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LIC gets new CEO and MD

LIC gets new CEO and MD

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LIC gets new CEO and MD
14 Jul 2025 | 9:01 PM
Chennai, July 14 (UNI) The Union Finance Ministry today appointed R Doraiswamy
as the CEO and MD of Life Insurance Corporation of India.
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Hyundai expands AURA line up, launches new variant
14 Jul 2025 | 8:41 PM
Chennai, July 14 (UNI) Passenger car makers Hyundai Motor India Limited (HMIL), today announced the addition of a new variant – S AMT to its popular entry sedan, Hyundai AURA.
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Kottayam-Kochi Rubber Market Rates
14 Jul 2025 | 8:27 PM
Kottayam, July 14 (UNI) Following were the Rubber Market rates announced by the Rubber
Board here today per quintal
KOTTAYAM
RSS FOUR: 20750
RSS FIVE : 20350
ISNR TWENTY: 18700
SIXTY PERCENT LATEX: 14370
KOCHI
RSS FOUR : 20750
RSS FIVE : 20350
INTERNATIONAL RATES (BANGKOK)
RSS One : 19634
RSS Two : 19475
RSS Three: 19330
RSS Four : 19251
RSS Five : 19133
KUALALUMPUR
SMR TWENTY : 14750 ($171.80)
SIXTY PERCENT LATEX : 11586 ($134.95)
UNI PA BM.
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Tata Technologies posts Rs 170 Crore Q1 net profit despite revenue slip
14 Jul 2025 | 7:10 PM
Mumbai, July 14 (UNI) Product engineering and digital services company Tata Technologies officially announced today that it posted a consolidated net profit to Rs 170 crore, which is a 5.1 per cent year-on-year (YoY) increase.
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LIC ties up with AU Small Finance Bank for bancassurance
14 Jul 2025 | 6:39 PM
Kolkata, July 14 (UNI) Life Insurance Corporation of India has tied up with AU Small Finance Bank, one of India's leading small finance banks under Corporate Agency arrangement.
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Indians' spending on foreign education could double to $91 bn in 2030
Indians' spending on foreign education could double to $91 bn in 2030

Indian Express

time5 minutes ago

  • Indian Express

Indians' spending on foreign education could double to $91 bn in 2030

Indian families could end up spending $91 billion on foreign education for their children in 2030, up from $44 billion in 2024, with the money they lose due to exchange rate markups and fees charged by traditional banking players potentially approaching half a billion US dollars. According to a report by global payments firm Wise and Redseer Strategy Consultants, released on Friday, around a quarter of the annual foreign education spending of Indians — amounting to roughly $11 billion in 2024 — is met through money transferred overseas from India, with the rest largely coming from earnings and financial support within the destination country. According to the report, more than 95 per cent of these remittances go through traditional banking channels, which charge a mark-up of 3-3.5 per cent on the exchange rate. 'A typical family sending Rs 30 lakh annually may lose Rs 60,000–75,000 to hidden markups, enough to cover several months of living expenses or fund additional courses. Across the 760,000 Indian students heading abroad, this amounts to a significant hit to their pocket,' Wise and Redseer said in a statement, adding that in 2024 these costs totalled $200 million, or Rs 1,700 crore, for Indian families. The high cost of cross-border transfers has been a key focus area for the Reserve Bank of India (RBI), which has in recent years highlighted the fees and time delays associated with them. According to the World Bank, the global average cost of sending remittances was 6.62 per cent of the amount in July-September 2024. The cost of making international payments rises depending on the number of intermediaries, or correspondent banks, involved, with fees being charged and operational delays possible at every stage. These costs and delays have been a key driver of central banks exploring the use of their digital currencies to make cross-border transfers. The government and the RBI have pushed for the linking of national instant payment systems, with India's Unified Payments Interface (UPI) linked with Singapore's PayNow. Earlier this week, the National Payments Corporation of India enhanced the UPI-PayNow linkage by adding 13 more Indian banks — taking the total to 19 — whose customers can receive remittances from Singapore via UPI. According to latest RBI data, the money sent abroad by Indian residents for overseas education under the central bank's Liberalised Remittance Scheme (LRS) fell 21 per cent year-on-year in April to $164 million. In fact, expenditure under the LRS for overseas studies was down 21 per cent for the first four months of 2025 at $874 million, with the fall in April being the ninth month in a row that money sent abroad for studies under the scheme was down on a year-on-year basis. Under the LRS, the RBI permits residents to send up to $250,000 abroad every financial year for certain current and capital account transactions, including travel, studies, medical treatment, and investments in foreign stocks, among others. The continued fall in money sent abroad by Indians for studies comes amid uncertainty in the US, with the number of student visas issued to Indians in the first nine months of 2024 down 38 per cent year-on-year, The Indian Express had reported in December 2024. However, according to the Wise-Redseer report, the number of Indian students studying abroad could cross 25 lakh in 2030. Indian students made up around a third of the international student population in key education hubs such as US, Canada, UK, and Australia in 2024, up from 11 per cent a decade ago, according to the report. 'Traditional destinations remain attractive while emerging hubs such as Germany, Ireland, the UAE, and Singapore gain traction due to affordable costs, and strong post-graduation employment opportunities,' it added. To be sure, key destination countries such as the US, Canada, UK, and Australia have tightened visa and admission policies for international students, the Wise-Redseer report said. Canada, for instance, has more than doubled the minimum proof of living expenses in the last couple of years to 22,985 Canadian dollar starting September 1. In Australia, the report said, the required IELTS score — a measure of applicants' English proficiency — was last year increased by 0.5-1 points across several categories. 'Considering these challenges, alternative destinations like Germany, Ireland, and New Zealand are gaining traction. These countries offer benefits such as streamlined visa processes, enhanced post-study work opportunities, and relaxed residency policies,' the report said. (1 Canadian dollar equals Rs 62.794 as recorded at 9:52 pm IST on July 18, 2025)

Healthy snacking brand Farmley aims to double revenue to Rs 600-700 cr in FY26
Healthy snacking brand Farmley aims to double revenue to Rs 600-700 cr in FY26

News18

time5 minutes ago

  • News18

Healthy snacking brand Farmley aims to double revenue to Rs 600-700 cr in FY26

Last Updated: New Delhi, Jul 18 (PTI) Healthy snacking brand Farmley expects revenue to nearly double to Rs 600-700 crore in the current financial year, driven by growing demand for nutritious snacks, the company said on Friday. The Noida-headquartered startup, founded in 2017 by two Indian Institute of Technology alumni, reported a revenue of Rs 370 crore during FY 2024-25. 'We aim for Rs 600-700 crore revenue in the current fiscal with expansion of our presence in both offline and online channels," the company's CEO and co-founder Akash Sharma told PTI at a healthy snacking summit. Farmley plans to invest Rs 40-50 crore in a new factory near Noida to boost production capacity, with the facility expected to be operational next year, Sharma said. The company hopes to achieve profitability in the current financial year. The firm's product portfolio includes dry fruits, seeds, healthy snacks, savouries and ready-to-eat mixes, focusing on quality, nutrition and affordability. A company report released on Friday showed roasted and flavoured dry fruits were the most preferred savoury snack among 36 per cent of respondents, while 19 per cent specifically chose makhana, a type of puffed lotus seed. Over 55 per cent of survey participants said they actively seek clean, preservative-free snacks, while 52 per cent prefer resealable, eco-conscious packaging. Nearly 45 per cent of consumers favour portable snack formats like dry fruit-based desserts and energy bars. PTI LUX LUX SHW (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 18, 2025, 18:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.

RIL Q1 results: Reliance Industries' profit jumps by 75.8% to Rs 30,681 crore in June quarter
RIL Q1 results: Reliance Industries' profit jumps by 75.8% to Rs 30,681 crore in June quarter

Indian Express

time5 minutes ago

  • Indian Express

RIL Q1 results: Reliance Industries' profit jumps by 75.8% to Rs 30,681 crore in June quarter

Aided by a rise in other income, Mukesh Ambani-led Reliance Industries has posted a 75.8 per cent jump in net profit at Rs 30,681 crore for the quarter ended June (Q1) 2025 as against Rs 17,448 crore in the same period of last year. The net profit attributable to the owners of the company rose 78 per cent year-on-year for the June quarter to Rs 26,994 crore as compared to Rs 15,138 crore in the same period last year. The surge in net profit came after the company sold about 4.9 per cent shares of Asian Paints for about Rs 9,579 crore in two tranches. 'The performance of our businesses and growth initiatives gives me confidence that Reliance will continue its stellar track record of doubling every 4-5 years,' said RIL Chairman and MD Mukesh D. Ambani. Gross revenue of the company increased by 6 per cent to Rs 273,252 crore for the June quarter as against Rs 257,823 crore in the same period a year ago. RIL's retail arm Reliance Retail Ventures posted a 28.3 per cent rise in net profit at Rs 3,271 crore for the June 2025 quarter and revenue increased by 11.3 per cent to Rs 84,171 crore. Digital subsidiary Jio Platforms witnessed a 24.8 per cent increase in net profit at Rs 7,110 crore and revenue rose by 18.8 per cent to Rs 41,054 crore for the June quarter. 'Reliance has begun FY26 with a robust, all-round operational and financial performance. Consolidated EBITDA for 1Q FY26 improved strongly from a year-ago period, despite significant volatility in global macros,' Ambani said. RIL shares remained flat at Rs 1,476.85 on the BSE on Friday, valuing the company at Rs 19.98 lakh crore. RIL shares have jumped 32.3 per cent from the 52-week low. 'During the quarter, energy markets encountered heightened uncertainty, with sharp fluctuations in crude prices. Our O2C business delivered strong growth, with thrust on domestic demand fulfilment and offering value-added solutions through Jio-bp network,' Ambani said. Revenue from oil-to-chemicals business for June quarter was lower by 1.5 per cent to Rs 154,804 crore ($ 18.1 billion) due to fall in crude oil prices and lower volumes on account of planned shutdown. Performance was supported by improvement in fuel and downstream product margins. Natural decline in KGD6 gas production resulted in marginally lower EBITDA for Oil & Gas segment. 'Retail's business performance registered customer base expanded to 358 million, along with significant improvement across operating metrics. We are focusing on strengthening the portfolio of own FMCG brands, which resonate with the tastes of Indian consumers,' Ambani said. He said Jio has scaled newer heights during the quarter including crossing 200 million 5G subscribers and 20 million home connects. 'Jio AirFiber is now the largest FWA service provider in the world, with a base of 7.4 million subscribers. Our digital services business consolidated its market position with a robust financial and operational performance,' Ambani said.

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