Category: BUSINESS

  • Musk’s cost-cutting team laying off workers at auto safety agency overseeing his car company

    Musk’s cost-cutting team laying off workers at auto safety agency overseeing his car company

    New York: Elon Musk’s cost-cutting team is eliminating jobs at the vehicle safety agency that oversees Tesla and has launched investigations into deadly crashes involving his company’s cars.

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    The National Highway Traffic Safety Administration has cut a “modest” amount of positions, according to a statement from the agency. Musk has accused NHTSA of holding back progress on self-driving technology with its investigations and recalls.

    Asked about whether the cuts would impact any probes into Tesla, the agency referred to its statement that says it will “enforce the law on all manufacturers of motor vehicles and equipment.”

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    The job cuts at NHTSA enacted by Musk’s advisory group on shrinking the federal government, the Department of Government Efficiency, was earlier reported by The Washington Post.

    In addition to investigations into Tesla’s partially automated vehicles, NHTSA has mandated that Tesla and other automakers using self-driving technology report crash data on vehicles, a requirement that Tesla has criticised and that watchdogs fear could be eliminated.

    The staff reductions have come through a combination of firings, buyouts and layoffs. The agency noted in its statement that the Biden administration had expanded its payroll, suggesting the smaller staff was sufficient to carry out its mission.

    “Even with these modest efficiencies, NHTSA is still considerably larger today than it was four years ago,” the statement said. “We have retained positions critical to the mission of saving lives, preventing injuries, and reducing economic costs due to road traffic crashes.”

  • 22 Indian startups raise over USD 184 million funding this week

    22 Indian startups raise over USD 184 million funding this week

    New Delhi: At least 22 Indian startups raised more than USD 184 million in funding this week, which included 10 growth-stage deals and 12 early-stage rounds.

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    Early-stage startups also attracted investor interest raising a total of USD 33.4 million.

    Growth-stage deals saw notable investments. Wealth advisory firm Waterfield Advisory raised USD 18 million in a new round led by Jungle Ventures, while SaaS company Spyne secured USD 16 million.

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    Other startups that received funding included clean-label health food brand The Whole Truth, pet care brand Dogsee Chew, new-age fashion brand Rare Rabbit, NBFC Credit Fair, food-tech company Curefoods, and jewellery company Solitario Diamonds.

    Enterprise AI startup Singulr AI led the segment with a USD 10 million seed round, followed by AI firm Ikonz Studios, IoT and data analytics startup Probus, Devices-as-a-Service (DaaS) platform Swish Club, and workplace SaaS startup OneTab AI.

    Meanwhile, the content creation and sharing platform Lurny raised funds but did not disclose the amount.

    Bengaluru remained the top city for startup funding by securing 12 deals, followed by Mumbai, Pune, and other cities.

    Segment-wise, AI startups led with five deals, while foodtech followed with three. Fintech, e-commerce, SaaS, and other sectors also received investments.

    Seed funding dominated the week with six deals, followed by Series A, pre-Series A, Series G, and other rounds.

    The average startup funding over the past eight weeks has remained at around USD 308.3 million with 26 deals per week, as per industry data.

    Apart from funding, mergers and acquisitions were also in focus. Visa processing platform Atlys acquired the UK subsidiary of visa services company Artionis to accelerate its overseas expansion.

    Fintech startup PayRange took over Turns, a vertical SaaS startup in the laundry space, for an undisclosed amount.

    Meanwhile, Yuma Energy acquired Chennai-based Grinntech to strengthen its battery technology and manufacturing capabilities.

  • Aviation Minister directs Air India to take necessary action over Union Minister’s complaint

    Aviation Minister directs Air India to take necessary action over Union Minister’s complaint

    New Delhi: Union Civil Aviation Minister Ram Mohan Naidu on Saturday directed Air India to take necessary action after the Tata Group-owned carrier came under heavy fire over Union Agriculture Minister Shivraj Singh Chouhan’s discomfort with the airline’s service.

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    The Civil Aviation Minister personally reached out to Chouhan to address the issue, saying that the Directorate General of Civil Aviation (DGCA) will also be looking into the details of the matter promptly.

    Earlier in the day, the Union Agriculture Minister expressed his frustration over Air India’s poor service after he was allotted a broken seat on a flight from Bhopal to Delhi.

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    Shortly after his complaint, BJP leader Rajeev Chandrasekhar also raised concerns about the quality of service provided by the airline.

    Chandrasekhar took to X to question the standards of Air India after its privatisation. “If it was anyone else other than the polite, gentleman minister @ChouhanShivraj ji, person would have created a justified angry response to this kind of incident,” he wrote.

    He also pointed out the lack of competition in full-service airlines after Tata’s takeover of Air India, saying: “Tatas takeover of @airindia has created a situation of reducing competition and consumer choice in full-service airlines – which leads to complacency and chalta hai!”

    The BJP leader urged the Tata Group to address these issues immediately, warning that failure to do so could lead to government and regulatory intervention.

    Chouhan had complained about being assigned a broken seat on an Air India flight from Bhopal to Delhi. “I had booked a ticket on Air India flight number AI436, I was allotted seat number 8C,” he wrote on X.

    Following Chouhan’s complaint, Air India also issued an apology for the inconvenience caused and ordered a thorough investigation into the matter.

  • Petrol prices in India among lowest in the world: Union Minister Puri

    Petrol prices in India among lowest in the world: Union Minister Puri

    New Delhi: Petroleum prices in India are among the lowest in the world, said Union Petroleum Minister Hardeep Singh Puri.

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    Addressing a press conference in Vijaywada, Andhra Pradesh, he said that fuel prices in the country have reduced both in absolute terms and in real terms over the years.

    Speaking about the global oil supply, Puri mentioned that more oil is now coming from countries like the US, Brazil, Guyana, Suriname, and Canada.

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    Stating that “there is no shortage of oil”, and that about 40 countries now supply oil to India, from the earlier 27, Puri added that “we welcome if more countries join”. This will also help lower the prices, he said.

    “In fact, petroleum prices have come down during the last three years,” the Union Minister added.

    He further stated that a negative growth of -0.67 per cent was witnessed with regard to petrol prices while the price of diesel increased marginally by 1.15 per cent.

    Puri also clarified that the government does not gain any financial benefit from petroleum sales. On the contrary, the government had to provide Rs 22,000 crore to oil companies.

    Referring to India’s economic progress, Puri recalled that in 2014, when Prime Minister Narendra Modi took charge, India was the 10th largest economy and considered one of the “Fragile Five” economies — a term used for countries highly dependent on foreign investments for growth.

    ‘‘The Indian economy developed significantly under PM Modi’s rule. It was the 10th largest economy then,” Puri added.

    He stated that India’s place improved and the country has made strident steps since then, from the 10th largest economy to the fourth largest.

    “India will soon achieve a $4 trillion economy,” he noted.

    Meanwhile, a report by Fitch Ratings said that India’s demand for petroleum products is expected to rise by three to four per cent in the current financial year ending on March 31, 2025.

    India’s Oil Marketing Companies are likely to witness a decline in refinery margins in FY25 due to multiple challenges, including weaker product cracks, an oversupply in the region, and reduced gains from variations in crude oil prices, the report added.

    The anticipated drop in margins suggests that OMCs may face pressure on profitability as refining economics become less favourable.

  • Shivraj Singh Chouhan slams Air India over faulty seat on Bhopal-Delhi flight

    Shivraj Singh Chouhan slams Air India over faulty seat on Bhopal-Delhi flight

    New Delhi: Union Agriculture Minister Shivraj Singh Chouhan on Saturday expressed his frustration over Air India’s poor service after he was allotted a broken seat on a flight from Bhopal to Delhi.

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    Chouhan criticised the national carrier on X social media platform, saying that such negligence is unfair to passengers who pay full fare for their tickets.

    “I had booked a ticket on Air India flight AI436 from Bhopal to Delhi and was allotted seat number 8C. When I sat down, the seat was broken and sunken in,” he wrote.

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    The Union Minister questioned the airline staff about why a defective seat was allotted in the first place.

    In response, they reportedly admitted that the management had already been informed about the faulty seat and that it should not have been sold.

    Chouhan further revealed that there were multiple such defective seats on the flight.

    “I believed that after Tata took over, Air India’s service would have improved, but I was mistaken,” the minister wrote.

    He added that charging passengers the full fare and making them sit on broken and uncomfortable seats is unethical.

    “Isn’t this cheating the passengers?”, Chouhan mentioned.

    He added that fellow passengers, seeing his discomfort, offered him a better seat, but he chose not to inconvenience someone else. Instead, he decided to continue the journey on the faulty seat.

    Chouhan also called out the airline, asking, “Will Air India management take steps to ensure that no other passenger suffers like this in the future, or will they continue to take advantage of travelers’ urgency to reach their destination?”

    Air India was acquired by the Tata Group in 2022, and since then, the company has been working on revamping the airline.

    In December 2023, Air India placed an order for 100 additional aircraft from Airbus, including 10 wide-body A350 and 90 narrow-body A321neo and A320 aircraft.

  • Domestic air passenger traffic up 14.5 YoY at 150.3 lakh in Jan

    Domestic air passenger traffic up 14.5 YoY at 150.3 lakh in Jan

    New Delhi: Domestic air passenger traffic in India continued its upward trend in January, reaching an estimated 150.3 lakh passengers, according to a new report.

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    This represents a 0.7 per cent increase compared to December 2024 and a significant 14.5 per cent jump compared to January last year.

    Furthermore, January this year traffic surpassed pre-Covid levels (January 2020) by a robust 17.9 per cent, according to ICRA report.

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    For the first 10 months of FY25 (April 2024 to January 2025), domestic air passenger traffic totalled 1,372.1 lakh, demonstrating a 7.5 per cent year-on-year growth and exceeding pre-Covid levels for the same period in FY20 by 13.0 per cent.

    International passenger traffic for Indian carriers also showed strong performance.

    In the first nine months of FY2025, international traffic reached 248.9 lakh passengers, marking a 14.5 per cent year-on-year increase and a substantial 41.7 per cent rise compared to pre-Covid levels.

    According to the report, airlines expanded their capacity deployment in January 2025 by 10.8 per cent compared to January 2024. However, capacity was slightly lower (1.2 per cent) compared to December 2024.

    The domestic aviation industry achieved a passenger load factor (PLF) of approximately 92.1 per cent in January 2025, compared to 89.2 per cent in January 2024 and 85.0 per cent in pre-Covid January 2020, said the report.

    Fuel costs, a significant component of airline operating expenses, saw some relief.

    While ATF prices were higher by 5.3 per cent year-on-year from April to July 2024, they decreased by 14.7 per cent year-on-year from August 2024 to February 2025.

    Overall, for the period of April 2024 to February 2025, ATF prices were lower by 8.1 per cent compared to the same period in the previous fiscal year, the report mentioned.

  • Adani Group to invest Rs 30,000 cr in Kerala in next 5 years

    Adani Group to invest Rs 30,000 cr in Kerala in next 5 years

    Kochi: Adani Group will invest Rs 30,000 crore in Kerala in the next five years, a top executive said on Friday.

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    The diversified group that is developing the Vizhinjam port and operating the airport at Thiruvananthapuram, will be developing a logistics and e-commerce hub as well as expanding its cement manufacturing capacity in the state.

    The group is developing the Vizhinjam port and has already invested Rs 5,000 crore.

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    “We are committing an additional investment of Rs 20,000 crore,” Adani Ports & SEZ Ltd Managing Director Karan Adani said at the Invest Kerala Global Summit here.

    He said the group will be expanding the capacity of the Thiruvananthapuram airport from 4.5 million passengers per annum, to 12 million passengers per annum with an investment of Rs 5,500 crore.

    Also, a logistics and e-commerce hub will be set up in Kochi and the cement manufacturing capacity will be increased in Kochi, he added.

    In total, Adani said the group will invest Rs 30,000 crore in the next five years in Kerala.

    The two-day summit is expected to see around 3,000 participants.

  • Centre working in tandem with states for economic growth: Piyush Goyal

    Centre working in tandem with states for economic growth: Piyush Goyal

    Kochi: The Centre is working in tandem with all states to make India a USD 30-35 trillion economy by 2047, Union minister Piyush Goyal said on Friday, as he highlighted the investment opportunities in the country.

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    The Commerce and Industry Minister, speaking at the Invest Kerala Global Summit (IKGS) here, sought to woo investors and will soon start talks with Bahrain for a Free Trade Agreement (FTA).

    There are “unmatched opportunities for growth, development and economic opportunities” in the country, Piyush Goyal said.

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    “We are working in tandem with all states,” on taking the country’s economy to USD 30-35 trillion by 2047 from the current USD 4 trillion, the minister emphasised.

    There are differences between the BJP-led Centre and the Kerala government, which is headed by the Left Democratic Front (LDF) on various issues.

    Against this backdrop, Goyal said he is here to show solidarity with Kerala and also mentioned about various strides made by the state in different sectors.

    He urged investors to invest in Kerala and the country, saying “come and enjoy the fruits of investments”.

    Around 3,000 participants are expected at the two-day investors’ summit.

  • Rabi 2024 clocks 1,132 LMT wheat production, ample availability in country: Centre

    Rabi 2024 clocks 1,132 LMT wheat production, ample availability in country: Centre

    New Delhi: A total production of 1,132 lakh metric tonnes (LMT) of wheat was recorded during Rabi 2024 and there is ample availability of wheat in the country, the government has informed.

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    In order to manage the overall food security and to prevent hoarding and unscrupulous speculation, the Centre imposed stock limits on wheat applicable to traders/wholesalers, retailers, big chain retailers and processors in all states and union territories.

    The removal of licensing requirements, stock limits and movement restrictions on specified foodstuffs (Amendment) Order, 2024 was issued on June 24, 2024 and revised on September 9, 2024 and on December 11, 2024 and was applicable for all states and union territories.

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    As part of continuous efforts to moderate prices of wheat, the Central government decided to revise the wheat stock limit applicable until March 31, 2025.

    “All wheat stocking entities are required to register on the wheat stock limit portal and update the stock position on every Friday. Any entity which is found to have not registered on the portal or violates the stock limits will be subject to suitable punitive action under Section 6 & 7 of Essential Commodities Act, 1955,” said the Ministry of Consumer Affairs, Food and Public Distribution.

    In case the stocks held by above entities are higher than the above prescribed limit, they will have to bring the same to the prescribed stock limits within 15 days of issue of the notification.

    The Department of Food and Public Distribution is maintaining a close watch over the stock position of Wheat to control prices and ensure easy availability in the country.

    Meanwhile, the total farm area sown in the country under various rabi crops in the ongoing season so far crossed 661.03 lakh hectares up from 651.42 lakh hectares in the same period of the previous year, the government said earlier this month.

    The area sown under wheat has shot up to 324.38 lakh hectares (ha) from 318.33 lakh ha during the corresponding period of last year which is expected to result in higher production of the cereal for the season.

    Looking ahead, food inflation is expected to ease while the growth outlook for the economy is “cautiously optimistic” for the coming months as the agricultural sector is likely to benefit from favourable monsoon conditions, increased minimum support prices and adequate supply of inputs.

  • Indian stock market trades almost flat, rupee strengthens

    Indian stock market trades almost flat, rupee strengthens

    Mumbai: The domestic benchmark indices were trading nearly flat in the morning trade on Friday amid mixed global cues, as automobile stocks weighed on the sectoral indices.

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    ICICI Bank, Infosys, Kotak Mahindra Bank, Tata Motors and Reliance Industries share prices dragged the benchmark indices in early trade.

    As of 9.34 a.m., the Sensex was hovering around 75,665.80, down 70.16 points or 0.093 per cent while he Nifty was at 22,890.40, down marginally down by 22.75 points or 0.099 per cent.

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    Technically, after a gap down open, the market found support near 22800/75500 and reversed, said experts.

    “Following this reversal, the market exhibited range-bound activity throughout the day. Additionally, on daily charts, a small candle has formed, indicating non-directional activity,” said Shrikant Chouhan, head, equity research, Kotak Securities.

    Bharti Airtel, ITC, Cipla, Larsen & Toubro and Sun Pharmaceutical Industries limited losses on the Nifty 50 index.

    Mahindra & Mahindra’s share price fell over 2 per cent as the company plans to subscribe to shares of Mahindra & Mahindra Financial Services Ltd. and Mahindra Lifespace Developers Ltd. to full extent of company’s rights entitlement.

    “Market concerns include Wall Street’s overnight drop, looming Trump tariffs disrupting trade, persistent US inflation, and a cautious Fed approach on rate cuts.

    On the NSE, sectoral indices opened mixed. The NSE Nifty Auto declined the most, and the NSE Nifty Realty rose the most.

    The Indian rupee strengthened marginally against the US dollar. The currency was trading higher at 86.55 a dollar, up 0.11 per cent from its previous close of 86.67 a dollar.

    The foreign institutional investors (FIIs) sold equities worth Rs 3,312 crore on February 20, while domestic institutional investors (DIIs) bought equities worth Rs 3,908 crore.

    INDIAVIX was negative on Thursday, down by 4.78 per cent and trading at 14.6825.