Business

[ad_1] Considers Incentives Like Lower Interest Rates, Registration Fees, Toll WaiverNEW DELHI: The Centre is considering a slew of concessions, from upfront subsidies to interest rate concessions, toll waivers, and lower registration charges, as it seeks to promote electric trucks, especially on certain “priority routes”.Delhi-Chandigarh, Delhi-Jaipur, Mumbai-Nashik, Mumbai-Pune, and Agra-Lucknow are among the highway stretches that have been prioritised, keeping in mind that it takes five-to-six hours to travel on these stretches. The proposal being discussed is part of the PM e-Drive initiative, which has seen strong demand for electric two-and three-wheelers, with the allo cated subsidies for these segments expected to be exhausted in the next few months.The ministry of heavy industries, which is piloting the Rs 500 crore scheme for etrucks, has held consultations with several ministries as well as the steel, cement, ports, and logistics sectors to […]

[ad_1] Novo Nordisk has stated that its flagship insulin brand Mixtard will continue to be available in India in vial form, even as the company phases out other delivery formats such as Penfill cartridges. The announcement comes amid widespread concern over the discontinuation of some of the country’s most-used insulin products.Responding to TOI reports that it was withdrawing Mixtard—India’s top-selling insulin brand with annual sales of over Rs 800 crore, Novo Nordisk said in a statement. “In order to meet increasing patient demand and ensure a stable supply of our medicines, we have decided to consolidate our insulin portfolio. This will create space needed in our global manufacturing network,” “Hence, in this process, we are phasing out the Penfill.We acknowledge that this will be disruptive to people living with diabetes who rely on our treatments. However, by doing this now, […]

[ad_1] Google parent Alphabet releases Q1 earnings report Alphabet, the parent company of Google, reported a 12 per cent increase in revenue and a quarterly profit of $34.5 billion, boosted by strong performance in its cloud computing and artificial intelligence divisions. Total revenue rose to $90.2 billion year-over-year, with the cloud segment growing 28 per cent to $12.3 billion. CEO Sundar Pichai credited the results to the company's broad operational expansion, highlighting Alphabet’s “unique full stack approach to AI” as a key growth driver. He also praised the company’s Gemini software, calling it an “extraordinary foundation” for continued innovation. Following the announcement, Alphabet’s shares rose over 3 per cent in after-hours trading. Pichai further emphasized growing demand for data center-hosted solutions and the rapid adoption of its cloud services. Analysts continue to evaluate Alphabet’s substantial investments in AI. Yory Wurmser, […]

[ad_1] MUMBAI: Credit rating firm CARE has issued a monitoring agency report on Adani Transmission’s Rs 8,873 crore raised via the QIP route in Aug 2024. According to the report, the company, now known as Adani Energy Solutions, deviated from the qualified institutional placement’s stated objectives.It diverted funds earmarked forsmart meters to transmission systems — up to 10% of the money designated for installation of meters was redirected to transmission capex requirements.Though this deviation (up to 10%) is within the materiality threshold, it still requires formal disclosure and audit committee review, said a lawyer. Any deviation beyond 10% from the stated objects in the offer document may be considered material and might require shareholder approval, he added. The CARE report noted that Adani Energy spent about Rs 175 crore more than the planned expenditure in its transmission segment.“This amount (of […]

[ad_1] Image used for representative purposes NEW DELHI : Bharti Airtel is understood to have approached govt for swapping its statutory dues with equity, something that was done in the case of beleaguered Vodafone Idea. The company is estimated to have outstanding government payment dues of over Rs 70,000 crore, including Rs 40,000 crore of AGR dues.Sources said that Airtel believes the measure will help it conserve cash while also enabling govt to be part of a fast-growing enterprise, which carries prospects of growth in share price and resultant valuations. “A proposal to this effect is understood to have been sub mitted to the department of telecom,” a source said. Airtel has not officially commented on the matter yet.The formula to swap the outstanding statutory payment dues with equity was initiated by the department of telecom to help the industry, […]

[ad_1] NEW DELHI: Nestle India Ltd on Thursday reported 6.5 per cent decline in consolidated net profit at Rs 873.46 crore for March quarter FY25 as the FMCG industry faced food inflation and moderation in urban consumption.The company posted a profit of Rs 934.17 crore for the January-March period a year ago, according to a regulatory filing from Nestle India. Revenue from the sale of products was up at Rs 5,447.64 crore in the quarter as against Rs 5,254.43 crore a year ago. "Total sales and domestic sales for the quarter increased 3.7 per cent and 4.2 per cent, respectively. Domestic sales growth was broad-based. Domestic sales crossed Rs 5,235 crore, the highest ever, surpassing that of January-March 2024 quarter," said Nestle India, which owns popular brands as Maggi, Nescafe and Kit Kat. However, exports were down 8.65 per cent […]

[ad_1] International Monetary Fund has reduced Pakistan's GDP growth projection to 2.6%. (AI image) The Pakistan Stock Exchange tanked on Thursday, following India's implementation of stringent diplomatic sanctions against Pakistan in response to the Pahalgam terror incident that resulted in 26 people being killed.The KSE-100 index registered a substantial fall of 2.12%, equivalent to 2,485.85 points, reaching 114,740.29 in initial trading, as market participants responded to heightened tensions between the nations, according to an ET report.India's External Affairs Ministry implemented various measures, including halting the Indus Waters Treaty and shutting down the Wagah-Attari border crossing. Additionally, the authorities cancelled visa privileges previously granted to Pakistani citizens under the SAARC agreement.The decline followed Wednesday's substantial losses at PSX, which occurred after the International Monetary Fund reduced Pakistan's GDP growth projection to 2.6%.The situation was further complicated by Fitch Ratings' assessment, which […]

[ad_1] NEW DELHI: In a significant development, Bharti Airtel is understood to have approached the govt for swapping its statutory dues with equity, something that has been done in the case of beleaguered Vodafone Idea.The company is understood to have outstanding govt payment dues of over Rs 70,000 crore, including Rs 40,000 crore of AGR dues.Sources said that Airtel believes that the measure will help it conserve cash, while also enabling the govt to be a part of a fast-growing enterprise which carries prospects of a growth in share price and resultant valuations. “A proposal to this effect is understood to have been submitted to the department of telecom,” a source said.Airtel has not officially commented on the matter as yet.The formula to swap the outstanding statutory payment dues with equity had been initiated by the department of telecom to […]

[ad_1] Tech Mahindra has declared a final dividend of Rs 30 per share, taking the total dividend for FY25 to Rs 45 per share, following a robust financial year in which the IT major’s consolidated net profit surged 80% to Rs 4,251.5 crore.The board’s decision to reward shareholders comes on the back of a strong March quarter, where the company reported a 76.5% year-on-year rise in net profit to Rs 1,167 crore, compared to Rs 661 crore in the same period last year, according to news agency PTIRevenue during the quarter rose by 4% to Rs 13,384 crore, up from Rs 12,871 crore a year ago. Tech Mahindra’s Chief Financial Officer Rohit Anand attributed the earnings boost to a one-time tax benefit."The effective tax rate has reduced to 22 per cent from the over 26 per cent due to a […]