Business
Hydrocarbon Industry Seeks Cut In Cess On Oil Production, Regulatory Reforms
NEW DELHI: The county’s oil and gas industry has sought supportive regulatory reforms to compensate for losses incurred by downstream companies on the sale of auto fuels, and reducing the cess on crude oil production. “The oil marketing companies’ expect an adequate budgetary provision to compensate for losses incurred...
RBI Eases FEMA Norms For Cross-Border Transactions To Boost Falling Rupee
MUMBAI: With the rupee under intense pressure against the dollar, the Reserve Bank of India (RBI) has further liberalised the FEMA (foreign exchange management) rules to encourage its use to settle cross-border transactions. The rupee has lost over 3.5% to the greenback this fiscal so far, most of which...
Cabinet Approves Bill Making Repossession Easier For Aircraft Lessors
NEW DELHI: In a major development, the union cabinet on Thursday approved the Protection and Enforcement of Interests in Aircraft Objects Bill which will allow aircraft leasing companies to repossess aircraft in case of non-payment of lease rental by an airline. The bill will give primacy to the Cape...
NCLAT Admits Meta, Whatsapp Pleas Against CCI’s Rs 213-Crore Penalty
NEW DELHI: Appellate tribunal NCLAT on Thursday admitted the petitions filed by Meta Platforms and Whatsapp against an order passed by fair trade regulator CCI which imposed a penalty of Rs 213.14 crore for abuse of market dominance. After hearing the initial submissions from Meta and CCI (Competition Commission...
Contractors Responsible For Accidents Due To Bad Roads: Union Minister Gadkari
NEW DELHI: Union Road Transport and Highways Minister Nitin Gadkari on Thursday said faulty road construction should be made a non-bailable offence and road contractors and engineers should be held responsible for accidents and sent to prison. Addressing an event organised by industry body CII, Gadkari further said India...
India’s Economy To Grow At 6.4 Per Cent In Current Fiscal: FICCI
NEW DELHI: Industry body FICCI on Thursday lowered India’s growth projection for the current financial year to 6.4 per cent from 7 per cent estimated earlier. According to FICCI’s Economic Outlook Survey, the revised projection is in line with the broad expectations and reflect a notable slowdown vis-à-vis 8.2...
DB Corp Q3 Profit Down 4.6 Per Cent To Rs 118 Crore
NEW DELHI: Media house DB Corp Ltd on Thursday reported 4.65 per cent decline in consolidated net profit at Rs 118.21 crore for the third quarter ended December 2024. The company had posted a profit of Rs 123.97 crore for the October-December period a year ago, according to a...
Sensex, Nifty Extend Gains For Third Day On Strong Global Cues
MUMBAI: Equity benchmark indices Sensex and Nifty rallied for the third session on the trot on Thursday, helped by a rally in global markets after lower-than-expected consumer inflation in the US ignited hopes of more rate cuts by the Federal Reserve. Intense buying in Reliance Industries, ICICI Bank and...
Trade Deficit Eases To $21.94 Billion In December As Gold Imports Fall
NEW DELHI: India’s merchandise trade deficit narrowed to $21.94 billion in December, down from a record $31.86 billion in November, as gold imports halved to $4.7 billion, according to commerce department data released on Wednesday. The data showed merchandise exports contracted by 1 per cent year-on-year to $38.01 billion...
Fiscal Conditions To Constrain Credit Growth In 2025, Says Moody’s
MUMBAI: India’s fiscal conditions will continue to constrain its credit strength in 2025 but it may benefit from a shift in trade and investment flows from China, Moody’s Ratings said on Wednesday in its Asia-Pacific 2025 outlook. “We expect only gradual fiscal consolidation, and debt to remain significantly higher...
Liquidity On Tap Via Daily Variable Reverse Repo Auctions
MUMBAI: In a significant reset to its liquidity management framework, the Reserve Bank of India (RBI) will conduct variable reverse repo (VRR) auctions on all working days until further notice amid tight liquidity. Liquidity in the banking system stood at a deficit of Rs 2.09 trillion lakh crore as...
India Outpaces Global AI Adoption: BCG Survey
HYDERABAD: India has emerged as a global leader in terms of the adoption of AI as a core strategic focus, with 80 per cent of firms prioritising AI as a core strategic focus, outpacing the global average of 75 per cent in this space, according to a new Boston...
Household Savings To Recover In H1 FY25 As Debt Load Eases
MUMBAI: Net household financial savings, which improved to 5.3% of GDP in FY24 from a 47-year low of 5% in FY23, are likely to have rebounded sharply in the first half of FY25, early indicators showed. An improvement in net household financial savings is positive for the economy as...
Government Should Target Rs 11 Lakh Crore In FY26, Give Relief To Taxpayers In Lower Bracket In Budget: ICRA
NEW DELHI: The government should target a capital spending of Rs 11 lakh crore in the Budget for the next fiscal while giving inflation-adjusted relief on personal income tax to boost consumer spending, rating agency ICRA said on Wednesday. ICRA Chief Economist Aditi Nayar said last year’s record budgeted...
ITA Submits White Paper On Darjeeling Tea Industry To West Bengal Government
KOLKATA: Leading producers body Indian Tea Association (ITA) on Tuesday said it has submitted a white paper on the Darjeeling tea industry to the West Bengal government highlighting the challenges and opportunities. A team of ITA officials met Labour Minister Moloy Ghatak on Tuesday evening and submitted the white...
India To Achieve 20 Per Cent Ethanol Blending Target In Two Months, Says Nitin Gadkari
NEW DELHI: India will achieve its target of 20 per cent ethanol blending in the next two months, Union minister Nitin Gadkari said on Wednesday. The practice of blending ethanol with petrol began in 2001 as a pilot project. “We will achieve this target of 20 per cent ethanol...
Vedanta Resources Raises USD 1.1 Billion Through Dual Tranche Bond Issuance
NEW DELHI: Mining mogul Anil Agarwal’s Vedanta Resources has raised USD 1.1 billion through a new bond offering to prepay existing liabilities, the company said in a Singapore exchange filing. Vedanta Resources Finance II plc, a wholly owned subsidiary of Vedanta Resources, raised USD 1.1 billion through a new...
Markets Log Gain For Second Day, Sensex Climbs Over 200 Points
MUMBAI: Benchmark indices Sensex and ticked higher for the second straight session on Wednesday, buoyed by buying in bellwether stock Reliance Industries, Zomato and Kotak Bank amid a largely firm trend in global markets. However, elevated crude oil prices in the international markets and buying by foreign investors weighed...
