BUSINESS
Adani Ports Boosts Marine Fleet with $185 Million Acquisition of 80% Stake in Astro Offshore
According to Ashwani Gupta, Whole-Time Director and CEO at APSEZ, "The acquisition of Astro is in line with our strategy to become one of the largest global marine operators. Our existing fleet of 142 tugs and dredgers will increase to 168 vessels with the integration of Astro's 26 OSVs."
India’s Core Sector Sees Growth Surge to 6.1% in July
However, Base Metals did well with the Index of Eight Core Sector Industries, which essentially gauges the output of cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel that account for 40 percent of the Index of Industrial Production, or IIP. In July, steel output reached a three-month high of 7.2 percent against 6.7 percent last month.
PM Modi: Policy Reforms and Angel Tax Removal to Boost Fintech Sector
Addressing the Global Fintech Fest-2024, co-organized by the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council, Modi hailed the fintech companies as facilitators of democratic financial services. He said the sector had seen investments worth $31 billion over the last decade and has so far achieved an in-depth reduction in shadow economy.
Nifty Expected to Hit 26,820 Within a Year, According to Latest Report
In a recent report, Prabhudas Lilladher said it has upgraded its Nifty EPS estimates on the index space that continues to do well without rest. It is re-valuing the target upwards at 19 times of the 15-year average PE multiple and our EPS estimate of Rs. 1,411 for March 26.
IndiGo to Resume Operations at Delhi Airport’s Terminal 1 Starting September 2
The terminal's closure saw it advance into an extensive renovation under the Delhi International Airport Limited's Phase 3A expansion project.
India's E-Commerce Payments Expected to Exceed $292 Billion by 2028, Report Reveals
The outlook for e-commerce payments in India, on the other hand, is pretty good due to a range of government initiatives like 'Make in India' and 'Startup India'. Added to this is the surge in the number of online shoppers.
SpiceJet to Temporarily Furlough 150 Cabin Crew Members for Three Months
The budget airline is currently operating with a reduced fleet due to financial difficulties, legal issues, and problems with lessors. The airline now has around 22 aircraft in operation.
Balkrishan Goenka's Family Trust Sells 3.9% Stake in Welspun Living for Rs 781 Crore
The family trust of Goenka, Welspun Group Master Trust sold 3,80,81,706 shares, translating into a 3.92% stake in Welspun Living, according to the block deal data on National Stock Exchange.
Zepto Secures $340 Million in Funding, Achieves $5 Billion Valuation
With this new funding, Zepto’s valuation has surged by nearly 40%, rising to $5 billion from $3.6 billion in June, when it raised $665 million in its Series F round. The firm has raised over $1 billion in 2024, $1.2 billion in the past 12 months, and more than $1.5 billion since its inception.
LIC Delivers Additional Rs 3,662 Crore Dividend to Government
LIC had earlier declared an interim dividend of Rs 2,441.45 crore on March 1, taking the total dividend paid to the government for the fiscal year 2023-24 to Rs 6,103.62 crore. Additional Secretary, Department of Financial Services, M.P. Tangirala and senior officials of LIC were also present at the occasion. Turning 68 years since its incorporation, LIC recorded an asset base of more than Rs 52.85 lakh crore as on March 31, 2024.
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