BUSINESS
Lower underwriting loss, higher investment income, GIC Re posts Rs 3,749 crore PAT
According to GIC Re, the net profit for the nine month period was Rs 3,749.15 crore as compared to Rs 210.34 crore logged during the corresponding period of the previous year. The company's gross premium for the nine months ended December 31, 2022 was Rs 29,221.85 crore as compared to Rs 32,904.65 crore for the period ended December 31, 2021.
IIHL says it is batting for higher value for stakeholders in Reliance Capital case
The IIHL said there is no bar on multiple rounds of challenge mechanism to arrive at a higher valuation for a company and the the Adjudicating Authority has committed grave error of jurisdiction in interfering with the commercial decision of Committee of Creditors (COC) which has found the offers/resolution plans as sub-optimal.
Over a third of urban Indians claim decrease in disposable income in last 12 months
In India, more consumers report a decrease than increase in their disposable income in the past 12 months. There is a less pessimistic view on future disposable income. Fewer expect a fall in disposable income in the next 12 months as compared to the past (31 per cent), more expect an increase (26 per cent), and just as many.
Sitharaman holds virtual meeting with IMF chief
India will continue to support the ongoing efforts for orderly and timely implementation of the common framework, the Minister said during the meeting. Along with addressing debt vulnerabilities, Sitharaman and Georgieva also discussed the role of IMF and other relevant international organisations to develop a globally coordinated approach on the regulation of crypto assets.
RBI's 25 bps rate hike to increase home loan EMI
The RBI on Wednesday announced a 25 bps hike in repo rate to 6.5 per cent -- the rate at which RBI lends to banks -- in an attempt to reign in the inflation. The repo rate hike will in turn make the lenders to increase their lending rates. On a typical loan, a 25 bps hike will increase the EMI approximately by Rs 16 per lakh. A typical EMI for a Rs 30 lakh loan.
User fee collection at toll plazas rises to Rs 34,742 crore in 2021-22
With implementation of FASTag System, traffic congestion at fee plazas has been reduced significantly. Further, in order to reduce any congestion along National Highways, the NHAI is working on feasibility of barrier-less toll collection system based on advanced technologies such as Global Navigation Satellite System (GNSS), Video based MultiLane Free Flow System, etc.
Aero India 2023: Rajnath Singh to chair aerospace, defence industries CEOs round table
The platform, with theme "Sky is not the limit: Opportunities beyond boundaries", is expected to lay the foundation of a more robust interaction between the industry partners and government with an eye on bolstering the Make in India campaign, a Ministry statement said.
Top players showcase next gen EV models at Hyderabad E-Motor Show
Leading automobile/component brands including Apollo, Mahindra, Amara Raja, Citroen, TVS, ETO Motors, Ola, MG Motor, Switch Mobility, Piaggio, BYD, Hyundai, and ZF among others are participating in the three day show at Hitex Exhibition Centre. Telangana Industries and Commerce Minister K.T. Rama Rao inaugurated the E-Motor Show organised as part of Hyderabad E-Mobility Week.
Zypp Electric raises $25 mn led by Gogoro, to expand EV fleet to 2 lakh
With the new funds, Zypp aims to increase its fleet size from 10,000 to 200,000 electric vehicles and expand its footprint to 30 cities in India by 2025. The round is a mix of $20 million in equity and $5 million in debt. The $20 million equity round also saw participation from Goodyear Ventures, 9Unicorns, WFC, Venture Catalysts, LetsVenture, IAN, Ivygrowth, Grip.
No coal shortage in country, says Centre
In the current financial year up to January 2023, the country has produced about 698.24 million tonnes of coal as against 602.49 million tonnes produced during the same period of last year, with a growth of about 16 per cent, Coal, Mines and Parliamentary Affairs Minister Pralhad Joshi told the Lok Sabha in a written reply to a question on coal supplies.
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