Author: NFAPost News Service

Chennai, NFAPost; Aramco Digital, the digital and technology subsidiary of Aramco, and LTIMindtree, a global technology consulting and digital solutions company, have signed a shareholders’ agreement to create an IT services company in the Kingdom of Saudi Arabia. The proposed company would showcase innovation in action, including disruptive digital services, and transformative industry 4.0 systems integration capabilities. This collaboration is expected to support the Kingdom’s Vision 2030 by creating highly skilled jobs for Saudis in this sector. The joint venture is being formed under the Aramco Namaat Industrial Investments Programme. LTIMindtree President and Executive Board Member Sudhir Chaturvedi said LTIMindtree…

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In December, China’s share increased to 89.4% in total shipments of the items to India compared to 76.4% share during April-December period of FY24 New Delhi, NFAPost: After a month’s gap, the import of personal computers, including laptops and tablets, from China surged 11.3 % to $276 million in December. This occurred when total imports of such items contracted by 0.8%, according to the latest data from the commerce department. The same month witnessed a decline in the import of personal computers from countries/regions like Singapore and Hong Kong, which saw a decrease of 66.1 % and 41.8%, respectively. These…

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The infrastructure sector emerged as the leader, attracting $11.6 billion in investments in 2023, while traditional favorites such as financial services and technology witnessed a decline New Delhi, NFAPost: Private equity and venture capital (PE/VC) exits in India surged 36% year-on-year (Y-o-Y) to touch $24.8 billion in 2023, up from $18.3 billion in the previous year, according to a report by EY-IVCA. Open market exits, comprising 52 % of the total exits, reached a record high of $12.8 billion, while buoyant capital markets enabled the second-best year for PE-backed initial public offerings (IPOs). Public listings stood at 30 in 2023,…

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Since the quarterly samples are drawn independently, estimates of labour force indicators for a calendar year have been obtained by combining the data from the four quarters of the calendar year New Delhi, NFAPost: India’s unemployment rate dropped to 3.1 per cent in 2023 from 3.6 per cent in the preceding year, reflecting continued improvement in the labour markets, revealed the latest employment-unemployment indicators report released by the National Statistical Office (NSO). During the calendar year 2023 (CY23), the unemployment rate in both rural and urban areas declined to 2.4% and 5.2%, respectively, from 2.8 % and 5.9 % in…

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For the week ending February 23, the foreign currency assets, a major component of the reserves, increased by $2.405 billion to $548.188 billion. Mumbai, NFAPost: India’s forex reserves jumped by $2.975 billion to $619.072 billion for the week ended February 23, the Reserve Bank said. In the previous reporting week, the overall reserves had dropped by $1.132 billion to $616.097 billion. For the week ending February 23, the foreign currency assets, a major component of the reserves, increased by $2.405 billion to $548.188 billion. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of…

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The average monthly gross collection for the current fiscal stood at Rs 1.67 lakh crore, exceeding Rs 1.5 lakh crore in the last fiscal New Delhi, NFAPost: The GST collection in February grew 12.5% to over Rs 1.68 trillion, buoyed by domestic transactions, the finance ministry said. The total gross GST collection for the current fiscal (April 2023-February 2024) stands at Rs 18.40 trillion, 11.7% higher than the mopup for the same period last fiscal. The average monthly gross collection for the current fiscal stood at Rs 1.67 trillion, exceeding Rs 1.5 trillion in the last fiscal. “Gross Goods and…

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Indian startups have for years been protesting against many of the US giant’s practices, including its in-app fee charges New Delhi, NFAPost: Google began removing the apps of 10 companies in India on Friday, including some popular matrimony apps such as Bharat Matrimony and job search app Naukri, in a dispute over service fee payments in one of the company’s fastest-growing markets. Indian startups have for years been protesting against many of the U.S. giant’s practices, including its in-app fee charges. Google says its fees help develop and promote the Android and Play Store app ecosystem. On Friday, India’s Matrimony.com…

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In December last year, the company became the first EV 2W manufacturer to record 30,000 registrations in a month Bengaluru, NFAPost: IPO-bound Ola Electric clocked the highest monthly registration of over 35,000 units in February, as the company comfortably maintained its pole position in the EV (electric vehicle) two-wheeler segment, cornering a market share of 42%. The SoftBank-backed company reported its highest-ever monthly registrations during the month and posted a year-on-year (Y-o-Y) growth of nearly 100 per cent compared to the same month last year. Ola Electric has recorded close to 1,00,000 registrations in the last three months, with more…

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Bengaluru, NFAPost: The Bangalore Chamber of Industry and Commerce (BCIC) has expanded its global presence to promote international trade and commerce by signing three Memorandums of Understanding (MoUs) at the 54th Annual WTCA Global Business Forum (GBF) currently underway in Bengaluru. BCIC with World Trade Center Bengaluru, signed MoU’s with World Trade Center Twente, Netherlands, World Trade Center Riyadh and World Trade Center Mumbai. The Mou’s are aimed at fostering economic development and international business collaborations and promote commercial and business links between regions. The MoU will also facilitate the opening of BCIC offices at WTC Twente, Netherlands and WTC…

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Chennai, NFAPost: Screen additions, higher moviegoer footfalls and increased consumer spending will drive up multiplex revenue 10-15% to Rs 7,300 crore in fiscal 2025. That compares with 20-24% growth this fiscal following a slew of big-budget releases, especially Hindi films that attracted droves to cinema halls. Rising revenue is also helping improve the operating margin of multiplex operators, which is already up 400 basis points (bps) this year and set for another 100 bps to ~15% next fiscal. But that number will still be lower than the pre-pandemic level of 18-20% given the competition from over-the-top (OTT) content. Operating cash…

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