BUSINESS
Telangana’s tomato farmer earns Rs 2 crore
Bansuvada Mahipal Reddy of Mohammed Nagar in Kaudipalli mandal of Medak district became a millionaire overnight due to the skyrocketing price of tomatoes. With the price of tomatoes soaring to Rs 150 per kg in the market and lack of adequate supply from Madanapalle in neighbouring Andhra Pradesh and other places, Mahipal Reddy catered to the demand in Hyderabad market.
Tesla execs to meet commerce minister as China fumes at India’s BYD plant rejection
According to a Reuters report, citing sources, the meeting with Goyal will be the highest-level one since Musk met Prime Minister Narendra Modi in the US last month and said he plans to bring Tesla to India as soon as humanly possible. Tesla was yet to comment on the report.
Centre ratifies 8.15% interest rate for EPF subscribers for 2022-23
On March 28, the EPFO had slightly hiked the interest rate on EPF deposits to 8.15 per cent for 2022-23 for its over six crore subscribers.
As per convention, the labour ministry sends the interest rate recommendations to the Finance Ministry for ratification.
Swiggy initiates 2nd tranche of ESOP liquidity totalling $50 mn
This event will also see eligible employees from Dineout which Swiggy acquired last year participate.
Swiggy, which announced turning EBITDA positive in its food delivery business as of March successfully integrated Dineout and strengthened its position in Q-commerce with Instamart.
Banks need to deal with poor loan defaulters in sensitive, humane way: Sitharaman
During Question Hour as Minister of State for Finance Bhagwat Karad was replying to a question by a Shiv Sena member on harsh tactics undertaken by banks while dealing with poor loan defaulters, Sitharaman intervened, saying that it is a sensitive matter, which has been brought to the notice of the government quite often.
ITC Board accords in-principle approval to demerge hotels business into a new entity
In the meeting, the Board noted that the Company's Hotels Business has matured over the years and is well poised to chart its own growth path as a separate entity in the fast- growing hospitality industry with sharper focus on the business and an optimal capital structure, whilst continuing to leverage ITC's institutional strengths, brand equity and goodwill.
Near term market trend to be decided by Q1 results, Fed policy decision
Q1 results of RIL, though a tad disappointing on top and bottom line, are good when viewed from the perspective of the growth engines of the company -- Jio Infocom and Reliance Retail -- which are doing well and shows promise of improving, going forward, he said.
'Chinese phone makers, including Vivo, Oppo, Xiaomi evaded Rs 9,000 cr in tax'
The data shared by Minister of State for Electronics and IT Rajeev Chandrasekhar in Rajya Sabha pointed out tax evasion of around Rs 9,000 crore, comprising customs duty and GST -- detected between 2018-19 and 2022-23.
FPIs invested Rs 43, 804 crore in India in July
Till July 21, FPIs have invested Rs 43,804 crore in India. This figure includes investment through stock exchanges, primary market and bulk deals. FPIs continue to invest in financials, automobiles, capital goods, realty and FMCG. FPI buying in these sectors have contributed hugely to the surge in prices of stocks in these sectors and the Sensex and Nifty scaling record highs, he said.
Govt rejects Chinese BYD Motors’ plan to build $1 bn EV plant: Report
BYD's proposal to join hands with Hyderabad-based Megha Engineering and Infrastructures Ltd (MEIL) for electric cars and batteries has apparently hit a roadblock over "security concerns", reports The Economic Times. In its proposal to the Department for Promotion of Industry and Internal Trade (DPIIT), BYD-MEIL reportedly made a pitch to manufacture up to 15,000 electric cars a year in the country.
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