The combined operating profit of South Korea's top 500 companies surged 66 per cent from a year earlier in 2024, driven largely by a rebound in the global semiconductor market, a report showed on Wednesday.

According to the report from corporate tracker CEO Score, the total operating profit of the top 500 firms reached 183.7 trillion won ($125.3 billion) in 2024, up from 110.6 trillion won the previous year, reports news agency.

The companies' combined annual sales rose 5.8 percent to 2,523 trillion won from 2,384 trillion won in 2023. Net profit jumped 74.5 percent over the same period.

The sharp rise in operating profit was led mainly by the strong performance from chipmakers SK hynix Inc. and Samsung Electronics Co. amid robust demand for artificial intelligence (AI) memory products.

GAIL (India) Limited and Coal India Limited on Tuesday announced the formation of a joint venture, Coal Gas India Limited, to expand the use of synthetic natural gas.

The company has been set up with an authorised share capital of Rs 11 crore, as per a notification to the stock exchanges.

Coal India will hold a 51 per cent stake in the venture, while GAIL will own the remaining 49 per cent.

NPCI BHIM Services Limited (NBSL), a subsidiary of the National Payments Corporation of India (NPCI) on Tuesday launched the latest version of the Bharat Interface for Money (BHIM) app -- BHIM 3.0.

BHIM 3.0 marks the third major upgrade since the app was first introduced by Prime Minister Narendra Modi in 2016.

The new version promises a smoother and more user-friendly experience with enhanced features.

It now supports over 15 Indian languages, making digital payments more accessible to users across the country.

India's domestic software market is set for massive growth, with projections indicating a five-fold increase over the next decade to reach $100 billion by 2035, a new report said on Tuesday.

This growth will be driven by AI-led automation, cost-effective software development, increased adoption by small and medium businesses (SMBs), and expanding government digital initiatives, according to a report by SaaSBoomi and 1Lattice.

The software market is currently valued at $20 billion in 2025.

IndusInd Bank's share fell over 5 per cent on Tuesday after the bank informed that GST authorities in Thane, Maharashtra, had imposed a penalty of more than Rs 30.15 crore due to several compliance issues.

The stock declined as much as 5.12 per cent to close at Rs 635.15 apiece on the National Stock Exchange (NSE).

The private lender, which is already under scrutiny for discrepancies in its derivatives portfolio, stated that it is considering filing an appeal against the GST order.

In a regulatory filing, IndusInd Bank said that the penalty had been imposed by the Joint Commissioner of CGST & Central Excise, Thane Commissionerate. The bank added that it is exploring legal options to challenge the decision.

After the Indian government asked Samsung to pay $601 million (approximately Rs 5,174 crore) in back taxes and penalties for allegedly evading import duties on some key telecom equipment, the South Korean giant on Tuesday said the company fully complies with the laws of the land and is currently "assessing legal options".

The tax demand amounts to a significant portion of Samsung’s net profit in India, which was $955 million last year.

Samsung’s network division, which imports telecom equipment, had allegedly been under scrutiny for "misclassifying critical transmission components used in mobile towers".

The company reportedly imported and sold these telecom components to Reliance Jio.

Reliance Jio, however, was yet to comment on reports.

India’s milk production has increased by 63.56 per cent over the past 10 years from 146.3 million tonnes in 2014-15 to 239.2 million tonnes during 2023-24, with an annual growth rate of 5.7 per cent, while world milk production is growing at 2 per cent per annum, according to information tabled in Parliament on Tuesday.

Per capita availability of milk in the country has increased by 48 per cent in the last decade with more than 471 gm/person/day during the year 2023-24 as against the per capita availability of 322 gram/ person/ day in the world, Minister of State for Fisheries, Animal Husbandry and Dairying, S.P. Singh Baghel, said in a written reply in the Lok Sabha.

India has ranked first in milk production since 1998 and now contributes to 25 per cent of global milk production.

India’s office leasing market broke previous records in 2024 at 81.7 million square feet (MSF), 19 per cent increase from 2023 and its highest-ever leasing in a calendar year, a report showed on Tuesday.

The IT/ITES sector constituted the largest share, accounting for 42 per cent of total leasing demand, up from 28 per cent in 2023, according to the report by real estate data analysis platform CRE Matrix and CREDAI.

“It was the overall business sentiment and a strong demand for flexible workspace models which powered India’s office leasing to record levels,” the report mentioned.

Bengaluru, Hyderabad, and Mumbai led the market, collectively accounting for 62 per cent of the demand and recording a 20 per cent year-on-year growth.

South Korea will work to facilitate the growth of the critical mineral recycling industry, with a goal of achieving a 20 percent recycling rate of key critical minerals by 2030, the industry ministry said on Tuesday.

The Ministry of Trade, Industry and Energy announced the plan as part of a broader government initiative aimed at stabilising supply chains.

Under the plan, the ministry will work to foster the growth of the critical mineral recycling industry by streamlining related regulations, creating industrial clusters and expanding infrastructure for companies in the sector, reports news agency.

Through such efforts, the country aims to recycle 20 percent of strategic critical minerals essential for advanced industries, like batteries and semiconductors, by 2030.

Hotel transactions in 2024 reached approximately Rs 2,900 crore in India and interestingly, tier 2 and 3 cities accounted for 50 per cent of the transactions, predominantly involving unbranded midscale properties, a report showed on Tuesday.

The investment landscape saw diverse participation, with high-net-worth individuals (HNIs), family offices, and private owners contributing 51 per cent of the investment volume, according to a JLL report.

In Q4 2024, the Indian hospitality sector demonstrated strong growth, with the top six markets experiencing year-over-year increases in both average daily rate (ADR) and revenue per available room (RevPAR).

Hyderabad emerged as the standout performer, recording the highest RevPAR growth at 23.3 per cent, primarily driven by a significant increase in ADR.