MG Motor India expects to turn profitable next year on higher sales
NEW DELHI: MG Motor India expects its operations to turn profitable next year as it looks to double its volumes with higher production capacity in place, the company’s President and Managing Director Rajeev Chaba said on Monday. The company, which has been impacted by acute supply chain constraints, is looking to close the current year […]
Tata Motors’ global sales up 33% in September quarter at 335,976 units
NEW DELHI: Tata Motors on Monday reported 33 per cent increase in global sales, including that of Jaguar Land Rover to 3,35,976 units in September quarter 2022. It had sold 2,51,689 units in the same period last year. Global wholesale units of all Tata Motors’ commercial vehicles and Tata Daewoo range in the quarter stood […]
RBI cancels licence of The Seva Vikas Co-op Bank amid inadequate capital
NEW DELHI: The Reserve Bank of India (RBI) on Monday said it has cancelled the licence of Pune-based The Seva Vikas Co-operative Bank Ltd as the lender does not have adequate capital and earning prospects. The bank ceases to carry on banking business, with effect from the close of business on October 10, the RBI […]
IDBI Bank’s privatisation process likely to conclude by September 2023: Officials
NEW DELHI: The financial bids for IDBI Bank privatisation is likely to be invited by March and the conclusion of the sale process is expected in the next financial year, officials said. Last week, the government along with Life Insurance Corporation (LIC) invited preliminary bids for selling 60.72 per cent stake in IDBI Bank. The […]
India’s Finance Minister to leave for US on Tuesday to attend IMF, World Bank meetings
NEW DELHI: India’s Finance & Corporate Affairs Smt. Nirmala Sitharaman will be traveling to the USA on an official visit beginning October 11, 2022. During her visit, Sitharaman will be attending the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, the G20 Finance Ministers and Central Bank Governor (FMCBG) Meetings. The […]
India’s space economy expected to be worth $12.8 billion by 2025: Report
NEW DELHI: India’s space economy is likely to be worth nearly USD 13 billion by 2025, with the satellite launch services segment set to witness the fastest growth spurred by increasing private participation, according to a report released on Monday. The growing demand for smaller satellites is set to boost satellite manufacturing in the country […]
Bank of Maharashtra raises lending rate by 20 bps; EMIs to become costlier
NEW DELHI: State-owned Bank of Maharashtra (BoM) on Monday raised the marginal cost of funds-based lending rates (MCLR) by 0.20 per cent or 20 basis points across tenors. The revision will make loans linked to MCLR benchmark costlier. The benchmark one-year MCLR will be 7.80 per cent from Monday, as against 7.60 per cent. The […]
CBI arrests Hyderabad-based businessman in Delhi excise policy case
NEW DELHI: The CBI has arrested a Hyderabad-based businessman in connection with the alleged Delhi excise policy scam in which Deputy Chief Minister Manish Sisodia is also an accused, officials said on Monday. Abhishek Boinpally, who was allegedly lobbying for certain liquor businessmen based in southern India, was called for questioning on Sunday. The agency […]