ADB explains why RBI may slow down on rate cuts till next year
NEW DELHI: With economic activity still to reach pre-pandemic levels, the RBI may slow down the pace of rate hikes until next year to quell soaring inflation while supporting growth, the Asian Development Bank (ADB) says in its latest report. The Manila-based multilateral funding agency has raised the inflation forecast for the current fiscal year […]
FPIs pump in Rs 8,600 crore in September in equities; pace of investment slows
NEW DELHI: After infusing more than Rs 51,000 crore last month, foreign investors have slowed down the pace of equity buying in India in September so far, as they invested a little over Rs 8,600 crore, on sharp depreciation in rupee. Going forward, Foreign Portfolio Investors (FPIs) are unlikely to buy aggressively amid rising dollar, […]
Mutual Funds add 7 million accounts in 5 months of FY23 as awareness, digital access rise
NEW DELHI: With increase in digital access and growing awareness about mutual funds, asset management companies (AMCs) have added close to 70 lakh investor accounts in the first five months of the current fiscal, bringing the total to 13.65 crore. This came following an addition of 3.17 crore investor accounts in 2021-22 and 81 lakh […]
PLI schemes should focus on firms making pharma products: Bharat Biotech
NEW DELHI: Production-linked incentive schemes should also focus on companies providing packaging materials and other services in addition to manufacturers of branded pharmaceutical items to reduce import dependence, according to Bharat Biotech Executive Director Sai Prasad. He also emphasised on shifting the focus towards innovative pharmaceuticals products in order to enhance the margins for industry […]
About 393 infrastructure projects show cost overruns of Rs 4.65 trillion
NEW DELHI: As many as 393 infrastructure projects, each entailing an investment of Rs 150 crore or more, have been hit by cost overruns of more than Rs 4.65 lakh crore, as per a report. According to the Ministry of Statistics and Programme Implementation, which monitors infrastructure projects of Rs 150 crore and above, out […]
Century Plyboards expecting 20-25% revenue growth this fiscal year
NEW DELHI: Century Plyboards is expecting a 20-25 per cent growth in revenue this fiscal and is setting up a new Rs 700-crore manufacturing plant in Andhra Pradesh, its ED Keshav Bhajanka said. Kolkata-based Century Plyboards — one of the leading players in the wood panel sector — currently has nine manufacturing plants in West […]
Salesforce to increase India headcount to 10,000 by January next year: CEO
SAN FRANCISCO: Salesforce India will increase its headcount in the country to 10,000 by January next year from 7,500-plus currently, its chairperson and CEO Arundhati Bhattacharya has said. Bhattacharya further said that in the order of priority, the focus areas for Salesforce in India are banking, financial services and insurance (BFSI), manufacturing, services and social […]
Russia backs India, Brazil for permanent membership in UN Security Council
UNITED NATIONS: Russia has voiced its support for India and Brazil as worthy candidates for permanent membership in the UN Security Council, calling them key international actors. During the 77th Session of the UN General Assembly, Russian Foreign Minister Sergey Lavrov on Saturday expressed his support for India, becoming a permanent member of the Security […]
Walkaroo to set up manufacturing unit in Rajasthan
CHENNAI: Noted footwear brand Walkaroo International Ltd is setting up a new greenfield manufacturing facility in Rajasthan at an investment of Rs 70 crore as it plans to strengthen presence in the northern market, according to a company official. With two-thirds of the revenue contributed from the southern region, the company expects to garner a […]
FTA talks in final phase with Diwali deadline in sight: London Lord Mayor
LONDON: The free trade agreement (FTA) talks between India and the UK are now in their final phase and despite some outstanding issues to be resolved, there is optimism on both sides that the Diwali deadline for a draft will be met, according to the Lord Mayor of London. Vincent Keaveny, the 693rd Lord Mayor […]