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MUMBAI: The life insurance industry reported a 25.28 per cent decline in new business premium income in November 2023 to Rs 26,494.83 crore from Rs 34,588.8 crore recorded a year ago. The fall in group premium and change in taxation norms for policies with a higher ticket size dragged...
MUMBAI: Private sector banks have increased their share in term deposits to 35 per cent in the second quarter (Q2) of 2023-24 (FY24), up from 32 per cent in the fourth quarter (Q4) of 2022-23 (FY23). In contrast, public sector banks (PSBs) lost 200 basis points (bps) of their...
NEW DELHI: The government will sell up to an 8 per cent stake in IRCON International through an offer-for-sale, which will open on Thursday, the rail public sector undertaking said in an exchange filing. The plan is to offload 37.6 million equity shares, of face value of Rs 2...
NEW DELH: State-controlled Oil and Natural Gas Corporation (ONGC) plans to wheel green electricity to its installations in the Arabian Sea to replace natural gas it uses in operation of oil wells as part of its ambitious decarbonisation programme, its Chairman Arun Kumar Singh said. India’s top oil and...
NEW DELHI: Finance Minister Nirmala Sitharaman on Thursday said the budget to be presented on February 1, 2024 would not have any “spectacular announcement” as it would be a vote on account in run up to the general elections. “It is a matter of truth that February 1, 2024...
NEW DELHI: India’s renewable energy capacity addition is expected to grow by more than 33 per cent Y-o-Y to 20 gigawatts (GW) in FY24 ending March 2024, aided by a reduction in prices of solar photovoltaic (PV) cells and modules, in abeyance of the ALMM order, among other factors....
NEW DELHI: The Centre has amended the Special Economic Zone (SEZ) Rules to allow demarcation of a portion of the built-up area in an IT/ITES SEZ as a non-processing area, subject to conditions including repayment of tax concessions attributable to the area. “A non-processing area may be used for...
MUMBAI: India is seen as a rising star among Asian peers, besides Indonesia and the Philippines, and is expected to be among the fastest growing economies in the region in 2024, Nomura said on Wednesday. India’s GDP, Numura believes, will expand at 5.7% in 2024. The projection reinforces the...
NEW DELHI: The next spectrum auction will be held in late February 2024 and the reserve price for most bands will remain the same as the 2022 auction, department of telecommunications (DoT) officials have said. The government expects operators to go for low bands beginning in 600 megahertz (MHz),...
NEW DELHI: In a development that will deepen India’s local value addition in the mobile and electronics manufacturing chain, Apple has asked its suppliers to make batteries for its forthcoming iPhone 16 domestically. This is part of the company’s plans to shift its global supply chain out of China....
NEW DELHI: The Centre on Wednesday sought approval of Parliament for gross additional spending of Rs 1.29 trillion including Rs 14,524 crore for Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) and Rs 13,351 crore for fertiliser subsidy. “Approval of Parliament is sought to authorise gross additional expenditure of...
MUMBAI: The RBI’s high-powered rate setting panel on Wednesday began its 3-day brainstorming on the next set of bi-monthly monetary policy amid expectation of continued pause on the short-term key lending rate as GDP growth is gaining momentum, and inflation manageable. RBI left the benchmark policy rate (repo) unchanged...
NEW DELHI: The government is learnt to have resolved to allow foreign direct investment (FDI) in inventory-based models of e-commerce, subject to the rider that these will be solely aimed at export markets. According to an official source, while the key ministries of finance and commerce & industry have...
KOLKATA: The telecom secor recorded 1.75% sequential growth in adjusted gross revenue (AGR) in the April-June quarter, during which Bharti Airtel and Reliance Jio saw a rapid uptake of 5G services, further accelerated by sporting events like the Indian Premier League (IPL). The latest data released by the Telecom...
NEW DELHI: India’s service activity moderated to a one-year low in November, owing to a slowdown in new work orders and overall output, a private survey published Tuesday said. However, the print showed continued expansion in the broader economy that surprised on the upside in the second quarter. The...
MUMBAI: Insurance behemoth Life Insurance Corporation of India (LIC) is the fourth largest insurer in the world, according to a ranking based on life and accident & health reserves of companies in 2022 by S&P Global Market Intelligence. The state-owned insurer is ranked after Allianz SE, China Life Insurance...
NEW DELHI: The central public sector enterprises (CPSEs) and large government agencies present in the infrastructure sector like the NHAI and the Railways have invested Rs 4.28 trillion or 58.4% of their combined annual capital expenditure target in April-October of the current financial year, supporting the public capex-led economic...
BENGALURU: Fair Isaac, the US-based data and analytics company better known as FICO, on Tuesday launched its cloud-based platform in India. Indian banks like HDFC Bank, Axis Bank, and AU Small Finance Bank are among the early adopters set to elevate customer satisfaction and drive innovation in the banking...