Business
Survey Ship INS Nirdeshak Inducted Into Navy
NEW DELHI: INS Nirdeshak, the second ship of survey vessel (large) project, was commissioned into the Indian Navy at Visakhapatnam on Wednesday, scaling up the capacity to conduct hydrographic study, aid in navigation, and support maritime operations. Built with over 80 per cent indigenous content, the ship is embedded...
Bihar To Host 2nd Edition Of Investor Meet On December 19-20
PATNA: After an impressive maiden show, Bihar will on December 19-20 host the second edition of Bihar Business Connect – the global investor summit that looks at boosting industrial and entrepreneurial growth in the state. The prestigious event, curated by the state’s Department of Industries, seeks to showcase Bihar...
Reliance Nippon Life Starts Negotiation With IndusInd Bank On Bancassurance Tie Up
NEW DELHI: Reliance Nippon Life Insurance, a subsidiary of debt-ridden Reliance Capital (RCAP), has initiated talks with IndusInd Bank for bancassurance partnership as the IIHL and RCAP deal has reached the final lap. Mauritius-based IndusInd International Holdings Ltd (IIHL), the parent entity of IndusInd Bank, won the bid to...
Tata Power-DDL Awarded Prestigious ‘Certificate of Merit in DISCOM Sector’
NEW DELHI: Tata Power Delhi Distribution Limited (Tata Power-DDL), a leading power utility supplying electricity to a populace of around 9 million in North Delhi, has been awarded with the prestigious ‘Certificate of Merit in the DISCOM sector’ at the 34th National Energy Conservation Awards (NECA) 2024. The award...
Sensex, Nifty Extend Losses Into Third Session On Foreign Fund Outflows
MUMBAI: Equity benchmark indices Sensex and Nifty stayed on the back foot for the third straight session on Wednesday as investors offloaded utility, capital goods and metal stocks amid foreign fund outflows. Besides, investor sentiment remained subdued ahead of the outcome of the US Federal Reserve’s policy meeting, scheduled...
Centre Plans To Increase Financing For Renewable Energy Projects
NEW DELHI: Renewable energy minister Pralhad Joshi on Tuesday said he will hold a meeting with banks and the industry leaders in January to discuss increasing financing for renewable energy projects. “In coming days, I think somewhere in the month of January, I would meet the chairmen and MDs...
Slowdown In Q2 Is A ‘Temporary Blip’, Growth To Pick Up: FM
NEW DELHI: The slowdown in the second quarter economic growth was a “temporary blip” and the economy will witness healthy growth in the quarters ahead, finance minister Nirmala Sitharaman said on Tuesday and also highlighted govt’s inflation management. “Quarter 2 of this financial year has been a challenging quarter...
Indian Firms Turn To Euro, Yen Swaps To Trim Borrowing Cost
MUMBAI: Indian firms are opting for cross-currency swaps to convert part of their debt into the euro or Japanese yen in order to trim borrowing costs, said bankers. They anticipate a sharper fall in interest rates of these two currencies instead of the dollar. While some are converting their...
Indian Equities Tumble, Rupee Hits Record Low As FPIs Turn Risk-Averse
MUMBAI: Indian equity benchmarks declined sharply on Tuesday as foreign portfolio investors (FPIs) turned cautious ahead of the US Federal Reserve’s policy decision. The heavy selloff impacted the currency market, too, pushing the rupee to a fresh intraday low of 84.93 against the dollar before the Reserve Bank of...
EPFO Weighs Higher Equity Investments
NEW DELHI: Encouraged by the relatively high returns for Employees’ Provident Fund Organisation (EPFO) from equity investments since 2015, the government is looking to hike the retirement fund body’s exposure to the segment significantly. The higher equity exposure – roughly 9.5% of the EPF investible surplus is currently invested...
In A First, Indian Services Exports To Outstrip Goods
NEW DELHI: Marking a major shift in India’s trade, services exports are projected to overtake goods shipments in Nov, latest figures shared by the commerce department on Monday showed. After months of sustained increase, last month’s services exports have been provisionally estimated at $35.7 billion, compared with $32.1 billion...
Merchandise Trade Deficit Widens To A Record $37.8 Billion In November
NEW DELHI: India’s trade deficit reached a record high of $37.8 billion in November, amid a surge in merchandise imports, mainly driven by a 4.3-time jump in inbound shipments of gold, data released by the commerce department showed. Imports increased by 27 per cent to a record of almost...
High Interest Rates, Fiscal Consolidation Slowing GDP Growth: Crisil
MUMBAI: High interest rates and fiscal consolidation have contributed to slower economic growth for India in the current financial year (FY25) so far. India’s real gross domestic product (GDP) is likely to move closer to trend growth of 6.5-7 per cent this year, CRISIL said in its insight report...
December Flash PMI At 4-Month High, Reflects Strong Domestic Demand
NEW DELHI: Economic activity expanded at a robust pace in December, mainly due to an uptick in domestic demand conditions. The HSBC Flash India PMI rose to 60.7–the highest print in four months–in December from 58.6 in November, a release by S&P Global said on Monday. The acceleration was...
Government To Allow Self-Approval For PF Withdrawals From Next Fiscal
NEW DELHI: The Employees’ Provident Fund Organisation (EPFO) may introduce a “self-approval” mechanism for subscribers to withdraw provident fund (PF) monies from their accumulated corpus under an automated process by early next fiscal year, according to official sources. If this results in any liquidity crunch for the EPFO, it...
WPI Inflation Declines To 3-Month Low Of 1.89 Per Cent On Cheaper Food, RBI May Cut Rate In February
NEW DELHI: Wholesale price based inflation declined to a 3-month low of 1.89 per cent in November on cheaper food items, and experts predicted a 0.25 per cent interest rate cut by the RBI in the policy review in February. The Wholesale Price Index (WPI) based inflation was 2.36...
Indian IT Services Hiring To Remain Low Till Growth Momentum Picks Up By H2 FY26: ICRA
NEW DELHI: Hiring in the Indian IT services industry is expected to remain low-key in the near term until the growth momentum picks up by H2 FY2026, according to ICRA. The formation of the new government in the US may create some policy uncertainty in the immediate term and...
Historic Milestone: Delhi Airport First In India To Connect 150 Destinations
NEW DELHI: Delhi Airport has achieved a historic milestone by becoming the first airport in India to connect 150 destinations and a preferred gateway for passengers. Thai AirAsia X has launched direct flights between Delhi and Bangkok-Don Mueang (DMK), marking the 150th destination connected to Delhi Airport. The route...
