The Business Bytes

New Delhi, October 24, 2024 (TBB Bureau): The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the establishment of a Rs 1,000 crore venture capital (VC) fund aimed at enhancing the Indian space sector and generating employment. The fund, to be managed by IN-SPACe, will be operational for up to five years and is expected to support startups ...

New Delhi, October 24, 2024 (TBB Bureau):  India Inc is projected to experience its slowest revenue growth in 16 quarters, with an estimated increase of only 5-7% on a year-on-year basis for the three months ending September. This deceleration is largely attributed to stagnant performance in the construction sector, which constitutes about one-fifth of India Inc’s total revenue. Additionally, declines ...

Bhubaneswar, October 23, 2024 (TBB Bureau):  As Cyclone ‘Dana’ approaches, Tata Power Central Odisha Distribution Limited (TPCODL) is taking proactive steps to ensure power resilience in the face of the impending storm. TPCODL CEO Arvind Singh convened a crucial meeting on Wednesday to evaluate and strengthen the discom’s readiness. The meeting emphasized strategic resource deployment and the mobilization of materials ...

New Delhi, October 23, 2024 (TBB Bureau): Vedanta Aluminium, India’s largest producer of aluminium, has taken a significant step towards enhancing operational efficiency and sustainability in its logistics operations by inducting Bogie Open Bottom Rapid discharge railway wagons with pneumatic door opening actuators (BOBRN) for coal transportation at its smelters in Jharsuguda, Odisha, and Korba, Chhattisgarh. This initiative is part ...

Bhubaneswar, October 23, 2024 (TBB Bureau): Paradeep Phosphates Limited (PPL) has once again been recognized for its outstanding contributions to the fertilizer industry and its pivotal role in enhancing the income of the farming community. At a glittering ceremony held in Bhubaneswar on Tuesday, PPL was conferred with the prestigious Times Business Award for Leading the Agri Revolution for Viksit ...

Paradip, October 22, 2024 (TBB Bureau): As Cyclone ‘Dana’ approaches, Paradip Port is implementing extensive safety preparations to ensure the security of maritime operations and personnel. A directive has been issued for all cargo transportation and loading activities to be completed by the evening of October 23. All vessels currently docked at the port are being instructed to expedite their ...

New Delhi/Bhubaneswar, October 22, 2024 (TBB Bureau): Odisha has been honoured with the prestigious, securing the top rank in the Best State category for its outstanding efforts in water resources conservation and management. The award was presented by President Draupadi Murmu during a ceremony at Vigyan Bhawan in New Delhi on Tuesday. Development Commissioner and Additional Chief Secretary Anu Garg ...

New Delhi, October 22, 2024 (TBB Bureau):  Jindal Panther Cement (JPC), a prominent entity within the Jindal Group, on Tuesday announced the commissioning of its first cement grinding unit in Angul, Odisha, with a capacity of 1.5 million tons per annum (MTPA). This state-of-the-art facility is poised to play a critical role in the company’s ambitious decarbonisation strategy, operating with ...

Bhubaneswar, October 22, 2024 (TBB Bureau): Michelin, a global leader in tyre technology, has announced the winners of the inaugural Michelin AI Challenge, marking a significant milestone in the AI-driven innovation landscape. The competition, launched in collaboration with the Department for Promotion of Industry and Internal Trade (DPIIT) and Startup India, aims to foster entrepreneurship and encourage cutting-edge developments within ...

New Delhi, October 22, 2024 (TBB Bureau):  The Reserve Bank of India (RBI) has flagged certain irregularities in the gold loan segment and called upon lenders to thoroughly reassess their lending practices. The new regulatory measures, aimed at curbing discrepancies in the loan against gold jewellery sector, may slow the growth of gold loans in the near term. In a ...