Business
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...
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...
