Business
EIL Bags Rs 4,681 Crore Orders In FY25 So Far, Surpasses Fy24 Total
Leading engineering, procurement and consulting (EPC) company Engineers India Limited (EIL) has secured new orders worth Rs 4,681 crore in the first 5 months of financial year (FY) 2025, a 37% rise compared to the value of orders it got in the full period of FY24, the company said...
Cabinet Allocates Rs 12,461 Crore For Revised Hydro Projects Scheme
NEW DELHI: In a bid to promote infrastructure around hydro power projects, the Union Cabinet on Wednesday modified its existing scheme and allocated Rs 12,461 crore for the same. “The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the proposal of the Ministry of Power for...
UK Clears Decks For GBP 500 Million Grant For Tata Steel’s Port Talbot Project
KOLKATA: The Labour government in the UK has cleared the decks for a 500 million pound grant to Tata Steel, paving the way for decarbonisation of the company’s British business and a sustainable financial future. In a statement, Tata Steel said that it has signed a 500 million pound...
Defence Ministry Clears Navy’s ₹2,500 Crore Plan For Unmanned Vessels With Capabilities To Attack Submarines
New Delhi: Amid increasing use of unmanned warfare, the Defence Ministry has given approval to the Indian Navy’s plans worth over ₹2,500 crore to build 100-ton unmanned underwater vessels. The proposal for building the 100-ton unmanned underwater vessels was given clearance at a high level defence ministry meeting held...
Bigger Disclosure Blow Likely To Fintechs, Credit Card Firms
NEW DELHI: Costs for credit card companies, payment aggregators and fintech firms are likely to go up as the global Financial Action Task Force (FATF) is planning to increase disclosure requirements, mainly for cross-border transactions. The FATF, which India is a member of, is planning to enforce the new...
Public Sector Capex Falls 14% Amid Sluggish Investments By Railways, NHAI
NEW DELHI: Capital expenditure by central public sector enterprises (CPSEs) and other government undertakings fell 14% on year in the first five months of the current financial year, dragged down by slower pace of investment by railways and the National Highways Authority of India. Railways and NHAI’s investments are...
Digital Companies With 10% India Users Need CCI Nod For M&As
NEW DELHI: Mergers and acquisitions involving digital firms that have one tenth of their global users or gross merchandise value in the previous one year or annual turnover in India would require clearance from the Competition Commission of India (CCI), as they would then be considered to have “substantial...
Corporate Bond Issuances Fall 22 Per Cent In August As Firms Await Fed Rate Cut
MUMBAI: Corporate bond issuances fell by around 22 per cent in August, despite easing yields, as issuers delayed raising funds while awaiting the US Federal Reserve’s (Fed’s) likely interest rate cuts starting this month. Corporates and financial institutions expect further declines in yields and reduced borrowing costs, according to...
OPEC Vs IEA: Diverging Oil Demand Forecasts Signal An Uncertain Future
NEW DELHI: The Organisation of the Petroleum Exporting Countries’ (Opec) outlook for global crude oil demand in 2024 is beginning to show signs of caution. After months of holding steady, the cartel has revised its projections for the second consecutive time, reflecting the uncertainty surrounding key economic players. Opec...
GST Council Moves Closer To Lower Tax On Insurance
NEW DELHI: The Goods and Services Tax (GST) Council on Monday broadly agreed to reduce the tax incidence on health and life insurance, but deferred the call on the extent of the relief and how it would be structured, to its next meeting in November. The Centre-state body at...
India And UAE Ink Key Energy And Petroleum Agreements To Strengthen Bilateral Ties
NEW DELHI: In a significant development for India’s energy security and bilateral relations, India and the UAE signed several crucial Memoranda of Understanding (MoUs) during the official visit of Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, to New Delhi. These agreements are set...
M&A Deal Value Of Over Rs 2,000 Crore Comes Under Competition Act
NEW DELHI: The much-anticipated provision of the deal value threshold (DVT) under the Competition Amendment Act 2023, notified on Monday, seeks to capture mergers and acquisitions (M&As) where the deal value exceeds Rs 2,000 crore or where the target company has substantial business operations in India. The notification by...
Government Inks Rs 26,000 Crore Contract With HAL For Procuring 240 Sukhoi Jets Engines
NEW DELHI: The defence ministry on Monday inked the mega over Rs 26,000 crore contract with Hindustan Aeronautics (HAL) for the procurement of 240 aero-engines to power the Sukhoi-30MKI jets, which will sustain the operational capability of the 259 such Russian-origin fighters in the IAF combat fleet. The 240...
Apple Set To Grab Biggest Bite Of Made-In-India Semiconductors
NEW DELHI: Apple has begun negotiations with Micron, the Tata Group and other chip manufacturers setting up plants in India for sourcing supplies worth $12 billion for the iPhones it produces in the country. The negotiations are significant because Apple’s requirement for semiconductors would touch this level by 2026,...
GST Council To Deliberate On Insurance Premium, Online Gaming Taxation
NEW DELHI: The GST Council on Monday is expected to deliberate on a host of issues, including taxation of insurance premium, GoM’s suggestions on rate rationalisation, and a status report on online gaming, sources said. Sources said the fitment committee, comprising Centre and state tax officials, will present a...
New Finance Secretary Tuhin Kanta Pandey Has Revitalised CPSEs
NEW DELHI: The government’s appointment of Tuhin Kanta Pandey, who has been leading the department of investment and public asset management (DIPAM) since October 2019, as finance secretary, culminated the high-level bureaucratic reshuffle in the finance ministry ahead of preparations for Budget 2025-26, which will begin next month. Pandey,...
Govt To Forgo Gold Bond Borrowing To Keep Fiscal Deficit Under Control
NEW DELHI: The Centre is unlikely to borrow a planned Rs 15,000 crore, on net basis, through sovereign gold bonds (SGBs), in the current financial year, giving a potential 0.05% downside benefit to the fiscal deficit target of 4.94% of GDP. It may also permanently cease to use SGBs...
IPO Market Booms With 13 Upcoming Offerings
NEW DELHI: The IPO market will be bustling next week, with four companies, including Bajaj Housing Finance, set to launch their initial share-sale to raise a total of Rs 8,390 crore. Besides these four main-board IPOs, nine SMEs are preparing to debut with their maiden public issues next week,...
