Business
Domestic Steel Prices Plunge To 45-Month Low As Supplies Outpace Demand
NEW DELHI: Domestic steel prices have tumbled to a 45-month low despite strong consumption, as falling exports and rising imports boosted supplies. The subdued prices, if not corrected, might derail the country’s ambition to have 300 million tonnes per annum (mtpa) steel-making installed capacity by 2030, as the margins...
HAL Assures Timely Delivery Of 83 Tejas MK-1A Jets To Indian Air Force By 2028-29
New Delhi: State-owned plane maker Hindustan Aeronautics Limited (HAL) is confident of supplying all the 83 light combat aircraft TEJAS MK-1A well within the timeline of 2028-29, to the Indian Air Force (IAF). A top official in the HAL said that there is nothing to worry about as “our...
India Inc Feels The Heat Of Bangladesh Political Crisis
MUMBAI: A cross-section of companies from India operating in Bangladesh are likely to be impacted due to the ongoing political crisis in the neighbouring country. Firms from FMCG to retail, pharmaceuticals to auto have exposure to India’s neighbour on the eastern front including Marico, Emami, Dabur, Godrej, Jubilant FoodWorks,...
FM Likely To Make Indexation Benefit A Reality Again
NEW DELHI: Finance minister Nirmala Sitharaman will on Wednesday move amendments to the long-term capital gains tax (LTCG) provisions for property proposed in the finance bill, providing relief to individuals and Hindu Undivided Families (HUFs), following calls for a relaxation in the budget provisions. In the case of land...
No Material Impact On India’s External Trade Seen
NEW DELHI: The ongoing political unrest in Bangladesh, if it leads to prolonged slump in that country’s economic activities, India’s trade with it could suffer in the near-to-medium term. However, this would not have any material impact on India’s overall external trade, as the country is well-diversified exporter, the...
BIMSTEC Members Must Consider Phase-Wise FTA For Faster Implementation
NEW DELHI: The seven countries in the Bay of Bengal Initiative for Multisectoral Technical and Economic Cooperation (Bimstec) must finalise the regional free trade agreement (FTA) in phases for faster implementation, a study released by the Confederation of Indian Industry (CII) on Tuesday said. It added that the FTA...
SEBI Proposes Separate FPI Registration For Issuing ODIs, P-Notes
MUMBAI: The Securities and Exchange Board of India (Sebi) plans to make separate registration mandatory for Foreign Portfolio Investors (FPIs) which issue offshore derivative instruments (ODIs) also known as P-notes. Participatory notes or P-notes are a type of ODI financial instruments used by hedge funds to invest in Indian...
RBI Starts Deliberations On Monetary Policy Amid Expectations Of Status Quo On Interest Rate
MUMBAI: Reserve Bank’s rate-setting panel started its three-day deliberations for the next set of bi-monthly monetary policy amid expectations of no change in benchmark interest rate in view of concerns on inflation and economic growth remaining steady. The decision of the RBI Governor Shaktikanta Das-headed six-member Monetary Policy Committee...
SEBI Issues Cautionary Statement, Passes Directions To Protect Investors From Unregistered Entities
NEW DELHI: To safeguard retail investors, Sebi has taken several measures, including cautioning them against trading on stock tips given by unregistered entities, conducting probes and issuing directions against non-compliant ones, Parliament was informed on Tuesday. Under the Sebi’s rule, no person can render investment advice unless he is...
Bangladesh Crisis Poses Significant Concerns For India’s Textile, Apparel Industry: CITI
NEW DELHI: Bangladesh, which is facing its worst political crisis since Independence in 1971, poses “significant concerns” for India’s textile and apparel sector, particularly for companies operating factories in the neighbouring country, the Confederation of Indian Textile Industry said on Tuesday. The domestic textile industry body believes that any...
Electric Vehicle Sales Rose 55.2% To 1.79 Lakh Units In July, Says FADA
MUMBAI: Electric vehicle sales registered a 55.2 per cent on-year growth at 1,79,038 units in July driven by a massive 96 per cent jump in e-two-wheeler sales, automobile dealers’ body FADA said on Tuesday. The total electric vehicles sales for July 2023 were at 1,16,221 units, according to the...
Softbank-Backed Unicommerce eSolutions IPO Fully Subscribed Within Hours Of Opening For Bidding
NEW DELHI: The initial public offering of SoftBank-backed SaaS platform Unicommerce eSolutions Ltd got fully-subscribed within hours of opening for subscription on Tuesday. The initial share sale received bids for 2,09,25,906 shares, as against 1,40,84,681 shares on offer, translating into 1.49 times subscription, as per NSE data till 13:42...
Indian Economy Likely To Grow At 7-7.2% In FY25, Says Deloitte
NEW DELHI: India’s economy is expected to grow at 7-7.2 per cent in the current fiscal year driven by robust economic fundamentals and continuity in domestic policy reforms, Deloitte India said on Monday. The August update of Deloitte’s India Economic Outlook said several initiatives in the Union Budget 2024-25...
Services Activity Growth Slows, Yet Remained Solid In July: PMI Data
NEW DELHI: Growth in India’s services sector slowed down a bit in June but remained upbeat, amid new business gains, online offerings and investment in technology, a private business survey revealed. The headline Purchasing Managers’ Index (PMI) figure, released by HSBC and compiled by S&P global, fell marginally to...
Muted Treasury Gains For Banks In Q1 FY25 Due To New Investment Norms
MUMBAI: Banks reported muted treasury gains in the April-June period of FY25 (Q1 FY25) following the Reserve Bank of India’s (RBI) revised norms on investment portfolios effective from April 1, 2024, despite the softening of government bond yields. “Banks have reported muted treasury gains during Q1 FY25 despite the...
Data Centres Turn To Renewable Energy Sources As Power Demand Surges
MUMBAI: A ChatGPT query needs nearly 10 times as much electricity to process as a Google Search, a study by Goldman Sachs report claims. With Artificial Intelligence (AI) gaining momentum and as an increasing number of data centres focus on catering to the AI workloads, analysts expect the power...
SEBI Amends Mutual Fund Rules To Curb Front-Running, Insider Trading
NEW DELHI: Capital markets regulator Sebi has amended mutual fund norms requiring Asset Management Companies (AMCs) to put in place an institutional mechanism to identify and deter front-running and insider trading in securities. Additionally, the management of AMCs will be responsible for ensuring the effectiveness of the institutional mechanism....
IndiGo To Introduce Business Class Seats In Select Flights From Mid-November
NEW DELHI: IndiGo will introduce business class seats in select flights on 12 domestic routes starting from November 14 and will also launch a customer loyalty programme, as the 18-year-old airline embarks on ambitious business expansion plans. Making the announcement at an event to mark 18 years of flying,...
