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MUMBAI: While the past year was a good one for the cement industry with capacity addition and utilisation touching new highs, demand is expected to moderate in the current financial year. One reason for this is the unfavourable base effect with the industry having done well in recent years,...
NEW DELHI: State-owned Bharat Petroleum has set a capital expenditure target of Rs 1.7 trillion over a period of five years with majority of it allocated to the refinery and petchem segment, the company’s chairman and managing director G Krishnakumar said on Friday. Of the total capex, the company...
BEIJING: The Chinese market is open to all countries, including India, China’s new envoy to India, Xu Feihong, has said, maintaining that Beijing understands New Delhi’s concerns over its burgeoning trade deficit and is willing to address this issue by facilitating more Indian companies to tap the Chinese market....
FARIDABAD: Majority of personal computer and server makers selected under the IT hardware production-linked incentive scheme are expected to start production this year, a senior government official said on Friday. “… About 17 out of 27 PLI companies will start production this year. Around 6-7 of them started production...
KOLKATA: The Indian Tea Association (ITA) on Friday reiterated its plea for financial assistance from the Centre to support the struggling Darjeeling tea industry. According to the ITA, the situation in Darjeeling is critical due to decreasing yields and plummeting prices. Without a financial relief package, the survival of...
MUMBAI: After three consecutive weeks of drop, India’s forex reserves increased by USD 3.668 billion to USD 641.59 billion for the week ended May 3, the RBI said on Friday. The overall kitty dropped USD 2.412 billion to USD 637.922 billion for the previous week ended April 26. For...
NEW DELHI: Gold and silver prices rebounded sharply on Friday after falling for two straight sessions, with the yellow metal jumping Rs 950 to cross the Rs 73,000-mark in the national capital amid a bullish global trend and strong domestic demand on the Akshaya Tritiya festival. According to HDFC...
MUMBAI: The rupee stayed range-bound and settled 1 paisa lower at 83.49 (provisional) against the US dollar on Friday, as the support from positive domestic equities was negated by elevated crude oil prices. Forex traders said significant foreign fund outflows dented investors’ sentiments. At the interbank foreign exchange market,...
NEW DELHI: The Department of Telecommunications (DoT) is likely to approach National Security Council Secretariat (NSCS) to seek approval and clarity on satellite communications, particularly on data transfer and usage, as well as equipment and components used in satellite gateways based in India, said officials privy to the details....
NEW DELHI: The Centre’s finances were also helped by higher tax and non-tax receipts like dividends than factored in the RE, the official added. The Centre’s fiscal deficit for 2023-24 may be slightly lower than the revised estimate (RE) of Rs 17.3 trillion or 5.84% of GDP, aided by...
NEW DELHI: Household savings are estimated to have declined for the third year in a row in FY24 as liabilities on account of interest towards housing and vehicle loans have continued to rise, but the trend could reverse in 2024-25 on account of the impact of RBI’s curbs on...
NEW DELHI: The National Highways Authority of India (NHAI) has decided to double down on monetisation of highways through the Toll Operate Transfer (ToT) model. It will offer as many as a dozen bundles of stretches that can be bid for by private companies in the current year. This...
BENGALURU: India’s retail market is poised to surpass $2.2 trillion by 2030, with approximately 90 per cent of sales expected to occur offline, according to the report Decoding Omnichannel: Strategies for D2C Brands by Accel, Fireside Ventures, and Redseer Strategy Consultants. The report also finds that a substantial portion...
NEW DELHI: India’s exports have increased to as many as 115 countries out of the total 238 destinations during 2023-24 despite the global economic uncertainties, according to commerce ministry’s data. These 115 export destinations, which account for 46.5 per cent of India’s export basket, include the US, UAE, Netherland,...
NEW DELHI: Fitch Ratings on Thursday affirmed the ratings of Axis Bank and ICICI Bank with a stable outlook citing supportive operating environment and large domestic franchise. Fitch Ratings has affirmed India-based Axis Bank and ICICI Bank’s Long-Term Issuer Default Rating (IDR) at ‘BB+’, the global agency said in...
NEW DELHI: Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported a 25 per cent fall in its March quarter net profit on lower refining margins and announced one free bonus share for every two shares held. Its consolidated net profit of Rs 2,709.31 crore in January-March – the fourth...
MUMBAI: Indian Hotels Company (IHCL) on Thursday announced a strategic partnership with CG Hospitality with a plan to grow its portfolio in the Indian sub-continent to 25 hotels by 2025, involving a total investment of around Rs 4,000 crore. The portfolio of 25 properties by 2025, will include 11...
NEW DELHI: Go Digit General Insurance Ltd, a firm backed by Canada-based Fairfax Group, is set to launch its initial public offering on May 15. The initial share sale will conclude on May 17 and the bidding for anchor investors will open for a day on May 14, according...