Lakshmi Venu, director of TAFE and daughter of CMD Mallika Srinivasan, is appointed vice-chairperson of TAFE. This aligns with the next generation taking leadership roles in TAFE and TVS, where her brother Sudarshan Venu is MD of TVS Holdings and TVS Motor Company. Lakshmi aims to enhance TAFE's growth and success.
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Gold prices remained steady at Rs 76,650 per 10 grams and silver at Rs 97,260 per kilogram on March 8. Gold April futures closed at Rs 85,820, and silver May futures ended at Rs 97,280. Analysts predict volatility due to upcoming US economic data. Gold trading is expected between Rs 84,000 and Rs 86,500.
Revenue secretary Sanjay Malhotra's transfer to Mumbai has left a key position vacant weeks before the Union Budget. This isn't unprecedented, but the new appointee will need to quickly grasp complex tax issues. The situation is further complicated by recent leadership changes within the finance ministry, with several secretaries experiencing their first budget preparation.
Aurobindo Pharma's subsidiary, CuraTeQ Biologics, received a positive CHMP opinion for its filgrastim biosimilar, Zefylti, intended to treat neutropenia and mobilize peripheral progenitor cells. Zefylti is CuraTeQ's first biosimilar to receive this positive opinion. Three additional biosimilars are currently under review with EMA and UK-MHRA, expected to be available next year.
FSSAI has instructed Patanjali Foods to recall a batch of red chilli powder for regulatory non-compliance regarding contaminants and toxins. Despite this, Patanjali Foods reported a 21% rise in net profit for the September quarter and is planning to establish an oil palm mill in Mizoram.
Latest Post Office Small Savings Schemes Rates: The government has announced that interest rates for small savings schemes will remain unchanged for the first quarter of FY 2025-26. PPF will continue at 7.1%, NSC at 7.7%, and both SCSS and SSY at 8.2%. Quarterly reviews determine these rates based on guidelines ensuring competitiveness.
The US economy ended 2024 with a solid performance driven by strong consumer spending and government support resulting in a 2.8% growth for the year. Despite inflation pressures and a slight dip in business investment, the overall economic outlook remains positive as President Donald Trump takes office in 2025.
In November 2024, central banks globally increased their gold reserves by a total of 53 tonnes. The Reserve Bank of India added 8 tonnes, becoming the second-largest buyer in 2024. Poland led with 21 tonnes, while other significant buyers included Uzbekistan, Kazakhstan, China, and Jordan.
Indian banks' gross NPAs stood at a 12-year low of 2.6% in Sept 2024, but RBI's stress test warns it could rise to 3% by March 2026. Concerns include increasing write-offs by private banks and higher fresh NPAs in retail loans. The stress test also highlighted risks in microfinance and consumer credit segments, along with global tokenisation threats.
The DGCA issued a warning letter to Akasa for lapses in dangerous goods carriage found during a December 2024 inspection. Violations included unchecked electronic devices with lithium batteries and shipments over permissible limits. Akasa admitted the lapses and took corrective actions. The DGCA warned Akasa to ensure future compliance and submit an internal audit report within 30 days.
Tata Pension Management erroneously listed Divinion Advisory Services, owned by the family of Tata Sons executive Suprakash Mukhopadhyay, as a Tata group company in August 2022. While the error was corrected in subsequent disclosures, Mukhopadhyay's connection to Divinion, including CSR contributions and solicitation of investments, raises potential conflict of interest concerns under Tata Sons' code of conduct.