Business
IT Companies See Slump In Europe Revenues
Most large and mid-sized IT companies experienced a sequential drop or softness in revenue from Europe during the June quarter. This decline, analysts said, was largely due to volatile market conditions, short-notice decision-making by customers, and a slowdown in large deals, especially in the manufacturing vertical. During FY24, the...
India Sees Fastest Growth In Intangible Investment
NEW DELHI: India has witnessed the fastest growth in intangible investments over a nine-year period (2011-2020), surpassing major economies like the US, France, Germany & the UK, indicating high level of value creation by companies.In terms of absolute levels of intangible investments for 2020 (latest year for which data...
IOC To Increase Refining Capacity By 25% To Meet India’s Oil Needs: Chairman
NEW DELHI: State-owned Indian Oil Corporation Limited (IOCL) will raise its annual refining capacity by 25 per cent to 88 million tonnes per annum (MTPA) by 2050, IOCL Chairman Shrikant Madhav Vaidya said on Friday… The move to raise refining capacity from the current 70.25 MTPA is part of...
Indian Steelmakers Seek To Soften Proposed Import Curbs On Key Raw Material
NEW DELHI: Indian steelmakers want the government to soften proposed import restrictions on metallurgical coke, a key ingredient in steelmaking, saying the curbs will hit steel mills’ capacity expansion, a letter from the Indian Steel Association, seen by Reuters on Friday, said. India, the world’s second-biggest producer of crude...
Brazilian Aerospace Company Embraer In Talks With Govt For Tie Up But Seeks Market Access For Its Jets
Brazilian aerospace company Embraer is in talks with the government and top conglomerates to set up a manufacturing unit in India, a top executive said. However, progress will depend on the company’s jets gaining access to India’s large and rapidly expanding domestic market, dominated by Airbus and Boeing planes....
Amazon India Sets Up Four Hubs To Deliver Urgent Relief Material In Less Than 24 Hours
MUMBAI: E-commerce giant Amazon India on Friday said it has set up four hubs, including a temporary hub in West Bengal, to deliver urgent relief material in less than 24 hours, as part of its disaster management strategy. Located at Thane (Maharashtra), Faridabad (Haryana), Hyderabad (Telangana) and Purba Bardhaman...
Markets Rebound: Sensex Jumps 1,098 Points; Nifty Surges To 24,387-Level Amid Rally In Global Peers
MUMBAI: Equity benchmark indices Sensex and Nifty bounced back sharply in early trade on Friday tracking a significant rally in the US and Asian markets along with buying in blue-chips Tata Consultancy Services and Reliance Industries. Rebounding from Thursday’s decline, the 30-share BSE Sensex jumped 1,098.02 points to 79,984.24...
RBI Sticks To Game Plan, Keeps Rates, Stance Unchanged
MUMBAI: The Reserve Bank of India (RBI) Thursday expectedly kept interest rates and its monetary stance unchanged while making financial stability its evident policy priority, warning lenders about dumping loans on unsuspecting borrowers and thereby raising system-level vulnerability through questionable underwriting. However, India’s economic growth is resilient and the...
Alternative Investments Becoming More Attractive To Retail Customers: RBI
NEW DELHI: Alternative investment avenues are becoming more attractive to retail customers, the Reserve Bank of India (RBI) said while unveiling the monetary policy on Thursday, August 08. This was the 50th meeting of the Monetary Policy Committee (MPC) since its inception in September 2016. “It is observed that...
Economists Expect FY25 Growth To Be Lower Than 7%, On Slower Manufacturing
NEW DELHI: Even as the Reserve Bank of India (RBI) has stuck to its projection of GDP growth of 7.2% for FY25, most economists, who FE spoke to, feel the growth may be well below 7%, largely due to a milder momentum in manufacturing activity. “We maintain that growth...
Insolvency Regulator Issues New Guidelines For Creditor Panels
NEW DELHI: The Insolvency and Bankruptcy Board of India (IBBI) has issued guidelines to be followed by the Committee of Creditors, which the aims to facilitate timely resolution and maximise the value of the corporate debtor’s assets. Experts say that the guidelines provide guidance to the CoC to prudently...
LIC Looks To Acquire Health Insurance Companies
MUMBAI: LIC plans to take the acquisition route to get into the health insurance business, said MD & CEO Siddhartha Mohanty. During the announcement of the company’s financial results for the first quarter, Mohanty said that the company is looking at an acquisition during the current financial year. “Rather...
GAIL and RRVUNL Partner To Optimise Gas-Based Power Plants, Eyeing 1,000 MW Solar Projects
NEW DELHI: In a significant development, state-run GAIL said on Thursday that it has signed a MoU with Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL) to explore the possibility of transferring RRVUNL’s two gas-based power plants to a proposed joint venture company (JVC). The development assumes significance as gas-based power...
SAIL Q1 Net Plunges Over 60% As Steel Prices Melt On Import Pressure
NEW DELHI: Public sector undertaking Steel Authority of India Ltd (SAIL) reported an over 60% decline in consolidated net profit for the first quarter of financial year 2024-25 to ₹81.78 crore. A company statement attributed decline in profits to fall in domestic sale price of steel due to pressure...
India’s Path To Defence Manufacturing Hub Passes Through Ammunition Market
NEW DELHI: India’s stated aim of becoming a global powerhouse in defence manufacturing can begin with consolidating its position in the ammunition market, says AMMO India 2024, a collaborative report that FICCI and KPMG released on Thursday. The report underscores the opportunities that lie ahead for India’s ammunition industry,...
RBI Retains Growth And Inflation Projections For Current Fiscal At 7.2% And 4.5%
MUMBAI: Reserve Bank on Thursday retained the growth and inflation projection at 7.2 per cent and 4.5 per cent respectively for the current fiscal amid expectations of a normal monsoon. In its last bi-monthly monetary policy review in June, RBI had projected real GDP growth and retail inflation at...
Surge In Top-Up Housing Loans Not System-Wide Issue, Says RBI Governor
MUMBAI: Reserve Bank Governor Shaktikanta Das on Thursday said surge in top-up housing loans is not a system-wide issue but confined to few entities. Briefing media after the announcement of bi-monthly monetary policy review, Das said, “regulatory requirements in top-up housing loans are not being followed by certain entities...
Govt Fast Tracks Visa Approvals For China Vendors To Step Up Manufacturing
NEW DELHI: The Union government has introduced a streamlined, time-bound process for granting business visas to Chinese technicians involved in manufacturing projects, in response to complaints from the Indian industry. The new guidelines from the Ministry of Home Affairs, effective from August 1, aim to expedite visa approvals for...
