Business

[ad_1] MUMBAI: India is the most preferred market to invest in now in Asia, a survey of global fund managersby BofA Securities found. A large number of these fund managers believe that India would be the biggest beneficiary of the tariff-related realignments. India replaced Japan, which is now at the second spot among the most favoured destinations for investing in Asia.China is at the third spot, the survey found.“India emerges as the most favoured market, perceived as a likely beneficiary of the supply chain realignments following the effects of tariffs,” the BofA Securities survey noted. “Japan relinquishes the top spot, while China rises to the third spot from the lowest rank in the previous month. Thailand remains the least preferred market.”On the sectoral front in India, infrastructure and consumption continue to be the primary themes that investors are keenly monitoring, […]

[ad_1] MUMBAI: Tata Power plans to bid for two electricity distribution companies in Uttar Pradesh — Dakshinanchal Vidyut Vitran Nigam and Purvanchal Vidyut Vitran Nigam — once tender documents are released, said MD Praveer Sinha. This move supports Tata Power’s goal to grow its transmission and distribution (T&D) business, which brings in most of its revenue and a large share of its profits.“Based on our discussions, bid documents are being finalised and are expected by the end of the month. They (UP) are looking to privatise two discoms — Dakshinanchal and Purvanchal — which will be divided into six circles. We will participate actively when the documents are available,” Sinha said.Currently, Tata Power manages electricity distribution in Mumbai, Delhi, Ajmer, and Odisha, serving 12.5 million customers. It aims to have a base of 40 million in 5 years. UP’s goal […]

[ad_1] India is preparing for substantial procedural changes to facilitate the import of US apples, addressing concerns highlighted in the March 31 USTR report. (AI image) India-US trade deal: Both India and the United States are making significant headway in reducing bureaucratic obstacles affecting trade in various commodities between the two nations.Over the past two weeks, substantial developments have happened to streamline the import of American apples and other food products, whilst also addressing challenges faced in exporting Indian shrimp to the United States.A delegation from the United States Food and Drug Administration (FDA) visited India recently to discuss the shrimp export matter and conduct an "in-country assessment". This evaluation is anticipated to result in a significant agreement before the end of the year, according to an ET report.Shrimp exports to USIndia's position as the leading shrimp exporter to the […]

[ad_1] NEW DELHI: Tata Power on Wednesday reported a nearly 25% increase in consolidated net profit to Rs 1,306.09 crore for the March quarter of FY25, driven by strong performance across its key segments- generation, transmission, distribution, and renewables.The consolidated profit for the quarter ending March 31, 2024, stood at Rs 1,045.59 crore, as per regulatory filing.The January-March quarter saw total income increase to Rs 17,446.95 crore, compared to Rs 16,463.94 crore in the corresponding period of the previous year.The Company's board has put forward a recommendation for a final dividend of Rs 2.25 per equity share of rupee one each for the financial year ending March 2025.Shareholders will vote on the dividend proposal at the upcoming Annual General Meeting scheduled for July 4. The dividend will be paid starting July 7, 2025, if it is approved.The fiscal year 2024-25 […]

[ad_1] Four Indian firms invested close to $6 million in Azerbaijan and Turkey as part of the country's total outbound foreign direct investment (FDI) for April, according to the data released by Reserve Bank of India on Wednesday.These contributions represent a small portion of the overall $6.8 billion in proposed overseas investments by Indian companies that month. The data also shows that the nation's outbound FDI saw a nearly 90% year-on-year increase, with major contributions from Tata Communications, Life Insurance Corporation, and JSW Neo Energy.This comes amid Turkey and Azerbaijan's condemnation of India's recent strikes on terror camps in Pakistan under Operation Sindoor, concerns have emerged over potential strain in New Delhi’s trade ties with both countries. Some groups have even begun calling for a boycott of Turkish products and tourism."Several tourism associations and industry bodies have issued statements of […]

[ad_1] Representative (Photo credit: ANI) NEW DELHI: Protests have erupted in several parts of the nation, as fruit traders begin boycotting Turkish goods, especially apples—after Turkey voiced support for Pakistan in its actions against India.Traders have strongly opposed Turkey's stance, saying any country that supports Pakistan against India will face a boycott. "Turkey gave drones to Pakistan, which were used to attack India. That's why we've decided to stop selling Turkish fruits," a fruit vendor told news agency ANI.Sellers indicated that whilst previously ordered consignments are still in transit, they will not place additional orders. "We've decided to stop buying Turkish fruits from now on. Any country that supports terrorism will not be entertained in Indian markets," another trader said.India's annual imports from Turkey exceed Rs 1,200 crore, with fruits, especially apples, comprising a considerable portion.Protesters criticised Turkey for utilising […]

[ad_1] NEW DELHI: The Cabinet on Wednesday approved a new semiconductor plant in Jewar, Uttar Pradesh. The plant, to be set up by the HCL-Foxconn joint venture, will produce display driver chips for mobile phones, laptops, and cars under the "India Semiconductor Mission.""The Cabinet has approved a sixth semiconductor plant. It is a joint venture between HCL and Foxconn to manufacture display driver chips. These chips control the quality and format of the content displayed on screen. It is a very advanced technology that is being set up," Information and broadcasting minister Ashwini Vaishnaw said while briefing the media on the Cabinet decision."What we understand is that once this unit is there, then the display panel plant will also come to India. This will meet 40 per cent of India's capacity. It is a large plant. It will also meet […]

[ad_1] This is a representative AI image. NEW DELHI: MakeMyTrip on Wednesday said it reported a decline in travel demand to both Turkey and Azerbaijan, amid rising calls on social media to boycott the two nations. The platform revealed that bookings have plunged by 60% over the past week, while cancellations have soared by 250%. "Indian travellers have expressed strong sentiments over the past week, with bookings for Azerbaijan and Turkey decreasing by 60%, while cancellations have surged by 250% during the same period," a MakeMyTrip spokesperson told news agency ANI."In solidarity with our nation and out of deep respect for our armed forces, we strongly support this sentiment and advise all against all non-essential travel to Azerbaijan and Turkey," the Spokesperson added.The calls to boycott travel to Turkey and Azerbaijan have spread across the country following Operation Sindoor, after […]

[ad_1] NEW DELHI: Beauty and fashion retailer Nykaa and fertilizer maker Coromandel International are set to be included in the MSCI India Index, according to the latest review by global index provider MSCI.The changes to the MSCI Global Standard Indexes will take effect from May 30, 2025, as stated in MSCI's announcement. FSN E-Commerce Ventures' shares registered a 3.44% increase on the BSE. Coromandel International’s stock rose by 1.82% but later gave up all gains to end nearly 4% lower.MSCI, serves as a primary provider of essential decision support instruments and services for international investors. It has announced that in the MSCI Global Smallcap Indexes, 11 firms will be added, while 22 companies will move out effective May 30.The new additions comprise AWL Agri Business, ACME Solar Holdings, Authum Investment, Dr Agarwals Health Care, Godrej Agrovet, Hexaware Technologies, International Gemmological, […]

[ad_1] British fashion giant Burberry announced plans to slash almost one fifth of its global workforce, laying off 1,700 employees. The move comes as a major cost saving move to revive the company’s performance.The cuts come as part of a broader shake-up under chief executive officer Joshua Schulman, who joined the company last year to reverse its years of underperformance and put Burberry back on course.The majority of the job losses will affect office-based roles, and a night shift at the company’s Castleford trench coat factory in England will be scrapped due to overproduction.“Our brand metrics have all shown a significant improvement in the second half versus the first half,” Schulman told journalists on a call, quoted by Reuters.Looking for revivalThe former Jimmy Choo boss has transitioned Burberry’s focus back to its heritage staples, particularly trench coats and scarves, after […]