In a significant development, the state-owned Oil and Natural Gas Corporation (ONGC) has commenced oil production from its long-awaited flagship deep-sea project in the Krishna Godavari basin in the Bay of Bengal. This milestone marks a crucial step towards reversing the years of decline in output for the company. Inauguration of Oil Production ONGC announced […]
Read MoreONGC Videsh Ltd, the overseas investment arm of India’s state-owned Oil and Natural Gas Corporation, has formed a wholly-owned subsidiary named OVL Overseas IFSC Ltd in GIFT City, Gujarat. This entity in GIFT City will serve as the global treasury center, managing treasury operations for OVL and its 25 subsidiaries across 15 countries. Treasury Operations […]
Read MoreTata Consultancy Services (TCS), India’s leading IT company, addressed concerns regarding employee transfers, emphasizing that mobility is a fundamental aspect of their employment contracts. This statement comes amidst allegations of ‘forced’ transfers and a formal complaint filed against the company by the IT workers union Nascent Information Technology Employees Senate (NITES) with the Ministry of […]
Read MoreThe festive season in India, characterized by numerous festivals and weddings, typically marks the country’s peak spending period. However, the third quarter of 2023 presented a mixed bag for consumer businesses, with subdued growth observed across various sectors. Slowdown in Discretionary Spending Contrary to the spectacular celebrations witnessed in 2022, the festive fervor waned in […]
Read MoreCanada-based Brookfield is set to acquire the Indian business of American Tower Corporation (ATC) in a landmark deal valued at USD 2 billion, as announced on Friday in New Delhi. The transaction, subject to regulatory approvals, is anticipated to be finalized in the latter half of 2024. Deal Details The Data Infrastructure Trust (DIT), an […]
Read MoreIndian e-commerce is witnessing not just growth but also a significant expansion across geographical regions and income segments. A recent report by BofA Securities highlights the increasing participation of mass consumers in the e-commerce ecosystem, presenting distinct preferences compared to affluent consumers. Preferences and Shopping Behavior According to the BofA report, mass consumers prioritize factors […]
Read MoreMahindra Group, in collaboration with global institutional investor Ontario Teachers’ Pension Plan Board, has co-sponsored an infrastructure investment trust (InvIT) dedicated to the renewable energy sector in India. Named Sustainable Energy Infra Trust (SEIT), this InvIT holds assets totaling 1.54 GW in India’s renewable energy space. The initial offer of units raised primary capital of […]
Read MoreThe Supreme Court made a significant decision on Wednesday, revoking the bail granted to former DHFL promoters Kapil Wadhawan and his brother Dheeraj in connection with a multi-crore rupees bank loan scam case. Justices Bela M Trivedi and S C Sharma, comprising the bench, stated that both the high court and the trial court erred […]
Read MoreFinancial Performance Overview Kotak Mahindra Bank Ltd announced its financial results for the third quarter of FY24, closing with an after-tax profit (PAT) of Rs 3,005 crore. This figure marks a notable increase from about Rs 2,792 crore recorded in Q3FY23, as stated in a regulatory filing. Key Highlights The Q3FY24 results include a provision […]
Read MoreKorean automaker Kia has unveiled the 2024 Kia Sonet, marking the facelift version of its popular SUV. The updated Sonet boasts a revamped design, enhanced features, and offers three distinct powertrain options. Facelift Overview The 2024 Kia Sonet facelift represents the first significant upgrade for the SUV since its introduction in 2020. While the exterior […]
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