Business

[ad_1] The Indian rupee ended 3 paise weaker at 85.57 against the US dollar on Friday, as strong foreign capital inflows were offset by negative equity market sentiment, rising crude oil prices, and a widening trade deficit.At the interbank foreign exchange, the rupee opened strong at 85.28 and traded in a range of 85.28 to 85.70, before settling at 85.57, down from its previous close of 85.54 on Thursday, when it had declined by 22 paise, PTI reported.Forex traders said despite strength in Asian and European currencies, the rupee remained under pressure."The rupee struggled to break past the 85.00 level and faced selling pressure near 85.30. It continued to trade within a narrow band of 85.25 to 85.75, which is likely to remain the range early next week," said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex […]

[ad_1] Indian government has imposed a comprehensive ban on Pakistan goods. (AI image) Crackdown against Pakistan goods: India is keeping a hawk’s eye and conducting thorough inspections of imports from the UAE, Iran and other Gulf nations, along with specific transshipment hubs to prevent indirect entry of Pakistani goods into the country through these channels.Following the April 22 terrorist incident in Pahalgam that resulted in 26 killings, India enacted a complete ban on Pakistan goods, including those entering via third nations. Pakistan has also ceased all trade relations with India.Officials have intensified verification of import labels and origin criteria for products from these nations. This follows India's previous concerns raised with the UAE regarding Pakistani dates being channelled into the country, which violated the India-UAE Comprehensive Economic Partnership Agreement.Trade (Re)routesAn official told ET that imports via transshipment centres like the […]

[ad_1] US President Donald Trump SAN FRANCISCO: A mix of democratic and republican state attorneys on Friday called on Congress to reject a moratorium on regulating artificial intelligence included in US President Donald Trump's tax bill.Top attorneys representing 40 states signed a letter urging leaders in Congress to reject the AI regulation moratorium language added to the budget reconciliation bill."The impact of such a broad moratorium would be sweeping and wholly destructive of reasonable state efforts to prevent known harms associated with AI," the letter states."This bill will affect hundreds of existing and pending state laws passed and considered by both republican and democratic state legislatures."The amendment added by the house energy and commerce committee to the budget reconciliation bill imposes a 10-year prohibition on states from enforcing any state regulation addressing AI or "automated decision-making systems," according to the […]

[ad_1] US credit rating downgrade undermines Donald Trump's claims regarding economic robustness. (AI image) Moody's Ratings downgraded the United States government's credit rating on Friday, pointing to the inability of consecutive administrations to control increasing government debt levels.The credit rating reduction to Aa1 from Aaa compounds the challenges for the US President Donald Trump, coinciding with the day his main spending legislation failed to secure crucial congressional approval due to resistance from fiscally conservative Republican members.This development undermines Donald Trump's claims regarding economic robustness and financial success, according to an AFP report.The White House responded on X, where communications director Steven Cheung specifically criticised Moody's Analytics' chief economist, Mark Zandi."Nobody takes his 'analysis' seriously. He has been proven wrong time and time again," Cheung posted.Also Read | Why India can be a big winner of Donald Trump 2.0 era if […]

[ad_1] BENGALURU: IT firms have witnessed growth in median salaries, with increases varying from 12% to 37% since FY21. Infosys and Wipro showed a 30% rise in median compensation, while Cognizant and Accenture recorded increases of 12% and 17.5% during the same period.From FY21 to FY24, salary improvements varied across companies. Indian firms recorded increases between Rs 1 lakh and Rs 2.6 lakh, while global companies Cognizant and Accenture registered increases of $1,600 and $3,200, respectively.Infosys and Wipro’s median compensation has increased from Rs 7 lakh in FY21 to about Rs 10 lakh. Tech Mahindra showed a median salary of Rs 6.6 lakh, up from Rs 5.3 lakh in FY21. However, between 2023 and 2024, the median salary remained static.Infy Median PayTCS and HCLTech have not revealed their consolidated median employee remuneration. For MNCs, the median compensation is $14,640 for […]

[ad_1] BENGALURU: IPO-boundinvestment platform Groww signed an agreement to acquire wealth-tech startup Fisdom in a deal valued at approximately $150 million, people familiar with the matter told TOI. “The deal is entirely cash-based and is expected to close after regulatory approvals,” one of the people said.The transaction marks Groww’s entry into the wealth management and offline advisory space. It follows the company’s acquisition of Indiabulls Asset Management in 2023 as part of its efforts to expand into asset management.Founded in 2015 by Anand Dalmia and Subramanya S V, Fisdom offers investment and advisory products, including mutual funds, stocks, bonds, portfolio management services, and tax-filing solutions. In FY24, Fisdom reported revenue of Rs 84 crore, up 28% year-on-year, while net losses narrowed 19% to Rs 57.4 crore. Groww turned profitable in FY23. [ad_2] Source link

[ad_1] MUMBAI: Call it consumption fatigue, price pinch, or a lack of new choices, demand for snacks remained static in FY25. Not all households necessarily cut back on spending on biscuits, noodles, or namkeen, but they did not buy more of them either, data sourced from market research firm Kantar showed.Some may have even purchased a lesser quantity of snacks than usual. Some analysts attributed this to a “market correction” following a Covid-led spike in snacking, while companies said that high inflation also played a spoilsport.“Consumption itself would grow based on either shoppers buying more frequently or buying more on every occasion of purchase. After constantly increasing the annual shopping trip for snacking products since the pandemic, for the first time this year (FY25), the shopping trips did not grow,” analysts at Kantar told TOI.Munching loses punch in FY2512.8kg Snacls:Consumption […]

[ad_1] BENGALURU: Delhivery reported its first full-year net profit in the 2024-25 financial year, buoyed by continued gains in its part-truckload (PTL) business and improving operational efficiencies.The logistics company also said early customer movement and network synergy from its proposed acquisition of Ecom Express began reflecting in higher daily volumes.Its net profit for FY25 was Rs 162 crore, compared to a loss of Rs 249 crore in the year-ago period. This included a March quarter profit of Rs 73 crore, the highest quarterly profit after tax in the company’s history, marking four straight profitable quarters. Full-year revenue from services rose 10% year-on-year to Rs 8,932 crore, while Q4 revenue stood at Rs 2,192 crore.Founder and CEO Sahil Barua said the profit swing reflected ongoing pricing and efficiency interventions. [ad_2] Source link

[ad_1] NEW DELHI: Reflecting strong business confidence, India ranked third globally in trademark filings, with nearly 5.4 lakh new applications in 2024, narrowing the gap with the US, the second-biggest filer with a little under 5.7 lakh applications.China maintained its lead with 68 lakh filings, despite a steady three-year decline in activity.According to data shared with TOI by Clarivate, a global provider of transformative intelligence, India witnessed 9.3% growth. The strong growth suggests an increasing awareness about the importance of creating brands and the value of intellectual property among local Indian businesses. China tops with 68 lakh, US stood 2ndIt also indicates strong local commercial confidence and investment as businesses and entrepreneurs seek to take advantage of increasing opportunities and consumer demand for new products and services in the Indian market, Robert Reading, head of IP content strategy at Clarivate, […]

[ad_1] NEW DELHI: Korean Hyundai will launch 26 new cars in India over the next five years, intensifying competition in the industry as the company invests fresh capital and introduces new vehicles to increase market share amid growing challenges from homegrown Mahindra & Mahindra and Tata Motors.The company said it will invest Rs 7,000 crore in India this year and will start introducing new products across price points. These will include 20 internal combustion engine (ICE) cars, six electrics, and even strong hybrid variants, Hyundai India COO Tarun Garg said.Garg said that Hyundai is looking at a significant jump in market share as it introduces new cars and technologies over the remaining part of this decade.Hyundai lines up new models to regain groundAsked about challenges from M&M and Tata, he said Hyundai has decided against engaging in a “discount war” […]