Business
Spicejet Plans To Raise Over Rs 3,200 Crore Via Debt, Equity
MUMBAI: Cash-strapped domestic carrier Spicejet plans to raise Rs 3,200 crore through QIP, warrants and capital infusion by the promoter, the airline said in a presentation on Friday. The funds will be utilised in taking back the grounded fleet in operations, liability settlement, new fleet induction and other general...
Rupee Rises Two Paise To Settle At 83.95 Against US Dollar
MUMBAI: The rupee gained 2 paise to close at 83.95 (provisional) against the US dollar on Friday amid a weak greenback in overseas markets. However, negative domestic markets, rise in crude oil prices, and outflow of foreign capital capped sharp gains, forex traders said. At the interbank currency market,...
Contraction In States’ Capex Continues, Down 17% In April-July
NEW DELHI: States’ capital expenditure likely fell by around 17% on year in the first four months of the current financial year, prolonging the moderation across the public sector capex space. As the impact of general elections on project implementations lingered on, the capex by the central public sector...
Strong Fundamentals Keep Growth Story Intact: RBI Governor
MUMBAI: Notwithstanding a moderation in growth in the first quarter (Q1) of 2024-25 (FY25), the fundamental growth drivers of the economy are gaining momentum, instilling confidence that India’s growth story remains intact, said Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday. He added that the central bank’s...
India, Singapore Ink Agreements On Semiconductor, Digital Technology
NEW DELHI: India and Singapore on Thursday announced the signing of a key bilateral pact to partner and cooperate in the field of semiconductors, as the two countries elevated their ties to a “comprehensive strategic partnership”. Prime Minister Narendra Modi is on a 2-day visit to Singapore ahead of...
FM Asks Industry To Use PLI-Like Schemes To Fast-Track Investments
NEW DELHI: Finance Minister Nirmala Sitharaman on Thursday gently nudged Indian industries to invest to expand their capacity to serve the growing needs of India by taking advantage of the government’s employment and production-linked incentives and the corporate tax rate cut since 2019. Addressing the Southern India Chamber of...
Food Inflation Control Priority For Government: Pralhad Joshi
NEW DELHI: Food minister Pralhad Joshi on Thursday said that prices of essential commodities are stable and likely to remain so in the coming festive seasons while the recent spurt in onion prices is being curbed through releasing the government’s stock. “Keeping food inflation under control is a priority...
India-EFTA Trade Deal Moves Forward
NEW DELHI: Switzerland’s federal cabinet has adopted the ambitious trade pact between India and the European Free Trade Association (EFTA) and placed it before Parliament as part of the ratification process. The ambitious trade pact, signed in March between India and the European bloc comprising Norway, Switzerland, Iceland and...
Mercedes Eyes India As Top Luxury Market
PUNE: German luxury car maker Mercedes-Benz India on Thursday said India has the potential to become one of the top five markets for its Maybach brand of cars in sales volume. Launching the electric version of its first-ever all-electric Mercedes-Maybach in India, the company’s managing director and CEO Santosh...
SAIL Offers Support For Critical Mineral Mission
NEW DELHI: SAIL, the country’s largest steel player, is willing to participate in the Critical Mineral Mission, which aims to secure the country’s critical mineral supply chain by ensuring mineral availability from domestic and foreign sources, the company’s Chairman Amarendu Prakash said on Thursday. The Union Budget 2024-25 had...
Suresh Prabhu nominated to World Agriculture Forum Board
NEW DELHI: Former Union Minister and Rajya Sabha member Suresh Prabhu on Thursday nominated to the World Agriculture Forum (WAF) Board. In a communication, Rudy Rabbinge, Chairman of WAF Board, said that Prabhu’s expertise would be invaluable to the discussions that shape the future of the agri sector.”Given your...
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...
