The 2024 Maruti Suzuki swift is expected to get a 1.2L, 3-cylinder naturally aspirated Z-Series petrol engine.
Category: Economy
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Adani Family Further Infuses Rs 8,339 Crore In Ambuja Cements, Increases Stake To 70.3% | Companies News
Ahmedabad: The Adani Family on Wednesday said it has fully subscribed to the warrants programme in Ambuja Cements by further infusing Rs 8,339 crore, increasing its stake in the building material company to 70.3 per cent.
This follows the investment of Rs 5,000 crore on October 18, 2022, and Rs 6,661 crore on March 28 this year by the promoter of the company, thereby infusing a total amount of Rs 20,000 crore in Ambuja Cements post-acquisition.
The funds’ infusion will be instrumental to accomplish the capacity of 140 million tonnes per annum (MTPA) by 2028 by the cement vertical, the company said in a statement.
“This infusion of funds provides Ambuja capital flexibility for fast-tracked growth, capital management initiatives and best-in-class balance sheet strength,” said Ajay Kapur, Whole Time Director and CEO, Ambuja Cements Ltd.
“It is not only testament to a steadfast belief in our vision and business model but also reinforces our commitment to delivering long-term sustainable value creation to our stakeholders and this shall propel us towards setting new benchmarks accelerating our growth and continuing to deliver on operational excellence, business synergies, and cost leadership,” Kapur added.
The additional investment will fortify the company’s financial position, providing it with enhanced capabilities to pursue its ambitious growth plans and capitalise on emerging opportunities in the market.
Further, it will also enable various strategic initiatives including debottlenecking capex to enhance operational performance, as well as bringing efficiencies across resources and supply chain, said the company.
Earlier this week, Ambuja Cements announced the acquisition of My Home Group’s 1.5 MTPA cement grinding unit in Tuticorin, Tamil Nadu, for Rs 413.75 crore.
The acquisition takes Adani Group’s total cement capacity to 78.9 MTPA.
Ambuja, with its subsidiaries ACC Ltd and Sanghi Industries Ltd, has taken the Adani Group’s cement capacity to 78.9 MTPA with 18 integrated cement manufacturing plants and 19 cement grinding units across the country.
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Samsung Aims For Rs 10,000 Cr Revenue From Its AI TV Business In India | Companies News
New Delhi: Samsung on Wednesday said that it is targeting Rs 10,000 crore in revenue from its Artificial Intelligence (AI)-powered Neo QLED, OLED TV business in India.
Samsung ended 2023 with a 21 per cent volume market share and this year it is looking to further consolidate its leadership with the launch of AI TVs, the company said.
“For the first time, we have a very clear twin strategy on premium, the highest or the largest range as far as the consumer is concerned and with that, we are also looking at targeting unprecedented Rs 10,000 crore revenue in 2024,” said Mohandeep Singh, Senior VP, Visual Display Business, Samsung India.
The television market in India has been slow, with Counterpoint Research reporting a 16 per cent drop in shipments last year. However, Samsung is optimistic about the TV business in 2024, citing increased demand for premium TVs from MZ consumers. (Also Read: Bank Holiday Alert: Financial Institutions To Close On April 19 In THESE Cities, Know Why)
As per analysts, no TV brand in the country has achieved the Rs 10,000 crore revenue milestone before. Samsung has launched its ultra-premium Neo QLED 8K, Neo QLED 4K and OLED TVs in the country to consolidate its leadership in the TV business. (Also Read: EPFO Increases Auto Withdrawal Claims Settlement Under 68J From Rs 50,000 To Rs 1 Lakh)
According to the company, its new range of premium TVs is designed to boost consumers’ home entertainment experience with powerful, AI-driven solutions.
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Want To Invest In Small Savings Schemes? THIS Document Becomes Mandatory As Identity Proof
If you’re planning to open a new account for any of the savings schemes mentioned, it’s essential to submit your Aadhaar number.
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CBDT Signs Record 125 Pacts To Ease Tax Payments By Big Multinational Firms
With this, the total number of APAs since the inception of the APA programme has gone up to 641.
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Paytm Clarifies Licensing Process Status Amid Speculations, Says Govt Champions Fintech | Companies News
New Delhi: Fintech major Paytm on Tuesday clarified the status of its licensing process amid recent speculations, saying it has not received any communication suggesting a deferral or penalties and any notion to the contrary is “completely unfounded and misleading”.
Recent media reports speculated on the deferral of Paytm Payment Services Limited’s (PPSL) license application and potential penalties. A company spokesperson said that the information appears speculative as the government has consistently championed fintech initiatives. (Also Read: Tesla’s Senior Vice President Drew Baglino Resigns Amid Job Cuts)
“The ongoing application process has seen us promptly provide the requested information, with no indication of rejection or penalties involved. Aligning with the government’s vision, supporting Paytm as a homegrown entity is pivotal for empowering Indian companies to compete globally and drive technological advancements,” the company spokesperson said in a statement. (Also Read: Zomato Introduces India’s First ‘Large Order Fleet’ For Gathering Up To 50 People)
PPSL is a wholly-owned subsidiary of One 97 Communications Ltd (OCL) and it applied for an online Payment Aggregator (PA) license for online merchants. The formation of PPSL, transfer of online payments business from OCL to PPSL and investment of capital in PPSL was required by RBI’s guidelines, which mandated that the PA business should be housed in an independent legal entity.
Without such a requirement, the online payments business would have continued in OCL itself, according to the company. “Paytm, an Indian company founded by an Indian citizen, with our Founder CEO as the largest shareholder and sole SBO (significant beneficial owner) of One 97 Communications Limited (OCL), underscores its commitment to indigenous entrepreneurship and innovation,” said the spokesperson.
“All KMPs (key managerial personnel) and board members of OCL are of Indian origin, with Antfin having no Board representation or special rights. As clarified, the formation of PPSL, transfer of online payments business, and the investment of Rs 500 million were undertaken to comply with RBI’s regulations,” the spokesperson further said.
The regulator subsequently requested PPSL to obtain necessary approvals for the investment of Rs 500 million in PPSL and resubmit the application.
“To clarify, the investment of Rs 500 million was made from the OCL’s existing cash reserves and no Chinese capital was raised by OCL after the introduction of Press Note 3 of 2020. Further to add, the Rs 500 million was the capital required to comply with RBI’s minimum net worth rules and fund the cash requirements of PPSL,” according to the company.
As per the company’s stock exchange filing dated March 26, 2023, the regulator granted PPSL an extension and requested a resubmission, to which PPSL complied promptly. “During the pending process, PPSL was allowed to continue with its online payment aggregation business for existing partners without onboarding any new merchants,” it added.
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India Allows 10,000 Tonnes Of Onion Export To Sri Lanka, UAE
This brings the total amount of approved onion exports from India to 79,160 tonnes, surpassing the ban on shipments imposed in December 2023.
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RBI Tells Banks To Inform Borrowers Regarding Key Facts Statement Of Loan From October 1: Check 8 Key Points | Personal Finance News
New Delhi: Reserve Bank on Monday issued a circular telling banks and lenders that they will have to provide key facts statement (KFS) about the loan agreement terms, including all-inclusive interest cost to borrowers for retail and MSME loans, from October 1.
“This is being done in order to enhance transparency and reduce information asymmetry on financial products being offered by different regulated entities, thereby empowering borrowers to make an informed financial decision,” the RBI said.
For the purpose of this circular, following terms have been defined by the RBI:
(a) Key Facts of a loan agreement between an RE/a group of REs and a borrower are legally significant and deterministic facts that satisfy basic information required to assist the borrower in taking an informed financial decision.
(b) Key Facts Statement (KFS) is a statement of key facts of a loan agreement, in simple and easier to understand language, provided to the borrower in a standardised format.
(c) Annual Percentage Rate (APR) is the annual cost of credit to the borrower which includes interest rate and all other charges associated with the credit facility.
(d) Equated Periodic Instalment (EPI) is an equated or fixed amount of repayments, consisting of both the principal and interest components, to be paid by a borrower towards repayment of a loan at periodic intervals for a fixed number of such intervals; and which result in complete amortisation of the loan. EPIs at monthly intervals are called EMIs.
1. RBI said REs shall provide a KFS to all prospective borrowers to help them take an informed view before executing the loan contract, as per the standardised format given in the Annex A. The KFS shall be written in a language understood by such borrowers. Contents of KFS shall be explained to the borrower and an acknowledgement shall be obtained that he/she has understood the same.
2. Further, the KFS shall be provided with a unique proposal number and shall have a validity period of at least three working days for loans having tenor of seven days or more, and a validity period of one working day for loans having tenor of less than seven days.
3. The KFS shall also include a computation sheet of annual percentage rate (APR), and the amortisation schedule of the loan over the loan tenor. APR will include all charges which are levied by the RE. Illustrative examples of calculation of APR and disclosure of repayment schedule for a hypothetical loan are given in Annex B and C respectively.
4. Charges recovered from the borrowers by the REs on behalf of third-party service providers on actual basis, such as insurance charges, legal charges etc., shall also form part of the APR and shall be disclosed separately. In all cases wherever the RE is involved in recovering such charges, the receipts and related documents shall be provided to the borrower for each payment, within a reasonable time.
5. Any fees, charges, etc. which are not mentioned in the KFS, cannot be charged by the REs to the borrower at any stage during the term of the loan, without explicit consent of the borrower.
6. The KFS shall also be included as a summary box to be exhibited as part of the loan agreement.
7. Credit card receivables are exempted from the provisions contained under this circular.
8. REs shall put in place the necessary systems and processes to implement the above guidelines at the earliest. In any case, all new retail and MSME term loans sanctioned on or after October 1, 2024, including fresh loans to existing customers, shall comply with the above guidelines in letter and spirit without any exception.
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Banks Must Provide Simple Key Facts Statement To Borrowers On Terms Of Loans: RBI
The RBI has decided to harmonise all instructions on KFS and disclosure of the Annual Percentage Rate (APR).
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Wholesale Inflation Inches Up Marginally To 0.53 Pc In March
However, retail inflation declined to a five-month low of 4.85 per cent in March mainly due to cooling food prices.