India’s GDP grew at 13.5% in Q1 FY23
NEW DELHI: India’s economy grew by 13.5% in the April-June period this fiscal — the fastest in the last four quarters — on account of better performance by the agriculture and services sectors, official data showed on Wednesday. India remained the fastest growing major economy as China registered economic growth of 0.4% in the April-June […]
Investors poorer by Rs 6.5 trillion in two days as Sensex tanks over 1,500 points
NEW DELHI: A decline in equities for two sessions has eroded investors’ wealth by more than Rs 6.57 trillion. The 30-share BSE Sensex tumbled 872.28 points or 1.46 per cent to settle at 58,773.87 points on Monday. In two straight sessions, the benchmark index has tanked 1,524.13 points or 2.52 per cent. The weak trend […]
Congress, Shiromani Akali Dal demand probe into Punjab’s excise policy
NEW DELHI: The opposition Congress and SAD on Saturday demanded a probe into Punjab’s excise policy, alleging it was a “sellout” and the state was “defrauded” like in Delhi where its liquor policy is under the CBI scanner. The demand in AAP-ruled Punjab came a day after CBI carried out searches at 31 places which […]
Debt MFs outflow continues; investors withdraw Rs 70,000-crore in June quarter
NEW DELHI: Investors continued to withdraw from mutual funds focused on investing in fixed-income securities for third consecutive quarter and pulled out over Rs 70,000 crore in April-June due to high inflation and an increasing rate cycle. “In the next (September) quarter, it is safe to assume that monetary conditions will be tighter in terms […]
Vishal Fabrics appointed Dharmesh Dattani as CFO
NEW DELHI: Vishal Fabrics Limited said that it has appointed Dharmesh Dattani as Chief Financial Officer. Dattani has more than 9 years of experience in the area of Credit, Forex Management, and Banking Channel Operations. He is a Commerce Graduate with a specialization in Statistics and a Master’s degree of M.B.A in finance from IGNOU […]
OYO acquires Denmark-based holiday home operator Bornholmske Feriehuse
NEW DELHI: Travel and hospitality technology platform OYO on Tuesday said it has acquired Denmark-based holiday home operator Bornholmske Feriehuse for an undisclosed sum. Based out of Bornholm island in Denmark, Bornholmske Feriehuse has 737 holiday homes spread over 30 holiday parks on its platform and expects to clock more than 2.5 lakh guest nights […]
HDFC gets National Housing Bank nod for merger with subsidiary bank
NEW DELHI: Mortgage major HDFC has received approval from the National Housing Bank (NHB) for its merger with subsidiary HDFC Bank, a regulatory filing said on Tuesday. The NHB has also approved the merger of two wholly-owned subsidiaries — HDFC Investments and HDFC Holdings Limited — of the housing finance company with HDFC, the filing […]
Indian visitors to Dubai more than double to 858,000 in January-June 2022
NEW DELHI: The number of Indian visitors to Dubai rose more than twofold to 8.58 lakh during January-June 2022 compared to the year-ago period, according to the Dubai’s Department of Economy and Tourism (DET). In the first half of 2021, over 4.09 lakh people from India visited Dubai, the DET data showed. Overall, Dubai attracted […]
Talks on free trade agreement with UK moving at faster pace: Piyush Goyal
NEW DELHI: Negotiations for the proposed free trade agreement between India and the UK is progressing at a faster pace, commerce and industry minister Piyush Goyal said on Tuesday. The agreement is aimed at boosting bilateral trade and investments between the two countries. India has signed a trade pact with the UAE in a “record” […]
India seeks to block Chinese firms from sub-Rs 12,000 phone market: Report
NEW DELHI: India seeks to restrict Chinese smartphone makers from selling devices cheaper than Rs 12,000 ($150) to kickstart its faltering domestic industry, dealing a blow to brands including Xiaomi Corp. The move is aimed at pushing Chinese giants out of the lower segment of the world’s second-biggest mobile market, according to people familiar with […]
Bhupesh Baghel seeks extension of GST compensation for 5 years at NITI Aayog meet
NEW DELHI: Chhattisgarh Chief Minister Bhupesh Baghel Sunday reiterated his demand to the Centre seeking a five-year extension for the compensation paid to states for revenue shortfall due to GST implementation and called for revising the rates of royalty for coal and other major minerals from the state. Addressing the meeting of the seventh Governing […]
RBI hikes interest rate by 50 bps to pre-pandemic level
NEW DELHI: The Reserve Bank of India (RBI) on Friday raised the key interest rate by 50 basis points, the third straight increase since May in an effort to cool stubbornly high inflation and defend the rupee. The repurchase rate was raised by 50 basis points to lift the interest rate to the pre-pandemic level. […]
India to build more green expressways
NEW DELHI: The government of India will be building 26 green expressways in the country in the next three years and India’s road infrastructure will be as good as that in the United States by 2024, Transport minister Nitin Gadkari told Rajya Sabha. Replying to supplementaries during the Question Hour, the minister said there is […]
RBI retains inflation projection for FY23 at 6.7 per cent
NEW DELHI: The RBI on Friday retained inflation forecast for FY23 at 6.7 per cent amid uncertain price trajectory on “geopolitical shocks” and on hope that inflationary pressures would ease with pick-up in kharif sowing and supply chain improvements. In its previous monetary policy review in June, it had projected retail inflation for 2022-23 at […]
Reliacne Jio gets ready to roll-out world’s most advanced 5G network across India
NEW DELHI: India’s largest digital services provider, today acquired spectrum in the 700MHz, 800MHz, 1800MHz, 3300MHz and 26GHz bands in the auctions conducted by the Department of Telecommunications, Government of India. The acquisition of the right to use this spectrum will enable Jio to build the World’s most advanced 5G network and further strengthen India’s […]
Airtel set to lead India’s 5G revolution
NEW DELHI: Bharti Airtel today announced that it is set to lead India’s 5G revolution. The telecom company said that it has acquired 19,800 MHz spectrum by securing a pan India footprint of 3.5 GHz and 26 GHz bands. In addition, the company was able to selectively bolster mid-band spectrum. This massive spectrum bank was […]