Auto parts maker Sona BLW Precision Forgings (Sona) reported strong revenue in the fourth quarter of financial year 2023-24 (Q4FY24) as demand for electric vehicles expands. The company reported a 19 per cent year-on-year (Y-o-Y) increase in sales to beat street estimates. Sales were powered by a 34 per cent growth in the battery electric vehicle (BEV) segment and a good show in the differential gear segment.
While rising interest rates and tighter liquidity are giving negative signals for the financial sector, increasing economic activity could mean higher business volumes for lenders. Liquidity in the banking system has moved from Rs 8 trillion surplus into a deficit of Rs 33,000 crore over the 2022 calendar year. By the end of November, bank credit had grown 17.5 per cent YoY (year-on-year).
Railway Minister Suresh Prabhu announced new initiatives.
The Railways will invest Rs 1.21 lakh crore (Rs 1.21 trillion) in 2016-17.
Railway Minister Lalu Prasad Yadav presented the Railway Budget for 2005-06 in Parliament on Saturday.
Russian oil supplies to India will continue to flow unhindered and suppliers will come up with ways to sidestep secondary sanctions, a Russian official told Business Standard.
Giving a relief to exporters community, the government on Thursday said it will release Rs 56,027 crore to exporters against pending tax refunds under different incentive schemes for outbound shipments. The amount will be disbursed to more than 45,000 exporters. Briefing the media about the decision, Commerce and Industry Minister Piyush Goyal said that the Rs 56,027 crore, which is being released under various export promotion schemes, is over and above duty remission of Rs 12,454 crore for the Remission of Duties and Taxes on Export Products (RoDTEP) Scheme and Rs 6,946 crore for Rebate of State and Central Levies and Taxes (RoSCTL) Scheme already announced.
The services sector growth in India rose to a six-month high in January as new business expanded at a faster pace amid buoyant demand from domestic and external clients, a monthly survey said on Monday. The seasonally adjusted HSBC India Services PMI Business Activity Index rose to 61.8 in January, up from 59 in December, pointing to the sharpest rate of expansion in six months.
The price of non-subsidised LPG, which customers buy after using up their quota of 12 subsidised cylinders, was raised to Rs 922.50 per 14.2-kg cylinder in Delhi on July 1, the first hike in six months.
Logistic players have seen a sharp correction at the bourses over the past six months as intense competition from new-age-tech startups, higher freight rates, and weak macros dented listed players' growth outlook. Analysts warn that the emergence of tech-based startups could weigh on organised players' profit-pool, and can potentially erode their market share. Thus, a stock-specific strategy would be prudent at this juncture with focus on companies that are rapidly innovating and investing in technology.
We have only rationalised the freight rates, says the minister.
Trinamool Congress sacks minister for raising passenger fares by 8-22%.
Suresh Prabhu, the new railways minister, not only needs to save the railways from the clutches of bureaucracy and politics but also attract foreign investment to revive the once potent force.
Railway Minister Suresh Prabhu presented the Railway Budget at the Parliament on Thursday.
The shipping business is like the heaving sea -- it's up and down, observes Shyam G Menon.
Consolidation has begun, due to which some are trying to trim the business and others are seeking an exit. The situation would worsen after August 31.
The government on Friday approved an electric-vehicle policy, under which duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of $500 million, a move aimed at attracting major global players like US-based Tesla. According to an official statement, the companies setting up manufacturing facilities for e-vehicles will be allowed to import a limited number of cars at lower customs duty. The policy seeks to promote India as a manufacturing destination for EVs and attract investment from reputed global EV manufacturers, it added.
Notwithstanding robust volume growth and a strong performance from Jaguar Land Rover (JLR), Tata Motors, the country's second-largest automobile (auto) manufacturer by market capitalisation, disappointed the Street with its January-March quarter (Q4) results for 2023-24 (FY24). While consolidated revenues saw a 13 per cent increase, lower-than-expected realisations in the Indian operations weighed down overall performance.
India's exports jumped 45.76 per cent to $33.28 billion in August on account of healthy growth in segments like engineering, petroleum products, gems and jewellery and chemicals, even as the trade deficit widened to a four-month high of $13.81 billion.
The Railway Ministry is considering a hike in passenger fares in the Railway Budget 2014-15 slated to be presented by Railway Minister Sadananda Gowda in the second week of next month.
'Companies like Tesla and others have been given a long rope in India.'
Passenger tariff structure will be rationalised so that that the fares of AC first class and AC second class will be 11.5 times and 6.5 times the second-class fares, respectively.
It is a Budget 'high on promises but low on design,' the agency said.
There will be provision for a few new trains including premium and services connecting various pilgrim centres in the Rail Budget 2014-15.
Petrol price on Tuesday crossed Rs 99 a litre mark in Mumbai after oil companies raised petrol and diesel rates on surge in international oil prices. Petrol price was increased by 27 paise per litre and diesel by 29 paise, according to a price notification of state-owned fuel retailers. The hike - tenth this month - pushed petrol and diesel prices to an all-time high across the country. In Delhi, petrol rates climbed to Rs 92.85 a litre and diesel rose to Rs 83.51.
With the elections coming to an end, the Railways on Friday hiked both passenger fares and freight rates by 14.2 per cent and 6.5 per cent respectively, effective from May 20.
As Indian Railways looks to avert the crisis like last summer, preparations are under way to stock up coal at thermal power plants. Much like February and March, thermal coal movement in April was 5 per cent higher than the previous year, data from the Ministry of Railways shows. While India prepares for a hot summer this year, 48.23 million tonnes (mt) of coal for thermal power plants was ferried by Indian Railways in April. The national transporter also moved about 500,000 tonnes--18.4 per cent-- more imported coal for power plants this April than it had done last year.
A call on any passenger fare hike in trains will be taken after discussions in the Cabinet and also with Prime Minister Narendra Modi, Railway Minister Sadanand Gowda said.
Tightening Russian gas supplies to Europe has led to scramble for tankers before winter sets in.
Passenger fares and freight rates were left untouched
In August 2013, the Cabinet had given an in-principle nod to set up the authority and sent a draft note to the railways, to be discussed with the law ministry.
It has been another lost year for the Railways despite the intra-year measures to compensate for the rise in fuel costs.
There is no reason why railway fares and freight rates should not be fixed on the basis of commercial principles, as is done with other transport services.
About 50,000 truckers, most of whom are single-truck owners, could be thrown off their businesses due to the recent fuel price hike. "Already the vehicle supply on the road is higher than the requirement. "With the fuel price hike, fleet owners will look to cut down fleet size wherever needed and due to this, small single-truck owners could be at the receiving end," Ashok Goyal, managing director at BLR Logistiks (I) Ltd said. The company has a fleet of 500 vehicles of all types-small, medium and large with pan-India presence.
Plan panel Deputy Chairman Montek Singh Ahluwalia welcomed the initiative to set up a Rail Tariff Regulatory Authority for rationalising fare and freight rates, in the Railway budget.
West Bengal Chief Minister Mamata Banerjee on Monday demanded roll-back of the "unprecedented, anti-people" rail fare hike considering the problems faced by common people.
Independent, powerful tariff body the best medicine.
Analysts see a buy opportunity as gap with peers is now at 37% compared to 13% historically.
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