Business
Sunrise Food Processing Sector Got Rs 50,000 Crore Worth FDI In Last 9 Years: PM
NEW DELHI: India’s sunrise food processing sector has attracted Rs 50,000 crore FDI in the last nine years, Prime Minister Narendra Modi said on Friday, as he stressed on reducing post-harvest losses and food wastage. He also said India’s food processing capacity has witnessed significant growth in the last...
Investors Lap Up 50-Year Bond; Insurers, Pension Funds Line Up To Grab A Share
MUMBAI: The government’s auction of the first 50-year bond evoked a strong demand from investors on Friday as the Reserve Bank of India (RBI) received bids worth Rs 40,200 crore (4x) for these ultra-long bonds, against the notified amount of Rs 10,000 crore. The RBI set a coupon rate...
Insolvency Board Seeks To Expedite Resolution Process
NEW DELHI: In a bid to streamline the Corporate Insolvency Resolution Process (CIRP) and prevent delays in the execution of the resolution plans, the Insolvency and Bankruptcy Board of India (IBBI) has floated a discussion paper and proposed amendments to the existing regulations. The proposed amendments suggest to structure...
Corporate Bond Issuances Slow Down Amid High Interest Rates, Volatility
MUMBAI: Indian Inc raised as much as ₹5.33 trillion during the first seven months of this fiscal through corporate bond issuances, up by 3.2% compared to the same period in FY22. While the fund raised has improved marginally, what is surprising is the sharp slowdown since July. The fund...
Satcom Spectrum Allocation, OTT Rules Set To Be Delayed
NEW DELHI: Two major industry issues which has divided telecom operators and big tech firms — regulation of OTT (over-the-top) communication services and allotment of satellite spectrum – are unlikely to be resolved anytime soon. This is because the Telecom Regulatory Authority of India (Trai) which has to submit...
Zurich Insurance To Pick 51 Per Cent Stake In Kotak Gen Insurance For Rs 4,051 Crore
MUMBAI: Switzerland-based Zurich Insurance Group will acquire a 51 per cent stake in Kotak Mahindra General Insurance Company for about Rs 4,051 crore through a combination of fresh capital infusion and share purchase. This will be the largest investment by a global strategic insurer in an Indian non-life insurance...
ILO Doesn’t Clock In To NRN’s 70-Hour Work Week Model
The International Labour Organisation has said the 70-hour work-week is not mandated under any national law in any country. Instead developed nations are moving towards the ILO’s latest convention that mandates a 40-hour work-week in place of the 48- hour work convention, which was ratified by several countries including...
India, Bangladesh Drive Ties On Rail And Port Power
NEW DELHI: Expanding cross-border linkages in the Bay of Bengal region, Prime Minister Narendra Modi and his Bangladesh counterpart Sheikh Hasina on Wednesday jointly inaugurated three India-assisted development projects in railways, power and port sectors. The three projects, Akhaura-Agartala Cross-Border Rail Link, Khulna-Mongla Port Rail Line, and Unit–II of...
India Pitches For Loss & Damages Fund Ahead Of COP 28
NEW DELHI: Amid intense last-round discussions leading up to climate meet — Conference of Parties (COP) 28 — in the UAE, India is among the countries pitching for opening up loss and damages fund (LDF) for developing nations like itself and not limit it to small island and least...
Manufacturing PMI At Eight-Month Low In October Due To Decline In Demand
NEW DELHI: Heightened cost pressures and a decline in demand in the consumer goods sub-sector saw manufacturing activity fall to an eight-month low in October. During the month, the Purchasing Managers’ Index (PMI) fell for the second consecutive month to 55.5 from 57.5 in September, the latest survey released...
PE/VC Investments Up 60% In September: EY
MUMBAI: Private equity and venture capital (PE/VC) investments rose 60% on a YoY basis in Q32023 and touched $13.6 billion, said consulting and audit firm EY India in its latest PE newsletter. However, they were 5% lower than 2Q2023. The number of deals in 3Q2023 was lower by 18...
India Has Significant Amount Of Dry Capital For Startup Ecosystem: VCs
MUMBAI: India has a substantial amount of dry capital, and companies can still raise funds even during a funding slowdown in the Indian startup ecosystem, said experts at the India Fintech Awards (IFTA) 2023 panel in Mumbai. “There is no funding winter. If you look historically, 2023 as opposed...
Governance Reforms To Ensure Higher Growth For Longer, Say PSB Chiefs
NEW DELHI: Robust credit offtake, favourable macro environment, and governance reforms will continue to power the growth and profitability of public sector banks (PSBs), according to a panel of chiefs at state-run lenders at the Business Standard BFSI Insight Summit in Mumbai on Tuesday. Ashwani Kumar, managing director (MD)...
MCA Enforces Provision For Foreign Listing Of Indian Public Companies
NEW DELHI: In a step towards allowing Indian companies to list on foreign stock exchanges, the ministry of corporate affairs (MCA) on Tuesday brought into force a provision to allow certain public companies to issue a class of securities for listing on foreign bourses. The provision, which comes into...
Core Sector Output Slows To A Four-Month Low Of 8.1% In September
NEW DELHI: The output of eight key infrastructure industries — known as the core sector — slowed to a four-month low of 8.1 per cent in September, on the back of a high base and a slowdown in seven constituent sectors. In September last year, the core sector output...
Group Of Ministers May Oversee Online Gaming Regulation
NEW DELHI: The Centre is likely to set up a group of ministers (GoM) to look into the regulatory framework for the gaming industry and consider other issues impacting the sector. The GoM will likely include home minister Amit Shah, finance minister Nirmala Sitharaman, IT minister Ashwini Vaishnaw and...
Fiscal Deficit Contained At 39 Per Cent Of FY24 Target
NEW DELHI: The Centre’s fiscal deficit in the first half of this fiscal year touched 39.3% of the annual target, up from 37.3% a year before but it remained under control after a spike until July, showed official data released on Tuesday. A tight leash on revenue expenditure over...
Indian Oil Q2 Net Profit Soars To Rs 13,713 Crore, Beats Expectations
NEW DELHI: In the second quarter of FY24 (July-September), the state-run Indian Oil Corporation Ltd (IOCL) saw a remarkable turnaround as its consolidated net profit soared to Rs 13,713 crore, bouncing back from a loss of Rs 910 crore in Q2 FY23. However, on a sequential basis, the net...
