Long-pending issue of Donimalai Iron ore mine resolved: NMDC
NEW DELHI: The long pending issue of Donimalai Iron ore mine of NMDC Ltd, which was suspended since November 2018, has finally concluded through the endeavor of the government. The decision has not only paved way for operationalization of the mine but also is a timely decision taken in a situation when the steel companies […]
Inflationary woes: RBI retains rates, maintains accommodative stance
NEW DELHI: The Reserve Bank of India (RBI) on Friday retained its key short-term lending rates to subdue the unabatedly high inflation rate. However, the Monetary Policy Committee (MPC) of the central bank maintained the growth-oriented accommodative stance, thus opening up possibilities for more future rate cuts. Resultantly, MPC voted to maintain the repo rate […]
Satya Nadella takes a dig at Amazon as Microsoft unveils Azure Purview
SAN FRANCISCO: Taking an apparent dig at Amazon and its Cloud arm AWS, Microsoft CEO Satya Nadella has said that it is important to not only trust a vendors technology capabilities but also its ‘business model alignment with its customers. “No customer wants to be dependent on a provider that sells them technology on one […]
Inflation likely to remain elevated, Q3 CPI seen at 6.8%
MUMBAI: As India battles to break out of the Covid cloud and the severe setback inflicted by the pandemic on the economy, the Reserve Bank of India’s Monetary Policy Committee (MPC) expects inflation to remain high and the consumer price index (CPI) for the October-December quarter of FY21 is projected at 6.8 per cent. In […]
Lakshmi Vilas Bank amalgamation with DBS akin to 2G spectrum scam: Subramanian Swamy
NEW DELHI: BJP Rajya Sabha MP Subramanian Swamy on Thursday urged Prime Minister Narendra Modi to liken the amalgamation of Lakshmi Vilas Bank (LVB) with DBS Bank India Ltd to the 2G spectrum scam. Swamy also urged Modi to put on hold the amalgamation of LVB with DBS Bank India and conduct a forensic audit […]
‘Not against Constitution’: Supreme Court upholds GST on lottery, betting, gambling
The Supreme Court on Thursday upheld the levy of Goods and Services Tax (GST) on lotteries, betting and gambling, ruling that this doesn’t violate any constitutional provision. A bench headed by Justice Ashok Bhushan and comprising Justices R. Subhash Reddy and M.R. Shah said: “When the 2017 Act defines the goods to include actionable claims […]
IL&FS receives Justice Jain”s approval for sale of Chenani Nashri Tunnelway
NEW DELHI: Infrastructure Leasing and Financial Services (IL&FS) on Thursday said it has received approval from Justice (retd) D K Jain”s for sale of Chenani Nashri Tunnelway Ltd (CNTL) to Cube Highways and Infrastructure II PTE Ltd (CUBE). Justice Jain is overseeing the resolution process of the debt-laden group. CNTL is a wholly owned subsidiary […]
Airlines allowed to deploy up to 80% capacity in domestic sector
NEW DELHI: The government of India has allowed domestic airlines to deploy up to 80 per cent of their pre-Covid flight capacity from an earlier 70 per cent, Civil Aviation Minister Hardeep Singh Puri said on Thursday. In a tweet, Puri said: “Domestic operations recommenced with 30K passengers on 25 May & have now touched […]
India has $109 billion opportunity in PCBA export: Report
NEW DELHI: India has the potential of becoming a $109 billion global manufacturing and export hub for Printed Circuit Board Assembly (PCBA) alongside mobile phone manufacturing, said a new report on Thursday. PCBA manufacturing and exports will fast forward the components industry, build ownership of core technology and reduce dependency on China, said the joint […]
India may take oil from Iran, Venezuela again under new US admin
NEW DELHI: India may pursue a case for resumption of oil supplies from sanction-hit Iran and Venezuela once the Joe Biden administration takes charge in the US. Sources in the Oil Ministry said that as a big importer of oil, India wanted to have a diversified market for crude and in this, if traditional markets […]
ICICI Bank sets up presence in Nepal
MUMBAI: Lending major ICICI Bank on Thursday launched its operations in Nepal, via a representative office, to become the first Indian private sector bank to set up its presence in the country. The bank opened a representative office in Kathmandu which will closely work with the domestic banks in Nepal to facilitate investment, trade, payments […]
NCLT gives nod to Reliance Infratel resolution plan; lenders may get around Rs 4,400 crore
NEW DELHI: The National Company Law Tribunal on Thursday approved a resolution plan of Reliance Infratel following which lenders may get around Rs 4,400 crore and Reliance Jio may pick up the assets of the debt-ridden telecom infrastructure company, according to sources. Reliance Jio through its subsidiary placed bids to acquire assets of Reliance Communications” […]
India’s service sector recovery weakens in November: PMI
NEW DELHI: India’s services sector recovery weakened in November despite further upturn in new work supported business activity growth. However, the sector reported the first rise in employment for nine months. Moreover, the overall level of positive sentiment climbed to the highest since February amid predictions that market conditions would normalise once a vaccine for […]
Flipkart announces PhonePe spin-off, to retain majority stake
BENGALURU: E-commerce marketplace Flipkart on Thursday announced a partial spin-off of digital payments platform PhonePe in a bid to help it access dedicated, long-term capital to fund its growth ambitions over the next three to four years. Flipkart said that PhonePe is raising $700 million in primary capital at a post-money valuation of $5.5 billion […]
Narendra Modi to lay foundation stones of 2 projects in Gujarat on December 15
AHMEDABAD: Prime Minister Narendra Modi will be in Gujarat on December 15 to lay the foundation stones of two projects in Kutch district- a mega renewable energy park and a desalination plant, state Chief Minister Vijay Rupani said on Thursday. Talking to reporters here during a function, Rupani said that the hybrid renewable energy park, […]