Business

[ad_1] MUMBAI: Reliance Industries, India's largest company in terms of market value, reported a 6% increase in quarterly profit to Rs 22,611 crore on Friday. This was driven by the strong performance of its digital and retail businesses, which offset the weakness in its traditional oil-to-chemicals (O2C) unit.Revenue totalled over Rs 2.64 lakh crore, up about 10%. Operating profit, a yardstick for underlying business performance, increased 3% to Rs 46,471 crore. Expenses climbed by about 11% to Rs 2.4 lakh crore. Operating profit of O2C fell by 10% to Rs 15,080 crore due to a sharp decline in transportation fuel cracks and lower polyester chain margins.Operating profit of the digital services business (Jio) surged 18% to Rs 17,278 crore due to higher subscriber numbers and the continued impact of the cellular tariff hike implemented last year. The residual impact of […]

[ad_1] Foreign investors have pulled an estimated $63 billion from US equities since the beginning of March, according to Goldman Sachs strategists, who warn that the trend could pose risks to equity valuations. In a note to clients, the team led by Daniel Chavez pointed to high-frequency fund flow data showing that European investors have been the main sellers, while other regions have continued to accumulate US stocks.“This dynamic poses a substantial risk to equity valuations because foreign investors entered 2025 with a record 18% ownership share of US equities,” the Goldman team wrote.The sharp reduction in holdings comes at a time when international participation in the US stock market had reached historic highs. According to Goldman, since 1980 there have been 10 previous instances of significant foreign investor selling. On average, those episodes resulted in the equivalent of 0.6% […]

[ad_1] Union Minister Ashwini Vaishnaw Electronics component manufacturers will need to establish in-house design teams and achieve Six Sigma quality standards to benefit from the government’s Electronics Components Manufacturing Scheme (ECMS), Union Minister Ashwini Vaishnaw said on Saturday.Speaking at the launch of the ECMS guidelines portal, Vaishnaw emphasized that while these requirements are not part of the formal approval criteria, they will play a key role in the evaluation of applications.“We have not included that as a formal criteria of approval, but I am saying in front of you that it will be like an informal criteria,” he said.The minister stressed the importance of design capabilities, noting that some companies have already set up design teams with up to 5,000 engineers. “If you don’t have a design team and even if you are fulfilling all your parameters, we will not […]

[ad_1] Zydus Lifesciences on Saturday said it received six observations from the US Food and Drug Administration (USFDA) following a surveillance inspection of its active pharmaceutical ingredient (API) manufacturing facility in Dabhasa, Gujarat.In a regulatory filing, the company stated that the inspection was conducted between April 21 and April 25, 2025."We wish to inform that the USFDA conducted a surveillance inspection at the group’s API Unit, located at Dabhasa in Gujarat. The inspection was conducted from April 21st to 25th, 2025. The inspection concluded with 6 observations and none of them were related to Data Integrity, " Zydus Lifesciences said in a regulatory filing to NSE.The company added that it is confident of addressing the observations in a timely manner.On Friday, shares of Zydus Lifesciences ended lower on the National Stock Exchange. The stock declined by 2.45% to close at […]

[ad_1] Cholamandalam Investment and Finance Company Ltd, the financial services arm of the Murugappa Group, posted a consolidated profit after tax (PAT) of Rs 1,259.54 crore for the January–March 2025 quarter, marking an 18% increase from Rs 1,065.23 crore in the same period last year.For the full financial year ending March 31, 2025, PAT rose to Rs 4,262.70 crore, up from Rs 3,420.06 crore in the previous year.Consolidated total income for Q4 surged to Rs 7,136.91 crore, compared to Rs 5,499.16 crore in the year-ago quarter. For the full year, income climbed to Rs 26,152.76 crore from Rs 19,419.87 crore — a growth of 35%.Disbursements during the fourth quarter grew 7% to Rs 26,417 crore, up from Rs 24,784 crore last year. Annual disbursements crossed the Rs 1 lakh crore milestone, reaching Rs 1,00,869 crore, reflecting a 14% year-on-year growth.The […]

[ad_1] Bank holidays April 2025: According to the Reserve Bank of India's (RBI) schedule, all banks in the country, including public and private sector institutions, shall be closed on Saturday, April 26, 2025.Bank customers should organise their banking requirements beforehand to prevent any difficulties.Are banks closed on April 26, 2025?It’s a bank holiday on April 26, 2025 because it is the fourth Saturday of the month . This aligns with the RBI's bi-monthly weekend closure policy. Under these regulations, banks observe holidays on second and fourth Saturdays, whilst maintaining operations on first, third and fifth Saturdays (when applicable).Digital BankingAlthough physical branches will be inaccessible, electronic banking services remain available. Customers can utilize internet banking platforms, mobile applications, ATM facilities and telephone banking services. These channels enable standard transactions including account balance enquiries, money transfers, utility payments and additional services.Consider using […]

[ad_1] Apple produces iPhones in India through Foxconn and Tata Electronics. (AI image) Apple aims to significantly increase iPhone production in India as part of its strategy to diversify manufacturing away from China and protect against uncertainties stemming from US-China trade tensions under the Donald Trump administration.Currently, the company produces approximately 40-43 million iPhones annually in India, with about 80% for export markets, according to industry data. Production could increase to 70-80 million units by late 2026, positioning India as the primary iPhone supplier to the United States.The company produces iPhones in India through Foxconn and Tata Electronics, with Tata Electronics having acquired Wistron and Pegatron's facilities in the country.Industry experts indicate this transition could result in India manufacturing nearly 40% of global iPhone sales within the next 18 months, an increase from the present 18-20%.Apple's India PlansGovernment officials informed […]

[ad_1] NEW DELHI: It may be 'Advantage India' for iPhone manufacturing post the US-China tariff war, but Apple does not have any plans to shift production of MacBooks and iPads to India in near future.This is due to the small size of domestic consumption and complexities in setting up supply chain ecosystem, sources have said.However, in what may be seen as a silver lining for India, Apple has started a feasibility study to consider broadening the India manufacturing base beyond iPhones and AirPods, the sources have told TOI. Apple's reluctance to manufacture MacBooks here is particularly not a good news for govt as it will not be able to attract the world's biggest electronics seller to make laptops in India. This is despite announcing a revised and much bigger Rs 17,000 crore IT hardware manufacturing PLI (production-linked incentive) scheme in […]

[ad_1] MUMBAI: India is poised to contribute significantly to global steel demand, commerce and industry minister Piyush Goyal said on Friday, while emphasising that govt has been able to protect the domestic steel industry from unfair dumping and irrationally low pricing.Speaking on sidelines of the Steel India event here, hosted by ministry of steel and industry body Ficci, Goyal also said both exporters and the MSME sector will continue to get steel at international prices. "India is consistently focused on self-reliance. But when we talk about Atmanirbharta, we are not closing the doors to the world. We are in fact opening the doors wider because every country will have its competitive advantages for different products."On govt's recent imposition of a 12% safeguard duty on steel imports, he said that PM Narendra Modi's govt is always vigilant and proactive to support […]

[ad_1] MUMBAI: India-Pakistan border tensions spooked Dalal Street investors on Friday, with the sensex closing 589 points down at 79,213 points, while Nifty on the NSE lost 207 points to 24,039 points. Some profit-taking after a seven-session gain that added about 8.5% to each of the indices also led to the slide in the indices, market players said.After opening marginally higher, sensex lost steam and dipped to the day's low at 78,606 points, down nearly 1,200 points from Thursday's close. However, end-of-the-session buying, mainly by foreign funds, helped it recover part of its early losses.Although both sensex and Nifty closed less than 1% lower, the selloff was severe outside blue-chip stocks.As a result, BSE's midcap index closed 2.4% down, while the smallcap index was down 2.6%. According to Vinod Nair of Geojit Investments, investor sentiment turned cautious amid escalating tensions […]