As per latest data from the finance ministry, around 215,000 cases are pending before DRTs till January 2024, of which 162,000 are original applications (OAs) filed under Section 19 of Recovery of Debts and Bankruptcy Act (RDB Act), 1993. RBI data showed in FY23, around 58,000 cases with amounts totalling about ₹4.02 lakh crore were referred to DRTs.
Economists warn of heatwave's impact on farm output and inflation, raising prices. Perishable foods, like vegetables, key contributors to inflation. Concerns about logistical challenges, kharif season, and reservoir levels amid weather extremes.
Maruti Suzuki India is aiming to sell about 2 million vehicles in the current fiscal, an 8.1% increase, outpacing the domestic industry. The company is betting on the launch of new models to drive growth, targeting a 10% rise in production. Maruti also plans to step up exports significantly and invest INR 1.25 lakh crore by 2030 to double output. The company's aggressive strategy aims to regain market share lost to rivals in recent years.
As per the arrangement that was uploaded on stock exchanges, Jamshyd Godrej, along with his niece Nyrika Holkar and their families, will now oversee the Godrej Enterprises Group (GEG), encompassing Godrej & Boyce and its affiliates spanning various industries. This development marks a significant change in control within the organisation.
The IMF recently revised India’s growth forecast upward to 6.8% from 6.5% projected in its January forecast. The fund also revised India’s FY24 growth outlook upward to 7.8%, higher than the government’s projection of 7.6%. “India and the Philippines have been the source of repeated positive growth surprises, supported by resilient domestic demand,” IMF said in its report.
May's IPO frenzy continues with companies raising funds despite election season volatility. Vodafone Idea FPO oversubscribed 7 times, Bharti Hexacom trading at a 52% premium. ICICI and Kotak remain positive. Ola Electric plans $1 billion IPO.
Telecom equipment manufacturing and exports have become a significant success story, aided by the government's PLI scheme. FY24 saw telecom equipment production crossing ₹45,000 crore, with exports around ₹10,500 crore and over 19,500 direct jobs created. India has shifted from being a telecom gear importer to a manufacturer, driven by Make-in-India and the PLI scheme.
AM Mining India, a joint venture between ArcelorMittal and Nippon Steel, Oaktree Capital-backed India Opportunities XII Investments, and Nirma group-backed Nuvoco Vistas Corporation submitted expressions of interest (EoIs). Naveen Jindal group company called Jindal Panther Cement, and PN Group-promoted CN Infrabuild also gave separate EoIs.
The Indian automobile industry is experiencing a surge in hiring for C-suite executives from diverse consumer-facing sectors to address a talent shortage at the top level amid a post-pandemic sales rebound. Over the past 12-18 months, senior executives from FMCG, consumer durables, and retail backgrounds have transitioned to carmakers like Maruti Suzuki, Bajaj Auto, and TVS Motor Company, traditionally known for hiring engineers and technology experts.
Tata Sons is hastening the integration of Air India and Vistara to operate as a single airline by year-end. Both airlines have initiated merging their operations manuals and transferring flying crew. This move simplifies Tata's aviation business, merging Air India and Vistara into a full-service airline and integrating AirAsia India and Air India Express into a low-cost carrier. While Air India's CEO had suggested that Vistara's brand identity wouldn't change before 2025, the merger could happen sooner.
Tata Play, India's largest DTH firm with 21 million subscribers, has intimated the Ministry of Information and Broadcasting (MIB) about the change in shareholding, according to one of the persons, who did not wish to be identified. Under the DTH rules, licence holders are required to inform the ministry about a change in shareholding or partnership or foreign direct investment pattern.
Get updates on your preferred social platform
Follow us for the latest news, insider access to events and more.
