Business News Highlights: Amazon Business corporate gifting store sees 134% growth in festive sale
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5 min read | Updated on October 11, 2024, 19:44 IST
SUMMARY
Stay tuned for live updates on the latest business news, trends, and breaking developments on October 11, 2024.
Amazon Business corporate gifting store sees 134% growth in festive sale
Amazon's B2B marketplace Amazon Business on Friday said it has recorded a 134% growth year-on-year in its corporate gifting store in the first ten days of Amazon Great Indian Festival 2024.
A 95% increase in total orders and a 107% rise in customers making a purchase was witnessed during the period, a company statement said. Also read.October 11, 2024, 19:42 PM
India's forex kitty drops by $3.71 billion to $701.176 billion
India's forex reserves dropped by $3.709 billion to $701.176 billion for the week ended October 4, the RBI said on Friday.
In the previous reporting week, the reserves had jumped by $12.588 billion to an all-time high of $704.885 billion. Read more.October 11, 2024, 18:05 PM
New NPS contribution guidelines for Central govt employees issued
The Centre on Friday issued major guidelines for contributions to the National Pension Scheme (NPS). The Department of Pension and Pensioners’ Welfare (DoPPW), under the Ministry of Personnel, Public Grievances and Pensions, issued an Office Memorandum on Monday, October 7, outlining changes to the rules regarding employee contributions to the NPS. Read more.October 11, 2024, 17:50 PM
Profitability of small finance banks expected to decline in FY25: Crisil
The profitability of small finance banks, measured in terms of return on assets (ROA), will moderate around 40 basis points to about 1.7 percent this fiscal from 2.1 percent in the last financial year due to lower net interest margins (NIM) and higher credit costs, said a report.
That said, ROA for small finance banks (SFBs) will still be higher than that for the overall banking system by 50-60 bps on account of the relatively higher-yielding nature of their loan book, Crisil said in the report.
October 11, 2024, 17:45 PM
Elon Musk unveils Tesla Cybercab Robotaxi
Tesla CEO Elon Musk unveiled the automotive company’s long-awaited Cybercab at the ‘We, Robot’ event held at the Warner Bros Studios in Burbank, California, on Thursday, October 10.
Reportedly, the event’s name is apparently a reference to the famous 2004 action/sci-fi film ‘I, Robot’ or the "I, Robot" science-fiction short stories by American writer Isaac Asimov. Read moreOctober 11, 2024, 17:45 PM
Indian tech sector sees deals worth $635 million in Q3 2024
Indian Tech sector witnessed deals worth $635 million in July-September period of 2024, registering a 31% increase in value year-on-year, a recent report has revealed.
Consultancy firm Grant Thorton Bharat's Q3 Dealtracker report for the tech sector said the quarter witnessed the highest deal volumes since Q2 2023 but the lowest for the year 2024, reflecting more strategic investments rather than large-scale acquisitions. Read more.October 11, 2024, 16:50 PM
PwC India collaborates with Meta to expand open-source AI solutions
PwC India has announced a collaboration with Meta to expand and scale its open-source AI solutions to enterprises and citizen services on Meta's Llama models. Read moreOctober 11, 2024, 15:55 PM
New biz premium of life insurers grows 14% to ₹35,020 crore in Sept
Life insurers recorded a 14% rise in underwriting new business with a premium collection of ₹35,020 crore in September.
New business premiums stood at ₹30,716 crore in the same month a year ago. Read moreOctober 11, 2024, 15:55 PM
Edible oils import falls 29% in Sep to 10.64 lakh tonnes on lower palm oil shipments
India's import of edible oils fell 29% annually in September to 10,64,499 tonnes due to lower inward shipments of crude and refined palm oils, according to industry data.
Import of edible oils stood at 14,94,086 tonnes in the same month last year. Read moreOctober 11, 2024, 15:55 PM
Rupee hits all-time low, drops past 84 per US dollar on equity outflows, elevated oil prices
The Indian rupee fell to an all-time low of 84.0975 per US dollar on Friday, October 11, as concerns over the recent spike in oil prices and the exodus of foreign money from the equity market unnerved market participants.
The currency's decline past the 84 handle is significant, as the Reserve Bank of India (RBI) had been defending that level. Read more.October 11, 2024, 15:01 PM
Noel Tata appointed as chairman of Tata Trusts
Noel Tata, the half-brother of the late Ratan Tata, has been appointed as the chairman of Tata Trusts. Read more.October 11, 2024, 15:02 PM
Forbes India's 100 richest 2024 list, Mukesh Ambani on top again
Forbes’ list of ‘India’s 100 Richest’ 2024 has revealed that the collective wealth of the richest tycoons of the country has surpassed the trillion dollar milestone for the first time. Mukesh Ambani has topped the list with an estimated net worth of $119.5 billion, followed by Gautam Adani with $116 billion. Read more.October 11, 2024, 12:24 PM
Pakistan, Saudi Arabia sign $2.2 billion investment deals
Pakistan and Saudi Arabia on Thursday signed a $2 billion investment deal in multiple sectors, including industry, mining and minerals, agriculture and energy, according to media reports.
The memorandums of understanding (MoU) were signed during the visit of a high-level Saudi delegation's visit to cash-strapped Pakistan to promote business ties.
October 11, 2024, 09:09 AM
