Business

[ad_1] NEW DELHI: Niti Aayog, government's policy think tank, recommended the introduction of a dedicated financing scheme to allow medium enterprises to avail loans at concessional rates. It also backed a credit card for such units with a Rs 5 crore limit for emergency needs.The report, released on Monday, stated that the scheme should be under the ministry of MSME and provide loans of up to a certain percentage of gross revenue, depending on the sector of the unit, such as manufacturing or services, capped at Rs 25 crore, with a maximum of Rs 5 crore per request.The medium enterprise credit card will allow enterprises to manage urgent expenses, such as payroll, inventory procurement, and equipment repairs, in case the loan disbursement is longer than usual. "Ensure that credit card interest rates align with market rates while allowing a grace […]

[ad_1] NEW DELHI: Supreme Court on Monday stayed the liquidation process for Bhushan Power & Steel (BPSL) before NCLT and ordered to maintain status quo after JSW Steel, whose resolution plan was rejected by SC, told the court that it was filing a review petition against the order.As JSW's limitation period for filing a review against the SC judgment is not yet over, a bench of Justices B V Nagarathna and Satish Sharma said the status quo was needed to avoid future complications as the liquidation of the company might jeopardise the review petition, which is yet to be filed by JSW.For JSW, senior advocate Neeraj Kishan Kaul said the NCLT was rushing in the case even before the company's review plea is decided, and if liquidation is allowed, then it would be irreversible. He said JSW has time till […]

[ad_1] BENGALURU: Investment platform Groww has confidentially filed for an IPO with markets regulator Sebi, a newspaper advertisement showed on Monday. The offering is expected to raise between $700 million and $1 billion through a mix of fresh issue and an offer for sale, people familiar with the matter said. The proceeds will be used to invest in tech and expand the company's financial services footprint.As of March, it accounted for over 26% of the active client base on NSE, with 1.3 crore investors, up from 9.5 million a year earlier. Sources added that Groww is in advanced talks to raise $100-150 million each from Singapore investment firm GIC and Iconiq at a $7 billion post-money valuation. [ad_2] Source link

[ad_1] MUMBAI: Swiss consumer goods giant Nestle has picked up a minority stake in the Indian pet food startup Drools. The Bengaluru-based company did not disclose the specifics of the deal but said it was valued at $1 billion post-investment, joining the ranks of unicorn startups. "This is a financial investment by the company, and Drools will remain strategically as well as operationally independent," Nestle said in a statement on Monday, without elaborating further.Nestle's investment in Drools comes at a time when the broader pet food and pet care space in India is seeing a surge in growth, led by an expanding crop of millennial and Gen Z pet parents who do not mind paying more to provide quality nutrition and care for their pets. Nestle has a large pet care business (including pet food) operating under the master brand […]

[ad_1] Gold rate today: Gold prices surged by Rs 550 to Rs 99,300 per 10 grams in the national capital on Monday, driven by persistent buying from jewellers and retailers, according to the All India Sarafa Association. The precious metal, with 99.9 per cent purity, had closed at Rs 98,750 per 10 grams on Friday. Since Wednesday of the previous week, gold prices have risen by Rs 2,760 per 10 grams.Gold with 99.5 per cent purity also saw a rise of Rs 500, settling at Rs 98,800 per 10 grams (inclusive of all taxes) on Monday, PTI reported.Additionally, silver prices surged by Rs 1,170 to Rs 1,00,370 per kg (inclusive of all taxes), compared to Rs 99,200 per kg in the previous market session.In global markets, spot gold prices dipped by USD 24.83 per ounce, or 0.74 per cent, to […]

[ad_1] InterGlobe Aviation promoter Rakesh Gangwal and his family trust are expected to offload up to 3.4 per cent of their stake in IndiGo, valued at approximately Rs 6,831 crore, on Tuesday, according to sources. Gangwal, the co-founder of the airline, has been gradually reducing his holdings following a public fallout with co-founder Rahul Bhatia.In addition to Gangwal, the Chinkerpoo Family Trust, which is managed by Shobha Gangwal and the JP Morgan Trust Company of Delaware, will also sell its 3.4 per cent stake in IndiGo, India's largest airline, sources revealed, according to PTI report.The transaction is being managed by investment banking firms Goldman Sachs (India) Securities Pvt Ltd, Morgan Stanley India Company, and JP Morgan India, which are acting as placement agents for the sale.Currently, Gangwal and the family trust collectively own about 13.5 per cent of IndiGo. Under […]

[ad_1] Tata Motors’ electric vehicle (EV) business achieved a positive operating margin before depreciation and amortisation (Ebitda) in the fiscal year 2024-25, placing it among a small group of EV manufacturers globally to reach this milestone, the company said in its latest annual report.The turnaround in margins came even as EV sales dipped and its market share declined due to intensifying competition from rivals like MG Motor and Mahindra & Mahindra.India’s leading EV player by volume, Tata Motors reported that revenue from its EV division fell to Rs 8,187 crore in FY25, down from Rs 9,285 crore in FY24. Its retail market share also dropped significantly—from 73.1% to 55.4% over the same period. However, the Ebitda margin showed a marked improvement, climbing to 1.2% from a negative 7.1%—an increase of 8.3 percentage points, according to an ET report.“In the EV […]

[ad_1] Memorial Day, which had traditionally been observed on May 30 to honor America’s fallen service members, officially became a federal holiday in 1971 and is now held on the last Monday in May.Over the years, it has also become one of the busiest weekends for retail sales and travel across the United States.Here’s a look at what’s open and closed for Memorial Day 2025:Government servicesAll government offices, including post offices, courts, and public schools, will be closed for the holiday.Banks and financial marketsUS stock markets and most banks will be closed on Monday.FedEx and UPS will not offer regular pickup and delivery services, although some specialized services may still be available, according to an AP report.Retail storesMost major retailers will remain open, many offering Memorial Day sales to attract shoppers. Warehouse club Costco will be closed. Store hours may […]

[ad_1] NEW DELHI: JSW Paints, led by Sajjan Jindal, is close to acquiring Akzo Nobel India, valuing the Dutch parent Akzo Nobel NV’s 74.76% stake at around Rs 9,000 crore ($1.1 billion).This pegs the total valuation of the Indian unit between Rs 12,000-12,200 crore — a 25% discount to its current market price, as per the Economic Times report.If finalised, the acquisition will elevate JSW Paints to the fourth-largest player in India’s decorative paints market and second in the industrial paints segment, significantly strengthening its presence.Akzo Nobel India's market capitalisation stands at Rs 16,380 crore, with its shares closing at Rs 3,582 on the BSE on May 23. The stock has gained 40% in the past year amid growing speculation of a stake sale. The acquisition will trigger an open offer for an additional 26% of Akzo Nobel India, based […]

[ad_1] NEW DELHI: US dollar is expected to stay weak through 2025, potentially benefiting emerging market (EM) assets, according to a research report by JP Morgan. "USD could stay soft this year, which would help EM assets. EM historically traded inversely to the dollar, and the big question is whether the last 15 years' downtrend in EM and the strong USD could be ending," the report noted. The report questions whether the prolonged pattern of USD strength and EM weakness spanning 15 years might end. Emerging Market (EM) assets refer to investments in developing countries. These can offer high returns but also come with higher risks. Historically, EM assets tend to move in the opposite direction of the US dollar.The report also notes that the US dollar's recent stability since mid-April is unlikely to continue. The dollar is expected to […]