Business

[ad_1] MUMBAI: IndusInd Bank reported a quarterly loss of Rs 2,236 crore for the three months ending March 2025, reversing a net profit of Rs 2,346 crore in the same period a year earlier. It was the bank's first quarterly loss since March 2006.This disclosure follows the abrupt exits of its chief executive and his deputy last month after the bank unearthed widespread irregularities in its foreign exchange derivatives and microfinance portfolio. The bank managed to record a profit of Rs 2,642 crore for FY25, which was 70% lower than Rs 8,950 crore in the previous year.In filings to the stock exchange, the bank said internal and external reviews uncovered a fresh fraud where Rs 172.6 crore was wrongly booked as fee income in its microfinance arm. Broader discrepancies spanned derivative trades, income recognition, and the classification of assets and […]

[ad_1] State-owned Oil India Ltd on Wednesday reported a 21 per cent decline in its net profit for the January–March quarter of FY25, citing lower crude oil and natural gas prices as key factors behind the drop.The company posted a net profit of Rs 1,591.48 crore in the fourth quarter of 2024–25, down from Rs 2,028.83 crore in the corresponding period last year, according to a regulatory filing. Revenue also fell to Rs 6,182.79 crore from Rs 6,589.91 crore a year earlier.Despite the quarterly decline, Oil India achieved its highest-ever combined oil and gas production in FY25, reaching 6.71 million tonnes of oil equivalent, the company said in a statement.Crude oil production during the year ended March 31, 2025, rose by 2.95 per cent to 3.458 million tonnes, while natural gas output increased by 2.20 per cent to 3.252 billion […]

[ad_1] NEW DELHI: The Central Consumer Protection Authority has issued notice to ride hailing platform Uber over its ‘advance tip’ feature in its app for availing faster service, calling it an unethical and unfair trade practice. The authority is also looking into similar practices by other platforms such as Rapido and Ola, sources said.Announcing the authority’s action following complaints from users, consumer affairs minister Pralhad Joshi on Wednesday said on X, “The practice of ‘advance tip’ is deeply concerning. Forcing or nudging users to pay a tip in advance for faster service is unethical and exploitative. Such actions fall under unfair trade practices. Tip is given as a token of appreciation not as a matter of right, after the service.” The CCPA has asked Uber to respond to the notice within 15 days.Consumer affairs secretary and CCPA chief commissioner Nidhi […]

[ad_1] Donald Trump's ally Laura Loomer called for restrictions on H-1B visas after the US banned Indian travel agents accused of illegal migration.Loomer, a vocal critic of immigrant employment, posted on X: "Let’s go. Now do the H1B visas. Thank you for your attention to this very important matter!"Her remarks come after the US government implemented visa restrictions on travel agencies, including their owners, executives and senior officials linked to illegal immigration.Visa Revokes, Rising Costs, & Trump 2.0: Should Indian Students Still Choose the U.S. in 2025?The H-1B programme, which allows US firms to hire highly skilled foreign workers, has once again come under fire, especially from MAGA supporters and tech workers, who argue it threatens American jobs and contradicts Trump’s “America First” promise."We are working closely with our consular teams in India to identify and take action against individuals […]

[ad_1] InterGlobe Aviation, the parent company of budget carrier IndiGo, posted a 62% year-on-year rise in its consolidated net profit for Q4FY25 at Rs 3,067 crore, compared to Rs 1,895 crore in the same quarter last year.The profit is attributable to the owners of the company.The airline's board has recommended a dividend of Rs 10 per equity share, subject to shareholder approval at the upcoming Annual General Meeting (AGM). The dividend payment will be completed within 30 days of its declaration at the AGM, according to an ET report.The company reported revenue from operations of Rs 22,152 crore for Q4FY25, marking a 24% increase from Rs 17,825 crore in the corresponding quarter of the previous fiscal. On a sequential basis, profit after tax (PAT) rose 25% from Rs 2,449 crore in Q3FY25, while revenue saw a marginal uptick from Rs […]

[ad_1] India's imports of Russian crude oil are set to reach nearly 1.8 million barrels per day in May, the highest in 10 months, according to ship tracking data from Kpler, as domestic refiners ramp up purchases of lighter Russian grades like ESPO Blend.Strong demand from the world’s third-largest oil consumer is expected to continue into July, with Indian refiners reportedly ordering more than 10 cargoes of June-loading ESPO crude just last week, traders told Reuters.The surge in buying comes ahead of new EU and UK sanctions targeting Russia’s “shadow fleet” of oil tankers and associated financial entities, raising questions about future logistics and pricing.India’s appetite for Russian ESPO crude has also triggered a rebound in spot premiums for shipments delivered to China, the largest buyer of the Far East-exported grade from Russia’s Kozmino port.According to Jay Shah, senior oil […]

[ad_1] NEW DELHI: The Government of India has introduced the ePassport which is a combined paper and electronic passport featuring an embedded RFID chip and antenna. The chip securely stores the passport holder’s personal and biometric data and is visually identified by a small gold-coloured symbol on the front cover.With this rollout, India joins over 120 countries, including the United States, Canada, France, Japan, and Australia, in issuing biometric e-passports. This move aligns India with ICAO international standards and represents a major step forward in enhancing national security and streamlining cross-border travel.As global travel rebounds and border security becomes ever more critical, the ePassport equips Indian travellers with a safer, smoother experience abroad. By adopting biometric technology, India underscores its commitment to digital innovation and positions itself at the forefront of modern identity management.Key benefits of ePassportEnhanced Data Security: The […]

[ad_1] The initiative aims to encourage domestic manufacturers to increase local production capabilities. (AI image) India is implementing stringent product safety standards to restrict the import of compact household appliances and electronic lifestyle products from China. This action follows the recent identification of substandard electronic appliances imported from India’s neighbouring country.The initiative also aims to encourage domestic manufacturers to increase local production capabilities.Several electrical items including recliners, furniture, whirlpool baths, spas, toilet products, cloth dryers, towel rails, and beauty products - operating on electricity or battery - must now display the Bureau of Indian Standards (BIS) certification to demonstrate compliance with enhanced safety requirements.Industry leaders indicated that the government directive was prompted by BIS's recent inspections, which discovered substandard products in the marketplace, including within major online retailers' storage facilities.Powering up safetyOn May 19, the Department for Promotion of Industry […]

[ad_1] NEW DELHI: Using the wet lease route to expand its international network, IndiGo will from July 1, 2025, launch thrice weekly flights between Mumbai and Manchester. And from the next day, IndiGo will start nonstops between Mumbai and Amsterdam.Both these thrice weekly routes will be launched using the wet leasedBoeing 787-9 Dreamliners (hired with operating crew) of Norse Atlantic. With Pakistan airspace closed for overflying by Indian carriers, IndiGo has started its Europe flights from Mumbai. And not the national capital to avoid the much longer routes they would have had to take.“Upgrading its in-flight dining experience, complimentary hot meals and beverages will be served to all customers” on thee two routes, the airline said. Meals sold on board IndiGo flights — almost all cold except the dip-in-hot-water-for-five-minute versions — have long been the biggest chink in its otherwise […]

[ad_1] South Korea, the fourth largest Asian economy, saw its exports slip 2.4% year-on-year in the first 20 days of May, weighed down by weaker sales to major trade partners including the United States.The Korea Customs Service reported on Wednesday that exports from May 1 to May 20 totalled $32 billion. Though demand for semiconductors remained strong, the broader picture showed signs of strain, especially as trade tensions with Washington escalated.Exports to the United States, Seoul’s long-standing ally, plunged 14.6% over the same period last year, after Washington imposed sweeping 25% tariffs on South Korea. Though the US temporarily lowered the rate to 10% for a 90-day period starting in April, key items like steel, aluminium and cars remain subject to the full levy of 25%.The country also recorded a slight trade deficit of $300 million for the May 1–20 […]