Buisiness

NEW DELHI: Elon Musk‘s Starlink looks set to clear the final regulatory hurdle for beginning satcom services in India. IN-SPACe, the nodal agency under the department of space (DoS), is likely to grant approval to the company for launching commercial satellite broadband services.The inter-ministerial standing committee of IN-SPACe (Indian National Space Promotion and Authorisation Centre),…

Hon Hai Precision Industry Co., the main manufacturer of Apple Inc.‘s iPhones, will inject $1.5 billion into its India unit as production shifts away from China.The Taiwan-based company said in an exchange filing on Monday that it had made the investment through its Singaporean subsidiary. Hon Hai, which is building new plants and adding production…

MUMBAI: Sebi has threatened two Mauritus-based funds with investments in the Adani Group that they could face penalties and cancellation of licences for not sharing shareholding details despite repeated requests over two years, according to a document reviewed by Reuters.The Adani Group and its 13 offshore investors have been facing an investigation by the Sebi,…

MUMBAI: State Bank of India has cut fixed deposit rates by 20 basis points across all tenors for both the general public and senior citizens from May 16. The move follows a 25 bps repo rate cut by RBI in April and comes ahead of another expected cut in June.RBI also infused nearly Rs 5…

The Centre has released draft rules proposing the delicensing of the lower segment of the 6 GHz band for unlicensed indoor use. The move, which applies to the 5925–6425 MHz frequency band, is aimed at enabling next-generation Wi-Fi technologies and supporting data-heavy applications.According to the draft, no authorisation or frequency assignment will be required for…

NEW DELHI: Apple’s key supplier Foxconn has invested $1.48 billion (approximately Rs 12,800 crore) in its India operations over the past five days, the company disclosed in a regulatory filing.The investment was made into Yuzhan Technology (India) Private Limited, Foxconn’s Tamil Nadu-based unit, via its Singapore arm, Foxconn Singapore Pte Ltd. Under the transaction, the…

Kotak Mahindra Mutual Fund on Monday bought a 6.6 per cent stake in pharmaceutical companyAmi Organics for nearly Rs 301 crore through open market transactions. According to the block deal data available on the National Stock Exchange (NSE), Kotak Mahindra Mutual Fund (Kotak MF) purchased 26.97 lakh shares or 6.59 per cent stake in two…

Realty major DLF Ltd‘s consolidated net profit rose 39 per cent year-on-year to Rs 1,282 crore for the January-March quarter of FY25, supported by higher revenue and robust demand for premium homes.For the full fiscal year 2024-25, the company reported record sales bookings of Rs 21,223 crore, up 44 per cent from Rs 14,778 crore…

Image used for representative purposes The Supreme Court on Monday questioned the Centre’s delay in establishing a definitive policy for cryptocurrency regulation, expressing concerns over its economic implications. The bench, comprising Justices Surya Kant and N Kotiswar Singh, drew parallels between Bitcoin transactions and illegal “hawala” operations. Justice Kant observed, “Trading in Bitcoin is an…

The directive specifically addressed spending on cigarettes, alcohol and receptions. (AI image) China has instructed government officials nationwide to reduce unnecessary expenditure on travel, meals and office facilities, signalling President Xi Jinping‘s commitment to fiscal prudence amidst challenging economic conditions affecting government finances.The regulations reinforce Xi’s initiative for officials to reduce expenditure, particularly as declining…