Mumbai, May 19 (IANS) Railway wagons and components manufacturer Jupiter Wagons on Monday reported a decline of 1.9 per cent in its net profit at Rs 103 crore in Q4 FY25, down from Rs 105 crore in the same period last fiscal.The profit before tax (PBT) also declined by 8.26 per cent year-on-year (YoY) to Rs 127.47 crore from Rs 138.95 crore, according to its stock exchange filing.The company’s consolidated total income also saw a decline, falling to Rs 1,057 crore from Rs 1,127 crore a year earlier — a drop of around 6.2 per cent.Similarly, revenue from operations decreased by approximately 6.4 per cent, from Rs 1,115.41 crore in the year-ago period to Rs 1,044.54 crore in the last quarter of FY25.Despite the revenue dip, Jupiter Wagons managed to reduce its total expenses to Rs 923.34 crore in Q4, down 6.4 per cent compared to Rs 986.41 crore in the same quarter last financial year.However, on a sequential basis, expenses rose by about 1.56 per cent compared to Rs 909.16 crore in Q3.The company’s EBITDA (earnings before interest, taxes, depreciation, and amortisation) rose slightly to Rs 153 crore from Rs 147 crore last fiscal, with the EBITDA margin improving to 14.6 per cent from 13.2 per cent.Shares of Jupiter Wagons Limited fell by Rs 13.1 or 3.1 per cent to close the intra-day trading session at Rs 408.95 on the National Stock Exchange (NSE) on Monday.Speaking about the full financial year, Managing Director Vivek Lohia described FY25 as a transformative year for Jupiter Wagons.He highlighted several strategic wins, including major contracts with Braithwaite for wheelsets.“The company also secured brake system contracts worth over Rs 215 crore,” Lohia mentioned.Lohia emphasised the company’s push into electric mobility with the inauguration of a new facility in Pithampur.“This state-of-the-art plant is expected to drive battery production and supply to Indian Railways and private partners, along with orders for complete Battery Energy Storage Systems (BESS),” he said.–IANSpk/na

New Delhi, May 19 (IANS) Government e-Marketplace’s (GeM) user base has seen a three-fold increase in recent years, with over 1.64 lakh primary buyers and 4.2 lakh active sellers now onboard, it was announced on Monday.The platform offers more than 10,000 product categories and over 330 services.India’s national public procurement portal marked its 8th ‘Incorporation Day’ with a reaffirmation of its transformative impact on inclusive economic growth and digital governance.“From MSEs and start-ups to weavers and women-led enterprises, our journey goes beyond procurement — it’s about building a more accessible, efficient and equitable marketplace for all,” said Mihir Kumar, CEO, GeM.Independent assessments, including from the World Bank and Economic Survey, validate GeM’s impact, noting an average cost saving of nearly 10 per cent in government procurement.According to Kumar, over 10 lakh Micro and Small Enterprises (MSEs), 1.3 lakh artisans and weavers, 1.84 lakh women entrepreneurs, and 31,000 startups are now part of the GeM ecosystem.“By ensuring complete information dissemination on bids and actively integrating diverse stakeholders — MSEs, start-ups, women entrepreneurs, self-help groups, and FPOs — GeM has redefined public procurement,” he added.Nearly 97 per cent of all transactions on GeM are now free from transaction charges. Additionally, fees have been reduced by 33 per cent to 96 per cent and capped at Rs 3 lakh for orders exceeding Rs 10 crore, significantly down from the earlier Rs 72.5 lakh.For sellers with annual turnover below Rs 1 crore, the caution money deposit has been cut by 60 per cent, with full exemptions granted to select groups.GeM’s role in advancing national priorities was underscored by key transactions, including Rs 5,000 crore worth of equipment for the Akash Missile System and Rs 5,085 crore in vaccine procurement.The platform is also enabling complex services such as drone-as-a-service for AIIMS, GIS and insurance for over 1.3 crore lives, and wet leasing of chartered flights and CT scanners, said Ministry of Commerce and Industry.GeM has now been adopted across all 36 states and union territories, with Uttar Pradesh leading the way.–IANSna/

Mumbai, May 19 (IANS) Highway construction firm IRB Infrastructure Developers Limited on Monday reported a sharp decline of 96.43 per cent in its net profit after tax (PAT) to Rs 214.7 crore for the fourth quarter (Q4) of FY25, compared to Rs 6,026.1 crore in the previous quarter (Q3 FY25).On the expenses side, the company saw a quarter-on-quarter (QoQ) rise of 7.23 per cent in total expenses, which stood at Rs 1,895.3 crore in Q4 compared to Rs 1,767.6 crore in Q3, according to its stock exchange filing.The cost of materials consumed surged by 78.28 per cent, while other expenses went up by 26.14 per cent during the same period.Additionally, there were steep fall in profit before tax — down 94.74 per cent from Rs 6,126.8 crore in Q3 to Rs 322.5 crore in Q4.The Mumbai-based construction firm’s revenue from operations rose by 6.11 per cent in Q4 to Rs 2,149.2 crore, up from Rs 2,025.4 crore in Q3.The company’s total income also increased by 6.10 per cent to Rs 2,217.8 crore in Q4 from Rs 2,090.3 crore in the previous quarter.However, compared to the same quarter last year, the total income was down by 11.44 per cent.Despite the drop in bottom line, IRB’s Chairman and Managing Director, Virendra D. Mhaiskar, expressed optimism.He highlighted a 23 per cent year-on-year (YoY) growth in toll revenue, which he said outpaced the national average of 12.5 per cent.He noted that while the first half of the year was impacted by general elections, the second half witnessed strong growth.“The company also began operations on two new TOT (Toll-Operate-Transfer) projects that have so far exceeded expectations,” he mentioned.Mhaiskar added that with the government’s continued focus on Public-Private Partnership (PPP) projects in the Union Budget, IRB remains confident about stronger momentum in upcoming BOT (Build-Operate-Transfer) and TOT project bids.IRB Infrastructure is an integrated multi-national transport infrastructure developer in the roads and highways segment.–IANSpk/na

Mumbai, May 19 (IANS) The Indian stock market began the week on a weak note as benchmark indices ended lower on Monday, mainly due to profit booking at higher levels.The Sensex fell by 271.17 points, or 0.33 per cent, to close at 82,059.42. The Nifty also ended in negative territory, falling by 74.35 points or 0.30 per cent to settle at 24,944.85.“Technically, the index appears to be in a consolidation phase, which may continue for the next few days. The index may remain under pressure unless it reclaims the 25,000 level,” Rupak De of LKP Securities said.“On the downside, the Nifty could drift toward the 24,800–24,750 zone. A deeper correction may be likely if it breaks below 24,750. Conversely, a move above 25,000 could trigger a rally toward the 25,250–25,350 range,” he added.Several major stocks saw declines on the 30-share index, including Infosys, which slipped 1.95 per cent, and Tata Consultancy Services (TCS), which was down by 1.20 per cent.Tech Mahindra dropped 1.19 per cent and Asian Paints lost nearly 1 per cent. Eternal (formerly Zomato) also declined around 3 per cent during the intra-day session.Power Grid Corporation led the gainers with a rise of 1.27 per cent, followed by Bajaj Finance, which gained 0.91 per cent.NTPC added 0.64 per cent, State Bank of India (SBI) rose 0.32 per cent, and HDFC Bank ended slightly higher with a 0.17 per cent gain.While the large-cap stocks saw selling pressure, the broader markets held their ground. The Nifty Smallcap100 index climbed 0.51 per cent, and the Nifty Midcap100 index managed a small gain of 0.07 per cent.This indicates that despite weakness in frontline stocks, investors showed some interest in select small and mid-sized companies.The Nifty Realty and PSU Bank indices were the top performers among sectoral indices, gaining 2.25 per cent and 1.50 per cent, respectively.Other sectors that ended in the green included Bank Nifty, Auto, Financial Services, Metal, Pharma, and Healthcare, indicating buying interest in select segments.However, IT, FMCG, Media, Consumer Durables, and Oil and Gas ended in the red, with the Nifty IT index emerging as the worst performer, falling by 1.37 per cent.The market volatility saw an uptick. The India VIX, often referred to as the fear gauge, jumped 4.89 per cent to close at 17.36.Meanwhile, gold prices started the week on a positive note as safe-have bids rose after Moody’s downgraded the US sovereign credit rating to AA1 from AAA, while concerns over trade tariffs and middle-east geo-political tensions is likely to the bullion supported.“Focus during the week will be on the US data on manufacturing/services PMI, and housing data,” said Pranav Mer of JM Financial Services Ltd.–IANSpk/na

New Delhi, May 19 (IANS) The Centre’s push for transparent governance has got a digital boost as the Government e-marketplace (GeM) is opening doors for the marginalised, cutting red tape and ensuring massive savings, Prime Minister Narendra Modi said on Monday.The Prime Minister’s Office (PMO) shared on X social media platform an article written on the GeM platform by Union Minister of Commerce and Industry Piyush Goyal.”The government’s push for transparent governance gets a digital boost. @GeM_India is opening doors for the marginalised, cutting red tape and ensuring massive savings. A detailed take on the GeM platform by Union Minister Piyush Goyal, an insightful read!” according to the PMO.Piyush Goyal said that the GeM portal has eliminated entry barriers, weeded out corruption, empowered and uplifted marginalised sections, especially in small towns, and enabled massive savings of taxpayers’ money.“Since its inception nine years ago, the digital public procurement platform GeM-India has become a key engine of Prime Minister Narendra Modi’s vision of Viksit Bharat 2047,” the minister stated.Goyal highlighted that as a transformative digital initiative, GeM has revolutionised the way government buys goods and services by weeding out corruption and giving opportunities to startups, MSMEs, women and businesses in small towns.The GeM has rapidly emerged as a world leader in providing a transparent, inclusive and efficient platform for public procurement. It connects more than 1.6 lakh government buyers with 23 lakh sellers and service providers, he has stated in an article.Since its inception in 2016, orders worth more than Rs 13.4 lakh crore have been transacted on the GeM portal. Public procurement via the platform rose to a record Rs 5.43 lakh crore in 2024-25. GeM aims to raise its annual business to Rs 7 lakh crore in the current fiscal.According to Goyal, GeM has undoubtedly emerged as a technological behemoth in the public procurement landscape. The magnitude of business transacted is likely to make it the world’s largest public procurement portal, surpassing well-established institutions like South Korea’s KONEPS, in the near future.GeM has also successfully facilitated the insurance of more than 1.3 crore individuals covering health, life and personal accident insurance policies during the financial year 2024-25.It aims to bridge the gap between innovators and government buyers, enabling faster scale, market validation, and meaningful contribution to India’s global innovation standing.The government has also stressed upon key reforms in the public procurement system through the GeM, including robust anti-cartel safeguards and expert-led interventions to further improve efficiency, transparency and growth.Goyal recently chaired a meeting with key GeM officials and stakeholders, emphasised on empowering both buyers and sellers on the platform.–IANSsps/na

Mumbai, May 19 (IANS) Real estate marketplace Square Yards’ total expenses rose by over 32.21 per cent to Rs 1,613 crore in FY25, from Rs 1,220 crore in FY24, according to its financials.The increase was mainly driven by higher employee costs, commission payouts, and finance costs, according to the company’s provisional financial statement.Employee benefit expenses remained the largest cost head, accounting for nearly 38 per cent of the total spend.These costs increased by 15 per cent, rising from Rs 535 crore in FY24 to Rs 618 crore in FY25.The company also spent significantly more on commissions, which jumped from Rs 330 crore to Rs 556 crore.Finance costs rose from Rs 154 crore to Rs 201 crore, while other operational expenses moved up slightly from Rs 141 crore to Rs 159 crore.Despite the rise in costs, the Gurugram-based firm managed strong growth on the revenue front.Operating revenue grew 41 per cent to Rs 1,410 crore in FY25 from Rs 1,001 crore in the previous year.The company crossed the Rs 1,400 crore revenue mark for the first time, driven largely by its core businesses — mortgages and real estate services — which contributed 90 per cent of its income.The remaining 10 per cent came from digital and interior products. Square Yards also reported a gross profit of Rs 316 crore in FY25, up 52 per cent from Rs 208 crore in FY24, with a gross margin of 22 per cent.The firm reported a positive EBITDA of Rs 46 crore during the year and claimed to have remained operating cash flow positive.The company’s gross transaction value (GTV) also saw impressive growth, rising more than 44 per cent to Rs 59,093 crore in FY25 from Rs 40,828 crore in FY24.It handled 1.86 lakh transactions during the year across various real estate and mortgage services.–IANSpk/na

New Delhi, May 19 (IANS) About 93 per cent industry leaders across eight countries, including in India, believe that manufacturing organisations that fully integrate AI will gain a significant competitive edge, a report showed on Monday.About 96 per cent have experienced operational and efficiency improvements and 62 per cent experiencing an ROI of greater than 10 percent, while 80 per cent of organisations have invested in AI knowledge and skills training, said the KPMG International report.About 74 per cent are using machine learning, 72 per cent predictive analytics and 67 per cent are using agentic AI.For production and supply chains, AI enables real-time decision-making, predictive analytics and self-optimising workflows.According to the ‘Intelligent Manufacturing Report,’ AI can combine external and internal data points, such as client consumption patterns and global indices, to provide a meaningful decision support system around cost optimisation and intelligent commodity forecasting.Agentic AI can act centrally understanding demand and supply to suggest an optimal inventory and enhanced customer delivery compliance.In the workforce, AI and augmented reality help train employees on best practices while automating routine tasks, supporting predictive maintenance and enabling dynamic scheduling.Finally, in the back office, AI streamlines finance, procurement and HR functions — areas that remain largely under-digitized in traditional manufacturing, the report mentioned.“AI is no longer a choice but a strategic necessity. As organisations embrace intelligent technologies, they’re not only enhancing efficiencies but redefining the existing industry operating models,” said S Sathish, Partner and National Sector Leader, Industrial Manufacturing, KPMG in India.With sustainability, data-driven insights, and structured AI adoption at the core, manufacturers have a unique opportunity to unlock lasting value and competitive advantage in an ever-evolving landscape, he added.AI adoption is having the greatest impact on R&D and IT functions, according to 77 per cent of industry leaders. However, its influence extends across the value chain, with 70 per cent citing significant operational improvements as AI becomes embedded into core business functionsEncouragingly, 89 per cent believe employees are quickly adapting to AI tools and technologies, supporting widespread adoption across the workforce, said the report.–IANSna/

New Delhi, May 19 (IANS) The Supreme Court on Monday dismissed petitions filed by telecom…

New Delhi, May 19 (IANS) Smartphones have officially become India’s top exported good in FY25, overtaking traditional heavyweights like petroleum products and cut diamonds, as per latest government figures.Backed by government support and strong local manufacturing by tech giants like Apple and Samsung, smartphone exports rose 55 per cent to $24.14 billion in 2024-25, compared to $15.57 billion in the previous fiscal and $10.96 billion in 2022-23.According to the data, the United States and Japan saw the biggest jump in shipments over the last three years.Exports to the US grew nearly five times — from $2.16 billion in FY23 to $10.6 billion in FY25.Similarly, shipments to Japan shot up fourfold, from just $120 million to $520 million during the same period.This sharp rise is largely attributed to the government’s Production-Linked Incentive (PLI) scheme, which has helped attract global investments, scale up domestic manufacturing, and integrate Indian production into global value chains.As per Counterpoint Research’s report, Apple and Samsung together accounted for a massive 94 per cent of India’s smartphone exports in 2024.Their continued investment in local manufacturing played a key role in making smartphones the country’s top export item.Made-in-India smartphone shipments grew 6 per cent year-on-year in 2024, the report added.In FY25, India saw a boom in premium smartphone demand, especially for Apple.According to an IDC report on Monday, Apple clocked the highest growth among all brands in the January-March 2025 quarter, shipping a record 3 million iPhones.The iPhone 16 alone was the top-shipped model, accounting for 4 per cent of all smartphone sales in the quarter.India’s smartphone market is also shifting toward more expensive models. The average selling price (ASP) hit a record $274 in Q1 2025, while the premium segment ($600–$800) grew nearly 79 per cent.Apple’s iPhone 13 and 16 dominated this space, pushing its market share even further.–IANSpk/na

New Delhi, May 19 (IANS) The mutual fund (MF) industry ended fiscal 2025 on a high note, with assets under management (AUM) hitting a record Rs 65.74 lakh crore in March 2025, as per the Association of Mutual Funds in India’s (AMFI) annual report released on Monday.This marked a strong 23.11 per cent rise compared to Rs 53.40 lakh crore in March 2024.This growth came despite a volatile stock market, showing that investors stayed committed to their financial goals.Venkat N Chalasani, CEO of AMFI, said the outlook remains positive, with more investors entering the market and macroeconomic conditions staying supportive.The increase in AUM was supported by mark-to-market (MTM) gains and steady inflows throughout the year.During the fiscal year, domestic mutual funds saw total inflows of Rs 8.15 lakh crore, the report said.Most of this came into equity-oriented schemes, which attracted Rs 4.17 lakh crore — indicating continued investor preference for long-term growth.Debt schemes also made a strong comeback, seeing inflows of Rs 1.38 lakh crore after facing outflows for the past three years.AMFI said low interest rates and expectations of future rate cuts helped boost interest in debt funds.Another highlight was the surge in retail participation. The total number of mutual fund folios jumped by 32 per cent to a record 23.45 crore in FY25, up from 17.78 crore in FY24.Equity-oriented schemes accounted for the majority of these, with their folios rising by over 33 per cent to 16.38 crore.Hybrid schemes also saw healthy growth, while index funds and ETFs grew the fastest, with a 48 per cent rise in folios.Systematic Investment Plans (SIPs) played a big role in this growth story. SIP contributions rose sharply by 45.24 per cent to Rs 2.89 lakh crore in FY25.This not only reflected rising investor confidence but also boosted the share of SIP assets to Rs 13.35 lakh crore — nearly 20 per cent of the total mutual fund industry’s AUM.The number of SIP accounts and contributions both rose significantly during the year. AMFI noted a growing trend of long-term investing.A higher proportion of SIP assets were held for more than five years, indicating that investors are increasingly embracing disciplined wealth creation.The report also highlighted that younger investors preferred a more aggressive investment approach, while older investors focused on risk management and diversification.Despite India’s mutual fund penetration still being low compared to developed nations, the industry’s performance in FY25 shows rising awareness and trust among investors.–IANSpk/na