Business
Government May Soften LTCG Tax Blow On Real Estate
NEW DELHI: The government may address the concerns over the Budget proposal to revise the taxation of long-term capital gains (LTCG) from real estate transactions, by offering a few reliefs. According to sources familiar with the deliberations in this regard, it make the new LTCG regime effective from April...
RBI Likely To Maintain Status Quo, Unlikely To Cut Rates Before September
MUMBAI: The Reserve Bank of India (RBI) is expected to maintain rhe benchmark repo rate unchanged at 6.5% during its upcoming meeting from August 6 to 8. The decision is anticipated to align with the recent trend of holding rates steady while awaiting more macroeconomic data before considering any...
Unemployment Rate Fell 1.3 Percentage Points In July Amid Uptick In Hiring
NEW DELHI: India’s unemployment rate (UR) dropped by 1.3 percentage points in July from an eight-month high of over nine per cent in the previous month. The UR fell to 7.9 per cent in July from 9.2 per cent in June, according to the Consumer Pyramids Household Survey. The...
After Record Profits, State-Owned Fuel Retailers See Profit Slump In Q1
NEW DELHI: After reporting record profits, state-owned fuel retailers Indian Oil Corporation (IOC), BPCL and HPCL posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates. IOC, the nation’s...
Spending On Outbound Tourism To Rise 11% Annually To Reach $55 Billion In 2034: Report
NEW DELHI: Spending on outbound tourism is expected to grow from USD 18.82 billion in 2024 to USD 55.39 billion in 2034, a report said. The ‘Navigating Horizons’ report jointly prepared by Nangia NXT and Ficci said packaged tours still dominate the outbound market in India, with a share...
FPIs Invest Rs 32,365 Crore In Equities In July On Continued Policy Reforms
NEW DELHI: Foreign investors infused Rs 32,365 crore into Indian equities in July on the back of expectation of continued policy reforms and sustained economic growth and better-than-expected earnings season. However, they pulled Rs 1,027 crore from equities in the first two trading sessions of this month (August 1-2),...
Global Capability Centre Industry To Become Catalyst For Creating Jobs: Report
MUMBAI: With India emerging as the hub of Global Capability Centres, a report on Saturday revealed that 78 per cent professionals expect the GCC sector to become a catalyst for creating jobs, particularly benefiting temporary workforce in the country. A majority of 78 per cent foresee GCCs as catalysts...
Sensex, Nifty Crash In-Line With Selling Pressure In Global Markets On US Growth Fears
MUMBAI: Equity market benchmark indices Sensex and Nifty tumbled in early trade on Monday in-line with extremely weak trends in global markets amid fears of a slowdown in the US economy and foreign fund outflows. The 30-share BSE Sensex tanked 2,401.49 points to 78,580.46 in early trade. The NSE...
Cabinet Approves 8 High-Speed Road Corridor Projects Worth Rs 50,655 Crore
NEW DELHI: The government on Friday approved eight national high-speed road corridor projects of length 936 km entailing investment of Rs 50,655 crore to improve logistics efficiency and connectivity across the country, an official statement said. The implementation of these eight important projects will generate an estimated 4.42 crore...
Government Plans To Increase Deposit Nominees To Four
NEW DELHI: The Union Cabinet on Friday approved at least half-a-dozen amendments to banking laws, including allowing up to four nominees in deposit accounts and introducing a concept of “successive and simultaneous” nominations to reduce hardship to customers, amid rising unclaimed deposits. Currently, banks allow one nominee for savings...
NTPC-NPCI JV To Start Work On Rs 50,000-Crore Rajasthan Nuclear Power Plant This Fiscal
NEW DELHI: In a move to expedite the nuclear power capacity addition, NTPC Ltd and Nuclear Power Corp of India (NPCI) through its joint venture Anushakti Vidhyut Nigam is expecting to invite bids and start construction of its Mahi Banswara nuclear power plant before the end of current fiscal...
SEBI’s Combo Offers For Quick And Easy Fundraise
MUMBAI: The Securities and Exchange Board of India (SEBI) is considering a product that combines rights issues and preferential allotments to expedite fundraising, as it believes this would cut the required time by half. The capital market regulator’s objective is to simplify the fundraising process by eliminating the need...
Resolutions Under Insolvency And Bankruptcy Code Highest In FY24: CRISIL
MUMBAI: Resolutions under India’s Insolvency and Bankruptcy Code (IBC) was the highest in FY24, with 269 cases receiving National Company Law Tribunal (NCLT)’s nod, up 42 per cent compared to FY23 when 189 cases were resolved, a report by CRISIL stated on Friday. Higher resolution was aided by greater...
India A Food Surplus Country; Working To Provide Solutions For Global Food Security: PM Modi
NEW DELHI: Prime Minister Narendra Modi on Saturday said India has become a food surplus country and is working to provide solutions for global food and nutritional security. Addressing a gathering after inaugurating the 32nd International Conference of Agricultural Economists (ICAE), which is being organised in India after 65...
Detailed Project Reports Of Two Hydro Pumped Storage Plants Approved In Record Time: Power Ministry
NEW DELHI: The power ministry on Friday said the Central Electricity Authority (CEA) has approved the detailed project report of two hydro pumped storage plants — 600 MW Upper Indravati in Odisha and 2,000 MW Sharavathy in Karnataka — in record time. To fast-track the concurrence process of hydro...
Tax Dept: Record Over 7.28 Crore Income-Tax Returns Filed
NEW DELHI: Income tax returns (ITRs) touched a new record of over 7.28 crore, 7.5 per cent higher compared to previous fiscal, by the July 31 deadline, the income tax department said on Friday. The total number of ITRs for assessment year 2024-25 filed till July 31, 2024 is...
German Firm Deutsche Aircraft Partners With SASMOS HET
MUMBAI: German aircraft maker Deutsche Aircraft on Friday said it has collaborated with Bengaluru-based SASMOS HET Technologies for its 40-seater turboprop regional aircraft D328eco project. Under this strategic collaboration, SASMOS HET Technologies will provide specialised design and development of Electrical Wiring Interconnection Systems (EWIS) for regional aircraft, marking a...
Essar’s IT Firm Black Box To Raise Rs 410 Crore Via Preferential Issue
NEW DELHI: Conglomerate Essar Group’s IT firm Black Box on Friday said its board has approved plans to raise up to Rs 410 crore through preferential issue. The fundraising plan includes Rs 200 crore from existing promoters of the company, Rs 200 crore from marquee investors, including foreign institutional...
