Driving Innovation: Murugappa Group’s $791 Million Semiconductor Plan
The Chennai-based Murugappa Group has recently made a significant announcement that it will be investing $791 million over the next five years to enter the semiconductor assembly and testing space.
TCS Ordered to Pay $210 Million in Trade Secret Case with DXC Technology
Tata Consultancy Services (TCS), one of India’s leading IT services companies, has been ordered to pay a significant fine of $210 million to DXC Technology in a trade secret lawsuit.
BharatPe Celebrates Profitability: Marks Rs 1,500 Crore Annual Revenue in 2023
The company’s Chief Financial Officer (CFO) and interim CEO, Nalin Negi, announced on November 28 that BharatPe became EBITDA positive in October 2023. This accomplishment is highlighted by an annualized revenue of Rs 1,500 crore, marking a 31% increase from the previous year, driven largely by substantial growth in its lending and payments business.
Auto Milestone: India’s 42-Day Festive Period Sees 37.93 Lakh Vehicle Sales
India’s automobile industry reached a significant milestone during the 42-day festive period of 2023, marked by record-breaking sales figures. The Federation of Automobile Dealers Associations (FADA) reported that vehicle sales climbed to 37.93 lakh (3.793 million) units, a significant 19% increase from the previous year’s 31.95 lakh (3.195 million) units.
RBI, US, and Hong Kong Deliberate on CBDCs for Trade Settlements
The RBI is in talks with at least 18 other nations to promote the use of CBDCs for cross-border payments. RBI Governor Shaktikanta Das emphasized the importance of foreign trade infrastructure for the digital rupee and its potential to enhance international transactions’ speed, seamlessness, and cost-effectiveness.
India’s Green Transit: E-Buses to Make Up 13% of Sales by FY25
The e-bus segment is set to represent 11-13% of new bus sales by FY2025, signifying a pivotal shift towards electrification in India’s public transportation sector.
Soaring Subsidies: India Braces for Rs 50,000 Crore Increase in FY24
India is set to experience a significant increase in its subsidy bill for the fiscal year 2023-24 (FY24), with an anticipated surge of Rs 50,000 crore
iPhone Manufacturing Gets $1.6 Billion Lift in India by Foxconn
Taiwanese technology giant Hon Hai Precision Industry Co., commonly known as Foxconn, is set to significantly expand its operations in India with a substantial investment of $1.6 billion
India’s Solar Surge Slows: A 47% Decline in Installations in 2023
India experienced a significant decline in solar capacity installations during the January to September period of 2023, with a reported fall of 47% to 5.6 gigawatts (GW).
“From Boom to Backlogs: Ola Electric’s Service Network Strain
Ola Electric, often likened to “Tesla on two wheels” by its CEO Bhavish Aggarwal, has seen a meteoric rise in the electric scooter (e-scooter) market in India