Business

MUMBAI: Forex reserves fell for the sixth consecutive week to a 10-month low of $625.9 billion as of Jan 10, declining by $8.7 billion in the week and $23.5 billion in five weeks. The decline – down $79 billion from an all-time high of $704.9 billion in late Sept – reflects RBI‘s dollar sales and a fall in the value …

BENGALURU: Wipro’s revenue dropped 0.7% year-on-year in constant currency in the Dec quarter, while it grew 0.1% sequentially, coming at the upper end of the guidance. It forecast a sequential revenue growth of -2% to 0% in constant currency in the Dec quarter. “2024 was marked by macro-economic challenges. 2025 looks more hopeful and resilient. Clients are cautiously optimistic, and …

MUMBAI: The country is poised for an economic rebound, driven by a resurgence in domestic demand and strong agricultural prospects, and the time is ripe to take steps to rekindle demand and investment, RBI’s latest ‘state of the economy’ report said. The report has been released less than a fortnight before the Budget amid growing calls for the finance minister …

BENGALURU: Gurugram-based food delivery startup Zomato has pumped in Rs 500 crore into its quick commerce business Blinkit, bringing the total investment to Rs 2,800 crore since it acquired the company in 2022. The latest infusion comes on the heels of Zomato raising Rs 8,500 crore through a qualified institutional placement in November, which it said would be to strengthen …

NEW DELHI: The International Monetary Fund (IMF) on Friday retained India’s growth forecast for 2024-25 at 6.5% but said that growth in the country has slowed more than predicted, led by a sharper-than-expected deceleration in industrial activity.“In India, growth is projected to be solid at 6.5% in 2025 and 2026, as projected in Oct and in line with potential,” the …

NEW DELHI: The Union Cabinet has approved a Rs 11,440 crore revival plan for debt-laden Rashtriya Ispat Nigam (RINL), according to a statement released on Friday.The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved the revival plan for RINL for Rs 11,440 crore, it added. The infusion includes Rs 10,300 crore as equity capital …

Intel shares jumped as much as 9.5% on Friday morning in the US after a report on a tech news site said the beleaguered chipmaker is an acquisition target. SemiAccurate, a tech-focused newsletter founded by Charlie Demerjian, said it “read an email about a company trying to acquire Intel, whole” and that the “mystery company has the resources to pull …

MUMBAI: Startups and venture capital (VC) firms are seeking an easier tax regime and measures to boost availability of domestic capital in the upcoming Budget. Parity between foreign and domestic funds in terms of taxation is required to attract foreign investors to Indian alternative investment funds (AIFs), said Siddarth Pai, founding partner at 3one4 Capital and co-chair of regulatory affairs …

Chloe Claxton Willow Gwyn-Williams says that quiet January shifts after the Christmas rush can be “hard to deal with” “I’ve worked in hospitality since I was 15, and this is probably the quietest January I’ve worked,” says 23-year-old Willow Gwyn-Williams, a pub manager in Chelmsford. She thinks the cost of living crisis is to blame for bookings being down where …

China is making it harder for employees and specialised equipment needed for high-tech manufacturing in India and Southeast Asia to leave its borders, according to people familiar with the matter, a possible attempt to prevent companies from shifting production in anticipation of higher tariffs under US President-elect Donald Trump.Officials in Beijing have verbally encouraged regulatory agencies and local govts to …