BUSINESS
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May- 2022 -4 May
Amazon aims to log $20 billion worth exports from India by 2025
E-commerce giant Amazon on Wednesday announced it now aims exports worth $20 billion from India by 2025, thus doubling its goal. In 2020, Amazon pledged to enable $10 billion in cumulative exports from India by 2025. The company said that cumulative exports by the Indian micro, small and medium enterprises (MSMEs) via its ‘Global Selling’ programme are currently on track to surpass the $5 billion milestone. The programme took about three years to enable the first billion dollars, and the last two billion dollars have come in just 17 months, Amazon said during the ‘Exports Digest 2022’ event. “Enhancing the export potential of Indian MSMEs is a key government priority and efforts are being made to support Indian MSMEs for…
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4 May
Tata Steel announces 10:1 stock split; dividend of Rs 51
Tata Steel, which is one of the top global steel majors with an annual crude steel capacity of 34 million tonnes per annum, reported a little over 37 per cent jump in its net profit for the quarter ended March 31, 2022. Further, the board of the company announced a dividend of Rs 51 per share while also recommending a 10:1 stock split. For the fourth quarter ended March 31, 2022 (Q4FY22), the steel major registered a consolidated net profit of Rs 9,835 crore, which is 37.32 per cent higher than the Rs 7,162 crore profit witnessed in the corresponding quarter of the previous fiscal. For the financial year 2021-22, the company clocked a net profit of Rs 41,749 crore,…
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3 May
56% Hyderabadis invest in mutual funds: Groww
There has been a growth in investors looking to invest in mutual funds, stocks and IPOs and Hyderabadis seem to have joined the bandwagon. As per a new survey by an investment platform, more than half of investors in Hyderabad prefer investing in mutual funds and the rest are betting big on stocks and investing through IPOs. Investment platform Groww on Monday revealed that the platform has received significant interest from young investors in Hyderabad and Telangana and it has around 13,85,623 users in the State, of which 56 per cent are based in Hyderabad. Interestingly, 22.85 per cent of users are in the age group of 25-30 years on Groww’s platform, while 19.24 per cent of users in Hyderabad…
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3 May
India gets its 100th unicorn in neobank platform Open
India on Monday welcomed its 100th unicorn, which is Bengaluru-based neobank platform Open, that raised fresh funds as part of its Series D round, taking its valuation to $1 billion. The new round was led by Mumbai-based investment firm IIFL and existing investors Tiger Global, Temasek and 3one4 Capital also participated in the round, the company said in a statement. “We see a lot of synergies with IIFL especially on leveraging the lending book, as we are getting ready to launch innovative products like revenue-based financing, early settlement, working capital loan and business credit cards to SMEs on our platform,” said Anish Achuthan, co-founder and chief executive of Open. The neobank platform is being used by more than 20 lakh…
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2 May
GST rules explained for MSMEs | All you need to know
Acasual discourse about the direction of the Indian economy would always include within its purview the burgeoning rise of MNCs. The MSMEs have never been the cynosure of all eyes; they’ve always been underestimated in their value and contributions.msme latest news However, data from the MSME ministry suggests that India has over 6.3 crore micro, small and medium enterprises (MSMEs), which generate roughly 29 per cent of the country’s gross domestic product (GDP) through domestic and foreign trade. MSMEs ARE BACKBONE OF INDIAN ECONOMY Unquestionably, MSMEs are the backbone of the Indian economy, and therefore, the need to assist them to operate seamlessly is important. Its significance and impact on the Indian economy are often taken for granted. Considering the…
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2 May
HDFC’s earnings beat Street estimates on robust loan disbursements
Housing Development Finance Corporation (HDFC) on Monday reported 16.4 percent jump in net profit for the January-March period, beating Street estimates. The mortgage lender saw robust growth in disbursements boosted by strong demand for home loans, as indicated by the management earlier in the day.© Provided by CNBCTV18Street gives a thumbs-up to HDFC’s better-than-expected show as asset quality improves The company reported a 13.2 percent year-on-year increase in net interest income — the difference between interest earned and interest paid. The top line also came in ahead of analysts’ expectations.© Provided by CNBCTV18Street gives a thumbs-up to HDFC’s better-than-expected show as asset quality improves HDFC shares built on to the day’s gains after the earnings announcement, rising by as much as Rs 38.6…
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1 May
Tata Motors looks to drive in multiple EVs for buyers across segments
Tata Motors is looking to drive in a range of electric vehicles across various price points with multiple body styles and features in order to cater to a wide range of customers across segments, as per a top company official. The homegrown auto major, which currently leads the domestic electric passenger vehicle segment by a distance, plans to cater to different sets of customers with products from its three distinct platforms. The company has gone ahead with a three-pronged approach for EV architecture. With first-generation products like Nexon EV and Tigor EV, the company has been able to bring in one set of customers, while the recently showcased SUV coupe concept CURVV is expected to bring in another set of…
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1 May
Tata Motors looks to drive in multiple EVs for buyers across segments
New Delhi: Tata Motors is looking to drive in a range of electric vehicles across various price points with multiple body styles and features in order to cater to a wide range of customers across segments, as per a top company official. The homegrown auto major, which currently leads the domestic electric passenger vehicle segment by a distance, plans to cater to different sets of customers with products from its three distinct platforms. The company has gone ahead with a three-pronged approach for EV architecture. With first-generation products like Nexon EV and Tigor EV, the company has been able to bring in one set of customers, while the recently showcased SUV coupe concept CURVV is expected to bring in another set…
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