NEW DELHI: The Centre may sell up to 10% stake in state-run General Insurance Corporation (GIC Re) in the current financial year, a senior official told FE. “GIC Re received a very good response in the roadshows held recently to apprise potential investors of the company’s unique position in...
MUMBAI: A month after raising over Rs 9,000 crore from TCS stake sale, Tata Sons has approached RBI seeking an exemption from a mandatory IPO. The holding company of the $150-billion salt-to-software Tata Group has informed RBI, in the fresh proposal, that it has reduced its debt significantly. Tata...
NEW DELHI: India’s exports of agricultural and processed food products fell marginally – 0.55% on year – to $ 24.02 billion during 2023-24, primarily because rice shipments plunged amid restrictions. However, in an year when overall goods exports of the country declined 3.1% on year, shipment of meat &...
NEW DELHI: Twenty energy companies have joined hands to form an alliance to create an open energy network, on lines of the united payment interface (UPI), to facilitate seamless payment and transaction interoperability within electric vehicle (EV) charging networks. The alliance—Unified Energy Interface (UEI)—includes member companies such as ChargeZone,...
NEW DELHI: India’s power transmission capex requirement will be over $500 billion by FY50, 30% of the overall energy transition capital outlay, Goldman Sachs estimates. “Power transmission is key to India’s energy transition and global new energy cost leadership ambitions. India’s large, highly integrated grid enables the utilisation of...
State-run Hindustan Petroleum Corp. Ltd (HPCL) plans to set up an international oil trading desk, a company official said. The company is currently in the process of finalizing the location. Hindustan Petroleum Corporation Limited (HPCL) is executing the Visakh Refinery Modernisation Project (VRMP) to modernize and enhance capacity …...
WASHINGTON: Despite a challenging global scenario, India’s economy has shown robust growth over the past year backed by sustained consumption and investment demand, a top Indian official told members of a World Bank committee here. The GDP growth estimate for the fiscal, which has been revised upwards from 7.3...
NEW DELHI: Shares of Nestle India continued to decline on Friday, ending the day over 1 per cent lower, amid reports that the global FMCG major sold infant milk products with more sugar content in less developed countries. The stock declined 3.53 per cent to Rs 2,375.75 during the...
NEW DELHI: The Narendra Modi government, if voted back to power, will implement the long-delayed Direct Taxes Code (DTC) on a priority basis, official sources said, adding that discussions were already underway in the finance ministry in this regard. Initiation of the law-making process has been included as part...
NEW DELHI: The National Highways Authority of India’s recent attempt to revive the build-operate-transfer (BOT) mode of building highways will augur well for the road sector and revive private capital expenditure (capex) in the industry, according to India Ratings and Research. The Ministry of Road Transport and Highways, in...
MUMBAI: India Inc witnessed a significant surge with 67 deals valued at $648 million during the first quarter of 2024. The technology sector particularly flourished, experiencing a 25% increase in deal values compared to the previous quarter, driven by five high-value deals ($50 million), constituting 59% of total deal...
LONDON: There has been good market access offered on both sides but not enough to secure a free trade agreement (FTA), the UK government has said as Indian negotiators are in London this week to continue discussions with their British counterparts. During a debate in the House of Lords...
NEW DELHI: The government will redefine and strengthen the out-of-court processes for bankruptcy resolution, before introducing newer rules like cross-border insolvency norms, a senior official said. The idea is to make the processes more efficient and robust, so that the need for involvement of courts could be reduced, and...
NEW DELHI: State-owned National Highways Authority of India (NHAI) has identified 33 highway stretches cumulatively spanning 2,741 kilometres to monetise during the current financial year through toll operate transfer (TOT) and infrastructure investment trust (InvIT) modes. The identified stretches include Lucknow-Aligarh, Kanpur-Ayodhya-Gorakhpur, and Bareilly-Sitapur in Uttar Pradesh, Gurugram-Kotputli-Jaipur bypass...
MUMBAI: The electronics industry in the country has experienced sharp growth in hiring and skilling initiatives with a 154 per cent growth in overall hiring in March, compared to the same month last year, a report said on Thursday. The report also showed that the telecom sector topped in...
NEW DELHI: PineGap.Ai, an AI-powered equity research platform, on Thursday said it has raised USD 2.5 million (about Rs 20.88 crore) in a funding round led by US-based investors SVQuad and Inventus Capital. The seed funding round also saw participation from DeVC and Silicon Valley serial entrepreneurs like Mohit...
NEW DELHI: IT company Infosys on Thursday said its consolidated profit jumped 30 per cent to Rs 7,969 crore in the fourth quarter ended March 2024. The company posted a profit of Rs 6,128 crore in the same period a year ago, according to a regulatory filing. The consolidated...
MUMBAI: The rupee rebounded from its all-time low levels and appreciated 6 paise to close at 83.55 (provisional) against the US dollar on Thursday, as the American currency and brent crude oil prices retreated from their elevated levels. At the interbank foreign exchange market, the local unit opened at...