Business
RBI Asks Banks To Adopt Risk-based Approach For KYC
The Reserve Bank on Tuesday tightened the customer due diligence (CDD) norms by asking banks and regulated entities to adopt a risk-based approach for periodic updation of KYC. After a review, the central bank has made amendments to the Master Direction (MD) on Know Your Customer (KYC). Regulated Entities...
India To See ‘Healthy Growth’ In Steel Demand At 8.6% In 2023: Worldsteel
NEW DELHI: The demand for steel in India is expected to register a ‘healthy growth’ of 8.6 per cent against the overall global rise of 1.8 per cent in 2023, worldsteel said on Tuesday. It forecasts that global steel demand will grow 1.8 per cent in 2023 and reach...
Semiconductor, Deep Tech To Be In Focus At The India Mobile Congress
NEW DELHI: The three-day India Mobile Congress (IMC) will showcase the widening convergence of telecom with new domains, such as semiconductors and deep tech, P Ramakrishna, the forum’s chief executive officer, said on Tuesday. With more than 250 global and domestic exhibitors, the seventh edition is expected to draw...
Bulk Drug Imports From China Slow, Shows Data
MUMBAI: There is still some way until India’s dependence on imports of active pharmaceutical ingredients (APIs) and intermediates from China reduces, but the growth rate of imports has come down. While the production-linked incentive (PLI) scheme for bulk drugs (APIs) has boosted local production of some key APIs here,...
Telecom Majors Likely To Plead For Review Of SC Licence Fee Ruling
KOLKATA: India’s top telcos are expected to file a review petition against the Supreme Court’s ruling to treat licence fees as a capital expenditure that could potentially prompt authorities to raise hefty retrospective demands, including penalties on operators for tax payment shortfalls of past periods. Kotak Institutional Equities estimates...
India To Spend Rs 143 Trillion On Infrastructure By 2030
New Delhi: India will spend nearly ₹ 143 lakh crore on infrastructure between fiscals 2024 and 2030, more than twice the ₹ 67 lakh crore spent in the past seven financial years starting 2017, rating agency Crisil said today. Of the total, ₹ 36.6 lakh crore will be green investments, marking a five times rise compared...
CCI Brings Draft Leniency Plus Rules For Cartels, Invites Comments
NEW DELHI: The Competition Commission of India (CCI) has invited stakeholder comments for its Leniency Plus regulations, which incentivise companies already under investigation for one cartel to report other cartels. Under Leniency Plus, a cartelist cooperating with the CCI for leniency can disclose another cartel in an unrelated market...
RBI May Opt To Roll Over $5-Billion Forex Swap
MUMBAI: The Reserve Bank of India (RBI) could consider rolling over a $5-billion foreign exchange swap set to mature next week as the central bank, which has repeatedly flagged inflationary risks stemming from excess funds with banks, prioritises liquidity management over bolstering forex reserves. Some investors believe that a...
India Inc On Long Journey Towards Inclusion
BENGALURU/NEW DELHI: The mood on the ground in Corporate India is clearly towards inclusion, notwithstanding the Supreme Court saying no to same-sex marriages. HR and diversity, equity and inclusion (DEI) heads at leading corporates including Godrej, Lupin, Axis Bank and Publicis Sapient said the SC order will not hamper...
Swiggy Raises Platform Fee to Boost Unit Economics
Swiggy, the food delivery platform, increased its platform fee on food delivery orders from Rs 2 to Rs 3 on October 4. At first, the fare hike was introduced in Hyderabad and Bengaluru and later extended nationwide. Presently, Swiggy imposes a platform fee of Rs 5 but offers a...
Rekha Jhunjhunwala’s Portfolio Registers Record High At Federal Bank
The Federal Bank has released the results of the second quarter of the current financial year. In July-September 2023, the company recorded a net profit increase of 35.6 per cent to Rs 953.82 crore. In the same period, the bank’s net interest Income (NII) increased by 16.7 per cent....
GDP Growth Estimated At 6.3 Per Cent For 2023-24: FICCI Economic Outlook Survey
The Indian economy is projected to grow by 6.3 per cent in FY24 with a minimum and maximum growth estimate of 6.0 per cent and 6.6 per cent respectively, according to the latest Economic Outlook Survey released by the Federation of Indian Chambers of Commerce and Industry (FICCI) on...
SEBI, RBI Investigating Some Alternate Investment Funds: Sources
India‘s markets regulator and its central bank are investigating about a dozen cases of alternate investment funds (AIFs) allegedly being used to circumvent regulations, including “evergreening” of stressed loans, according to three sources with direct knowledge of the matter. The investigations could lead to increased disclosures and greater scrutiny...
Microsoft-owned LinkedIn announces fresh layoff! Nearly 700 get pink slips
LinkedIn, the Microsoft-owned career network company, announced new round of layoffs on Monday. Nearly 700 people have been handed over the pink slips as part of company’s new policy. The layoffs will impact finance, product, engineering and talent teams. Around three per cent of the total workforce will be...
Wholesale inflation remained in deflation zone for the sixth successive month in September
Producers’ inflation rate based on the Wholesale Price Index (WPI) remained in the negative zone for the sixth successive month at (-) 0.26 per cent in September, government data released on Monday showed. However, sequential data showed that deflation has come down. WPI inflation was (-) 0.52 per cent...
Food Inflation May Remain Elevated, Seen Above 6% In H2
NEW DELHI: A sharp decline in tomato prices may have caused the headline CPI (Consumer Price Index) inflation to plunge to 5.02% in September from 6.83% in August, but risks to food prices still persist, and experts see retail-food inflation staying above the 6%-mark in the second half of...
Muted Revenue Growth, Higher Profitability For RIL In Quarter Ending September
MUMBAI: For Mukesh Ambani’s Reliance Industries (RIL), analysts estimate higher profit growth for the July-September quarter (second quarter, or Q2) of 2023-24 (FY24), while revenue growth is expected to remain subdued. Key monitorables include guidance on new energy capital expenditure, retail expansion, and telecommunication (telecom) tariffs. In a Bloomberg...
HSBC Set For Debut In India Land Financing
MUMBAI: Global banking major HSBC is looking to get into funding real estate development in India through the FPI route. It might also enter the private debt space in other sectors as well, sources said. “They are big in Asia in real estate private debt. They want to explore...
