As per the latest information on SBI website, the lending rates will now range between 8 per cent and 8.75 per cent. India’s largest lender State Bank of India (SBI) has hiked the marginal cost of funds-based lending rate (MCLR) by 5 basis points (bps), which is effective from Saturday … Read more
Category: Business and Finance
Tesla in talks to set up factory in India for electric cars starting at Rs 20 lakh: Report
In addition to engaging with the government, Tesla has been holding meetings with industry executives in India. Tesla is actively discussing the potential establishment of its auto parts and electronics chain in India with officials from the Indian government, according to an Economic Times report. These talks also involve seeking … Read more
Government issues import restrictions on certain gold jewellery, articles
The Directorate General of Foreign Trade (DGFT) said that the import cap will not apply to imports made in accordance with the Free Trade Agreement between India and the United Arab Emirates. The Centre has implemented import restrictions on certain gold jewellery and articles, in a bid to reduce the … Read more
Kotak Mahindra Bank releases its annual report, here’s what Uday Kotak said
Uday Kotak emphasized the bank’s focus on digital transformation and technological innovation enabling them to provide seamless banking services to customers. Kotak Mahindra Bank has recently unveiled its annual report, featuring insights from Vice Chairman and Managing Director, Uday Kotak. In his statement, Kotak expressed optimism amidst the challenging economic … Read more
RBI governor Shaktikanta Das asks states to improve expenditure quality
At a disaggregated level, a few large states have debt-to GSDP ratios exceeding 35 per cent, the report added. Flagging the need to enhance the health of finances, Reserve Bank of India governor Shaktikanta Das on Thursday asked state governments to focus on fiscal consolidation and improve quality of expenditure. … Read more
Softer commodity prices to lift road units’ margins: CRISIL SME Tracker
Liquidity conditions are also expected to improve, as measures under the Atmanirbhar Bharat scheme have been extended until March 2024, and payments by state authorities also become more punctual. Small and medium enterprises (SMEs) in the roads sector are expected to see revenue growth of 5-10 per cent in 2023-24 … Read more
Jaguar Land Rover wholesales rise 30% in Q1 as chip shortage eases
Retail sales up 29% YoY to 101,994 units; Tata Motors shares hit all-time high. British luxury car maker Jaguar Land Rover (JLR), a wholly owned subsidiary of Mumbai-headquartered automobile giant Tata Motors, posted a 30 per cent year-on-year (YoY) jump in wholesale volumes and 29 per cent growth in retail … Read more
Centre may set mandates for industrial use of green hydrogen: Official.
India has set a goal of producing 5 million metric tonnes of green hydrogen annually by 2030, with about 70% of that marked for export markets, he said. India may set mandates for industries such as fertilisers and refineries to use green hydrogen, after consultations, the country’s renewable energy secretary … Read more
Bank of England considers clampdown on foreign bank branches- FT
The move could reduce the thresholds requiring foreign banks with corporate business in the country to set up subsidiaries, the financial times. The Bank of England is looking at plans to force more international banks to set up subsidiaries in the UK, The Financial Times reported on Tuesday. The BOE … Read more