Business

New Delhi, April 8 Kanodia Group's real estate firm, KREEVA, will invest around Rs 400 crore to develop a housing project in Gurugram as part of its expansion plan.In a statement, the company said it has entered into a joint development agreement with a landowner to build this 3-acre project on Southern Peripheral Road in Gurugram.KREEVA will construct 200 housing units with a total built-up area of 5.5 lakh sq ft.The investment is estimated to be between Rs 350 and 400 crore.Gautam Kanodia, Founder of KREEVA and Kanodia Group, stated that demand remains strong in the Delhi-NCR region.In October 2024, Shapoorji Pallonji Real Estate (SPRE) formed a joint venture with KREEVA to develop a residential project, spanning 1.75 acres...

Gold and silver prices witnessed a significant rally on Wednesday, April 8. This sharp upward movement followed the announcement of a de-escalation in the US-Iran conflict. The immediate market reaction saw precious metals jump substantially, sending global spot rates climbing.Analyzing the Surge in Gold and Silver Prices Today On the domestic front, MCX gold prices opened with a notable gap-up at ₹1,53,550 per 10 gm. By the end of the day, it climbed to an intraday peak of ₹1,53,944 per 10 gm, marking an early morning gain of around 2.50%.Silver prices saw an even more dramatic surge on the Mumbai Commodity Exchange (MCX). MCX silver rose by 6%, surging over ₹13,000 to touch ₹2,44,770 per kg during the April 8 trading session...

The National Stock Exchange (NSE) is reportedly preparing for a significant uptick in Initial Public Offering (IPO) activity. Sources indicate that the exchange is gearing up to streamline and process a wave of listings.This institutional focus suggests a potential boom period for new capital raising within the Indian equity market. Market participants are keenly awaiting concrete timelines regarding these upcoming filings.Timeline and Regulatory Focus for IPO Listings NSE sources suggest that the formal IPO filing process is set to kick into high gear. The exchange has specifically targeted the window of June to July for the submission of these crucial filings.This proactive approach from NSE could signal increased liquidity and...

The Department of Telecommunications (DoT) has revised the timeline for the Adjusted Gross Revenue (AGR) reassessment of Vodafone Idea. Sources report that the completion of this crucial review is now anticipated by June. This extension comes after the telco received government relief regarding its existing dues and liabilities.The reassessment, which was initially targeted for completion by March 31, has been extended due to ongoing reviews. Specifically, the department is continuing its review of the Spectrum Usage Charge (SUC). This revised timeline follows an internal reassessment of the licence fees conducted by the Controller of Communication Accounts.Impact of Supreme Court Verdict on Vodafone Idea’s Dues The government...

Mumbai, April 8 Reserve Bank Governor Sanjay Malhotra expressed confidence on Wednesday that interest rates will remain low in the medium to long term, given the benign inflationary conditions.Addressing the media at a post-monetary policy conference, Malhotra said the Indian economy is very strong, resilient, and robust."We are in a neutral state...the possibility of either outcome cannot be ruled out, that low rates (would) continue for a long time," he said.Despite shocks, he said, the RBI is projecting a GDP growth of 6.9 per cent for the current financial year."Structurally, in the long term, macroeconomic fundamentals, because of various measures taken by the government, the RBI, and various institutions, remain very...

New Delhi, April 8 BMW Group India reported its highest-ever Q1 car sales, with a 17 per cent increase, selling 4,567 cars during the quarter. This growth was driven by strong demand for luxury electric vehicles, long-wheelbase models, and sports activity vehicles, the German luxury carmaker said on Wednesday.The electric vehicle trend continued in Q1, with 1,185 BMW and MINI EVs sold, achieving an 83 per cent year-on-year growth. Every fourth car sold by BMW Group India today is an EV. The company holds the largest market share of over 70 per cent in the luxury electric segment in India. EV penetration into total sales stood at 26 per cent in Q1.BMW Group has the widest range of EVs in the luxury segment, including six electric...

Celebrating 11 Years of Financial Empowerment Through Mudra Yojana On the 11th anniversary of the Pradhan Mantri Mudra Yojana, Union Home Minister and Minister of Cooperation Shri Amit Shah highlighted the scheme's transformative role in India’s economic landscape. Shah emphasized how the government, led by Shri Narendra Modi, has successfully powered small traders and startups. The core mechanism lauded is the provision of collateral-free loans, directly energizing the sectors of self-employment and small industries.The Minister stated that the scheme has provided new strength to the backbone of the Indian economy. This initiative underscores a major governmental push towards fostering grassroots entrepreneurship nationwide.Scale...

Bhubaneswar, April 8 – Karan Adani, Managing Director of Adani Ports and Special Economic Zone (APSEZ), announced on Wednesday that the company will invest ₹33,081 crore in Odisha across three projects – a data centre in Bhubaneswar and a thermal power plant and a cement manufacturing unit near Cuttack – which will create a total of 9,700 jobs.The first project is a data centre in Bhubaneswar, with an investment of ₹800 crore, which he said will support the digital economy and create around 200 jobs.The second is a large thermal power plant near Cuttack, worth ₹30,181 crore, expected to generate about 7,000 jobs and strengthen power supply for industries and households.The third project is a cement manufacturing unit near Cuttack...

Transforming Urban Waste into Economic Opportunity in Navi Mumbai Navi Mumbai's municipal landscape is pioneering a systemic solution to a massive urban challenge. The city’s Textile Recovery Facility (TRF) is actively transforming post-consumer textile waste into valuable opportunities. This innovative process is not only curbing landfill burden but is also generating sustainable livelihoods for local communities.Under the framework of Swachh Bharat Mission-Urban 2.0, the initiative establishes a robust, scalable model for waste management across urban India. It addresses the fact that India generates nearly 7.8 million metric tonnes of textile waste annually. This waste stream, encompassing everything from sarees and uniforms to...

New Delhi, April 8 – The domestic e-commerce market is expected to grow by more than 150 per cent within four years, driven by the addition of 150 million new digital shoppers and a doubling of per capita spending, according to a new report.According to a joint report by Google and Deloitte, the online business market is undergoing a major transformation and is projected to grow to $250 billion by 2030 from about $90 billion at present – a 177 per cent jump.The report also highlighted that a 220-million-strong Gen Z cohort is expected to account for 45 per cent of online spending, accelerating the shift towards AI-powered shopping experiences.It pointed out '4I' key growth drivers – Inspired, Intelligent, Instant and Immersive –...

Mumbai, April 8 The Reserve Bank found no governance or conduct-related issues during its supervisory inspection of HDFC Bank, Governor Sanjay Malhotra said on Wednesday.Responding to a question at the post-monetary policy press conference on the sudden resignation of HDFC Bank Chairman Atanu Chakraborty and the subsequent fall in its share price, Malhotra said the RBI had also reviewed the minutes of the lender's meetings, and found nothing of material concern.He said the RBI had also stated in its press release on March 19 that there were no material concerns regarding the bank's conduct or governance."HDFC Bank is a Domestic Systemically Important Bank (D-SIB) with sound financials, a professionally run board, and a competent...

The Pradhan Mantri MUDRA Yojana (PMMY) has cemented its role as a pivotal engine for India's grassroots economy. Over eleven years, the scheme has facilitated significant financial access, empowering millions of small entrepreneurs. This growth narrative highlights the successful transition from informal borrowing to a structured, technology-driven financial framework.Deep Dive into Financial Inclusion and Micro-Lending Power PMMY was conceptualized with the goal of "Funding the Unfunded," addressing the historic gap in credit access for small businesses. Previously, micro-enterprises often depended on local moneylenders due to a lack of collateral or formal financial documentation.The scheme counters this challenge by offering...

New Delhi, April 8 Adani Group stocks were in the spotlight on Wednesday, with Adani Total Gas and Adani Green surging by over 13 per cent, in line with a sharp rally in the broader equity market.A US judge granted a request from billionaire Gautam Adani to schedule a hearing in efforts to dismiss a US Securities and Exchange Commission fraud case, which he claims lacks necessary jurisdiction as well as fails on multiple grounds.This followed lawyers representing Adani and his nephew, Sagar, filing a plea seeking dismissal of the case.Shares of Adani Total Gas jumped 13.44 per cent, Adani Green soared 13.14 per cent, NDTV rose 12.26 per cent, and Adani Enterprises Ltd rallied 11 per cent on the BSE.Additionally, shares of Adani...

New York, April 8 A US judge has granted a request from billionaire Gautam Adani to schedule a hearing in his effort to dismiss a US Securities and Exchange Commission fraud case, which he claims lacks necessary jurisdiction and fails on multiple grounds.This followed lawyers for Adani and his nephew, Sagar, filing a plea seeking dismissal of the case."The court has received the defendants' letter requesting a pre-motion conference on their anticipated motion to dismiss the complaint. The court GRANTS that request and DIRECTS the parties to schedule the pre-motion conference," the Eastern District court of New York said in its order.In the filing, the Adanis' lawyers said there was no credible evidence to support the alleged...

New Delhi, April 8: The Pradhan Mantri MUDRA Yojana (PMMY) has disbursed over ₹40 lakh crore through 57.79 crore loans, marking 11 years of its implementation, the government said on Wednesday.The Ministry of Finance stated that the scheme, launched by Prime Minister Narendra Modi in 2015, aims to "fund the unfunded," providing collateral-free loans of up to ₹20 lakh to micro and small non-corporate, non-farm enterprises.Highlighting the progress, Finance Minister Nirmala Sitharaman said the scheme has played a key role in reshaping the credit landscape for MSMEs and individual entrepreneurs who were earlier excluded from the formal banking system."Over the past decade, India has witnessed a silent transformation where millions of...

Mumbai, April 8 – The Reserve Bank of India maintained its key policy rate unchanged on Wednesday, adopting a cautious approach while assessing the impact of the six-week Iran conflict on energy supplies, inflation, and economic growth.The central bank's Monetary Policy Committee voted unanimously to keep the benchmark repurchase rate at 5.25 percent, highlighting increased uncertainty due to the West Asia conflict, which led to a sharp rise in crude prices, weakened the rupee, and disrupted trade flows.The RBI's policy stance remained neutral.RBI Governor Sanjay Malhotra stated that geopolitical uncertainties had increased since the last policy meeting, and the committee chose to "wait and watch."While inflation remains within...

New Delhi, April 8 Shares of oil marketing companies soared on Wednesday, with HPCL rising by 9%, as crude oil prices sharply declined to fall below the $100 mark following the announcement of a two-week ceasefire by the US and Iran.Brent crude, the global oil benchmark, dropped by 14.03% to $93.87 per barrel.The stock of Hindustan Petroleum Corporation Ltd (HPCL) jumped by 9% to Rs 361.35 on the BSE.The shares of Bharat Petroleum Corporation Ltd (BPCL) rose by 8.83% to Rs 301.90 and Indian Oil Corporation climbed by 8.21% to Rs 145.55.The stock markets also welcomed the announcement of the ceasefire. The 30-share BSE Sensex jumped by 2,988.82 points or 4% to 77,605.40 in late morning trading. The 50-share NSE Nifty surged by...

Mumbai, April 8 In an effort to promote ease of doing business, Reserve Bank Governor Sanjay Malhotra proposed on Wednesday to revise and rationalize guidelines to facilitate better utilization of bank board time, and draft directions in this regard would be released shortly.The matters to be placed before the Boards of banks, along with their periodicity, are determined by the Boards themselves, guided by the seven broad themes prescribed by the Reserve Bank of India.Meanwhile, the Reserve Bank has also mandated certain policies and matters to be placed before the Board for approval, review, or information."In an endeavor to enable Boards to utilize its time effectively, and to facilitate a more focused and qualitative engagement...

India Bond Yields Ease After US-Iran Ceasefire and RBI Rate Pause Mumbai, April 8: Indian government bond yields declined on Wednesday as market sentiment improved following a conditional ceasefire between the United States and Iran, alongside the Reserve Bank of India’s decision to hold key policy rates steady.10-Year Bond Yield Falls Below 7 Percent The yield on the benchmark 10-year government bond GS 2035 dropped to 6.92 percent in morning trade, compared to 7.04 percent earlier, according to data from the Clearing Corporation of India. The move marks a decline of around 0.12 percent, reflecting renewed buying interest in the debt market.Ceasefire Triggers Relief in Oil Prices Investor sentiment strengthened after the...

US Ambassador Sergio Gor Discusses India-US Future with President Trump Amid Diplomatic Activity Meeting Highlights Strategic Focus on Bilateral Relations Washington, April 8: US Ambassador to India Sergio Gor has said he discussed strengthening India-US relations with President Donald Trump during a dinner meeting on Tuesday, signalling continued diplomatic engagement between the two nations.According to Gor, the discussions focused on building a “strong future” for bilateral ties, alongside broader global developments. The meeting took place at a time when the United States and Iran have agreed to a two-week ceasefire after nearly six weeks of military conflict.In a post shared on X on Wednesday, Gor described the interaction as...