Economy Updates

The fires in Indian EVs have also sparked debate about India's dependency on imported auto parts that are then assembled locally A spate of high-profile battery fires is undermining India's bid to become a leader in electric vehicles, particularly in the ubiquitous two-wheelers that ply the country's traffic-clogged roads. Social media is awash with videos of battery-powered scooters in flames. Last month, a father and daughter died from smoke inhalation after their brand-new bike from Okinawa Autotech Pvt caught fire while it was charging overnight at home. In another video, an Ola Electric Mobility Pvt scooter burns in Pune in the country’s west, while in another, some 40 two-wheelers made by Jitendra EV go up in smoke as they are transported in... read more

The new start ups are seeking to reassure investors they are doing all they can to protect their clients Start-up firms selling corporate bonds to retail investors are booming in India. At least 10 new financial technology platforms have sprung up during the pandemic with the aim of grabbing a share of the $1.9 trillion market for bank time deposits. They promise much higher interest rates through putting money into company bonds, which are generally seen as riskier higher-yielding debt. The firms are riding on efforts by the Reserve Bank of India to encourage retail investment in sovereign debt as... read more

The ultra-modern rebar mill of 1.4 MTPA (million tonne per annum) capacity is located at JSPL's 6 MTPA plant in Angul, Odisha Steel Minister Ram Chandra Prasad Singh on Thursday dedicated JSPL's 1.4 MTPA TMT rebar mill located at the steel unit here to the nation. The rebar mill is one of the world's largest rebar making units and the only producer of 50 mm width TMTs in India, Jindal Steel and Power Ltd (JSPL) said in a statement. "Union Steel Minister Ram Chandra Prasad Singh dedicated one of... read more

The company reports slowest rise in revenue in a decade Shares of Facebook parent Meta Platforms surged as much as 19 per cent on Thursday after the company reported its main platform added more users than projected in the first quarter, easing concerns that the company is losing momentum as a new generation flocks to younger sites like TikTok. Meta on Wednesday reported 1.96 billion daily users for its flagship platform, a return to growth after the first-ever decline in the December quarter. Analysts had estimated 1.94 billion. Revenue for the period jumped 6.6 per cent to $27.9 billion, clocking in... read more

Unilever, Carlsberg and Pernod Ricard are increasing the pressure on consumers worldwide with higher prices for Dove soap, beer and Havana Club rum Unilever, Carlsberg and Pernod Ricard are increasing the pressure on consumers worldwide with higher prices for Dove soap, beer and Havana Club rum, raising the risk that shoppers may start to balk at spending more. All three firms reported sales growth at about double the pace analysts had expected. Unilever raised prices by over 8 per cent in the first quarter and warned more hikes were on... read more

The company has fixed May 17, 2022 as the 'Record Date' for the purpose of ascertaining the eligibility of shareholders entitled for issuance of bonus equity shares in the ratio of 1:1 Shares of BLS International Services hit a new high of Rs 364.40, surging 10 per cent on the BSE, after the company fixed May 17, 2022 as the record date for bonus equity shares. "Business and Finance Committee of the Company in its meeting held on April 27, 2022 has fixed Tuesday, May 17, 2022 as the 'Record Date', for the purpose of... read more

Brent crude futures had fallen 62 cents, or 0.59%, to $104.70 a barrel by 0712 GMT. U.S. West Texas Intermediate crude futures slipped 48 cents, or 0.47%, to $101.54 a barrel Oil prices dropped on Thursday on caution about dwindling fuel demand in China, the world's biggest oil importer, due to the economic impact of COVID-19 restrictions. Brent crude futures had fallen 62 cents, or 0.59%, to $104.70 a barrel by 0712 GMT. U.S. West Texas Intermediate crude futures slipped 48 cents, or 0.47%, to $101.54 a barrel. Both contracts had settled over 30 cents higher on Wednesday on... read more