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31 Aug

Bank credit growth expansion to 15.1% by July, deposits lag: RBI

Priyanka RoyBusiness, News

According to the RBI, growth in credit card outstanding slowed to 22 percent to Rs 2.75 lakh crore from 32.4 percent a year ago.Non-food bank credit is projected to grow 15.1 percent by July 2024 to Rs 162.92 lakh crore by July 2024, compared to 14.7 percent a year ago, according to the latest RBI data.However, RBI data showed that banks' deposit growth slowed by 11.3 percent to Rs 213.28 lakh crore. With deposit growth slowing, banks are racing to raise funds through special deposit schemes and other innovative schemes to meet the credit demand in the system. Many banks…

29 Aug

Indian snacks maker Bikaji says it is ‘not for sale’ amid investor interest in Indian snacks market

Priyanka RoyBusiness, News

Indian snacks maker Bikaji Foods is "not for sale" and is instead aiming to capitalize on the growing appetite for gourmet brands in the world's most populous country, a top executive told Reuters.The Indian salty snacks sector has grown rapidly in recent years as consumers increasingly splurge on packaged foods.“Bikaji is not for sale. No matter what price anyone offers, there are few things that are not for sale,” Chief Operating Officer Manoj Verma had said that earlier this month, without disclosing whether the company had received buyout offers.His comments came after India's Tata Group and a consortium including Blackstone…

28 Aug

LTIMindTree shares jump 8%; Kotak raises stock price target amid Nifty exclusion

Priyanka RoyBusiness, News

Kotak expects LTIMindTree to post revenue growth of 6.5 per cent in FY2025, which could improve from 4.4 per cent in FY2026 to 11 per cent in FY2024 due to improvement in the two largest verticals – BFSI and hi-tech .LTIMindtree, which is one of the stocks to be dropped from the Nifty 50 in the September restructure, saw its shares rise 8 per cent in Wednesday trade after Kotak Institutional Equities upgraded its rating to 'ADD' from 'Reduce' earlier. ' and upgraded its target price. Rs 6,200 from Rs 5,500 earlier, it said, adding that IT major would be…

27 Aug

Bank of Baroda raises Rs 5,000 crore through 10-year infra bonds at 7.3%

Priyanka RoyBusiness, News

State-owned Bank of Baroda on Monday inflation Rs 5,000 crore through 10-year infrastructure bonds at a coupon rate of 7.3 percent, according to sources aware of the development.The offering of the bonds, rated AAA by Crisil Ratings, had a base issue size of Rs 2,000 crore and a greenshoe option of Rs 3,000 crore and was fully subscribed.A dealer at a state-owned bank said yields on 10-year government securities have fallen, resulting in lower cut-off rates for BoB compared to State Bank of India (SBI), the country's largest lender. Generally, SBI is considered like a barometer for the Indian economy…

26 Aug

Gold price drop in India: Check 22 carat price in your city on August 25

Priyanka RoyBusiness, News

Gold price in India today: On August 25, gold prices in India were around Rs 73,000 per 10 grams. The rate of 24 carat gold of highest purity was Rs 73,040 per 10 grams. For those considering jewellery, 22-carat gold, known for extra durability due to its light alloy mix, was priced at Rs 66,950 per 10 gram.In contrast, the price of silver was Rs 88,000 per kg. retail cost of gold in india The retail price of gold in India, which represents the final cost per unit weight to consumers, is shaped by many factors beyond its intrinsic value.

24 Aug

Rupee upsurge 5 paise to 83.88 against US dollar in early trade

Priyanka RoyBusiness, News

The rupee traded in a tight range and rose 5 paise to 83.88 against the US dollar in morning trade on Friday, supported by softening crude oil prices and fresh foreign fund inflows.Forex traders said the significant improvement in oil prices, which are around US$77 per barrel, is a big positive sign for the rupee, given India's substantial oil imports.At the interbank forex market, the local unit opened at 83.93 and then gained ground to touch 83.88, registering a rise of 5 paise from its previous close.Amit Pabari, MD, CR Forex Advisors said that “Despite the dollar index hitting recent…

22 Aug

The employment upgrade rate of Indian industry has declined to 1.5% in FY 2024, while it was 5.7% in FY 2023

Priyanka RoyBusiness, News

According to a latest report released by Bank of Baroda (BoB), the employment scenario in the Indian corporate sector looks bleak.The public sector bank, based on an analysis of balance sheets of 1,196 companies, pegged the employment growth rate at 1.5% in FY24, down from 5.7% in FY23.In absolute terms, companies added less than 100,000 employees in FY2024, compared to 333,000 in FY23.The reason for the decline in employment growth rate is the increase in hiring after the pandemic in FY 2023. According to the report, the same financial year also saw significant attrition including voluntary and involuntary resignations. However,…

21 Aug

Due to investor enthusiasm, Ola Electric shares inflation by 90%, market cap crossed $ 7 billion

Priyanka RoyBusiness, News

Ola Electric Mobility Ltd. has seen its shares surge nearly 90% within two weeks, taking the company's market capitalization to more than $7 billion. Bloomberg reported that this rapid growth vindicated founder Bhavish Aggarwal's decision to take the company public, despite initial doubts about its valuation.The company's initial public offering (IPO), the largest in India in the last two years, attracted wide interest from investors. The surge in the share price has allowed Aggarwal to reach his target valuation earlier than anticipated, driven by strong demand in India's thriving IPO market. Ola Electric, India's largest e-scooter maker, had gone ahead…

20 Aug

Aamir Khan revealed, ‘I want to move away from films’, open up on Rhea Chakraborty’s show Chapter 2, ‘People make fun of my dressing’

Priyanka RoyEntertainment, News

Rhea Chakraborty has revealed the latest promo of her show Chapter 2 and this time the actress can be seen in deep conversation with Bollywood's "perfectionist" Aamir Khan. In the promo, the stars can be seen arguing stardom, films, therapy and how to deal with grief, among other things. Aamir is Rhea's second guest on the show after debuting with former Miss Universe and actress Sushmita Sen.The promo starts with Rhea praising the superstar's looks. After this Aamir called Hrithik Roshan, Salman Khan and Shahrukh Khan "good looking". He says that, “Hrithik is handsome, Salman is handsome, Shahrukh is really…

17 Aug

JSW Cement to increase ₹4,000 via IPO, file draft docs with SEBI, set up Rajasthan Cement unit

Priyanka RoyBusiness, News

The issue comprises fresh equity sale of ₹2,000 crore and offer for sale (OFS) of ₹2,000 crore.The funds are to be used to set up a cement unit in Nagaur district of Rajasthan, repay certain borrowings and for other general purposes.The company said that it will invest ₹3,000 crore for the greenfield Rajasthan unit, and said it plans to expand into the North and Central India markets, as its current presence is mainly in Southeast and West India.The group's energy, ports and steel businesses are already listed. JSW Infrastructure is the latest before JSW Cement.JSW Cement MD and JSW Group…