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The crude oil market share of the Organization of Petroleum Exporting Countries (OPEC) has been declining since the cartel came out with its Declaration of Cooperation (DoC). The share is under increasing threat from non-OPEC+ countries, analysts say. According to research agency BMI, a unit of Fitch Solutions, propping...
The Insurance Regulatory and Development Authority of India (IRDAI) has released a consolidated regulation on Expenses of Management (EoM), including commissions, based on the Regulation Review Committee’s (RRC’s) suggestions. In November 2023, IRDAI had released an exposure draft on the EoM, including commission for both life and non-life insurance...
MUMBAI: In a relief to foreign portfolio investors (FPIs) with disproportionately high exposure to a single corporate group, the Securities and Exchange Board of India (Sebi) has decided to give them more time to comply with the new disclosure norms on beneficial owners or liquidate holdings, sources close to...
NEW DELHI: Industry bodies have sought continued thrust on capital expenditure (capex) in their proposals to the Finance Ministry for the upcoming interim budget to be presented by Finance Minister Nirmala Sitharaman on February 1. The Confederation of Indian Industry (CII) has asked for an increase in capex by...
NEW DELHI: With the growing activities of international pirates off the Gulf of Aden driving up the costs of freight and shipping, the government has moved to build more armed vessels to keep open the international shipping lanes that carry much of the world’s trade through this war-torn region....
MUMBAI: Deficit liquidity in the banking system surged to an all-time high this week, topping the ₹3 lakh crore mark, as tax outflows, currency leakages and a slow pace of government spending led to a cash crunch with lenders, pushing up borrowing costs across the economy. As of January...
NEW DELHI: The National Financial Reporting Authority (NFRA) is going to inspect the Big Four audit firms as well as other top auditors of large listed entities in 2024, an official familiar with the development told FE. “We shall inspect the Big four audit firms again this year in...
NEW DELHI: The Centre on Wednesday announced re-bidding for the 10 Gigawatt hour (Gwh) tranche of the total 20 GWh capacity under the production-linked incentive (PLI) scheme for the advanced chemistry cell (ACC) battery storage. A budgetary outlay of Rs 3,620 crore has been earmarked as the incentive against...
NEW DELHI: The Union Cabinet on Wednesday approved Rs 8,500 crore financial incentive scheme for coal gasification projects. In the first category, Rs 4,050 crore has been provisioned for public sector utilities (PSUs) in which up to three projects will be supported by providing a lump sum grant of...
NEW DELHI: Indian Oil Corporation (IOC) on Wednesday reported a massive jump in its third quarter net profit as compared to the year-ago period when it was financially struggling as input raw material crude oil prices spiked but retail finished product prices remained on freeze. Standalone net profit of...
NEW DELHI: India will not agree to an “asymmetrical” agreement on reducing fisheries subsidies that contribute to overfishing and will insist on specific carveouts to protect its resource poor fishers and preserve the space to develop its capacities at the WTO, officials have said. “In India, the livelihood of...
Ratings agency ICRA has revised upwards its projection of bank credit growth in FY24 to 14.9-15.3 per cent, estimated at an incremental growth of ₹20.4-20.9 lakh crore, from the earlier projection of 12.8-13 per cent equating to a growth of ₹17.5-17.8 lakh crore. “This will be the highest ever...
NEW DELHI: The government may go slow on sale of any extra stake in Life Insurance Corporation (LIC) and wait for investors who participated in the state-run insurer’s initial public offer (IPO) to book a decent capital appreciation. It feels that an appropriately timed follow-on offer is crucial for...
NEW DELHI: The Centre’ capital expenditure growth may slow down to 12% in FY25 from 37.4% pegged in Budget for FY24, India Ratings and Research (Ind-Ra) said in a report. This is mainly due to the pickup in private capex in few sectors, the forthcoming elections in April and...
NEW DELHI: The share of direct taxes in gross domestic product (GDP) rose to a 15-year high of 6.11 per cent during 2022-23 (FY23), but their buoyancy fell to 1.18 from 2.52 in the previous year, according to official data released on Tuesday. This means that while the tax-to-GDP...
NEW DELHI: The department of telecommunications (DoT) has sharply lowered the spectrum auction revenue target for FY24 to a modest ₹500 crore from ₹5,000 crore estimated earlier, officials aware of the details told ET. The department, though, still expects to generate ₹85,000 crore in revenue receipts this fiscal, the...
MUMBAI: India pipped Hong Kong to become the fourth-largest equity market in the world based on Monday’s market capitalisation driven by consistent selling pressure on Chinese stocks as earnings prospects eroded. India’s total market capitalisation rose to $4.33 trillion after a gain of more than $130 billion so far...
NEW DELHI: The government may make the National Pension System (NPS) more attractive by extending tax concessions on contributions and withdrawals especially for senior citizens above 75 years. Pension fund regulator PFRDA has sought “parity” with Employees’ Provident Fund Office (EPFO) on the taxation front for contributions by employers...