India’s stock market is booming, and its value has ballooned so much that it overtook Hong Kong’s on Monday, Bloomberg reported. The total value of shares on Indian exchanges hit $4.33 trillion at Monday’s close, compared to Hong Kong’s $4.29 trillion, according to data compiled by Bloomberg, making it the fourth largest stock market in the world. India passed the $4 trillion...
Business
Air India Express will have fleet of 180 aircraft by end of 2028: CEO Aloke Singh
Air India Express, the low-cost carrier of the Tata Group, plans to increase its fleet size from the current 64 aircraft to 180 by the end of 2028, the company’s managing director Aloke Singh said. “Air India Express will take delivery of three new aircraft every month and one additional aircraft every other month in 2024, and our five-year plan...
25 crore people lifted out of poverty by Modi govt: Sarbananda Sonowal
More than 25 crore Indians have been pulled out from poverty during the nine and half years of the BJP-led NDA government under the leadership of Prime Minister Narendra Modi, said Union Minister Sarbananda Sonowal. Speaking at a public gathering in Kendrapara district on Friday, the Union Minister of Ports, Shipping and Waterways and Ayush said Modi’s dynamic and inspiring...
Supreme Industries Q3 profit rises 22 pc to Rs 256.17 cr
Plastic products maker Supreme Industries Ltd on Friday reported an increase of 22 per cent in its consolidated net profit to Rs 256.17 crore in the third quarter ended December 2023. The company had posted a net profit of Rs 210.03 crore in the October-December period a year ago, according to a regulatory filing. Its total revenue from operations was...
Govt disburses Rs 4,415 crore under PLI scheme; low job creation a concern
About Rs 1,515 crore was disbursed in FY24 till October, while it was Rs 2,900 crore in 2022-23, when payments under the scheme commenced. The government in 2021 announced PLI schemes for 14 sectors with an outlay of Rs 1.97 lakh crore. “Incentive amount of around Rs 4,415 crore disbursed under PLI Schemes for eight sectors including large-scale electronics manufacturing,...
Adani Group to provide 350 sq ft flats in Dharavi slums, 17% larger than typical projects
Adani Group announced its commitment to provide new 350 sq ft flats to eligible residents of the Dharavi slum clusters. Engaged in the redevelopment of Dharavi slums in partnership with the Maharashtra government, the Adani Group emphasized that the size of these flats is “17 per cent more” than those typically offered in slum redevelopment projects on January 16. The...
Sensex closes at lifetime high, touches 73,327 points; Nifty at 22,097
The Indian stock market on Monday hit its lifetime high as IT stocks continued to rally till markets closed. With better than expected results of HCL Technologies and Wipro on Friday, Sensex crossed the 73,300 point mark for the first time. The NSE Nifty 50 index added 0.93% to 22,097.45 points, while the S&P BSE Sensex climbed 1.05% to 73,327.94....
ONGC makes 2 consecutive natural gas discoveries in Mahanadi basin block
State-owned Oil and Natural Gas Corporation (ONGC) has made two significant back-to-back natural gas discoveries in a Mahanadi basin deepwater block in the Bay of Bengal as its calculated game plan of venturing into high-risk deep water exploration starts yielding results. The firm made the discoveries in the block MN-DWHP-2018/1, which it had won in the third round of auction...
Sensex Hits All-Time High Of 72,600, Nifty Surges Over 200 Points
India’s blue-chip indexes, Nifty and Sensex hit fresh all-time highs today, led by gains in IT services firms after their results and commentary exceeded expectations, alleviating concerns about weak demand. The NSE Nifty 50 added 1.22 per cent to 21,911 points, while the S&P BSE Sensex climbed 1.31 per cent to 72,661, as of 12.36 pm. Shares of Tata Consultancy...
NASA Says There’s No Evidence of Drug Use at Elon Musk’s SpaceX
Elon Musk’s SpaceX isn’t in violation of workplace rules on alcohol and drugs that could jeopardize the rocket launch and satellite service provider’s government contracts as far as NASA is aware, according to the space agency. “The agency does not have evidence of non-compliance from SpaceX on how the company addresses the drug- and alcohol-free workforce regulations,” the National Aeronautics and Space...
I-T dept found unaccounted sales of Rs 1,000 cr during raids against Polycab
The Income Tax department has detected “unaccounted cash sales” of about Rs 1,000 crore after it recently raided the Polycab group, a prominent wires, cables and electrical items manufacturer, the CBDT and official sources said on Wednesday. Unaccounted cash of more than Rs 4 crore was seized and more than 25 bank lockers were put on restraint after the searches were launched...
Paytm to invest Rs 100 cr. in GIFT City to build global financial ecosystem
One97 Communications that owns Paytm announced on Wednesday that it will invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem. This announcement came ahead of the Vibrant Gujarat Global Summit 2024, scheduled to be inaugurated by Prime Minister Narendra Modi on January 10. The company said that it would make the investment over a...