Business
No Relaxation In Borrowing Limits For Kerala, Other States: Finance Minister
Finance Minister Nirmala Sitharaman on Monday ruled out any relaxation to the existing terms for the borrowing capacity of state governments, including Kerala for 2023-24. Kerala has requested the Centre to allow an additional borrowing equivalent to 1% of Gross State Domestic Product (GSDP) over and above the borrowing...
LNG Consumption, Imports Seen Rising As Prices Ease
India’s consumption of Liquefied Natural Gas (LNG) is expected to rise further in the coming months on the back of growing demand from the fertiliser and power industries, analysts say. Anticipated lower spot LNG prices will further add to this growth. “Our current forecast for December, January, and February...
Proposed Auditing Standards For LLPs: CA Institute Seeks Public Comments By January 6
After taking steps towards framing accounting standards for Limited Liability Partnerships (LLPs), the CA Institute has now released an exposure draft for the proposed auditing standards on LLPs. The CA Institute’s Auditing and Assurance Standards Board (AASB), which has issued the exposure draft, has invited public comments by January...
Adani Green Raises $1.36 Billion In Construction Finance From 8 Global Banks
MUMBAI: Adani Green Energy has raised $1.36 billion from eight international banks as construction facility, taking its total funding pool to $3 billion since the initial project financing started in March 2021. The company said the funds raised would be used in developing the 17GW renewable energy park at...
MCap Of Nine Of Top-10 Most Valued Firms Up Rs 1.30 Lakh Crore; Airtel, TCS Biggest Gainers
NEW DELHI: The combined market valuation of nine of the top-10 most valued firms climbed Rs 1,30,391.96 crore last week, with Bharti Airtel and Tata Consultancy Services (TCS) emerging as the biggest gainers, amid an overall optimistic trend in equities. Last week, the BSE benchmark jumped 1,511.15 points or...
Government Receives Rs 1 Lakh Crore Foreign Direct Investment Proposals
NEW DELHI: The Government has received foreign direct investment (FDI) proposals worth about Rs one lakh crore since April 2020 from countries sharing land border with India and half of those applications have been cleared so far, a top official said. The remaining are either pending or withdrawn or...
Coal India To Ramp Up Coal Transport Capacity With New Railway Lines By 2025
New Delhi: State-owned Coal India Limited (CIL) is set to boost its coal transportation network by completing several railway projects by 2025, aiming to increase its coal evacuation capacity in response to the country’s energy demand. Among the projects, the Tori-Shivpur New BG Double line, running 43.70 km, has...
COP28 Climate Summit 2023: Exxon, Aramco Lead Emissions Cut Pledge
Exxon Mobil Corp. and Saudi Arabia’s Aramco, the world’s largest private and state-sector oil companies, led a pledge by 50 oil and gas producers at the COP28 climate summit to cut emissions from their own operations. The deal is controversial given none of the companies are agreeing to reduce...
Indian Oil Corporation Raises Panipat Refinery Expansion Cost 10%, Pushes Deadline By A Year
NEW DELHI: Indian Oil Corporation (IOC), the nation’s top oil firm, has revised the estimates of cost of expanding the Panipat refinery in Haryana by 10 per cent to Rs 36,225 crore and pushed back completion deadline by more than a year to December 2025. IOC is expanding its...
India Inc Making Workplace More Inclusive For Persons With Disabilities
NEW DELHI: As the world celebrated International Day of Persons with Disabilities (PwD) on December 3, corporate India has kept up with efforts to make workplaces more inclusive and accessible. Organisations across sectors are taking initiatives such as equipping offices with practical work tools like Braille-friendly and voice-enabled lifts...
Inter-Mandi eNAM Trade Up 188 Per Cent In April-November On Low Base
NEW DELHI: More than seven years after the launch of pan-India digital wholesale agri-marketing platform or electronic National Agriculture Market (e-NAM), purchase from farmgate trade has finally taken off across several states. Farmers are selling commodities on the platform without physically transporting it to the mandis. Using farm-gate module,...
Gross Direct Tax May Surpass Budget By Over Rs 1 Trillion
NEW DELHI: Direct tax receipts will likely show a robust performance for the third year in a row post-pandemic, giving enough space to the Centre to keep the fiscal deficit within the targeted limit. This is despite additional spending expected on food, fertiliser and job guarantee programmes, and a...
FDI Interest From China Strong Despite 2020 Fiat
NEW DELHI: The greater scrutiny of proposals from countries sharing land borders with India particularly China since 2020 has not impacted the interest of investors. Applications seeking approval for over Rs 1 trillion investments have been filed since these curbs were imposed, and almost half of them got approved,...
RBI Likely To Stay With Interest Rate Pause
MUMBAI: The RBI is expected to announce a continuation of its pause on interest rates after the bi-monthly review meeting of the monetary policy committee (MPC) scheduled for December 8. Analysts predict a fifth consecutive pause by the MPC because of stronger-than-expected economic growth numbers. RBI will likely maintain...
India’s GDP Expands 7.6 Per Cent In Q2; Manufacturing, Construction Lead The Charge
NEW DELHI: India’s gross domestic product (GDP) grew at 7.6 per cent in the September quarter of 2023-24, outperforming expectations by a wide margin as manufacturing and construction activities expanded by double digits. These figures signalled that economic recovery was well underway in Asia’s third-largest economy, despite the current...
Core Growth Surges 12.1% In October, Govt Capex Push Plays Key Role
NEW DELHI: India’s core sector output, that measures production by eight industries, grew 12.1 per cent in October compared to the same time last year, the government said on Thursday. A low base effect and double-digit growth in four industries – electricity, coal, steel, and cement – drove up...
State Capex Has Strong Impact On Quality Of Life, Income Generation: India Ratings
NEW DELHI: Despite the fiscal challenges faced by state governments, they will continue to play an important role in boosting the capex and in turn the economic growth of the country, India Ratings said in a report. This could be gauged from the fact that during FY11-FY18 (BE), nearly...
Banks’ Non-Food Credit Grows 20% In October
MUMBAI: Banks’ non-food credit grew nearly 20% year-on-year (YoY) in October, compared with an 18.3% growth during the same period last year, Reserve Bank of India (RBI)’s sectoral credit deployment data showed on Thursday. Excluding the impact of the HDFC merger, banks’ non-food credit grew 15.3%. In absolute terms,...
