India officially enters recession, but contraction in Q2 GDP recedes
NEW DELHI: Even though India’s economic recovery accelerated in Q2FY21 from the lows of the Covid-19 pandemic-induced lockdown, the country for the very first time since Independence entered into a technical recession. The National Statistical Office (NSO) data on Friday showed that the Q2FY21 GDP on a year-on-year basis contracted by 7.5 per cent from […]
Dharmendra Pradhan lays foundation stone for CBG plant in Bagalkot district of Karnataka
NEW DELHI:India’s Petroleum & Natural Gas and Steel Minister Dharmendra Pradhan today laid the foundation stone for the Leafiniti Bioenergy’s CBG plant in Bagalkot district of Karnataka,through video conference. This plant will utilize 200 TPD of press mud and will be commissioned at the estimated cost of about 42 crores. This will generate about 10.2 […]
Etailers log record Rs 61,253 crore sales in India festive month
BENGALURU: The festive online sales in India beat industry estimates to clock $8.3 billion (nearly Rs 61,253 crore) in the October 15-November 15 period — an impressive growth of 65 per cent (on-year), a new report said on Friday. The gross merchandise value (GMV) numbers increased from $5 billion last year upto $8.3 billion this […]
Mumbai Court rejects ED intervention plea against closure report in MSC Bank case
MUMBAI: A court here on Thursday rejected the Enforcement Directorate”s plea seeking tointervene in the hearing on a closure report of Mumbai Police in the alleged Rs 25,000 crore Maharashtra State Co-operative Bank scam. Maharashtra Deputy Chief Minister Ajit Pawar had been named as an accused in the case. The Economic Offences Wing (EOW) of […]
DHFL’s Q2 net loss narrows to Rs 2,122 crore
NEW DELHI: The insolvent Dewan Housing Finance Corporation Ltd (DHFL) has reported a consolidated net loss of Rs 2,122.65 crore for the July-September period. For the same quarter of last financial year, the company had reported a net loss of Rs 6,640.62 crore. Its total revenue from operations during the period under review stood at […]
P&G companies fined Rs 241 crore for not passing on GST cut benefits
NEW DELHI: The National Anti-Profiteering Authority (NAA) has imposed a fine of over Rs 241.5 crore on P&G Home Products, P&G Hygiene and Healthcare and Gillette India Ltd for not passing on benefits of GST rate cut to the consumers. According to the Director General of Anti-Profiteering (DGAP), who had investigated the matter, the companies […]
Adani completes Rs 1,300 crore acquisition of Alipurduar Transmission
NEW DELHI: Private sector transmission entity Adani Transmission Ltd. (ATL) has acquired Alipurduar Transmission Limited from Kalpataru Power Transmission Ltd. (KPTL) for an enterprise value of Rs 1,300 crore. The acquisition involves ATL picking up 49 per cent stake in Alipurduar Transmission initially. The balance 51 per cent stake will be acquired after obtaining requisite […]
Peter Kerkar of Cox & Kings arrested by ED in money laundering case
NEW DELHI: The Enforcement Directorate (ED) has arrested travel firm Cox and Kings’ promoter Peter Kerkar in an alleged money laundering case, as per reports. In October, the ED had arrested Cox & Kings Group CFO Anil Khandelwal and internal auditor of Naresh Jain, under sections of the Prevention of Money Laundering Act (PMLA), in […]
Adani, Piramal, Oaktree may vie for entire DHFL portfolio in fresh bids
By Rituraj Baruah MUMBAI: In a major turn of events in the DHFL resolution process, the Committee of Creditors (CoC) is likely to invite fresh bids for the bankrupt NBFC and sources say that Adani Group, Piramal Enterprises and Oaktree may bid for the entire portfolio of the company. The lenders are likely to begin […]
Analysis: Questions over AstraZeneca’s COVID-19 vaccine data risk delaying approval
LONDON: Days after grabbing headlines with its COVID-19 “vaccine for the world”, AstraZeneca is facing tricky questions about its success rate that some experts say could hinder its chances of getting speedy U.S. and EU regulatory approval. Several scientists have raised doubts about the robustness of results showing the shot was 90% effective in a […]
Pharma firm in India to make Russia’s Sputnik V COVID-19 vaccine
MOSCOW:Indian pharmaceutical company Hetero will manufacture over 100 million doses of the Russian Sputnik V COVID-19 vaccine per year under the terms of a deal unveiled on Friday between it and Russia’s RDIF sovereign wealth fund. The move, which RDIF cast as another step in its efforts to scale up international manufacturing of its flagship […]
SHENZHEN, China (Reuters) – Huawei founder Ren Zhengfei called on employees of its departing Honor subbrand to strive to surpass its parent in a farewell speech as the tech giant sells the budget brand to keep its sanction-hobbled supply chains alive.
By David Kirton SHENZHEN:Huawei founder Ren Zhengfei called on employees of its departing Honor subbrand to strive to surpass its parent in a farewell speech as the tech giant sells the budget brand to keep its sanction-hobbled supply chains alive. Huawei Technologies said earlier this month it would sell Honor to a new entity called […]
Venezuela resumes direct oil shipments to China despite U.S. sanctions
By Luc Cohen, Marianna Parraga Venezuela has resumed direct shipments of oil to China after U.S. sanctions sent the trade underground for more than a year, according to Refinitiv Eikon vessel-tracking data and internal documents from state company Petroleos de Venezuela (PDVSA). Chinese state companies China National Petroleum Corp (CNPC) and PetroChina – long among […]
Paddy procurement to begin from December 1 in Chhattisgarh
NEW DELHI: The Chhattisgarh government will commence the paddy procurement process from December 1, Chief Minister Bhupesh Baghel has said. In all, 21,48,606 farmers have registered themselves for paddy procurement at the minimum support price (MSP) in more than 2,000 cooperative societies in the state. A total of 19,55,236 farmers ad registered for paddy sale […]
Covid-19 vaccine review: Narendra Modi to visit Bharat Biotech, Serum Institute and Zydus Biotech Park on Saturday
NEW DELHI: The Prime Minister Narendra Modi is scheduled to visit vaccine maker Bharat Biotech’s facility here on Saturday, the Telangana Chief Secretary Somesh Kumar said. Modi will be arriving at Hakimpet Air Force station in an IAF flight from Pune in the afternoon as s he is also visiting the Pune-based Serum Institute of India, […]
Israel, India partners in quest for future with low carbon, pollution levels: Benjamin Netanyahu
By Harinder Mishra JERUSALEM: Israeli Prime Minister Benjamin Netanyahu has said that his country is India’s partner in its quest for a future with low carbon and pollution levels, and exuded confidence that solar energy would constitute over 25 per cent of his country’s energy supply by 2030. Addressing a digital conference of the India-led […]