India inducts 3 major artillery gun systems
DEOLALI: India’s Defence Minister Nirmala Sitharaman on Friday inducted three major artillery gun systems, including the M777 American Ultra Light Howitzers and the K-9 Vajra, into the Army. The third gun system inducted is the ‘Composite Gun Towing Vehicle’ for towing some of the existing guns in service with the country, while K-9 Vajra is […]
Hyderabad metro’s Hi-Tec City stretch to open by December end: Official
HYDERABAD: A 10km metro rail stretch between Ameerpet and Hi-Tec City will be opened by December end this year, a top official said on Monday. Work was going according to schedule, Hyderabad Metro Rail Limited (HMRL) managing director N V S Reddy told mediapersons here. “Metro work progress is pretty good and it is going […]
NCDRC directs Unitech to refund over Rs 18 crore to home buyers’ association
NEW DELHI: The National Consumer Disputes Redressal Commission (NCDRC) has asked real estate giant Unitech Limited to refund over Rs 18 crore to members of a home buyers’ union for failing to hand over the possession of apartments. The apex consumer commission has asked the company to refund within six weeks the amount of Rs […]
PNB scam: Enforcement Directorate attaches 11 properties worth Rs 56 crore of Nirav Modi in Dubai
NEW DELHI: The Enforcement Directorate (ED) said it had attached 11 properties worth over Rs 56 crore of fugitive diamond jeweller Nirav Modi in Dubai in connection with its money-laundering probe in the $2-billion Punjab National Bank (PNB) fraud case. The central probe agency said the assets were in the name of “Modi and his […]
Sensex, Nifty end lower on weak global cues
MUMBAI: Domestic benchmark indices ended on a negative note after a choppy session on Friday amid weak global cues as the US Fed hinted at a rate hike next month. The 30-share Sensex fell 79.13 points, or 0.22%, to close at 35,158.55. The broader NSE Nifty lost 13.20 points, or 0.12%, to end at 10,585.20. […]
PE, VC investments in real estate touch $2.99 billion in January-August: IEBF
NEW DELHI: The Indian real estate sector has attracted nearly USD 3 billion as private equity and venture capital investments during January-August 2018, according to Indo-European Business Forum (IEBF). IBEF, at its recently held 2018 summit in London, discussed the real estate sector’s potential to reach USD 1 trillion by 2030, becoming one of the […]
Godrej Properties cuts net debt by half in one year
NEW DELHI: Realty firm Godrej Properties has reduced its net debt by 51 per cent in last one year to Rs 1,539 crore mainly with the help of better sales bookings. The net debt of Gordej Properties — the real estate arm of Godrej group — stood at Rs 1,539 crore as on September 30, […]
Car sales flat in October, passenger vehicles increase 1.6%
NEW DELHI: Domestic passenger vehicle sales rose 1.55% to 2,84,224 units in October, against 2,79,877 units in the same month last year. Car sales grew marginally by 0.38% to 1,85,400 units last month, compared with 1,84,706 units in October last year, according to data released by the Society of Indian Automobile Manufacturers (SIAM) Friday. Motorcycle […]
Trump’s new plan : No H-1B visas for lower-skilled outsourcing types of jobs
WASHINGTON: The Donald Trump administration wants to make changes in the existing H-1B provisions for it to play a better role in attracting highly skilled foreign workers as opposed to what it has now evolved into an “outsourcing” role, the White House said. “The president’s overall instinct – and he said this publicly a number […]
India approves leasing out 6 airports through PPP
NEW DELHI: The chaired by the Prime Minister of India Narendra Modi has approved the leasing out of six airports — Ahmedabad, Jaipur, Lucknow, Guwahati, Thiruvananthapuram and Mangaluru — for operation, management and development under the Public Private Partnership (PPP). “In-principle” approval for leasing out six airports of AAI viz. Ahmedabad, Jaipur, Lucknow, Guwahati, Thiruvananthapuram […]
Himachal Pradesh seeks early launch of UDAN-2 Project in state
SHIMLA: Himachal Pradesh Chief Minister Jai Ram Thakur on Thursday requested Civil Aviation Minister Suresh Prabhu to expedite the implementation of the second step of the Centre’s regional connectivity scheme UDAN-2, aimed at addressing the problem of poor air links to difficult areas across the country. The chief minister made the request in a meeting […]
Walmart surpasses Amazon as online shoppers’ most popular grocer
NEW YORK: Look out, Amazon: Walmart is coming to steal your lunch —and maybe dinner too. The world’s largest retailer has surpassed the e-commerce giant in a survey of online food shoppers, more of whom said they most recently visited Walmart’s site for groceries. Local supermarkets were in third place, fuelled in part by logistics […]
India pumps Rs 3054 crore into Allahabad Bank
NEW DELHI: Public sector Allahabad Bank said the government had infused Rs 3,054 crore into the state-run lender. “In terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the bank has received a communication from the Government of India, Ministry of Finance, Department of Financial Services regarding fresh […]
Higher demand pushes up power prices in September
NEW DELHI: After three months of decline, short-term power prices increased in September, mainly driven by higher demand and lower generation from renewables, said India Ratings and Research (Ind-Ra) in its report on Tuesday. Ind-Ra in its October edition of credit news digest on India’s power sector highlighted the trends in the sector, with a […]
CCI rejects allegations of price fixing against Ola, Uber
NEW DELHI: The Competition Commission of India (CCI) has rejected allegations of price fixing against app-based taxi service providers Ola and Uber, saying drivers acceding to “algorithmically determined prices” by the platforms did not amount to collusion between them. In a 13-page order, the CCI also dismissed complaints that Ola and Uber were imposing a […]
USA exempts India from certain sanctions for development of Chabahar port in Iran
WASHINGTON: The United States of America (USA) has exempted India from the imposition of certain sanctions for the development of the strategically-located Chabahar port in Iran, along with the construction of the railway line connecting it with Afghanistan. The decision by the Trump administration, which a day earlier imposed the toughest ever sanctions on Iran […]