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30 Dec

Vodafone Idea shares flourish over 5% as government waives bank guarantees for previous spectrum auctions

Priyanka RoyBusiness, News

Vodafone Idea shares surged over 5 per cent on December 30 as government waives bank guarantees for previous spectrum auctions. At 11:10 am on December 30, Vodafone Idea shares were trading at Rs 7.88. The telecom firm has been exempted from providing bank guarantees of Rs 24,800 crore for spectrum auctions held before 2021 (2012, 2014, 2015, 2016). In a filing dated December 28, the company termed the government reform as a "major relief for telcos". The company said that prior to this reform, the company was required to provide bank guarantees totalling Rs 24,800 crore for each spectrum instalment…

28 Dec

Jersey Electricity reports 8.5% revenue gain in 2024

Priyanka RoyBusiness, News

JERSEY - Jersey Electricity plc has announced its financial results for the year ended September 30, 2024, reporting an 8.5% increase in revenue to £135.7 million. The company, which has been a major player in the island's energy sector for a century, recorded a profit before tax of £15.1 million, a slight improvement on the previous year's £14.9 million. The Board recommended a final dividend of 12.00p per share for the year, an increase of 5.3% from the 2023 dividend. This, combined with the interim dividend, brings the total dividend for the year to 19.80p per share. The final dividend…

27 Dec

Aluminium futures prices upsurge due to fresh deals

Priyanka RoyBusiness, News

New Delhi, December 27: Aluminium prices rose by 25 paise to Rs 241.65 per kg in the futures market on Friday due to fresh deals by speculators amid positive trend in the spot market. The price of aluminium contract for January delivery rose by 25 paise or 0.1 per cent to Rs 241.65 per kg in Multi Commodity Exchange in which 3,245 lots were traded. Analysts said that fresh deals by traders amid demand from consumer industries supported aluminium prices in the futures market.

23 Dec

Smartphone exports cross Rs 1.70 lakh crore, gain 31%

Priyanka RoyBusiness, News

India's smartphone exports are set to cross Rs 1.70 lakh crore in the current fiscal - up 31% from Rs 1.29 lakh crore in FY24. Nearly 70% of shipments are of iPhones. Products from Samsung and domestic contract manufacturer Padget Electronics (Dixon) and a small amount of merchandise exports make up the remaining 30%. According to industry sources, smartphone exports reached Rs 1.10 lakh crore in the April-November period, up 45% from the export figure of Rs 76,221 crore in the same period in FY24. In November, monthly exports were Rs 20,000 crore, the highest ever. Apple's iPhone vendor Foxconn,…

21 Dec

Onion prices decline by 50% in a week

Priyanka RoyBusiness, News

NAVI MUMBAI: Onion prices, which have become a burden on consumers' pockets, have fallen sharply by about 50% in the last week. This is due to the arrival of new crop and the imposition of duty on export. Vegetable traders said that as more fresh stock reaches the market, prices will fall further. Wholesale prices at the Vashi APMC (Agricultural Produce Market Committee) market, which supplies the Mumbai Metropolitan Region, have come down from ₹45-50 per kg last week to ₹20-25 per kg on Friday. Traders said that prices in the retail market have come down from ₹80-90 per kg…

20 Dec

BASF India shares gain over 5% after board approves split of agriculture solutions business

Priyanka RoyBusiness, News

BASF India shares rose over 5% in early trade on December 20 after the board approved splitting its agriculture solutions business into a separate listed entity. The move is in line with German parent BASF SE's decision to separate the agriculture solutions business by 2027. The Indian entity said BASF SE is also preparing for a potential initial public offering (IPO) of its global agriculture solutions business, and is also evaluating the option of listing a 'minority share' in the mid-term. BASF India said it will assess the implications of the new strategy for its India business. The BASF India…

19 Dec

Accenture shares inflation 7% on higher guidance and strong quarter; Wipro, Infosys ADRs rise 2-3%

Priyanka RoyBusiness, News

Consulting major Accenture's higher guidance for the full year as well as the second quarter has led to a more than 7% rise in its share price in the US market in early trade, which also impacted ADRs of Indian IT majors Wipro and Infosys, which rose 2.3% and 3%, respectively, in early trade on the New York Stock Exchange on December 19. Currency market-related headwinds and concerns over government spending had dampened market expectations on revenue growth. However, the global IT major beat Wall Street estimates on the back of customer demand for AI-powered tools, as CEO Julie Sweet…

18 Dec

Vishal Mega Mart shares inflation 41% in market debut

Priyanka RoyBusiness, News

New Delhi: Shares of Vishal Mega Mart Ltd on Wednesday jumped 41 per cent in early trade against the issue price of Rs 78. The stock listed on the BSE at Rs 110, up 41 per cent from the issue price. Later, it rose 42.24 per cent to Rs 110.95. On the NSE, it listed at Rs 104, up 33.33 per cent from the issue price. Vishal Mega Mart's market valuation stood at Rs 48,644.57 crore. Vishal Mega Mart's Rs 8,000 crore initial public offering was subscribed 27.28 times on the last day of bidding on Friday. The initial public…

17 Dec

Home loan borrowers decrease 39%, disbursements rise 32%

Priyanka RoyBusiness, News

The housing finance market in Gujarat is facing a paradox – fewer people are borrowing, but those who are borrowing are borrowing in larger amounts. According to the latest State Level Bankers Committee (SLBC) report, the number of home loan borrowers saw a sharp decline of 39.6%, from 1.58 lakh accounts in the September quarter of FY24 to just 95,532 accounts in the same period of FY25. Despite the sharp decline in loan accounts, total disbursements grew by 32%, led by a remarkable 118% increase in loan ticket size – from Rs 6.82 lakh to Rs 14.93 lakh per account.…

16 Dec

Sikkim CM Prem Singh Tamang assures full support for high-level committee to secure ST status

Priyanka BhowmickNews, Political, Sikkim

Sikkim Chief Minister Prem Singh Tamang has reiterated his government's commitment to securing Scheduled Tribe (ST) recognition for 12 left-out Sikkimese communities, emphasizing its importance for equity and inclusivity. Addressing the inaugural meeting of the Sikkim State High-Level Committee, CM Tamang stressed the urgency of resolving this long-standing issue as the state prepares to celebrate its 50th year of statehood in 2025. Expressing gratitude to the committee led by Chairman B.V. Sharma and Vice Chairman Mahendra P. Lama, Tamang acknowledged the excluded communities' contributions to Sikkim's cultural and social heritage. “These communities have been integral to our society, yet they…