MUMBAI: The positive outlook on the power and banking sectors leading to the recent rally in the benchmark indices is expected to sustain with substantial stimulus in the Budget to boost manufacturing activity in the country. The BSE Bankex rallied 8 per cent to 60,444 on Thursday against 55,998...
The Steel Executives Federation of India (SEFI) has urged the steel ministry to merge state-run Rashtriya Ispat Nigam Limited (RINL), Ferro Scrap Nigam Limited (FSNL) and Nagarnar steel plant with the Steel Authority of India Limited (SAIL), bringing together the expertise of each of these firms to form a...
BENGALURU: Despite the unsettled global geo-political climate, Hindustan Aeronautics Limited (HAL) grew 11 per cent during the year-ending March 31, 2024, recording its highest ever turnover of Rs 29,810 crores. “As on March 31, 2024, the company’s order book stands in excess of Rs 94,000 crores with additional major...
MUMBAI: The Reserve Bank of India (RBI) has proposed rationalisation of norms governing export and import transactions to promote ease of doing business and empower banks to deliver quicker and more efficient services to foreign exchange customers. According to draft norms, every exporter should furnish a declaration specifying the...
NEW DELHI: India needs to assign a specific priority sector tag for women-led rural enterprises for easier access to credit, according to a study by the World Bank. The study notes that the proposed initiative will promote women-owned growth-oriented enterprises to boost female labour force participation (FLFP). “While micro-enterprise...
MUMBAI/NEW DELHI: The Securities and Exchange Board of India (Sebi) has issued showcause notices (SCNs) to American short-seller Hindenburg Research, US-based hedge fund manager Mark Kingdon, and four others, accusing them of colluding to use non-public information to build short positions against the Adani group. According to the SCN,...
NEW DELHI: India’s peak demand for power is expected to touch 260 gigawatt (GW) during September or October, power secretary Pankaj Agarwal said on Tuesday, in what implies an unprecedented 20% surge in such demand in just two years. The secretary indicated the steep hike in demand might require...
NEW DELHI: The easing growth in gross Goods and Services Tax (GST) collections in the current financial year largely depicts that India’s economy has now transitioned into a “stabilised phase” from a “recovery phase”, meaning sub-10% growth may continue in the near-term going forward, say experts. Stabilisation phase signifies...
The coal ministry on Tuesday said it held a stakeholders’ consultation on draft Mining Plan Guidelines for Coal and Lignite Blocks, 2024, which proposes optimum extraction of mineral resources while ensuring sustainable resource management. The key elements of the draft norms include the mandatory inclusion of restoration, remediation, and...
ArcelorMittal’s South African division has decided against shutting its steel plant in the KwaZulu-Natal province and is working on a plan to make it viable, it said on Tuesday, more than six months after announcing its closure. The company’s Johannesburg-listed shares fell 12.1% by 1004 GMT after a trading...
CHENNAI: Tamil Nadu has signed three Memorandum of Understanding (MoUs) with the Ministry of Defence (MoD) to establish the country’s first three Defence Testing Centres under the Defence Testing Infrastructure Scheme (DTIS) in the State. The fourth testing centre is also under the final stages of MoUs signing and...
NEW DELHI: The commerce ministry is developing a platform for registering non-tariff barriers (NTBs) faced by exporters and taking up with the concerned countries for their resolution, a senior official said. At present, there is an information gap on these barriers particularly for small items. “We are making a...
MUMBAI: Equity benchmark indices started the trade on an optimistic note on Wednesday, with the Sensex breaching the historic 80,000-mark for the first time ever and the Nifty hitting its fresh lifetime high, amid heavy buying in bank stocks and firm global market trends. The 30-share BSE Sensex jumped...
NEW DELHI: The gross goods and services tax (GST) collection for June 2024 stood at Rs 1.74 trillion, marking 7.7 per cent year-on-year (Y-o-Y) growth, an official source disclosed to Business Standard. This Y-o-Y growth is notably less than the 12.4 per cent and 10 per cent increases recorded...
NEW DELHI: Growth in the Indian manufacturing sector recovered some of the ground lost in May, as the headline Purchasing Managers Index (PMI) figure released by HSBC on Monday rose to 58.3 from 57.5 in May. The recovery in the sector was based on the back of buoyant demand...
NEW DELHI: Updated new base years for national accounts and other macro-indicators are expected to come into effect from January-February 2026, coinciding with the first and second advance estimates of national income for FY26, senior official sources aware of the development told Business Standard. “The statistics ministry set up...
NEW DELHI: India’s crude oil imports from Russia zoomed to a 13-month high in June even as the discounts on Russian crude have narrowed, according to an analysis of data provided by intelligence firm Vortexa. The significant increase in Russia’s share in India’s oil imports can also be attributed...
NEW DELHI: The government has allowed global tenders to be floated for procurement of 354 medical devices after the health ministry raised concerns over the lack of domestic options, a move that could ease access to state-of-the-art medical devices which are not available in the country, said people familiar...