India feels the heat as investors face brutal emerging markets selloff

02/07/2022
Mumbai, juL 1: Investors reeling from the brutal emerging markets selloff over the past six months again fled the rupee as India’s currency hit new lows, prompting the government to curb gold imports and oil exports to arrest a widening deficit. The government raised import taxes on gold, while increasing levies on exports of gasoline and diesel in an attempt to control a fast-widening current account gap. The moves sent Reliance Industries Ltd. and other energy exporters tumbling, bringing do...

Sensex falls 111 points; RIL tumbles over 7 pc

02/07/2022
Mumbai, juL 1: Benchmark indices settled lower on Friday, with the Sensex declining 111 points on the back of a sharp fall in index heavyweight Reliance Industries. The BSE benchmark went lower by 111.01 points or 0.21 per cent to settle at 52,907.93. During the day, it tanked 924.69 points or 1.74 per cent to 52,094.25. The NSE Nifty dipped 28.20 points or 0.18 per cent to close at 15,752.05. The government on Friday slapped an export tax on petrol, diesel and jet fuel (ATF) while also join...

Wipro Consumer to withdraw sanitisers from market as demand decreases

02/07/2022
Mumbai, juL 1: Wipro Consumer Care and Lighting is considering withdrawing sanitisers from the market as the demand for such products has dwindled due to decrease in Covid-19 severity. The company may also withdraw some variants of other categories that were launched during the pandemic, said Vineet Agarwal, chief executive officer of Wipro Consumer Care. He, however, did not give details on the products the company is planning to withdraw from the market. “The only product which is likely to...

Govt slaps export tax on petrol, diesel; windfall tax on domestic crude oil

02/07/2022
new delhi, juL 1: The government on Friday slapped an export tax on petrol, diesel and jet fuel (ATF) shipped overseas by firms like Reliance Industries Ltd, and imposed a windfall tax on crude oil produced locally by companies such as ONGC and Vedanta Ltd. The government imposed a Rs 6 per litre tax on export of petrol and ATF and Rs 13 per litre tax on export of diesel, finance ministry notifications showed. Additionally, it levied a Rs 23,250 per tonne additional tax on crude oil produced ...

GST receipts up 56% at Rs 1.45 trn in June in second-best show in 5 years

02/07/2022
new delhi, juL 1: Amid the demand by some states for extending compensation under the goods and services tax (GST) regime, collections from the five-year old indirect tax grew 56 per cent Rs 1.45 trillion in June--the second highest mop-up ever. The growth can be attributed to the low base of Rs 92,800 crore last Junem which was the outcome of the second wave of Covid-19/ However, what is noteworthy is that the collections this June were only surpassed by the Rs 1.67 trillion mopped up in Apri...

India must look at other options and not just EVs to curb emissions: Toyota

02/07/2022
new delhi, juL 1: India must look at multiple technology options, including hybrids, to tackle carbon emissions and not just restrict to electric vehicles, a senior company official of Japanese auto major Toyota said on Friday. In May, the company announced plans to invest Rs 4,800 crore in Karnataka for local production of powertrain parts and other components of Electric Vehicles (EVs). It is preparing to develop an ecosystem for electrified vehicles in the country as part of its path towa...

Maruti Suzuki June sales at 122,685 units, down 1.2% due to chip crunch

02/07/2022
Mumbai, juL 1: Passenger vehicles (cars and utility vehicles) at Maruti Suzuki India contracted marginally by 1.2 per cent to 122,685 units in June from 124,280 units in the same month a year ago owing to the shortage of semiconductors. "The shortage of electronic components had a minor impact on the production of vehicles, mainly in domestic models. The company took all possible measures to minimise the impact," Maruti said in a statement. However, if the sales of Baleno and Brezza models to...

PMI Manufacturing: June factory growth at 9-month low as inflation bites

02/07/2022
new delhi, juL 1: India's factory output expanded at its slowest pace in nine months in June as elevated price pressures continued to dampen demand and output, according to a private survey, which also showed business confidence was at its lowest in over two years. Although inflation eased in May to 7.04% after touching an eight-year high of 7.79% in April, a meaningful decline is not seen anytime soon even as the Reserve Bank of India is expected to continue with aggressive rate hikes. While...

Govt hikes gold import duty to 15 pc

02/07/2022
new delhi, juL 1: The government has hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD) and rising import of the yellow metal. The duty changes came into effect on June 30. Earlier, the basic customs duty on gold was 7.5 per cent, now it will be 12.5 per cent. Along with the agriculture infrastructure development cess (AIDC) of 2.5 per cent, the effective gold customs duty will be 15 per cent. Finance Minister Nirmala Sitharaman said India does...

GST: Tech use to plug revenue leaks, Rs 1.3 trn monthly tax ‘new normal’

01/07/2022
new delhi, jun 30: India's biggest tax reform, the Goods and Services Tax (GST), completes its half-a-decade journey on June 30, with many hits and some misses, and also brought about a paradigm shift in use of technology to bring about tax compliance and making over Rs 1 lakh crore revenue collection every month 'a new normal'. A nationwide Goods and Services Tax (GST), which subsumed 17 local levies like excise duty, service tax and VAT and 13 cesses, was rolled out at the stroke of midnight...

Rupee relatively better placed than other global currencies against USD: FM

01/07/2022
new delhi, jun 30: Amid the rupee declining against the US dollar, Finance Minister Nirmala Sitharaman on Thursday said the Indian currency is relatively better placed than other global currencies against the greenback. Emerging market currencies have been falling against dollar amid geopolitical tensions in the wake of the Russia-Ukraine war, concerns over growth, high global crude prices, sustained inflation and central banks worldwide adopting hawkish monetary policy approach. "We are rela...

IndiGo, Turkish Airlines resume codeshare partnership

01/07/2022
new delhi, jun 30: Turkish Airlines and IndiGo have resumed their codeshare agreement that allows each airline to sell seats on other's flights, a statement said on Friday. "Currently, Turkish Airlines operates a daily flight on Delhi-Istanbul and Mumbai-Istanbul routes, whereas IndiGo operates a daily flight on Delhi-Istanbul route and is also planning to add a second frequency from August 2022," said the joint statement of the two airlines. The codeshare allows both airlines to give its pas...

Markets end on flat note in choppy trade

01/07/2022
Mumbai, jun 30: Benchmark indices ended on a flat note on Thursday, with the Sensex dipping 8 points as fag-end volatility wiped out intra-day gains amid weak global trends. The BSE benchmark Sensex slipped 8.03 points or 0.02 per cent to settle at 53,018.94. During the day, it had gained 350.57 points or 0.66 per cent to 53,377.54. The NSE Nifty fell 18.85 points or 0.12 per cent to 15,780.25. Among the Sensex pack, Tech Mahindra, Bajaj Finance, Bajaj Finserv, M&M, Tata Steel and IndusInd Ba...

Lenskart acquires majority stake in Japanese eyewear brand Owndays

01/07/2022
Mumbai, jun 30: Lenskart, the SoftBank-backed eyewear retailer, is buying a majority stake in Japan's Owndays Inc, the direct-to-consumer eyewear brand. The deal will create one of Asia's biggest online retailers of eyewear. With this acquisition, Lenskart extends its reach to 13 markets, including India, Singapore, Thailand, Taiwan, Philippines, Indonesia, Malaysia, and Japan. Owndays co-founders, CEO Shuji Tanaka, and chief operating officer, Take Umiyama, will continue to be shareholders an...

Economic recovery gradual, uneven amidst global headwinds: RBI report

01/07/2022
Mumbai, jun 30: High-frequency indicators in the first quarter of this financial year show an “"unevenly strengthening recovery" despite global headwinds, said the Reserve Bank of India on Thursday. “In the Indian economy, high-frequency indicators point to a gradual but unevenly strengthening recovery in the first quarter of 2022-23, in spite of headwinds from the geopolitical situation, elevated commodity prices, especially of crude oil, and volatile financial conditions, as global spillover...

Telcos’ 5G bids seen muted as private firms jostle for airwaves: Report

01/07/2022
new delhi, jun 30: India's telecom giants are likely to make muted bids at the 5G spectrum auction in July, on worries they stand to lose about 40% in potential revenues due to the allotment of some airwaves to enterprises for private networks, industry sources said. Top player Reliance Industries' Jio and rivals Bharti Airtel and Vodafone Idea have failed to lobby New Delhi to stop the allocation that will let various enterprises, including Amazon.com and Tata Consultancy Services, to get air...

50K startup workers stare at job loss as India preps for 200 new unicorns

01/07/2022
new delhi, jun 30: As startups in India keep firing their staff to navigate through the 'funding winter' and more than 60,000 can lose their jobs in 2022 alone, the country is preparing to welcome 200 unicorns in the next four years. As thousands more brace themselves for being laid off, led by edtech and e-commerce platforms, the 'ASK Private Wealth Hurun India Future Unicorn Index 2022' list highlights that nearly 122 startups from 25 cities are on the path to become unicorns (with a valuati...

Murugappa Group posts 23% rise in net profit in FY22, manufacturing grows

01/07/2022
Chennai, jun 30: Chennai-based Murugappa Group on Thursday reported a 23 per cent rise in net profit at Rs 5,520 crore for the financial year 2021-22, compared to Rs 4,481 crore during the same period in 2020-21. The group’s turnover increased by 31 per cent to Rs 54,722 crore, as against Rs 41,706 crore in 2020-21. Earnings before interest, taxes, depreciation and amortisation (EBITDA) posted a growth of 30 per cent to Rs 8,343 crore, compared to Rs 6,404 crore the previous year. Manufactur...

Rupee gains 5 paise to close at 78.98 against US dollar

01/07/2022
Mumbai, jun 30: The rupee rebounded from its all-time low to close 5 paise higher at 78.98 (provisional) against the US dollar on Thursday. At the interbank forex market, the local unit opened at 78.92 against the greenback and witnessed an intra-day high of 78.90 and a low of 78.99. It finally settled at 78.98, a rise of 5 paise over its previous close. The rupee had breached the psychologically significant level of 79 per dollar level for the first time ever on Wednesday and has also hit a...

Stocks halt 4-day winning run, Sensex down 150 points on weak global markets

30/06/2022
Mumbai, jun 29: Snapping its four-day winning run, benchmark Sensex declined by over 150 points on Wednesday due to profit booking in IT, FMCG and banking shares following weak global trends and persistent foreign capital outflows. In a volatile session, the 30-share BSE Sensex settled 150.48 points or 0.28 per cent lower at 53,026.97 as 20 of its stocks ended with losses. During the day, it tumbled 564.77 points or 1.06 per cent to a low of 52,612.68 ahead of the expiry in the derivatives seg...

Sebi lets FPIs to participate in exchange-traded commodity derivatives mkt

30/06/2022
Mumbai, jun 29: Capital markets regulator Sebi on Wednesday decided to allow foreign portfolio investors to participate in the exchange-traded commodity derivatives segment, a move that will further increase depth and liquidity in the market. The board of Sebi, during its meeting held on Wednesday, also approved amendments to rules governing mutual funds and portfolio managers. Further, it has cleared amendments to SECC Regulations provisions relating to Limited Purpose Clearing Corporation (...

Rupee closes at all-time low, breaches 79 mark against US dollar

30/06/2022
Mumbai, jun 29: The rupee depreciated 18 paise to close at a record low of 79.03 (provisional) against the US dollar on Wednesday, weighed down by persistent foreign capital outflows, a strong dollar overseas and surge in crude oil prices. At the interbank foreign exchange market, the rupee opened lower at 78.86 against the greenback and finally settled at 79.03, down 18 paise over its previous close. During the session, the rupee touched an all-time low of 79.05 against the American currency...

GST Council defers tax on casinos, lottery; GoM to re-deliberate by July 15

30/06/2022
new delhi, jun 29: The GST Council on Wednesday deferred decision on levying a 28 per cent tax on casinos, online gaming, horse racing and lottery pending more consultations with stakeholders, Union Finance Minister Nirmala Sitharaman said. A group of ministers headed by Meghalaya Chief Minister Conrad Sangma has been asked to consider submissions of stakeholders again on the valuation mechanism and submit its report by July 15, she told reporters here. The council will meet again in the firs...

About a dozen states seek extension of GST compensation; no decision taken

30/06/2022
Chandigarh, jun 29: About a dozen states on Wednesday pitched for extending by a few years the compensation paid to states for revenue lost from the implementation of the goods and services tax (GST) regime. The GST Council, the highest decision-making body of the indirect tax regime, however, did not take any decision at its meeting here. A final decision is likely to be taken in the next GST council meeting in the first week of August, Finance Minister Nirmala Sitharaman said while talking ...

Hurun says 122 more Indian startups can become unicorns in 4 years

30/06/2022
Mumbai, jun 29: Despite the ongoing 'funding winter' which can impact start-up valuations, the number of unicorns or startups valued at over USD 1 billion will grow by 122 to cross the 200 companies mark in the next four years, a report said on Wednesday. The number of unicorns stand at 84 right now as against 51 in the year-ago period, and there are 122 others valued at over USD 200 million which can achieve the unicorn status in the next 2-4 years, Hurun Research Institute said. According t...

Govt gives ONGC, Vedanta freedom to sell crude oil

30/06/2022
new delhi, jun 29: The government on Wednesday allowed firms like ONGC and Vedanta to sell locally produced crude oil to any Indian refinery for turning it into fuel, such as petrol and diesel, as it deregulated one of the last few avenues that were still under its control. While contracts for oilfields awarded since 1999 gave producers the freedom to sell oil, the government fixed buyers for crude produced from older fields, such as Mumbai High of ONGC and Ravva of Vedanta. Briefing reporter...

RBI may need to tweak forex strategy, let rupee weaken, say analysts

30/06/2022
Mumbai, jun 29: India's central bank may need to change the way it seeks to slow the rupee's decline, analysts and traders say, with its current method of intervention in the forwards market now only accelerating the currency's fall. The rupee has hit a series of record lows this week and is within striking distance of the psychologically important 79-to-a-dollar level, as concerns around growth, portfolio outflows, high global crude prices and sustained inflation weigh. [INR/] To control the...

Japanese chip maker Renesas Electronics broadens tie-up with Tata group

30/06/2022
Mumbai, jun 29: Renesas Electronics Corp, a global leader in advanced semiconductor solutions, has forged a strategic partnership with Tata Group companies such as Tata Motors and Tejas Networks for the design, development and manufacture of Renesas’ semiconductor solutions. The products are designed to enhance innovation across electronics systems for the Indian and emerging markets. Renesas would also set up an innovation centre with Tata Consultancy Services (TCS) for comprehensive system...

Ruchi Soya Industries Ltd now becomes Patanjali Foods Ltd

30/06/2022
new delhi, jun 29: Edible oil firm Ruchi Soya Industries Ltd on Tuesday said the name of the company has been changed to Patanjali Foods Ltd with effect from June 24. In 2019, Baba Ramdev-led Patanjali Ayurved acquired Ruchi Soya for Rs 4,350 crore through an insolvency process. In a regulatory filing, Ruchi Soya informed that it has "received an e-mail dated June 27, 2022, from the Ministry of Corporate Affairs mentioning that a fresh 'Certificate of Incorporation pursuant to change of name'...

GST Council clears proposal to remove tax exemptions on some items

29/06/2022
new delhi, jun 28: The GST Council on Tuesday approved changes in tax rates on some goods and services while allowing states to issue an e-way bill for intra-state movement of gold and precious stones, officials said. The Council, chaired by Finance Minister Nirmala Sitharaman and comprising state counterparts, also cleared a host of compliance procedures for GST-registered businesses along with a GoM report on high-risk tax payers to check evasion. The discussion on the crucial issues of ext...

Mukesh Ambani resigns from Jio, son Akash made chairman

29/06/2022
new delhi, jun 28: Mukesh Ambani has resigned from the board of his group's telecom arm, Reliance Jio and handed over the reins of the company to elder son Akash, a step seen as succession planning by the 65-year old billionaire. According to a regulatory filing made on June 28, the board of Reliance Jio, the telecom division of the oil-to-retail giant Reliance Industries Ltd (RIL), has named Akash Ambani as its chairman. The board of Jio was joined by Akash Ambani in 2014, the son of RIL CEO...

Zomato sheds nearly $1 bn in valuation over two days after Blinkit deal

29/06/2022
Mumbai, jun 28: Shares of India's Zomato Ltd fell as much as 8.2% on Tuesday, extending losses for a second straight day as investors questioned the rationale of the company's deal to buy local grocery delivery startup Blinkit. The Ant Group-backed food delivery firm said on Friday it would acquire Blinkit for Rs 4,447 crore ($568.16 million) in stock, as it tries to gain a foothold in the fiercely competitive quick delivery market. The deal comes after it bought a more than 9% stake in SoftB...

Markets trade weak after 3-day gain; Sensex falls over 317 points

29/06/2022
Mumbai, jun 28: Equity benchmark indices halted their three-day gain on Tuesday, with the Sensex falling over 317 points in early trade, amid weak global market trends and persistent foreign fund outflows. Firm crude oil prices in the international market also put pressure on equities. The 30-share BSE Sensex was trading 317.41 points lower at 52,843.87. The NSE Nifty dipped 99.65 points to 15,732.40. Among the Sensex pack, Asian Paints, Titan, Bajaj Finserv, Wipro, Tech Mahindra, UltraTech Ce...

Tata Steel to ramp up NINL operation to 1.1 MTPA within a year: Chairman

29/06/2022
new delhi, jun 28: Tata Steel Chairman N Chandrasekaran on Tuesday said the company, after completing acquisition, will boost the operation of Neelachal Ispat Nigam Ltd to rated capacity of 1.1 million tonne per annum within the next one year. However, the ramping up of the operations of Neelachal Ispat Nigam Ltd (NINL) would be subject to obtaining statutory clearances. "Post-acquisition, we will endeavour to ramp up the operations of NINL to its rated capacity of 1.1 million ton per annum w...

15 more firms selected under PLI scheme for white goods

29/06/2022
new delhi, jun 28: As many as 15 companies, including Adani Copper Tubes, LG Electronics and Wipro Enterprises, with committed investment of Rs 1,368 crore, have been selected as beneficiaries under the PLI scheme for the white goods sector, the government said on Tuesday. In March, the commerce and industry ministry had reopened the application window for its Rs 6,238-crore PLI scheme for white goods air-conditioners (ACs) and LED lights with an aim to accommodate more players as several firm...

Rupee tanks 46 paise to close at record low of 78.83 against US dollar

29/06/2022
Mumbai, jun 28: The rupee plunged by 46 paise to close at record low of 78.83 (provisional) against the US dollar on Tuesday, weighed down by persistent foreign capital outflows and a surge in crude oil prices. At the interbank foreign exchange market, the rupee opened lower at 78.53 against the greenback and finally settled at 78.83, down 46 paise over its previous close. During the session, the rupee touched an all-time low of 78.85 against the American currency. "The Indian rupee touched ...

Edible oil brand Gulab Oils eyes Rs 5,000 crore turnover in four years

29/06/2022
Ahmedabad, jun 28: Having doubled its turnover in three years to Rs 2,100 crore in FY22, Gujarat's emerging cooking medium brand Gulab Oils is now eyeing a turnover Rs 5,000 crore over the next 3-4 years on the back of its pan-India presence and capacity expansion. "We more than doubled our turnover on the back of healthy growth in the edible oil business during the past three years. Now that we are expanding our presence from four states to 10 on the back of capacity and product portfolio exp...

India defies global slump with a record $82 bn dealmaking spree in Q2

29/06/2022
new delhi, jun 28: Bankers in India recorded their best-ever quarter for mergers and acquisitions while dealmaking elsewhere slows to a crawl. India saw $82.3 billion pending and completed M&A deals in the second quarter, the highest amount on record, according to data compiled by Bloomberg. That’s more than twice as much than the previous record of $38.1 billion in the third quarter of 2019. Globally, M&A volume in the quarter reached $827.6 billion, down 8.7% from the same period in 2021. Th...

SP group back in business as fortunes revive in post pandemic era

29/06/2022
Mumbai, jun 28: Shapoorji Pallonji and Company Private Limited, the flagship company of the 150-year old SP group, has successfully exited from the one-time debt restructuring scheme by selling part of its assets and pledging part of its stake in the group's investment companies. The company turned around in fiscal 2022 after its real estate business was impacted by the Covid pandemic in fiscal 2021. Experts say the group is now back in action with Pallonji Mistry's sons leading its businesse...

GST Council meet: Easier e-comm supplier registration, tax tweaks on cards

28/06/2022
new delhi, jun 27: The GST Council in its two-day meeting starting Tuesday is slated to discuss an array of issues, including a mechanism for compensating states for revenue loss, tax rate tweaks in some items and relaxed registration norms for small online suppliers. Further, the Council, chaired by the Union Finance Minister and comprising state counterparts, will also clear levying the highest tax of 28 per cent on online games, casinos and horse racing, besides, discussing a report of a Go...

Stocks extend winning run to 3rd day; Sensex, Nifty gain nearly 1 per cent

28/06/2022
Mumbai, jun 27: Benchmark stock indices rose for a third straight day on Monday on buying in IT, banking and FMCG shares triggered by gains in global equities following easing inflation concerns. The 30-share BSE Sensex jumped 433.30 points or 0.82 per cent to settle at 53,161.28. During the day, it rallied 781.52 points or 1.48 per cent to 53,509.50. The NSE Nifty also gained 132.80 points or 0.85 per cent to close above the 15,800 level at 15,832.05. Among the Sensex pack, Larsen & Toubro,...

Indian banks to post larger increase in margins in FY23: Moody’s

28/06/2022
Chennai, jun 27: Credit rating agency Moody's Investors Service on Monday said banks in India, Saudi Arabia and South Africa would post larger increases in margins in FY23. Moody's said the hike in policy rates in many G-20 emerging markets to curb inflation will improve the margins of the banks. The rating agency also said a more rapid acceleration of inflation would necessitate higher loan-loss provisions, erasing margin gains. "Orderly, gradual increases in interest rates will improve ban...

India saw 9.36 bn transactions worth Rs 10.2 trn in Q1 2022, UPI leads

28/06/2022
Mumbai, jun 27: India saw 9.36 billion transactions amounting to Rs 10.25 trillion in the first quarter (January-March period) via various payment modes led by Unified Payment Interface (UPI), a new report showed on Monday. The UPI P2M (person to merchant) transactions emerged as the most preferred payment mode among consumers with a market share of 64 per cent in volume and 50 per cent in terms of value, according to the report by Worldline, a global leader in payments industry. In Q1 2022, ...

Maruti Suzuki betting on hybrids over electric vehicles in clean shift

28/06/2022
new delhi, jun 27: Maruti Suzuki India Ltd., the automaker that sells every other car on the nation’s roads, believes electric vehicles aren’t the answer to reducing carbon emissions in the world’s third-biggest releaser of greenhouse gases at least not in the immediate future. India’s largest automaker reckons that vehicles powered by hybrid technology, natural gas and biofuels present a better path toward a cleaner future than electric cars considering the nation generates about 75% of its e...

Sebi allows UPI payment option to invest in public issues of REITs, InvITs from 1 August

28/06/2022
new delhi, jun 27: Capital markets regulator Sebi on Friday provided an additional payment option of UPI or unified payments interface mechanism to retail investors to apply in the public issue of REITs and InvITs for application value up to Rs 5 lakh. The new framework, aimed at further streamlining the process, will be applicable to public issue of units of Infrastructure Investment Trust (InvIT) and real estate investment trust (REIT), which opens from August 1, the Securities and Exchange ...

Ether recovery helps crypto retake $1 trillion market cap level

28/06/2022
new delhi, jun 27: Ether reached its highest level in 10 days on Sunday as the market showed some signs of stabilization. The No. 2 cryptocurrency advanced as much as 3.9% to $1,255.48, and has rallied 38% over the past eight sessions after briefly dropping to about $900. It appears to have found support around its 200-week moving average, which currently sits near $1,200. No. 1 Bitcoin has gained about 20% in that eight-session stretch and rose as much as 1.7% on Sunday. Overall crypto mark...

Gig economy in India to employ 23.5 million by 2030, says NITI Aayog report

28/06/2022
new delhi, jun 27: India’s gig economy is estimated to employ 7.7 million people and is set to nearly triple to 23.5 million by 2029-30, a new report by the NITI Aayog said on Monday. The report, ‘India’s Booming Gig and Platform Economy’, is the first attempt by a policy think-tank to assess the current size of gig workers those engaged in livelihoods outside the traditional employer-employee arrangement - and the employment generation of the sector. The study estimated that the number of gi...

Rupee ends almost flat at 78.34 against US dollar

28/06/2022
Mumbai, jun 27: The rupee slipped 1 paisa to close at its fresh life-time low of 78.34 (provisional) against US dollar on Monday despite a rally in the domestic equity markets. Firm crude oil prices in the international market and unabated foreign capital outflows put pressure on the domestic unit. However, a weak dollar overseas supported the local currency, forex dealers said. At the interbank forex market, the local unit opened sharply higher at 78.24 against the greenback, but paired all...

FinMin asks banks to explore fintech partnership, co-lending opportunities

27/06/2022
New Delhi, Jun 26: The Finance Ministry has asked public sector banks to explore fintech partnerships and co-lending opportunities to expand their business. In the recently concluded performance review of PSBs by the Finance Ministry, sources said, lenders were asked to focus on technology and data analytics to push their lending. The ministry also urged the heads of the public sector lenders to strengthen IT security systems and cybersecurity to check fraud. According to the sources, banks ...

Telangana CM to inaugurate T-Hub’s new facility on June 28

27/06/2022
Hyderabad, Jun 26: Telangana Chief Minister K Chandrasekhar Rao will be inaugurating the new facility of business incubator T-Hub here on June 28. The new building comes with a total built-up area of over 5.82 lakh square feet which makes it the world's largest innovation campus, the second largest being startup incubator Station F based in France, an official release earlier said. Telangana IT Minister K T Rama Rao on Sunday tweeted: "The best way to predict the future is to create it" - Lin...

Trial runs begins on Dwarka Sector 21-IICC metro section: DMRC

27/06/2022
New Delhi, Jun 26: Trial runs have begun on the Dwarka Sector 21-IICC metro section on the Airport Express Line, officials here said on Sunday. The segment between Dwarka Sector 21 and the upcoming India International Convention Centre (IICC) is expected to be commissioned by July, DMRC chief Vikas Kumar had said on May 3. Dwarka Sector 25 (IICC) is an underground station and an extension of the presently operational Airport Express Line connecting the New Delhi Railway station with Dwarka Se...

North Eastern Coalfields seeks clearances to operationalise 2 Assam mines in FY23

27/06/2022
Margherita (Ass-am), Jun 26: Coal India unit North Eastern Coalfields is in the process of seeking clearances for putting into operation two of its mines in Assam in the current financial year. The development assumes significance in the wake of efforts being made to avoid the reoccurrence of power outages faced by the country at the beginning of the summer season this year due to the shortage of coal supplies. According to a senior official, once production starts from Tirap OCP (open cast p...

Govt to invite bids for power from 8,000 MW thermal capacities without PPAs

27/06/2022
New Delhi, Jun 26: The government will invite bids from states to sell electricity generated from 8,000 megawatt (MW) thermal capacities without PPAs, Power Minister RK Singh has said. A total of 8,000 MW of thermal capacities in India are without any power purchase agreements, Singh, who is also the Minister for New & Renewable Energy, told PTI. Replying to a question related to capacities without PPAs in India, the minister said, "There are 8,000 MW of capacities which don't have PPAs in the...

After 5 months, ONGC finally gets a director on HPCL board

27/06/2022
New Delhi, Jun 26: After over five months, Oil and Natural Gas Corporation (ONGC) has finally got a director appointed on the board of Hindustan Petroleum Corporation Ltd a firm it had acquired for Rs 36,915 crore. The Ministry of Petroleum and Natural Gas on June 22, conveyed its consent for the appointment of Pankaj Kumar, Director (Offshore), ONGC as a director on the board of HPCL, according to regulatory filings by HPCL. For over five months, ONGC had no representative on the board of HP...

423 infra projects show cost overruns of Rs 4.95 lakh cr

27/06/2022
New Delhi, Jun 26: As many as 423 infrastructure projects, each entailing an investment of Rs 150 crore or more, have been hit by cost overruns of more than Rs 4.95 lakh crore, as per a report. According to Ministry of Statistics and Programme Implement-ation, which monitors infrastructure projects of Rs 150 crore and above, out of 1,568 projects, 423 reported cost overruns and as many as 721 projects were delayed. "Total original cost of implementation of the 1,568 projects was Rs 21,59,802....

Sri Lanka is exploring options to purchase oil from Russia: Minister

27/06/2022
Colombo, June 26: Crisis-hit Sri Lanka is exploring options to purchase oil from Russia, a senior minister said on Sunday, as the island nation desperately looks to replenish its dwindling fuel stocks amid an unprecedented economic crisis due to a crippling shortage of foreign exchange reserves. On Sunday, petrol price was hiked by LKR 50 and diesel by LKR 60 respectively, the third price revision in just over two months. The move was necessitated after state-owned refinery Ceylon Petroleum Co...

There should not be ‘intolerable growth sacrifice’ to tame inflation abruptly: MPC member Jayanth Varma

27/06/2022
New Delhi, Jun 26: The Indian economy has barely recovered from the impact of the coronavirus pandemic and it should be ensured that there is no "intolerable growth sacrifice" in attempts to tame inflation "too abruptly", according to RBI's Monetary Policy Committee (MPC) member Jayanth R Varma. With a cautiously optimistic outlook for the country's economy, Varma on Sunday said growth prospects for 2022-23 and 2023-24 financial years are "reasonable" even after taking into consideration the p...

Ease of doing business: States’ ranking likely to be released on Jun 30

27/06/2022
New Delhi, Jun 26: The commerce and industry ministry is expected to release on Thursday the ranking of states and Union Territories (UTs) in terms of ease of doing business, according to an official. "It has been decided to release the assessment of states/UTs under BRAP (Business Reforms Action Plan), 2020, on June 30 by Finance Minister Nirmala Sitharaman," the official said. The exercise is aimed at triggering competition among states to improve the business climate to attract domestic and ...

Govt announces extension of GST compensation cess levy till March 2026

26/06/2022
new delhi, jun 25: The government has extended the time for levy of GST compensation cess by nearly 4 years till March 31, 2026. As per the Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022, notified by the finance ministry, the compensation cess will continue to be levied from July 1, 2022 to March 31, 2026. The levy of cess was to end on June 30 but the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state FMs, decided to extend it t...

Future Enterprises defaults on Rs 4.10 crore interest payment for NCDs

26/06/2022
new delhi, jun 25: Debt-ridden Future Enterprises Ltd (FEL) has defaulted on interest payment of Rs 4.10 crore for its non-convertible debentures. The due date for payment was June 24, 2022, FEL said in a regulatory filing. "The Company is unable to service its obligations in respect of the interest on Non-Convertible Debentures was due on June 24, 2022," it said. This is the fourth default in June by the Kishore Biyani-led Future group firm. Earlier this week, FEL defaulted twice on intere...

Gold, silver prices fall in trade; yellow metal trading at Rs 51,760

26/06/2022
Mumbai, jun 25: Gold prices witnessed a fall on Saturday, with the price of the yellow metal falling by Rs 230 as compared to the previous day's rate. Ten gram of 24-carat gold is trading at Rs 51,760, whereas, ten gram of 22-carat gold is trading at Rs 47,450. Silver too, opened in the low and is trading at Rs 60,000 per kg. The precious metal is down by Rs 200 as compared to the previous day's rate. In Delhi, Kolkata and Bangalore, 10 gram of 24-carat gold is trading at Rs 51,820. Meanwhi...

Apart from market malaise, crypto also facing a number of security risks

26/06/2022
new delhi, jun 25: The world of crypto isn’t just suffering from a market malaise that has seen the price of Bitcoin drop from $69,000 to around $20,000 today it also faces a troubling number of security risks. There have been dozens of breaches in the past few years showing that cybercriminals are gravitating toward the world of cryptocurrencies. In many cases, we don’t know who the attackers are, but one culprit that keeps coming up is the band of state-backed hackers from North Korea know...

US economy will narrowly avoid recession in 2022 and 2023, says IMF

26/06/2022
Mumbai, jun 25: The US economy is likely to slow in 2022 and 2023 but will “narrowly avoid a recession” as the Federal Reserve implements its rate-tightening plan to curb inflation, the International Monetary Fund said. “The policy priority now must be to expeditiously slow wage and price growth without precipitating a recession” the IMF said in a statement. “This will be a tricky task,” as global supply constraints and domestic labor shortages are likely to persist, and the war in Ukraine c...

After Coinbase, Vauld, Bitcoin trading platform Bitpanda lays off 250 employees

26/06/2022
new delhi, jun 25: Global Bitcoin trading platform Bitpanda has laid off 250 employees amid the crypto winter as digital coins crash. Billionaire entrepreneur Peter Thiel-backed Bitpanda announced that it would be reducing its headcount from nearly 1,000 employees to 730. The company, valued at $4.1 billion during their last fund raise in August last year, has also rescinded offers they made recently. "The implications hurt: We need to let part of our team go and scale down to a target orga...

Sri Lanka limits forex possession by citizens to support dwindling reserves

26/06/2022
Colombo: Sri Lanka has reduced the limit of foreign currency possession by an individual from USD 15,000 to USD 10,000, in a desperate move to shore up its fast-depleting forex reserve required to fund the import of essentials, including food and fuel. Sri Lanka is facing a severe forex crisis which forced the island nation to declare a default of its international debt in April, becoming the first Asia-Pacific country in decades to default on foreign debt. With the intention of attracting fo...

Net profits of manufacturing companies surged by 50.2% in FY’22: RBI

26/06/2022
Mumbai, jun 25: Net profits of manufacturing companies surged by 50.2 per cent during 2021-22, the input cost pressures notwithstanding, the Reserve Bank of India said. Net profit also increased for the information technology (IT) companies, whereas the non-IT services sector continued to record losses at the aggregate level, it said. The data on the performance of the private corporate sector during 2021-22 drawn from abridged financial results of 3,166 listed non-government non-financial (N...

Tata Power arm commissions India’s largest floating solar project

26/06/2022
new delhi, jun 25: Tata Power Solar Systems on Saturday said it has commissioned India’s largest floating solar power project of 101.6 Megawatt Peak (MWp) in Kerala backwaters. The project is installed on a 350-acre water body in Kayamkulam, Kerala, a company statement said. The installation was completed within the stipulated period, despite the arduous challenges of variable water depths, high sea tides, and severe water salinity concerns, it stated. Tata Power Solar is a wholly-owned subs...