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NEWS

Posted On:
01-02-2024

How a farmer produce company yielded ₹1,000 cr turnover

In 2010, a group of small farmers in Nashik formed the Sahyadri Farmers’ Producer Company Ltd with a shared purpose of safeguarding their agricultural prospects. Today, the FPC has reported a turnover of Rs 1,007 crore for the 2022-23 fiscal year, registering a 28 per cent growth compared to the previous year. Vilas Shinde, Chairman and Managing Director of Sahyadri Farms, shared this financial update with more than 2,000 farmer members, directors and employees at the company’s 13th annual general meeting (AGM) held recently.
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Posted On:
03-02-2024

views of Nirmala Sitharaman on the crisis at Paytm

Finance minister Nirmala Sitharaman refrained from commenting on the crisis unfolding at Paytm Payments Bank but said her government was keen on fintech and "would like to engage with more shareholders in the space". In an interview to Network18, FM said fintech was an area which "all of us are very enthusiastic", veering away from a question on Paytm's lending arm. "I wouldn’t want to comment on a particular company."
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Posted On:
03-02-2024

Delhivery posts first-ever profit in Q3 on back of festive season demand

Logistics firm Delhivery Ltd posted its first-ever quarterly profit since listing on Friday, helped by healthy demand for online shopping during the festive season. Consolidated profit for the three months ended Dec. 31 was Rs 12 crore compared with a loss of Rs 196 crore a year earlier, the company said in an exchange filing.
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Posted On:
06-02-2024

UK Opposition slams ‘VIP access’ to Infosys due to Rishi Sunak’s familial connection

The UK’s Opposition, Labour Party, has alleged that Indian IT giant, Infosys, was given “VIP access” and was promised assistance for its expansion in the country, due to Prime Minister Rishi Sunak’s familial connection with founder Narayana Murthy. The Labour Party has said that it has uncovered “damning” documents. According to a report in the Mirror, trade minister Lord Johnson who visited India last year, said that he was keen to see a bigger presence of Infosys in the country and was happy to do whatever he could to facilitate that. Infosys is now vying for contracts in the UK amounting to 750 million pounds. The report by the news site was based on the Freedom of Information laws, used to access details of the meeting between Lord Johnson and Infosys. The Labour Party criticised the “VIP access” given to a business so personally close to the Prime Minister. Sunak’s wife Akshata Murty has shares in Infosys, co-founded by her father Narayana Murthy. Lord Johnson also reportedly gave information to Infosys on how to obtain UK visas for its staff, and reassured them on the prospects of the UK economy. The Mirror had earlier reported that Infosys was put on an approved list of suppliers for public sector contracts worth more than 750 million pounds.
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Posted On:
06-02-2024

Marginal' dip in manufacturing jobs during Covid-19 pandemic: ASI

The number of people engaged in the manufacturing sector and the amount of wages earned by them bounced back in FY22 after a “marginal fall” in FY21 due to the Covid pandemic, the latest annual survey of industries (ASI) data for the years 2020-21 & 2021-22 released on Monday said. According to ASI data, the employment in the manufacturing sector during the Covid pandemic year (FY21) declined by 3.2 per cent (year-on-year) to 16.08 million. Similarly, their total earnings slightly fell 1.6 per cent to Rs 4.83 trillion in FY21. However, in FY22, the total number of people engaged in the manufacturing industries rose by 7 per cent (Y-o-Y) to 17.21 million and the total emoluments earned by them rose by 15.9 per cent to Rs 5.6 trillion compared to the preceding year. “The ASI results for the year 2021-22 exhibit the resilience shown by the Indian manufacturing sector and tell the unique turnaround story of the Indian manufacturing sector after the adverse effect of the pandemic witnessed in 2020-21 in terms of output and input contraction and also a marginal fall in employment,” the Ministry of Statistics and Programme Implementation (MoSPI) said in a statement.
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