FPIs infuse Rs 4,800 crore in just 5 trading sessions on cooling crude oil prices
NEW DELHI: Foreign investors have pumped in nearly Rs 4,800 crore into the Indian capital markets in the last five trading sessions, after pulling out hefty funds in October, amid cooling global crude oil prices and rising rupee. The recent infusion comes following a net outflow of more than Rs 38,900 crore in October, which […]
GST compensation paid to states declines to Rs 11,900 crore in August-September
NEW DELHI: GST compensation paid to states by the Centre has declined to over Rs 11,900 crore during August-September, an official said. The bi-monthly GST compensation paid during the June-July period was Rs 14,930 crore, nearly four-fold jump from Rs 3,899 crore paid in April and May. “Over Rs 11,900 crore has been released to […]
India contracts 8 lakh tonnes of sugar exports so far
NEW DELHI: Saddled with surplus stock, sugar mills in India — the world’s second largest producer, have contracted to export about 8,00,000 tonnes of the sweetener so far to countries like Middle East and Sri Lanka, a government official said. Out of the total contracted quantity, raw sugar comprises 6,00,000 tonnes and the rest 2,00,000 […]
357 infrastructure projects show cost overruns of over Rs 3.39 lakh crore
NEW DELHI: As many as 357 infrastructure projects, each worth Rs 150 crore or above, have shown cost overruns to the tune of over Rs 3.39 lakh crore owing to delays and other reasons, a report said. The Ministry of Statistics and Programme Implementation monitors infrastructure projects worth Rs 150 crore and above. “Total original […]
Naveen Patnaik inaugurates slew of projects worth Rs 150 crore
NEW DELHI: Odisha Chief Minister Naveen Patnaik on Saturday inaugurated and laid foundation stones of different projects worth around Rs 150 crore during his one-day visit to Ganjam district. The projects which he inaugurated include a new Industrial Training Institute (ITI), new Zilla Parishad Bhawan, district panchayat resources center, new building of regional transport office […]
National permit vehicles can now ply without two drivers
NEW DELHI: The national permit vehicles can now ply without two drivers, the government said Saturday. Besides, there is also no requirement of having dark brown body colour for such vehicles, as was mandatory earlier with amendment in Central Motor Vehicles Rules. “The Ministry of Road Transport and Highways has made amendments to CMVR 1989. […]
Goa bans fish imports for 6 months
PANAJI: The Goa government has announced a ban on import of fish into the state for six months. The move comes against the backdrop of a scare in the coastal state that formalin, a potential cancer-causing chemical, was being used to preserved fish. Goa Health Minister Vishwajit Rane announced the ban Saturday and added that […]
Reliance Communications pays Rs 62.4 lakh to settle case with Sebi
NEW DELHI: Reliance Communications (RCom) has settled a case with the Securities and Exchange board of India (Sebi) for alleged non-cooperation with credit rating agencies and debenture trustees in violation of listing norms. The company has also reached a settlement regarding non-compliance with listing norms, including failure to inform interest payment default on debentures, Sebi […]
RBI cancels registration of 31 NBFCs
MUMBAI: The Reserve Bank of India (RBI) said that it has cancelled the certificate of registrations of as many as 31 non-banking finance companies (NBFCs) for unspecified reasons. It also cancelled the certificate of registrations of 17 NBFCs following a request by them for the same. The action comes amid difficulties faced by the NBFCs […]
India’s economic growth held back due to demonetisation, GST: Raghuram Rajan
By Lalit K Jha WASHINGTON: Demonetisation and the Goods and Services Tax (GST) are the two major headwinds that held back India’s economic growth last year, former RBI Governor Raghuram Rajan has said, asserting that the current seven per cent growth rate is not enough to meet the country’s needs. Addressing an audience at the […]
NHPC board to consider share buy-back proposal
NEW DELHI: State-run hydro power giant NHPC (National Hydroelectric Power Corporation) on Friday said its board may consider a proposal to buy back shares at its meeting scheduled on November 14, in line with the government’s aim to garner around Rs 80,000 crore from disinvestment this fiscal. The board of directors may consider the proposal […]
Net inflows in equity schemes of Mutual Funds touch 7-month high in October
NEW DELHI: Net inflows in equity schemes of mutual funds in October were the highest in seven months, as investors stayed put despite a correction in the market, data from the Association of Mutual Funds in India (Amfi) showed on Friday. Net inflows in equity mutual funds rose nearly 13% in October to Rs 12,622 […]
Mphasis acquires US-based Stelligent for $25 million
MUMBAI: Mid-size information technology company Mphasis on Friday announced acquisition of a US-based technology services player Stelligent for $25 million in an all-cash deal. Established in 2007, the Reston, Virginia- headquartered Stelligent specialises in ‘DevOps automation’ on Amazon Web Services (AWS), the online retail giant’s cloud offering, an official statement said. Mphasis chief executive and […]
Tripura government set to buy IL&FS shares in Palatana project
NEW DELHI: The Tripura government will soon start dialogue for purchase of 26% equity shares of the Palatana gas thermal power project from Infrastructure Leasing and Financial Services (IL&FS). The 726.6 Megawatt (MW) gas-based power project, run by ONGC Tripura Power Company (OTPC), was launched in 2014 as a joint venture between ONGC, IDFC, IL&FS […]
Narendra Modi waived loans worth Rs 3.5 lakh crore of select industrialists: Rahul Gandhi
CHARAMA: Congress president Rahul Gandhi on Saturday alleged that Prime Minister of India Narendra Modi had waived loans worth Rs 3.5 lakh crore of 15 select industrialists during his tenure. Addressing a rally ahead of the state Assembly polls, Gandhi said he wanted Madhya Pradesh and Chhattisgarh to become agriculture centres in five years and […]
Government says not seeking massive reserve transfer from RBI, in talks for ‘capital framework’
NEW DELHI: Amid a face-off with the Reserve Bank of India (RBI), the government of India said it is discussing an “appropriate” size of capital reserves that the central bank must maintain but denied seeking a massive capital transfer from the Reserve Bank. The Reserve Bank of India (RBI) has a massive Rs 9.59 lakh […]