Business
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...
By Around 2030, Indian Rupee Will Be A Global Hard Currency: Sanjeev Sanyal
NEW DELHI: Sanjeev Sanyal, member of the Prime Minister’s Economic Advisory Council, thinks given the strengths of India’s macroeconomic fundamentals, its sovereign rating should be “at least two notches higher” than the current level (lowest investment grade). According to him, by around 2030, Indian rupee will be an international...
Public Sector Banks Assure Government Small Loans Not A Systemic Risk
Amid mounting concerns over delinquencies, public sector lenders have assured the finance ministry that they do not see any systemic risks emanating from small unsecured loans as their overall exposure remains small. The finance ministry had asked state-run banks to review their small loan portfolios and submit a report...
Global VC Investments Drop 5.4% As VCs Remain Cautious: KPMG Report
MUMBAI: Global venture capital (VC) investments dipped 5.4 per cent on a quarter-on-quarter (Q-o-Q) basis from $81.4 billion in the second quarter of calendar year 2023 (Q2CY23) to $77 billion in the third quarter of calendar year 2023 (Q3CY23) as VCs remain cautious before closing deals. The number of...
Domestic Demand To Sustain India Growth In The Near Term, Says Moody’s
NEW DELHI: Strong domestic demand is likely to sustain India’s economy in the near term, said Moody’s on Thursday as it kept the country’s growth forecast for 2023 and 2024 unchanged at 6.7 and 6.1 per cent. “Robust goods and services tax collections, surging auto sales, rising consumer optimism...
Goods Exports Rise For The First Time In Eight Months
NEW DELHI: After a gap of eight months, India’s goods exports rose for the first time in October, driven by pharma and engineering exports. While official numbers are due to be released on November 15, preliminary data accessed by TOI estimated that exports went up by around 3% over...
Amid High Oil Prices, India Puts Onus Of Global Growth On OPEC
NEW DELHI: India on Thursday put the onus of long-term prosperity of the world oil market on OPEC and called upon the grouping of exporting countries to maintain market stability for the benefit of consumers, producers and global economy. At the 6th meeting of the Indian-OPEC Energy Dialogue in...
October CPI Inflation Seen At 5-Month Low Of 4.8 Per Cent
NEW DELHI: India’s Consumer Price Index (CPI) – based inflation likely fell to a five-month low of 4.8% in October from 5.02% in September, primarily due to the statistical effect of a high base and decline in prices of key vegetables, according to an FE poll of 15 economists....
11 Firms Ride The Market Wave To Join Rs 1-Trillion M-Cap Club
MUMBAI: As Indian markets scaled new highs this financial year, the market capitalisation (m-cap) of 11 companies crossed the Rs 1 trillion-mark over the past seven months, joining the club with 46 others. This is a rise of 19% over FY23. These 11 firms include Adani Power, DLF, Hindustan...
