Business
FPIs Pull Out Equities Worth Rs 976 Crore This Week Amid Rising Dollar
NEW DELHI: After two weeks of buying, FPIs turned net sellers in Indian equities this week, with a net withdrawal of Rs 976 crore amid a strengthening US dollar and steady rise in US 10-year bond yields, impacting investor sentiment. Foreign Portfolio Investors (FPIs) began the week on a...
States Seek Higher Interest-Free Capex Loans, Increased Borrowing Limit
JAISALMER: State finance ministers urged Union Finance Minister Nirmala Sitharaman on Friday to increase allocations for the 50-year interest-free loans to states for capital expenditure and to raise their borrowing limits in the upcoming Union Budget for 2025-26. “We have asked the Centre to raise states’ borrowing limit to...
India Raises Issue Of Non-Tariff Barriers With EU
NEW DELHI: India has said that the non-tariff barriers are impeding trade with the European Union and has called for addressing the long-pending issues as a confidence building measure. The issue of the barriers Indian exports face in the EU was raised by Commerce and Industry Minister Piyush Goyal...
Defence Ministry Signs Rs 7,629-Crore Deal With L&T For Additional K9 Vajra Artillery Guns
NEW DELHI: The Ministry of Defence (MoD) on Friday signed a Rs 7,628.70 crore contract with Larsen & Toubro Limited (L&T) for the procurement of additional 155 mm/52 calibre K9 Vajra-T self-propelled tracked artillery guns for the Indian Army. Announcing the contract, an MoD release stated that the procurement...
India Signs $350 Million Loan Agreement With ADB To Expand Manufacturing Sector
NEW DELHI: The central government and the Asian Development Bank (ADB) signed a USD 350 million policy-based loan under the second subprogram of Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) program. The Ministry of Commerce & Industry in an official statement stated that this policy-based loan aims to expand...
Digital Competition Law Unlikely Before Second Half Of FY26
NEW DELHI: A proposed digital competition law to regulate large players is unlikely to be finalised before the second half of the next fiscal, as the government intends to have comprehensive inter-ministerial consultations due to the complexity of the subject matter, people aware of the development said. The idea...
Rupee Recovers From All-Time Low, Gains 10 Paise To 85.03 Against US Dollar
MUMBAI: The rupee saw some recovery from its all-time low level and appreciated 10 paise to close at 85.03 (provisional) against the US dollar on Friday, on softening of the US dollar index and a potential intervention by the Reserve Bank of India (RBI). Forex traders said the rupee...
Bihar Has Potential To Become Major Growth Engine: Minister
PATNA: Bihar Industries and Tourism Minister Nitish Mishra on Friday asserted that the state is poised to play a key role in the country’s growth engine, as he announced a record Rs 1.8 lakh crore investments across sectors, more than triple the amount received at its maiden investor meet...
Six Entities Pay Rs 3.49 Crore To Settle Front-Running Trade Case With SEBI
NEW DELHI: Six entities, including Samir Kothari and Jitendra N Kewalramani, has settled with Sebi in a case pertaining to the suspected front-running of trades by paying ` 3.49 crore towards settlement charges. The other entities that settled the matter with the Securities and Exchange Board of India (Sebi)...
CREDAI Urges Central Govt To Reconsider 18% GST On FSI Charges
LUCKNOW: The Confederation of Real Estate Developers’ Associations of India (CREDAI) has urged the Central Government to reconsider its proposal to impose an 18% Goods and Services Tax (GST) on Floor Space Index (FSI) and additional FSI charges paid to local authorities for real estate projects. CREDAI warned that...
HC Upholds Award Of Tender To Adani Group To Redevelop Dharavi Slums
MUMBAI: In what came as a big relief to the Adani group, the Bombay High Court on Friday dismissed a petition filed by UAE-based Seclink Technologies challenging the Maharashtra government’s decision to cancel its 2019 bid for the redevelopment of Dharavi slums and issue a fresh tender in 2022....
Rupee Slides Past 85 Vs $ To Hit New Low After Hawkish US Fed Outlook
MUMBAI: The rupee breached the psychologically significant 85-per-dollar mark, and government bond yields rose on Thursday following the US Federal Reserve’s meeting, which signalled a more cautious pace of future interest rate cuts, unsettling financial markets, according to dealers. Several Asian currencies performed worse than the rupee. Indian equities...
Unregulated Lenders Could Face Up To 10 Years In Prison
NEW DELHI: The Centre has floated a draft Bill to bar all persons or entities not authorised by the financial sector regulators and not registered under any law from public lending. The new law, which will extend to the digital sector, where unathorised lending apps proliferate, will include provisions...
NITI Aayog Pushes For Funding To Build Quarters For Workers Near Factories
NEW DELHI: NITI Aayog on Thursday released a report suggesting a host of measures, including viability gap funding (VGF) of up to 40 per cent of the total project cost — excluding land — for the Centre’s ambitious scheme to build mega housing projects near manufacturing plants where industrial...
Curb Subsidies To Build Critical Infrastructure, RBI Tells States
NEW DELHI: With reforms fostering overall fiscal sustainability at the subnational level, states need to adopt “next-generation” fiscal rules, time-bound glide paths for fiscal consolidation, and rein in subsidies and freebies, the Reserve Bank of India (RBI) said in a report on Thursday. State governments contained their consolidated gross...
Foreign Investors Seek Greater Fungibility Of FDI And FPI Rules
MUMBAI: International investors are trying to overcome a hurdle to raise stakes in Indian companies that come across as long bets. They are knocking on the doors of the government and financial market regulators, urging them to rethink a rule that forbids an overseas investor from being a foreign...
Nearly Half Of Indian International Travellers Made Last-Minute Flight Bookings In 2024: Report
NEW DELHI: The year 2024 witnessed a rise in spontaneous travel among Indian international travellers, with nearly half of them making last-minute plans, barely less than a week before their departure, reveals a new report. The travel report, conducted by travel-banking fintech platform Niyo, highlights the evolving mindset of...
Indian Oil Corporation To Invest Over Rs 21,000 Crore In Bihar Refinery Expansion
PATNA: Indian Oil Corporation (IOC) – the nation’s top oil firm – will invest over Rs 21,000 crore to expand the Barauni refinery in Bihar as well as in setting up a city gas distribution network across the state, a senior executive said on Thursday. IOC is expanding its...
