Business Finance

SBI to Add 500 New Branches, Network to Hit 23,000 by FY25

By BPN News Desk November 18, 2024

State Bank of India (SBI), the country’s largest public sector lender, is set to open 500 new branches by the end of the financial year 2025, Finance Minister Nirmala Sitharaman announced during a recent address. The expansion will bolster SBI’s already extensive network, which currently stands at approximately 22,500 branches across India. Strengthening Financial

Business Industry

Assam’s Rs 27,000 Crore Semiconductor Plant to Boost India’s Chip Industry

By BPN News Desk November 18, 2024

The Ministry of Electronics and IT has announced that Tata Semiconductor Assembly and Test Pvt Ltd’s Rs 27,000 crore semiconductor manufacturing plant in Morigaon, Assam, is on track to be completed by mid-2025. The facility is expected to revolutionize India’s semiconductor ecosystem with its ability to produce up to 48 million chips daily, leveraging advanced […]

Business

MediaTek to Source Chips from India for Global Markets

By BPN News Desk November 16, 2024

MediaTek, a leading global semiconductor company, has announced plans to source chips from India for worldwide distribution. In an exclusive interview with Business Standard, Finbarr Moynihan, MediaTek’s Vice President for Corporate Marketing, highlighted India’s growing role in the company’s global supply chain and its ambition to leverage the country’s expanding

Business Trade

India’s Trade Deficit Widens to $27.14 Billion in October

By BPN News Desk November 16, 2024

India’s merchandise trade deficit widened to $27.14 billion in October, up from $20.8 billion in September, as imports grew at a faster rate than exports. Data released on November 14 highlights the sharp sequential increase in imports, which outpaced the growth in exports. While merchandise exports saw a robust year-on-year increase of 17.23%, amounting to […]

Business

Local Production Boosts Top Electronics Firms as Imports Drop

By BPN News Desk November 16, 2024

For the first time, top electronics companies in India have witnessed a decline in imports, driven by the increasing adoption of local manufacturing under the government’s ‘Make in India’ initiative. Leading brands, including Samsung, Xiaomi, and Apple, are reducing their dependency on imports, sourcing more components and assembling devices within the country.

Business

Foreign Investors Sell $1 Billion in JPM Index-Linked Indian Bonds

By BPN News Desk November 15, 2024

Foreign investors have sold approximately $1 billion worth of Indian government bonds linked to the JPMorgan Government Bond Index Emerging Markets (GBI-EM) in November, signaling a shift in sentiment amid global economic uncertainty. The data, sourced from market participants, indicates that this marks one of the largest sell-offs in Indian bonds linked to the index […]

Business

Reliance Infrastructure Posts ₹4,082.5 Crore Q2 Profit

By BPN News Desk November 15, 2024

Reliance Infrastructure Ltd (RInfra), led by Anil Ambani, has reported a consolidated net profit of ₹4,082.53 crore for the second quarter of FY25, a significant recovery from a net loss of ₹294.04 crore during the same period last year. The company attributed the turnaround to exceptional gains of ₹3,575.27 crore, primarily driven by debt settlements […]

Business

Adani Group to Invest $10 Billion in US Energy Projects

By BPN News Desk November 15, 2024

India’s Adani Group, led by billionaire Gautam Adani, has unveiled plans to invest $10 billion in energy and infrastructure projects across the United States. This significant commitment is set to create an estimated 15,000 jobs, further solidifying strategic business ties between the two nations. Adani, sharing the announcement on X (formerly Twitter), emphasized the

Business

Siemens Plans Job Cuts in Automation Amid Profit Decline

By BPN News Desk November 15, 2024

Siemens has announced plans to cut up to 5,000 jobs worldwide in its struggling factory automation division. The move follows a significant 46% drop in profit for the company’s flagship digital industries business, which has faced challenges amid changing market dynamics. Automation Business Faces Setbacks Speaking on Thursday, Siemens CEO Roland Busch explained the

Business Industry

Swiggy Shares Slip After Strong Market Debut, Zomato Rises

By BPN News Desk November 14, 2024

Swiggy shares dipped into red on Thursday after an initial surge in the early trade. This comes just a day after the food delivery giant made an impressive market debut, with shares rising nearly 7% intraday before slipping to Rs 450.25 on the NSE, down 1.26% at 10:30 am. Swiggy’s stock debuted on Wednesday at […]