Business News Updates

Bharat Biotech announced that its Covid-19 vaccine, Covaxin, maintains an excellent safety profile with no reported severe side effects like blood clots or myocarditis. This statement comes amidst concerns raised by AstraZeneca's Covishield side effects.

GE T&D India has won an order from Powergrid to establish a state transmission asset management centre (STAMC) in Odisha, enhancing OPTCL's grid operations through real-time monitoring and advanced software, facilitating better integration of renewable resources.

In March 2023, the eight core industries, including coal, cement, steel, and electricity, grew by 5.2%. Cement and steel saw significant rises due to demand in infrastructure and real estate. Despite increases in natural gas and crude oil output, petroleum refinery and fertiliser sectors faced declines.

The Reserve Bank of India (RBI) directed banks and NBFCs to review their loan interest charging practices after discovering unfair procedures. These included charging interest before fund disbursal and for full months irrespective of actual loan duration.

In May 2024, RBI designates 13 holidays including public, regional, and weekends. State-specific closures apply. Here's the list for May 2024.

India recorded 455 business deals worth $25.6 billion in Q1 2024, marking a 24% increase from the previous quarter. The media and entertainment sector led in value, while retail remained the most active in volume. M&A deal value surged by 60%, although private equity saw a slight decline.

India is set to become a leading semiconductor hub, with four units already commissioned and significant investments underway, including projects worth Rs 1.25 lakh crore. This initiative, backed by government policies and Prime Minister Narendra Modi, aims to boost domestic technology capabilities and job creation.

India's first bullet train on the Ahmedabad-Mumbai route is set to launch its first section in 2026. Significant strides in construction include completion of 290 km, eight river bridges, and work at 12 stations. The project uses advanced Shinkansen technology and has overcome challenges like Covid-related delays.

India's Finance Ministry announced the auction of Rs 32,000 crore in government bonds on April 26, split into two series for 2034 and 2073. The RBI will handle the auction in Mumbai using a price-based approach with options for additional subscriptions.

The Reserve Bank of India has mandated non-bank payment system operators to monitor and report high-value or suspicious transactions during the Lok Sabha elections, aiming to prevent misuse of funds intended to influence voters.

India's net direct tax collections for FY 2023-24 saw a 17.7% rise to Rs 19.58 lakh crore, surpassing Union Budget estimates by 7.4%. This increase reflects strong economic performance and robust corporate profits, aiding in maintaining a low fiscal deficit and macroeconomic stability.

Zomato faces a combined GST demand and penalty of Rs 11.81 crore for the period July 2017-March 2021, issued by the Central Goods and Services Tax, Gurugram. This follows earlier notices from Delhi and Karnataka tax authorities for alleged GST underpayment in 2018. Despite these challenges, Zomato reported a Rs 125 crore profit in Q3 of FY24.

Elon Musk has postponed his visit to India due to pressing Tesla obligations, planning a later trip to announce investment plans. Amidst this delay, Tesla faced significant workforce reductions and shelved a project for a low-cost EV.

The CCPA has urged FSSAI to investigate claims by a Swiss NGO that Nestle sells baby products with higher sugar levels in less developed countries like India compared to Europe. Nestle India asserts it has reduced sugar in its products and complies with international standards.

Twenty energy companies have formed an alliance to create the Unified Energy Interface (UEI), a system similar to UPI for EV charging. This aims to improve payment and transaction interoperability across EV charging networks and includes partnerships with electricity distribution companies.