BUSINESS
Resilient Growth: India's Textile Exports Rise 9.6% Against Global Challenges
According to a CITI report, May 2024 Combined textiles and apparel exports were higher by 9.70 percent when compared to May of the previous year. The Country's overall exports in May 2024 stood at USD6812916 million, which is 10.2 percent higher when compared to the same month of the previous year, according to the commerce ministry data.
Market Capitalization Soars: LIC Leads as Top Firms Gain Rs 85,582 Crore
During the week, the BSE benchmark Sensex rose by 299.41 points or 0.39%, reaching a record high of 77,145.46 on June 13.
Fuel Prices Surge in Karnataka: Petrol Up by Rs 3/Litre, Diesel by Rs 3.50
The new prices came into effect from Saturday noon, catching the vehicle owners unawares. The notification was issued by Nithish. K., Joint Secretary of the Finance Department of the Government of Karnataka.
Indian Startup Funding Soars to $202 Million, Surging Over 100% from Previous Week
Leading the pack were cleantech startups, leading with EV startup Battery Smart, which raised $65mn in a funding round led by LeapFrog Investments. The equity round saw participation from a mix of new and existing investors including MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures and British International Investment.
Sensex and Nifty Surge to Record Peaks Amid Cooling Inflation
Government data released on Wednesday revealed that retail inflation dropped to a one-year low of 4.75% in May, primarily due to a slight decrease in food prices, remaining comfortably below the RBI's threshold of 6%.
G7 Summit Embraces India-Middle East-Europe Economic Corridor Initiatives
Identification of key initiatives from the Communique are to "promulgate G7 PGII, including flagship projects for economic corridors by means of solid infrastructure and investment." These include the development of improved coordination and financing for corridors such as the Lobito, Luzon, Middle, and the most important one, that of the India-Middle East-Europe Economic Corridor. They are building on those types of initiatives like the EU Global Gateway, Great Green Wall Initiative, and Mattei Plan for Africa of Italy.
Banker Uday Kotak Critiques Vodafone Idea's Equity Strategy with Suppliers
Kotak said in a tongue-in-cheek reference, "What is that story about Peter and Paul?" It was an interesting way of referring to the age-old saying of passing the obligation from one entity to another.
Government to Kick Off 10th Round of Commercial Coal Block Auctions Next Week
This means that coal extracted from these blocks can be sold directly in the open market by producers. The government began the commercial coal block auction process in June 2020. Over nine auction rounds, the Ministry of Coal has successfully auctioned 107 coal blocks, boasting a peak rated capacity of 256 million tonnes (MT). To date, 11 of these commercial coal blocks are operational. Last year, commercial blocks produced 17.5 MT of coal.
Airtel Settles Rs 7,904 Crore in Spectrum Liabilities Ahead of Schedule
As a matter of fact, in January this year Airtel paid Rs 8,325 crore to the government towards spectrum liabilities that it owed since the purchase made in 2015. In the 2015 auction, Airtel has acquired 111.6 MHz of spectrum for Rs 29,130.20 crore and according to the rules, the company had paid an upfront payment of Rs 7,832.58 crore. Before that, in July last year Airtel prepaid Rs 8,024 crore to clear the liabilities accrued on the 2015 spectrum purchase.
India-UK Trade Pact: Key Issues Await Resolution Post UK General Elections
Additional Secretary L Satya Srinivas from the Department of Commerce assured reporters that the unresolved aspects crucial for finalizing the deal would be tackled once the UK's general elections conclude on July 4.
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