Adani Power, a major private thermal power producer in India and a part of the diversified Adani Group, has reported a significant growth in its financial performance for the fiscal year 2022-23. The company’s consolidated Profit After Tax (PAT) surged by 118.4% to reach ₹10,727 crores compared to ₹4,912 crore in the previous year, showcasing … Read more
India’s Gold Demand Contracts 17% in January-March Quarter Due to Record High Prices and Volatility
The first quarter of 2023 witnessed a significant decline in India’s demand for gold, with a contraction of 17% year-on-year to 112.3 tonnes. This decline can be attributed to the combination of record-high gold prices and increased market volatility. Providing further insight, Somasundaram PR, the CEO of the World Gold Council in India, expressed that the challenges will persist throughout the year, making it difficult for the market to reach the levels seen last year, which amounted to 774 tonnes.
Adani Total Gas Ltd, the city gas joint venture between the Adani Group and French energy giant TotalEnergies, has reported a strong financial performance for the January-March quarter of 2023. The company’s consolidated net profit for the quarter was INR 97.91 crore, a 21% increase compared to the same period a year ago when it reported net earnings of INR 81.09 crore. The impressive results were reported in the company’s stock exchange filing.
EPS: The Employees’ Provident Fund Organisation (EPFO) has once again extended the deadline to apply for a higher pension from the Employees’ Pension Scheme (EPS) to June 26, 2023, from May 3, 2023. The extension was announced on Tuesday, offering eligible employees additional time to evaluate and apply for a higher pension from EPS.
GST Collection in April 2023 : The government of India has announced that the goods and services tax (GST) collection for April 2023 was the highest ever at ₹ 1.87 lakh crore. This marks a significant increase of 12 percent compared to the previous highest collection in April 2022, which was ₹ 19,495 crore lower. The government has attributed the growth to the strong performance of the economy, which has bounced back from the pandemic-induced slowdown.
Tata Steel, one of India’s largest steel producers, has reported a significant decline in its consolidated net profit for the quarter ended March 2023. The company’s net profit fell by over 84% to ₹1,566.24 crore, primarily due to lower income. In comparison, the steel major had reported a net profit of ₹9,835.12 crore during the same period last year, according to a BSE filing.
Best Value-for-Money Cars: Check out the top ten automobiles available in India for less than Rs 10 lakh ex-showroom. The Maruti Suzuki Baleno, Tata Tiago, and other vehicles are on the list.
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PPF investment: There are a number of benefits to keeping funds in a PPF account for investors.
Many PPF account holders are unhappy as the Government has not increased the interest rate for the April-June quarter of FY 2023-24.
Kotak Mahindra Bank, one of India’s leading private sector lenders, has reported a better-than-expected net profit increase of 26% for the January-March quarter.