Yellow Peas: Duty-Free Import Extended Till June
In a move to address rising pulse prices, the Indian government has extended its relaxation on import duty for yellow peas by two months. The new deadline for duty-free imports is June 30, 2024, providing much-needed relief for Indian consumers struggling with affordability. Yellow peas, considered a close substitute for chana, are expected to play […]
Zee Announces 15% Staff Reduction in Overhaul
Indian media powerhouse Zee Entertainment (ZEE.NS) sent shockwaves through the industry on Friday, April 5th, 2024, by announcing a significant 15% workforce reduction. This bold move signals a major company restructuring aimed at streamlining operations, reducing costs, and propelling Zee towards a more profitable future. Financial Pressures and Strategic Goals Zee Entertainment, like many companies, […]
Aurobindo Pharma’s A.P. Facility: 3 U.S. FDA Notices
Aurobindo Pharma, a leading Indian pharmaceutical company, has hit a roadblock with its recently inaugurated injectable facility located in Andhra Pradesh. The US Food and Drug Administration (US FDA) conducted a routine inspection and issued a Form 483 with three observations, casting a shadow over the facility’s compliance with stringent US regulatory standards. Form 483 […]
Zeno Health Acquires Tablt Pharmacy: Mumbai Start-up Deal
Mumbai, India – In a strategic move to bolster its footprint and address the unmet need for affordable healthcare in Eastern India, Mumbai-based healthcare startup Zeno Health, backed by $25 million in funding, has acquired Kolkata-based Tablt Pharmacy. Finalized in February 2023, the acquisition underscores Zeno Health’s ambition to become a leading player in the […]
Ayurveda Market Hits Rs 1.2 Lakh Crore by FY28
The Indian Ayurveda market is poised for a remarkable upswing, with a projected valuation of ₹1.2 lakh crore (USD 16.27 billion) by FY28, according to a recent study by NirogStreet. This signifies a significant leap from the current market size estimated at ₹57,450 crore (USD 7 billion). NirogStreet’s study breaks down this growth further, indicating […]
NCLAT Orders NHAI to Uphold IL&FS Agreement
The National Company Law Appellate Tribunal (NCLAT) has issued a reprieve for Baleshwar Kharagpur Expressway Ltd (BKEL), an entity belonging to the IL&FS Group. In a recent order, NCLAT directed the National Highways Authority of India (NHAI) to refrain from terminating BKEL’s concession agreement, estimated to be worth ₹1550 crore. This decision paves the way […]
Hero MotoCorp Receives Rs 605 Cr Tax Notice: I-T Dept
Two-wheeler giant Hero MotoCorp finds itself embroiled in a tax dispute with the Income Tax Department. On April 3, 2024, the company received assessment orders and demand notices totaling Rs 605 crore, including interest, for alleged tax discrepancies across six assessment years (AYs) between 2013-14 and 2019-20.expand_more Breaking Down the Tax Demand The Income Tax […]
Tata Tech-BMW Alliance: Auto Software Solutions
The Indian automotive industry is set to hit the fast lane of software development with a groundbreaking joint venture between Tata Technologies and the BMW Group. This strategic alliance, announced in 2023, will see the creation of automotive software and IT development hubs in Chennai, Pune, and Bengaluru, India. These hubs aim to become a […]
PepsiCo’s Ujjain Investment: Game-Changer for Madhya Pradesh
In a landmark move for both PepsiCo India and Madhya Pradesh, the beverage giant announced a hefty investment of ₹1,266 crore to establish a state-of-the-art flavor manufacturing facility in Ujjain. Scheduled to be operational by the first quarter of 2026, this plant signifies a turning point for the local economy and PepsiCo’s commitment to India. […]
India to Construct First Commercial Crude Oil Storage
India is making a historic stride towards energy security with the construction of its first commercial crude oil strategic storage facility, boasting a massive capacity of 2.5 million tonnes. This initiative, led by the Indian Strategic Petroleum Reserves Limited (ISPRL), represents a significant shift from the existing model of solely government-controlled Strategic Petroleum Reserves (SPR). […]