Business
Centre To Begin Auction Of 20 Critical Minerals Soon
NEW DELHI: The government will invite bids for 20 critical mineral blocks, including lithium and graphite mines, in next two weeks, a top official said on Tuesday. This will mark the first attempt to transfer these under-utilised assets to the private sector, after Parliament in early August empowered the...
Banks, TPAPs To Deactivate UPI IDs Of Inactive Customers
MUMBAI: Individuals who have not done any transactions on their UPI IDs and numbers for over a year will not be able to receive funds from January. The National Payments Corporation of India (NPCI) has asked banks, payment service providers and Third Party Application Providers (TPAPs) such as PhonePe,...
Govt Looks To Offload 5-10 Per Cent In Some Public Sector Banks
NEW DELHI: The government is considering the divestment of 5-10% stake in public sector lenders in which it currently holds over 80% equity. A detailed roadmap is expected to be firmed up soon, said people with knowledge of the matter. Government ownership exceeds 80% in six state-run banks –...
Retail Inflation Falls Again In October, Hits 5-Month Low Of 4.87 Per Cent
NEW DELHI: India’s consumer price index (CPI)-based retail inflation rate declined for the second consecutive month to a five-month low in October, providing relief to the government on the macroeconomic front as the long festival season is underway. Data released by the National Statistical Office on Monday showed that...
IT Services Companies Chase Large Deals For Higher Revenue, Faster Growth
BENGALURU: Top Indian information-technology (IT) services companies are betting on large and mega deals, which enable them to sharpen their focus on clients, leading to higher revenue, faster growth, and more cost savings in the long term. Typically, IT companies consider deals at or above $100 million as large...
Small Finance Banks Thinking Big Likely To Switch On The M&A Mode
More small finance banks, that began operations less than a decade ago, may explore mergers either with competitors, non-bank lenders or financial technology companies as they look to achieve economies of scale faster and diversify their product bouquet. AU Small Finance Bank’s move to acquire Fincare Small Finance Bank...
Trade Ministers Ready Deal To Lower China Dependence
NEW DELHI: Trade ministers from 14 countries are set to announce a deal on two more pillars – clean energy & infrastructure and tax & anti-corruption – while signing of an agreement on resilient chain under the Indo-Pacific Economic Framework (IPEF) later this week as they seek to forge...
Steel Ministry Reviews PLI 1.0 Scheme Progress, Eyes Market Entry For Coated Products
NEW DELHI: The Steel Ministry has initiated a review of the PLI 1.0 scheme for the sector. Initial findings indicated that a third of the proposed investments cleared, that is, ₹10,000 crore out of ₹30,000 crore has materialised, and amongst the categories cleared for “some of the coated steel...
ONGC To Start Oil Production From USD 5 Billion Deep-Water Project This Month
State-controlled Oil and Natural Gas Corporation (ONGC) will kick off oil production from its much-delayed flagship deepsea project in Krishna Godavari basin in Bay of Bengal this month, helping reverse years of decline in output, a senior company official said. “We plan to start producing from the Cluster-2 project...
CII Unveils Vision 2047 For Fast-Growing Poultry Industry
NEW DELHI: India’s $30 billion poultry industry need policy support in the form of allowing import of genetically modified (GM) maize and steps to boost production of key feeds, including soya bean, a recent report said. The sector, which is already growing at a healthy rate of 8% annually...
American Towers Set To Sell Loss-Making India Ops For $2.2 Billion
MUMBAI: US-based telecom tower major American Towers Corporation (ATC) is close to selling its loss-making India operations at an enterprise valuation of up to $2.2 billion by December-end. I Squared Capital, the US-based infrastructure private equity firm, is leading the race to buy the telecom tower company, which has...
Digital India Bill May Have Provisions Against Bundling, Tying Of Services
NEW DELHI: The upcoming Digital India Bill is likely to have provisions for penalties against anti-competitive practices in digital space, and commercial arrangements such as tying and bundling of services by online intermediaries may be prohibited, sources said. With a chapter on Open Internet, the new Bill would aim...
FPIs Selling Spree Continues; Pull Out Rs 5,800 Crore From Equities In November
NEW DELHI: Foreign Portfolio Investors (FPIs) selling spree continued as they dumped Indian equity worth over Rs 5,800 crore this month so far on rising interest rates and geopolitical tensions in the Middle East. This came after such investors withdrew Rs 24,548 crore in October and Rs 14,767 crore...
Big Investors Continue To Accumulate Wealth
MUMBAI: A majority of big investors in the stock market continued to increase their wealth and beat the benchmark indices successfully in the past year. An analysis of the portfolios of eight top investors revealed that the value has increased in the range of 15% to 101% for seven...
Industrial Growth Slows To 3-Month Low In September
NEW DELHI: India’s industrial growth dropped more than expected in September to 5.8% from a 14-month high of 10.3% in the preceding month, hit by an unfavorable base effect magnified by a shift in the festival calendar. Excess rainfall in September also disrupted output, impacting growth. Economists expect the...
I&B Ministry Proposes To Bring OTT, Digital News Under New Legislation
NEW DELHI: The information and broadcasting ministry has solicited public comments on the Broadcasting Services (Regulation) Bill, 2023, which, once enacted, will replace the three-decade-old Cable Television Networks (Regulation) Act of 1995 (CTN Act). ET first reported on the ministry’s plans to introduce the bill. The bill, which is...
Consumption, Infrastructure Could Light Up Samvat 2080: Experts
MUMBAI: After a decent show in Samvat 2079, which saw investor wealth surge by Rs 46 trillion, stock market experts are upbeat about the upcoming Samvat 2080. They believe that despite the volatile global landscape owing to ‘higher for longer’ rates, high bond yields, geopolitical conflicts and elevated oil...
RINL Sale: Bidders May Have To Pledge To Expand Unit; Some Land Parcels May Be Kept Out Of Deal
NEW DELHI: The Centre is drawing up a plan for the privatisation of Rashtriya Ispat Nigam Ltd (RINL), also known as Vizag Steel, under which the prospective buyer/s would have to commit to expand its 7 million tonne (MT) plant, an official source said. The capacity scope for the...
