Rs 64,522 crore motor premium earned, Rs 35,519 crore claims paid in FY19
NEW DELHI: A total sum of Rs 35,519 crore of motor insurance claims were settled during 2018-19 by Indian general insurance companies while the gross underwritten premium was Rs 64,522.35 crore, the Insurance Information Bureau of India said on Tuesday. In its annual report on motor insurance for fiscal 2018-19, the Bureau said that Rs […]
Fitch raises India’s FY21 GDP forecast to (-) 9.4%
NEW DELHI: Global credit rating agency Fitch on Tuesday raised its FY21 GDP growth forecast for India by predicting a narrower economic contraction of (-) 9.4 per cent from an earlier predicted fall of (-) 10.5 per cent. “We now expect GDP to contract 9.4 per cent in fiscal year to end March 2021, followed […]
Net outflows from equity Mutual Funds at over Rs 12,900 crore in November
NEW DELHI: Equity and equity-linked mutual fund schemes saw a net outflow of Rs 12,917.36 crore in November, showed data from the Association of Mutual Funds in India (AMFI) on Tuesday. The net outflow stood at Rs 2,724.95 crore in October and Rs 734.40 crore in September. The outflow had stood at Rs 4,000 crore […]
TVS Srichakra to invest Rs 1,000 crore in tyre capacity expansion
CHENNAI: Automotive tyre maker TVS Srichakra Ltd. on Tuesday said it would invest Rs 1,000 crore over a three-year period to expand the production capacity at its Madurai (Tamil Nadu) and Pantnagar (Uttarakhand) plants. In a statement the company that rolls out tyres for two, three-wheelers and off-highway vehicles, said the capital expenditure would result […]
Modi government again tries to sell Pawan Hans, invites EoIs
NEW DELHI: After repeated failed attempts to disinvest public sector helicopter service provider, Pawan Hans, the Narendra Modi (Central) government has again initiated the process of its sale and has sought expressions of interest (EoI) for the Mini Ratna company. The company’s authorised capital as on March 31, 2020 was Rs 560 crore and paid-up […]
Discoms’ dues to generators rise 34% to Rs 1.26 lakh crore
NEW DELHI:The Covid-19 pandemic continues to have a wider impact on the country’s power sector in the current financial year with the acute slowdown witnessed in the first quarter period carrying on further, albeit at a lot lower levels, affecting both demand and supply, and hiking the stress levels of state discoms. According to analysts, […]
Global cybercrime losses to exceed $1 trillion: McAfee report
NEW DELHI: The growing cybercrime incidents now cost the world economy more than $1 trillion, or just more than one per cent of global GDP, which is up more than 50 per cent from a 2018 report that put global losses at close to $600 billion, leading cybersecurity firm McAfee revealed on Monday. Two-thirds of […]
Punish Amazon with Rs 1.44 lakh crore penalty: CAIT to ED
NEW DELHI:The Confederation of All India Traders (CAIT) has asked the Enforcement Directorate to immediately punish Amazon for the brazen violations of FEMA Act, Rules and Regulations by imposing maximum penalty of 3 times the value of the illegal investments of Rs 48,500 crore – a penalty of Rs 1.44 lakh crore. In a letter […]
Jalan-Kalrock consortium plans to operationalise Jet Airways by summer 2021
NEW DELHI: The consortium led by Murari Lal Jalan and Kalrock Capital on Monday said that it plans to operationalise Jet Airways by the summer of 2021, subject to certain conditions. Accordingly, the consortium has announced the revival of Jet Airways as a full-service carrier. “The Jet 2.0 programme is aimed at reviving the past […]
IndiGo to complete pending credit shells’ payments by January 31
NEW DELHI: Airline major IndiGo on Monday said it will complete the payment against all pending credit shells latest by January 31, 2021. According to the airline, since the resumption of operations in May, IndiGo has been rapidly refunding amounts owed to customers whose flights had been cancelled during the lockdown. The airline has already […]
NTPC signs MoU with IIFM, Bhopal for Narmada Landscape Restoration Project
NEW DELHI: India’s largest power producer NTPC said that it has signed a Memorandum of Understanding (MoU) with Indian Institute of Forest Management (IIFM), Bhopal, to implement the Narmada Landscape Restoration Project. The program is in partnership with a grant in aid from NTPC Ltd and United States Agency for International Development (USAID) in equal […]
India issues guidelines for floating jetties along coastline
NEW DELHI:India’s Ports, Shipping and Waterways Ministry has compiled the draft guidelines for technical specifications of floating structures, with a vision to set up and deploy world-class floating infrastructure all along the coastline. The draft guidelines have been put up for public comments. Floating structures, because of their inherent advantages, are an attractive solution and […]
Malavika Hegde succeeds late husband V G Siddharatha as Coffee Day CEO
BENGALURU: Coffee Day Global Ltd appointed its Director Malavika Hegde as the new Chief Executive Officer (CEO), filling the vacancy caused by the death of her husband V.G. Siddharatha in July 2019, the company said on Monday. “Malavika Hegde has been appointed CEO with effect from December 7,” said the city-based company in a regulatory […]
L&T wins orders for supply of mining equipment to coal, cement sectors
MUMBAI: The Construction and Mining Equipment business of Larsen & Toubro (L&T) has secured multiple orders for supply of 90 units of Komatsu Mining Equipment from Coal India subsidiaries, leading Infra companies engaged with the coal sector and customers from the cement and iron ore sectors. These orders are for supply of 66 units of […]
Nokia starts production of next generation 5G equipment in India
NEW DELHI: Telecom gear maker Nokia on Tuesday said it has started production of 5G equipment in India and the equipment are being shipped to countries that are in advanced stages of deploying the next generation technology. The roll out of 5G services in India is dependent on spectrum auction as telecom operators need suitable […]
30 crore Indians to be vaccinated first in Covid immunisation drive
NEW DELHI: The government of India has marked 30 crore Indians for the large-scale immunisation of Covid-19 vaccine after it gets the necessary approval, the Union Ministry of Health and Family Welfare informed in a press briefing on Tuesday. The ministry said that the national expert group on vaccine administration has recommended 30 crore Indians […]