Latest News & Videos, Photos On Economy

02 May

Adani Ports Q4 net profit gain 77% to Rs 2,014 crore

Priyanka RoyBusiness, Economy

Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday reported a 76.87% rise in consolidated net profit at Rs 2,014.77 crore for the fourth quarter ended March 2024. The country's largest integrated logistics company had posted a profit of Rs 1,139.07 crore in the corresponding period of the previous financial year, the company said in a BSE filing. Its consolidated total income rose to Rs 7,199.94 crore in Q4FY24 from Rs 6,178.35 crore in the year-ago period. Total expenses also increased to Rs 4,450.52 crore in the quarter under review from Rs 3,995 crore a year ago.

01 May

Indian Oil’s quarterly profit drop 52% due to inventory losses, low fuel prices

Priyanka RoyBusiness, Economy, India

Indian Oil Corporation (IOC) on Tuesday reported a 52 percent decline in fourth quarter profit as the company sold fuel below market prices due to inventory losses. While India is the world's third-largest oil importer and consumer, Indian Oil controls about a third of India's five million barrel-per-day refining capacity with its unit Chennai Petroleum. However, India has been buying increasingly cheaper Russian oil as discounts have fallen from $30 a barrel in 2022 to less than $10 this year, while refiners also cut fuel prices at the pumps ahead of this year's general elections. IOC reported a 52% decline…

30 Apr

UltraTech Cement Q4 net profit improvement 35% to Rs 2,260 Crore

Priyanka RoyBusiness, Economy

UltraTech Cement Ltd on Monday reported 35.24% rise in consolidated net profit at Rs 2,258.58 Crore for the fourth quarter (Q 4) ended March 31, 2024. The foremost cement maker had posted a consolidated net profit of Rs 1,670.10 Crore in the January to March quarter. In the last financial year, according to a regulatory filing by UltraTech. Its revenue from operations increased by 9.41% to Rs 20,418.94 Crore during the period under review. It was Rs 18,662.38 Crore in the same period a year back. UltraTech's total expenses in the March quarter increased by 6.67% to Rs 17,381.09 Crore. The…

28 Mar

Six months AFSPA issued in NAGALAND districts

editorEconomy

The Armed Forces (Special Powers) Act, 1958 (AFSPA) has been extended in eight districts and five Police stations as disturbed areas of Nagaland. According to the sources, the Ministry of Home Affairs has announced through a notification that the force will be continued for six months or more. Details about the extended AFSPA districts are Dimapur, Niuland, Chumoukedima, Mon, Kiphire, Noklak, Phek, and Peren in Nagaland. Police stations included as disturbed areas are Khuzama, Kohima North, Kohima South, Zubza, and Kezocha in Kohima district; Mangkolemba, Mokokchung-I, Longtho, Tuli, Longchem, and Anaki 'C' in Mokokchung district; Yanglok in Longleng district; Bhandari,…

03 Mar

Government imposes a fine of Rs 5 crore on Paytm Bank

editorBusiness, EconomyBusiness news

The government has also taken action against the Paytm payment batch after the reserve rush. Brought by PIB, the Finance Ministry's Financial Intelligence Unit or FIU imposed a fine of Rs 5.49 crore on Paytm Payments charges. The fine is said to have been imposed for violation of rules under PMLA. Paytm Payments Bank has been accused of being involved in money laundering. Due to which action under Prevention of Money Laundering Act, 2002 has been taken against this organization. The decision was taken by the Finance Ministry's Financial Intelligence Unit (FIU) after reviewing the actions of other agencies, including…

18 Dec

Reserve Bank of India authorized Bandhan Bank to disburse pensions on behalf of the Ministry of Railways

Business Bureau0 CommentsBusiness, Economy

Bandhan Bank, a pan-India universal bank, has been authorized by the Reserve Bank of India (RBI) to disburse pensions through e-PPOs on behalf of the Ministry of Railways, the largest employer in India with nearly 12 lakhs employees. The bank plans to integrate with the Ministry to operationalize the pension disbursement process. Bandhan Bank has been granted authorization to disburse pensions to retired employees of the Ministry of Railways, providing access to approximately 50,000 average Indian Railways retirees annually across all offices, including 17 zonal railways and 8 production units. Debraj Saha, Head – Government Business, Bandhan Bank said, “This…

18 Dec

Assam sales 2,300 crore tea in 2023-24 fiscal year

editor0 CommentsAssam, Economy

Guwahati Tea Auction Centre (GTAC) has become a global tea industry hub, renowned for both its bustling tea trading activities and record-setting auction prices. As per reports, Guwahati Tea Auction Centre (GTAC) has achieved a staggering Rs 2,300 crore in Assam tea sales during the financial year 2023-24. GTAC reportedly sold 114.29 M. kgs at an average price of Rs 198.51, slightly lower than the previous year’s average of Rs 201.14. GTAC has also surpassed the previous record, with an average price of Rs 191.26 per kg, indicating a growing global demand for Assam tea. Approximately 165 million kg of…

07 Dec

Unable to pay dowry, Kerala doctor kills self

Priyanka Bhowmick0 CommentsIndia, Crime, EconomyIndia

A 26-year-old doctor committed suicide in Kerala's Thiruvananthapuram, allegedly after her boyfriend refused to marry her as her family could not meet dowry demands. State Health Minister Veena George has ordered an inquiry into the death of Dr Shahana, who was pursuing a post-graduate course at the Department of Surgery, Government Medical College, Thiruvananthapuram. The police have registered a case against the lover under the Abetment to Suicide and Dowry Prevention Act. They recorded the statement of the woman's relatives. According to local media reports, Dr. Shahana lived with her mother and two siblings. His father, who worked in the…

02 Nov

Over 97% of ₹2,000 banknotes returned: RBI

Priyanka Bhowmick0 CommentsBusiness, Economy, IndiaIndia

The Reserve Bank of India (RBI) on Wednesday said that Rs 10,000 crore of Rs 2000 notes withdrawn from circulation on May 19 are yet to be returned to the banking system. As of May 19, the total value of Rs 2000 notes in circulation was Rs 3.56 lakh crore. This has come down to Rs 10,000 crore as of the close of business on October 31, 2023, RBI said in a release. "Thus, more than 97 percent of the Rs 2,000 notes in circulation have been refunded till May 19, 2023," the RBI said in a press release. It…

06 Sep

Get unbelievable interest with Recurring Deposit Scheme

editor0 CommentsEconomy

Recurring deposit schemes are earning around 8 percent interest. Recurring Deposit is a regular deposit scheme. In this, investors can deposit money regularly and get returns on the money at fixed interest rates. Recurring Deposit is a small investment that gives you a chance of big returns. Different banks have different interest rates on recurring deposits. This month, several banks revised their interest rates for recurring deposits worth less than Rs 2 crore. DCB Bank is currently offering great recurring deposit schemes. Currently, DCB Bank is offering maximum interest of 6.95 percent to general customers on recurring deposits. Whereas senior…