China’s manufacturing overcapacity, particularly in steel, has caused global disruptions as it exports excess products at low prices. Countries like India, grappling with the influx of cheap Chinese steel, are investigating and considering extending duties to shield local industries and promote advancements in their manufacturing sectors. The issue underlines global trade tensions.
Blinkit, Zomato's quick commerce arm, is aiming to take its dark store tally to 2,000 by the end of 2026, the company said in its financial report for the first quarter of FY25. Blinkit had earlier said it was looking to reach a count of 1,000 dark stores by the end of FY25.
HDFC Bank, IDFC FIRST Bank, and ICICI Bank are among the banks that announced these revisions in the past week. Here are the changes that cardholders should know.
At the Paris Olympics 2024, Indian shuttler Lakshya Sen delivered a stunning performance, defeating Indonesia’s Jonatan Christie with scores of 21-18, 21-12. His exceptional 'behind-the-back' shot became a viral sensation, prompting humorous remarks from Anand Mahindra. Fans were impressed and shared their admiration widely.
Wayanad Landslides: The tremendous force of the impact had crushed people, often shredding them apart. Doctors had to handle body parts, sometimes only the internal organs of victims. They had to collect samples of these organs for DNA analysis to identify the victims. The doctors are working without rest and are under high mental stress as they continue to dissect the disfigured bodies of women, children, and men.
The board has approved the scheme of demerger of Tata Motors into two separate listed companies. The merger of Tata Motors Finance with Tata Capital is also underway and expected to conclude over the course of next 9 to 12 months.
NASA image: Recently, the US space agency posted a remarkable photo depicting two interacting galaxies that resemble a penguin and an egg.
Tata Motors reported a 74% YoY increase in consolidated net profit to Rs 5,566 crore for Q1 June 2024, slightly above the Street estimate of Rs 5,486 crore. Revenue rose 6% YoY to Rs 1.08 lakh crore but fell short of the estimated Rs 1.15 lakh crore. The company achieved an EBIT of Rs 9,100 crore with an EBIT margin of 8.4%, up 30 basis points YoY.
Hyundai Motor India's sales to dealers dropped 3.3% in July, the first decline in the fiscal year that started in April. Tata Motors' sales slid by 6%, dropping for the second consecutive month. Market leader Maruti Suzuki's sales fell an even steeper 9.6%, notching the first drop since December 2023.
With investor interest resurging, favorable valuations, and regulatory issues resolved, the focus was on growing financial savings through mutual funds. Insurance and asset management sectors looked positive, but preference was given to private life insurers such as SBI Life, Max Financials, and HDFC Life due to strong growth prospects and better market positioning.
On Wednesday, the US Federal Reserve maintained its key interest rate at 5.25–5.5% for the eighth consecutive time, as expected, while signaling the possibility of a rate cut in its next meeting in September. From the Nifty stocks, Power Grid Corporation, Coal India, ONGC, HDFC Bank, and Dr Reddy's Laboratories were the top gainers, rising 2-4%. On the other hand, M&M, Tata Steel, Hero MotoCorp, Britannia, and Tata Motors ended with cuts.
But I would personally prefer remaining invested because as long as the companies are performing well, whether they perform or whether they do not perform for the next two quarters, I think is fine as long as the overall trajectory in the next two to three years is probably significantly higher from here.
Supported by Reliance, HDFC Bank, and Bharti Airtel, Nifty 50 crossed 25,000, and Sensex surpassed 82,000. Both indices ended flat despite new highs.
Monsoon snacks recipe including vada pav, samosa, jalebi and more
Sharing the video, Tagore said on X, "Paper leakage outside, water leakage inside. The recent water leakage in the Parliament lobby used by the President highlights urgent weather resilience issues in the new building, just a year after completion."
India's hockey team faced their first loss at the Olympics, narrowly defeated 1-2 by Belgium. Abhishek scored first for India, but Belgium equalized and then took the lead through goals by Thibeau Stockbroekx and John-John Dohmen. Both teams have qualified for the quarterfinals, and India will next face Australia.
In Wayanad district, 177 people have died and over 200 have been injured due to massive landslides that struck two days ago. The dead include 25 children and 70 women. Rescuers have completed post-mortems on 252 bodies, with 100 identified and 92 body parts recovered. Of the 234 hospitalized, 92 are still receiving treatment.
Israeli forces confirmed the death of Hamas military leader Mohammed Deif in a Gaza airstrike. Deif, a key figure behind the deadly October 7, 2023, attack on southern Israel, had evaded numerous assassination attempts. His death follows decades of pursuit by Israel. Over 39,400 Palestinians have died since the October attack.
India's travel sector experienced a remarkable revival, with outbound tourism projected to surpass 30 million in 2024. Factors like eased COVID-19 restrictions, growing disposable incomes, and government initiatives have spurred this growth. Tour operators expected a 15-17% revenue rise this fiscal year, bolstered by domestic and international travel trends, and enhanced infrastructure.
Asian currencies were mostly higher on the day but the offshore Chinese yuan fell 0.3% to 7.24. The RBI likely sold dollars, via state-run banks, to support the rupee, traders said.
The Reserve Bank of India has approved Fairfax Financial Holdings, Emirates NBD, and Kotak Mahindra Bank as bidders for a majority stake in IDBI Bank. The Indian government and Life Insurance Corp plan to sell 60.7%. Approved bidders will receive access to IDBI Bank's private data after evaluation. Bid submissions are expected by the end of the fiscal year.
Zomato introduced a new app, District, for its going-out vertical, which includes dining, live events, and ticketing. This follows efforts to expand this business, including acquiring Paytm’s events division. The segment reported Rs 1,268 crore in the April-June quarter, a 106% rise from the previous year. Zomato aims to create 'super brands' instead of 'super apps'.
PM Narendra Modi’s proposed visit to Brazil in November for the G20 summit is expected to boost partnership with Latin America’s biggest economy and President Lula. Ahead of that, Brazil's Foreign Minister Mauro Vieira is expected to lead a mission here in August.