G7 Leaders End Summit Split on Climate Change, More United on Trade
The summit of Group of Seven wealthy nations pitted Trump against the leaders of Germany, France, Britain, Italy, Canada and Japan on several issues, with European diplomats frustrated at having to revisit questions they hoped were long settled.
India Gold Demand Drops Off as Buyers Await New Tax Regime
Gold demand in Asia tapered off this week as buyers took to the sidelines in India to await a new national tax policy and as China entered a seasonal slowdown.
Rupee Pushes Ahead to 1-week High at 64.44 on Capital Glut
The rupee on Friday hit its upward trajectory against the dollar for the third straight day, surging 18 paise more to end at a one-week high of 64.44, buoyed by stocks that soared to life highs as the Modi government completed three years in power.
Forex Reserves at Life-Time High of $379.310 Billion
The country's forex reserves rose by a whopping $4.036 billion to life-time high of $379.310 billion in the week ended May 19, helped by a surge in the foreign currency assets, the Reserve Bank said.
For the First Time, Sensex Breaches 31,000-mark, Nifty Tops 9,600
The Sensex clocked a fresh record high of 31,000 on Friday, while the Nifty was nearing 9,600 as higher derivatives rollover led to strong follow-up buying in index heavyweights.At 1.39 pm, the 30-share Sensex climbed 275.18 points to scale 31,025.21, while the Nifty was up 80.25 points at 9,590.00.
Rupee Advances 7 Paise Against Dollar in Early Trade
Forex dealers said that apart from weakness in the dollar against some currencies overseas, increased foreign fundinflows and a higher opening in the domestic equity market, supported the rupee
Sensex, Nifty Hit Record High as June F&O Opens Strong
The BSE Sensex on Friday shot up another 133.86 points to a fresh all-time high of 30,883.89 and the Nifty hit 9,542.85 in early trade on Friday as the June derivatives series took off on a strong footing on encouraging earnings and sustained foreign capital inflows.
Govt serious About Curbing Black Money And Widening Tax Base
The Centre is committed to curb the circulation of black money and widen tax base, a senior Income Tax official said here on Thursday.
Offered 'Employee Separation Package' For First Time in India, US: Cognizant
Under fire for its 'employee separation package', IT firm Cognizant has said the company has offered it in India and the US for the first time, unlike its peers who keep taking such steps regularly.
ICRA Expects Gradual Pick up in GDP Growth in Q4 FY17 to 7.1%
The surprising decision to ban all the Rs 500 and Rs 1,000 notes, which accounted for 86 per cent of the currency outstanding, in a cash-based economy is being blamed by many quarters for a dip in GDP growth.
Sensex makes a new record, Nifty tops 9,500 post Fed minutes
Key barometer Sensex on Thursday trumped all closing records by hitting 30,750 with a jump of 448 points -- its biggest single-day gain in over two months -- after the US Fed signalled that it will wait for more data for a rate hike.
Set Up Panel to Study Harmful Effects of Petcoke, NGT Tells MoEF
The green panel had directed the MoEF and all state governments to decide within two months whether petcoke was "an approved fuel" as per the environmental laws.
Moody's Slashes Hong Kong Rating Following China Cut
In downgrading Hong Kong, the agency outlined the growing links between the city and the mainland, with banks increasing China-related lending, while its stock market is also linked to bourses in Shanghai and Shenzhen through separate tie-ups.
Sensex Recovers 123 Points on Global Cues, F&O Expiry
Benchmark BSE Sensex rebounded about 123 points in early trade on Thursday on fresh buying by investors, tracking a firm trend in other Asian bourses.
Rupee on Way to Recovery, Gains 25 Paise
Strengthening for the second day on Thursday, the rupee climbed 25 paise to 64.48 against the dollar on increased selling of the American currency by exporters and banks amid higher opening in the domestic equity markets.
Oil Prices Rise in Anticipation of Extended OPEC-Led Production Cut
Oil prices rose ahead of an OPEC meeting on Thursday that is expected to extend a production cut aimed at tightening the market well into 2018, adding at least nine months to an initial six-month cut in the first half of this year.
Asian Shares Hit Two-year High After Fed Signals Gradual Tightening
Asian shares scaled two-year highs on Thursday while the dollar and US bond yields slipped after the US Federal Reserve signalled a cautious approach to future rate hikes and the reduction of its $4.5 trillion of bond holdings.
Infosys CEO Vishal Sikka's Salary Drops 67% in FY17
The remuneration of Sikka for last fiscal remains 283.07 times higher than the median remuneration of employees (MRE) of Infosys. The MRE of Infosys for FY17 stood at Rs 5,65,585.
Govt Proposes Changes in UDAN Scheme, to Award Routes by August
To encourage intra-regional connectivity, he said the stakeholders should send their views on whether to include a route between two airports which are neither under-served, nor un-served under the scheme.
Hotel Janpath to Close Down, to be Used For Govt Offices
As part of the disinvestment policy, it has been decided to lease/sub-lease the hotels/properties jointly with the states concerned or return the properties to them, after fair valuation.
Vision Document For Asia-Africa Growth Corridor Unveiled
The vision document for the proposed "Asia-Africa Growth Corridor (AAGC)" supported by Japan and India has been unveiled on Wednesday during the 52nd Annual Meeting of the African Development Bank (AfDB) here.
FIPB Abolition to Boost FDI Inflow: CII
Besides, the industry body said the forging of strategic partnership for defence under the 'Make in India' initiative, cleared by the Cabinet today, will give a fillip to indigenisation of India's defence industry and pave the way for greater transfer of technology from foreign firms to domestic partners.
Govt Approves Raising of Rs 2,360 cr For Clean Energy Projects
The bonds will be raised by the Ministry of New & Renewable Energy (MNRE) through the Indian Renewable Energy Development Agency (IREDA) during the 2017-18, the statement said.
I-T Department Unearths 400 Benami Deals, Attaches Rs 600 Cr Properties
The 24 dedicated units are under the overall supervision of the Principal Directors of Investigation in the Income-tax Department to enable swift action and follow up, especially in cases where criminality has been detected.
Cabinet Abolishes FIPB, Approves Strategic Defence Partnerships
The Union cabinet on Wednesday decided to abolish the Foreign Investment Promotion Board (FIPB) and approved strategic defence partnerships to boost local manufacturing.
Adani May Exit $16.5 Billion Australian Mine on Royalties Confusion
The Adani group may walk away from its $16.5 billion Carmichael coal project if the confusion regarding royalties payments is not resolved by the Queensland state government, Bloomberg News reported, citing Australian Federal Resources Minister Matthew Canavan.
Sensex Rises 121 Points, Nifty Regains 9,400 Level in Early Trade
The benchmark BSE Sensex recovered about 121 points and the Nifty regained the 9,400-mark in early trade on Wednesday on fresh buying by investors amid better-than-expected earnings.
Rupee up 9 Paise Against Dollar in Opening Trade
The rupee edged higher by 9 paise to 64.80 against the dollar in early trade on Wednesday at the Interbank Foreign Exchange on fresh selling of the US currency by banks and exporters.
Moody's Downgrade of China's Credit Score Hits Yuan
The dollar held firm on Wednesday, having rebounded from 6-1/2-month lows against its major peers helped by a rise in US Treasury yields, while the yuan eased after Moody's cut its sovereign rating on China due to concerns over the country's soaring debt.
Moody's Downgrades China's Credit Score on Debt Fears
Moody's ratings agency downgraded China's credit score for the first time since 1989 on Wednesday on fears that the country will struggle to tame its rising debt as economic growth slows down over the coming years.
Ahead of PM Modi's Visit, Germany Bats For EU-India Free Trade Agreement
Describing the OBOR as a China-centred trade enhancement system, Ney said: "If both the EU and India have certain hesitations about it, it should give us extra incentive to sit down and resume negotiations on a free trade agreement."
SFIO Developing Early Warning System to Detect Corporate Frauds
The new system would leverage MCA 21 database as primary data along with data available from other regulatory organisations and external sources including social media, that help in detecting potential frauds.
20-25 Lakh Jobs Will be Created in IT Sector in 4-5 Years: Ravi Shankar Prasad
The Minister said in the next five to seven years, India's digital economy will be of an estimated $1 trillion, which is almost Rs 600 lakh crore.
Markets Tank on Profit-booking, Grim Global Cues
Global cues were negative after at least 22 people were killed and 59 injured when a suicide bomber blew himself up in Manchester -- the deadliest terror attack in the UK since the 7/7 bombings of 2005.
'Bill to Address Bankruptcy in Finance Sector in Next Parliament Session'
The government is likely to introduce in the monsoon session of Parliament a separate bankruptcy law to deal with insolvency in financial sector companies that include banks and NBFCs.
RBI Refuses to Disclose List of Loan Defaulters
It had also cited the provisions of Section 45-E of the RBI Act, 1934 which prohibits disclosure of credit information.
Entertainment, Cable, DTH to Attract Lower Taxes Under GST
The GST Council has finalised 18 per cent tax rate on cable TV and Direct-To-Home (DTH) services.
Rupee Drops by 23 Paise Against Dollar in Early Trade
The rupee depreciated by 23 paise to 64.78 against the dollar in early trade on Tuesday due to increased demand for the US currency from importers.
Sensex Down 85 pts in Early Trade on Profit Booking
Brokers said investors booked profits after recent gains and amid mixed global cues.
Government Seeks Public Views on Future of Bitcoin
Should bitcoins be banned, regulated or subjected to self-regulation? The government has sought comments on this question from the public for deciding the viability or other wise of Virtual currencies (VC) or bitcoins.
Framework Under NPA Ordinance by RBI May be Out Within 15 Days
The Reserve Bank is likely to announce within a fortnight the guidelines to operationalise NPA ordinance so as to expedite the recovery of bad loans which have crossed Rs 8 lakh crore.
Indo-Africa Partnership Can Shape World's Future: Jaitley
Prime Minister Narendra Modi will tomorrow inaugurate the five-day annual meeting of the AfDB Group. It is for the first time that the meeting is being held in India.
Industrial Alcohol, Ethanol to Attract 18% GST: Hasmukh Adhia
"As far as industrial alcohol is concerned, or any inputs of industrial alcohol, all of them would be under the GST ambit and the rate which we are going to put is 18 per cent," Adhia told CNBC TV18.
Foodgrain Output Likely to Touch New Record Next Crop Year: Agriculture Minister
The ministry would be able to make crop specific output projections based on the Met department's second monsoon forecast likely to be released next month.
TCS Unveils Streelighting Solution to Cut Costs
"Like the dawn of the Internet, we're just scratching the surface of what's possible when cities intelligently connect scores of new urban data sources," its group head for digital software and solutions group Seeta Hariharan said.
Rupee Gains 15 Paise Against Dollar in Early Trade
The rupee strengthened by 15 paise to 64.49 per dollar in early trade on selling of the US dollar by banks and exporters.
Sensex Climbs 227 Points on Global Rally in Stocks
The BSE 30-share index surged 227.44 points, or 0.75 per cent, to 30,692.36 points. The gauge had gained 30.13 points in the previous session on Friday.
India's Economy to Improve, Cost of Funds May Rise: Report
The survey was carried out to map the expectations of banks and financial institutions.
ITIs to be Remodelled Into Formal Schools: HRD Ministry
A proposal in this regard, which was mooted by the Ministry of Skill Development and Entrepreneurship, has been accepted by the HRD Ministry
Urjit Patel to Brief Parliamentary Panel on Demonetisation on June 8
Patel had been asked to appear on May 25 after former prime minister Manmohan Singh prevailed over the BJP MPs in the panel, who were opposed to summoning the RBI governor again.
Earnings, Global Cues to Set Trend; Stocks May See Volatility
Stock markets may see volatility this week amid derivatives expiry, and indices taking cues from quarterly earnings of blue-chips such as Tata Motors, ITC, and Sun Pharma as also global trends, say experts.
GST to Cut Inflation by 2%, Create Buoyancy in Economy: Hasmukh Adhia
The Council over the two days last week assigned tax rates to more than 500 services and 1,200 goods by setting them in five broad rates of 5, 12, 18 and 28 per cent.
Theme Park Visit to Attract 28% GST, Animal Slaughtering, Vet Clinics Exempt
Animal slaughtering and services provided by veterinary clinics will be exempt from GST while visits to theme parks and sporting events like IPL will attract a levy of 28 percent under the new indirect tax regime kicking in from July 1.
Economy Class Air Travel Set to Become Cheaper From July 1
Economy class air travel will become cheaper with tax rate fixed at 5 percent against the existing 6, under the upcoming GST regime from July 1.
Dollar Slides on Trump Concern, But Stocks Rise
Stocks on Wall Street pared gains of as much as 1 percent on the S&P 500. The Friday reports out of Washington came after European markets had closed.
'Chinese Developers Should Avoid Rush to Invest in India'
"Other than building properties in developed markets that typically appeal to the wealthy Chinese people, domestic developers including Dalian Wanda have shown an interest in housing projects in India," the article said.
GST: Finance Minister Warns Industry Against Hiking Prices Arbitrarily
Adhia said the government will soon begin work on setting up an anti-profiteering agency, as proposed in the GST law and the tax department may even initiate suo motu action against firms.
Ola, Uber Rides Could Get Cheaper Under GST
The introduction of services by cab aggregators has seen manifold growth due to the ease and reasonableness of prices at which the services are offered.
Fixing Corporates Necessary Along With Banks For Recovery
Advocating data analytics in credit industry, he said standardisation of data was FIRST required and he will try to encourage RBI in this direction.
National Front to Debate Euro After French Parliamentary Elections: Le Pen
On Friday, launching her bid to be elected to parliament representing the northern France constituency of Henin-Beaumont, where she narrowly lost in the 2012 legislative elections, Le Pen said the debate would be opened up after the two-round ballot on June 11 and 18.
GST: Dining Out, Hotel Room Tariffs to be Cheaper; Cars, ACs to Get Costlier
Finance Minister Arun Jaitley said in a press conference after the two day meeting in Srinagar that non-AC restaurants will have to pay a 12% tax rate while their AC counterparts will have to pay 18%.
Heavy Bikes, Luxury Yachts, Private Jets to Attract 31 Percent GST
Motorcycles of more than 350 cc engine capacity will attract a total of 31 percent tax under the GST regime, same as the tax incidence on private aircraft and luxury yachts.
Sensex Rebounds 209 Points as GST Council Freezes Tax Rates
Markets made a somersault of sorts on Friday as the benchmark Sensex rebounded 209 points to 30,643 on the GST Council's finalisation of tax rates for bulk of the items except six categories.
Rupee Off to Cautious Start, Recoups 16 Paise Against Dollar
The rupee made a tentative recovery of 16 paise at 64.68 against the dollar at the start of the session on Friday after banks and exporters hit the sale button for the US currency.
Chocolates, Chewing Gum to Feel GST Bite; Soaps, Toothpaste to be Cheaper
Foodgrains and common-use products like hair oil, soaps and toothpaste as also electricity will cost less from July 1 when the GST is scheduled to be rolled out as the all-powerful GST Council on finalised tax rates for the bulk of the items.
GST Council Decides Tax Rates For 1,211 Items, Except Gold
The Goods and Services Tax (GST) Council on Thursday decided the tax rates for 1,211 items, a majority kept at 18 percent, though the rates on gold and beedi remained undecided.
Japan's SoftBank Invests Rs 9,000 Crore in Paytm
The fund infusion in Paytm comes at a time when SoftBank is working on a sale plan of e-commerce firm Snapdeal. SoftBank is the largest shareholder in Snapdeal, which is locked in an intense battle with Amazon India and flipkart.
Govt Modifying '2011 Vintage' National Manufacturing Policy
The "2011 vintage" manufacturing policy is being modified to align it with initiatives like 'Make in India' as also Industrial Revolution 4.0, which refers to high end automation, Industry Minister Nirmala Sitharaman has said.
Rupee Takes More Losses, Sheds 27 Paise Against Dollar
Fresh capital flight cast its shadow on the rupee as the local unit lost 27 paise at 64.42 against the US dollar in the beginning, with additional support showing up in the form of demand from importers and banks.
Sensex Gets Off Record High, Dives 222 Points
A back-to-back record-setting run today made stocks do a reality check when the Sensex plunged over 222 points and the Nifty cracked below 9,500 in early session amid dollar outflows and a sluggish trend overseas.
Government Clears New Coal Linkage Policy
The government on Wednesday approved a new policy under which fuel supply to the power sector will be either through the auction route or power purchase pact based on competitive bidding of tariffs.
Inter-ministerial Panel to Suggest Policy Reform in Telecom Sector
An inter-ministerial panel has been constituted to suggest policy reforms for the telecom sector, which is reeling under severe financial stress.
CSR Getting into Mainstream Through Companies Act: Arjun Meghwal
He was speaking on the occasion of valedictory ceremony of the Indian Institute of Corporate Affairs (IICA) certified professional in CSR course organised at the campus of IICA, Manesar, Gurugram.
India to Sign MoU With Japan's QTEC For Quality Compliance
The government has decided to sign an MoU with Japan Textile Products Quality and Technology Centre (QTEC) to jointly set up and encourage quality compliance activities.
Domestic Market Can Compensate IT Job Losses Overseas: Assocham
The chamber added that programmes like Jan Dhan Yojana would open up opportunities in segments like analytics, which can then be used in other industries.
Govt Mulls FDI Norms Easing in Print Media, Construction, Retail
Besides, it is considering to allow retail stores, which would attract FDI, to sell domestically manufactured personal and home care products up to 25 per cent of their total turnover, a demand which has been strongly pitched by Union Food Processing Minister Harsimrat Kaur Badal.
Airtel Doubles Data Offer on Broadband Plans
"Similar large increments in data benefits have been effected at every price point in every city with unlimited calling to any network available across all plans," it added.
Iraq Replaces Saudi as Top Oil Supplier to India in April
India's April imports from Iraq topped 1 million barrels per day (bpd) for the first time, up by about a third from March and 8 percent from a year ago, according to ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts.
Rupee Edges up 3 Paise Against Dollar
The rupee made a tepid start on Wednesday by recovering a mere 3 paise to 64.05 against the dollar. Banks and exporters got into fresh selling of the US currency, which lost ground overseas too.
Sensex Makes a Retreat from Record After Rally Fatigue
Stocks showed signs of fatigue on Wednesday after two back-to-back record-setting sessions as the benchmark Sensex struggled to maintain its momentum, with investors shifting focus to taking profit. Weak Asian cues weighed, too.
Mukesh Ambani Leads Forbes List of Global Game Changers
Ambani, 60, comes at the top of the list for his game changing efforts to bring the internet to India's masses.
Govt to Lose Rs 217 Crore Revenue With Airtel's Tikona Acquisition: Jio to DoT
The government will lose Rs 217 crore in revenue if it allows the proposed acquisition of 4G business of Tikona Digital Networks by Bharti Airtel, Reliance Jio has said in a letter to the Department of Telecom (DoT).
Sensex, Nifty Leap to New Record Highs on Funds Inflow
All the BSE sectoral indices led by technology, power, FMCG, IT, consumer durables and healthcare were in the positive terrain, with gains of up to 0.66 per cent.
Rupee Turns Weaker Against Dollar, Down 6 Paise
The rupee saw a marginal drop of 6 paise to 64.11 against the US dollar in opening session on Tuesday in the midst of fresh demand for the American unit.
Petrol Price Cut by Rs 2.16 a Litre, Diesel by Rs 2.10
Petrol price was on Monday cut by Rs 2.16 per litre and diesel by Rs 2.10 a litre, reversing the four week trend of rising rates.
ICICI Bank, HDFC Cut Home Loan Rates by up to 0.3%; Match SBI
Following SBI, two leading private lenders ICICI Bank and HDFC Ltd on Monday slashed interest rate by up to 0.3 percent for loans of up to Rs 30 lakh to promote affordable housing.
RBI Advises Taxpayers to Pay Dues on Time
Consequently, the people are required to wait in queues for long periods unnecessarily, the apex bank said, adding this happens despite providing additional counters to the maximum extent possible for the purpose.
Post-GE Exit, SBI May Merge Two Credit Card JVs
Three global private equity players--Warburg Pincus, Carlyle and Japanese financial services group Credit Saison-- have emerged as final bidders for GE's stakes in SBI Card.
Economy to Grow at 7.4% in FY18, Says FICCI Survey
India's economy is set to grow by a robust 7.4 percent in the current fiscal, backed by the agriculture sector which is estimated to clock 3.5 percent growth and improvement in the performance of the industry and services sector, according to a report.
Europeans Snub Trade Text at China's Silk Road Summit
Several European countries are refusing to sign a trade statement at China's Silk Road summit, a diplomat said on Monday, dealing a setback to Beijing's efforts to gain full support for its initiative.
India's GDP Growth to be Around 7.4 Percent in 2017-18: FICCI Survey
In a survey conducted during March and April 2017, FICCI predicted India's GDP growth will be around 7.4 per cent for fiscal 2017-18.
Have a Tax Rate That Disincentivises Cigarette Smuggling: Farmers' Body
Farmers' body FAIFA on Monday asked the government to have a taxation policy that disincentivises cigarette smuggling in India, ahead of a crucial meeting of the GST Council later this week.
With 1 Flight in 65 Seconds, Mumbai Busiest Single-runway Airport
The GVK group-run Mumbai airport has become the world's busiest amongst the single-runway facilities by handling 837 flights a day.
Sensex Rebounds 166 Points on Inflation Cheer
The Sensex on Monday bounced nearly 166 points to 30,354 in early part, taking comfort from positive inflation numbers, with the hope that earnings momentum by blue-chips will keep up foreign capital inflows.
Rupee Gets Macro Data Lift, up 23 Paise at 64.08
Marking the third day of advance, the rupee started the week on a strong note by rallying 23 paise to 64.08 against the US dollar in early session on Monday, fuelled by positive economic data.
India And Chile to Implement Expanded PTA From Tuesday
India and Chile will implement a bilateral expanded PTA Preferential Trade Agreement from May 16, it was announced on Sunday.
Steel Exports Surge 142 Percent, Imports Down 23% in April, Says Report
Overtaking imports, India's steel exports jumped by 142 percent in April to 0.747 million tonnes (mt) as compared to 0.308 mt in the same month last year, said a Steel Ministry report.
GST Cloud Hangs Over Excise Mop-up as Dealers Hold up Tight
Excise collections may take a hit as dealers are refraining from purchasing goods from manufacturers as they are not sure about tax credits and rates under GST, which is slated for July 1 launch.
'Sharing Details of Paper Import for Rs 500, 2000 Notes to Affect India's Sovereignty'
Replying to an RTI query, the Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) declined to share any details related to import of paper for printing of the high- denomination notes.
Layoffs in Indian IT May Continue For 1-2 Years: Experts
As digitisation and automation become the new normal, IT biggies like Infosys, Cognizant and Tech Mahindra are seeing a spate of layoffs and this trend may continue for the next 1-2 years, say experts.
Petrol Pumps Postpone Sunday Agitation, Talks on Wednesday
All petrol pumps in eight states across the country which had announced a weekly 'holiday' from May 14 and work on a single shift from May 15, called off their proposed agitation on Saturday, an official statement said in Mumbai.
SriLankan Airlines to Add Three New Indian Cities to Its Network
SriLankan Airlines, the national carrier of the island nation, will add three southern India cities -- Hyderabad, Coimbatore and Visakhapatnam -- to its network from July, a statement said in New Delhi on Saturday.
GCMMF Eyes 20% Sales Growth in FY18, to Invest Rs 2,500 Crore
The Gujarat Co-operative Milk Marketing Federation Ltd (GCMMF), which markets the Amul brand of milk and dairy products, is expecting 20 per cent sales growth in 2017-18, a company official said in Kolkata on Saturday.
'Withdraw Plan to Charge on Transactions on SBI Mobile Wallet'
Stating that SBI had changed its earlier stand from charging for transactions made through ATM to levying a charge for transactions through e-wallet, he said SBI had also planned to impose charges on exchange of soiled notes.
Nasscom Dismisses Reports of Mass Mass Layoffs by Indian IT Companies
The apex Indian IT industry body Nasscom on Friday dismissed reports appearing in a section of the media about mass layoffs by software firms.
G7 Finance Chiefs Warn United States Not to Upset Global Growth
Finance chiefs from many of the world's leading rich nations pressed the United States on Friday not to break a decades-long global consensus in areas such as trade and financial regulation criticised by US President Donald Trump.
Industrial Output Growth Slips to 2.7 Percent in March
As per the data based on the new base year, the manufacturing sector output slowed to 1.2 per cent in March, from 5 per cent in the same month of the previous fiscal. Electricity generation too slowed to 6.2 per cent, from 11.9 per cent in March 2016.
Piramal Enterprises Looking to Expand in Real Estate Financing
Piramal Enterprises on Friday said it is looking to expand its real estate development business and also expects to have a licence to start providing home mortgages by July.
Gutka, Calculators, TV Picture Tubes Removed From New IIP
Items like gutka, calculators and coloured TV picture tubes have been removed from the new series of Index of Industrial Production with 2011-12 as base year, while steroids and refined palm oil are among those that have found place in it.
Retail Inflation Eases to 2.99 Percent in April
Retail inflation fell sharply to 2.99 percent in April, from 3.89 percent in March, due to lower cost of food items, including pulses and vegetables that showed a deflationary trend.
April WPI Inflation Slips to 3.85 Percent as Food Prices Cool
India's wholesale prices rose 3.85 percent year-on-year in April, government data showed on Friday.
India Concerned About NPAs of Indian Banks as Well: Finance Secretary
An amendment to the Banking Regulation Act will create an environment that will make it possible for banks to address some of the stressed assets, Finance Secretary Ashok Lavasa has said.
Infosys Defers Salary Hikes to July, Even Later For Senior Executives
Infosys has deferred salary hikes for employees to July and even later in case of senior executives as the Indian tech industry struggles to cope with uncertain environment and visa-related issues in key markets like the US.
India's April Retail Inflation Seen Easing to Three-month Low
India's consumer inflation is expected to have eased to a three-month low in April, helped by smaller rises in food prices, but with a summer rebound in prospect the Reserve Bank of India (RBI) is likely to keep interest rates on hold.
Market Rally Continues on Fund Inflows, Macro Data Hopes
Markets continued to ride the wave of gains early today with the BSE Sensex rising by about 49 points and the Nifty by over 15 points, driven by sustained rally in IT, tech, auto and metal sector stocks amid sustained foreign fund inflows.
Markets Ride Wave of Gains, Sensex up by 49 Points in Opening Trade
The BSE 30-share Sensex was quoting 48.76 points, or 0.16 per cent higher at 30,299.74 in early trade.
Rupee up 12 Paise Against Dollar at 64.26
Further, a higher opening in the domestic equity market added to the rupee upmove, they added.
All ATM Withdrawals Not Chargeable, SBI Clarifies After Furore
Amid a public outcry in Kerala over a State Bank of India (SBI) announcement levying charges on ATM cash withdrawals from June 1, the largest public lender on Thursday clarified that the charge of Rs 25 is applicable only for withdrawals from SBI Buddy through ATMs.
Ford Invested in Gujarat to Cut on Freight Costs, Says TN Govt
Tamil Nadu government on Thursday said US car maker Ford had set up manufacturing facilities in Gujarat in 2015, after their first unit in this state, to "avoid logistics cost" and to serve North and Western parts of the country.
Rupee Zooms 25 Paise to 64.38 Against US Dollar
Scripting its biggest single-day gain in four weeks, the rupee on Thursday rallied by 25 paise to 64.38 a dollar on heavy selling of the US currency.
Govt Tracking Investment Projects For Hard Data on Jobs: Bibek Debroy
The government is monitoring specific investment projects to find hard data on job creation amid concerns that not enough is being done to generate employment, Niti Aayog Member Bibek Debroy said on Thursday.
Nitin Gadkari Launches NHAI's First Masala Bond in UK
National Highways Authority of India's first Masala Bond was on Thursday launched at the London Stock Exchange with Union Minister Nitin Gadkari ringing the opening bell.
Arvind Subramanian Attacks Ratings Agencies Over 'Poor Standards'
"Before policy decisions, the expert analysis is often illuminating. But once the decisions are taken, it is truly striking how the tune and tone of the analysis changes. Analysts fall over backwards to rationalise the official decision," he said.
'Take India Seriously, It's Becoming China 2.0': New Warning for Beijing
China should take competition from India seriously as the Indian economy may see "explosive" growth in the future, raising prospects of it becoming "China 2.0", according to a Chinese think-tank.
Rupee Recoups 14 Paise in Early Trade
The rupee made a comeback early on by recovering 14 paise to 64.49 against the dollar at the Interbank Foreign Exchange on Thursday after fresh selling of the US currency by exporters amid foreign fund inflows and a higher opening in the domestic equities market.
Sensex Extends Record-breaking Run; Autos, Banks Rally
The BSE Sensex continued with its record setting spree to quote at an all-time high of 30,346.69 while the NSE Nifty scaled a new peak of 9,450.65 in opening trade on Thursday on sustained fund inflows, largely driven by forecast of a normal monsoon, amid positive Asian cues.
Now, Tech Mahindra Looks to Lay Off 1,500-2,000 Employees on 'Performance' Ground
After Infosys and Wipro, it's now IT firm Tech Mahindra that could hand out pink slips to hundreds of employees as it looks to "weed out bottom performers".
SoftBank Recognises $1.4 bn Losses From India Investments in 2016-17
Japanese conglomerate SoftBank Group Corp (SBG) on Wednesday recognised losses of $1.4 billion in 2016-17 from its India investments -- Snapdeal and Ola.
UDAN: Airfares, Govt Subsidy For Airlines to be Revised Every Three Months
irfares as well as the government subsidy for airlines under the regional air connectivity scheme will be revised every three months depending on inflationary trends.
India's Cotton Area Seen Rising 15 Percent to 3-year High as Prices Rally
The specialty chemical product represents a downstream value addition to Tata Chemicals' soda ash business, where it ranks among the top manufacturers globally.
Governmnent Owes Rs 451.75 Crore to Air India
The Central government owes Rs 451.75 crore to Air India for VVIP flights carrying the president, vice president and the prime minister, as well as special missions, according to the latest data provided under the Right To Information Act.
Sensex Zooms 160 Points on Normal Monsoon Forecast
The benchmark BSE Sensex rallied about 160 points to trade above the key 30,000-mark in opening trade today, buoyed by forecast of a normal monsoon this year amid positive global cues.
After Cognizant, Wipro, Now Infosys to Lay Off Employees
The spokesperson did not divulge the number of people to be impacted, although reports peg the number to be in hundreds.
IndiGo to Buy 50 ATR Planes For $1.3 Billion
The largest domestic airline in terms of market share, IndiGo would be only the third scheduled carrier after Air India and Jet Airways to have ATR planes in its fleet.
Moody's: Nothing New in New Norms, NPA Resolution to Take Time
Global rating agency Moody's today said the new NPA resolution mechanism are broadly the same as the earlier moves and overlooks key constraints on capital, which makes recovery from dud loans a long-drawn affair.
Sensex Scales 30,000-mark in Early Trade
The benchmark Sensex on Tuesday regained the 30,000-mark early on by surging over 76 points after investors built more bets and domestic financial institutions continued buying amid mixed Asian cues.
Apple's Market Cap Crosses $800 bn For First Time
In yet another milestone, Apple's market capitalisation briefly soared past $800 billion thresholds, making it the first company ever with such a mammoth valuation.
India Finding it Hard to End Love Affair With Cash
Fat wads of bank notes move across counters in Old Delhi's gold and diamond district in one of many challenges to six months of Indian government efforts to suffocate the black market.
Rupee Opens 20 Paise Lower at 64.51 Against Dollar
The dollar gained strength against other currencies overseas as investors raised expectations of another US interest rate hike next month which weighed on the domestic unit, forex dealers said.
India to Grow at 7.7% in 2018-19 After Note Ban 'Disruption': IMF
“The temporary disruptions (primarily to private consumption) caused by cash shortages accompanying the currency exchange initiative are expected to gradually dissipate in 2017 as cash shortages ease,” the IMF said.
Daily Fuel Price Revisions to Boost OMCs' Bottomlines: Report
A pilot for the daily price revision was launched in Puducherry, Vizag in Andhra, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh from May 1 and will be gradually extended to other parts of the country.
Bank of India Slashes Benchmark Lending Rate by 0.1%
Meanwhile, private lender Lakshmi Vilas Bank also lowered the base rate or the minimum lending rate by 25 basis points.
Invoice Matching Mechanism in GST to Check Frauds: Arun Jaitley
"One of the most important advantages of adopting this model is for curbing the possible tax evasion on account of fake invoice frauds," the finance minister said in response to the concerns raised by Congress Rajya Sabha MP Digvijaya Singh.
Promoters Must Disclose Shares Received in Gift: SEBI
Noting that this position is based on the information furnished, Sebi said, "different facts or conditions might lead to a different result".
SBI Makes Home Loans Under Rs 30 Lakh Cheaper, Lowest in Market Now
India's largest lender SBI on Monday announced a steep reduction of 25 basis points in affordable housing loans to 8.35 per cent for new borrowers.
Govt Plans to Raise Over Rs 1,200 Crore on Market IPOs
The government plans to raise up to Rs 1,224 crore by selling equity shares in the HUDCO's initial public offer (IPO) that has hit the capital market on Monday.
GST Scheduled For July 1 Rollout: Arun Jaitley
Demerit and luxury goods will attract the peak tax rate plus a cess. Tax rate closed to the existing incidence of total central and state levies will be chosen as the slab for a good or services.
Sensex up 117 Points in Late Morning Trade; Nifty Tops 9,300
The S&P BSE sensex rallied by 117.36 points to 29,976.16 in late morning trade on sustained bouts of buying in most of the sectors.
Rupee Gains 13 Paise Against Dollar in Early Trade
However, the dollar's recovery against some currencies overseas on a strong US jobs report restricted the rupee's rise.
Euro Rallies After Emmanuel Macron Wins French Presidency
The euro rallied to a six-month high against the dollar Monday after pro-European centrist Emmanuel Macron's victory in the French presidential election eased concerns about the country's future in the eurozone.
Tokyo Stocks Jump 1.35 Percent After Emmanuel Macron Wins French Presidency
Tokyo's benchmark stock index rose 1.35 per cent at the start on Monday after pro-European centrist Emmanuel Macron swept his far-right rival Marine Le Pen in the French presidential election.
Asian Development Bank Urges US to Continue Investment
The Asian Development Bank (ADB) on Sunday urged the US to continue its investment in the bank amid uncertainty about Washington's commitment to multilateral entities.
Donald Trump to Sell $28 Million St Martin Mansion
US President Donald Trump is looking to unload his luxurious $28 million French St Martin beachfront estate, a media reported on Sunday.
Dell Keen to Set Up Data Centre in Andhra Pradesh's Amaravati
Tech giant Dell has expressed interest in setting up a data centre in this upcoming Andhra Pradesh capital.
RBI Advises PSBs to Have Fair System For Branch Auditor Appointments
Chartered accountants' apex body ICAI has been raising concerns over the selection process followed by public sector banks (PSBs) with respect to auditors for auditing work at their branches.
CBI Unearths 393 Shell Companies Used to Divert Rs 2900 Crore
A complex web of 393 shell companies used for allegedly diverting funds unscrupulously to the tune of Rs 2900 crore has been unearthed by the CBI during its probe into such cases over the last three years.
With Maiden Passenger Jet Flight, China Enters Dog-fight With Boeing, Airbus
China's home-grown C919 passenger jet completed its long-delayed maiden flight on Friday, a major first step for Beijing as it looks to raise its profile in the global aviation market and boost high-tech manufacturing at home.
Bankers Say New Move on NPAs to Speed Resolution Process
Leading bankers on Friday welcomed the NPA ordinance that amends the Banking Regulation Act and gives more powers to RBI to direct banks on resolution of stressed assets to speed up the recovery process.
Govt Appoints MDs, CEOs of Seven Public Sector Banks
The government on Friday appointed new managing directors and chief executive officers of seven public sector banks.
Norway Wealth Fund Drops BHEL Over Environment Concerns
Norway's sovereign wealth fund has taken Bharat Heavy Electricals (BHEL) out of its investment portfolio due to environmental concerns, the Norwegian central bank said on Friday.
Offshore India Funds, ETFs See $2 bn Inflows in Jan-Mar Qtr: Morningstar
India-focused offshore funds and exchange-traded funds (ETFs) registered net inflow of USD 2 billion in the January-March quarter as against a huge outflow of USD 1.3 billion in the year-ago period.
Sensex Takes 267-Point Hit, Nifty Stumbles on Oil Worryline
Equities on Friday sank the most in six weeks as the Sensex crashed 267 points to settle below 30,000 while the Nifty climbed down from an all-time high after global weakness due to a renewed slide in crude prices.
PIA to Suspend Mumbai-Karachi Flight From May 11
Pakistan International Airlines (PIA), which operates a weekly flight between Mumbai and Karachi, will suspend its service from May 11.
Govt Looks to Pump Rs 30k Crore in LPG Production, Distribution
The government is eyeing close to Rs 30,000-crore investment for expansion of LPG production and distribution network in next three years as it widens cooking gas coverage by giving out a record number of connections.
REI Agro Chairman, Promoter Arrested by CBI in Rs 3,871 Cr Fraud Case
The CBI on Thursday arrested the chairman of REI Agro along with a promoter of the company in connection with an alleged bank loan fraud involving Rs 3,871 crore.
Sensex Slips Below 30,000, Down 133 Points in Early Trade
The BSE benchmark cracked below the 30,000-level by dropping 133 points in early trade on Friday on emergence of profit-booking after Thursday's strong rally.
Rupee Slides 9 Paise Against Dollar in Early Trade
The rupee weakened further by 9 paise to 64.27 against the US dollar in early trade on Friday at the forex market on increased demand for the American currency from importers and banks.
GM India to Accept new VRS Applications from Halol Plant's Employees
Automobile company General Motors India on Thursday said that it will accept new applications for a separation scheme from employees who have been impacted by the decision to cease manufacturing at the company's Halol plant in Gujarat.
Air Cargo Sector Likely to Grow at 9% in Next Few Years: Aviation Minister
Civil Aviation Minister Ashok Gajapathi Raju on Thursday said the air cargo sector is likely to grow at nine percent over the next few years.
India Can Achieve 10 Percent GDP Growth by FY20, Says CII
India can achieve a gross domestic product (GDP) growth of 10 percent by fiscal year 2019-20 on the back of tremendous opportunities available in the economy, Confederation of Indian Industry (CII) said on Thursday.
Markets on a Roll: Sensex Soars 189 Points on Reforms, Earnings Boost
BSE benchmark Sensex rose 189 points to reclaim the 30,000-level and NSE Nifty went past 9,350 in early trade on Thursday, buoyed by encouraging corporate earnings and a string of government reforms, including NPA resolution and steel policy.
Fed Leaves Rates Unchanged But Signals Further Hikes Ahead
The Federal Reserve has left its benchmark interest rate at a still-low level near 1 percent while signalling that it expects a resilient U.S. economy and solid job market to justify higher rates later this year.
Rupee Opens Lower by 9 Paise Against Dollar
The rupee was trading lower by 9 paise at 64.24 against the US dollar in early trade on Thursday at the forex market on increased demand for the American currency from importers.
India Pitches For FDI in Food Processing Industry
During his trip here, Meena is scheduled to meet with Potbelly, headquartered in downtown Chicago, and Mondelez, which has a bakery in the Chicago Lawn neighborhood.
Govt Clears New Ordinance to Deal With Loan Defaulters
In the case where the NPAs value has been completely eroded, they could be taken over by a so-called National asset management company. In case they are not resolved by December 31 they would automatically be sent to the National Company Law Tribunal, which adjudicates issues relating to companies.
Andhra Pradesh's Banganapalle Mango Gets Geographical Indication Registration
Banganapalle mangoes are renowned for its sweetness and have been grown for over 100 years in the state. It also known as Beneshan, Baneshan, Benishan, Chappatai and Safeda.
Cabinet Clears National Steel Policy 2017 For More Capacity
The ministry had earlier said the policy is a step towards steering the industry to achieve its future potential and strategy to deal with various impediments like high input cost, availability of raw materials, dependency on imports, financial stress etc, it added.
Inter-ministerial Panels to Examine Financial Problems of Telcos, Power Firms
Earlier this year, the telecom commission in a letter to the Telecom Regulatory Authority of India (Trai) warned of a loan default by operators. It asked the telecom regulator to revisit its tariff orders and free promotional offers of firms like Reliance Jio.
Vistara Announces 50 Percent Discount on Business Class Fares
Under this plan, Delhi-Srinagar business class tickets for weekdays will be priced at Rs 6,250, Delhi-Leh at Rs 8,400 Delhi-Goa at Rs 10,250, Kolkata-Port Blair at Rs 10,250.
New York Times Swings to Profit as Digital Subscriptions Rise
The New York Times Co swung to a quarterly profit from a loss a year earlier, as the newspaper publisher benefited from higher digital subscriptions that offset falling print sales.
Sensex Reclaims 30,000-level, Rises 99 Pts in Early Trade
The Sensex had a marginal gain of 2.78 points on Tuesday. In today's early trade, the NSE Nifty too advanced by 32.50 points, or 0.34 per cent, to 9,346.30.
Rupee Furthers Gains by 10 Paise in Early Trade
A weaker auto sales data has added to worries that the Federal Reserve may eventually take a more dovish-than- expected view on rate hikes over the remainder of the year.
Tata Teleservices Fires 500-600 Employees
Tata Teleservices has fired between 500 and 600 employees to tide over difficult times in the hyper-competitive telecom market.
Sensex Reclaims 30,000-Level, Zooms 134 Points in Early Trade
BSE benchmark Sensex recouped over 134 points to trade above the 30,000-mark in early trade on Tuesday on the back of widespread gains triggered by encouraging corporate earnings.
India's Growth Rate to Hit 7.5% in 2018, but US Policies Pose Risk: ESCAP
A UN commission has said that India's growth rate is expected to reach 7.5 per cent in 2018, but warned that if the US policies take a very severe protectionist turn and the trend spreads, growth could be affected by as much as 1.2 per cent in the coming years.
Rupee Rebounds 24 Paise Against Dollar in Early Trade
The rupee recouped sharply by 24 paise to 64 against the US dollar in early trade on Tuesday on increased selling of the American currency by exporters and banks amid a higher opening in the domestic equity market.
SpiceJet to Launch Thiruvananthapuram-Male Flight From May 10
With the launch of the new flight from May 10, the capital city of the Maldives will be connected to two destinations in Kerala -- Kochi and Thiruvananthapuram, an airline official said.
Snapdeal Board to Discuss Likely Sellout on Tuesday
The seven-member board of Jasper Infotech, which operates Snapdeal, includes representation from investors SoftBank, Kalaari Capital and Nexus Venture Partners (NVP), as well as co-founders Kunal Bahl and Rohit Bansal.
Yamaha Sales up 7.66 pc at 68,827 Units in April
Commenting on the sales performance, Yamaha Motor India Sales Vice-President (Sales and Marketing) Roy Kurian said the company has been able to increase its sales despite recent challenges like ban on BS III inventory that the industry faced.
India Should be a Standard Setter, Not Follower: Nirmala Sitharaman
In this regard, she cited the example of global standards on length and weight of mangoes and wondered how India accepted those norms. She said: "India has exemplary varieties of mango, grapes and banana. Uniformity (in standards) can go against it."
New Real Estate Laws Come Into Effect Today, Only 13 States Notify Rules
The much-awaited Real Estate Act comes into force from Monday but only 13 states and UTs have so far notified rules under the Act which Union Minister Venkaiah Naidu said will enable only regulation of the sector and not "strangulation".
Petrol And Diesel Prices to be Revised Daily From Today
Petrol and diesel prices will be revised on a daily basis from tomorrow in select towns in sync with international rates, much like it happens in most advanced markets.
Policy Should be Broad and Flexible Like English and Hinduism: Sanjeev Sanyal
News18’s Tushar Dhara met Sanjeev Sanyal, the Principal Economic Adviser in the Finance Ministry, for his first in-depth interview to an Indian publication since he joined the government.
Thomas Cook India Group Inks Agreement With Kuoni
"We have inked agreement for acquisition of Kuonis global network of destination management specialists, covering 17 countries across the geographies of The Americas, Africa, Middle East, Asia and Australia. The transaction will be completed post customary closing conditions," a company statement said.
Govt Wants Apple to Consider New Policy For Local Manufacturing
The phased manufacturing programme was proposed by a joint panel of the industry and the government - Fast Track Task Force. The panel set up under the MeitY has set target of 500 million handset production by 2019 and export target of 120 million mobile phones by 2019-20, taking annual manufacturing output in the range of Rs 1.5-3 lakh crore.
Equities Scale New Highs, Global Cues, Rupee Support Rally
After two consecutive weeks of losses, the Indian equity markets embraced the bulls as positive global cues and an appreciating rupee gave a fillip to investors' sentiments during the week ended Friday.
Walmart to Open 50 New Stores in India Soon
Global retail giant Walmart will set up 50 new stores across India over the next three to four years, a top company official said on Saturday.
Use Penalising Powers 'Expeditiously' in Non-compliance Cases: Jaitley to ED
Union Finance Minister Arun Jaitley on Saturday advocated expeditious use of penalising power by the Enforcement Directorate to deal with any non-compliance of the laid-down rules.
8-9 Lakh Registered Companies Not Filing Returns: Revenue Secretary Adhia
As many as 8-9 lakh registered companies are not filing annual returns with the Ministry of Corporate Affairs (MCA) and are a potential source of money laundering, Revenue Secretary Hasmukh Adhia said on Saturday.
Delhi HC Upholds USD 1.17 Billion Award to Docomo, Junks RBI Opposition
"The refusal by RBI of such permission which is not required in the first place, or the fact that such refusal has not been challenged, would therefore not affect the enforceability of the award," the judgement held.