Business
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...
Govt Hikes Windfall Profit Tax On Crude Oil, Cuts Levy On Diesel Exports
New Delhi: The government on Tuesday increased the windfall profit tax on crude oil produced in the country and reduced the levy on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil was increased to Rs 9,800...
European Blues May Have Driven Tata Steel Into Red In September Quarter
Week performance in European operations is likely to have driven Tata Steel Ltd into losses in the September quarter. The steel major will report its earnings on November 1. Consolidated loss for the quarter, according to five analysts polled by Moneycontrol, will be at Rs 700 crore as against...
Railways Restricts Movement Of Lithium, Li-Ion Battery
The Indian Railways has imposed restrictions on the movement of lithium and lithium-ion batteries in leased parcel space of trains, impacting the movement of laptops, mobile phones, and small electric vehicles, among other commodities—using the railways’ parcel service. The railways has mandated a 48-hour prior notice for transport of...
India Calls For Formal Talks On WTO’s Dispute Settlement Body Reforms
NEW DELHI: India has called for starting formal negotiations by WTO members to reform the dispute settlement body of the World Trade Organisation, as the present informal deliberations are creating hindrance for several nations to participate in the talks, an official said. The official added that formal talks on...
Savers Are Slowly Understanding Mutual Funds, Says K V Kamath
MUMBAI: Commercial banks are likely to get stiff competition from mutual funds because savers, who are growing in financial literacy, are opting for the latter, said veteran banker K V Kamath on Monday at the Business Standard BFSI Insight Summit. Several speakers on the first day of the summit...
Blackstone Makes Health Care Foray With $1 Billion Deals, Buys Care Hospitals
MUMBAI: US-based private equity major Blackstone said on Monday it had completed the acquisition of a 72.5 per cent stake in Quality Care India Ltd (QCIL), which operates a network of Care Hospitals, from Evercare, a platform backed by TPG Rise funds. This marks Blackstone’s foray into India’s health...
Fall In Call Money Trades May Limit RBI Rate Move Impact
MUMBAI: The answer to the Reserve Bank of India’s (RBI) question why its rate actions are not completely transmitted through the economy may lie in the shrinking trade volumes in the very segment the central bank targets through its monetary policy — the overnight call money market. The value...
Customs Using Cutting-Edge Tech To Detect Illicit Trade: CBIC Head
NEW DELHI: India’s Custom authorities are “actively deploying” cutting-edge technologies including big data analytics, artificial intelligence, image analytics to detect fraud and curb illegal trade, Central Board of Indirect Taxes and Customs (CBIC) Chairman Sanjay Agarwal said on Monday. “The Indian customs administration is combining domain expertise with innovative...
