Business
Rupee Stares At 85 Against Dollar Amid GDP Worries, Hits Fresh Low Of 84.70
MUMBAI: The rupee slid to a fresh low of 84.70 versus dollar on Monday, driven by concerns over slowing economic growth and heightened greenback demand in the non-deliverable forwards (NDF) market, dealers said. The domestic currency declined 0.25 per cent during the day, marking its steepest fall since June...
Manufacturing PMI Drops To 11-Month Low Of 56.5 Amid Intensifying Price Pressures, Weak Demand
NEW DELHI: India’s manufacturing activity slowed in November, with the Purchasing Managers’ Index (PMI) dropping to a 11-month low of 56.5, down from 57.5 in October, despite downward movements in most of its subcomponents, data released by S&P Global on Monday showed. The drop signalled a softer improvement in...
Government’s FY25 Capex May Miss Target By Up To 9 Per Cent
NEW DELHI: With the spending capacity of government departments and agencies already overstretched, the Centre’s capital expenditure will likely fall short of the annual target of Rs 11.11 lakh crore by up to Rs 60,000 crore-Rs 1 lakh crore, sources told FE. After the gross domestic product (GDP) growth...
Major Overhaul Of Customs Duty On Over 100 Items Likely In FY26 Budget
NEW DELHI: The government is likely to go for a major overhaul of the basic customs duty on more than 100 items in the Budget for FY26, in order to align the rates with global trade dynamics and correct the inverted duty structure, according to a senior official. The...
Dutch Investor Prosus To Raise Bets On India
MUMBAI: Dutch technology investor Prosus, which has invested over $8 billion in the country, will raise its bets on India, where more people are coming online, expanding opportunities for companies and investment firms alike and giving new startups room to find their feet. India is very “heterogeneous” – people...
Govt Scraps Windfall Profit Tax On Domestic Crude Oil, Export Of Fuels
NEW DELHI: The government on Monday scrapped 30-month old windfall profit tax on domestically-produced crude oil and on export of jet fuel (ATF), diesel and petrol following a decline in international oil prices. Minister of State for Finance Pankaj Chaudhary tabled a notification in Rajya Sabha scrapping the levy...
ONGC Eyes Mining Of Offshore Minerals
NEW DELHI: State-owned Oil and Natural Gas Corporation (ONGC) is looking to venture into mining of offshore minerals given the company’s technical expertise in drilling in subsurface and offshore areas, a senior executive at the company said. “We are not looking to bid right now (under the first tranche...
Steel Ministry Proposes 25 Per Cent Safeguard Duty On Steel Imports
NEW DELHI: Taking up the concerns of domestic steel industry, the steel ministry on Monday proposed for a 25 per cent safeguard duty on import of certain steel items into the country. The proposal came at a meeting between Union Minister of Steel H D Kumaraswamy and Commerce and...
Markets Rally In Early Trade On Buying In Blue-Chip Stocks, Firm Global Peers
MUMBAI: Benchmark indices Sensex and Nifty rallied in early trade on Tuesday amid buying in blue-chip stocks like HDFC Bank and State Bank of India and firm trends in global markets. The BSE benchmark Sensex climbed 300.98 points to 80,549.06 in early trade. The NSE Nifty went up by...
Goyal Calls For Promoting Sustainable Consumption Pattern To Cut Carbon Footprint
NEW DELHI: Commerce and Industry Minister Piyush Goyal on Monday called for promoting sustainable consumption patterns to cut carbon footprint and resolve issues of environment. He said that people of the world would have to focus on consuming products which are environmentally sustainable. “We need to be conscious of...
Adani Green Energy Shares Jump 9 Per Cent In Morning Trade
NEW DELHI: Shares of Adani Green Energy jumped 9 per cent on Monday morning after Adani group chairman Gautam Adani said his conglomerate was committed to compliances and “every attack makes us stronger” amid recent allegations and his indictment in the US. The stock of Adani Green Energy Ltd...
Pressure Mounting After GDP Dip But RBI May Hold Its Ground & Rates
MUMBAI: The sharp decline in gross domestic product (GDP) growth — at a seven-quarter low— in the second quarter of the financial year has added pressure on the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) to consider lowering rates in its meeting beginning this Friday. However, economists...
Growth Seen At 6.1-6.8% For FY25 On 7-Quarter Q2 Low
NEW DELHI: A sharper-than-anticipated slowdown in economic expansion in the second quarter has prompted economists to slash their forecast on India’s growth for fiscal 2025. Citing risk to the economic outlook and the likelihood of a rate cut by the Reserve Bank of India in February, they now predict...
100% Tariff On BRICS Countries If Dollar Countered: Trump
NEW DELHI: US President-elect’s Donald Trump has threatened nine country BRICS bloc with 100% tariffs if they went ahead the plan to counter US dollar’s prominence in global transactions as a reserve currency, by creating alternatives. Trade experts, however, called the move not only counter-productive, but also impractical. India...
Growth In Bank Credit To NBFCs Declines Sharply To 6.4 Per Cent: RBI
MUMBAI: The growth in bank credit to non-banking financial companies (NBFCs) declined sharply to 6.4 per cent in October compared to 18.3 per cent in the year-ago period, dragging down the growth of overall credit to the services sector, according to the Reserve Bank of India’s (RBI’s) sectoral deployment...
Govt Likely To Double EPF Monthly-Wage Cap To Rs 30,000 Per Month
NEW DELHI: The government is likely to raise the wage ceiling for mandatory inclusion of workers under Employees’ Provident Funds (EPF) and the Employees’ State Insurance Corporation (ESIC) schemes soon. The move will bring nearly 10 million of more employees under the ambit of the social security net. Currently,...
Huge Import Opportunities For UK Apparel Firms In India: AEPC
NEW DELHI: Apparel Export Promotion Council (AEPC) on Sunday said huge import opportunities are there for British apparel firms in India and they should participate in large numbers in the upcoming mega textile show here next year. Bharat Tex 2025 will be held here from February 14-17, 2025, at...
Security Leadership Summit 2024 Explores the Future of Security in India
NEW DELHI: The 19th Security Leadership Summit, hosted by Central Association of Private Security Industry(CAPSI) andAssociation of Private Detectives and Investigators(APDI), commenced at PHD House, New Delhi, bringing together prominent leaders, policymakers, and industry experts to envision the future of security in India. The two-day summit, themed “Surakshit Bharat...
