Bandhan Bank Collection Efficiency Ratio Improved To 97%, Says Reports
Bandhan Bank spoke about its collection efficiency ratio (CER), which has increased to 97%, excluding Non-Performing Assets (NPAs) and including restructured accounts, at the end of the second quarter of the current fiscal (FY-2022). The bank’s CER stood at 96% at the end of the first quarter of the 2022-23 financial year. Furthermore, the bank also said, loans and advances of the second quarter stood at Rs 99,374 crore,
Tags: Bandhan Bank, Collection Efficiency Ratio, Non-Performing Asset, FISCAL YEAR
Courtesy: The Free Press Journal
Rapido Hopes To Generate $300 Million Income In Fiscal Year 2022-23, Seeks Collaboration With State Govts
Rapido, bike-taxi aggregator, is aiming for $300 million in revenue in fiscal year 2022-23. Rapido, founded in 2015 by Aravind Sanka, Pavan Guntupalli, and Rishikesh SR, operates in over 100 locations across India. It is now looking forward to collaborating with several state governments in order to assist metro commuters and provide additional services. Rapido presently has over 3 million bike-taxi riders and over 3 lakh drivers in auto… read-more
Tags: Rapido, Central Government, revenue, FISCAL YEAR
Bosch Plans To Invest More Than Rs 200 Cr In India Over Next 5 Years
Bosch Ltd would invest over Rs 200crore in India over next five years in innovative automotive technology and digital mobility said Managing Director Soumitra Bhattacharya. Bosch's annual report for FY22 stated the company is "quietly and cautiously optimistic about having a double-digit growth in FY2022-23 over the previous fiscal year." Bhattacharya stated the globe is facing "unprecedented" issues such as supply chain crises, semiconductor… read-more
Tags: Automakers, Bosch, Investment, FISCAL YEAR, India
Tata Motors Aims To Sell More Electric Vehicles In Second Half Of FY23
Tata Motors anticipates a better second half of the current fiscal year, with the carmaker aiming to sell 50,000 electric vehicles (EVs) in the fiscal year ending March 31. With double EV sales in 2023/24, the firm also looks for a significantly better supply condition and commodity price stability. On July 4, Tata Motors Chairman N Chandrasekaran stated the company will be one of the global leaders in green mobility.
Tags: TATA MOTORS INDIA, FISCAL YEAR, Electric cars, Green Energy, Sustainable Mobility
United States Overtakes China As India's Largest Trading Partner In Fiscal Year 2022
United States overcame China to become India's largest trading partner in 2021-22, indicating the two nations' growing economic connections. In 2020-21, bilateral trade between US and India was worth USD 119.42 billion, rising from USD 80.51 billion. Exports to US surged to USD 76.11 billion in 2021-22, rising from USD 51.62 billion the previous fiscal year, while imports increased to USD 43.31 billion, increasing from USD 29 billion in 2020-… read-more
Tags: USA, India, trading partner, China, FISCAL YEAR
Courtesy: DNA India
GDP Growth In India Slows Down To 5.4% In Q3 Of 2021-2022 FY
India's Gross Domestic Product (GDP) for Q3 of current FY, slowed down to 5.4%, compared to 8.5% in Q2. GDP prices in Q3 of Current FY stands at Rs 36.26 lakh crore, compared to Q3 of FY 2020-21 which stood at Rs. 38.22 lakh crore, reported National Statistical Office (NSO), on February 28. Furthermore, the NSO also estimated a growth rate of 19.4% in nominal GDP for the year 2021-22.
Tags: GDP, Economic growth, Union government, FISCAL YEAR, FINANCE MINISTRY
FM Nirmala Sitharaman Presents Economic Survey 2022, Projects 8-8.5% GDP
Union FM Nirmala Sitharaman, on January 31, presented the economic survey for fiscal year 2022 to 2023. As per the survey, GDP is expected to be projected at 8-8.5 % for the fiscal year 2022-23. The survey also highlighted growth in various sectors, to accelerate GDP. Moreover, FM Sitharaman will present Union Budget on February 1.
Tags: Union FM Nirmala Sitharaman, Budget session, GDP, Economic Survey, FISCAL YEAR
Courtesy: The Free Press Journal
President Kovind Gives Assent, Allows Govt To Spend Extra Rs 3.73 Lakh Cr
In a relief to the Central Government, President Ram Nath Kovind gave assent to the act, allowing additional Rs 3.73 lakh crore expense in FY 2021-2022. The Appropriation Act 2021, authorises the Government to spend extra money for grants and expenses. Passed in Rajya and Lok Sabha during the Winter Parliament session, the act was approved by President Kovind On January 12 and Gazette notification was released on January 14.
Tags: President Ram Nath Kovind, Appropriation Act, rajya sabha, lok sabha, FISCAL YEAR
Govt Defers Timelines For Filing Various Tax Compliances, ITR Till May 31
The Central Board of Direct taxes has extended the timelines for various tax compliances and for filing Income Tax Returns for the 2019-20 fiscal till May 31. Citing the burgeoning COVID-19 situation, the timelines for filing belated returns, ITR, objections to dispute resolution panel and appeals to commissioners were deferred. While the extension decision came after requests by tax consultants and stakeholders, experts suggest further… read-more
Tags: Income Tax, Financial condition, Covid-19, FISCAL YEAR, Income Tax Department
Courtesy: Times of India
Sonalika Tractors Logs Highest Domestic Growth In Industry
Tractor manufacturing giant Sonalika tractors reported sharp growth in their annual sales after selling 1,39,526 units in the FY21 with a 41.6% growth in the domestic market. Reportedly, about 13,093 tractors were sold in March 2021 which is triple the number sold in March 2020, registering a 135% growth in their Rotavator business. Elated by the success, Deepak Mittal, MD, Sonalika Group thanked his team and distributors.
Tags: CNG Tractor, FISCAL YEAR, net profit, bussiness