Business
Foreign Inflows Lift Markets High
MUMBAI: Benchmark equity indices Sensex and Nifty surrendered early gains to close lower for the second straight day on Thursday, tracking losses in the most valuable firm Reliance Industries, Bharati Airtel and L&T amid a sluggish trend in global markets. The 30-share BSE Sensex failed to hold on to...
Growth In New Business Thrusts Services PMI To 5-Month High In August
NEW DELHI: Growth in India’s dominant services sector rose to a five-month high in August as new businesses expanded amid easing inflationary pressure, said a private survey on Wednesday. The HSBC headline Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 60.9 in August from 60.3 in July....
Onboarding By P2P Lenders Plummets More Than 90 Per Cent
MUMBAI: Hit hard by the recent guidelines issued by the Reserve Bank of India (RBI), more than half of the peer-to-peer (P2P) lending platforms have halted the onboarding of new customers. Previously, these platforms were bringing on 250,000 to 300,000 users (both borrowers and lenders) each month, but this...
Govt Eyes Extra Sops For Mobile Makers Topping PLI Targets
NEW DELHI: The government is mulling ways in which it can provide additional incentives to companies that have been able to produce, sell and export mobile phones over and above the production targets set for them every financial year under the mobile phone production-linked incentive (PLI) scheme, sources told...
Govt Conducting Feasibility Study To Transport Green Hydrogen Through Pipelines
NEW DELHI: The Central Electricity Authority in collaboration with state-owned energy and power companies including GAIL, IOCL, and NTPC is conducting a feasibility study to explore possibilities and cost dynamics of transporting green hydrogen through pipelines from renewable energy zones to ports to meet domestic demand as well as...
Centre Awards RIL Full Quota Of Advanced Chemistry Cell Under PLI-II
NEW DELHI: Oil to telecom behemoth Reliance Industries Limited (RIL) has been awarded the complete capacity of the Advanced Chemistry Cell (ACC) offered under the second tranche of the Production Linked Incentive (PLI) scheme. The ministry of heavy industries (MHI) in a public announcement said the award followed the...
Solar Cells Production To Come Under Approved List
NEW DELHI: The ministry of new and renewable energy is planning to bring out a policy similar to the Approved List of Models and Manufacturers (ALMM) for solar modules for solar cells, to ensure better quality of these items while also providing a boost to domestic manufacturing. “ALMM for...
Analysts Bullish On Defence Stocks As DAC Okays Rs 1.4-Trillion Acquisition
NEW DELHI: The Defence Acquisition Council’s (DAC’s) approval for 10 capital acquisition proposals worth nearly Rs 1.45 trillion, to enhance defence preparedness, triggered a sharp surge in related stocks on Wednesday. On the BSE, Cochin Shipyard, Mazagon Dock Shipbuilders, Paras Defence and Space Technologies, Hindustan Aeronautics (HAL), and Garden...
Govt Mulls Import Duty Hike On Steel To Counter Chinese ‘Dumping’
NEW DELHI: The Steel Ministry has backed industry’s demand for an import duty hike on the metal offerings coming in, particularly from China and other South-East Asian nations. The pitch – to the PMO and Finance Ministry – would be to raise tariffs to 10-12 per cent, from the...
Steel Firms May Ward Off Import Threat With Higher Tariffs
NEW DELHI: India’s primary steel manufacturers including Tata Steel, JSW, AM/NS and state-run SAIL may get a reprieve from the prospect of “unsustainable prices’ wiping off their margins, in the form of higher import tariffs on their key products like hot rolled coil (HRC). Union Steel Minister H D...
India Must Avoid Sway Of Financial Markets’ Expectations Over Macro Outcomes: CEA
NEW DELHI: Chief Economic Advisor (CEA) V Anantha Nageswaran on Monday warned that as financial markets become bigger than the economy, it is natural, but not reasonable, that the priorities of the financial market dominate macroeconomic outcomes. But India, which looks ahead to 2047, should avoid this trend as...
Growth In Indian Manufacturing Sector Slows To 3-Month Low In August, PMI Dips To 57.5
NEW DELHI: Growth in the Indian manufacturing sector slowed to a three-month low in August, as firms saw softer growth in new orders and output. The headline Purchasing Managers Index (PMI) figure released by HSBC on Monday stood at 57.5, down from 58.1 in July. A figure above 50...
Single Corporate Filing With Exchanges Soon: SEBI Chief
MUMBAI: The Securities and Exchange Board of India (Sebi) will soon bring a system of single corporate filing with exchanges in a bid to ease compliance norms for companies, its chairperson Madhabi Puri Buch said. “It is a work in progress. If you file your disclosure with one exchange,...
Digital Gets Pride Of Place In ₹14,000-Crore Agro, Food Safety Schemes
NEW DELHI: The Union Cabinet Monday approved seven schemes totalling nearly ₹13,966 crore, aimed at improving farmer incomes through technological interventions and revamping existing farming practices. Key among them was the Digital Agriculture Mission with an outlay of ₹2,817 crore to build digital public infrastructure (DPI) for farmers. An...
Companies, Banks Struggle To Implement TRAI’s URL Whitelisting Norms
MUMBAI: Large enterprises and banks are finding it challenging to register unique, dynamic weblinks and shortened URLs-under the telecom regulator’s mandate-which are generated in real-time and cannot be pre-registered on the SMS filtering platform deployed by telecom companies. Shortened URLs such as bitly, shorturl, tinyurl etc are temporary links...
China Dominates Steel Imports In India
India is witnessing a significant surge in steel imports from China, contributing to a growing trade deficit and challenging the domestic steel industry. This trend is alarming for India’s economic stability, as the steel sector is a crucial component of its industrial growth. The influx of cheaper Chinese steel...
Cabinet Approves Rs 18,036 Crore Railway Line Connecting Manmad And Indore
NEW DELHI: The Union Cabinet Committee on Economic Affairs (CCEA) on Monday approved a new 309-kilometre railway line between Maharashtra and Madhya Pradesh worth Rs 18036 crore, which will connect Manmad and Indore. Speaking at a press conference, Union Minister for Railways, Electronics and Information Technology, and Information and...
Cabinet Approves ₹26,000 Crore Deal With HAL For 240 Aero-Engines For Su-30 MKIs
NEW DELHI: Prime Minister Narendra Modi-headed Cabinet Committee on Security in its meeting on Monday approved a proposal for procurement of 240 aero-engines (AL-31FP) for Russian-origin SU-30 MKI fighter aircraft from defence PSU Hindustan Aeronautics Limited (HAL) at a cost of over ₹26,000 crore. Earlier, the MoD had given...
