Business
Rupee Falls 3 Paise To Close At All-Time Low Of 83.66 Against US Dollar
MUMBAI: The rupee consolidated in a narrow range and depreciated 3 paise to close at its all-time low of 83.66 (provisional) against the US dollar on Friday, weighed down by strong American currency and muted trend in domestic equities. Forex traders said weak domestic markets and elevated oil prices...
Prudent To Stay The Course On 4% CPI Target: RBI Paper
NEW DELHI: Even as the second quarter of FY25 has begun with signs of quickening momentum in the economy, it is prudent to eschew the temptation of time inconsistency (placing more value on the present than on the future) and stay the course on the straight and narrow path...
Infosys Tops Profit Estimates, Lifts FY25 Revenue Forecast
MUMBAI: Infosys, India’s second-largest software exporter by revenue, surprised the Street by raising its revenue guidance for 2024-25 (FY25) upwards — to 3 per cent-4 per cent in constant currency terms. The Street was expecting the company to maintain its revenue guidance at 1 per cent-3 per cent. This...
Fiscal Headroom Should Be Used To Spend On Social Sector, Says FICCI
NEW DELHI: The government should use the fiscal headroom, achieved due to the Reserve Bank of India (RBI) dividend of Rs 2.11 trillion, to increase the spend on social sector schemes to support the rural economy, the Economic Outlook Survey released by the Federation of Indian Chambers of Commerce...
IDBI Bank Stake Sale: RBI Vetting Process In Last Leg, Report By Month-End
NEW DELHI: The Centre is expecting the Reserve Bank of India’s (RBI’s) ‘fit and proper’ report on the potential bidders of the IDBI Bank by the end of this month, official sources said. The central bank is in the final leg of concluding its vetting process, which would help...
NITI Aayog Prescribes Policy Push, Sops For Electronics Growth
NEW DELHI: The NITI Aayog has proposed fiscal, financial, regulatory and infrastructure interventions to help scale up local production of electronics, including mobile phones, while stressing on the need to diversify into emerging areas such as wearables, IoT devices and automotive electronics. In a report titled ‘Electronics: Powering India’s...
DoT Will Be Creating Performance Monitoring Units For BSNL: Scindia
NEW DELHI: The Department of Telecommunications (DoT) is in the process of forming a performance monitoring unit (PMU) for state-run telco BSNL and its efforts to roll out 4G, Telecom Minister Jyotiraditya Scindia said on Thursday. “Along with Tejas, BSNL, TCS, and C-DOT, and all our players together, we...
NHAI To Charge Double Toll From Vehicles With Non-Affixed FASTag On Front
NEW DELHI: To deter National Highway users from deliberately not fixing FASTag on the windscreen of the vehicle, NHAI has issued guidelines to collect double user fee from such users entering the toll lane with non-affixed FASTag on the front windshield from the inside, an official release said on...
Tata Power, NHPC Arms Tie Up For Solar Projects
MUMBAI: Tata Power Renewable Energy, the renewable energy arm of Tata Power, on Thursday said that it has signed a memorandum of understanding (MoU) with NHPC Renewable Energy (NHPC REL) to lead the installation of rooftop solar projects across government buildings of central ministries, states and Union territories. This...
LNG Imports Up 11% In June On Higher Demand From Gas-Based Power Units
NEW DELHI: India’s import of Liquified Natural Gas in June rose by 11% to 2,648 mmscm (million standard cubic meter) as the country’s consumption of gas increased by 7% primarily due to the rising demand for power and increased utilisation of gas based power capacities, data from the Petroleum...
Nepal, India, Bangladesh To Sign Tripartite Power Trading Deal On July 28
KATHMANDU: Nepal will sign a tripartite power trading deal next week to export 40 MW of electricity to Bangladesh via India, a senior official said on Thursday. This will be the first time in history that the Himalayan nation will sell electricity to a third country other than India....
Selection Of PSUs For Listing In The Works To Unlock Value
NEW DELHI: The government has initiated a process to identify state-run companies that can be listed, as it seeks to unlock their potential value after increasing investor appetite for scrips of its listed firms drove up their market valuations to fresh highs, said people aware of the development. National...
Strong Fiscal Position Likely To Enhance India’s Growth, Says ADB
NEW DELHI: India’s stronger-than-expected fiscal position could provide a further boost to its growth, the Asian Development Bank (ADB) said on Wednesday while keeping the Gross Domestic Product (GDP) growth projection for the current financial year (FY25) unchanged at 7 per cent. The Manila-based bank, however, said in its...
DVC To Be Corporatised, Divided Into Three Entities Keeping Ownership Intact
KOLKATA: The Damodar Valley Corporation (DVC), the first multipurpose river valley project of independent India, will be corporatised, unbundling into at least three entities for transmission, generation, and distribution to achieve greater efficiency, an official said on Wednesday. Praising the corporation, Union Power Minister Manohar Lal asked it to...
FPI Inflows In Fully Accessible Route Bonds Cross $1-Billion Mark
MUMBAI: Investment by foreign portfolio investors (FPIs) in fully accessible route (FAR) bonds has crossed the $1-billion (Rs 8,740 crore) mark in just 19 days after government securities were included in the JPMorgan global bond index on June 28. Overseas investors have poured over $1.05 billion into index-eligible bonds...
Exposure To India’s Infrastructure Sector Helps LIC, SBI Outshine Peers
MUMBAI: Shares of state-owned behemoth Life Insurance Corporation (LIC) have outperformed rivals like HDFC Life and ICICI Prudential Life as it placed bets on India’s growth sectors, including infrastructure, while the private sector concentrated bet on tech, consumer and consumer-related BFSI companies. LIC’s stock has gained nearly 79 per...
Cabinet To Soon Decide On IPEF’s Clean, Fair Economy Agreements
NEW DELHI: The Union Cabinet will soon take a decision on the commerce ministry’s proposal to seek approval for signing of 14-member IPEF (Indo-Pacific Economic Framework for Prosperity) bloc’s agreements on clean and fair economy, an official said. Last month in Singapore, 13 IPEF bloc members signed these agreements,...
SEBI’s Proposal On New Asset Class For High Risk Takers Looks Promising: Experts
NEW DELHI: Capital markets regulator Sebi’s proposal for introducing a new asset class for high-risk profile investors can help them gain access to a newer set of strategies including long-short equity fund and inverse Exchange-traded Fund (ETF). The new asset class is aimed at bridging the gap between mutual...
