Page 2 - Financial Year

RailTel's total income up 27% to Rs 2,002 crore in FY23: RailTel CMD

The meeting was chaired by RailTel's Chairman and Managing Director (CMD) Sanjai Kumar, who presented the annual report of the company for the financial year 2022-23

Global slowdown, protectionism start affecting services exports from India

The services trade surplus widened to $36.39 billion in the first three months of the current financial year against $31.07 billion in the first quarter of the previous year

Air India's accumulated losses at FY23-end estimated at Rs 14,000 crore

Air India's losses include write-offs on old planes and engines and those on account of AirAsia India

Explained: How to claim HRA if you are living with your parents

There's no prohibition to claim such deduction while living with houses owned by family member. However, to claim such deduction of HRA, one should be mindful of the following

FY24 national-highway construction a slow start due to unseasonal rain

Unseasonal rain dampens momentum gathered in March

MCC Bank records pre-tax profit of Rs 12.20 cr in FY23, cuts NPA level

The Mangalore Catholic Cooperative (MCC) Bank, one of the pioneers of cooperative banks in Karnataka, has recorded a pre-tax profit of Rs 12.20 crore in the 2022-23 financial year. The 111-year-old bank has been progressively reducing the non-performing assets (NPA) and for the first time in recent years, reduced the level to 1.37 per cent, a bank release said here on Thursday. The bank has 16 fully computerised branches spread across Dakshina Kannada and Udupi districts. With its operations now confined to the parent districts of Dakshina Kannada and Udupi districts since its inception in 1912, the bank is all set to expand its area of operations to five more districts. The bank has decided to open branches in Uttara Kannada, Shivamogga, Chikkamagaluru, Hassan and Kodagu districts, with the efforts of the team led by chairman Anil Lobo. Lobo said the bank has recorded substantial growth in business and financial parameters in the financial year that ended on March 31, 2023, with

Usha International looks to close FY23 with around Rs 3,800 cr revenue

Consumer durable product maker Usha International is looking to close the current financial year with a revenue of around Rs 3,800 crore, said its CEO Dinesh Chhabra. As part of its strategy, the company is pursuing "profitable growth" across its segments with quality and not chasing the market shares, he said. "We would attempt to close to Rs 3,700 crore to Rs 3,800 crore in FY23," Chhabra told PTI. Usha International operates in the consumer durable space with a product portfolio, including fans, sewing machines, home appliances and power products. Presently 45 per cent of Usha International's business comes from the fan segment, while the rest is contributed by others. When asked about growth, Chhabra said he expects growth from all the segments. However, he also added: "I see growth from the cooking segment to be far better than fan as its penetration levels are low." The cooking range includes mixers, juicers, grinders, grillers and toasters etc. from where the growth would

15 schemes you might want to invest in to save income tax in FY24

Each of these had its own advantages and drawbacks in terms of returns, tenure, liquidity and point of taxability. Pick instruments based on your own finances, goals and investment temperament

Rs 1.5-trn spending rationalisation helps govt meet FY23 deficit target

Without the expenditure rationalisation, the Revised Estimates (RE) for the Centre's total spending would have been about Rs 43.4 trillion instead of Rs 41.9 trillion

Budget 2023 focuses on promoting growth with inclusion: NITI Aayog CEO

NITI Aayog CEO Parameswaran Iyer on Friday described the Budget 2023-24 as 'very comprehensive and balanced' which will promote growth with inclusion. He also observed that the Budget continues all the reforms and other social welfare programmes undertaken by the government over the past few years. Iyer further said the Budget has something for all, from the bottom, right up to industry to trade. "This is a Budget which focuses on growth, with inclusion. It's very balanced, it carries on from all the reforms and other social welfare programmes which the government has undertaken over the past few years," he told PTI in an interview. Iyer noted that the Budget focuses on infrastructure investment, social sector, and also on reaching out to the poor and marginalised section of society. According to Iyer, the huge focus on infrastructure and capex in the Budget will also incentivise states. Finance Minister Nirmala Sitharaman raised the capital expenditure by 33 per cent to Rs 10

Budget LIVE: Rs 35,000 cr for net-zero carbon emission goals, says FM

Finance Minister Nirmala Sitharaman presented the last full Budget of the Modi government before general elections 2024 on February 1. Catch all latest updates on Union Budget 2023-24 here

Economic Survey 2022-23: What does it say about inflation and employment

Economic Survey said that RBI's inflation projections for FY23 are neither too low nor too high

Mindspace REIT Q3 net dips 13% to Rs 127 cr on higher interest cost

This is despite a 23.4% surge in total revenue to Rs 544 cr in Q3FY23, from Rs 441 crore a year ago

Infrastructure investment trust IndiGrid Q3 profit up 27% to Rs 120 crore

India Grid Trust (IndiGrid) has posted 27 per cent rise in consolidated net profit at Rs 119.78 crore for December quarter 2022-23. The infrastructure investment trust logged a net profit of Rs 94.38 crore in the year-ago period, as per a BSE filing. Total income also increased to Rs 607.06 crore in the quarter from Rs 580.96 crore in the same period a year ago. Board of Directors of IndiGrid Investment Managers Limited (IIML), acting in the capacity of investment manager to IndiGrid, on Wednesday approved distribution of Rs 3.30 per unit comprising Rs 2.8042 per unit in the form of interest and Rs 0.4958 per unit in the form of principal payment for the quarter. The record date for this distribution will be January 31, 2023, and payment will be made on or before February 9, 2023. The board also approved a proposal for raising debt up to Rs 3,700 crore for refinancing opportunities through various sources including term loans, non-convertible debentures, among others. "We have ..

Mumbai Airport plans to deploy over 100 EVs at facility by FY24: MIAL

Adani Group-owned Mumbai Airport has said it is looking to deploy more than 100 electric vehicles at the facility by FY24 to reduce its carbon footprint and promote sustainable transportation. As part of the plan, the airport operator on Wednesday rolled out 45 EVs at the facility, Mumbai International Airport Ltd (MIAL) said in a statement. The private airport operator also said it intends to replace all its ICE-powered vehicles with EVs as part of its Operational Net Zero mission by 2029. In addition to the 45 EVs being introduced in January, the airport is also exploring the deployment of 60 more EVs in the next fiscal year, including ambulances, forward command posts, security and airside operations and maintenance utility vehicles, it said. The remaining vehicles will be replaced in a phased-wise manner, the private airport operator added. Recently, the airport commissioned 12 DC fast EV charging stations at multi-level car parking and both Terminals 1 and 2, as well as the .

Pakistan's mobile phone imports decline 66% in 1st half of FY 2023

Pakistan's mobile phone imports declined by 66 per cent in the first half of the current fiscal year 2022-2023, compared to the same period of the last fiscal year, according to official figures

CtrlS aims to triple its data centres from existing 8 to 25 by FY25

CtrlS Datacenters Ltd, Asia's Largest Rated-4 data centre provider, is aiming to triple its number of data centres from the existing eight to about 25 by 2024-25. A press release from the firm on Monday said CtrlS is in the process of expanding its footprint by an additional five million sq ft from the current 1.2 million sq ft space. As part of its expansion, the company's two million sq ft Hyperscale Datacenter Park in Navi Mumbai is under construction, while another similar size one in Hyderabad is ready for construction. The company has also begun work on a one million sq ft DC campus in Chennai. These three projects will cumulatively add over 600 MW capacity to CtrlS' portfolio of assets, it said. Sridhar Pinnapureddy, Chairman, CtrlS Datacenters Ltd, said, "Altogether, we will add over 600 MW capacity in these locations and 5 million sq ft additional space. We are fully geared up to emerge as the world's largest Rated-4 data centre player." In addition to these large DC Park

TCS revenue growth likely to slow down in FY24, says Fitch Ratings

After strong 3QFY23 results, TCS NSE 0.19 % (TCS NSE 0.19 %) revenue growth is likely to slow in financial year ending March 2024 (FY24) amid the global economic slowdown, according to Fitch Ratings

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

India exports 1.69 million tons of sugar till Jan 4 of FY23: Report

India has exported 16.92 lakh tonnes of sugar till January 4 of the ongoing 2022-23 marketing year, including 59,596 tonnes of the sweetener to neighbouring China, trade body AISTA said on Tuesday. Among other neighbouring nations, India has exported 1.47 lakh tonnes of sugar to Bangladesh, and 82,462 tonnes to Sri Lanka during October-January 4 of the current marketing year, All India Sugar Trade Association (AISTA) said in a statement. The sugar marketing year runs from October to September. The government has allowed export of 6 million tonnes till May of the 2022-23 marketing year. According to AISTA, mills have exported a total of 16,92,751 tonnes of sugar from October 1, 2022 to January 4, this year. Over 3.47 lakh tonnes of sugar is under loading, while 2.54 lakh tonnes of sugar has been delivered to refineries considered to be deemed export in the said period, it said. Of the total exports undertaken so far, maximum exports have been to Somalia at 1.70 lakh tonnes, followe