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India sees one of the highest ever iron-ore buying by China in April - Feb period
Thehindubusinessline
·
1y ago
Medial
China's iron ore buying from India has increased since the withdrawal of Covid restrictions in China. In the 11-month period of FY24, 92% of Indian iron ore exports went to China, marking the highest ever shipment in percentage terms in a seven-year period. India's exports of iron ore stood at 44.23 million tonnes, up 162% year-on-year, with shipments to China increasing almost 200%. Chinese iron ore imports rose over 8% year-on-year in the first two months of 2024, as steelmakers replenished their stocks. However, industry bodies have called for export restrictions on iron ore to address domestic needs.
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India proposes benchmarking domestic iron ore price to S&P Platts index
Economic Times
·
1m ago
Medial
India plans to benchmark domestic iron ore pricing to indexes like S&P Global Platts to ensure transparency and accuracy. Currently, prices are based on mining companies' self-declarations, which can lead to understated revenues and lower royalty payments to states. The new proposal aims to standardize pricing across states and ensure accurate revenue calculation. This change will impact the royalty and funds allocated for developing mining-affected areas, potentially increasing state revenue from iron ore sales.
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Coking coal hits five-month high on government mine inspections
Economic Times
·
16d ago
Medial
Coking coal prices in China surged to a five-month high due to government inspections on coal mines, raising supply disruption concerns. The most active coking coal contract on the Dalian Commodity Exchange rose 11%, marking a third consecutive session of hitting the trade limit. The inspections cover major coal production regions, potentially impacting the output for 2024. Meanwhile, iron ore prices saw a slight decline after a brief rally influenced by the announcement of a large hydropower project in Tibet.
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Trailblazing truckers: Women steer monster trucks in Tata Steel's drive for diversity
Money Control
·
1y ago
Medial
Payal Kumari is a young and petite woman who works as an operations assistant at Tata Steel's Noamundi iron ore mine in Jharkhand. She is one of 100 women hired by the company to drive and handle heavy earth-moving machinery (HEMM). Tata Steel launched its "Women @ Mines" initiative in 2019 to increase women's participation in the workforce. They have provided training and support to break down barriers and allow women to handle machinery previously considered too powerful for them. The company aims to achieve 25% diversity in its workforce by 2025.
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Vedanta to raise up to Rs 1,000 crore via debentures
Money Control
·
1y ago
Medial
Mining conglomerate Vedanta Ltd has announced plans to raise Rs 1,000 crore (approximately $136 million) via the issuance of debentures. The company's directors have approved the allotment of 100,000 non-convertible debentures on a private placement basis. The funds will support Vedanta's operations across various sectors, including oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium, power, and glass substrate, with recent expansions into semiconductors and display glass. Vedanta Ltd is a subsidiary of Vedanta Resources Ltd and is known as one of the world's leading natural resources companies.
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Blinkit, Swiggy Instamart, Zepto report 'all-time high orders' on Holi 2024
Livemint
·
1y ago
Medial
During the Holi festival, quick-commerce platforms like Blinkit, Swiggy Instamart, and Zepto reported a surge in orders for festive essentials such as colors, balloons, and water guns. These platforms experienced their highest-ever orders per minute, highlighting the demand for instant deliveries on special occasions. Zepto in particular noticed a spike in white t-shirt sales, while Swiggy Instamart shared a story of a customer buying Holi essentials worth ₹5,202. This trend reinforces the growing popularity of quick-commerce platforms in India.
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Hyundai Motor India records highest-ever sales of 7.77 lakh units in FY24
Thehindubusinessline
·
1y ago
Medial
Hyundai Motor India (HMIL) announced that it achieved its highest-ever domestic sales in the financial year 2023-24, with 6.14 lakh units sold, an 8.3% increase from the previous year. The company also recorded its highest-ever annual total sales of 7,77,876 units, an 8% growth compared to FY 2022-23. Toyota Kirloskar Motor and Mahindra & Mahindra also reported significant sales growth, while MG Motor India experienced a decline in retail sales.
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JPMorgan sees India in its top 3 fastest-growing Asia markets in 2024
Reuters
·
1y ago
Medial
JPMorgan's CEO for Asia Pacific, Filippo Gori, stated that India, along with Australia and Japan, could be among the three fastest-growing markets for the bank in the Asia Pacific region next year. He mentioned that India has the potential to benefit significantly from the "China plus one" strategy, as it has the scale to absorb part of the supply chain that companies are seeking to move out of China. Gori also noted that JPMorgan has expanded its team in India and sees increasing activity and inquiries in the country.
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Haryana Collects Rs 14,057 Crore GST in April; Rises to 4th Rank
OutlookIndia
·
3m ago
Medial
Haryana's GST collection reached Rs 14,057 crore in April 2025, ranking it fourth among Indian states, surpassing Tamil Nadu and Uttar Pradesh. This increase reflects a 15.70% growth in the state's GST revenue, attributed to efficient tax administration and transparent, technology-driven governance. India recorded its highest monthly GST collection of Rs 2.37 lakh crore during the same period. This achievement underscores Haryana's growing economic contribution and resilience in the national revenue framework.
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$27 bn investment received by US AI startups in April-June: Report
Inshorts
·
1y ago
Medial
US-based AI startups received a $27.1 billion investment between April and June, the NYT reported citing data from PitchBook. In total, US startups raised $56 billion during the period, up 57% from a year earlier and the highest three-month investment in two years. CoreWeave, Scale AI and Elon Musk's xAI were among the startups that raised money.
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Under EV Promotion Scheme, Target Sales Of Only 3.6% Achieved
Inc42
·
1y ago
Medial
The Electric Mobility Purchase Scheme (EMPS) aimed to sell 372,215 vehicles but only 13,499 were sold within its targeted four-month period. Out of the different vehicle categories, e2Ws had the highest sales with 12,457 units sold, representing 3.7% of the target. EMPS had a budget of INR 500 Cr and ran from April 1 to July 31.
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