New Delhi: Gold prices surged in India by Rs.580 per 10 grams and silver rose by Rs.500 per kg due to increasing investor interest. On the Multi Commodity Exchange (MCX), gold futures increased by Rs. 918, marking a noticeable upward trend in the precious metals market. “Gold prices edge higher, but remain under pressure, as softer US PPI and CPI data for April indicate disinflation. At the same time, the US Treasury yield is approaching 4.5 per cent, extending Friday’s rebound after rating agency Moody’s downgraded the US credit rating from AAA to AA-I,” Chintan Mehta, CEO at NBFC Abans…
Author: Abizar Attari
Abizar Attari
I’ve always had a fascination with storytelling. Analyzing diverse perspectives and helping people understanding them simply is my life’s motto. I live to create stories that you’d love to read. When I’m not writing, you'll find me having a leisurely stroll on the beach or in the park.
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New Delhi: India’s third-largest telecom operator, Vodafone Idea (Vi), has moved the Supreme Court for a debt relief of more than $5 billion it owes the government, according to documents scrutinised by Reuters. The company owes almost Rs.2.1 lakh crore in debt, with its revenue remaining stagnant and costs rising dramatically due to intense competition in the telecom sector. The Department of Telecommunications (DoT) rejected Vodafone Idea CEO Akshaya Moondra’s request for a debt relief amounting to almost $9.46 billion, on April 29. The government has already converted a part of the company’s debt into equity, amounting to a 49%…
New Delhi: Air India is lobbying with the government not to renew IndiGo’s agreement with Turkish Airlines, according to media reports. Air India raised concerns about business implications that unfairly benefits Turkey, who openly backed Pakistan during the recent Indo-Pak hostilities. Turkish Airlines has had a leasing agreement with IndiGo since 2023, where it provides IndiGo with 2 aircraft and crew to operate flights to Istanbul from New Delhi and Mumbai. This leasing agreement requires a fresh approval every 6 months, and Air India has alleged this agreement results in a ‘substantial increase in seat capacity’ for Turkish Airlines. According…
New Delhi: Hyderabad-based String Metaverse, a Web 3.0 listed company, announced a stellar rise in its financial results, with a 169.40% increase in revenue from Rs.151.21 crore last year to Rs. 407.36 crore this year. Net Profit surged from Rs. 10.82 crore to Rs.35.25 crore, a 225.79% increase from last year. The small-cap stock has seen a massive 670% rally in the past six months, as investors see the company as a pioneer in the digital tokenization, blockchain infrastructure and gaming niche. Its ambitious expansion plans, which include holding all profits in cryptocurrencies and tokenized assets have appealed to investors.…
New Delhi: India’s leading telecom company Bharti Airtel’s shares have fallen almost 3% in early trends on May 16 as SingTel offloaded a part of its stake. The Singapore-based telecom company has been an early backer of Bharti Airtel, owning about 29.5% of the company before this sale. SingTel gained almost US$1.54 billion in profits, as it is looking to optimize its asset portfolio and boost shareholder returns. The proceeds were sold to domestic mutual funds and international long-term funds. There was a strong interest amongst existing shareholders and institutions to buy the 4.76 crore shares at the floor price…
New Delhi: In a filing to the bourses, Websol Energy Systems Ltd reported a revenue of Rs.173 crore in Q4 FY2025 from Rs.24.9 crore in Q4 FY2024, an almost 6-fold increase. The company’s net profit increased by 16.1% from the December 2024 quarter, with a revenue increase of 17.4%. For FY2025, Websol recorded a Rs. 575.5 crore revenue and a net profit of Rs. 154.7 crore. A rising demand for high-quality and efficient solar solutions has helped the company bounce back from a net loss of Rs. 5.86 crore in Q4 FY2024. Commenting on the performance, Mr. Sohan Lal Agarwal,…
New Delhi: Defence Exports from India reached Rs. 23,622 crore (US$ 2.76 billion) in FY 2024-25 from just Rs.686 crore in 2013-14, the Ministry of Defence said in a press release. Exports have increased 12.04% from FY 2023-24, a growth of Rs.2,539 crore. This rise has corresponded with an increase in the Nifty Defence Index to almost 400% in three years. After the Indo-Pak skirmish, the Nifty Defence Index has risen by nearly 44% in the last 3 months. India’s Defence Public Sector Undertakings (DPSUs) have increased their exports by almost 42.85% in FY 2024-25 by collaborating with leading private…
New Delhi: Mumbai-based auto component manufacturer Remsons Industries has secured a landmark order worth Rs.300 crore from Stellantis North America, according to a filing to the bourses. The contract covers supply of control cables for Stellantis’ portfolio of smart cars, jeeps and three-wheelers. This 7 year contract is one of the largest in Remsons’ history, helping it grow across geographies in the automotive components sector. This deal is particularly significant for the company, especially as its stock value has seen increased volatility in the past week, even as it has reported a strong year-on-year increase in profits and a strong…
New Delhi: IKIO Technologies, a leading lighting solutions manufacturer, reported a gross income of Rs.423.94 crore for Q4 FY 25, as against Rs.578.29 crore from the corresponding period last year, reporting a 26.69% decline. Despite this, the company’s has strong financial and operational fundamentals, suggesting a better outlook for growth. The Noida-based company has continued to focus on innovation and expansion into green energy solutions, despite the challenges it faces in the near term. It aims to achieve carbon neutrality by 2030, by focusing on minimising emissions across its solar-powered manufacturing facilities. The company has also announced a Rs.70 crore…
New Delhi: Gurugram-based pharmaceutical company Morepen Laboratories Ltd declares a Rs. 0.20 dividend for the first time in 23 years. The company also saw a 17% rise in the Earnings Per Share (EPS) to Rs. 2.20 from last year. Operational revenues jumped 10.11% Y-o-Y to Rs. 465.85 crore, even as the company’s profit before tax declined 39.07% to Rs. 25.71 crore from Rs. 42.20 crore last year. Consolidated net profit fell to Rs. 20.31 crore in Q4 FY25 from Rs. 28.74 crore in Q4 FY24. The EBITDA declined by 11.32% YoY from Rs. 53 crore in Q4 FY24 to Rs.…
