Business
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...
States Capex Up 50 Per Cent In H1 On Low Base
NEW DELHI: Capital expenditure by 18 state governments whose finances were reviewed surged by 56% on year in the first half of the current financial year compared with just a 2% rise in the year-ago period. This was supported by capex loans from the Centre. Excluding loans from the...
IT Firms Reducing Exposure To Asia-Pacific Region
BENGALURU: Facing margin headwinds, IT firms like Wipro, Tech Mahindra, and LTIMindtree, are reducing their exposure by giving up low-value clients in the Asia-Pacific region, which falls under the RoW (rest of the world) geographical segment for them. Instead these firms are concentrating on deals in the North America...
India Works On Free Trade Deal With Gulf Countries
NEW DELHI: After a delay of several months, India and the Gulf Co-operation Council (GCC) have begun discussing the contours of a free trade agreement, which may not include a bilateral investment treaty. Through the agreement, India will be eyeing a large and affluent market for its goods and...
Most Banks Not Big On Small Personal Loans
MUMBAI: Bank chiefs have signalled that the stress in unsecured loans is originating in fintech-driven digital lending of small-ticket personal loans — a segment in which most banks are not present. There is also an expectation that RBI may make it tougher for banks to lend to this segment...
CPSE Capex Up 33% By H1 Of FY24, Touches Rs 3.79 Lakh Crore
NEW DELHI: The capital expenditure by 54 large central public sector enterprises (CPSE) and the five departmental arms of the ministries, such as the Railway Board and National Highways Authority of India, rose 33% in the first half of the current fiscal with their spending reaching Rs 3.79 lakh...
Power Consumption Grows 9.4% To 984.39 Billion Units In April-October
NEW DELHI: India’s power consumption grew 9.4 per cent to around 984.39 billion units in the April-October period this fiscal compared to a year ago mainly due to improvement in economic activities and weather conditions. Power consumption in the April-October period in fiscal year 2022-23 was 899.95 billion units,...
Reliance Returns To Oil Indexation For KG Gas, Seeks Buyers For 4 Mmscmd
NEW DELHI: Reliance Industries Ltd and its partner bp plc of UK have reverted to oil indexation for pricing the gas they produce from India’s largest private-sector operated field in KG basin as they look to tap into the upside from the buoyant oil market. Reliance and bp in...
Banks Raise Unhedged Currency Risk Issue With RBI
MUMBAI: Indian lenders expect North Block to seek a lower premium while selling green bonds in a higher-for-longer yield environment this fiscal year and are concerned the relative currency-market stability, a fallout of calibrated central bank interventions, might cause a spurt in unhedged risks that could later roil exchange...
Services Activity Pace At 7-Month Low In October
NEW DELHI: Services activity grew at the slowest pace in seven months in October as fierce competition and subdued demand due to an uptick in price pressures weighed down on expansion and dented business sentiment. The seasonally adjusted S&P Global India Services PMI Business Activity Index declined to 58.4...
Firms Dither On Hiring As Labour Market Stagnates, Says NCAER Survey
NEW DELHI: The share of companies looking to increase permanent employees in the next six months nearly halved to 15.9 per cent in the September quarter from 30.9 per cent in the previous quarter, reflecting the stress in the labour market. Similarly, the share of firms planning to add...
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...
