India’s UPI and RuPay Services Expand to Sri Lanka and Mauritius: Strengthening Digital Ties in the Indian Ocean Region

February 12, 2024/

India’s Unified Payment Interface (UPI) services, along with RuPay card services, marked a significant milestone on February 12 as they were rolled out in Sri Lanka and Mauritius. Prime Minister Narendra Modi hailed this development as a bridge between historic ties and modern digital technology, underscoring India’s commitment to fostering stronger digital connectivity with its neighbors. At a virtual ceremony attended by Prime Minister Modi, Mauritian Prime Minister Pravind Jugnauth, and Sri...

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Smallcap Surge: Highlights from Last Week’s Stock Market Performance

February 12, 2024/

Last week witnessed an impressive surge in smallcap stocks, with over 25 companies experiencing double-digit rises in their stock prices, ranging from 20% to 65%. Despite a marginal weekly decline in the benchmark BSE Sensex, the broader S&P BSE Smallcap index soared to a fresh record high of 46,821.39, driven by notable gains in select stocks. Leading the pack were companies like Olectra Greentech, Balaji Telefilms, and Jaiprakash Power, whose stellar performances...

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Roller Coaster Ride: Railway PSU Stocks Witness Sharp Decline Amid Disappointing Q3 Results

February 12, 2024/

Railway Public Sector Undertaking (PSU) stocks, once heralded as high-wealth creators, faced a steep decline in today’s trading session following the release of disappointing financial results for the December quarter. Among them, Indian Railway Finance Corporation (IRFC) bore the brunt, experiencing a sharp drop of 13.5% to ₹133 per share. The decline was triggered by the company’s weak performance in the third quarter of fiscal year 2023-24. Despite a modest 8.42% year-on-year...

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Beyond Food Delivery: Exploring Zomato’s Diverse Revenue Streams

February 12, 2024/

While Zomato is widely recognized for its food delivery services, the company’s revenue streams extend far beyond mere meal deliveries. With a keen focus on diversification and innovation, Zomato has tapped into various avenues to bolster its revenue and solidify its position in the market. One notable aspect of Zomato’s financial landscape is its significant “other income,” which comprises various sources beyond its core operations. This diversified income stream reflects the company’s...

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Banking Sector Divergence: PSU vs Private Banks

February 12, 2024/

The recent performance of banking stocks has taken an intriguing turn, with notable divergence observed following the Reserve Bank of India’s (RBI) Monetary Policy announcement. While PSU stocks like State Bank of India (SBI), Bank of Baroda, and Punjab National Bank (PNB) surged on February 8, other public sector banks and major private players like Kotak Mahindra Bank, ICICI Bank, and Axis Bank faced significant declines. The deviation in performance, according to...

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Revitalizing Salem: The Rise of the Food Street Project

February 12, 2024/

The Salem Corporation is embarking on an exciting new venture to enhance the city’s culinary landscape with the introduction of a food street near Pallapatti Lake. With an estimated cost of ₹3 crore and a projected completion timeline of six months, this ambitious project promises to rejuvenate the area and offer a vibrant dining experience for residents and visitors alike. The inception of the Food Street Project by the Union Health Ministry...

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IRFC Sees Decline in Q3FY24 Net Profit, Shares Drop at Market Open

February 12, 2024/

Indian Rail Finance Corporation (IRFC) faced a challenging start to trading on February 12 as its shares fell 4.29 percent at the opening of the National Stock Exchange (NSE). This decline followed the company’s report of a 2 percent decrease in net profit for the third quarter of fiscal year 2023-24. The disappointing results were disclosed after market hours on February 9, sparking concern among investors. By 9:30 am on February 12,...

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JSW Group’s Ambitious Move Towards Electric Vehicles and Battery Manufacturing in Odisha

February 11, 2024/

The JSW Group’s recent collaboration with the Government of Odisha marks a significant milestone in India’s journey towards electric mobility and sustainable energy solutions. Through a Memorandum of Understanding (MoU), JSW Group has committed to establishing an Integrated Electric Vehicles and EV Battery Manufacturing Project in Cuttack and Paradip, Odisha. This ambitious project encompasses the development of a 50 GWh EV battery plant, electric vehicles (EVs), a Lithium refinery, Copper smelter, and...

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ONGC Faces Decline in Profit and Production Amidst Operational Challenges

February 11, 2024/

Oil and Natural Gas Corporation (ONGC), India’s leading oil and gas exploration giant, recently announced a decline in its consolidated net profit for the December quarter of the financial year 2023-24. The company reported a decrease of approximately 8 percent, with net profit standing at Rs 10,748 crore. This dip in profitability was accompanied by a 2.2 percent decrease in revenue from operations, totaling Rs 1,65,569 crore for the third quarter, compared...

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ECB May Not Lower Borrowing Costs Amid Lingering Inflation Risks

February 11, 2024/

Governing Council Member Robert Holzmann has cast doubt on the European Central Bank’s (ECB) plans to lower borrowing costs this year, citing persistent inflation risks. In an interview with Frankfurter Allgemeine Zeitung, Holzmann, who also heads Austria’s central bank, suggested that an interest-rate cut may not materialize until the very end of the year, if at all. The ECB’s policymakers are currently in a holding pattern, awaiting additional data to assess whether...

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