Business

[ad_1] Mumbai: Indians are pledging more gold than ever. Outstanding bank loans against the precious metal more than doubled in the year to March 2025, rising 103% from just over Rs 1 lakh crore to nearly Rs 2.1 lakh crore, RBI data showed.The surge madegold loans the fastest-growing segment, even as overall bank credit growth slowed to 11% in FY25 from 20% in the previous year.Several forces drove this boom. In 2023, RBI directed banks to reclassify many agricultural loans as loans against gold jewellery, inflating the numbers. Typically, banks benefit by categorising rural gold-backed loans as agricultural credit as farm loans carry lower interest rates and relatively lenient repayment terms.Further impetus came after RBI restricted gold lending by a few large non-bank finance companies, pushing more borrowers towards traditional banks. A steep rise in gold prices also enhanced borrowing […]

[ad_1] BENGALURU: Adani Group and Zoho Corp are both said to be backing off from their ambitious semiconductor projects, a setback to India’s plans to develop an indigenous chip manufacturing ecosystem. While Zoho founder Sridhar Vembu confirmed the move, the Adani news was reported by Reuters based on sources. Adani Group was in discussions with Israel’s Tower Semiconductor for a proposed $10 billion fab in Maharashtra. Zoho-backed semiconductor venture Silectric had proposed a Rs 3,426 crore fabrication unit in Mysuru in Karnataka, for which the state govt had granted approval four months ago. On Thursday, Vembu posted the following on social media platform X: "On our semiconductor fab investment plan, since this business is so capital-intensive it requires govt backing, we wanted to be absolutely sure of the technology path before we take taxpayer money. We did not have that […]

[ad_1] Jim Farley, President and chief executive officer of Ford (File photo) Ford CEO Jim Farley has revealed that, despite the automaker’s deep manufacturing roots in the United States, Ford remains heavily reliant on imported components—some of which are simply not available from domestic suppliers. In an interview with CNN, Farley warned that President Donald Trump’s newly imposed tariffs on auto parts—set to take effect Saturday—could significantly raise production costs, forcing automakers to pass those increases on to consumers. “We have to import certain parts,” Farley said. “A lot of parts, like fasteners, washers, carpet … are just not available. We can’t even buy those parts here.” While the White House has pushed for domestic sourcing, Farley emphasized that economic and logistical realities still favor global supply chains. He estimated that around 20 to 25 per cent of the parts […]

[ad_1] DreamFolks, a travel and lifestyle experience company, has announced the appointment of Shekhar Sood as its new Chief Financial Officer, effective April 30, 2025. "With nearly two decades of global experience across listed entities, multinationals, and high-growth private companies, Shekhar brings a proven track record of delivering strategic outcomes and building financial resilience. As CFO, he will lead DreamFolks’ overall finance function, spearhead value-driven initiatives, and support the company’s next phase of technology-led expansion. He will report to Liberatha Kallat, Chairperson and Managing Director," said the company in a press statement.Previously, Shekhar served as CFO at Bajaj Capital Group, where he played a pivotal role in aligning financial operations with strategic business objectives. His earlier stints include leadership roles at Socomec India, Ambuja Cements, CLAAS Agricultural Machinery, Nangia and Co., and Grant Thornton (WCC).An executive alumnus of ISB, Shekhar […]

[ad_1] The BSE Sensex gave significant returns, increasing nearly 4 per cent in April, despite geopolitical tensions. The upturn was driven by renewed foreign investment inflows, forecasts of above-normal monsoon rainfall, and positive prospects of an India-US trade agreement. Additionally, stock valuations became more attractive following recent market corrections, leading to increased buying activity. The BSE Sensex benchmark rose by 2,827.32 points (3.65 per cent), while the NSE Nifty climbed 814.85 points (3.46 per cent) during the month.During April, the total market capitalisation expanded by Rs 10.37 lakh crore, reaching Rs 4,23,24,763.25 crore (approximately $4.98 trillion). This marked the second straight month of gains for the benchmark indices. In March, the Sensex surged 4,216.82 points (5.76 per cent), while the Nifty advanced 1,394.65 points (6.30 per cent). The rally was supported by easing tariff concerns, progress on India-US trade discussions, […]

[ad_1] Residential home unit deliveries across nine major Indian cities rose by 33 per cent in the 2024-25 financial year, reaching 4,06,889 units, according to data from PropEquity. This marks a significant increase from 3,06,600 units delivered in 2023-24. The figures cover apartments, row houses, and villas that have received occupancy certificates. Despite the overall growth, Delhi-NCR bucked the trend, witnessing an 8 per cent decline in unit deliveries, with 44,423 homes handed over during the year. Pune led the pack with 81,563 units delivered, reflecting a robust 41 per cent year-on-year growth. It was followed by Thane (77,017 units), Hyderabad (57,304 units), Bengaluru (46,103 units), and Delhi-NCR (44,423 units). Mumbai recorded 41,999 units, Navi Mumbai 21,112, Chennai 19,650, and Kolkata 17,718 units. PropEquity Founder and CEO Samir Jasuja credited the improvement in delivery timelines to the Real Estate (Regulation […]

[ad_1] NEW DELHI: Eternal Ltd, formerly known as Zomato Ltd, the food delivery and quick commerce enterprise operating Zomato and Blinkit brands, announced on Thursday a consolidated net profit of Rs 39 crore for the quarter ending March 31, 2025. This marks a change from the Rs 175 crore profit recorded in the corresponding period last year. The company, which adopted the name Eternal, changing from Zomato, in March, noted that the results for the recent quarters are not directly comparable with previous periods.The organisation's operational revenue reached Rs 5,833 crore in the January-March quarter, up from Rs 3,562 crore in the previous year's corresponding period, according to their regulatory submission.The company's total expenditure amounted to Rs 6,104 crore during the review period. The quick commerce venture Blinkit experienced increased losses, as indicated in the regulatory documentation.The organisation's revenue segments […]

[ad_1] Adani Ports' operational revenue grew by 23% year-on-year to Rs 8,488 crore Adani Ports Q4 results: Adani Ports witnessed a substantial 50% year-on-year increase in consolidated net profit, reaching Rs 3,023 crore for the quarter ending March 2024, compared to Rs 2,025 crore in the previous year's corresponding period.The company's operational revenue grew by 23% year-on-year to Rs 8,488 crore, whilst EBITDA showed a 24% improvement, reaching Rs 5,006 crore in the fourth quarter."Our record-breaking performance in FY25—crossing Rs 11,000 crore in PAT and handling 450 MMT cargo—is a testament to the power of integrated thinking and flawless execution," said Ashwani Gupta, Whole-time Director and CEO, APSEZ.The company's impressive performance was attributed to robust cargo growth, increased logistics volumes, and improved margins across primary operations.The quarterly cargo volume reached 117.9 million metric tonnes (MMT), showing an 8% increase from […]

[ad_1] IndusInd Bank and Kotak Mahindra Bank, two leading banks of the private sector, have revised their interest rates on fixed deposits- former increasing the interest rate while the latter has reduced the interest offered on fixed deposits.The change in the interest rates are an effect of the changing market conditions and shifts in liquidity in the economy.Kotak Mahindra Bank has adopted a proactive strategy by implementing its third interest rate revision in April 2025. The latest adjustment, effective April 30, 2025, includes a marginal reduction of 10 basis points for a specific tenure and the introduction of a new short-term fixed deposit scheme, according to an ET report.While making the first change since February 2025, IndsInd bank has revised its FD interest rates for deposits less than Rs 3 crore, effective from April 29, 2025. The new rates of […]

[ad_1] Elon Musk recently announced his intention to increase his focus on managing Tesla. (AP photo) Tesla's board members contacted multiple executive search firms approximately a month ago, seeking potential candidates to succeed Chief Executive Officer Elon Musk, according to a report by the Wall Street Journal, which cited sources familiar with the discussions.The Wall Street Journal reported that the Tesla board's initiative was triggered by Elon Musk's substantial engagement with the Donald Trump administration, though the current progress of this succession planning effort remains unclear.In a recent development last week, Musk announced his intention to substantially reduce his involvement with the Trump administration and increase his focus on managing Tesla.Musk's leadership at the Department of Government Efficiency (DOGE), focusing on reducing federal positions, remains a contentious element of Trump's administration. His reduced presence at Tesla has worried shareholders, particularly […]