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IndiaTV Business: Google News Feed: Digest for August 09, 2023

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Profit of PSU banks more than doubles to Rs 34,774 cr in Q1

Sunday 06 August 2023 03:54 PM UTC+00
Public sector banks (PSBs) have once again posted stellar performance by registering more than double profit of Rs 34,774 crore for the first quarter ended June 2023. During the April-June period of the previous fiscal, all 12 state-owned banks had recorded a total profit of Rs 15,306 crore, according to quarterly numbers published by public sector lenders.
The country's largest telecom player Reliance Jio has received a USD 2.2 billion fund support from the Swedish export credit agency to finance equipment for the 5G rollout, according to Reliance Industries' annual report.
The Federation of Automobile Dealers Associations (FADA), an automobile industry body, said on Monday that India's auto retail deals saw a 10 percent yearly development in July, driven by strong sales across passenger vehicles, bikes, and business vehicles. FADA said its complete retail deals across fragments rose to 17,70,181 units last month, when contrasted with 16,09,217 units in July 2022, while traveler vehicle deals saw an ascent of 4% to 2,84,064 units last month when contrasted with 2,73,055 units in the year-ago period, reported news agency PTI.
The footwear industry has written to the Centre expressing its concerns over the BIS standards to be implemented on all kinds of footwear manufacturing saying that it welcomes the government's quality checks but believes that the current standards and implementation directions are not scientific.
India TV Poll Results: The Reserve Bank of India (RBI) is all set to hold a meeting of the six-member Monetary Policy Committee (MPC) on August 8 to discuss the concern about increasing the repo rate amid a jump in inflation. The decision of the meeting will be announced on August 10. With the skyrocketing price of tomatoes, the prices of all food items have increased rapidly. In such a situation, India TV conducted a poll to know the opinion of the public on this issue.
Indian-origin Vaibhav Taneja has been appointed as the new Chief Financial Order (CF) of Tesla Inc., replacing Zachary Kirkhorn, who stepped down on August 4 after a 13-year tenure at the company.
Tesla news: Indian origin Vaibhav Taneja has been named as the new Tesla Chief Financial Officer (CFO) replacing Zachary Kirkhorn after four years in the role. According to reports, Elon Musk-led Tesla has not mentioned any specific reason for the departure of Kirkhorn.
Punjab finance minister Harpal Singh Cheema on Monday said the state has registered an increase of 16.5 per cent and 20.87 per cent in revenue from Goods and Services Tax (GST) and excise, respectively during the first four months of the financial year 2023-24. The state's GST collection stood at Rs 6,810.76 crore, and the mop-up from excise was Rs 3,033.78 crore during the April-July period of the current fiscal.
The rise in demand for infrastructure in developing economies has pushed companies to tap climate-friendly measures, with the government giving a thrust to developing sustainable green infrastructure. A green-enviro-friendly infrastructure encompasses technologies and practices that use natural processes.
The government is exploring options to address the issue of the non-availability of feedstocks like broken rice and maize that is being faced by ethanol manufacturers. According to Food Secretary Sanjeev Chopra, the distilleries are facing an issue due to the non-availability of rice. They have told me the prices of maize and broken rice are high.

Profit of PSU banks more than doubles to Rs 34,774 cr in Q1

Sunday 06 August 2023 03:54 PM UTC+00
Public sector banks (PSBs) have once again posted stellar performance by registering more than double profit of Rs 34,774 crore for the first quarter ended June 2023. During the April-June period of the previous fiscal, all 12 state-owned banks had recorded a total profit of Rs 15,306 crore, according to quarterly numbers published by public sector lenders.
The country's largest telecom player Reliance Jio has received a USD 2.2 billion fund support from the Swedish export credit agency to finance equipment for the 5G rollout, according to Reliance Industries' annual report.
The Federation of Automobile Dealers Associations (FADA), an automobile industry body, said on Monday that India's auto retail deals saw a 10 percent yearly development in July, driven by strong sales across passenger vehicles, bikes, and business vehicles. FADA said its complete retail deals across fragments rose to 17,70,181 units last month, when contrasted with 16,09,217 units in July 2022, while traveler vehicle deals saw an ascent of 4% to 2,84,064 units last month when contrasted with 2,73,055 units in the year-ago period, reported news agency PTI.
The footwear industry has written to the Centre expressing its concerns over the BIS standards to be implemented on all kinds of footwear manufacturing saying that it welcomes the government's quality checks but believes that the current standards and implementation directions are not scientific.
India TV Poll Results: The Reserve Bank of India (RBI) is all set to hold a meeting of the six-member Monetary Policy Committee (MPC) on August 8 to discuss the concern about increasing the repo rate amid a jump in inflation. The decision of the meeting will be announced on August 10. With the skyrocketing price of tomatoes, the prices of all food items have increased rapidly. In such a situation, India TV conducted a poll to know the opinion of the public on this issue.
Indian-origin Vaibhav Taneja has been appointed as the new Chief Financial Order (CF) of Tesla Inc., replacing Zachary Kirkhorn, who stepped down on August 4 after a 13-year tenure at the company.
Tesla news: Indian origin Vaibhav Taneja has been named as the new Tesla Chief Financial Officer (CFO) replacing Zachary Kirkhorn after four years in the role. According to reports, Elon Musk-led Tesla has not mentioned any specific reason for the departure of Kirkhorn.
Punjab finance minister Harpal Singh Cheema on Monday said the state has registered an increase of 16.5 per cent and 20.87 per cent in revenue from Goods and Services Tax (GST) and excise, respectively during the first four months of the financial year 2023-24. The state's GST collection stood at Rs 6,810.76 crore, and the mop-up from excise was Rs 3,033.78 crore during the April-July period of the current fiscal.
The rise in demand for infrastructure in developing economies has pushed companies to tap climate-friendly measures, with the government giving a thrust to developing sustainable green infrastructure. A green-enviro-friendly infrastructure encompasses technologies and practices that use natural processes.
The government is exploring options to address the issue of the non-availability of feedstocks like broken rice and maize that is being faced by ethanol manufacturers. According to Food Secretary Sanjeev Chopra, the distilleries are facing an issue due to the non-availability of rice. They have told me the prices of maize and broken rice are high.
The Federation of Automobile Dealers Associations (FADA), an automobile industry body, said on Monday that India's auto retail deals saw a 10 percent yearly development in July, driven by strong sales across passenger vehicles, bikes, and business vehicles. FADA said its complete retail deals across fragments rose to 17,70,181 units last month, when contrasted with 16,09,217 units in July 2022, while traveler vehicle deals saw an ascent of 4% to 2,84,064 units last month when contrasted with 2,73,055 units in the year-ago period, reported news agency PTI.
The footwear industry has written to the Centre expressing its concerns over the BIS standards to be implemented on all kinds of footwear manufacturing saying that it welcomes the government's quality checks but believes that the current standards and implementation directions are not scientific.
India TV Poll Results: The Reserve Bank of India (RBI) is all set to hold a meeting of the six-member Monetary Policy Committee (MPC) on August 8 to discuss the concern about increasing the repo rate amid a jump in inflation. The decision of the meeting will be announced on August 10. With the skyrocketing price of tomatoes, the prices of all food items have increased rapidly. In such a situation, India TV conducted a poll to know the opinion of the public on this issue.
Indian-origin Vaibhav Taneja has been appointed as the new Chief Financial Order (CF) of Tesla Inc., replacing Zachary Kirkhorn, who stepped down on August 4 after a 13-year tenure at the company.
Tesla news: Indian origin Vaibhav Taneja has been named as the new Tesla Chief Financial Officer (CFO) replacing Zachary Kirkhorn after four years in the role. According to reports, Elon Musk-led Tesla has not mentioned any specific reason for the departure of Kirkhorn.
Punjab finance minister Harpal Singh Cheema on Monday said the state has registered an increase of 16.5 per cent and 20.87 per cent in revenue from Goods and Services Tax (GST) and excise, respectively during the first four months of the financial year 2023-24. The state's GST collection stood at Rs 6,810.76 crore, and the mop-up from excise was Rs 3,033.78 crore during the April-July period of the current fiscal.
The rise in demand for infrastructure in developing economies has pushed companies to tap climate-friendly measures, with the government giving a thrust to developing sustainable green infrastructure. A green-enviro-friendly infrastructure encompasses technologies and practices that use natural processes.
The government is exploring options to address the issue of the non-availability of feedstocks like broken rice and maize that is being faced by ethanol manufacturers. According to Food Secretary Sanjeev Chopra, the distilleries are facing an issue due to the non-availability of rice. They have told me the prices of maize and broken rice are high.
The co-founder of the online furniture store Pepperfry, Ambareesh Murty, died of a cardiac arrest in Leh on Monday. According to his friend and other co-founders of Pepperfry, Ashish Shah, in a social media post, wrote, "Extremely devastated to inform that my friend, mentor, brother, soulmate @AmbareeshMurty is no more. Lost him yesterday night to a cardiac arrest at Leh. Please pray for him and strength to his family and near ones."
The precarious climb in the cost of tomatoes has made a vegetarian thali dearer by 34% on a month-on-month basis, a report by rating organisation Crisil said. The company's 'Roti Rice report' said that that with the price of thali preparation increasing only 13%, non-vegan thalis were generally less affected in the longer term in July than in June. Tomato prices, a significant monthly increase in food prices, rose from Rs 33 per kg in June to Rs 110 per kg in July, up 233% per kg, according to the report.
The Federation of Automobile Dealers Associations (FADA), an automobile industry body, said on Monday that India's auto retail deals saw a 10 percent yearly development in July, driven by strong sales across passenger vehicles, bikes, and business vehicles. FADA said its complete retail deals across fragments rose to 17,70,181 units last month, when contrasted with 16,09,217 units in July 2022, while traveler vehicle deals saw an ascent of 4% to 2,84,064 units last month when contrasted with 2,73,055 units in the year-ago period, reported news agency PTI.
The footwear industry has written to the Centre expressing its concerns over the BIS standards to be implemented on all kinds of footwear manufacturing saying that it welcomes the government's quality checks but believes that the current standards and implementation directions are not scientific.
India TV Poll Results: The Reserve Bank of India (RBI) is all set to hold a meeting of the six-member Monetary Policy Committee (MPC) on August 8 to discuss the concern about increasing the repo rate amid a jump in inflation. The decision of the meeting will be announced on August 10. With the skyrocketing price of tomatoes, the prices of all food items have increased rapidly. In such a situation, India TV conducted a poll to know the opinion of the public on this issue.
Indian-origin Vaibhav Taneja has been appointed as the new Chief Financial Order (CF) of Tesla Inc., replacing Zachary Kirkhorn, who stepped down on August 4 after a 13-year tenure at the company.
Tesla news: Indian origin Vaibhav Taneja has been named as the new Tesla Chief Financial Officer (CFO) replacing Zachary Kirkhorn after four years in the role. According to reports, Elon Musk-led Tesla has not mentioned any specific reason for the departure of Kirkhorn.
Punjab finance minister Harpal Singh Cheema on Monday said the state has registered an increase of 16.5 per cent and 20.87 per cent in revenue from Goods and Services Tax (GST) and excise, respectively during the first four months of the financial year 2023-24. The state's GST collection stood at Rs 6,810.76 crore, and the mop-up from excise was Rs 3,033.78 crore during the April-July period of the current fiscal.
The rise in demand for infrastructure in developing economies has pushed companies to tap climate-friendly measures, with the government giving a thrust to developing sustainable green infrastructure. A green-enviro-friendly infrastructure encompasses technologies and practices that use natural processes.
The government is exploring options to address the issue of the non-availability of feedstocks like broken rice and maize that is being faced by ethanol manufacturers. According to Food Secretary Sanjeev Chopra, the distilleries are facing an issue due to the non-availability of rice. They have told me the prices of maize and broken rice are high.
The co-founder of the online furniture store Pepperfry, Ambareesh Murty, died of a cardiac arrest in Leh on Monday. According to his friend and other co-founders of Pepperfry, Ashish Shah, in a social media post, wrote, "Extremely devastated to inform that my friend, mentor, brother, soulmate @AmbareeshMurty is no more. Lost him yesterday night to a cardiac arrest at Leh. Please pray for him and strength to his family and near ones."
The precarious climb in the cost of tomatoes has made a vegetarian thali dearer by 34% on a month-on-month basis, a report by rating organisation Crisil said. The company's 'Roti Rice report' said that that with the price of thali preparation increasing only 13%, non-vegan thalis were generally less affected in the longer term in July than in June. Tomato prices, a significant monthly increase in food prices, rose from Rs 33 per kg in June to Rs 110 per kg in July, up 233% per kg, according to the report.
India TV Poll Results: The Reserve Bank of India (RBI) is all set to hold a meeting of the six-member Monetary Policy Committee (MPC) on August 8 to discuss the concern about increasing the repo rate amid a jump in inflation. The decision of the meeting will be announced on August 10. With the skyrocketing price of tomatoes, the prices of all food items have increased rapidly. In such a situation, India TV conducted a poll to know the opinion of the public on this issue.
Indian-origin Vaibhav Taneja has been appointed as the new Chief Financial Order (CF) of Tesla Inc., replacing Zachary Kirkhorn, who stepped down on August 4 after a 13-year tenure at the company.
Tesla news: Indian origin Vaibhav Taneja has been named as the new Tesla Chief Financial Officer (CFO) replacing Zachary Kirkhorn after four years in the role. According to reports, Elon Musk-led Tesla has not mentioned any specific reason for the departure of Kirkhorn.
Punjab finance minister Harpal Singh Cheema on Monday said the state has registered an increase of 16.5 per cent and 20.87 per cent in revenue from Goods and Services Tax (GST) and excise, respectively during the first four months of the financial year 2023-24. The state's GST collection stood at Rs 6,810.76 crore, and the mop-up from excise was Rs 3,033.78 crore during the April-July period of the current fiscal.
The rise in demand for infrastructure in developing economies has pushed companies to tap climate-friendly measures, with the government giving a thrust to developing sustainable green infrastructure. A green-enviro-friendly infrastructure encompasses technologies and practices that use natural processes.
The government is exploring options to address the issue of the non-availability of feedstocks like broken rice and maize that is being faced by ethanol manufacturers. According to Food Secretary Sanjeev Chopra, the distilleries are facing an issue due to the non-availability of rice. They have told me the prices of maize and broken rice are high.
The co-founder of the online furniture store Pepperfry, Ambareesh Murty, died of a cardiac arrest in Leh on Monday. According to his friend and other co-founders of Pepperfry, Ashish Shah, in a social media post, wrote, "Extremely devastated to inform that my friend, mentor, brother, soulmate @AmbareeshMurty is no more. Lost him yesterday night to a cardiac arrest at Leh. Please pray for him and strength to his family and near ones."
The precarious climb in the cost of tomatoes has made a vegetarian thali dearer by 34% on a month-on-month basis, a report by rating organisation Crisil said. The company's 'Roti Rice report' said that that with the price of thali preparation increasing only 13%, non-vegan thalis were generally less affected in the longer term in July than in June. Tomato prices, a significant monthly increase in food prices, rose from Rs 33 per kg in June to Rs 110 per kg in July, up 233% per kg, according to the report.
A data shared by Clear (formerly known as ClearTax), a comprehensive comparison of income tax return filings between the Old Tax Regime and the New Tax Regime. 85 percent people opted for the Old Regime while 15 percent were in favour of the new one.
A recent study revealed that passive funds have gained traction among investors in India in the last few years, capturing a market share of over 17 per cent of Assets Under Management (AUM) in 2023 from 1.4 per cent in 2015. A passive fund is an investment instrument that simulates the performance of a market index or a specific market segment. Passive index funds, Exchange Traded Funds (ETFs), and Fund of Funds investing in ETFs are examples of these funds. 
Indian-origin Vaibhav Taneja has been appointed as the new Chief Financial Order (CF) of Tesla Inc., replacing Zachary Kirkhorn, who stepped down on August 4 after a 13-year tenure at the company.
Tesla news: Indian origin Vaibhav Taneja has been named as the new Tesla Chief Financial Officer (CFO) replacing Zachary Kirkhorn after four years in the role. According to reports, Elon Musk-led Tesla has not mentioned any specific reason for the departure of Kirkhorn.
Punjab finance minister Harpal Singh Cheema on Monday said the state has registered an increase of 16.5 per cent and 20.87 per cent in revenue from Goods and Services Tax (GST) and excise, respectively during the first four months of the financial year 2023-24. The state's GST collection stood at Rs 6,810.76 crore, and the mop-up from excise was Rs 3,033.78 crore during the April-July period of the current fiscal.
The rise in demand for infrastructure in developing economies has pushed companies to tap climate-friendly measures, with the government giving a thrust to developing sustainable green infrastructure. A green-enviro-friendly infrastructure encompasses technologies and practices that use natural processes.
The government is exploring options to address the issue of the non-availability of feedstocks like broken rice and maize that is being faced by ethanol manufacturers. According to Food Secretary Sanjeev Chopra, the distilleries are facing an issue due to the non-availability of rice. They have told me the prices of maize and broken rice are high.
The co-founder of the online furniture store Pepperfry, Ambareesh Murty, died of a cardiac arrest in Leh on Monday. According to his friend and other co-founders of Pepperfry, Ashish Shah, in a social media post, wrote, "Extremely devastated to inform that my friend, mentor, brother, soulmate @AmbareeshMurty is no more. Lost him yesterday night to a cardiac arrest at Leh. Please pray for him and strength to his family and near ones."
The precarious climb in the cost of tomatoes has made a vegetarian thali dearer by 34% on a month-on-month basis, a report by rating organisation Crisil said. The company's 'Roti Rice report' said that that with the price of thali preparation increasing only 13%, non-vegan thalis were generally less affected in the longer term in July than in June. Tomato prices, a significant monthly increase in food prices, rose from Rs 33 per kg in June to Rs 110 per kg in July, up 233% per kg, according to the report.
A data shared by Clear (formerly known as ClearTax), a comprehensive comparison of income tax return filings between the Old Tax Regime and the New Tax Regime. 85 percent people opted for the Old Regime while 15 percent were in favour of the new one.
A recent study revealed that passive funds have gained traction among investors in India in the last few years, capturing a market share of over 17 per cent of Assets Under Management (AUM) in 2023 from 1.4 per cent in 2015. A passive fund is an investment instrument that simulates the performance of a market index or a specific market segment. Passive index funds, Exchange Traded Funds (ETFs), and Fund of Funds investing in ETFs are examples of these funds. 

Credit card default rises to Rs 4,072 crore in FY23

Tuesday 08 August 2023 04:12 PM UTC+00
Credit card default rose to Rs 4,072 crore or 1.94 per cent at the end of March 2023, Parliament was informed on Tuesday. "As per the inputs received from RBI, in respect of defaults in credit cards, the gross non-performing assets (GNPAs) in credit cards was Rs 3,122 crore in March-2022 and Rs 4,072 crore in March-2023, while credit card outstanding in March-2022 and March-2023 was Rs 1.64 lakh crore and Rs 2.10 lakh crore, respectively," Minister of State for Finance Bhagwat Karad said in a written reply in Rajya Sabha.
Indian-origin Vaibhav Taneja has been appointed as the new Chief Financial Order (CF) of Tesla Inc., replacing Zachary Kirkhorn, who stepped down on August 4 after a 13-year tenure at the company.
Tesla news: Indian origin Vaibhav Taneja has been named as the new Tesla Chief Financial Officer (CFO) replacing Zachary Kirkhorn after four years in the role. According to reports, Elon Musk-led Tesla has not mentioned any specific reason for the departure of Kirkhorn.
Punjab finance minister Harpal Singh Cheema on Monday said the state has registered an increase of 16.5 per cent and 20.87 per cent in revenue from Goods and Services Tax (GST) and excise, respectively during the first four months of the financial year 2023-24. The state's GST collection stood at Rs 6,810.76 crore, and the mop-up from excise was Rs 3,033.78 crore during the April-July period of the current fiscal.
The rise in demand for infrastructure in developing economies has pushed companies to tap climate-friendly measures, with the government giving a thrust to developing sustainable green infrastructure. A green-enviro-friendly infrastructure encompasses technologies and practices that use natural processes.
The government is exploring options to address the issue of the non-availability of feedstocks like broken rice and maize that is being faced by ethanol manufacturers. According to Food Secretary Sanjeev Chopra, the distilleries are facing an issue due to the non-availability of rice. They have told me the prices of maize and broken rice are high.
The co-founder of the online furniture store Pepperfry, Ambareesh Murty, died of a cardiac arrest in Leh on Monday. According to his friend and other co-founders of Pepperfry, Ashish Shah, in a social media post, wrote, "Extremely devastated to inform that my friend, mentor, brother, soulmate @AmbareeshMurty is no more. Lost him yesterday night to a cardiac arrest at Leh. Please pray for him and strength to his family and near ones."
The precarious climb in the cost of tomatoes has made a vegetarian thali dearer by 34% on a month-on-month basis, a report by rating organisation Crisil said. The company's 'Roti Rice report' said that that with the price of thali preparation increasing only 13%, non-vegan thalis were generally less affected in the longer term in July than in June. Tomato prices, a significant monthly increase in food prices, rose from Rs 33 per kg in June to Rs 110 per kg in July, up 233% per kg, according to the report.
A data shared by Clear (formerly known as ClearTax), a comprehensive comparison of income tax return filings between the Old Tax Regime and the New Tax Regime. 85 percent people opted for the Old Regime while 15 percent were in favour of the new one.
A recent study revealed that passive funds have gained traction among investors in India in the last few years, capturing a market share of over 17 per cent of Assets Under Management (AUM) in 2023 from 1.4 per cent in 2015. A passive fund is an investment instrument that simulates the performance of a market index or a specific market segment. Passive index funds, Exchange Traded Funds (ETFs), and Fund of Funds investing in ETFs are examples of these funds. 

Credit card default rises to Rs 4,072 crore in FY23

Tuesday 08 August 2023 04:12 PM UTC+00
Credit card default rose to Rs 4,072 crore or 1.94 per cent at the end of March 2023, Parliament was informed on Tuesday. "As per the inputs received from RBI, in respect of defaults in credit cards, the gross non-performing assets (GNPAs) in credit cards was Rs 3,122 crore in March-2022 and Rs 4,072 crore in March-2023, while credit card outstanding in March-2022 and March-2023 was Rs 1.64 lakh crore and Rs 2.10 lakh crore, respectively," Minister of State for Finance Bhagwat Karad said in a written reply in Rajya Sabha.
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