According to RBI, the penalty, imposed by an order dated April 29, 2024, has been invoked under the powers vested in RBI, conferred under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act ..read more

“We did grow strong by double-digit, and so we were very, very pleased with that. It was a new March quarter revenue record for us. As you know, as I’ve said before, I see it as an incredibly exciting market and it’s a major focus for us.” Cook said, commenting on India market performance during the company’s earnings call Friday ..read more

ADIA and KKR invest $1.5 billion in RRVL's warehousing assets, managed by RPPMSL. RRVL transfers assets to RLWH. Financial details include debt, NCDs, and equity. RRVL's growth supported by investments and strategic partnerships ..read more

The Ministry of Labour has constituted a high-powered committee to work out the modalities "to provide defined time intervals for food and attending calls of the nature while on duty for the Loco Running Staff of the Indian Railway". The initiative is in line with the International Labour Organisation's (ILO) Hours of Work (Industry) Convention, 1919, which has been ratified by India ..read more

Pirojsha Godrej's strategic leadership at Godrej Properties during the global financial crisis led to innovative approaches like joint developments and a capital-lite model. His focus on efficiency and immediate project launches propels the company's growth ..read more

In April, Russia's share in Indian crude oil imports rose to nearly 40%, up from 30% in March, driven by higher global oil prices. Indian refiners imported 1.78 million barrels per day (mb/d) of crude oil from Russia, surpassing imports from China and Europe. Russia supplied more oil to India than its next three top suppliers combined. Overall, Indian crude imports dropped 8% in April, with declines from Iraq, Saudi Arabia, the UAE, and the US ..read more

Rising temperatures in India are expected to increase air-conditioning costs at telecom tower installations, potentially impacting the operational expenses of telecom operators. If heatwave conditions persist, telcos could face a 3-5% rise in power and fuel costs for air-conditioning mobile base stations, crucial for uninterrupted mobile connectivity. Power and fuel costs already make up a significant portion of telcos' network operating expenses ..read more

Union government's high-level meeting aims to address the issue of substandard glove imports from Southeast Asia, focusing on implementing quality control orders for surgical gloves to ensure better standards in the domestic market ..read more

French carmaker Citroen aims to revive its fortunes in India with the Basalt, a mid-size coupe SUV set to launch in the second half of this year. The Basalt incorporates lessons learned from Citroen's experience in India, a market it considers challenging yet crucial. Citroen's existing models like C3, e-C3, and C3 Aircross faced lukewarm response due to feature gaps compared to rivals. The Basalt, produced in India and exported to South America, aims to address these gaps ..read more

NephroPlus, India's largest dialysis chain, has secured $103 million (₹860 crore) in a Series F funding round led by Quadria Capital. This funding, a mix of fresh capital and a secondary sale, aims to drive expansion plans within India and targeted markets overseas. The primary component of the funding is ₹100 crore. Quadria Capital will become a minority shareholder, valuing NephroPlus at over ₹2,000 crore. Existing investors like Bessemer Venture Partners, International Finance Corporation, and IIFL also participated in the funding round, reducing their stakes ..read more