BUSINESS
Garuda Aerospace to export 12K drones, L1 bidder in RITES
He also said the delivery of grocery packages in Bengaluru for food and grocery player Bundl Technologies Pvt Ltd known by its brand Swiggy is expected to happen soon. "We are entering the African market. We have signed an agreement with a distributor there to source about 4,000 drones. We have also received signed confirmation orders now of over 8,000 drones from countries like Malaysia, Panama and UAE," Agnishwar Jayaprakash, Founder & CEO
Qantas to acquire aviation service company in $444mn deal
The deal would see Qantas purchase a remaining 80 percent stake in the company after buying 20 per cent at the beginning of 2019, reports Xinhua news agency. The deal would see Qantas acquire Alliance's fleet of around 70 Fokker jet aircraft, each with a seating capacity of 100. The Fokker is well suited to small-scale charters, such as flying workers out to Australia's remote mining sites.
LIC once listed would result into increased transparency: Moody's
It will, in turn, boost its capacity to generate and grow capital internally. "We see the arrival of external shareholders with experience of the insurance industry as a further key benefit of the IPO. We believe the presence of foreign stakeholders will bring particular benefits in the areas of capital adequacy, financial flexibility and governance standards, enhancing LIC's credit profile," Moody's said.
India's used smartphone market to reach $10 bn by 2026
Overall used electronics market is likely to grow at a 16 per cent compound annual growth rate (CAGR) to be worth $11 billion by 2026, according to Bengaluru-based market research firm Redseer. "The growing popularity of e-commerce platforms for used and refurbished smartphones is driving the market demand," said Siddharth Surana, Engagement Manager, Redseer Strategy Consultants.
Auto industry not out of woods, RBI's move to make loans costlier: FADA
Comparing the auto sales in April 2022 with that of April 2019 FADA President Vinkesh Gulati said the sector is still not out of the woods as overall retails were down by minus six per cent. Apart from PV (passenger vehicle) and tractors which grew handsomely by 12 per cent and 30 per cent, two/three wheelers, commercial vehicles are yet to turn green as these categories were down by minus-11 per cent, 13 per cent and 0.5 per cent, respectively, Gulati said.
Imran lied to IMF on petrol, diesel prices
Ismail said former Khan's government had promised the IMF to impose 17 per cent general sales tax (GST) and 30 PKR levy on petrol and diesel prices, reports Samaa TV. "They (the PTI government) promised the IMF it won't bear the loss on petrol and diesel prices. But today, (the country) is losing 70 PKR on diesel."
US Fed raises interest rates by half point, sharpest hike in 22 yrs
The Federal Open Market Committee (FOMC), the Fed's policy-making body, decided to raise the target range for the federal funds rate to 0.75 to 1 per cent, the Fed said in a statement issued on Wednesday after a two-day policy meeting. According to the statement, the committee also decided to begin reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities on June 1
LIC IPO Day 1: 67% issue subscribed; policyholder, employee portion oversubscribed
The LIC policyholders led the initial share of buying in the insurance major's IPO as they subscribed 1.99 times the portion reserved for them. The LIC employees' reserved portion has been subscribed 117 per cent, while the retail investors' portion has been subscribed 60 per cent, as per reports.
ATGL's revenue from operations at Rs 3,206 crore in FY22, increase of 80%
The financial highlights for FY22 ATGL's revenue from operations increased by 80 per cent to Rs 3,206 crore with an EBITDA of Rs 815 crore, up by 9 per cent. The company reported PBT (profit before tax) of Rs 679 crore, up by 8 per cent, PAT (profit after tax) at Rs 505 crore, up by 7 per cent and consolidated PAT at Rs 510 crore, up by 10 per cent.
Rate hike good for banking sector as risk getting re-priced: SBI report
"The situation is different than during the global financial crisis wherein the lending started increasing aggressively much before the rate hike cycle began (March 2010 till October 2011)," said Soumya Kanti Ghosh, Group Chief Economic Advisor, State Bank of India. Currently, the rate hike cycle has begun and now bank lending will increase factoring in the risk.
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