Mumbai, May 22 (SocialNews.XYZ) The Awfis Space Solutions IPO opened on Wednesday for retail investors. The bidding for this issue will close on May 27.

The company is offering its shares in the price band of Rs 364 to Rs 383 per share. The IPO lot size is 39 shares. An investor must bid at least one lot to participate in an IPO.

Awfis Space Solutions will raise nearly Rs 598 crore from this public issue. This issue includes a fresh issue worth 128 crore and an offer for sale (OFS) worth 470 crore.

The company had already raised Rs 268.62 crore from anchor investors. Its anchor book included HSBC Global Investors Fund, Goldman Sachs Funds, Allianz Global Investors Fund, and others.

Awfis Space Solutions Limited is a workspace-providing company. The company works in providing co-working and office space to startups, medium and small companies, and large corporate companies.

Awfis Space Solutions has registered a loss of Rs 18.94 crore till December 31, 2023 (April to December), while the company's income during this period was Rs 633.69 crore. The company had suffered a loss of Rs 46.64 crore in the financial year 2022-23 and the company's income during this period was Rs 565 crore.

Swastika Investmart stance for this IPO is 'neutral'. The brokerage firm said in its report, "Awfis, a leading player in the rapidly expanding Indian workspace solutions market, leverages an integrated platform approach to cater to diverse space sourcing and demand needs. While the company exhibits promising top-line growth, achieving profitability remains a key challenge."

"Awfis has experienced negative cash flow in the past and operates in a highly competitive environment susceptible to macroeconomic fluctuations. Investors should conduct thorough due diligence and closely monitor the company's progress before making a final decision," it added

Master Capital Services recommends IPO for 'Listing gains'

"Awfis Solutions plans on continuing to build an industry-leading capital efficient model to keep hold of the market share and increase the percentage of operational centres and seats under the MA model."

"The company also intends to expand in new and existing markets by evaluating potential locations and cities based on multiple criteria. However, the company has incurred losses in the past financial years. Investors looking to invest can invest for listing gains"

Source: IANS

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New Delhi, May 22 (SocialNews.XYZ) Oil prices declined for a third day in a row in the international market on Wednesday, despite geopolitical tensions, as the US Federal Reserve is not expected to reduce interest rates any time because of the high inflation rate.

Prices of the benchmark Brent crude have now come down to $82.28 a barrel from close to $84 a barrel at the end of last week. The US West Texas Intermediate crude (WTI) futures were trading at $78.02 on Wednesday indicating the further softening of prices.

Since India imports close to 85 per cent of its crude requirement, the decline in oil prices reduces the country’s import bill and strengthens the rupee.

The Government has also helped to cut the country’s oil import bill by allowing the oil companies to buy Russian crude at discounted prices despite the pressures from Western countries to stop these purchases in the wake of the Ukraine war.

Russia has now emerged as the largest supplier of crude oil to India replacing Iraq and Saudi Arabia which occupied the top slot earlier. India has in fact become the largest purchaser of Russia’s seaborne oil which accounted for close to 38 per cent of India’s total oil imports in April.

In fact, India’s strategy of continuing to buy cheap oil from Russia has resulted in the saving of around $7.9 billion in the country’s oil import bill during the first 11 months of the fiscal year 2022-23 and also helped the country to lower its current account deficit.

The Narendra Modi government has stood firm in maintaining its ties with Russia despite the Western sanctions against Moscow. Since India is the third largest importer of crude in the world, these large purchases of Russian oil have also helped to keep prices in the world market at more reasonable levels which has benefited other countries as well.

Data compiled by the Ministry of Commerce and Industry shows that in volume terms, the share of crude petroleum imported from Russia jumped to 36 per cent in 11 months of FY2024 from 2 per cent in FY2022, while that from West Asian countries (Saudi Arabia, the UAE and Kuwait) fell to 23 per cent from 34 per cent. The discounts on Russian oil generated huge savings in the oil import bill.

According to an ICRA report, the imputed unit value of imports from Russia was 16.4 per cent and 15.6 per cent lower than the corresponding levels from West Asia in FY2023 and 11 months of FY2024, respectively.

Source: IANS

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Washington, May 21 (SocialNews.XYZ) Nikesh Arora, the India-born CEO of Palo Alto Networks, has been ranked America’s second-highest paid CEO in 2023.

A total of 17 Indian-descent CEOs are in the top 500 rankings, according to an analysis published by The Wall Street Journal on Tuesday.

Shantanu Narayen of Adobe is the second-highest paid Indian-descent CEO, ranked 11 overall. Arora and Narayen earned $151.43 million and $44.93 million, respectively, more than Tesla’s Elon Musk, who did not receive any compensation in 2023, according to the report.

Meta’s Mark Zuckerberg earned $24.40 million, while Alphabet’s India-born head Sundar Pichai earned $8.80 million during the period under review.

A product of Delhi’s Air Force Public School, Arora first drew international attention as the chief business officer at Google, which he left in 2014 to head SoftBank with a reported compensation that was said to be a record for Japan.

Arora has been heading Palo Alto Networks, a cybersecurity company, since 2018. His compensation at Palo Alto Networks consists mostly of equity awards that include shares granted over three years.

Narayen, who was born and raised in Hyderabad, has been the CEO of Adobe since 2007 after joining the company in 1998.

Hock Tan of Broadcom topped the list with an earning of $162 million.

Ranked third, fourth, and fifth among Indian Americans were Sanjay Malhotra of Micron Technology (63rd, $25.28 million), Ajei Gopal of Ansys (66th, $24.63 million), and Reshma Kewalramani of Vertex Pharmaceuticals (118th, $20.59 million).

Others included Arvind Krishna of IBM (123rd, $20.40 million), Badrinarayn Kothandaraman of Enphase Energy (135th, $19.53 million), Sanjiv Lamba of Linde (143rd, $19.20 million), Surendralal Karsanbhai of Emerson electric (158th, $18.32 million), Anirudh Devgun of Cadence Design Systems (172nd, $17.34 million), Shankha Mitra of Wellflower (174th, $17.20 million), Sumit Roy of Realty Income (268th, $13.13 million), Satish Dhanasekaran of Keysight Technologies (319th, $10.75 million), Prahlad Singh of Rewity (357th, $9.13 million), Sundar Pichai of Alphabet (364th, $8.80 million), Udit Batra of Waters (367th, $8.74 million), and Sundarrajan Nagarajan of Nordson (389th, $6.98 million).

Source: IANS

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Mumbai, May 21 (SocialNews.XYZ) In an unusual turn of events on Tuesday, an IndiGo flight operating from Mumbai to Varanasi was forced to return to the aerobridge at the Chhatrapati Shivaji Maharaj International Airport (CSMIA) after the crew spotted an overbooked passenger in the flight just before take-off.

As the aircraft prepared to take off at around 7:50 a.m. on Tuesday, a crew member on flight 6E 6543 noticed a male passenger standing at the rear of the plane.

“There was an error in the passenger boarding process from Mumbai to Varanasi, wherein a standby passenger was allotted a seat reserved for a confirmed passenger,” the airline said in a statement.

“The error was noticed before departure, and the standby passenger was de-boarded. This led to a slight delay. IndiGo will take all measures to strengthen its operational processes. It regrets the inconvenience caused to the customers,” the statement added.

Source: IANS

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Brussels, May 21 (SocialNews.XYZ) The Council of the European Union (EU) announced on Tuesday that ministers from EU member states have agreed to use proceeds from frozen assets of the Central Bank of Russia (CBR) to support Ukraine's military efforts, reports Xinhua News Agency.

Under the agreement, 90 per cent of the profits from these assets will be allocated to the European Peace Facility, an EU-run fund providing military aid for Ukraine. The remaining 10 per cent will bolster Ukraine's defence industry capacities and reconstruction needs.

"Up to 3 billion euros (3.26 billion U.S. dollars) this year alone, 90 per cent goes for Ukraine's military," Czech Foreign Minister Jan Lipavsky stated on social media platform X.

According to data from the Council, around 260 billion euros in CBR assets have been immobilized in securities and cash across the jurisdictions of the G7 partners, the EU, and Australia. More than two-thirds of these frozen assets are held within the EU.

Source: IANS

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Mumbai, May 21 (SocialNews.XYZ) JK Tyre & Industries Ltd on Tuesday reported a 56 per cent jump in its consolidated net profit at Rs 169.33 crore for the January-March quarter of 2023-24 compared to the corresponding figures of Rs 108.38 crore reported in the same period of the previous year.

The firm’s revenue from operations increased by 1.8 per cent to Rs 3,698.45 crore from Rs 3,632.47 crore in the same quarter last year, according to a regulatory filing.

The company also announced a final dividend of Rs 3.50 per equity share for FY24.

JK Tyre CMD Raghupati Singhania said, “This performance is attributed to our continued focus on product premiumisation, widening market reach and tech-enabled manufacturing and digitalisation across operations achieving better efficiencies. Moreover, our strategic initiatives to fortify our balance sheet through equity infusion yielded fruitful results, reinforcing our financial resilience."

The firm said its exports were flat during the year because of geo-political disruptions that also led to freight hikes. In the next few quarters, the company expects to improve its export volumes.

“We remain optimistic on the tyre demand outlook led by robust infra-spends and buoyed economic activities,” the company said.

Source: IANS

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Mumbai, May 21 (SocialNews.XYZ) Gold prices have been booming for the last few months. According to the Indian Bullion Jewelers Association (IBJA), the price of 10 grams of 24-carat gold increased to Rs 74,220 per 10 grams on Tuesday, which was Rs 73,383 in the previous trading session on May 17.

"Gold may be able to sustain at higher levels only if the Fed cuts rates, and the US$ starts declining against currency majors," Emkay Wealth Management, a brokerage firm, said in its report.

As of April 30, 2024, physical gold has delivered a CAGR of 19.42 per cent in the 12 -month period and absolute returns of 6.78 per cent (1-month period) during April.

As per the report, Gold prices moved up from the US$ 2050 base where it was hovering around for a long time, to a new range mainly due to the tensions that emerged in the Middle East and also on the back of the Fed stance about the policy rate.

The markets have been comforted by the de-escalation of the geopolitical situation, but the possibility of further tension cannot be ruled out.

While gold may still continue to be resisted at the current levels close to US$2370 - US$2390, the probability of any deeper corrections looks weak due to central bank demand and retail demand.

Source: IANS

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Mumbai, May 21 (SocialNews.XYZ) Internationally there is a growing optimism that India is on the cusp of a long-awaited economic take-off, according to the RBI’s monthly bulletin released on Tuesday.

It states that recent indicators are pointing to a quickening of the momentum of aggregate demand and non-food spending is being pushed up by the green shoots of rural spending recovery.

The RBI bulletin points out that while revising India’s GDP growth upwards by close to 2 percentage points for 2023-24, the IMF’s April 2024 World Economic Outlook (WEO) alludes to the robustness of growth expected in 2024 and 2025 as “reflecting continuing strength in domestic demand and a rising working-age population.”

It highlights that India is expected to continue to experience broadly stable and rapid growth according to the OECD, while inflation should moderate further provided food prices remain insulated from extreme weather events.

The OECD’s May 2024 Economic Outlook points to strong momentum in India in recent monthly indicators and expects “strong investment and improving business confidence in India …to sustain real GDP growth”.

The RBI bulletin also states that there is considerable appreciation for the dramatic reduction in poverty in India. The World Bank estimates that at the height of the pandemic in 2021, only 12.9 per cent of the population lived on US$ 2.15 a day – the global benchmark for extreme poverty. More recent estimates show that extreme deprivation, once considered synonymous with India, is set to become extinct.

There is also a worldwide focus on the transformation of the physical infrastructure, including highways, ports and airports. India’s power sector has attained 100 per cent electrification and has been integrated into a single grid across the country.

Daily power availability has increased to 20 hours in rural areas and 23.5 hours in urban areas while aggregate technical and commercial losses have narrowed considerably.

There has been a leap in renewable energy capacity creation, with India becoming the world’s third-largest renewable energy producer. It has attained world leadership in leveraging the digital public infrastructure for payment efficiency, financial inclusion and direct benefit transfers.

The RBI bulletin also states that currently, India boasts the highest number of digital transactions, fuelled by a massive internet user base. Broadband connectivity has also seen a significant leap, reaching over 93 per cent of our villages. The Bharat Net project will connect all villages through high-speed internet. Digital platforms like the Open Network for Digital Commerce (ONDC) are empowering small businesses by providing a larger marketplace.

India’s digital public infrastructure – the India Stack – is boosting productivity, and efficiency and generating employment, besides enabling better targeting of fiscal transfers.

It further highlights that recent indicators are pointing to a quickening of the momentum of aggregate demand in the personal consumption space.

Nielsen IQ data indicate that for the first time in at least two years, rural demand for Fast Moving Consumer Goods (FMCG) has outpaced urban markets.

Turning to private investment, the RBI report states that listed private manufacturing companies retained earnings remained the major source of funds during the second half of 2023-24. They were mainly used to build up fixed assets and non-current investments, indicating a pick-up in new capacity creation relative to the first half of the year.

However, the report also mentions the heightened geopolitical tensions that are exerting substantial upward pressures on key commodity prices, with crude oil and gold leading the surge as global factors that pose a downside risk.

Source: IANS

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New Delhi, May 21 (SocialNews.XYZ) Government-owned Bharat Heavy Electricals Limited (BHEL) on Tuesday reported a 25 per cent decline in net profit at Rs 484 crore for the January-March quarter of 2023-2024 compared to the corresponding figure of Rs 645 crore in the same period last year.

The firm declared a final dividend of 25 paise for equity share of Rs 2 face value for FY24. The final dividend, upon approval, will be paid within 30 days from the date of the Annual General Meeting (AGM).

BHEL’s revenue from operations rose marginally to Rs 8,260 crore during the fourth quarter from Rs 8,227 crore in the same period of the previous year.

BHEL's share price rose by 2.7 per cent on Tuesday to settle at Rs 318.8 apiece.

Source: IANS

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Kochi, May 21 (SocialNews.XYZ) Kerala is gearing up to hold the 12th edition of its premier tourism event -- Kerala Travel Mart (KTM-2024) -- starting September 26 with the organisers expecting the biggest-ever turnout.

By now, 592 foreign buyers from 71 countries have registered for the four-day event, billed as Asia’s largest tourism meet.

This time, buyers from 27 countries are attending the event for the first time, including those from China, Japan, and Saudi Arabia.

Jose Pradeep, President of KTM Society which organises the event with the support of the state Tourism Department, said the impressive response to the event is a result of the overseas marketing campaigns run by the Tourism Department.

The number of overseas buyers is set to increase further as the last date of online registration is July 31, said KTM Society Secretary, S. Swaminathan.

With 52 buyers, the UK tops the list of foreign countries when it comes to representatives at KTM-2024, followed by the US (45) and Malaysia (30). The domestic delegates total 1,533, of whom 460 are from Maharashtra, 257 from Delhi, and 217 from Gujarat.

As for stalls (under eight segments), the organisers have received 364 expressions of interest so far.

Cruise tourism is another area where the upcoming edition of KTM is giving focus

The 11th KTM in 2022 facilitated more than 55,000 business interactions in its three days. The buyers totaled 1,134 (234 from abroad), while the seller stalls totaled 325.

Source: IANS

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New Delhi, May 21 (SocialNews.XYZ) The Bureau of Civil Aviation Security (BCAS) on Tuesday claimed substantial enhancement in baggage delivery systems at the major airports across the country.

BCAS officials said that following an extensive overhaul and upgrade in equipment, services, and monitoring processes, the latest findings reveal a notable improvement in the speed and efficiency of baggage delivery.

After a two-month evaluation period, data indicates a significant increase in the percentage of baggage complying with globally accepted delivery standards.

In January, only 62.2 per cent of passengers received their baggage on time. However, from March 2024 onwards, this figure has surged to over 90 per cent.

“More importantly, the progress has been sustained since then and the percentage of bags/luggage arriving within 30 minutes reached a high of 92.5 per cent in May 2024,” an official said.

According to the officials, BCAS had undertaken an exercise to enhance the baggage delivery system of the domestic airlines at six major airports -- Delhi, Mumbai, Kolkata, Chennai, Hyderabad, and Bengaluru.

As per the global standards prescribed by the International Air Transport Association (IATA), as well as Schedule 3 of the Operation, Management and Development Agreement (OMDA) with airports, baggage should be delivered to passengers within 30 minutes of the aircraft's arrival.

The exercise started on January 14 this year.

In Phase 2, the government has advised all international airlines, as well as domestic airlines operating in other airports, to ramp up baggage delivery timings following the same efforts.

Source: IANS

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New Delhi, May 21 (SocialNews.XYZ) Government-owned Steel Authority of India Limited (SAIL) has recorded its highest-ever revenue from operations at Rs 105,375 crore during the financial year 2023-24. The company had recorded a revenue of Rs 104,447 crore in 2022-23, according to a company statement.

“During FY 2023-24, the company has achieved its best-ever performance in production and sales. The crude steel production and sales volume have registered a growth of 5.2 per cent and 5.1 per cent respectively during FY’24 over the previous year,” according to a SAIL statement.

However, the steel giant’s consolidated net profit for the January-March quarter declined by 3 per cent to Rs 1,126 crore from Rs 1,159 crore due to lower steel prices compared to last year.

SAIL’s board of directors has recommended a final dividend of Rs 1 per equity share i.e. 10 per cent of face value for the Financial Year 2023-24, subject to the approval of the shareholders at the AGM. The company had earlier paid an interim dividend of Rs 1 per equity share during the year.

Commenting on the results, SAIL chairman Amarendu Prakash said, “The Indian Steel Markets have remained quite robust showcasing continual growth in demand. SAIL has been taking various initiatives towards increasing volumes, adding value-added products to its product basket and improving efficiency levels which is reflected in the improved physical performance year on year. The company will continue to work on improving its performance further to tap into the buoyancy in the growing Indian Steel Market”.

Last week, the SAIL Chairman said that the steel major is keeping a close watch on Chinese imports after the United States raised tariffs on goods from China. There are fears that China may start dumping its excess production in other countries at cheap prices.

Source: IANS

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Mumbai, May 21 (SocialNews.XYZ) Global investment firm KKR on Tuesday confirmed it is acquiring a significant minority stake in AI-driven healthcare revenue solutions provider Infinx for an undisclosed sum.

According to reports, the deal size could be around $150 million.

In a statement, KKR said this investment will leverage its extensive experience in the global healthcare and technology sectors to accelerate Infinx’s growth and expand the company’s network,

Norwest Venture Partners, an existing shareholder, also participated in the transaction.

“We are pleased to invest in Infinx given its comprehensive suite of flexible, tech-enabled offerings, strong management team and proven ability to serve healthcare providers,” said Akshay Tanna, Partner and Head of India Private Equity, KKR.

Co-founded in 2012 by Sandeep Tandon and Jaideep Tandon, Infinx is a provider of innovative, data-driven revenue cycle management solutions for the healthcare sector, with a particular focus on the US market.

Infinx’s solutions support 172,000 healthcare professionals across 4,000 facilities including ambulatory, acute care and post-acute care providers.

“With KKR’s support, network and differentiated expertise, we are even better positioned to accelerate our growth, continue our investment in innovative solutions to help improve the financial health of healthcare providers,” said Jaideep Tandon, CEO of Infinx.

KKR makes its investment from its Asian Fund IV.

Source: IANS

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New Delhi, May 20 (SocialNews.XYZ) After a robust decade of innovation and digital growth, the next 10 years will see India on the global map for emerging technologies, be it artificial intelligence (AI) or high-performance computing, Union Minister Rajeev Chandrasekhar said here on Monday.

The areas of focus for Prime Minister Narendra Modi's government for the next decade clearly are electronics and microelectronics manufacturing, AI, telecom, high-performance computing, semiconductors, cybersecurity, automotive and EVs.

"This is a whole vision that our prime minister has in terms of taking this whole tech innovation and digital economy forward. I think the next 10 years are going to be even more exciting than the last decade," he told a gathering of startup/unicorn founders and innovators during the 'Digital Bharat, Viksit Bharat' event.

The Prime Minister has announced Rs 1 lakh crore (about $12 billion) capital into the research and innovation fund that will go towards science research and development (R&D).

"For the next wave of startups, PM Modi has announced a Rs 20,000 crore India AI mission, which will include creating the AI compute infrastructure," Rajeev Chandrasekhar said.

PM Modi recently laid the foundation stone for semiconductor plants worth over Rs 1.25 lakh crore.

"In 2014, we were essentially a digital economy that was about 4 per cent of the GDP. We were essentially the back-office to the world," said the minister.

The digital economy in India today is growing at 2.8 times due to innovation.

"We are already the fastest-growing digital economy in the world and are aiming to become a trillion dollar digital economy by 2030," Rajeev Chandrasekhar added.

Source: IANS

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Colombo, May 20 (SocialNews.XYZ) The Sri Lankan government will introduce two significant bills aimed at bolstering the country's economy to parliament on Wednesday, a minister said on Monday.

The "Economic Transformation Bill" and the "Public Financial Management Bill" are designed to enhance public finance management and safeguard against future economic downturns, State Minister of Finance Shehan Semasinghe told a press conference.

Semasinghe said it is necessary to maintain optimal levels of public financial management to avert future economic crises, and the bills are aligned with recommendations from a collaborative program with the International Monetary Fund, reports Xinhua News Agency.

He said the legislation encompasses reforms essential for international trade, trade agreements, and climate change mitigation efforts.

In 2022, Sri Lanka's public debt ratio stood at 128 per cent, a figure slated to be reduced to less than 95 per cent by 2032, said Semasinghe.

Similarly, the fiscal requirement, which was 34.6 per cent of gross domestic product in 2022, aims to be lowered to below 13 per cent by 2032, according to the minister.

Source: IANS

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New Delhi, May 20 (SocialNews.XYZ) The Centre on Monday urged states to leverage the Unified Logistics Interface Platform (ULIP) to increase the efficiency of the country’s logistics sector to cut transport costs and spur economic growth.

Addressing representatives of states at a workshop organised in Vanihya Bhavan here, the Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Rajesh Kumar Singh emphasised the critical role of ULIP in fostering collaboration and integration among states to create a unified logistics ecosystem.

"ULIP offers an unprecedented opportunity for states to enhance their logistics frameworks. I encourage all states to actively leverage ULIP and drive forward a seamless, efficient, and inclusive logistics sector across India," he said.

The event saw enthusiastic participation from representatives of various states including Telangana, Kerala, Haryana, Punjab, Maharashtra, Tamil Nadu, Chhattisgarh, Andhra Pradesh, Madhya Pradesh, Nagaland, and Rajasthan. Additionally, many industry associations, enterprises and start-ups joined the workshop.

Singh also launched a ULIP booklet that illustrates how different private sector companies and Startups are utilizing ULIP APIs and highlighted the platform's transformative impact on the logistics sector. This booklet serves as a comprehensive guide showcasing the innovative applications developed through ULIP and their significant contributions to enhancing logistics efficiency.

Rajat Kumar Saini, CEO & MD of the National Industrial Corridor Development Corporation (NICDC) and Chairman of the National Logistics Data Services Limited (NLDSL), highlighted the importance of ULIP and urged start-ups to continue their innovative efforts and explore new ideas to leverage the platform.

He said, “The applications showcased today highlight the potential of ULIP to transform the logistics landscape. We must continue to push the boundaries and explore new possibilities for efficiency and growth.”

The workshop featured demonstrations from startups like Super Procure, Cargo Shakti, Shiprocket, and Enmovil showcasing their cutting-edge applications developed using the ULIP databases. Super Procure demonstrated its platform aimed at reducing empty miles using ULIP, while Enmovil showcased a logistics bot developed for route optimization. Shiprocket, with its cross-border logistics platform, highlighted how they are able to onboard sellers seamlessly through effective authentication facilitated by ULIP APIs.

Additionally, how various ministries and departments use PM GatiShakti NMP tools for developing various assets was also discussed.

ULIP is a digital gateway that allows industry players to access logistics-related datasets from various government systems through API-based integration. Currently, the platform integrates with 37 systems from 10 ministries via 118 APIs, covering over 1800 data fields. Private sector participation in ULIP has been instrumental in amplifying its impact, with over 900 companies registered on the ULIP portal.

Source: IANS

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New Delhi, May 20 (SocialNews.XYZ) The Employees’ Provident Fund Organisation (EPFO) payroll data released on Monday shows that as many as 14.41 lakh net members in March this year, reflecting the increased employment created in the country’s organised sector during the month.

The data indicates that around 7.47 lakh new members have been enrolled during March out of which the 18-25 age group constitutes a dominant 56.83 per cent. This indicates that “the majority of individuals joining the organised workforce are youth, primarily first-time job seekers,” according to the official statement.

Gender-wise analysis of payroll data unveils that out of 7.47 lakh new members, around 2 lakh are new female members. Also, the net female member addition during the month stood at around 2.90 lakh. The female member addition is indicative of a broader shift towards a more inclusive and diverse workforce, the statement added.

The payroll data highlights that approximately 11.80 lakh members exited and subsequently rejoined EPFO. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection.

Month-on-month comparison of industry-wise data displays growth in the members working in establishments engaged in the manufacture, marketing services, usage of computers, restaurants, chartered, fish processing and non-veg food preservation, Beedi making etc.

Source: IANS

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New Delhi, May 20 (SocialNews.XYZ) Oil India Limited (OIL) has reported a 17 per cent increase in consolidated net profit at Rs 2332.94 crore in the Jan-March quarter of the financial year 2023-24 compared to the corresponding figure of Rs 1,979.74 crore in the same period of 2022-23.

The upstream oil exploration and production company has registered revenue from operations at Rs 10,166 crore, up around 16 per cent from the same quarter last year.

Oil India’s Board of Directors have recommended the issue of bonus shares in the ratio of 1:2 which is one equity share of Rs 10 each for every two existing equity shares of Rs 10, each fully paid up subject to the approval of the company’s shareholders, the oil major said.

Source: IANS

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Chennai, May 20 (SocialNews.XYZ) Automobile wheel maker Wheels India Ltd said on Monday that it closed FY24 with a higher net profit of Rs 67.9 crore.

According to Wheels India, the company closed FY24 with a revenue of Rs 4,619 crore (FY23 - Rs 4,345 crore) and a net profit of Rs 67.9 crore (FY23 - Rs 62.5 crore).

The company's Board has recommended a dividend of Rs 7.39 per share.

“Exports did well for us in FY24, registering a 24.5 per cent growth. Earthmover wheels, aluminium wheels, and hydraulic cylinders were the prime drivers of growth on the export front. The company’s air suspension business did well along with growth in the bus market,” said Srivats Ram, Managing Director, Wheels India.

“We have been able to profitably ramp up the machining of windmill castings and will continue to grow this business. Another area with a lot of promise for growth, both in the domestic and export markets, is hydraulic cylinders,” he added.

Source: IANS

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New Delhi, May 20 (SocialNews.XYZ) Prime Minister Narendra Modi on Monday lauded the "remarkable" turnaround in the health of India’s banking sector as the cumulative net profit of all banks for the first time crossed Rs 3 lakh crore in 2023-24.

“When we came to power, our banks were reeling with losses and high NPAs due to the phone-banking policy of UPA. The doors of the banks were closed for the poor. This improvement in the health of banks will help improve credit availability to our poor, farmers and MSMEs (micro small and medium enterprises),” the Prime Minister said.

The RBI and prominent economists have also identified this strong health of India’s banking sector as one of the crucial drivers of the country’s high economic growth.

Earlier PM Modi had at an RBI function in Mumbai on April 1 said: “India’s banking system is strong and sustainable globally. The banking system which was once in loss is now in profit and credit has seen record growth.”

The Prime Minister credited clarity of policy, intentions and decisions for this transformation. “Where intentions are right, the results too are correct”, the Prime Minister remarked.

Speaking on the comprehensive nature of reforms, the Prime Minister stated that the government worked on the strategy of recognition, resolution and recapitalisation.

“A capital infusion of 3.5 lakh crore was undertaken for the helping public sector banks along with many governance-related reforms. Just the Insolvency and Bankruptcy Code has resolved loans amounting to 3.25 lakh rupees,” the Prime Minister pointed out.

He also informed the country that more than 27,000 applications involving underlying defaults of more than Rs 9 lakh crore were resolved even before admission under IBC.

Gross NPAs of banks that stood at 11.25 per cent in 2018 came down to below 3 per cent by September 2023. He said that the problem of twin balance sheets is a problem of the past.

Source: IANS

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New Delhi, May 20 (SocialNews.XYZ) The banking sector has witnessed a profit of Rs 3 lakh crore for the first time in the FY 2023-24.

Prime Minister Narendra Modi applauded banks for this remarkable achievement and said that the condition of banks has improved a lot in the last 10 years, adding that this has helped the poor, farmers, and MSMEs to get credit.

In a social media post, PM Modi said: "In a remarkable turnaround in the last 10 years, India's banking sector net profit crosses Rs 3 lakh crore for the first time ever."

Slamming the Congress party, PM Modi said that the UPA phone banking policy caused big losses and NPA to banks.

"When we came to power, our banks were reeling with losses and high NPAs due to the phone-banking policy of UPA. The doors of the banks were closed for the poor."

"This improvement in the health of banks will help improve credit availability to our poor, farmers and MSMEs," the PM added.

For the first time, banks' profit crossed the Rs 3 lakh crore mark in FY 2023-24 with 39 per cent growth on a YoY basis. During this period, public sector bank profit jumped to Rs 1.4 lakh crore with an increase of 32 per cent on a YoY basis, and private banks reported Rs 1.7 lakh crore profit in the last financial year with an increase of 42 per cent on a YoY basis.

In the last 10 years, banks witnessed a major turnaround as their balance sheets strengthened and there was a significant decline in non-performing assets (NPAs) which has caused higher profits.

Source: IANS

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Mumbai, May 20 (SocialNews.XYZ) Real estate sector in India is in a booming stage. As per The Knight Frank-NAREDCO Real Estate Sentiment Index Q1 2024 (January-March) report, the Current Sentiment Index Score jumped to 72, compared to last quarter's 69, setting a decadal high.

The Future Sentiment score experienced an increase, rising from 70 in Q4 2023 to 73 in Q1 2024.

A score of 50 indicates neutrality, scores above 50 signal positive sentiment, and scores below 50 denote negative sentiment.

As per this quarterly survey, 73 per cent of the respondents are anticipating an increase in residential sales in the next six months, compared to 65 per cent in the previous quarter. The positive homebuyer sentiment and stability in home loan interest rates have led stakeholders to expect that growth in demand will prevail in the residential sector in the next six months.

80 per cent of survey participants in Q1 2024 believed that residential launches would improve in the next six months.

82 per cent of the survey respondents in Q1 2024 expect residential prices to increase in the next six months. However, during Q4 2023, 65 per cent of survey respondents held a similar view.

Office leasing is expected to improve in the next six months by 74 per cent of survey respondents in Q1 2024. 69 per cent of survey respondents had a similar opinion in the previous quarter.

58 per cent of survey respondents expect office supply to improve in the next six months. In the previous quarter, 62 per cent of respondents held a similar opinion. With strong momentum in office leasing, the outlook towards new supply has also strengthened in the near term.

In Q1 2024, 65 per cent of the survey respondents expect office rents to increase. The survey respondents in Q4 2023 shared a similar view, with 53 per cent holding it.

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “The significant rise of the Current Sentiment Index Score within the optimistic territory is driven by India's robust economic landscape. Confidence among stakeholders has surged, with Indian enterprises, including those in the real estate sector, anticipating gains from a flourishing domestic economy.

Hari Babu, President-NAREDCO, said, “The Knight Frank NAREDCO Real Estate Sentiment Index for Q1 2024 paints a buoyant outlook for the Indian real estate sector. With the Current Sentiment Index rising from 69 to 72 and the Future Sentiment Score climbing from 70 to 73, stakeholders demonstrate unwavering optimism, driven by the government's commitment to aggressive economic growth."

Source: IANS

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Guwahati, May 19 (SocialNews.XYZ) Assam has registered a significant growth in mutual funds over the last five years, said Chief Minister Himanta Biswa Sarma on Sunday.

According to him, at least 159 per cent rise in mutual funds in Assam was noticed during the last five years where the investment rose from Rs 11,298 crore to Rs 29,268 crore.

Sarma also claimed that the state has significantly contributed to the growth story of India.

Taking to his X handle, the Chief Minister wrote: “A mammoth 159 per cent growth of Mutual Funds in Assam in the last 5 years, from ₹11,298cr to ₹29,268cr, speaks volumes about the India Growth Story; the trust people of Assam have in our markets and the rise in the incomes of our people.”

Moreover, he also mentioned that Assam was the leading contributor in the mutual funds from the northeastern region from 2020 to 2024.

Source: IANS

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Seoul, May 19 (SocialNews.XYZ) South Korea's exports of instant noodles surpassed the $100 million mark for the first time last month on the growing popularity of Korean culture and food, data showed on Sunday.

Exports of instant noodles, or "ramyeon" in Korean, reached $108.6 million in April, up 46.8 percent from a year earlier, growing at the fastest pace since May 2022, according to the Korea Customs Service (KCS).

It marks the first time the monthly figure has exceeded $100 million, the agency said, reports Yonhap news agency.

Ramyeon exports have been on a constant rise since 2015 and are expected to hit a fresh high this year in line with the popularity of Korean movies, dramas and music, as well as high demand for affordable, ready-to-eat food products amid high inflation.

Last year, ramyeon exports reached a record high of $952 million, jumping 24.4 per cent from 2022.

The KCS expects the exports to surpass $1 billion this year.

Samyang Foods Co., a major South Korean instant noodle maker, saw its sales soar 57 per cent on-year to 385.7 billion won ($284.5 million) in the first quarter.

The company said its revenue from overseas markets, in particular, shot up 85 per cent thanks to the popularity of the carbonara flavour of its smash-hit spicy instant noodle item, Buldak Ramen.

Overseas revenue accounted for 75 per cent of Samyang's total sales in the first quarter, according to the company.

Source: IANS

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New Delhi, May 18 (SocialNews.XYZ) While all eyes are on Elon Musk-run Tesla to make its entry into India, the government is expecting a good response from several automobile majors on the electric-vehicle (EV) policy, Rajesh Kumar Singh, Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT), said on Saturday.

Last month, the tech billionaire said he would not visit India amid crucial Tesla quarterly results, as he delayed his visit to the later part of the year to announce his investment plans.

“Everybody talks about one company (Tesla), but we are expecting responses from many companies to that policy,” Singh said at the CII’s annual business summit in the national capital.

The new EV policy was announced in March, where the government reduced the Customs duty to 15 per cent with certain conditions.

It entailed a minimum investment of Rs 4,150 crore to set up EV manufacturing facilities, production to start within three years and reach 25 per cent DVA (domestic value addition) by three years and 50 per cent DVA within five years at the maximum.

The new EV policy paved the way for Musk and other automakers to enter the Indian EV market.

According to experts, the EV market in the country can achieve over 40 per cent penetration with $100 billion revenue by 2030.

The country is also making rapid progress in setting up EV charging infrastructure to phase out diesel vehicles within a stipulated time frame.

Source: IANS

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Speaking at a session on the second day of the 'CII Annual Business Summit 2024' in the national capital, Kant said that structural reforms in the country have elevated the country from the "fragile 5" to the "top 5".

The huge amount of reforms across the spectrum has resulted in a growth rate of about 8.4 per cent over the last three quarters.

“By 2027, we will overtake Germany and Japan. Analysts are right in saying that 30 per cent of the global GDP growth will come from India between 2035-2040,” said Kant during a session on ‘Future of Globalisation: Challenges for Indian Industry’.

Kant also urged India Inc to work with states to accelerate their development, in order to build 12-13 “champion states” growing at 10-11 per cent per annum.

India will become the third largest economy in the world by 2030, said an S&P Global report recently, adding that the country will be the fastest-growing major economy in the next three years.

The United Nations has also revised India’s growth forecast for 2024 by 70 basis points to 6.9 per cent, from 6.2 per cent estimated in January.

Source: IANS

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New Delhi, May 18 (SocialNews.XYZ) In 2012, India was at 11th place in the world GDP rankings and today, the country is at the fifth position -- jumping six places in the last decade or so and it is only inevitable that we will go to the third spot in the next 2-3 years, Rajesh Kumar Singh, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), said on Saturday.

Speaking at a session on the second day of the 'CII Annual Business Summit 2024' in the national capital, Singh said that the country is in a position to regain “its historical share in global trade and investment on the back of sustained growth rates”.

He also said that the government’s flagship production-linked incentive (PLI) scheme aims to ensure “strategic autonomy” and reduce dependence on “insecure supply chains”.

“If you see the kind of employment PLI has generated is tremendous, especially the kind of jobs created for women workers is amazing," Singh told the gathering.

Dammu Ravi, Secretary (Economic Relations), Ministry of External Affairs, said during a separate session that trade today has to be seen in a more integrated manner.

“Goods, investments, services, industry, and manufacturing are all integrated. We are also beginning to see that finances, technology, and e-commerce are also very critical in the way we see trade evolving,” said Ravi.

“Trade needs to be seen as a more holistic and integrated economic activity,” he told the audience.

Sumita Dawra, Secretary, the Labour Ministry, said at a session that so far, 29 labour-related acts have been consolidated into four new codes.

“Labour reforms have been put in place with an eye on ease of doing business, simplification and reduction in compliance burden, decriminalisation and seamless dispute resolution, promotion of labour market flexibility, enhancing female participation, leveraging technology and meeting the skill needs of the economy both at the national and international level,” she informed.

Source: IANS

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New Delhi, May 18 (SocialNews.XYZ) India has become an alternative investment destination for many Western companies, according to the latest World Economic Situation and Prospects report of the UN.

The report which has increased the forecast of India’s GDP growth by 0.7 percentage points to 6.9 per cent identifies increased foreign investments as an important factor that is propelling the country’s GDP growth.

“The better outlook for India is fuelled by lower inflation, robust exports, and increased foreign investments,” said Hamid Rashid, the chief of the UN’s Global Economic Monitoring Branch.

"India has become an alternative investment source or destination for many Western companies," he added.

Finance Minister Nirmala Sitharaman said at the CII annual summit on Friday that a Capgemini report has disclosed that 65 per cent of top executives of multinational companies who want to shift their supply chains out of China, plan to invest in India.

US smartphone giant Apple and its suppliers aim to build more than 50 million iPhones in India annually within the next two to three years. Its biggest supplier, Foxconn, is already expanding manufacturing and leading the production shift for Apple by setting up more plants in India. On December 12, the Taiwan-based tech giant received approval from the Karnataka government for an additional investment of Rs 13,911 crore in its upcoming facility in Bengaluru Rural District. It had already received approval to invest Rs 8,000 crore earlier this year.

Work is also underway on Foxconn's manufacturing facility for iPhones, located near Kempegowda International Airport in Bengaluru. Foxconn aims to produce one lakh units of iPhones by December 2025, 50 lakh units by December 2026, and one crore by December 2027 from this manufacturing facility.

Apple CEO Tim Cook said earlier this month that India is a major focus for the company.

“We are very, very pleased about it. It was a new March quarter revenue record for us. As you know, as I've said before, I see it as an incredibly exciting market and it's a major focus for us,” Cook said.

The investment of US chip giant Micron Technology which is setting up a factory in Sanand, Gujarat, demonstrates the rising interest of American companies in the country, according to Arun Venkataraman, US Assistant Secretary for Commerce, who visited Mumbai recently. He said India’s PLI schemes are a step in the right direction.

In June last year, Micron Technology announced plans to build a new assembly and test facility in Sanand for an initial investment of $825 million over the two phases of the project shortly after PM Modi’s visit to Washington where he met the CEOs of top US companies.

As per the Indian government's scheme, Micron will receive 50 per cent fiscal support for the total project cost from the Centre, and incentives representing 20 per cent of the total project cost from Gujarat. The combined investment by Micron and the two government entities over both phases will be up to $2.75 billion. Apart from Micron, the Tata group has also announced investments in setting up semiconductor units in India.

Micron’s plant which is expected to transform Sanand into a high-tech semiconductor is the first mega project cleared under the Central government’s $10 billion incentive plan to woo global chipmakers.

Sitharaman said that the government was keen to push the growth of the manufacturing sector and expects it to play a bigger role in the economy as part of the Aatmanirbhar Bharat campaign.

She highlighted that the Government’s PLI scheme had resulted in transforming the electronics sector.

“While import dependence for mobile phones was as high as 78 per cent in 2014, today 99 per cent of all mobile phones are made in India,” Sitharaman remarked.

She pointed out that the success in import substitution in the telecom sector was now as much as 60 per cent, reflecting the higher self-reliance achievement as part of the government’s Aatmanirbhar Bharat policy.

Source: IANS

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Mumbai, May 18 (SocialNews.XYZ) Nestle India shareholders have rejected a proposal of the company’s board of directors to increase royalty payments to its Swiss parent Nestle S.A., according to a regulatory filing by the company.

Shareholders with a total 57.18 per cent stake in the company voted against the resolution.

The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, over a period of five years from the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum.

The proposal was moved as Nestle India in 2019 had said that it would seek approval of its shareholders every five years for royalty payments to the parent company after receiving investor and proxy firm's feedback on the issue.

Nestle India reported a 27 per cent increase in standalone net profit at Rs 934 crore for the January-March quarter of 2023-24 compared to the corresponding figure of Rs 737 in the same quarter last year. The company’s revenue increased 9 per cent to Rs 5,268 crore year-on-year.

Source: IANS

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New Delhi, May 18 (SocialNews.XYZ) Prime Minister Narendra Modi, who is eyeing a historic third-consecutive term, cemented his claim to global leadership during the Indian G20 Presidency. He will bring extended economic growth in the country at a rate of 7-8 per cent, says Norwegian diplomat and green politician Erik Solheim.

In an interview on Saturday, Solheim, who believes many more people will vote in Bharat than in any other election, anywhere in the world, told IANS that PM Modi’s victory will continue to root Indian strength and nationalism in the great heritage of the many thousand years old Indian thoughts, the Hindu Dharma.

“This process got a great shot in the arm with the opening of the Ram Mandir. Modi will continue this and in my view it is positive. It means India is modernising, but not westernising. But the BJP should also take care to include the substantial Indian minorities, particularly the Muslims,” he said.

An experienced peace negotiator, having acted as the main facilitator of the peace process in Sri Lanka from 1998 to 2005, Solheim, the President of the Green Belt and Road Institute believes that “PM Modi will bring extended economic growth at a rate of 7-8 per cent. That means doubling the Indian economy in a decade. Both the BJP and many regional governments will prioritise pro-poor policies to make sure the rise of India benefits everyone. The digital economy facilitates this through direct cash transfer and more.”

Solheim, who believes that the West also has a lot to learn from economic policies and green commitments of PM Modi, says that he cemented his claim to global leadership during the Indian G20 Presidency.

“We will see a self-confident India, which much more than in the past, will assert its interest globally,” he said.

Explaining why India is the country to follow, the green politician who played a crucial role in convincing the country to phase out single-use plastic believes there is a broad global expectation that PM Modi will be re-elected and that India will have stable leadership, which is critical for growth.

“India is now a global leader on environment and climate issues. PM Modi just launched a major rooftop solar programme in which over one crore households registered and there are new renewable energy projects being opened or auctioned by the day.

“The Adani Group is constructing a 30 gigawatt wind and solar energy park in the Gujarat desert. This is massive, a great service to humanity, the largest such plant anywhere in the world,” said Solheim, who served as Executive Director of the UN Environment Programme between May 2016 and November 2018.

For Solheim, India has many friends and is well-positioned to play more of the role of peacemaker in conflicts like Ukraine, Gaza or other places.

“India’s views on any global issue will grow in importance with the economic rise of the country. India should urgently be made a permanent member of the UN Security Council,” he said.

Explaining how the western world sees India emerging as a Global South leader with PM Modi at the helm of the country, he said, “There is sometimes a mistake that a strong India will emerge as a copy of the West or the ‘little brother’ looking for guidance from Washington.

“The West sometimes wishes to enroll India as a counterweight to China. It’s not yet fully understood in the West that India is a civilisational state and that India will not follow the lead of any other capital than Delhi.

“PM Modi, or any other Indian leader, will put India first and India second.”

According to Solheim, the Indian civilisation, rooted in Hindu dharma, is one of the world’s most influential communities.

“A much stronger India in the future will face the world based on its own interest and its own values. This doesn’t, of course, preclude close partnerships with the West or with China.

“The development of a stronger India also makes the voice of the Global South much stronger. It represents the end of 200 years of western global dominance,” he opined.

On India’s effort to save the planet, Solheim, a frequent traveller to the country said, “Indeed! PM Modi is fully focussed on green growth. A new development strategy is possible because solar, wind and hydro now are cheaper than fossil fuels. And renewables are Indian resources, no need for wasting money on imports. India is fast on the way to becoming a top global leader on environment and climate.”

“If I may add, it’s good to see that this worldview is shared between the government and the Opposition. South Indian states, with regional party governments, are also moving green fast. One example is MK Stalin in Tamil Nadu,” he added.

On the future of Indian solar parks, he told IANS, “In January I visited the huge solar and wind park under construction by the Adani Group near the Pakistani border in the Gujarat desert. It’s wonderful and will provide huge amounts of clean energy. The construction is happening in an empty desert, so there are no issues with local people or wildlife.”

He also visited the world’s largest floating solar power generation facility at Omkareshwar in Madhya Pradesh and the largest floating solar power generation facility in North India constructed by Hartek Solar in Chandigarh.

“These are examples of the speed of the change in Bharat and the ingenuity of the Indian people.

“There is no doubt India will soon be the second-largest solar nation in the world, surpassing everyone else, except China,” added Solheim, who says he’s more worried about American democracy than the Indian one.

The 2024 Lok Sabha election will see a record number of youth who are eligible to vote.

Therefore, he urged all people, especially the youth, to join the process of celebrating the largest festival of democracy the world has seen.

(Vishal Gulati can be contacted at gulatiians@gmail.com)

Source: IANS

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New Delhi, May 17 (SocialNews.XYZ) Secretary, Ministry of Steel, Nagendra Nath Sinha said on Friday that the government is working on introducing a green hydrogen-based process in the steel industry where the iron will be directly reduced with 100 per cent hydrogen, resulting in a sharp reduction in carbon emissions.

“This technology for Direct Reduced Iron (DRI) making, although currently expensive, holds promise for a sustainable future if developed and adopted collectively,” Sinha said at a workshop on "Forging Sustainability in the Steel Sector.”

Addressing the challenge of rising carbon emissions amid growing demand, Sinha pointed out that India's per ton crude steel emission is 25 per cent higher than the global average and is attributed, inter alia, to factors such as lack of natural gas, the quality of available iron ore, which requires beneficiation for use in Direct Reduced Iron (DRI) processes and the limited availability of scrap, with domestic scrap generation standing at only 20-25 million tonnes.

To address these challenges, Sinha mentioned the ongoing efforts of a task force comprising the Ministry of Mines and the Ministry of Environment, Forest and Climate Change which is focused on encouraging the beneficiation of low-grade iron ore to improve its suitability for steelmaking.

He also discussed historical factors affecting scrap availability and noted that the policies like Extended Producer Responsibility (EPR) for the auto sector proposed by the Ministry of Environment, Forest and Climate Change, aimed at increasing vehicle scrap availability, through the industrial and construction sectors will continue to have higher steel consumption.

He also pointed out that 90 per cent of emissions in steelmaking come from within the factory gates, with the remaining emissions from electricity generation and upstream processes.

Therefore, the industry has substantial control over its emissions and must take proactive steps towards sustainability.

“While the ministry will continue to provide guidance and nudge, it is imperative that the steel industry itself takes up the mantle as trustees of the Earth to work towards reducing emissions and promoting sustainability,” Sinha said.

He said that 14 task forces have been formed by the Ministry of Steel to tackle various aspects of sustainability in the steel industry such as enhancing energy efficiency through the adoption of the best available technology, utilising renewable energy sources, and preparing inputs to reduce emissions.

The ministry is also exploring the use of green hydrogen and carbon capture, utilisation, and storage technologies.

Water consumption in steelmaking was identified as another critical area for improvement. Sinha noted that India's water consumption levels are higher compared to other countries, with efforts underway to reduce this.

He also lauded the Securities and Exchange Board of India's (SEBI) introduction of the Business Responsibility and Sustainability Reporting Format and urged companies to take it seriously.

Leena Nandan, Secretary Ministry of Environment, Forest and Climate Change stated that India’s updated Nationally Determined Contributions (NDCs) for 2030 reflect the ambition whereby 50 per cent of energy will be sourced from non-fossil fuels.

“We aim to reduce the emission intensity of our economy by 45 per cent,” she said.

She called for transforming ideas into actionable collaborations, stressing that the steel industry's sustainability efforts must stem from a deep-seated sense of responsibility.

Source: IANS

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Mumbai, May 17 (SocialNews.XYZ) JSW Steel on Friday said that its board of directors have approved the acquisition of mining company Minas de Revuboe (MDR) in Mozambique to secure supplies of high-quality coking coal used for steel production.

The Sajjan Jindal-led company said in an investor presentation that its subsidiary JSW Natural Resources Limited will buy a 92.19 per cent equity stake and shareholders loans of MDR for $73.75 million.

The deal will give the Indian steel major access to more than 800 metric tonnes of premium hard-coking coal reserves in Mozambique. MDR owns a high-quality and large-scale pre-development stage premium hard-coking coal mine project in the Moatize Basin of Tete Province in Mozambique.

The deal is subject to approval from Mozambique’s Ministry of Mineral Resources and Energy and other applicable approvals.

Indian steel companies consume around 70 million metric tons of coking coal annually, and imports constitute around 85 per cent of the country's total requirement. as the commodity is not available in the country in sufficient quantity. Coking coal is imported from Australia, Indonesia, Russia, the USA and Canada.

However, there has been a spike in prices of coking coal in recent months which has been impacting the bottomlines of the steel companies.

Source: IANS

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New Delhi, May 17 (SocialNews.XYZ) Medanta Hospitals holding company Global Health Ltd on Friday reported a 25 per cent jump in net profit at Rs 127.3 crore for the January-March quarter of 2023-24 compared to the corresponding figure of Rs 101.8 crore in the same quarter of the previous financial year.

The Dr. Naresh Trehan-led healthcare major posted a 14 per cent increase in revenue from operations at Rs 808 crore during the fourth quarter compared to Rs 707 crore in the same quarter last year.

Global Health runs a super-specialty hospital Medanta Medicity in Gurugram which has 1,400-bed capacity.

The company also manages 150-bed hospitals each in Indore and Ranchi, and two hospitals in Lucknow and Patna.

Besides, the healthcare company is setting up another hospital in Noida.

Source: IANS

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Mumbai, May 17 (SocialNews.XYZ) India’s foreign exchange reserves surged by $2.56 billion to $644.15 billion during the week ended May 10, the latest data released by the RBI showed on Friday.

This is the second consecutive week during which the country’s forex kitty has expanded after registering a $3.66 billion rise to $641.59 billion for the week ended on May 3.

India's foreign exchange reserves had touched a lifetime high of $648.562 billion in April after which they had declined for three weeks in a row by $10.6 billion as the RBI actively intervened in the market to buy dollars to stabilise the rupee.

RBI Governor Shaktikanta Das had recently referred to the record foreign exchange reserves as a reflection of the strength of the Indian economy.

"It is our prime focus to build a strong buffer in the form of a substantial quantum of forex reserves which will help us when the cycle turns,” he remarked while unveiling the first monetary policy review of the current financial year that began on April 1.

Rising foreign exchange reserves are positive for the economy as they reflect an ample supply of dollars that help to strengthen the rupee. An increase in the foreign exchange reserves gives the RBI more headroom to stabilise the rupee when it turns volatile.

This is because the RBI intervenes in the spot and forward currency markets by releasing more dollars to prevent the rupee from going into a free fall.

Conversely, a declining forex kitty leaves the RBI less space to intervene in the market to prop up the rupee.

India's forex reserves, including the central bank's forward holdings, can now cover more than 11 months of imports, which is a two-year high.

Source: IANS

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Mumbai, May 17 (SocialNews.XYZ) Billionaire Sajjan Jindal-led JSW Steel on Friday reported a 64 per cent decline in its consolidated net profit to Rs 1,299 crore for the January-March quarter of 2023-24 compared to the corresponding figure of Rs 3,664 crore in the same period last year.

The steel major’s revenue from operations in the fourth quarter declined marginally to Rs 46,269 crore from Rs 46,962 crore in the same period of the previous year, according to a regulatory filing.

The expenses of the company rose to Rs 44,401 crore in the quarter from Rs 43,170 crore reported a year earlier.

Other income in the quarter dipped 18 per cent to Rs 451 crore.

The company said that its expenses related to changes in inventories of finished and semi-finished goods, work in progress and stock in trade, rose to Rs 534 crore from Rs 165 crore.

"Exports at 1.32 million tonnes increased significantly QoQ as export opportunity was used to liquidate inventories given restocking demand in global markets. Exports constituted 20 per cent of sales from the Indian operations," according to the company’s statement.

Source: IANS

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