Tata Group is understood to be in advanced stages to acquire the Karnataka manufacturing unit of Taiwan-based Wistron, a contract manufacturer for Apple, to become the first Indian iPhone maker, sources said.

The acquisition will be carried out through Tata Electronics, a wholly-owned subsidiary of Tata Sons, the promoter holding firm of salt-to-software conglomerate Tata Group, they added.

The Indian government on Friday raised the windfall tax on petroleum crude to 1,600 Indian rupees ($19.49) per metric ton from zero, according to a government notification.

The changes will take place from Saturday, the country's Ministry of Finance said in a notification, adding that the government has left the windfall tax on diesel, petrol and aviation turbine fuel unchanged at zero.

The urban and rural parts of Noida are currently at a standstill due to the Yamuna's extraordinary surge in water level. Thousands of people were forced to seek refuge on the road as the river at the Okhla Barrage crossed the danger level of 200.60 m, with their houses, farms, and possessions in the flood.

“It feels like we will never have a permanent home in the city. We are the first victims of the flood, but the last beneficiary of the river,” Dharmendra Singh (45), who works in a nursery and whose family members were trapped on Pushta road, Nangla-Nangli village in Noida Sector-134 stated.

Shares of JBM Auto hit a new high of Rs 1,548.35, as they surged 18 per cent on the BSE in Friday’s intra-day trade after the company won orders for 5,000 electric buses from the State Transport Undertakings (STUs).

In past two months, the stock price of the company has zoomed 100 per cent. Thus far in the calendar year, it skyrocketed 200 per cent, as compared to 7.5 per cent rise in the S&P BSE Sensex.

India has grand plans to become an electronics manufacturing hub. Given that level of ambition, we need to be prepared for setbacks — such as the news this week that Taiwan-based Foxconn would not, in the end, build a semiconductor factory in the western Indian state of Gujarat.

This was a huge disappointment. Getting some semiconductor fabrication to happen onshore was a crucial part of India’s plans to create a homegrown, end-to-end electronics manufacturing supply chain.

HDFC Bank – the country’s largest private sector lender –to implement interoperability between United Payment Interface and Central Bank Digital Currency, effective Thursday.

“HDFC Bank today announced the launch of UPI QR code interoperable with India's sovereign digital currency, Central Bank Digital Currency (CBDC). With this, HDFC Bank becomes one of the first banks in the country to complete the integration process,” the bank said in a statement.

IT major Wipro Ltd, on Thursday, reported a 11.9 per cent rise in its net profit to Rs 2,870.1 crore in the quarter that ended on June 30 as compared to Rs 2,563.6 crore in the same quarter in the previous year.

In a regulatory filing, the company said, “It registered a growth of 6 per cent year-on-year (YoY) in its gross revenue to Rs 22,830 crore for the first quarter of the current financial year (Q1FY24). The net income of the company for Q1FY24 came at Rs 2,870 crore, up 12 per cent YoY.

Non-banking financial company (NBFC) start-up Navi Technologies, founded by Sachin Bansal, has begun laying off employees across all departments, The Economic Times reported on Thursday. The layoffs are expected to affect at least 100-150 people, with the overall number of layoffs expected to exceed 200.

Navi's product and analytics functions are likely to be affected by the job cuts, a source was quoted as saying.

The Telugu Desam Party (TDP) has demanded that the YSR Congress Party (YSRCP) and Chief Minister Y.S. Jagan Mohan Reddy must spell out their stand on the three-capital issue as the Supreme Court has turned down the State government’s plea seeking an expeditious hearing of the Special Leave Petition (SLP) filed by it against the Andhra Pradesh High Court order.

Addressing the media at Mangalagiri near here on July 12 (Wednesday), TDP leader Alapati Rajendra Prasad said that the apex court bench had said that it was not possible to take up the case urgently as there were important cases to be heard.

India's retail inflation rose to 4.81 per cent in June from 4.31 per cent in May, data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Wednesday showed. The food inflation saw a sharp rise to 4.49 per cent from 2.96 per cent in May.

The inflation is, however, lower than 7.01 per cent in June 2022.

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