Business
Government Sounds Sovereign Funds For Offloading Its Stake In Vodafone Idea
NEW DELHI: With Vodafone Idea infusing Rs 20,000 crore via follow-on public offering and equity contribution by one of the promoter entity, Aditya Birla Group, the government is now exploring whether sovereign wealth funds would be interested in picking up its stake in the company. Sources said that since...
Borrowing Costs Soften Amid Rising Surplus Liquidity In Banking System
MUMBAI: The Reserve Bank of India may or may not ease its stance of withdrawing monetary accommodation on Thursday but borrowing costs in the economy have softened nonetheless as a build-up of surplus banking system liquidity has brought down rates on a host of debt instruments. After remaining in...
Government Amends Budget Proposal On Realty Capital Gains Formula
NEW DELHI: FM Nirmala Sitharaman on Wednesday moved amendments to the Finance Bill to ease the impact of the Budget proposal on long-term capital gains tax for real estate, giving an option to taxpayers to choose between the new and old tax regimes and pay taxes wherever it is...
India Waives Clinical Trial For Drugs Okayed In Developed Markets
NEW DELHI: The government has done away with the requirement of clinical investigation for new drugs having significant therapeutic advance over the current standard care and have already got the regulatory approval in the United States of America , Unired Kingdom , Japan, Australia, Canada or in the European...
Private Firms Mull Thermal Capacity Addition To Keep Pace With Demand
MUMBAI: As the government looks at thermal power actively to mitigate the rising demand , private sector companies such as Adani Power, JSW Energy and Tata Power are looking at adding thermal capacities and launching new projects. Interestingly, some companies like Tata Power and JSW Energy, who have renewable...
RIL Plans To Drill Four Wells In Kg-D6 To Enhance Gas Production
MUMBAI: Reliance Industries, which accounts for 30 per cent of India’s gas production, has proposed to drill four wells in the Satellite and R-Clusters at KG-D6 to enhance the production of natural gas. The oil-to-chemicals major, who on an average produced around 27 million standard cubic meters per day...
Govt Urges Decarbonisation Of Steel Industry Amid EU’s Carbon Border Tax Concerns
NEW DELHI: In a significant development for India’s industrial sector, government officials and industry leaders have highlighted the pressing need for decarbonisation in the steel industry, while grappling with the economic implications of the European Union’s Carbon Border Adjustment Mechanism (CBAM). At a recent conference organised by ASSOCHAM, Ashwini...
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...
