(HT) Union finance minister Nirmala Sitharaman on Wednesday directed public sector general insurance companies to ensure wider financial protection through more innovative products as general insurance penetration in India remains low at 1% of GDP compared to a global average of 4.2% in 2023. Insurance density has, however, improved steadily, increasing from $9 in 2019 to $25 in 2023, a finance ministry statement said. Sitharaman was chairing the review meeting of public sector general insurance companies (PSGICs) in New Delhi. The finance minister emphasised urgent need for digital transformation across PSGICs to improve service delivery and efficiency. This includes the…
Author: Aruna Sharma
(HT) Union home minister Amit Shah is set to visit Jammu for a security meeting on Thursday, people familiar with the matter said on Wednesday, adding that all chiefs of forces involved in the security of Amarnath Yatra have been told to visit Jammu & Kashmir to review the security deployment in the region amid a high alert in the wake of the terror attack in Pahalgam. This will be Shah’s first visit to J&K after Operation Sindoor and the second after the April 22 terror attack in Pahalgam. The annual Amarnath Yatra is scheduled to be held from July…
(HT) Maharashtra chief minister Devendra Fadnavis cleared the much-awaited master plan to redevelop Dharavi slums on Wednesday after an hour-long meeting with the stakeholders of the Dharavi Redevelopment Project Private Limited (DRPPL) who made a presentation. The master plan will serve as a strategic roadmap, guiding the planning and execution of this large-scale cluster redevelopment project, which will integrate residential, commercial and industrial spaces, within and beyond Dharavi. The space is being envisaged as an annexe to the finance and business hub of Bandra Kurla Complex (BKC), which is 5.5 kilometers from Dharavi. Dharavi spans 620 acres, of which 296…
(BS) NMDC Steel (NSL), one of India’s fastest-growing integrated steel producers, has reported a significant 179 per cent increase in revenue from operations for FY25, reflecting the successful ramp-up of its 3 MTPA steel plant in Nagarnar and its transition to commercial production. The company posted revenue of Rs 8,503.05 crore in FY25, a sharp rise from Rs 3,048.99 crore in FY24, marking its first full year of operations since the commencement of commercial production in August 2023. The surge signals NSL’s swift move towards steady-state output and growing market presence. In the fourth quarter of FY25, NSL recorded a…
(HT) The Centre on Wednesday eased restrictions on the quantity of wheat traders can store, a move that comes in the wake of plentiful harvests and procurement of the winter staple. Bulk traders can now stock 3,000 tonnes of wheat at a time, while retailers can hold up to 10 tonnes of the grain, a government notification said. In February, the government had imposed a cap of 260 tonnes in case of wholesalers, while retailers were allowed to hold four tonne and these restrictions were due for revision on March 31. The curbs imposed in February on stocks maintained by…
(BS) BP Plc’s Castrol lubricant division has attracted interest from major global players, including India’s Reliance Industries, Saudi Aramco, and private equity firms such as Apollo Global Management and Lone Star Funds, according to a Bloomberg report citing sources familiar with the matter. The potential deal could value the business between $8 billion and $10 billion, making it one of the most significant energy asset sales currently underway. BP has begun circulating initial details of the unit to prospective buyers, which also include global investment firms Brookfield Asset Management and Stonepeak Partners. Saudi Aramco at forefront of potential bids Energy giant Saudi Aramco…
(FE) Spot electricity prices on power exchanges fell 25% on average in May on a yearly basis , hitting zero multiple times on May 25, as unseasonal rains reduced temperature and cut demand for cooling devices . Central agencies had projected a peak power demand of 266 giga watt (GW) in May this year, but unseasonal rains kept it much lower at 232 GW untill May 26. Real Time Market (RTM) segment on May 25, recorded average day hour prices of Rs. 0.56/unit, and witnessed near zero prices in multiple time blocks between 9:15 AM to 2:30 PM on Indian Energy Exchange…
(FE) Food and beverage major PepsiCo India reported a consolidated net profit and revenue of Rs 883.39 crore and Rs 9,096.62 crore, respectively, for the calendar year 2024 (CY24), marking the first full-year of its fiscal year switch, according to its latest regulatory filings accessed by Tofler. The company had transitioned from the April–March financial year to a January–December reporting format in 2023. For that year (2023), the company had reported consolidated revenue of Rs 5,954.16 crore and net profit of Rs 217.26 crore for the period of nine-months from April to December. Rival Coca-Cola India, which follows an April-March accounting year is…
(FE) N Chandrasekaran, Chairman of Tata Sons will step down from the position of Chairman and Director of Tata Chemicals, with effect from May 29, 2025. In a regulatory filing, Tata Chemicals said that Chandrasekaran, in his letter dated May 28, 2025, has informed the company of his intention to step down from the position of Director and Chairman. The letter to the Board of Directors by Chandrasekaran stated, “I am writing to formally inform you of my decision to step down from my position as a director and Chairman of the Board of Directors of Tata Chemicals Limited w.e.f. 29th…
(AU) खराब मौसम के कारण प्रधानमंत्री नरेंद्र मोदी का सिक्किम दौरा रद्द हो गया है। अब पीएम मोदी सिक्किम के राज्यत्व की 50वीं वर्षगांठ के समारोह के लिए गंगटोक नहीं जा पाएंगे। इसके बजाय वे सुबह 10 बजे बागडोगरा से वीडियो कॉन्फ्रेंस के जरिए सिक्किम के लोगों को संबोधित करेंगे। इससे पहले गंगटोक में पीएम मोदी के आने के लिए तैयारियां चल रही थीं। सुबह करीब 11 बजे प्रधानमंत्री मोदी ‘सिक्किम @ 50: जहां प्रगति उद्देश्य से मिलती है और प्रकृति विकास को बढ़ावा देती है’ कार्यक्रम में भाग लेने वाले थे। प्रधानमंत्री सिक्किम में कई विकास परियोजनाओं का शिलान्यास…