Magma General Insurance’s board has approved an agreement for Patanjali Ayurved and foundations to acquire a controlling stake, valued at Rs 4,500 crore, pending regulatory approvals. Patanjali, led by Baba Ramdev, and DS Group aim to inject capital to expand operations. Adar Poonawalla expressed confidence in the continued growth under the new ownership.
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The world's top 10 business leaders of 2024 have significantly impacted industries. Elon Musk leads in innovation. Jensen Huang drives AI advancements. Satya Nadella transformed Microsoft. Warren Buffett remains an investment icon. Mukesh Ambani, chairman of Reliance Industries, is the only Indian on Fortune's Global 100 list. He ranks 12th globally.
JSW Group is engaging in discussions with multiple auto manufacturers, including Chinese company Geely, for electric vehicle joint ventures in India. Their aim is to expand across various EV segments, including passenger and commercial vehicles, while exploring partnerships beyond their existing collaboration with SAIC's MG.
India’s forex reserves declined by $1.781 billion, hitting $638.698 billion on February 28. Despite intermittent gains, reserves have generally dropped since their all-time high in September. The decline is largely attributed to the RBI’s efforts to stabilize the Rupee.
Microsoft CEO Satya Nadella meets PM Narendra Modi expressing appreciation for India's AI-first approach and discussing ethical AI use and data privacy. Nadella is on a tour in India to promote Microsoft's AI and cloud investments. Modi highlights partnerships with global AI leaders fostering innovation and regulation in India.
China's foreign minister Wang Yi criticizes the US for imposing arbitrary tariffs despite China's efforts to curb fentanyl exports. He warns that such actions disrupt global stability and mutual trust. Wang emphasizes China's strong ties with Russia and calls for greater representation of developing nations in global governance, highlighting China's role as a stabilizing force.
On Tuesday, Unimech Aerospace and Manufacturing Ltd shares debuted on the stock exchange with a notable 90% premium above its Rs 785 issue price, listing at Rs 1,491 on the BSE and Rs 1,460 on the NSE. The company's IPO was significantly oversubscribed, achieving a market capitalisation of Rs 6,956.20 crore.
Sivasubramanian Ramann has been appointed as the new chairman of the Pension Fund Regulatory & Development Authority of India (PFRDA). He will succeed Deepak Mohanty, who completes his term in May 2025. Ramann's appointment comes as the government focuses on enhancing pension schemes, particularly for the unorganised sector.
Apple's iPhone production in India has surged by 60% to $22 billion, now accounting for one in five iPhones globally. This shift, driven by geopolitical tensions and supply chain vulnerabilities, positions India as a key export hub. Foxconn is expanding its manufacturing footprint in Uttar Pradesh, signaling a long-term commitment to India's growing industrial ecosystem.
Zomato's third-quarter profit dropped by 57% to Rs 590 million due to increased spending on its quick commerce platform, Blinkit. Despite this, overall revenue surged 64% to Rs 54.05 billion. Revenue from the core food delivery business grew by 22%, while Blinkit's revenue more than doubled as Zomato focused on expansion and faced stiff competition.