Centre is likely to disburse Rs 600 crore to Samsung under the Production-linked Incentive (PLI) scheme for mobile phone manufacturing, Mint reported on Monday. This would be the largest payout ever under the scheme.

Samsung had claimed incentives of about Rs 900 crore for generating revenues of about Rs 15,000 crore from smartphone sales in 2020-21, the first year of the PLI scheme. It was the only company to meet the threshold of minimum investment of Rs 250 crore in India.

Badrinath National Highway in Pipalkoti area in Uttarakhand's Chamoli district has been blocked due to debris triggered by a landslide, following intermittent rainfall. Several vehicles have also been buried under the debris.

Chamoli District Magistrate, Himanshu Khurana told ANI that "Due to heavy debris falling from the mountain in Pipalkoti, many vehicles were buried under the debris and the roads have been closed."

Shiv Sena (Uddhav Balasaheb Thackeray faction) leader Sanjay Raut on Sunday asserted that if Congress leader Priyanka Gandhi contests the upcoming Lok Sabha election from Varanasi, the constituency against Prime Minister Narendra Modi then she will win for sure.

"Varanasi people want Priyanka Gandhi. If Priyanka Gandhi contests from Varanasi against PM Narendra Modi then she will win for sure. Varanasi people want Priyanka Gandhi. The fight for Raebareli, Varanasi, and Amethi is tough for the BJP," Raut said.

In order to push retail loans, public sector lender Bank of Maharashtra (BoM), on Saturday, cut the lending rate for home loans and car loans by upto 20 basis points. The revised rates would come into effect from August 14, 2023.

In contrast, it has hiked its Marginal Cost of Funds Based Lending Rate (MCLR) by 10 basis points in select tenors upto one year.

Rescue and clean-up crews are now pouring into the historic Hawaiian town of Lahaina, which has been levelled to ash and rubble in what the governor describes as the state’s largest-ever natural disaster.

Fast-moving wildfires killed at least 55, and the police chief said it’s likely 1,000 people remain unaccounted for. Hawaii Governor Josh Green warned that the death toll is probably going to keep rising as search crews dig through the damage that characterised characterised as looking like a bomb scene.

A CRPF jawan was found dead inside a camp in Jammu and Kashmir's Pulwama district in a suspected case of suicide, officials said.

According to preliminary reports, Sepoy Ajay Kumar was found dead at Chursoo in the Awantipora area of the south Kashmir district after gunshots were heard around 2 am, the officials said.

HDFC Bank Managing Director and CEO Sashidhar Jagdishan on Friday flagged funding as a risk for the lender, after the completion of the $40-billion amalgamation with Housing Development Finance Corporation (HDFC) on July 1.

“The risks of the merger are the funding part of it,” Jagdishan told shareholders of the largest private sector lender at its first post-merger annual general meeting. HDFC Bank Chairman Atanu Chakraborty, on the other hand, expressed confidence that the private sector lender would benefit from the low cost of funds that a bank traditionally enjoys.

The auditor of billionaire Gautam Adani’s ports business is planning to resign, people familiar with the matter said, a move that may heighten concerns about accounting quality at the Indian conglomerate targeted by short seller Hindenburg Research.

Deloitte Haskins & Sells LLP has communicated to Adani Ports & Special Economic Zone Ltd. its resignation plans and a formal announcement is expected in coming days, one of the people said, asking not to be identified discussing a sensitive matter.

Diversified conglomerate ITC Limited on Friday said the FMCG business has immense potential for growth with its brands commanding an annual consumer spend of Rs 29,000 crore.

Speaking at the 112th AGM of the company, ITC chairman Sanjiv Puri told shareholders in his address that the FMCG brands are being exported to several countries and the business vertical has immense growth potential due to the rising per capita income of the people.

Shares of Himatsingka Seide hit a 52-week high of Rs 140.95, as they soared 13 per cent on the BSE in Friday’s intra-day trade in an otherwise weak market after the company reported a consolidated profit after tax of Rs 29.15 crore in June quarter (Q1FY24), on back of strong operational performance. The company had posted a net loss of Rs 54.73 crore in a year ago quarter.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped 192 per cent year-on-year (YoY) to Rs 152.09 crore, margin improved 1,449 bps to 22.2 per cent from 7.7 per cent in Q1FY23. Total income grew 1.1 per cent at Rs 686.54 crore.

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