Business

[ad_1] IndiGo operator InterGlobe Aviation promoter Rakesh Gangwal and the Chinkerpoo Family Trust reduced their stake by 5.72 per cent in the airlines through open market transactions, garnering Rs 11,564 crore. The bulk deal data on NSE showed that Gangwal and the trust, managed by Shobha Gangwal and JP Morgan Trust Company of Delaware, divested 2.21 crore equity shares.Rakesh Gangwal individually sold 22.10 lakh shares, equivalent to 0.6 per cent stake. The Chinkerpoo Family Trust separately sold nearly 1.99 crore shares across three transactions, representing 5.15 per cent ownership in the Gurugram-based company.The shares were sold between Rs 5,230.99-5,235.31 per share, totalling Rs 11,563.79 crore. Following these transactions, Gangwal's holding decreased to 4.7 per cent from 5.30 per cent, whilst the trust's stake reduced to 3.08 per cent from 8.23 per cent in IndiGo.The combined ownership of Gangwal and Family […]

[ad_1] IndiGo is facing penalties exceeding Rs 2.76 crore from customs authorities in Ahmedabad and Chennai, but the airline has confirmed it will challenge the demands. In regulatory disclosures on Tuesday, IndiGo said it received penalty orders of Rs 2.20 crore from the Principal Commissioner of Customs in Ahmedabad and Rs 56.2 lakh from the customs office at Meenambakkam, Chennai, reported news agency PTI.The notices were served on May 26 and 27, respectively, and relate to customs duty claims raised by the authorities.The airline asserted that all customs duties were duly paid and that it stands by the correctness of its actions. IndiGo added that it plans to file appeals with the appropriate appellate bodies.Airlines' parent company InterGlobe Aviation clarified that the penalties are not expected to materially impact its financial position, operations, or other business activities.Shares of the company […]

[ad_1] India-US are in talks for trade deal (AI image) A successful bilateral trade agreement between India and the US could transform current challenges into economic opportunities by expanding market access and boosting exports, according to the Finance Ministry's Monthly Economic Review released on Tuesday.The report comes amid ongoing negotiations between the two nations, with an interim trade agreement expected before July 8. India is seeking full exemption from a 26 per cent reciprocal tariff imposed by the US on domestic goods.The US had implemented the additional tariff on Indian products starting April 2, but suspended it for 90 days, until July 9. However, the baseline 10 per cent American tariff remains in effect.Despite global uncertainty, the report claimed India's position as a leading investment destination. It stated that foreign direct investors are likely to respond positively to reforms that […]

[ad_1] Export shipments from India have started moving once again through the Red Sea corridor, marking a cautious return to normal shipping operations after months of disruption caused by regional unrest. The development was confirmed on Tuesday by the Federation of Indian Export Organisations (FIEO).The key maritime route, which includes the Bab-el-Mandeb Strait connecting the Red Sea and Mediterranean Sea to the Indian Ocean, had witnessed severe security concerns throughout the past year due to repeated attacks by Houthi militants based in Yemen. These threats had forced shipping lines to reroute vessels via the Cape of Good Hope, significantly extending travel times and raising logistics costs."Consignments are gradually going through this important sea route. It will cut transportation time," said FIEO Director General Ajay Sahai. He added that shipping costs have stabilised recently, partly due to a decline in vessel […]

[ad_1] Life Insurance Corporation of India (LIC), the country’s largest insurer, has reported a robust 38% rise in its net profit to Rs 19,013 crore for the fourth quarter ending March 2025, compared to Rs 13,763 crore in the same period last year. The surge in profit was attributed to a reduction in management expenses. However, the insurer’s total income in Q4 saw a decline, dropping to Rs 2,41,625 crore from Rs 2,50,923 crore in the previous fiscal quarter, PTI reported.Despite a slowdown in first-year premium income, which stood at Rs 11,069 crore (down from Rs 13,810 crore in Q4 FY24), LIC experienced a rise in renewal premiums, which increased to Rs 79,138 crore from Rs 77,368 crore last year.LIC’s management expenses also witnessed a significant reduction, falling to Rs 16,495 crore from Rs 24,709 crore in the same quarter […]

[ad_1] Japan's position as the world's leading net-creditor nation over the years was due to decades of current account surpluses. (AI image) Japan is no longer the world’s leading creditor nation - and that’s a first in 34 years! Germany has taken the top spot despite Japan's record overseas assets. Japan had held the top position since surpassing Germany in 1991.Japan's position as the world's leading net-creditor nation over the years was due to decades of current account surpluses, leading to substantial foreign investments by Japanese entities.According to the Ministry of Finance data quoted by Bloomberg, Japan's net external assets reached ¥533.05 trillion ($3.7 trillion) at the end of 2024, showing a 13% increase from the previous year. Although this figure was a record high, Germany surpassed it with net external assets of ¥569.7 trillion. China maintained its third position […]

[ad_1] US stock markets opened on a strong note Tuesday, with all three major indexes climbing as investor sentiment remained buoyant on the back of robust tech gains and cooling Treasury yields.The Dow Jones Industrial Average (DJIA) jumped 364.97 points to open at 41,968.04, rising 0.88%, while the NASDAQ Composite surged 276.3 points to 19,013.5, a gain of 1.48%, as tech-heavy counters saw renewed buying interest. The broader S&P 500 also moved higher, adding 63.68 points to trade at 5,866.5, up 1.1% in early deals.Markets responded positively to the modest drop in US 10-year Treasury yields, which fell 4 basis points to 4.471%, offering relief to equity valuations, particularly in growth-sensitive sectors.Meanwhile, gold prices took a hit, falling $71.9 to $3,293.9, down 2.14%, as traders rotated out of safe-haven assets in favor of equities. Oil prices also edged lower, with […]

[ad_1] President Vladimir Putin has made it clear that Russia will not "roll out the red carpet" for McDonald’s if the fast-food giant seeks to return to the country, as reports emerge of foreign companies showing interest in re-entering the Russian market.McDonald’s exited Russia in 2022 following Western sanctions linked to the Ukraine conflict and sold its operations to a Russian investor who had been a franchise partner since 2015, PTI reported. These 25 restaurants across Siberia were rebranded as "Vkusno I Tochka" (meaning 'Tasty and That's It') and have been operating under the new name since June 12, 2022.Speaking at a Kremlin meeting with leading business figures, Putin addressed Vkusno I Tochka CEO Oleg Paroyev: "They (McDonald's) put everyone in a difficult position, ran away, and now, if they want to come back, are we supposed to roll out […]

[ad_1] The latest SBI Research report indicates that swift rate cut transmission results in immediate downward pressure on deposit rates. (AI image) Sub-7 day fixed deposits soon? The Reserve Bank of India (RBI) has requested feedback from banks regarding the possibility of offering term deposits with durations shorter than seven days. Banks are required to provide their input before the end of the current month, according to sources."The move may allow banks to set their own tenure, boosting fixed deposit attractiveness and liquidity in the banking system," said a bank executive.This initiative follows a decline in deposit growth, which decreased to 10% year-on-year as of May 02, 2025, compared to 13% in the previous year.Raising depositsThe latest SBI Research report indicates that swift rate cut transmission results in immediate downward pressure on deposit rates, making deposit collection particularly challenging for […]

[ad_1] Asian shares traded mostly lower in a narrow range on Tuesday following a muted session, with US markets closed for the Memorial Day holiday. US futures were flat, while oil prices dipped ahead of key economic data releases, including consumer confidence and housing prices, due later in the day. In Tokyo, the Nikkei 225 slipped 0.2% to 37,451.60 after Bank of Japan governor Kazuo Ueda signaled a potential interest rate hike in the coming months amid rising inflation. Ueda pointed to soaring food costs—highlighting that rice prices have doubled over the past year—and noted that Japan’s inflation is now outpacing that of the US and Europe, exceeding the central bank’s target. “We are now closer to the target than at any time during the last three decades, though we are not quite there. Our recent path has been affected […]