India GDP growth slips to 6.3 pc in Q2, dragged down by manufacturing, mining sectors

01/12/2022
new delhi, nov 30: India's economic growth slowed down to 6.3 per cent in the July-September quarter of this fiscal, dragged down mainly by the poor performance of manufacturing and mining sectors, official data showed on Wednesday. However, India remained the fastest-growing major economy as China registered an economic growth of 3.9 per cent in July-September 2022. The Indian economy grew by 8.4 per cent in July-September, 2021-22, as per the data released by the National Statistical Office ...

India will succeed in handling inflation better: Sitharaman

01/12/2022
new delhi, nov 30: Finance Minister Nirmala Sitharaman on Wednesday exuded confidence that India will succeed in handling inflation better as it has already put in place a "very good framework" in place to address supply side pressures on food prices. The retail inflation based on the consumer price index (CPI) has remained above the Reserve Bank's comfort level of 6 per cent since January. Virtually participating in 'Reuters NEXT' event, the finance minister also acknowledged that inflation d...

Sensex hits 63,000 mark for first time; Nifty ends at fresh lifetime

01/12/2022
Mumbai, nov 30: Benchmark BSE Sensex settled above the 63,000-level for the first time on Wednesday, extending its winning momentum to seventh day amid a largely positive trend in global markets and continuous foreign fund inflows. The 30-share barometer rallied 417.81 points or 0.67 per cent to settle at 63,099.65, its fresh record closing high. During the day, the benchmark jumped 621.17 points or 0.99 per cent to 63,303.01, its lifetime intra-day peak. The broader NSE Nifty advanced 140.30...

Centre’s fiscal deficit touches 45.6% of Budget target till October

01/12/2022
new delhi, nov 30: The Centre’s fiscal deficit touched 45.6 per cent of the Budget target in the first seven months of the current financial year, higher than 36.3 per cent in the corresponding period of the last year. With the GDP numbers out, the deficit stood at 8.3 per cent of GDP in the first six months of FY23. Experts are certain that the deficit a gap between the government’s expenditure and revenues will overshoot in the current financial year by up to Rs 1 trillion. However, accordi...

India-Australia free trade agreement to come into force from Dec 29

01/12/2022
new delhi, nov 30: A trade agreement between India and Australia will be implemented from December 29, almost nine months after the two sides signed a deal. “India & Australia consolidate their long-standing partnership. Economic Cooperation & Trade Agreement, realised under the guidance of leaders of both countries, comes into effect from December 29, 2022. It is the dawn of a whole new era for our businesses & people,” said commerce and industry minister Piyush Goyal on Twitter. India’s P...

Investment in agri tech startups jumps 2-fold to USD 4.6 bn in FY22

01/12/2022
new delhi, nov 30: Investment in technology startups in the agriculture and food sector jumped over twofold to USD 4.6 billion during the last fiscal on the back of higher inflow in restaurant marketplace and e-grocery, according to a report by AgFunder and Omnivore. ''Total investment in agrifoodtech startups for India's fiscal year (FY) 2022 stood at USD 4.6 billion, up 119 per cent from FY2021. Deal volume also increased to 234 in FY2022 as compared to 189 deals in FY2021,'' according to ...

Investors want more of India as it improves infra: Goldman Sach’s Sengupta

01/12/2022
new delhi, nov 30: Foreign investors are showing increased interest in India, as Asia’s third-largest economy ramps up its manufacturing capacity and improves infrastructure, said Santanu Sengupta, Chief India Economist at Goldman Sachs Group Inc. As investors chase markets with digital new economy assets, India has consistently attracted annual foreign direct investments of $50 billion to $55 billion, even in the pandemic, Sengupta said in an interview with Bloomberg Television’s Haslinda Ami...

Samsung to hire over 1,000 engineers from IITs in AI, ML, IoT space

01/12/2022
Gurugram, nov 30: India's leading consumer electronics brand, Samsung, is planning to hire around 1,000 engineers for its research institutes across India. These institutes include Samsung R and D Institute Bangalore, Samsung R and D Institute Noida, Samsung R and D Institute Delhi and Samsung Semiconductor India Research in Bengaluru. According to a company statement, these young engineers will join in 2023 and will work on new-age technologies such as artificial intelligence (AI), machine ...

Akums Drugs & Pharmaceuticals partners with Leiutis Pharmaceuticals LLP, Biophore India Pharmaceuticals

01/12/2022
new delhi, nov 30: Akums Drugs & Pharmaceuticals on Wednesday said it has partnered with Leiutis Pharmaceuticals LLP and Biophore India Pharmaceuticals for research and development of a range of products for multiple therapies. The companies will look at products to cater to various segments like CNS (Central Nervous System) disorders, pain management and hormonal disorders. The focus of the companies in this partnership is to synergise capabilities, leverage research and bring innovative prod...

Sensex, Nifty settle at fresh lifetime highs; maintain winning momentum for 6th day

30/11/2022
Mumbai, nov 29: The Sensex and Nifty ended at fresh lifetime peaks on Tuesday amid a largely firm trend in other Asian markets and continuous foreign fund inflows. The 30-share BSE Sensex gained 177.04 points or 0.28 per cent to settle at 62,681.84, its fresh record closing high. During the day, it jumped 382.6 points or 0.61 per cent to its lifetime intra-day peak of 62,887.40. The broader NSE Nifty advanced 55.30 points or 0.30 per cent to end at 18,618.05, its fresh record closing high. "...

Realtors’ body urges development authorities to take sympathetic view on outstanding land dues

30/11/2022
new delhi, nov 29: Realtors’ body CREDAI-NCR on Tuesday urged the development authorities of Noida and Greater Noida to take a “sympathetic” view on their outstanding land dues to save them from going into bankruptcy and also to protect homebuyers’ interest. More than 100 real estate developers of Noida and Greater Noida held an internal meeting to discuss the issue and demanded that the authorities should come up with one-time settlement scheme to bail out builders, the association said in a ...

Amazon to shut down B2B unit Amazon Distribution in India

30/11/2022
new delhi, nov 29: E-commerce major Amazon will shut down its wholesale unit Amazon Distribution, which was serving small shop owners in three districts of Karnataka. Amazon Business, the wholesale B2B marketplace integrated with e-commerce platform Amazon.in, will continue to operate in the country, a source aware of the development said. When contacted, an Amazon India spokesperson confirmed the e-tailer's decision to discontinue Amazon Distribution. The spokesperson explained that Amazon ...

Rupee gains 8 paise to 81.60 against US dollar as foreign capital inflows

30/11/2022
Mumbai, nov 29: The rupee appreciated 8 paise to 81.60 against the US dollar in early trade on Tuesday as foreign capital inflows and a firm trend in the domestic equity market boosted investor sentiments. Besides, a weak American currency in the overseas market helped the local unit, forex dealers said. At the interbank foreign exchange, the domestic unit opened strong at 81.58 against the dollar, then inched lower to quote at 81.60, registering a rise of 8 paise over its previous close. In...

OTT players must pay to use the telecom service provider’s network: COAI

30/11/2022
new delhi, nov 29: The over-the-top (OTT) platforms must contribute towards creating and developing digital telecom infrastructure in India in exchange for using the services, the Cellular Operators Association of India (COAI) said. "Any entity which creates a property or infrastructure by investing funds, is entitled to take usage charges (rent /lease charges, etc.) from the user of that property or infrastructure who uses the same for commercial purposes," they said in the letter to the tele...

Sebi introduces credit risk based investment limit for actively managed MFs in debt instrument

30/11/2022
new delhi, nov 29: Capital markets regulator Sebi on Tuesday came out with a new framework which will put a cap on investment made by actively managed mutual fund schemes in a single company's debt instrument. At present, such caps are already in place for passive funds such as Exchange Traded Funds (ETFs) and index funds in a bid to effectively manage the risk associated with such investments. ''In order to avoid inconsistency in investment by mutual funds in debt instruments of an issuer, i...

Tata group to merge Vistara with Air India; Singapore Airlines to hold 25.1 pc stake in merged entity

30/11/2022
new delhi, nov 29: In a major consolidation in the Indian aviation space, Tata group on Tuesday announced the merger of Vistara with Air India, and pursuant to the deal, Singapore Airlines will have a 25.1 per cent stake in Air India. The proposed deal is expected to be complete by March 2024, subject to regulatory approvals. Tata group owns a 51 per cent stake in Vistara and the rest is with Singapore Airlines (SIA). In a release, SIA said Vistara and Air India would be merged, and it would...

Adani Properties bags Rs 5,069 crore Dharavi redevelopment project

30/11/2022
new delhi, nov 29: Gautam Adani-led Adani Properties on Tuesday won the bid for the renovation of Dharavi, the second-largest slum colony in Asia, reported Moneycontrol. The Maharashtra government authorities, on November 29, opened the financial bids for the Dharavi redevelopment project which is being touted as one of the largest redevelopment projects in India. Adani Properties, the highest bidder, reportedly offered Rs 5,069 crore as its investment in the project. The project’s bidding c...

LifeSpice launches India’s first Science-backed Spice Mixes

30/11/2022
Chennai, nov 29: LifeSpice India Pvt. Ltd. announces the Pan India launch of 'LifeSpice' - India's first Science-backed Spice Mixes in the presence of Ganeshan Varadarajan (Lead Promoter & Director, LifeSpice India Pvt. Ltd.) and Ramasamy Venkatachalam (Co-Promoter & Advisor, LifeSpice India Pvt. Ltd.). Ramasamy Venkatachalam, Co-Promoter & Advisor of LifeSpice India Pvt. Ltd. said, "LifeSpice India Pvt. Ltd. is conceived with a very strong brand purpose. We hope to deliver the most scientific...

Most rated Indian cos can withstand a weaker rupee: Moody’s

30/11/2022
new delhi, nov 29: Most rated companies in India can withstand a weaker rupee, although external factors like rising interest rates in developed economies and higher energy prices would increase currency volatility, Moody's Investors Service said on Tuesday. In a commentary on non-financial companies in India, Moody's said on November 25, the Indian rupee touched 81.67 versus the US dollar, after depreciating almost 10 per cent since the beginning of the year. A steady rise in interest rates ...

Slower annual economic growth will be good for India, for now: Economists

29/11/2022
new delhi, nov 28: India’s annual economic growth is forecast to slow to about 6% for a few years, according to economists including from Goldman Sachs Group Inc. and Barclays Plc.. And they say that’s not such a bad thing. Gross domestic product expansion at about 6% is a sweet spot for Asia’s third-largest economy to steer inflation back to the Reserve Bank of India’s target, and also to narrow budget and current account deficits, said Rahul Bajoria of Barclays. Price gains have stayed abo...

S&P cuts India’s growth forecast to 7% for FY23

29/11/2022
Mumbai, nov 28: S&P Global Ratings has cut India's economic growth forecast for current fiscal year to 7%, but said the domestic demand-led economy will be less impacted by the global slowdown, it said on Monday. S&P had in September projected the Indian economy to grow 7.3% in 2022-23 and 6.5% in next fiscal year (2023-24). "The global slowdown will have less impact on domestic demand-led economies such as India... India's output will expand 7 per cent in fiscal year 2022-2023 and 6 per cen...

Jio starts 5G services across all district headquarters in Gujarat

29/11/2022
Mumbai, nov 28: Telecom major Jio has rolled out 5G service across all 33 district headquarters of Gujarat under its trial phase, the company said. This makes Gujarat the first state to get 5G service across all district headquarters and it is also the biggest roll-out of the next generation service till date on trial basis. "Today, Jio has taken a big stride forward by extending its True-5G coverage in each of the 33 district headquarters of Gujarat, thereby making Gujarat the first state in...

Markets hit fresh all-time highs; rally for 5th day

29/11/2022
Mumbai, nov 28: Benchmark indices ended at fresh lifetime highs on Monday amid foreign fund inflows, a decline in crude oil prices and buying in index major Reliance Industries. Rallying for the fifth day in a row, the 30-share BSE Sensex climbed 211.16 points or 0.34 per cent to settle at 62,504.80, its fresh record closing high. During the day, it jumped 407.76 points or 0.65 per cent to its lifetime intra-day peak of 62,701.40. The broader NSE Nifty gained 50 points or 0.27 per cent to end...

India’s electricity shortage erased by growth of renewable energy: Analysis

29/11/2022
London, nov 28: India's electricity transmission system passed the difficult post-monsoon period this year with far less stress than in 2021, following a major effort to improve coal stocks and a big expansion of renewable generation capacity. There was no repeat of the widespread blackouts which plagued many parts of the country in late September and early October last year when coal-fired power plants ran short of fuel and were unable to keep up with demand. Grid frequency fell below the mi...

Power Min launches schemes to procure 4,500 MW electricity supply for five years

29/11/2022
new delhi, nov 28: The Power Ministry has launched a scheme for the procurement of aggregate electricity of 4,500 MW for five years under of the SHAKTI (Scheme for Harnessing and Allocating Koyala Transparently in India) policy. ''Ministry of Power kicks off a scheme for procurement of aggregate power of 4500 MW on competitive basis for five years on Finance, Own and Operate (FOO) basis under B (v) of SHAKTI Policy,'' a power ministry release said. PFC Consulting Ltd, a wholly-owned subsidiar...

Amid tech layoffs, saluting-face emoji is the placard of the digital world

29/11/2022
new delhi, nov 28: Ever since Elon Musk took over the social media platform Twitter on October 27, seldom has a day passed when he did not make it to the headlines. From carrying a sink to the office on his first day to advocating "hardcore" work culture, the richest person on the planet has found one way or the other to be the talk of his digital "town". But the whole fiasco has brought forth another newsmaker, the Saluting-face emoji. As Twitter employees resigned following Musk's demand...

Right to privacy also encompasses public servants: Ashwini Vaishnaw

29/11/2022
new delhi, nov 28: Communications minister Ashwini Vaishnaw has argued that the right to privacy encompasses all individuals, including "public servants", and the draft digital personal data protection bill (DPDP), which has sought amendments in the Right to Information Act (RTI) 2025, seeks to resolve the conflict between the two. Responding to stakeholder apprehensions that the DPDP bill would substantially dilute the RTI Act, which empowered the common citizens of the country, Vaishnaw said...

Foxconn offers up to $1,800 bonus to workers to stay in China’s iPhone city

29/11/2022
new delhi, nov 28: Apple Inc. partner Foxconn is offering bonuses of as much as $1,800 to existing workers at its Zhengzhou facility, hoping to sustain the staff levels it needs to run the world’s largest iPhone factory. Foxconn, also known as Hon Hai Precision Industry Co., will top up wages by as much as 13,000 yuan per month in December and January for full-time workers who’d joined at the start of November or earlier, the company said in a notice over the weekend. Last week, Foxconn offere...

India most favoured destination globally for investments: Jagdeep Dhankhar

29/11/2022
new delhi, nov 28: India is growing at a faster pace and it has become the most preferred destination for investments and opportunities in the world, Vice President Jagdeep Dhankhar said on Monday. Recently, India has surpassed its colonial masters and has become the fifth-largest economy in the world, he said. The Vice President also exuded confidence that India will become the third-largest economy on the global horizon by the end of the decade. "India is on the rise as never before. The r...

Godrej Properties to launch Rs 8,000 cr housing project in Delhi by March

28/11/2022
new delhi, nov 27: Godrej Properties expects to launch a luxury housing project at Ashok Vihar in the national capital in March quarter and is eyeing Rs 8,000 crore of sales revenue from this property. It had in February 2020 acquired a nearly 27-acre land in the national capital for Rs 1,359 crore to develop a luxury housing project. The land parcel belonged to Rail Land Development Authority (RLDA). In an interview with PTI, Godrej Properties Executive Chairman Pirojsha Godrej said the comp...

Irdai asks reinsurers to keep 50% of Indian underwritten biz within country

28/11/2022
Mumbai, nov 27: The Insurance Regulatory and Development Authority of India (Irdai) has, in a revised exposure draft on reinsurance regulations, mandated that Indian reinsurers, including foreign reinsurance branches, have to retain a minimum of 50 per cent of their Indian reinsurance business underwritten, within the country. Also, any retrocession to an IIO (International Financial Service Centre Insurance Office) up to 20 per cent of Indian reinsurance business underwritten shall be adjuste...

IndiGo can wet lease Turkish Boeing 777 planes for a yr as govt eases rule

28/11/2022
Mumbai, nov 27: IndiGo can wet lease Boeing 777 aircraft from Turkish Airlines for a year following the relaxation of the applicable norm by the civil aviation ministry. Under the prevailing rule, an Indian carrier can induct an aircraft on a wet lease for three months, subject to a one-time extension of an additional three months. Such leases are permitted in emergency situations only. These include unexpected grounding of planes, among others. IndiGo, which plans to wet lease three Boeing 7...

Indian pharma exports rise by 4.22% to $14.57 bn during April-Oct

28/11/2022
Hyderabad, nov 27: Pharmaceutical exports from India registered a growth of 4.22 per cent to reach USD 14.57 billion during the April-October period despite a negative trend last month, according to a senior official of an export promotion body under Government of India. Udaya Bhaskar, Director General of Pharmaceuticals Export Promotion Council of India (Pharmexcil) which is an organisation under the Ministry of Commerce, said he was hopeful of ending the current fiscal at around USD 27 billi...

TIL ropes in Indocrest Defence Solutions as a strategic investor

28/11/2022
Kolkata, nov 27: Heavy equipment manufacturer TIL on Sunday announced that it decided to bring in a strategic investor Indocrest Defence Solutions, which is a part of Gainwell Group to increase the authorised capital into its business. According to the statement shared with stock exchanges by TIL, the quantum of funds to be invested by Gainwell Group wasn't mentioned. Sumit Mazumder, Chairman and Managing Director (CMD), TIL, said, "This decision mainly comes from the fact that there is no suc...

Rupee should stabilise once US reduces speed of its rate increases: Economics Nobel winner

28/11/2022
new delhi, nov 27: Douglas W Diamond, winner of this year's Nobel Memorial Prize in Economic Sciences, says it is difficult to predict exchange rates but the rupee should stabilise once the US "reduces the speed of its rate increases". In an email interview to PTI, the American economist also said that when the US raises exchange rates unexpectedly, the dollar tends to appreciate and things will normalise when interest rates are closer to each other in the US and India. Diamond, a Merton H Mi...

Mcap of 9 of top 10 firms climbs Rs 79,798 cr; TCS, Infosys biggest winners

28/11/2022
new delhi, nov 27: Nine of the top 10 valued firms together added Rs 79,798.3 crore in market valuation last week, with IT majors Tata Consultancy Services (TCS) and Infosys emerging as the biggest winners. In the last week, the 30-share BSE Sensex climbed 630.16 points or 1 per cent. The barometer settled at 62,293.64, its fresh record closing high on Friday. Barring Adani Enterprises, all the 10 most valued firms including Reliance Industries, HDFC Bank, ICICI Bank and Hindustan Unilever Li...

National-level conclave deliberates on changing trends in HR mgmt

28/11/2022
Guwahati, Nov 27: The changing trends in human resource management industry in the past few years and how the leaders in the sector need to adapt themselves with the new realities were moot points of discussion at a national-level meet here. The annual HR Conclave 2.0, organised by the Assam down town University (AdtU) on Saturday, brought together HR heads, staffing managers, industry leaders, entrepreneurs and social skilling organisations who shared their experiences and insights on HR tren...

Risk management must be driven by understanding of what is good for corporate: Ex-chairman Sebi

28/11/2022
new delhi, nov 27: Risk management must be driven by the understanding of what is good for the corporate, said M Damodaran, Chairperson, Excellence Enablers and former Chairman, Sebi. "The success of the risk code will be when people look at it, not as a direction or something that is mandated, but as the distilled wisdom of persons in corporate India and see how to apply that to their own corporate," the former chairman said at the release of the FICCI -- GRMI Model Risk Code on Friday. FICCI...

Tetley ACI (Bangladesh) to be converted into wholly-owned subsidiary firm: Tata Consumers Products

28/11/2022
Mumbai, nov 27: Tata Consumer Products on Sunday announced that its wholly-owned subsidiaries Tata Consumer Products Overseas Holdings and Tata Consumer Products UK Group have decided to purchase from the joint venture partner Advanced Chemical Industries (ACI) its entire shareholding in Tetley ACI (Bangladesh), at Rs 8.50 crore. The statement from the company also said that ACI would receive variable consideration of up to a maximum of Rs 2.70 crore, depending on performance under the sales a...

5G rollout to be faster in India, gears from neighbouring countries need more checks: Nokia India exec

27/11/2022
new delhi, nov 26: India is going to record the fastest 5G rollout in the world and it is going to have the biggest success of the next -generation telecom service with the support of the government, a senior Nokia India official said. While speaking at an event organised by the Foreign Correspondent Club on Friday evening, Nokia India Head of Marketing and Corporate Affairs, Amit Marwah, without naming China expressed concern over 'infiltration equipment' in telecom sector from neighbouring c...

India seeks to shrink budget deficit by 50bps as global headwinds loom

27/11/2022
new delhi, nov 26: India wants to narrow its budget deficit by at least 50 basis points, according to people familiar with the matter, as authorities balance global investor scrutiny with the need for higher spending as the nation enters an election year. Finance Minister Nirmala Sitharaman will seek to shrink the shortfall to less than 6% of gross domestic product in the year starting April 1, the people said, asking not to be identified as the deliberations are private. Her presentation du...

SBI reports highest profit, broking houses lauding us: Chairman

27/11/2022
KOLKATA, nov 26: Chairman of the country's biggest lender State Bank of India (SBI) Dinesh Khara on Saturday asserted that analysts and broking houses are praising the financial performance of the bank which reported its highest profits recently. For the first time, SBI registered the highest-ever profits recorded by any corporate house, Khara said. ''In the recent quarterly results, the bank's profits are the highest ever. SBI crossed the highest ever profits recorded by any corporate and ana...

1K Kirana brewing a revolution; building Bharat’s largest network of neighborhood Kirana stores

27/11/2022
new delhi, nov 26: India's USD 932 billion retail landscape dominated by kirana stores; proving to be the backbone of the country's economy. There are projections that the market will gross more than USD 1.3 trillion by 2024. One of the standout segments within the market is the kirana - small and medium-sized outlets which make up around 76 per cent of the industry. Available data show that there are at least 13 million of these grocery kirana stores in India, contributing billions in dollar...

RBI pauses onboarding of online merchants by Paytm Payments Services

27/11/2022
new delhi, nov 26: Paytm on Saturday notified the stock exchanges that the Reserve Bank of India (RBI) has asked its subsidiary Paytm Payment Services Ltd (PPSL) not to onboard new online merchants. This was in response to an application the company had filed for a payment aggregators license. In a letter, the central bank has asked the company to seek necessary approval for past downward investments from Paytm to the company to comply with FDI guidelines. After complying with the two steps ...

IPO-bound OYO’s EBITDA rises 8 times, loss reduced by 20 per cent

27/11/2022
new delhi, nov 26: As part of its commitment to update its Draft Red Herring Prospectus with the financial performance till the first half of financial 2022-23, the global travel tech company OYO shared its financials with markets regulator SEBI today. Earlier, SEBI had given OYO permission to submit updated financials before it examined and finally processed the company's application for floating public issue. This will set in motion the process of SEBI approval of the firm's IPO. The company...

EU diplomats suspend talks on capping Russian oil prices as divisions stick

27/11/2022
new delhi, nov 26: European Union diplomats suspended talks on capping Russian oil prices, as Poland and the Baltic states objected to a proposal they consider too generous to Moscow. Diplomats had expected a deal to be done on Friday night but positions remained entrenched and the talks were postponed to Monday, according to people familiar with the matter. The bloc has been locked in a fight over how strict the Group of Seven-led price cap should be. Poland and the Baltic nations are outr...

ADB, Wabag sign USD 25 mln debt facility for sanitation, water security in India

27/11/2022
new delhi, nov 26: The Asian Development Bank (ADB) has signed a USD 25 million debt with VA Tech Wabag Limited (Wabag) to support sanitation and water security through the development of new sewage treatment plants in India. Wabag is a leading player in India's water industry, with expertise spanning almost a century. Wabag offers a complete range of technologies and services for total water solutions in both municipal and industrial sectors. The financing will be used for long-term capital r...

STPI centre opened in Davanagere

27/11/2022
Bengaluru, Nov 26: A Software Technology Parks of India (STPI) centre has been established in the district headquarters town of Davanagere in Karnataka. "It will give further impetus to our 'Beyond Bengaluru' initiatives", Karnataka Information Technology and Higher Education Minister C N Ashwath Narayan said. The centre, spread across 10,000 square feet, has plug-n-play 102-seater incubation facility, network operations centre, 16-seater conference room and provisions for high-speed data com...

FM Sitharaman seeks to shrink budget deficit as global headwinds loom

26/11/2022
new delhi, nov 25: India wants to narrow its budget deficit by at least 50 basis points, according to people familiar with the matter, as authorities balance global investor scrutiny with the need for higher spending as the nation enters an election year. Finance Minister Nirmala Sitharaman will seek to shrink the shortfall to less than 6% of gross domestic product in the year starting April 1, the people said, asking not to be identified as the deliberations are private. Her presentation du...

Markets close at fresh all-time highs, Sensex settles at 62,293

26/11/2022
Mumbai, nov 25: Equity benchmarks settled at record highs on Friday, rallying for the fourth day running, helped by intense buying in index majors Reliance Industries, Wipro and Maruti. In a largely range-bound trade, the 30-share BSE Sensex climbed 20.96 points or 0.03 per cent to settle at 62,293.64, its fresh record closing high. During the day, it jumped 175.05 points or 0.28 per cent to 62,447.73 its lifetime intra-day peak. Likewise, broader NSE Nifty went up by 28.65 points or 0.15 pe...

Rabi crop prospects good on excess rainfall post monsoon: Report

26/11/2022
new delhi, nov 25: An excess rainfall after the southwest monsoon season bodes well for rabi cropping as it increases soil moisture and will facilitate healthy germination of crops, said Crisil Ratings in a report. Rabi crops are mostly sown during October and November and the produce is harvested from January to March depending on the maturity of the commodity. "For the forthcoming rabi season, it is also reassuring that the water reservoir situation is reasonably healthy. The current reser...

Rupee rises 8 paise to close at 81.62 against US dollar

26/11/2022
Mumbai, nov 25: The rupee settled for the day 8 paise higher at 81.62 (provisional) against the American currency on Friday on broad dollar weakness and improved risk sentiments. Forex traders said positive domestic equities and foreign fund inflows supported the local unit. 5paisa Basket Order At the interbank foreign exchange market, the local unit opened at 81.69 and touched an intra-day high of 81.44 and a low of 81.71 against the greenback. The local unit finally settled at 81.62, regi...

PIDEAX Labs launches India’s first Co-Working Research Hub

26/11/2022
new delhi, nov 25: Nitin Lohia and Lakshay Lohia, two young entrepreneurs from Delhi, are creating PIDEAX LABS which will be India's First Co-Working Research hub and incubation lab. Pideax Labs will provide office space to increase job productivity and efficiency, as well as incubator laboratories for entrepreneurs, start-ups, and others to engage, collaborate, and work with. Pideax Labs has a dedicated team for providing the best possible working environment for professionals, business owner...

Edible oil industry seeks higher duty difference between crude, refined palm oil

26/11/2022
new delhi, nov 25: Edible oil industry body The Solvent Extractors' Association of India has sent a memorandum to union commerce minister Piyush Goyal seeking a raise in import duty difference between crude palm oil and its refined variant. Raising duty difference to 15 per cent from the current 7.5 per cent will provide a level playing field to domestic edible oil refiners, the association said in the memorandum to the minister. "We would like to bring to your kind notice the plight of the In...

Want to build a global news brand; NDTV takeover a ‘responsibility’: Adani

26/11/2022
new delhi, nov 25: Gautam Adani wants to build a global news brand. Months after Adani's new media unit AMG Media Networks Ltd (AMNL) announced the takeover of NDTV, in an interview with the Financial Times (FT), Adani said that India does not have a "single [outlet]" to compare with big international media houses. "Why can't you support one media house to become independent and have a global footprint?" Adani asked in the interview. According to Adani, the scale and size of his conglomerate ...

J&K to see major boost in business, tourism investment: Officials

26/11/2022
srinagar, nov 25: The Jammu and Kashmir administration is working to boost business investment and enhance income of the local population by simplifying rules and procedures, and digitising records, senior officials said. The Union Territory, since the abrogation of Article 370 from the erstwhile state of Jammu and Kashmir in 2019, has received investment proposals from various business houses to the tune of about Rs 56,000 crore while sanctions have been granted to proposals worth Rs 38,000 c...

Beanly, innovative coffee brand raises seed round from marquee investors

26/11/2022
new delhi, nov 25: Beanly, an early stage consumer brand in the coffee space and an early stage D2C startup known for innovations in the coffee category closed their seed investment from a clutch of angel investors who are marquee names in their fields. Founded by Rahul Jain and Samayesh Khanna, Beanly has the vision of making quality coffee convenient while making sure it tastes fresh months after its been ground and packed. Beanly is on a mission to simplify coffee for an everyday consumer a...

India, UAE in talks for rupee-dirham denominated bilateral trade

26/11/2022
new delhi, nov 25: India and UAE are in talks for a Rupee-Dirham-denominated bilateral trade, said Sunjay Sudhir, Indian Ambassador to UAE, adding that both the countries will find it beneficial. The Ambassador said the talks started on September 1, 2022. "Both countries find this beneficial. India has shared a concept paper with UAE. Central Banks of both countries are discussing. The objective is to reduce the transaction cost," the Indian Ambassador to UAE said. This development followed th...

Exporters demand fiscal incentives, credit at affordable rates in Budget

25/11/2022
new delhi, nov 24: Exporters on Thursday demanded measures such as creation of a fund and credit at affordable rates in the forthcoming Budget to boost the exports and create jobs. In a pre-budget meeting with Finance Minister Nirmala Sitharaman, Federation of Indian Export Organisations (FIEO) said depreciation of the rupee against the US dollar is affecting exports' competitiveness and due to that the sector requires more support. "Creation of employment is the biggest challenge faced by th...

Issuers of municipal debt securities can issue green bonds: Sebi

25/11/2022
new delhi, nov 24: Capital markets regulator Sebi on Thursday said issuers of municipal debt securities can issue green bonds in compliance with rules governing issue and listing of non-convertible securities. A green bond is like any other bond where a debt instrument is issued by an entity for raising funds from investors. The proceeds of a green bond offering are 'ear-marked' for use towards financing green projects. Sebi (Issue and Listing of Municipal Debt Securities) or ILMDS rules prov...

India’s total coal output rises 18 per cent YoY as of October

25/11/2022
new delhi, nov 24: India’s total coal production stood at 448 million tonne as of October 2022, an 18 per cent year-on-year rise from the production during the corresponding period of last year, the Ministry of Coal said in a statement on Thursday. The growth of coal production from Coal India is also more than 17 per cent. The ministry is planning to build stock at domestic coal-based plants to the tune of 30 million tonne by the end of November 2022, the statement said. "It (the ministry) h...

Rupee gains 30 paise to close at 81.63 against US dollar

25/11/2022
Mumbai, nov 24: The rupee appreciated 30 paise to close at 81.63 (provisional) against the US dollar on Thursday as a weak greenback in the overseas market and a rally in domestic equities boosted investor sentiments. Forex traders said the dollar fell in international trade post the weak US data and dovish Fed minutes. At the interbank foreign exchange market, the local unit opened at 81.72 and touched an intra-day high of 81.60 and a low of 81.77 against the greenback. The local unit final...

Beanly, Innovative Coffee Brand raises Seed Round from Marquee Investors

25/11/2022
new delhi, nov 24: Beanly, an early-stage consumer brand in the coffee space and an early stage D2C startup known for innovations in the coffee category closed their seed investment from a clutch of angel investors who are marquee names in their fields. Founded by Rahul Jain and Samayesh Khanna, Beanly has the vision of making quality coffee convenient while making sure it tastes fresh months after its been ground and packed. Beanly is on a mission to simplify coffee for everyday consumers and...

India to grow at moderately brisk rate, inflation to ease: FinMin

25/11/2022
new delhi, nov 24: India is well placed to grow at a "moderately brisk rate" in the coming years on the back of macroeconomic stability, despite global monetary tightening, a finance ministry report said on Thursday. It further said inflationary pressures will ease in the coming months with the arrival of kharif crops and at the same time job opportunities will increase with improvement in business prospects. The 'Monthly Economic Review for October 2022' also cautioned that the US monetary t...

Sensex hits record high, Nifty jumps 216 points amid firm global equities

25/11/2022
Mumbai, nov 24: Equity benchmark BSE Sensex closed at an all-time high of 62,272.68 on Thursday, tracking a firm trend in global markets after the US Fed minutes indicated a slower pace of rate increase that bolstered investors’ sentiment. Extending its rally to the third straight day, the 30-share BSE benchmark rallied 762.10 points or 1.24 per cent to settle at 62,272.68, its record closing peak. During the day, it jumped 901.75 points or 1.46 per cent to its lifetime high of 62,412.33. The...

Amazon to shut down its edtech platform in India, refund customers

25/11/2022
Mumbai, nov 24: Amazon said on Thursday it will shut down its edtech offering in India from August 2023 and refund the full fees to those enrolled in the current academic batch. The e-commerce giant launched Amazon Academy in January 2021 to cater to students preparing for the Joint Entrance Examination (JEE) to engineering colleges. The move enabled it to take on top edtech companies such as Byju’s, Unacademy, Vedantu and traditional education institutes and tap the country's $180-billion edu...

Near India backs Wellness Platform Growfitter to support Global Web3 Expansion

25/11/2022
Bengaluru, nov 24: Growfitter, India's biggest incentivised wellness platform, has partnered with NEAR India, NEAR Foundation's regional hub in India to expand its operations globally. Growfitter's integration into the NEAR blockchain is a significant step forward in the company's commitment to expanding its presence in Vietnam, the Philippines, Dubai, and Singapore. NEAR Protocol is a highly secure and cost-effective platform, which an application like Growfitter can leverage to reach its glo...

Sugar stocks surge as sector consolidates

25/11/2022
new delhi, nov 24: The sugar stocks on BSE went up on Thursday after tracking domestic shares, which started strengthening from Tuesday after picking up on global cues. Eid-Parry went up 1.20 per cent to Rs 616.10 apiece on BSE at 2.14 pm on Thursday whereas Dalmia Bharat Sugar went up 1.36 per cent to Rs 354.80 apiece at 2.14 pm on Thursday. Dalmia went up 1.91 per cent in a span of 5 days. Some of the active sugar stock gainers were Dwarikesh Sugar, which rose 3.22 per cent to Rs 36.15 apiec...