Business
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,...
FPIs Invest Rs 11,000 Crore In Indian Equities In September
NEW DELHI: Foreign investors infused nearly Rs 11,000 crore in domestic equities in the first week of the month owing to resilience of the Indian market and expectations of rate cut in the US. Foreign Portfolio Investors (FPIs) have been consistently buying equities since June. Before that, they had...
Govt Notifies Uniform Marketing Code For Medical Devices Sector
NEW DELHI: The government has notified a uniform code for marketing practices for the medical device industry in order to curb unethical practices. In a notification, Department of Pharmaceuticals (DoP) has asked the medical devices association to prohibit organising workshops abroad for healthcare professionals, offering them hotel stays or...
Gujarat Targets 48 MW Solar Rooftops On Govt Buildings
AHMEDABAD: Solar rooftop systems of 48 MW will be installed on various government buildings in Gujarat in the current financial year for which Rs 177 crore have been allocated, the state government said on Sunday. To tap into Gujarat’s solar energy potential, the state Climate Change Department is actively...
DICGC Introduces Daava Soochak For Depositors
NEW DELHI: The Deposit Insurance and Credit Guarantee Corporation (DICGC) has launched an online tool Daava Soochak for depositors to track their claim status. The DICGC’s mandate since its inception has been the reimbursement of insured amounts to depositors of failed banks. Daava Soochak, a user-friendly online tool, is...
Glenmark Forecasts Strong Growth For Domestic Formulations
NEW DELHI: The drug formulations market in India is expected to grow at a CAGR of 9-10 per cent over the next decade with Jan Aushadhi outlets anticipated to emerge as a much stronger player in the country, according to Glenmark Pharmaceuticals. The domestic formulations market is estimated to...
App-centric Gen Z Reshaping Consumer Landscape
NEW DELHI: The digitally-native, app-first Gen Z cohort is assuming the centre stage in India’s consumer markets by scripting “big shifts” in consumption trends, including the rise of quick commerce delivery and direct-to-consumer brands, according to a report by Bernstein. Brands are seeking a deeper connection with this digitally-native,...
GST Council To Discuss Slabs Rejig, Give Relief On Health Insurance
NEW DELHI: The 54th meeting of the Goods and Services Tax (GST) Council here on Monday will have a heavy agenda, including an introductory discussion among the Union finance minister and the state finance ministers on how to go forward on the much-awaited plan to revamp the tax’s slab...
