DIRS.INFO The most relevant business & tech news

☆ 'The ultimate adventure': Why more Indian travelers are taking extreme road trips
▼ + stars: | 2024-03-11 | by ( Kalpana Sunder | ) www.cnbc.com time to read: +5 min

More Indians are taking road trips these days — both within the country and beyond, solo and in groups — as access to better vehicles and better roads grows in the country. However, Sai took her first road trip back in 2016, before it became a trend. Sai now runs an overland driving company that organizes road trips across countries like Namibia, Georgia, Armenia, Nepal and Mongolia. Source: Rishad Saam Mehta,Since then, Mehta has taken more than 100 road trips across some 50 countries. Agarwal has traveled to 92 countries and gone on road trips in six continents.

Persons: Meenakshi Sai, she's, Sai, There's, Pollachi —, Meenakshi, —, Saam Mehta, Rishad Saam Mehta, Mehta, Tushar Agarwal, Sanjay Madan, Agarwal, Madan Organizations: Tata Motors, Ferrari, Bavarian, Toyota, Ford, Discovery Locations: Coimbatore, India, St . Petersburg, Russia, Thailand, Manipur, India's, Bangkok, London, Mumbai, Poland, Uzbekistan, Meenakshi Sai, Kyrgyzstan, Namibia, Georgia, Armenia, Nepal, Mongolia, Delhi, Ladakh, China, Munich, Austrian, Spiti, Northern India, New England, Jordan, …, Australia

☆ Sri Lanka passes controversial bill to regulate online content
▼ + stars: | 2024-01-25 | by ( Rhea Mogul | Morayo Ogunbayo | ) edition.cnn.com time to read: +3 min

CNN —Sri Lanka’s lawmakers passed a bill on Wednesday regulating internet use among its citizens, in a move that has sparked fears among rights groups of a free speech crackdown. “Sri Lanka is still reeling from an economic crisis partly caused by misgovernment and failures of accountability,” said Human Rights Watch Deputy Asia Director Meenakshi Ganguly in a statement Tuesday. Then-President Gotabaya Rajapaksa was forced to flee the country after angry protesters, who blamed him for the financial situation, stormed his residence. But rights groups have accused him of cracking down on dissent and silencing protesters. “Sri Lanka’s repressive laws have facilitated widespread human rights violations for decades and contributed to economic and political crises,” said Ganguly.

Persons: ”, Lanka’s, Meenakshi Ganguly, “, Wickremesinghe, Jeff Paine, Gotabaya Rajapaksa, Rajapaksa, Ganguly Organizations: CNN, Safety, Rights Watch, Asia Internet Coalition, United Nations Human Rights Locations: Lanka’s, Sri Lanka, Lankans

☆ India's Apollo Tyres beats Q2 profit view on higher auto sales
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 7 (Reuters) - Indian tyre maker Apollo Tyres Ltd. (APLO.NS) reported a better-than-expected second-quarter profit on Tuesday, boosted by higher auto sales and lower input costs. Consolidated profit more than doubled to 4.74 billion rupees ($56.94 million) for the quarter ended Sept. 30 from 1.79 billion rupees a year earlier. Analysts, on average, had expected a profit of almost 4.33 billion rupees, according to LSEG data. Revenue from operations rose over 5% to 62.8 billion rupees, with revenue in the APMEA (Asia Pacific, Middle East and Africa) segment, the largest contributor to revenue, rising 4.5% to 44.73 billion rupees. Apollo peers MRF Tyres (MRF.NS) and Goodyear India (GDYR.NS) also logged profit jumps on the back of higher demand and easing costs.

Persons: MRF, Meenakshi Maidas, Janane Organizations: Apollo Tyres Ltd, Consolidated, of Automobile Dealers Association, Goodyear, Apollo Tyres, Thomson Locations: BENGALURU, Asia, Middle East, Africa, Goodyear India, Bengaluru

☆ The Oldest Plant-Eating Dinosaur Has Been Found in India
▼ + stars: | 2023-08-19 | by ( Meenakshi J | ) www.nytimes.com time to read: +1 min

The Thar Desert today is a scorching region in western India’s Rajasthan state. It is the first of that group discovered in India, and the oldest ever found in the world’s fossil record. The all-Indian team that discovered the species named it Tharosaurus indicus, referencing the Thar Desert, and its country of origin. Dicraeosaurids like Tharosaurus indicus are part of a larger group called diplodocoid sauropods. Earlier theories suggested that India was inhabited only by the predecessors of diplodocoids.

Persons: Sunil Bajpai Organizations: Indian Institute of Technology Locations: India’s Rajasthan, India, Africa, Americas, China, Indian Institute of Technology Roorkee

☆ India's Bajaj Finance beats Q4 profit expectations on strong loan demand
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 26 (Reuters) - Indian non-bank lender Bajaj Finance Ltd's (BJFN.NS) fourth-quarter profit beat estimates on Wednesday, led by strong customer addition on the back of demand for loans. Consolidated net profit rose 30.5% to 31.58 billion rupees ($386.4 million) for the quarter ended March 31, beating analysts' expectations of 30.93 billion rupees, according to Refinitiv IBES data. The company's customers increased by about 3.1 million in the fourth quarter, it said earlier this month. Net interest income, the difference between interest earned on loans and paid on deposits, rose 28% to 77.71 billion rupees, while interest income jumped 33.6% year-on-year. ($1 = 81.7400 Indian rupees)Reporting by Meenakshi Maidas in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ Instant View: Here’s what experts think of India's surprise rate decision
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +16 min

The monetary policy committee (MPC) retained the key lending rate or the repo rate (INREPO=ECI) at 6.50% in a unanimous decision. With the likely softening of CPI to the low- to mid-5% levels in the coming month, the current repo rate of 6.5% implies that India’s real policy rate will hover around 1% during 2023-24, while maintaining a policy rate differential of about 1.5% with the US. Room for additional rate hikes has been retained with MPC’s policy stance continuing to remain unchanged at ‘withdrawal of accommodation’. We believe the bar for future rate hikes has increased, especially since near-term prints of CPI will be sub 6%. Scope for further hikes is limited given our growth-inflation outlook and impact of the past rate hikes on the same.

☆ Walmart pumps $200 mln in Indian fintech PhonePe in ongoing fundraise
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 17 (Reuters) - Indian digital payments firm PhonePe said on Friday it has raised $200 million from majority backer Walmart Inc (WMT.N) at a pre-money valuation of $12 billion. PhonePe, already India's most valuable payments firm and among the country's most highly-valued startups, said the investment is part of its ongoing fundraise of up to $1 billion. American retail behemoth Walmart, which acquired a majority share in PhonePe in 2018, will continue as a majority investor, the Indian company said, without disclosing its stake. PhonePe said it plans to deploy these funds to build and scale new businesses including insurance, wealth management and lending. The relocation, according to some reports, was to ensure an easier entry into the country's highly-regulated financial services industry, especially lending.

☆ Hyundai Motor's India unit to buy plant from General Motors
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: 1 min

[1/2] The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew KellyBENGALURU, March 13 (Reuters) - The Indian arm of Hyundai Motor Co (005380.KS) said on Monday it had signed a term sheet to buy General Motors Co's (GM.N) plant in the western state of Maharashtra. The term sheet covers proposed acquisition of land and buildings, certain machinery and equipment for manufacturing at the plant, Hyundai added in a statement. Reporting by Meenakshi Maidas in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ India's Bajaj Auto falls after report on planned production cuts
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

Bajaj Auto did not respond immediately to Reuters' request for comment on the Economic Times (ET) report, which said that the cut would reflect pressure in Nigeria, its largest export market. Bajaj Auto is likely to produce 250,000-270,000 units in March, ET reported, citing multiple people aware of the production plans. That's lower than its average monthly production of 338,000 units in the first nine months of FY 2023, the report added. The report did not specify how many units each of the two- and three-wheelers Bajaj Auto was likely to produce. They had risen 11.3% in 2022, against a 15.31% rise in the Nifty auto index (.NIFTYAUTO).

☆ India opposes Hindustan Zinc's $2.98 bln deal for Vedanta zinc assets
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

Vedanta's sale of its zinc assets in South Africa and Namibia to Hindustan Zinc is critical to ensuring liquidity at parent company Vedanta Resources. The government holds a near 30% stake in Hindustan Zinc, while Vedanta owns almost 65%. "As far as Hindustan Zinc is concerned, we always believe in and operate in perfect manners of corporate governance, so (there is) no deviation on that count," Hindustan Zinc Chief Executive Arun Misra told CNBC-TV18 on Monday. Hindustan Zinc has three months from the deal announcement to hold the shareholders' meeting to seek approval for the deal. Hindustan Zinc and Vedanta did not immediately respond to Reuters requests for comment.

☆ India's 5G smartphone shipments to cross 4G shipments in 2023 - Counterpoint
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 29 (Reuters) - India's 5G smartphone shipments will exceed that of 4G shipments by the end of next year, driven by the mass adoption of the high-speed network and the rise in sale of handsets in the lower-price bands, market research firm Counterpoint said on Thursday. Although India's overall smartphone shipments are estimated to see a yearly decline this year due to component supply issues and macroeconomic factors, 5G will continue to push smartphone demand in 2023 as well, Counterpoint added. 5G handset share in the lower-price band (less than 20,000 rupees or $241.55) is expected to surge to 30% in 2023 from 4% last year, Counterpoint said. India's telecom leader Reliance (RELI.NS) is working with Alphabet Inc's (GOOGL.O) Google to launch a budget 5G smartphone after it emerged as the biggest spender in India's $19 billion 5G spectrum auction in August. Cumulative 5G smartphone shipments will cross the 100-million mark in the second quarter of 2023 and surpass 4G smartphone shipments by the end of next year, according to Counterpoint.

☆ India cuts windfall tax on crude, aviation fuel
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 16 (Reuters) - India has cut windfall tax on crude oil and aviation turbine fuel (ATF) and reduced export tax on diesel, according to a government order dated Dec. 15. It cut the tax on locally produced crude oil steeply to 1,700 rupees ($20.52) per tonne from 4,900 rupees, effective Friday, the order said. The federal government also cut export tax on diesel to 5 rupees per litre from 8 rupees, while slashing the windfall tax on ATF to 1.5 rupees per litre from 5 rupees, the document showed. Meanwhile, Reuters had reported that India has bought Russian crude barrels at well below a $60 price cap agreed by the West. On July 1, India imposed the windfall tax on crude oil producers and levies on exports of gasoline, diesel and aviation fuel after private refiners sought overseas markets to gain from robust refining margins, instead of selling at lower-than-market rates in the country.

New Delhi CNN —Tens of thousands of protesters took to the streets of Dhaka on Saturday calling for the dissolution of parliament to make way for new elections, and demand the resignation of Bangladeshi Prime Minister Sheikh Hasina. Saturday’s protest comes amid a flurry of demonstrations in Bangladesh calling on Hasina to step down and demanding new elections. The Bangladesh Election Commission has not announced a date for the next general election, which is due by the end of 2023. Supporters of Bangladesh's opposition party protest against the government of Prime Minister Sheikh Hasina on December 10, 2022. “Concerned governments should publicly call on the prime minister to allow Bangladeshis to freely engage in peaceful political activities,” she said.

☆ India asks Google to stop displaying online betting ads - Mint
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 7 (Reuters) - India has asked Google not to display surrogate ads of overseas betting companies, Mint newspaper reported on Wednesday, citing a person aware of the development in the ministry of information and broadcasting. The letter sent last week to Alphabet Inc's Google India (GOOGL.O) asked the company to immediately drop all advertising, direct or surrogate, from betting platforms like Fairplay, PariMatch, Betway in search results and YouTube, the report said. “After our last advisory on 3 October, TV channels and OTT (Over-the-top) players stopped showing surrogate ads of online betting firms, but it was brought to our notice that many such ads are running on YouTube and Google. We have asked Google to stop this immediately," said a senior ministry official to Mint. read moreReporting by Meenakshi Maidas in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ India's United Spirits profit doubles on one-off gain
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 21 (Reuters) - India's United Spirits Ltd (UNSP.NS) said on Friday its quarterly profit more than doubled from a year earlier, driven by a one-off gain from the sale of some brands to Inbrew. The Johnnie Walker whiskey maker said profit came in at 5.63 billion rupees ($67.83 million) for the three months ended Sept. 30, compared with 2.73 billion rupees a year earlier. Analysts on average had expected a profit of 2.36 billion rupees, according to Refinitiv IBES data. Before exceptional items and tax, profit rose 5% to 3.84 billion rupees. Margins in the liquor industry have been hit by surging inflation after a post-pandemic rebound, while scotch sales at companies like United Spirits have also been tempered by pricing issues in some states.

☆ Toshiba India to supply batteries for EVage's electric vans
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 11 (Reuters) - The Indian unit of Japan's Toshiba (6502.T) will supply its SCiB rechargeable lithium-ion cells for 10,000 electric delivery vans made by Indian start-up EVage, the companies said on Tuesday. This is the first deployment of lithium titanium oxide (LTO) cells into commercial delivery vans and will help EVage vehicles with battery safety and performance, the companies said. Chandigarh-based EVage had raised $28 million from U.S.-based venture capital firm RedBlue Capital earlier this year, to help complete its factory in northern India and begin delivery of vehicles. read moreRegister now for FREE unlimited access to Reuters.com RegisterLike electric vehicle (EV) makers Rivian in the United States and Arrival in the UK, EVage is betting on delivery companies globally to shift to cleaner mobility. Register now for FREE unlimited access to Reuters.com RegisterReporting by Meenakshi Maidas in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Meenakshi"

16 mentions found