Page 48 - Industry News

Falling CASA ratio, lower household deposits may hit stability: CRISIL

CRISIL warns that declining household deposits and a falling CASA ratio could impact funding stability and raise costs for banks over the medium to long term

Govt asks agencies to scrap RE bids that flouted local manufacturing rule

MNRE asks agencies like SECI, NTPC and SJVNL to cancel tenders with short timelines that bypassed the ALMM mandate on locally manufactured solar cells

India's power output growth slows in September as industrial momentum eases

Power output rose 3.2% year-on-year but fell short of August's 4% growth, marking the first monthly drop in three months, according to daily analysis of Grid India data

Esop bonanza: Payouts surge 30% to ₹15,000 crore in FY25, shows data

The total spent was ₹14,900 crore on a limited sample of companies, compared to ₹11,461 crore in 2023-24 for a full sample

Car sales surge in September as GST 2.0 price cuts boost festive demand

Auto majors Maruti Suzuki, Tata Motors and Mahindra & Mahindra reported robust sales in September as reduced price tags owing to GST rationalisation led to record demand in the Navaratri period. The month also saw Tata Motors and Mahindra & Mahindra settling at number two and three positions, respectively in vehicle wholesales ahead of Hyundai Motor India. Maruti Suzuki India said its total domestic passenger vehicle dispatches to dealers stood at 1,32,820 units last month compared with 1,44,962 units in the year-ago period, a dip of 8 per cent. The domestic wholesale figure for the month should be seen in the context of logistical constraints towards the last part of the month, the auto major stated. In a virtual press conference, Maruti Suzuki India Senior Executive Officer for Marketing and Sales Partho Banerjee said the company's retail sales were 1.73 lakh units last month, an increase of 27.5 per cent as compared with September 2024. He noted that the company has 2.5 ...

RBI unveils incentive scheme to cut unclaimed bank deposits stock

The Reserve Bank on Tuesday announced a year-long incentive scheme for banks to reduce the volume of unclaimed deposits. Under the 'Scheme for Facilitating Accelerated Payout' Inoperative Accounts and Unclaimed Deposits', banks will be eligible to get a differential payout depending on the period of an account remaining inoperative and the amount of deposits in it. "The scheme aims to reduce both the stock of existing unclaimed deposits and fresh accretion of flows to the DEA Fund," an official communique from the central bank said. "The objective (of the scheme) is to encourage banks to actively pursue customers/ depositors for re-activation of their inoperative accounts and return of their unclaimed amounts lying with Depositors Education Awareness (DEA) Fund to the rightful claimant in a timely and efficient manner," the central bank said. Unclaimed money in accounts which are inoperative for more than 10 years goes into the depositor education and awareness (DEA) fund, but a ..

After ethanol tender pricing setback, sugar industry hopes for review

An industry body for sugar factories has written to the Centre seeking a revision of the tender, which has left procurement prices unchanged from last year, noting that sugarcane prices have gone up

Dutch govt pledges €2 bn backing for Tata Steel's green transition plan

Tata Steel Nederland signs non-binding pact with Dutch govt for up to €2 bn to cut emissions at IJmuiden, with plans for direct reduction and electric arc furnace transition

NCLAT order on insolvency fraud may cloud IBC interpretation: Experts

Experts say NCLAT's order allowing recall of resolution plans if fraud is detected could weaken bidder confidence and blur clarity on the Insolvency and Bankruptcy Code

BEE revises fuel-efficiency norms, gives relief to small cars for 1st time

BEE revises draft CAFE-3 and CAFE-4 norms, granting small cars special CO₂ relief and retaining incentives for strong hybrids, while adding discounts for flex-fuel vehicles

India's logistics cost pegged at 7.97% of GDP, says DPIIT report

The country's logistics cost is estimated at 7.97 per cent of India's gross domestic product (GDP) in 2023-24, according to a Department for Promotion of Industry and Internal Trade (DPIIT) report. It was prepared by NCAER (National Council of Applied Economic Research) for the department. The report said estimates derived for the previous five years show that the pace of growth in the logistics cost is gradually slowing down. This may be attributed to several initiatives such as PM Gati Shakti National Master Plan; dedicated freight corridors; Sagarmala project; integrated check posts; and development of the unified logistics interface platform, it said. "As per the current assessment prepared by NCAER for DPIIT, logistics costs in India are estimated at about 7.97 per cent of total GDP," the report added. A report on Assessment of Logistics Cost in India was launched last week by Commerce and Industry Minister Piyush Goyal. With this, the country has now a comprehensive and ...

Govt aims to make India global hub for green energy, hydrogen export: Joshi

The government is targeting to make India a global hub for production, utilisation, and export of green energy, Union Minister Pralhad Joshi said on Thursday. The Minister for New and Renewable Energy made the remarks in a virtual address to the World Hydrogen India conference organised by S&P Global Commodity Insights in the national capital. India has achieved the goal of having 50 per cent of installed electricity capacity from non-fossil resources five years ahead of schedule, Joshi said. "This phenomenal growth in renewables has set the stage for our next target, making India a global hub for the production, utilisation, and export of green energy," he said. India's total non-fossil fuel installed capacity stands approximately around 250 GW, the minister said. On green hydrogen, Joshi said the government's Green Hydrogen Programme is moving from vision to action with incredible speed. A stable, predictable, and rewarding investment environment is being created to support this

Afcons inducts Firoz Mistry, Santosh Nayar as new members on its board

Afcons Infrastructure has appointed Firoz Cyrus Mistry as non-executive director and Santosh Balachandran Nayar as independent director, effective Thursday

ONE Group launches The Clermont in Mohali, targets ₹400 cr revenue

ONE Group Developers launches The Clermont in Mohali with 216 units, projected revenue of ₹400 crore and modern aluminium formwork technology for quality and timely delivery

Core sector growth at 13-mth high of 6.3% in August on low base effect

In August 2024, ICI had declined to -1.3 per cent. For the first five months (April-August) of the current financial year, growth stood at 2.9 per cent against 4.72 per cent last year

Agnikul undertakes India's first additive manufacturing hub for rockets

Agnikul Cosmos has commissioned India's first large-format additive manufacturing facility for aerospace and rockets, enabling one-metre 3D printing and faster innovation cycles

BASAI seeks govt clarification on GST rates for biostimulants products

The Biological Agri Solutions Association of India (BASAI) on Monday said it has sought clarification from the government over GST applicable on biostimulants. Biostimulants, which aid plant growth, have been regulated under the Fertiliser (Control) Order (FCO) 1985 since 2021. As of August, the government has officially notified and fully approved 146 biostimulant products under the FCO. Addressing a media conference, BASAI President and Chairperson Sandeepa Kanitkar said biostimulants are the need of the hour amid climate change challenges. "The tool box of the farmer now has to be changed. If it is not changed, then we will end up having the same kind of productivity," Kanitkar said. Listing out challenges in the sector, BASAI CEO Vipin Saini said there is confusion over GST for biostimulants. "At some places, biostimulants are classified under 5 per cent GST category and in some places under 18 per cent. I believe it should be under 5 per cent category." There is misinterpreta

AMD open to acquisition of firms in India as part of expansion plan

AMD has been a key global player in powering personal computers working on artificial intelligence

ITC to continue Nepal investment plans in FMCG and hotels: Sanjiv Puri

ITC Chairman Sanjiv Puri said recent turmoil in Nepal will not affect the company's plans in FMCG and hospitality, with Surya Nepal and new hotels continuing expansion

India to play key role in EY's push for proprietary AI language models

EY will leverage its global delivery unit in India, home to most of its tech staff, to lead development of proprietary language models for tax, audit and accounting services