Latest Business News Updates: Tue, 16 Jul 2024

The business world is mourning the loss of Subhash Dandekar, the founder of Camlin, who passed away recently. Dandekar was serving as the chairman emeritus of Kokuyo Camlin after selling the brand to Japanese giant Kokuyo. His contributions to the stationery industry and his entrepreneurial spirit will be remembered by many.

In other news, Tata Power has announced plans to invest ₹20,000 crore towards capital expenditure in FY25, focusing on renewable energy and distribution business expansion. This move underscores the company’s commitment to sustainable energy solutions and growth in the sector.

Meanwhile, Air India has introduced gift cards that can be used to purchase tickets, extra baggage, and seat selection. With denominations ranging from ₹1,000 to ₹200,000, these gift cards offer customers more flexibility and convenience when booking their flights.

On the financial front, Ola Electric is gearing up for its IPO, with reports suggesting a valuation of around $4.5 billion. This valuation is slightly lower than the last private equity round but still reflects the company’s potential in the electric vehicle market.

Additionally, the Adani Group and Wilmar are reportedly exploring the sale of a $670 million stake in their joint venture, Adani Wilmar Ltd. This move is aimed at complying with shareholding regulations and optimizing their business operations.

In a positive development, the International Monetary Fund (IMF) has raised India’s growth forecast for FY25 to 7%, indicating a strong economic outlook for the country. The IMF expects growth to continue at 6.5% in FY26, highlighting India’s resilience and potential for further expansion in the coming years.

Overall, these updates reflect the dynamic and evolving landscape of the business world, with companies making strategic investments, launching innovative products, and adapting to changing market conditions.