administer.
The Economic Times Govt looking to mitigate impact of carbon levies like EU's CBAM on India Inc
These carbon levies pose significant challenges for developing nations, particularly those exporting goods to jurisdictions like the EU and UK where the adoption of green technologies is higher.
The Economic Times RBI says 15 NBFCs surrendered registration certificates
The Reserve Bank of India (RBI) announced on Friday that 15 Non-Banking Financial Companies (NBFCs), including Tata Capital Financial Services and Revolving Investments, have surrendered their certificates of registration for various reasons. Among these, nine NBFCs have ceased to exist as legal entities due to factors such as amalgamation, merger, dissolution, or voluntary strike-off. These nine include Tata Capital Financial Services, Tata Cleantech Capital, Naperol Investments, USG Financial Services, Urja Capital, Vandana Dealers, ABRN Finance, Jodhani Management, and JDS Securities.
