Future Consumer, a part of the beleaguered Future Group, on Monday said it defaulted on payment of principal and interest amount of Rs 6.4 crore due on unlisted debt securities. The type of instruments included secured, redeemable and non-convertible debentures, and May 15 was the date of the default, the company said in a regulatory […]
By Nayan Dave Asia’s biggest ship recycling yard situated at Alang on the western coast of Gujarat is witnessing an antithetical situation as ship breakers here have dismantled higher numbers of ships during the year 2021-22, but they could handle nearly 3.5 lakh less tonnage compared to previous year. As per the data of Gujarat […]
Amazon India will create 2 million jobs in the country, enable $20 billion in exports (the double of its earlier target) and digitise 10 million MSMEs by 2025, the company said on Sunday. In the last one year, Amazon helped create over 135,000 jobs across industries such as information technology, e-commerce, logistics, manufacturing, content creation […]
By NAYAN DAVE Gujarat Chief Minister Bhupendra Patel on Friday inaugurated a state-of-the-art Common Facility Centre (CFC) equipped with the latest machinery at India’s biggest jewellery manufacturing cluster developed in and around Rajkot. The first-of-its-kind CFC facility in the country is conceptualised and implemented by Gems & Jewellery Export Promotion Council (GJEPC), to provide small-scale […]
State Bank of India (SBI) on Friday reported a 41% year-on-year (y-o-y) rise in its fourth quarter net profit to Rs 9,113.53 crore, as improving asset quality helped the lender cut down on provisions. Growth in core income also supported the bank’s quarterly performance. Net interest income (NII), or the difference between interest earned and […]
Poonawalla Fincorp, earlier Magma Fincorp, on Friday reported a consolidated profit after tax (PAT) of Rs 118.9 crore for the quarter ended March 2022. The NBFC had posted a loss of Rs 647.7 crore in Q4FY21. Revenues declined by 10.6% year-on-year to Rs 512.2 crore, while the firm’s assets under management (AUM) for FY22 rose […]
RBL Bank on Thursday said it is close to tying up tier-II funding worth $100 million in the next few days. The fund-raise will improve the bank’s capital ratio by approximately 1%. The lender’s capital to risk-weighted assets ratio (CRAR) stood at 16.8% as on March 31, 2022, down from 17.5% a year ago. The […]
Amid a crash in recovery by financial creditors in the March quarter, the Insolvency and Bankruptcy Board of India (IBBI) held a meeting with potential investors and law firms like Shardul Amarchand Mangaldas on Wednesday, to brainstorm ways to boost resolution proceeds. The meeting was chaired by new IBBI chairman Ravi Mittal, sources told FE. […]
Industrialist Sajjan Jindal-led JSW Infrastructure has invested about Rs 1,300 crore to set up a fully-mechanized terminal at Paradip Port Trust in Odisha, which commenced operations today. The terminal, Paradip East Quay Coal Terminal, has an annual coal handling capacity of 30 million tonne, the company said in a statement. The coal terminal has been […]
The Indian industry should take the lead in joining the race for the net-zero campaign, Pawan Munjal, vice-president at the Confederation of Indian Industry (CII), said on Wednesday. He added that businesses must commit to carbon emission mitigation through the fine targets over a period of time and evolve strategies to achieve them. ”We meet […]