The Enforcement Directorate (ED) has uncovered "multiple irregularities" in the operations of TASMAC, the state-run monopoly controlling liquor trade in Tamil Nadu. The agency found evidence of "manipulation" in tender processes and "unaccounted" cash transactions worth Rs 1,000 crore through distillery companies. The ED alleges that these irregularities involved "kickbacks" to secure increased supply orders from TASMAC and systematic inflation of expenses by distillery companies to siphon off unaccounted cash.
Tata Motors on Wednesday reported a 22 per cent fall in consolidated net profit to Rs 5,578 crore for the third quarter ended December 2024, impacted by s decline in revenue from its passenger and commercial vehicles divisions. The company had posted a consolidated net profit of Rs 7,145 crore in the same quarter last fiscal, Tata Motors said in a regulatory filing.
Inflows into equity mutual fund (MF) schemes declined for the third month in a row in March even though the equity market recovered sharply. Equity MF schemes raked in a net Rs 25,082 crore in March, down 14 per cent from February.
rediffGURU Kanchan Rai, founder of the Let Us Talk Foundation, offers career advice on how to deal with a competitive colleague in a professional manner.
Riding on new launches, Japanese auto major Honda is set for over 62 per cent growth in its sales in India this year at around 1.8 lakh units.
Leading up to Valentine's Day on February 14, quick-commerce platforms like Blinkit and Swiggy Instamart have witnessed a phenomenal uptick in the sales of products related to the occasion, such as roses and chocolates. Meanwhile, e-commerce giants like Amazon and Flipkart have gone live with their respective Valentine's Day sale events, offering generous discounts on products. Sales of chocolates and roses on Zomato-owned Blinkit shattered previous records at the beginning of this year's Valentine's Day week, on February 7, which is celebrated as Rose Day.
The $22.8 billion CK Hutchison ports deal intensifies geopolitical tensions between the US and China. Chinese media has already called it 'a betrayal of all Chinese people'. Shyam G Menon explains how the proposed sale will reshapes global trade infrastructure.
Retail sales of overall vehicles in India grew by 15.28 per cent to 2,11,20,441 units in 2022 led by record sales of passenger vehicles and tractors, Federation of Automobile Dealers Associations (FADA) said on Thursday. In 2021, total retail sales of vehicles in India were at 1,83,21,760 units, FADA said in a statement. Two-wheelers retail sales stood at 1,53,88,062 units last year, a growth of 13.37 per cent from 2021 when sales stood at 1,35,73,682 units.
The demand for buses largely remained robust in 2023, driven by the increasing need for public mobility and replacement. Ashok Leyland Limited (ALL) recorded a 64 per cent year-on-year increase in sales of medium and heavy commercial vehicle (MHCV) buses during the April-to-December period of 2023 to 11,216 units. Volvo Eicher Commercial Vehicles (VECV) posted 24.7 per cent sales growth between April and December for light and medium-duty buses, and 36.9 per cent growth for heavy-duty buses.
Mercedes-Benz India is aiming to post double-digit growth in sales volume during 2024 as it plans to launch over 12 car models during the year, says its managing director and CEO Santosh Iyer. The German carmaker, which leads the luxury car market in the country, recorded 10 per cent year-on-year (Y-o-Y) growth to 17,408 units in 2023. "For 2023, we always said that the growth would be in double digits.
About 99,165 electric cars were sold in India in 2024, but electric car penetration -- share of electric car sales in total sales -- was just about 2.5 per cent.
Reliance Industries Ltd on Friday reported a 2.4 per cent rise in its March quarter net profit as store rationalisation in retail business and improved margins in telecom helped offset weakness in mainstay oil and petrochemicals business and higher finance cost. Consolidated net profit of Rs 19,407 crore, or Rs 14.34 per share, in January-March - the fourth quarter of April 2024 to March 2025 fiscal (FY25) - was higher than Rs 18,951 crore, or Rs 14 a share, in the same period a year back, the company said in a statement.
Housing sales rose 36 per cent year-on-year to a record 120,280 units across seven major cities during the July-September period on robust demand amid stable mortgage rate, according to Anarock. Housing sales stood at 88,230 units in the year-ago period across the seven major cities. Releasing the data, real estate consultant Anarock said average housing prices across the seven cities grew 11 per cent annually in the July-September period this year.
Even as concerns grow over the residential real estate market reaching its peak, the outlook for office real estate remains strong, with listed real estate investment trusts (Reits) standing to benefit from sustained demand in the segment.
The trigger for international gold prices rising to $3,000 per ounce was Germany's upcoming heavy government borrowing.
'Ensure that all property-related documents are up-to-date.' 'Relying on outdated documents can create legal complications.'
'Currently, EVs are about 30-50 per cent more expensive than ICE vehicles. I believe the inflection point for EVs will come when this price gap narrows to 20-25 per cent. That's when people will start coming in.'
The past 18 months have seen a resurgence in the real estate industry, with developers regaining the ground lost to the Covid-19 pandemic. But it is once again adding inventory at a pace faster than sales. The industry's inventory rose by 28 per cent year-on-year (Y-o-Y) in H1FY24, com-pared to a 25.5 per cent year-on-year increase in net sales during the same period.
Mahindra & Mahindra (M&M) delivered a stronger-than-expected operational performance in the October-December quarter (Q3) of 2024-25 (FY25), driven by solid growth in its automotive (auto) and farm equipment segments. Higher volumes improved operating leverage, expanding margins.
High frequency indicators, like vehicles sales, air traffic, steel consumption and GST E-way bills, point towards a sequential pickup in momentum of economic activity during the second half of the fiscal 2024-25 and sustain moving forward, RBI Bulletin said on Wednesday. However, a strong dollar, driven by US economic resilience and trade policy pivots, could exacerbate capital outflows from emerging economies, push risk premiums higher, and intensify external vulnerabilities, said an article on 'State of the Economy' published in RBI's February bulletin.
India's services PMI marginally dipped to 58.4 in November while employment in the segment recorded robust growth, a monthly survey said on Wednesday. The seasonally adjusted HSBC India Services Business Activity Index was down marginally to 58.4 from 58.5 in October as sales increased at a softer pace. Last month, the country's services PMI recovered from its 10-month low.
'Expect FPIs to continue selling for several months until the rupee stabilises.'
Housing finance major HDFC on Monday reported a 16 per cent growth in standalone net profit to Rs 3,700 crore for the January-March quarter, helped by record loan sales on the back of benign interest rates and the resultant fall in cost of funds along with the near-total repayments that culled provisions and credit costs. For the full year, the company, which is working on a reverse merger with its banking subsidiary, has booked a net profit of Rs 13,742 crore, up from Rs 12,027 crore in FY21, vice-chairman and chief executive Keki Mistry said on Monday in an earnings call with analysts. On a consolidated basis, net profit for the quarter surged 21.6 per cent to Rs 6,892 crore on-year and for the full year it jumped 21 per cent to Rs 22,595 crore, Mistry said and guided towards better days.
Amid slowing volume sales among India's major automakers, Toyota Kirloskar Motor (TKM) has defied the trend with strong growth, driven by demand for hybrid vehicles and a reliable product line up. The company expects this momentum to continue in 2025. "The overall response to our cars has been fabulous. So, we foresee the same momentum in 2025 as well," Sabari Manohar, vice-president, sales-service-used car business, TKM, said.
Tata Motors is the leader in the electric car market with about 62 per cent share.
The BSE Realty index-a gauge of real estate stocks-rose 4.2 per cent on Monday, extending its two-day advance to 7.8 per cent. The latest gains came on the back of robust sales posted by realty developers in the March quarter of financial year 2022-23 (Q4FY23). On Thursday, the rate-sensitive index had gained 2.9 per cent following the Reserve Bank of India's decision to pause interest rate hikes in its latest monetary policy review.
A sharp correction in stock prices, signs of rural recovery, and lower raw material costs have not been enough to change brokerages' cautious stance on the top-listed paint companies. Concerns over rising competition and weak demand continue to weigh on sentiment.
Life insurers shifted their focus to selling high-value policies in October as the transition to new surrender value norms, effective October 1, limited their ability to roll out all products in their portfolio. This led to a 40 per cent year-on-year (Y-o-Y) drop in the number of policies sold in October. Additionally, distributors engaged in a fire sale of policies in September due to uncertainty about the impact of the new norms on their commission structures.
Kane was confirmed as a Bayern Munich player on Saturday after weeks of wrangling between the clubs.
Adani Wilmar on Monday posted over twofold jump in consolidated net profit at Rs 410.93 crore for December quarter 2024-25 on strong edible oil sales. The company had logged a net profit of Rs 200.89 crore in the year-ago period.
The five initial public offerings (IPOs) that closed on Monday attracted cumulative bids worth Rs 1.4 trillion against Rs 2,909 crore they were looking to raise. These offerings were subscribed between 11 and 195 times. Mamata Machinery, a limited manufacturer of machines used for making plastic bags, saw the highest oversubscription at 195x.
All that you must know about the pros and cons of gift deeds, tax implications, essentials, documents required, conditions, etc...
Samsung is losing the race in India's premium smartphone market as rival Apple continues to increase its dominance in the segment, driven by robust iPhone sales and festival season discounts. Shortly after Apple CEO Tim Cook announced an all-time revenue record in India yet again for the September quarter, the company recorded its best-ever quarter of shipments at four million units in the third quarter of calendar year 2024 (Q3CY24), led by the iPhone 15 and iPhone 13, according to a report by the International Data Corporation (IDC).
The Real Effective Exchange Rate (REER) of the rupee moderated in December to 107.20 after hitting a peak of 108.14 in November, latest data released by the Reserve Bank of India (RBI) showed. The REER was 103.66 in January 2024. The rupee depreciated around 3 per cent against the dollar in 2024.
India's smartphone market grew by three per cent year-on-year (Y-o-Y) in volume in the third quarter (Q3) of calendar year 2024, while its value surged by 12 per cent Y-o-Y to reach an all-time record for a single quarter, according to a report by research firm Counterpoint. The value growth was driven by an ongoing premiumisation trend, while the increase in volume was driven by an earlier onset of the festival season compared to the previous year.
After a strong show during the September quarter (Q2FY25) and favourable demand conditions, going ahead, the country's largest player in the room air conditioner segment, Voltas is well placed to improve its market share. Expectations of record volumes in FY25 for the sector and the company's strategy of prioritising market share over margins could help the leader expand share in the room AC segment.
As the Union Budget 2025-2026 (FY26) inches closer, the Indian real estate industry is seeking stamp duty cuts, revised home loan limits and updated affordable housing norms through Pradhan Mantri Awas Yojna (PMAY), single-window clearance and eco-friendly policies, among others. Industry leaders and consultancy firms, including Anarock, Raheja, Gaurs, Kanodia Group, Reach, Urban Space, Justo and Eros Group, have shared their expectations.
Maaza, a desi mango fruit-based drink owned by Coca-Cola, has touched the milestone of becoming a billion-dollar brand in 2024, its Chairman and CEO James Quincey has said.
On Monday, Maruti Udyog Limitedposted 5.6 per cent increase in domestic car sales for March 2007, selling 64,556 vehicles as compared to 61,141 vehicles in the year-ago period.
A lower risk appetite among investors has driven gold, traditionally a safe-haven asset, to record highs so far this year. Fuelled by geopolitical tensions in West Asia, robust demand from central banks - particularly in Asia - and US President Donald Trump's tariff volleys, spot gold touched an all-time high of $2,956 per ounce on February 24 in the international markets.
