New Fiscal Year

Solex Energy FY25 revenue rises 80% to Rs 665 cr in FY25, aims expansion

Solex Energy on Thursday reported a revenue of Rs 665 crore for FY25, marking an increase of over 80 per cent over the preceding fiscal. The company had garnered a revenue of Rs 368 crore in the 2023-24 financial year, it said in a statement. Approximately 22 per cent of the company's revenue comes from the EPC business, while the remaining portion is generated from the module business, the company said. It has reported a revenue of 665 crore, which is 80 per cent higher year-on-year (y-o-y), the company said. The company's Chairman & Managing Director (CMD) Chetan Shah said, "As we approach our 30th year in the industry, we remain dedicated to accelerating India's clean energy transition and expanding our global footprint." The company is bullish on the growing renewable energy market in India and has already announced a multi-crore investment plan under its vision 2030 strategy, he said. Gujarat-based Solex Energy has plans to increase its module manufacturing capacity from 1.5

GeM procurement crosses Rs 4 trillion during April-January period of FY25

The procurement of goods and services through government's portal GeM rose by about 50 per cent to over Rs 4 lakh crore during April-January this fiscal due to higher buying activities by various ministries and departments, an official statement said on Friday. The Government e-Market (GeM) portal was launched on August 9, 2016, for online purchases of goods and services by all central government ministries and departments. "The GeM has surpassed last years' historic high gross merchandise value (GMV) of Rs 4 lakh crore within 10 months of the current fiscal. As of January 23, GeM has clocked a GMV of Rs 4.09 lakh crore, which marks a growth of nearly 50 per cent over the corresponding period last fiscal," the commerce and industry ministry said. Out of this, the services segment accounted for Rs 2.54 lakh crore, whereas product area procurement was Rs 1.55 lakh crore, it said. "With an emphasis on expansion of bouquet of services offerings on GeM, 19 new service categories have be

India's exports to cross $800 billion this fiscal year: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said despite global economic uncertainties, India's exports of goods and services are expected to cross USD 800 billion, which will be a record. Last fiscal year, the exports stood at USD 778 billion. He said though there will be stresses in the global system, but India's exports basket is large. "My estimate is that we will cross USD 800 billion in exports, another record given the world situation," he told reporters here. He added share in services exports is also growing at a rapid pace. On exports to developing and least developed countries (LDCs), he said those nations have been stressed because of the forex crisis they are facing after the COVID-19 pandemic. The Red Sea crisis too had impacted shipping lines. On the new US administration, the minister said: "We are looking forward to a deep and substantive engagement with the new US administration...we are looking forward to working with (Donald) Trump administration ag

Rate cuts, index inclusion likely to help bond prices rally in FY25

Followed by the lower borrowing, the calendar for the initial half of the financial year gave another cheer to the bond market

FY25 likely to witness close to 7% economic growth, but risks remain

Finance Minister Nirmala Sitharaman at the Business Standard Manthan said the high capex growth needs to be maintained to meet growth targets

Bajaj Hindusthan Sugar posts net loss of Rs 58.36 crore in December quarter

Sugar major Bajaj Hindusthan Sugar Ltd on Monday reported a consolidated net loss of Rs 58.36 crore in the third quarter of this fiscal year on higher expenses. Its net loss stood at Rs 164.53 crore in the year-ago period. Total income rose to Rs 1,433.54 crore in the October-December quarter of 2022-23 financial year from Rs 1,261.33 crore in the corresponding period of the previous year, the company said in a regulatory filing. Bajaj Hindusthan Sugar posted a net loss of Rs 265.64 crore during the first three quarters of this fiscal year as against a net loss of Rs 327.26 crore in the year-ago period. Total income rose to Rs 4,301.24 crore during April-December period of this fiscal year from Rs 3,966.22 crore in the corresponding period of the previous year. Bajaj Hindusthan Sugar Ltd, which is part of the Bajaj Group (Kushagra), has 14 sugar plants, all located in Uttar Pradesh. The plants have an aggregate sugarcane crushing capacity of 1,36,000 tonnes crushed per day and .

Indian govt's record borrowing in FY24 likely to hit high next fiscal year

The Indian government's borrowing will likely hit a record high next fiscal year, as it prioritizes growth, which could push bond yields higher, ICICI Bank's treasury head told on Thursday

Port cargo traffic growth in November slows to 3% amid trade slowdown

Flat cargo numbers since Q2 drag total FY23 growth down to 8.8%

Bharat Petroleum to incur gross marketing losses in current fiscal: Fitch

State-owned Bharat Petroleum Corporation Ltd (BPCL) is likely to incur gross marketing losses in the current fiscal as it is unable to pass cost to consumers, Fitch Ratings said Monday. The rating agency affirmed 'BBB-' rating on BPCL with stable outlook. "Fitch expects BPCL to generate gross marketing losses in FY23, as the Indian oil marketing companies (OMCs) bear the largest burden of surging crude oil prices, with only limited increases being passed on to consumers despite cuts in taxes on retail sales. "We believe near-term prices will remain a function of the government's efforts to balance OMCs' financial health with inflationary and fiscal pressures," it said. The marketing segment, however, should turn profitable from FY24 (April 2023 to March 2024) as crude oil prices fall. "We expect marketing margins to remain aligned with crude oil prices over the long term," Fitch said. The government previously allowed OMCs to recoup losses from the temporary suspension of daily p

Poverty has fallen, but social inequality in India has increased: Report

The Competitiveness Roadmap for India@100 showed that inequality in India has increased sharply since 2000 in contrast to most of the other countries in the world

Data centre capacity to double by FY25 with Rs 40,000 cr investment: Report

The data centre capacity is set to double by FY25 to 1,700-1,800 mw from 870 mw with an investment of Rs 40,000 cr on the back of rising data uptake, coupled with the launch of 5G services

Markets register their best financial year performance in a decade in FY21

In FY21, the S&P BSE Sensex and Nifty50 have rallied 68 per cent and 71 per cent, respectively

Andhra Pradesh may opt for January-December fiscal year

Most states await directions from the central government