Business
Alternative Investment Funds Seek Clarity From SEBI On New Valuation Norms To Address Gaps
MUMBAI: Alternative Investment Funds (AIFs) are awaiting clarity from the markets regulator, the Securities and Exchange Board of India (Sebi), on the valuation mandate to address gaps in audit timelines, operational challenges, and issues in benchmarking. Last week, Indian Private Equity and Venture Capital Association (IVCA) — the industry...
New Investment Demand Likely To Taper In Second Half Of FY24: ICRA
NEW DELHI: New investment demand in the second half of this fiscal year is likely to be tempered amid increased geopolitical tensions in the Middle East, and a potential slowdown in the momentum of government capital expenditure (capex) and project execution prior to the general elections, said credit rating...
CPSE Dividends To Centre To Exceed Budget Estimate By Rs 20,000-Crore In FY24
NEW DELHI: The Centre’s dividend receipts from the Central Public Sector Enterprises (CPSEs) will likely exceed the budget estimate (BE) of Rs 43,000 crore for 2023-24 by close to Rs 20,000 crore, bridging partly the likely shortfall in disinvestment receipts. So far in the current financial year, around Rs...
HPCL Lays Out Rs 75,000-Crore Capex Plan For Five Years
NEW DELHI: State-owned Hindustan Petroleum Corporation Ltd (HPCL) plans to spend Rs 75,000 crore in expansion and diversification in the next five years with an annual expenditure of around Rs 14,000-15,000 crore, the company said on Tuesday. “Around 25-30% of the capex will be for the renewable or gas-based...
CEA Advocates For EVs As Energy Storage In National Grid Support
NEW DELHI: The Central Electricity Authority (CEA) has outlined a strategy to boost the use of electric vehicles (EVs) in energy grid support, which could significantly enhance the sustainability of the country’s power system. Smart charging and vehicle-to-grid (V2G) services are crucial to manage the large-scale integration of renewable...
National Coal Index Climbs For First Time Since April Amid Global Price Shifts
NEW DELHI: The National Coal Index (NCI) has registered an increase of 3.83 points to 143.91 for the month of September 2023, the coal ministry said in a statement on Tuesday. This marks the first rise in the index since April 2023, with a notable influence from the short-term...
India Should Explore Trade Barriers As Safeguards Against Rising Steel Imports: Dilip Oommen, AMNS India, CEO
NEW DELHI: India should start putting trade barriers as a safeguard against rising steel imports, Dilip Oommen, CEO, ArcelorMittal Nippon Steel India, and President of the Indian Steel Association, said on Tuesday. According to Oommen, India happens to be in the “spotlight” as far as “economy and steel consumption”...
Govt Looking Into Dumping Issue Of Certain Steel Products: Steel Secretary
The government is looking into issues surrounding dumping of certain categories of steel products into the Indian market, Steel Secretary Nagendra Nath Sinha said on Tuesday. The statement comes amid the industry raising concerns over the rise in steel imports. In October India remained the net importer of steel....
India Looks To Fast-Track Tesla Approvals By January 2024
NEW DELHI: India is pulling out all the stops to get Elon Musk’s Tesla to the country with government departments working to provide all the required approvals by January 2024. The Prime Minister’s Office Monday held a meeting with top officials to take stock of the next phase of...
MCA Calls For Regular General Meetings Of Companies
NEW DELHI: Amid a record incorporation of companies, the ministry of corporate affairs (MCA) has called for regular general meetings, stating that they offer shareholders a platform to question the management’s decisions and the shareholders’ participation minimises corporate frauds and financial risks. In an internal communication, the ministry said:...
Fitch Upgrades India’s Medium-Term GDP Growth Projection To 6.2%
NEW DELHI: The Indian economy has the potential to clock 6.2 per cent annual average growth rate in the medium term during the 2019-27 period, credit rating agency Fitch ratings said in its latest Global Economic Outlook report on Monday. The agency raised the projection by 0.7 percentage points...
Q2 GDP Seen To Beat RBI Estimate, May Come In Close To 7%
NEW DELHI: India’s GDP growth in real terms in the second quarter of FY24 may have been significantly higher than 6.5% projected by the Reserve Bank of India (RBI), according to a few economists who FE spoke to, in this regard. While most have revised their estimates upwards, the...
Unique Customer ID For Mobile Phone Subscribers Soon
NEW DELHI: Mobile subscribers will soon be allotted a unique customer ID by the government, which will act as their one-stop identification point for everything related to their primary as well as add-on phone connections. The move, being finalised by the department of telecommunications is to protect users from...
HPCL Q2 Net At Rs 5,827 Crore On Strong Marketing Margins
State-owned Hindustan Petroleum Corporation Ltd reported a consolidated net profit of Rs 5,826.96 crore in the quarter ended September, against a loss of Rs 2,475.69 crore in the same quarter last financial year. Improved marketing margins on the back of discounted Russian Urals and inventory gains even as the...
12 GW Thermal Power By Next Year To Meet High Demand, Says R K Singh
NEW DELHI: Amid record high power demand this year, the Union power ministry has initiated discussions with state governments to augment their power generation capacities, both conventional and renewable energy. Union Minister for Power, New and Renewable Energy R K Singh said close to 12 gigawatt (Gw) of new...
SAIL Eyes $150-200 Million Investments To Ramp Up Capacities At Mozambique Mines
NEW DELHI: Steel Authority of India Ltd (SAIL) along with its other partners in International Coal Ventures Ltd (ICVL) is eyeing an investment of $150–200 million as a capacity ramp-up is planned across coal mines in Mozambique, Africa. The move is also aimed at de-risking coking coal supplies from...
India To Remain Export Market For Coking Coal; Rising Prices Remain A Concern: Industry Body ISA
According to steel industry body, ISA, India will continue to be the top export destination for coking coal in the foreseeable future. The local steel industry is being impacted by rising prices, and the Indian steel sector is looking for sustainable ways to use coking coal. India is the...
Navy’s Under-Construction Warship Surat’s Crest Unveiled
NEW DELHI: The crest of ‘Surat’, the under-construction guided missile destroyer of Navy named for the first time after a Gujarat city, showcases one of the first lighthouse built in 1836 at Hazira standing tall over a Asiatic lion standing near to a wavy sea, with insignias symbolising “the...
