India's Apollo Hospitals to spin off digital health, pharmacy unit in 18-21 months
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
6 minutes ago
- Reuters
Indian miner NMDC's quarterly profit drops on higher expenses, softer prices
Aug 12 (Reuters) - Indian state-owned miner NMDC ( opens new tab reported a lower first-quarter profit on Tuesday, as higher expenses and softer prices overshadowed gains from strong local demand. The country's largest state-run iron ore producer reported a nearly 1% drop in profit from a year ago to 19.69 billion rupees (about $225 million) in the quarter ended June 30. The company's royalty and other levies grew about 33% to 26.8 billion rupees, driving a 38% rise in overall expenses. Indian miners pay royalties to the government as a fee for the right to extract minerals from the land. Moreover, the company would be liable to pay 143.74 billion rupees in tax to the Karnataka State government, if a tax bill demanding higher royalties from miners becomes a law, NMDC said. Domestic iron ore prices declined 14% in the quarter, data from brokerage Systematix Institutional Research and commodities consultancy firm BigMint showed. India, the world's third-largest iron ore producer, has imported about 800,000 metric tons of pellets so far in 2025, but shipments between 2021 and 2024 were negligible, Reuters had reported. However, demand for iron ore - used to make steel - remained elevated in the first quarter, buoyed by higher manufacturing activity and government spending on infrastructure. Its first-quarter revenue from operations rose 23% to 66.34 billion rupees, mainly due to higher sales in its pellets unit, which posted a more than 13-fold jump in revenue. Revenue from its iron ore vertical grew 15% in the quarter. ($1 = 87.6180 Indian rupees)
BBC News
6 minutes ago
- BBC News
Dumfries Maggie's cancer care centre plans given green light
Long-delayed plans to build a cancer care centre in the grounds of a hospital in Dumfries have been given the green Maggie's centre is set to be built next to Dumfries and Galloway Royal Infirmary – more than a decade after a feasibility study was carried charity bosses said they were unable to fund the project last year due to financial an agreement between Maggie's, named after Dumfries native Maggie Keswick Jenks, and the local NHS board has now been reached. It will see Maggie's take forward the plans on land rented by NHS Dumfries and Galloway under a "peppercorn lease" arrangement.A timescale for the project has not yet been disclosed. Maggie's chief executive, Dame Laura Lee, said the centre would be transformational for those living with cancer across the said many people currently had to travel to Glasgow or Edinburgh to access support, but that would now be brought closer to home."This centre has been in development for a long time, so it is wonderful to now be able to look forward to a time when people living with cancer have our expert support closer to them," she said."Of course, we also know that there's something special about having a centre here because we know how fondly our founder Maggie Keswick Jencks is remembered in her hometown." About 1,200 cancer diagnoses are made in Dumfries and Galloway every year, the charity Keswick Jenks was diagnosed with breast cancer when she was 47 and was told it had returned in died in 1995, but not before laying the groundwork for the creation of a support centre for people with cancer, and their first Maggie's centre was built at the Western General Hospital in Edinburgh the following charity now has eight centres operating across Scotland and others in the UK, Netherlands and plans for a centre in Dumfries were first assessed in 2014 and formally went before NHS Dumfries and Galloway in June health board was asked to put up £250,000 towards the £4m centre, but that failed to get off the July last year, the health board – which is facing a £35m financial deficit – said it could not commit to an increased initial outlay of £1m and an ongoing £80,000 per year support board's endowment committee cited financial challenges and a Scottish government moratorium on new NHS building projects. However, a rental agreement under a "peppercorn" contract has now been will see Maggie's charged a token sum for a long-term lease on the charity said it would fundraise to meet the capital and revenue needs of the centre, but added it did not know the amount required at this Dumfries and Galloway chief executive, Julie White, said: "NHS Dumfries and Galloway is facing significant financial challenges, but this new Maggie's centre is set to be taken forward by the charity – with the NHS board providing the land where it will be constructed over the coming years."Although the centre will be constructed in Dumfries, Maggie's appreciate that we are a remote and rural area and are supportive of an approach serving the region in its entirety."
Reuters
36 minutes ago
- Reuters
India's RBI allows 'vostro' accounts to invest entire surplus in government securities
BENGALURU, Aug 12 (Reuters) - India's central bank said on Tuesday foreign investors may invest the surplus balance in their so-called "vostro" accounts into central government securities. Vostro accounts are typically held by a domestic bank on behalf of a foreign bank in which trading partners can hold rupee-denominated balances emerging from trade transactions. "Persons resident outside India that maintain a special rupee vostro account (SRVA) for international trade settlement in Indian rupees ... may invest their rupee surplus balance in the aforesaid account in central government securities," a Reserve Bank of India notification said. In 2022, the RBI had allowed overseas banks to open SRVAs to settle trade transactions in rupee as part of its efforts to boost the currency's "internationalisation". The holders of such accounts can invest in Indian government debt without registering as foreign portfolio investors, as overseas investors have to. However, the government slapped a limit of using only 30% of account balances to buy securities with residual maturity under one year, including treasury bills. Reuters reported in May that the central bank had sought the government's approval to remove this cap on foreign banks with vostro accounts to boost rupee-denominated investment and trade. The RBI has approved 123 correspondent banks from 30 trading partner countries to open 156 SRVAs with 26 Indian banks to promote bilateral trade in local currencies, a junior trade minister told Parliament earlier this year.
