During Lockdown, Parle-G Biscuit Helps Company Clock Best-ever Growth In Last Four Decades
Leading food company Parle Products logged record sales of its Parle-G biscuits, preferred for mass consumption, in April and May during the lockdown, said a senior company official. The company has gained a market share of around 5 per cent in the highly competitive biscuit segment, helped by Parle-G biscuits, which was proffered by the […]
GST Council meeting: Rate tweaks unlikely; compensation, falling revenues on the agenda
Compensation to states and revenue shortfall exacerbated by the COVID-19 pandemic are the key discussions expected in the 40th Goods and Services Tax (GST) Council meeting scheduled via videoconferencing on Friday. Some compliance-related relaxation to taxpayers such as late fee waiver are also expected to be discussed in the upcoming meeting, even as any major rate rationalisation looks […]
Hit hard by lockdown, brass parts industry in Jamnagar receives a fresh lease of life from imports by China
WITH THE lockdown due to Covid-19 keeping businesses in the country closed for almost two months, brass parts manufacturing industry in Jamnagar is facing a double whammy of raw material import sucking up liquidity in time of no demand in domestic market and China importing at ‘less attractive’ prices. With approximately 5,000 units, Jamnagar is the largest brass parts […]
Jio Platforms raises Rs 13,640 crore in 1 day
Reliance Industries Ltd (RIL) on Friday announced two large investments by foreign investors totalling ₹13,640.4 crore into Jio Platforms Ltd. With this, the digital services unit of RIL has raised ₹92,202.15 crore from top global investors in less than six weeks. In the first transaction, Abu Dhabi-based Mubadala Investment Co. bought a 1.85% stake in […]
US private equity firm Silver Lake invests another $602 million in Mukesh Ambani’s Jio
Mumbai: A group led by Silver Lake Partners agreed to invest another Rs. 45.5 billion ($602 million) in Indian conglomerate Reliance Industries Ltd.’s digital arm, in the latest vote of confidence in billionaire Mukesh Ambani’s online push. The US private equity firm and its co-investors will hold a 2.1% stake in Reliance’s Jio Platforms unit, according to a […]
Amazon in talks to buy $2 billion stake in Bharti Airtel
Amazon.com is in early-stage talks to buy a stake worth at least $2 billion in Indian mobile operator Bharti Airtel, three sources with knowledge of the matter told Reuters, underscoring the growing attraction of India’s digital economy for US tech giants. The planned investment, if completed, would mean Amazon acquiring a roughly 5 per cent […]
Sensex surges over 300 points in early trade; Nifty tops 9,900
Equity benchmark Sensex jumped over 300 points in early trade on Tuesday, led by index-heavyweights Kotak Bank, HDFC, TCS and Reliance Industries amid positive cues from global markets. After opening on a tepid note, the 30-share index was trading 309.68 points or 0.93 per cent higher at 33,613.20. Similarly, NSE Nifty advanced 98.10 points or […]
Forex reserves hit all-time high on FDI, FPI inflows, fall in import expenditure
Even as the coronavirus pandemic continued to spread and impact inflow of funds by foreign portfolio investors, foreign exchange reserves hit an all-time high of $490 billion in the week-ended May 22 on account of foreign direct investments (FDI), net inflow of funds by FPIs in domestic equities over the last couple of weeks and a sharp […]
Petrol, diesel to get costlier in J&K from June 1
JAMMU: Government today increased the rate of tax on sale of petrol and diesel in J&K by Rs. 2 per litre and Rs 1 per litre respectively. The new rates will be effective from Ist June 2020. The tax increase on petrol and diesel in J&K follows a similar move by the neighbouring states of […]
Oil prices rise on supply cut hopes, easing of coronavirus lockdowns
Oil prices climbed on Tuesday, boosted by increasing faith in the market that producers will to stick to commitments to cut crude supply while demand picks up with more cars back on the road as coronavirus lockdowns are eased around the world. US West Texas Intermediate (WTI) crude futures gained 3.2%, or $1.06, to $34.31 a […]