Business
Domestic Steel Consumption To Grow By 9-10% In FY25 Despite Surge In Imports: ICRA
New Delhi: India’s domestic steel consumption is projected to grow by 9-10 Percent in FY2025, according to a report by rating agency Icra. The strong demand, which saw a 15 Percent year-on-year (YoY) growth in the first quarter of FY2025, is expected to continue, though it may slow down...
Government Rules Out MTNL Delisting Amid Stock Surge, Confirms Senior Official
NEW DELHI: The government has no plans for de-listing the shares of the ailing Mahanagar Telephone Nigam (MTNL), a senior government official told FE on Wednesday, adding that reports to the contrary are incorrect. The comment came in the wake of a four-fold sure in MTNL share price in...
NITI Group Pitches For A Separate Law To Tackle Future Public Health Crisis
NEW DELHI: An expert group constituted by NITI Aayog to prepare a framework for future pandemic preparedness has suggested enacting separate legislation to handle public health crises. The report titled ‘Future Pandemic Preparedness and Emergency Response – A Framework for Action’ said learning from the experience of Covid-19, the...
70% Of Fortune 500 Firms Will Expand Reach To India By 2030: Report
MUMBAI: India-based global capability centres (GCCs) have redefined the country’s tech landscape over the last five years. According to a report, 70 per cent of Fortune 500 companies will expand their presence to India by 2030. The report by Nasscom and Zinnov titled ‘India GCC Landscape Report: The 5-year...
Indian Companies Raise $6 Billion From Private Credit In First-Half 2024: EY Report
Private credit deals in India surged 22.4 per cent to an all-time high of $6 billion in the first half of 2024, compared to $4.9 billion worth of deals reported in the same period of calendar 2023. Reliance Logistics and Warehousing, owned by Reliance Industries, and Vedanta Semiconductors emerged...
Small Finance Banks Now Going Big On Deposit Rates
MUMBAI: More than half-a-dozen small finance banks (SFBs) have raised their fixed deposit rates to more than 8% for a two- year tenure as they scramble with the giants, such as State Bank of India and HDFC Bank, to garner funds from ordinary savers in a market where alternative...
BPCL’s Joint Venture With Ioc Wins Production Concession In Abu Dhabi
MUMBAI: Bharat Petroleum Corporation (BPCL) on Wednesday said its subsidiary along with Indian Oil Corporation (IOC) has been awarded a production concession by The Supreme Council for Financial and Economic Affairs (SCFEA) in Abu Dhabi. BPCL said the production concession agreement follows the award of the exploration and production...
EIL Bags Rs 4,681 Crore Orders In FY25 So Far, Surpasses Fy24 Total
Leading engineering, procurement and consulting (EPC) company Engineers India Limited (EIL) has secured new orders worth Rs 4,681 crore in the first 5 months of financial year (FY) 2025, a 37% rise compared to the value of orders it got in the full period of FY24, the company said...
Cabinet Allocates Rs 12,461 Crore For Revised Hydro Projects Scheme
NEW DELHI: In a bid to promote infrastructure around hydro power projects, the Union Cabinet on Wednesday modified its existing scheme and allocated Rs 12,461 crore for the same. “The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the proposal of the Ministry of Power for...
UK Clears Decks For GBP 500 Million Grant For Tata Steel’s Port Talbot Project
KOLKATA: The Labour government in the UK has cleared the decks for a 500 million pound grant to Tata Steel, paving the way for decarbonisation of the company’s British business and a sustainable financial future. In a statement, Tata Steel said that it has signed a 500 million pound...
Defence Ministry Clears Navy’s ₹2,500 Crore Plan For Unmanned Vessels With Capabilities To Attack Submarines
New Delhi: Amid increasing use of unmanned warfare, the Defence Ministry has given approval to the Indian Navy’s plans worth over ₹2,500 crore to build 100-ton unmanned underwater vessels. The proposal for building the 100-ton unmanned underwater vessels was given clearance at a high level defence ministry meeting held...
Bigger Disclosure Blow Likely To Fintechs, Credit Card Firms
NEW DELHI: Costs for credit card companies, payment aggregators and fintech firms are likely to go up as the global Financial Action Task Force (FATF) is planning to increase disclosure requirements, mainly for cross-border transactions. The FATF, which India is a member of, is planning to enforce the new...
Public Sector Capex Falls 14% Amid Sluggish Investments By Railways, NHAI
NEW DELHI: Capital expenditure by central public sector enterprises (CPSEs) and other government undertakings fell 14% on year in the first five months of the current financial year, dragged down by slower pace of investment by railways and the National Highways Authority of India. Railways and NHAI’s investments are...
Digital Companies With 10% India Users Need CCI Nod For M&As
NEW DELHI: Mergers and acquisitions involving digital firms that have one tenth of their global users or gross merchandise value in the previous one year or annual turnover in India would require clearance from the Competition Commission of India (CCI), as they would then be considered to have “substantial...
Corporate Bond Issuances Fall 22 Per Cent In August As Firms Await Fed Rate Cut
MUMBAI: Corporate bond issuances fell by around 22 per cent in August, despite easing yields, as issuers delayed raising funds while awaiting the US Federal Reserve’s (Fed’s) likely interest rate cuts starting this month. Corporates and financial institutions expect further declines in yields and reduced borrowing costs, according to...
OPEC Vs IEA: Diverging Oil Demand Forecasts Signal An Uncertain Future
NEW DELHI: The Organisation of the Petroleum Exporting Countries’ (Opec) outlook for global crude oil demand in 2024 is beginning to show signs of caution. After months of holding steady, the cartel has revised its projections for the second consecutive time, reflecting the uncertainty surrounding key economic players. Opec...
GST Council Moves Closer To Lower Tax On Insurance
NEW DELHI: The Goods and Services Tax (GST) Council on Monday broadly agreed to reduce the tax incidence on health and life insurance, but deferred the call on the extent of the relief and how it would be structured, to its next meeting in November. The Centre-state body at...
India And UAE Ink Key Energy And Petroleum Agreements To Strengthen Bilateral Ties
NEW DELHI: In a significant development for India’s energy security and bilateral relations, India and the UAE signed several crucial Memoranda of Understanding (MoUs) during the official visit of Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, to New Delhi. These agreements are set...
