Business - The Purbottar

17 Jul

Mahindra launches the new ‘Bolero Neo’

editor0 CommentsBusinessBusiness

Mahindra & Mahindra Ltd., one of the leading automobile companies in India launched the newest member in its iconic Bolero SUV portfolio - the new ‘Bolero Neo’. Available at all Mahindra dealerships across India, the new Bolero Neo is launched at an introductory price of 8.48 Lakh for the N4 variant. With the launch of Bolero Neo, the Bolero SUV portfolio would now have the existing Bolero for the loyalist and the new Bolero Neo for the evolving customer who is looking for an SUV that is tough, authentic, go-anywhere capability yet modern and trendy. The Bolero Neo Packed with…

16 Jul

Indian economy to witness substantial slack in FY22

editor0 CommentsBusiness, IndiaBusiness, INDIANECONOMY

Reserve Bank of India (RBI) has said that there will be “substantial slack” in growth for the Indian economy, although it is poised to recover and witness positive growth in the current fiscal. The RBI Bulletin for July 2021 noted that the economy is struggling to regain the momentum of recovery that had started in the second half of 2020-21 but was interrupted by the second wave of Covid. “Even with a 9.5 per cent GDP growth in 2021-22, there will be substantial slack in the economy and demand pressures may take some more time to become evident,” it said.…

16 Jul

No fuel price hike on Friday

editor0 CommentsBusiness, IndiaFuel

Oil marketing companies kept the retail price of petrol and diesel unchanged on Friday to analyse the global oil price movement before making further revisions. Accordingly, petrol continues to be priced at Rs 101.54 a litre and diesel 89.87 a litre in the national capital. On Thursday, oil companies raised the price of petrol and diesel by 35 paise and 15 paise per litre respectively in the National capital taking the fuel rates to new highs. Across the country as well the fuel prices remained unchanged on Friday but the rates varied depending on the level of local taxes in…

15 Jul

Mastercard ban: RBL Bank’s credit card issuance to take hit, switches to Visa

editor0 CommentsBusiness, Indiabank, Business

RBL Bank said that its credit card issuance rate will be impacted post the Reserve Bank barring Mastercard Asia Pacific from onboarding new credit, debit and prepaid card customers with effect from July 22. RBL Bank, which currently issues credit cards on the Mastercard network only, said it has entered into an agreement with Visa Worldwide on Wednesday to issue credit cards enabled on the Visa payment network. The bank expects to start issuing credit cards on the Visa payment network post the technology integration, which is expected to take 8 to 10 weeks. “Our bank’s current run rate of…

15 Jul

L&T Tech Services shares zoom over 17 pc after Q1 earnings

editor0 CommentsBusiness, IndiaBusiness, l&t

Shares of L&T Technology Services (LTTS) on Thursday zoomed over 17 per cent after the company reported a massive jump in its June quarter net. At 1.54 pm, LTTS stock zoomed 17.72 per cent to Rs 3,426, with its 52-week high of 3447.35 at the BSE. L&T Technology Services on Wednesday reported an 84 per cent jump in its June quarter net at Rs 216.2 crore, largely on widening margins. The company, the engineering and research and development services arm of the infra major L&T, had posted a net profit of Rs 117.2 crore in the year-ago period. Its overall…

14 Jul

Adani Group in-charge of management Mumbai Int’l Airport after clearance from CIDCO, GoM

editor0 CommentsBusiness, IndiaBusiness

The Adani Airport Holdings Ltd (AAHL) has taken over the management control of Mumbai International Airport Limited (MIAL), India’s second busiest airport by both passenger and cargo traffic, from the GVK Group following a board meeting of MIAL held on Tuesday, as per a statement issued by its parent company Adani Enterprises Limited. This new move is in line with approvals were received from the Government of India, the City and Industrial Development Corporation (CIDCO) of Maharashtra, and the Government of Maharashtra. MIAL is India’s second busiest airport both in terms of passenger and cargo traffic. With eight airports under…

14 Jul

No fuel price hike for 2nd day in a row

editor0 CommentsBusiness, IndiaBusiness, Fuel

The oil marketing companies kept the retail price of petrol and diesel unchanged on Wednesday, the second consecutive day of no change, to analyse the global oil price movement before making further revisions. After crossing $77 a barrel, global crude prices have softened a bit with differences surfacing in oil cartel OPEC over continuation of production cuts and demand concerns over rising Covid cases in several European countries. With price pause on Wednesday, petrol continues to be priced at Rs 101.19 a litre and diesel at 89.72 a litre in the national capital. On Monday, oil companies had raised the…

14 Jul

ICICI Foundation to donate oxygen concentrators

editor0 CommentsBusinessBusiness

ICICI Foundation for Inclusive Growth (ICICI Foundation), the CSR arm of the ICICI Group, announced that it is donating over 350 oxygen concentrators to help augment critical health infrastructure in semi-urban and rural areas of the North Eastern states of the country. ICICI Foundation is providing these machines free-of-cost to sub-divisional hospitals spread across 43 districts in Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland and Sikkim. The donation is aimed at providing citizens with immediate oxygen support in the event of a medical emergency. This is part of ICICI Foundation’s initiative to donate 1800 oxygen concentrators to hospitals in the tough…

13 Jul

Power demand in India expected to grow 6 pc in FY22: Icra

editor0 CommentsBusiness, IndiaICRA

Demand for electricity in India is expected to grow 6 per cent in 2021-22 as compared to the previous fiscal year, rating agency Icra said on Tuesday. It has also estimated power generation capacity addition at 17- 18 GW for the ongoing fiscal year. “ICRA Ratings has estimated the all India electricity demand growth at 6.0 per cent for FY2022 on a year-on-year (YoY) basis, considering the favourable base effect, relatively lesser impact of the second wave on electricity demand and the pick-up in the vaccination programme,” an Icra statement said. The electricity demand slowed down during the first two…

13 Jul

Reliance Industries invests into 10,000 equity shares of RNESL

editor0 CommentsBusiness, IndiaReliance Industries

Reliance Industries Ltd said on Monday that it has invested Rs 1 lakh in cash in 10,000 equity shares of its newly incorporated subsidiary Reliance New Energy Solar Ltd (RNESL). RIL noted that RNESL is yet to commence its business operations. RNESL has been incorporated to undertake activities relating to solar energy, the company said in a regulatory filing. “It is hereby informed that the company has invested Rs 1,00,000 in cash in 10,000 equity shares of Rs 10 each of ‘Reliance New Energy Solar Ltd’ (RNESL), a newly incorporated wholly-owned subsidiary,” it said. The filing added that the investment…