India's economic engine is revving up, but navigating the global headwinds requires sharp strategy. The rupee's recent volatility against the dollar underscores the complexities facing Indian businesses, impacting everything from import-export trade to domestic inflation. This week alone, we've seen significant shifts in the IT sector, with major players announcing restructuring and a renewed focus on AI-driven solutions. Meanwhile, the burgeoning startup ecosystem continues to attract substantial funding, despite a cautious global investor sentiment. The government's recent policy announcements on infrastructure development and digitalization are poised to further shape the business landscape, creating both opportunities and challenges for entrepreneurs and established corporations alike. Understanding these market dynamics is crucial for success in today's rapidly evolving Indian economy. Stay informed with Abtak.com for the latest insights and analysis on key sectors including finance, manufacturing, and technology – empowering your business decisions in a dynamic market. Explore the complete business news section now to stay ahead of the curve.
New Delhi, Jul 2 (PTI) Tata Steel is confident of completing its transition to green steel manufacturing in the UK and Netherlands as per schedule, the company's Chairman N Chandrasekaran said on Wednesday. He made the remarks while addressing the shareholders at the company's 118th Annual General Meeting (AGM). Also Read | Iran's President Masoud Pezeshkian Approves Law to Suspend Cooperation With IAEA Following Israel, US Strikes. "...we remain confident that the transition to green steel making in the UK and the Netherlands will happen as per our plans, in the next few years," Chandrasekaran said. In the UK, the company has progressed toward low-emission steelmaking with the decommissioning of two blast furnaces at Port Talbot, paving the way to transition to state-of-the-art Electric Arc Furnace-based steelmaking by fiscal 2028, supported by 500 million pounds of UK government funding. Also Read | Starlink Launched in Sri Lanka: Elon Musk's SpaceX Launches Satellite Internet Services After Bangladesh and Bhutan, Coming in India Soon. In the Netherlands, the company is in discussions with the Dutch government for financial and policy-level support on our decarbonisation plan. Tata Steel has also launched a cost transformation programme, targeting savings of 500 million euros in fiscal 2026. These efforts aim to position Tata Steel Nederland as one of Europe's most efficient and sustainable steelmakers. India-based Tata Steel owns the UK's largest steelworks of 3 million tonnes per annum (MTPA) at Port Talbot in South Wales. As part of its efforts to reduce carbon emissions, the company is transitioning from the blast furnace route to the low-emission electric arc furnace process, which will utilise the locally available scrap. The company's upstream operations in the UK have been shut, and Tata Steel is using substrate from India and Netherlands operations to service existing customers in the UK. In the Netherlands, Tata Steel owns a steel manufacturing plant at IJmuiden, which produced an estimated 6.75 MTPA of liquid steel in FY25. Tata Steel Netherlands has an ambitious green steel transition plan under which one of the two blast furnaces will be replaced by a new Direct Reduced Iron furnace and Electric Arc Furnace by the end of this decade. In his speech, the chairman also remembered Tata Group's chairman emeritus and veteran industrialist Ratan Tata, who passed away last year in October, and expressed grief over the loss of lives in the Air India plane mishap last month. "There's a lot to talk about today. I must begin by acknowledging the heavy loss we have felt in recent months. Across the entire Tata Group, we honour those who lost their lives, along with all the families and loved ones affected by the Air India Flight 171 tragedy. Late last year, we also bid farewell to (Ratan) Tata," he said. His unwavering commitment has been pivotal in transforming Tata Steel into a global steel company. Under his stewardship, the company not only grew in size and scale but reaffirmed its core values and responsibilities, Chandrasekaran said.
Air India launched a Black Friday Sale with discounts up to 20% on domestic flights and up to 12% on international flights to various destinations. The sale is available through the airline's website and mobile apps. Additional savings are possible with waived convenience fees and specific payment methods. The airline continues offering student and senior citizen discounts.Air India on Friday launched a limited-time Black Friday Sale offering discounts of up to 20 per cent off base fares for domestic flights within India. The Tata-owned airlines will also offer up to 12 per cent off base fares ...Read More >
Ahmedabad (Gujarat) [India], December 2 (ANI): Ambuja Cements has taken a step toward achieving its Net Zero goals. The company has partnered with Finland-based technology leader Coolbrook to implement its proprietary RotoDynamic Heater (RDH) technology. According to the exchange filing, this cutting-edge, zero-carbon heating solution, powered by renewable electricity, will drastically reduce the company's dependence on fossil fuels and lower its carbon emissions, aligning with its sustainability vision. Ambuja Cements will significantly reduce its fossil fuel dependence by harnessing renewa ...Read More >
Jamshedpur, Dec 17 (PTI) Tata Steel has operationalised an all-women shift at its Noamundi iron mine in Jharkhand's West Singhbhum district, an initiative introduced in the country for the first time, a company statement said. Women employees were engaged in all the mining activities of the shift, including heavy earth moving machinery, shovel, loader, drill [...] Jamshedpur, Dec 17 (PTI) Tata Steel has operationalised an all-women shift at its Noamundi iron mine in Jharkhand's West Singhbhum district, an initiative introduced in the country for the first time, a company statement said. Wome ...Read More >
New Delhi, Dec 26 (PTI) The Metropolitan Stock Exchange of India (MSE) is set to raise Rs 238 crore from four entities including Billionbrains Garage Ventures, Groww's parent, and Zerodha's Rainmatter Investments in a bid to stay afloat. Others who invested in MSEI are -- BSE-listed Share India Securities, and Securocorp Securities India. The exchange's board in its meeting on Tuesday approved the issuance of 1.19 billion equity shares at Rs 2 per share, comprising Rs 1 face value and Rs 1 premium to these four investors through a private placement, according to a disclosure on MSEI's websit ...Read More >
Hit by economic slowdown and poor infrastructure, industrialists from Jharkhand's key industrial districts -- East Singhbhum, West Singhbhum, and Seraikela-Kharsawan -- are looking to the newly formed state government for revival and support. The industrial zones of Adityapur, Gamharia, Kandra, and Chandil have been grappling with inadequate infrastructure, including poorly maintained roads, lack of bridges, erratic water supply, and unreliable power. Entrepreneurs in these regions hope the new administration will address these issues and work toward improving the state's industrial ecosystem ...Read More >
The financial repercussions of Parliament disruptions are considerable, impacting both public resources and the productivity of the nation's legislative process. However, both the Lok Sabha and Rajya Sabha have cumulatively functioned for merely 2 hours, with daily disruptions and sloganeering resulting in adjournments. The Rajya Sabha faced disruptions today (December 2) as Vice Chairman Jagdeep Dhankhar expressed discontent over sloganeering by Opposition MPs. The protests, which centered around demands for discussions on key issues, forced the Vice Chairman to adjourn the session until 12 ...Read More >
HELSINKI - Finnish financial company Sampo Oyj (HEX:SAMPO) has completed the acquisition of its own A shares on November 26, as part of its ongoing share buyback program. The company reported that a total of 93,734 shares were purchased across various marketplaces at a weighted average price of €40.16 per share. The buyback initiative, which was first announced on June 17, 2024, originally set out to purchase up to €400 million worth of its own shares. Following a decision by Sampo's Board of Directors on September 16, 2024, the program was expanded to €475 million. The buyback is conducted u ...Read More >
Kolkata, Dec 6 (PTI) Air India Express, the budget-carrier arm of Air India, is embarking on a significant expansion by increasing its fleet size and introducing new routes, as passenger growth remains robust. The airline, however, has deferred plans to launch direct flights between Kolkata and Dhaka, citing the ongoing political crisis in Bangladesh. "You would recall we had announced our operational plan for Dhaka, which is a new and significant market for us. But because of the situation there, we have deferred those plans," Aloke Singh, Managing Director of Air India Express, said. "As ...Read More >
New Delhi: From 2025, the CUET-UG will be conducted exclusively as a computer-based test (CBT), and students will have the flexibility to appear for any subject, regardless of what they studied in class 12. This decision follows a review conducted by an expert panel set up by the University Grants Commission (UGC), as explained by UGC Chairman Jagadesh Kumar. What are the major changes? In an interview with PTI, Kumar elaborated on the changes saying, "The exam will be conducted only in CBT mode from 2025, unlike the hybrid mode used last year. We have also reduced the number of subjects fr ...Read More >
New Delhi, Dec 12 (PTI) The government on Thursday came out with the definition of green steel and asked the industry to take measures to bring down carbon emissions below the level of 2.2 tonnes on per tonne of finished products. Union Steel Minister H D Kumaraswamy also released a 'taxonomy on green steel' with parameters for giving star ratings on products based on the amount of carbon dioxide (CO2) emitted during the production process. The steel industry has been the backbone of India's industrial growth and it is imperative that this vital sector undergoes a transformative shift towards ...Read More >
New Delhi, Dec 12 (PTI) Terming the 5.4 per cent GDP growth in the second quarter as a "temporary phenomena", FICCI President Harsha Vardhan Agarwal on Thursday said the industry body expects India to achieve 6.5-7 per cent economic growth in the current financial year, while projecting a pick up in private investment. In an interview to PTI, Agarwal, who is also the Vice Chairman & Managing Director of Emami Ltd, said the RBI needs to manoeuvre a "tight-rope balancing act" between inflation and economic growth, as he opined that the central bank has been doing a prudent job. Notably, the FI ...Read More >
Chennai: The capacity utilisation of the domestic steel industry is set to drop to 78 per cent for the first time in four years. In order to check unprecedented imports, the government is considering imposing a 25 per cent duty on steel imports. Cheaper imports from China and countries under Free Trade Agreement along with ongoing capacity addition can lead to capacity utilisation of domestic steel mills dropping from 85 per cent in FY2024 to an estimated 78 per cent in the current fiscal, the lowest we have seen in the last four years. The domestic steel industry witnessed an all-time high ...Read More >
Uber has launched India's first Shikara ride on Srinagar's Dal Lake, offering a unique and scenic experience. This new service allows passengers to enjoy the tranquil beauty of the lake while riding in a traditional Shikara boat. Booking is easy through the Uber app, with rides available daily from 10 AM to 6 PM. This initiative aims to boost tourism in the region while providing locals with a new way to experience the lake. With Uber's entry into the Shikara market, visitors can now enjoy a blend of modern convenience and traditional charm on Dal Lake. ...Read More >
New Delhi: Aviation watchdog DGCA will soon come out with streamlined regulations for wet-leasing of planes by Indian airlines that will also entail enhanced oversight of the aircraft, amid airlines looking to operate more planes to meet rising travel demand. With persisting supply chain woes, there is a delay in aircraft deliveries and to meet the near-term needs, carriers are opting for planes on dry and wet leases. A senior official in the know told PTI that the efforts are on to streamline the regulations for wet-leasing of planes to assist in the growth of the aviation. "Realities of the ...Read More >
Bengaluru, Dec 12 (PTI) ISRO on Thursday said it has achieved a major milestone after its C20 cryogenic engine passed a critical test in ambient condition, featuring restart enabling systems. According to ISRO, this success was a vital step for future missions. "ISRO has successfully carried out the sea level hot test of its CE20 Cryogenic Engine featuring a nozzle area ratio of 100 at ISRO Propulsion Complex, Mahendragiri, Tamil Nadu on November 29," the Indian space agency said in a statement. The indigenous CE20 cryogenic engine developed by the Liquid Propulsion Systems Centre is poweri ...Read More >
New Delhi, Dec 18 (PTI) Reliance Nippon Life Insurance, a subsidiary of debt-ridden Reliance Capital (RCAP), has initiated talks with IndusInd Bank for bancassurance partnership as the IIHL and RCAP deal has reached the final lap. Mauritius-based IndusInd International Holdings Ltd (IIHL), the parent entity of IndusInd Bank, won the bid to acquire RCAP and entities under it. Also Read | Cancer Vaccine Ready for Use, Announces Russia; What Is the Cost? How Effective Is It? When Will It Be Available?. "IIHL and Japan-based Nippon Life have struck a good understanding and they are absolutely c ...Read More >
Mumbai, Dec 18 (PTI) Jobs and talent platform and a Quess company, foundit, on Wednesday announced the appointment of V Suresh as its Chief Executive Officer. With over two decades of experience in the internet domain, digital transformation, and the e-recruitment ecosystem, Suresh brings a wealth of strategic expertise and a forward-looking vision to foundit (formerly Monster APAC and ME), the company said in a statement. "Suresh's deep understanding of the digital talent ecosystem and proven ability to scale businesses will help us strengthen our leadership position in the market. Under hi ...Read More >
Still, the ongoing U.N. climate talks have thrown a spotlight on their efforts to tackle global warming. While the COP29 summit in Baku, Azerbaijan, is tasked with agreeing a goal to mobilize hundreds of billions of dollars for climate, leaders of the Group of 20 major economies half a world away in Rio are holding the purse strings. G20 countries account for 85% of the world's economy and are the largest contributors to multilateral development banks helping to steer climate finance. "The spotlight is naturally on the G20. They account for 80 percent of global emissions," U.N. Secretary Ge ...Read More >
While India's growth story remains intact, market returns may moderate in the near term after two years of outperformance. After a sharp correction from the record highs of September, the equity market is widely anticipated to swing within a range as it wavers through moderating earnings growth, consumption slowdown, lofty valuations, and other global macroeconomic headwinds. Even though a persistent sideways movement of the market is likely to drag overall returns, traders are shifting towards pair trading to beat the market. Pair trading is a market-neutral strategy that allows investors t ...Read More >
New Delhi, Dec 18 (PTI) Renewable energy player BCL Industries on Wednesday said it is setting up a bio-energy plant in West Bengal with an investment of Rs 150 crore. The company has also received an environment clearance for its 75 KLPD (kilo litres per day) plant coming up in Kharagpur, it said. Additionally, the work on a similar project with 75 KLPD capacity in Bathinda, Punjab is in full swing. Both the projects are expected to be completed within a time period of 18-24 months, it said. In India, ethanol production is a key part of promoting bio-energy and biofuels, contributing to t ...Read More >
Manipur Starlink: The forensic reports are being tallied by the state and the Centre A Starlink dish and router recovered by the security forces from insurgents in Manipur are non-functional and incompatible in the state bordering Myanmar, sources in the central intelligence agencies have said based on their investigation. "The devices had definitive markings of Starlink, but when we got it examined, we came to know that it is not compatible in this region," a senior officer told NDTV, requesting anonymity. The army handed over the device to the Department of Telecommunications and the Mini ...Read More >
he Australian government claimed on Thursday that the country is on track to meet its 2030 emissions reduction target, with new figures showing improved projections. In an annual climate change statement delivered to parliament, Minister for Climate Change and Energy Chris Bowen announced that Australia is projected to cut its greenhouse gas emissions by 42.6 per cent from 2005 levels by 2030 -- up from the 37-per cent cut projected in 2023.The government has committed to cutting Australia's emissions by 43 percent from 2005 levels by 2030, Xinhua news agency reported. "Our robust reforms an ...Read More >
The agitators demanded strict punishment for those who insulted the statue. Violent protests took place for the second day in central Maharashtra's Parbhani city on Wednesday over alleged vandalising of a replica of the Indian Constitution, police said. Amid the bandh called by some organisations, a mob indulged in arson and police fired teargas shells in response, a senior official told PTI. How did the protest begin? An unidentified person on Tuesday damaged a replica of the Constitution he ...Read More >
Mumbai, Dec 13 (PTI) Benchmark indices Sensex and Nifty slumped on Friday morning dragged down by metal stocks, foreign fund outflows and weak global cues. The 30-share BSE benchmark Sensex tumbled 1,207.14 points to 80,082.82 in the late morning trade. The NSE Nifty tanked 367.9 points to 24,180.80. Among the 30-share Sensex blue-chip pack, JSW Steel, Tata Steel, IndusInd Bank, Bajaj Finserv, Axis Bank, Larsen & Toubro, ITC and Mahindra & Mahindra were the biggest laggards. Bharti Airtel and Hindustan Unilever were the gainers. Foreign Institutional Investors (FIIs) offloaded equities wor ...Read More >
Tata Steel is bolstering its iron ore supply for its planned 40 MTPA steel production by 2030. With four mine leases expiring in 2030, the company is operationalizing two new mines and negotiating with NMDC and OMC for additional ore. These strategies aim to secure the over 60 MT of iron ore required for the expanded steel capacity.Tata Steel has initiated discussions with state-run miners NMDC and Odisha Mining Corporation (OMC) to secure future iron ore supplies as the company ramps up its dome ...Read More >
New Delhi, Dec 17 (PTI) Drug firm Granules India on Tuesday said its subsidiary has received approval from the US health regulator for a generic medication used to treat attention-deficit hyperactivity disorder. Granules Pharmaceuticals, Inc (GPI) has received approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Lisdexamfetamine Dimesylate chewable tablets, the drug firm said in a statement. The approved drug is available in multiple strengths; 10 mg, 20 mg, 30 mg, 40 mg, 50 mg, and 60 mg, it added. The company's product is the generic ...Read More >
On a flatter course and in cooler weather, a competitive field, including in-form defending champions Daniel Ebenyo and Sutume Kebede, poses a threat to event records of the Tata Steel World 25K Kolkata, to be held here on Sunday. Ebenyo and Sutume are keen to run fast and lower their event records, 1:11.13 and 1:18:47, in men's and women's events, respectively and claim the winner's purse of $15,000 each apart from the record bonus of $5,000. Apart from the return of the defending champions fo ...Read More >
New Delhi, Jan 14 (PTI) The National Turmeric Board will help develop new markets internationally to promote exports and double production to about 20 lakh tonnes in the next five years, Commerce and Industry Minister Piyush Goyal said on Tuesday. Inaugurating the Board, he also said that it would promote research and development into new products and develop on the country's traditional knowledge for value-added turmeric products. "Turmeric is also called as golden spice. India accounts for 70 per cent of global turmeric production... We are looking to double the production to 20 lakh tonne ...Read More >
The steelmaker informed that it will reduce 5,000 jobs by 2030 and a further 6,000 jobs will be let go of via the sale of business activities or transfer to external service providers.Source : Thyssenkrupp Thyssenkrupp Steel Europe (TKSE) is planning to slash its workforce by roughly 40 per cent, the firm said on Monday. The steelmaker is looking to layoff nearly 11,000 workers as it announced a major restructuring move. The firm is a division of Thyssenkrupp AG and is the largest steelmaker in Germany. It has been facing pressure from cheaper Asian competitors, increasing power prices, and ...Read More >
New Delhi, Dec 4 (PTI) Aviation watchdog DGCA will soon come out with streamlined regulations for wet-leasing of planes by Indian airlines that will also entail enhanced oversight of the aircraft, amid airlines looking to operate more planes to meet rising travel demand. With persisting supply chain woes, there is a delay in aircraft deliveries and to meet the near-term needs, carriers are opting for planes on dry and wet leases. Also Read | ISRO PROBA-3 Mission Launch Delayed: Indian Space Agency Reschedules Launch of PSLV-C59 After Detecting 'Anomaly'. A senior official in the know told P ...Read More >