Kashmir businesses suffer Rs 10,000-crore hit
By Sheikh Suhail SRINAGAR: The shutdown in Kashmir, following the abrogation of Article 370, has crippled the valley’s economy as the business community has suffered losses amounting to over Rs 10,000 crore in three months, a trade body said here. The deadlock in Kashmir, after the Centre announced the abrogation of Article 370 on August […]
India to spend about $1.4 trillion on its infrastructure development
NEW DELHI: The Minister of Petroleum and Natural Gas & Steel Dharmendra Pradhan has said that the demand of steel in the country has seen substantial increase and is expected to increase further in the future as India embarks to become a US $ 5 trillion economy. Addressing the Ministerial Meeting of Global Forum on […]
World Bank to continue with $6 billion annual lending support to India
NEW DELHI: World Bank President David Malpass on Saturday said the multi-lateral funding agency will continue with $6 billion lending target for India. As many as 97 projects are being currently executed with loan assistance from the World Bank. “World Bank right now has 97 projects with $24 billion committed. So, we expect the programme […]
IndiGo reports biggest quarterly loss, cuts expansion targets
By Sachin Ravikumar, Aditi Shah BENGALURU/NEW DELHI: India’s biggest airline IndiGo reported its biggest ever quarterly loss on higher maintenance costs and cut capacity expansion targets, at a time when the industry is grappling with slowing passenger growth in a sluggish economy. IndiGo parent InterGlobe Aviation Ltd’s net loss grew to 10.66 billion rupees ($150 […]
Tata Power JV to acquire 2 power plants for Rs 920 crore from Tata Steel
NEW DELHI: Tata Power on Friday said its joint venture Industrial Energy Ltd has signed pacts with Tata Steel to acquire a captive gas-based power plant and a diesel project in Kalinganagar, Odisha for around Rs 920 crore. Industrial Energy Ltd (IEL) is a joint venture between Tata Power and Tata Steel in the ratio […]
Forex reserves cross USD 440 billion-mark, up by USD 1.04 billion
NEW DELHI: Continuing its northward surge, India’s forex kitty has swelled by USD 1.039 billion to a new life-time high of USD 440.751 billion for the week ended October 18, the Reserve Bank said on Friday. The forex reserves had risen by USD 1.879 billion to a new record high of USD 439.712 billion in […]
Ahmedabad-based consultancy wins bid to redesign Delhi’s Central Vista
NEW DELHI: Ahmedabad-based HCP Design firm has won the consultancy bid for architectural and engineering planning of the Centre’s ambitious plan to redevelop Central Vista, Parliament and develop common Central Secretariat, CPWD Director General Prabhakar Singh said on Friday. Talking to reporters, Singh said HCP Design, Planning and Management has executed several projects in the […]
Seven of top-10 firms add Rs 76,998 crore in m-cap; TCS biggest gainer
NEW DELHI: The combined market capitalisation of seven of the 10 most valued Indian firms advanced by Rs 76,998.4 crore last week, with TCS leading the chart. Reliance Industries Limited (RIL), HUL, HDFC, ITC, ICICI Bank and SBI were the other firms which witnessed a jump in their market valuation for the week ended Friday, […]
Normal life remains hit in Kashmir for 83rd day
NEW DELHI: Normal life remained affected in Kashmir for the 83rd consecutive day on Saturday as the main markets were shut and public transport was off the roads, officials said. Some shops opened for a few hours early in the morning in some areas, including in the commercial hub of Lal Chowk in the city […]
Jeff Bezos no longer the world’s richest person, here’s the man who dethroned him
Jeff Bezos is about to relinquish the title of world’s richest person as Amazon.com Inc. stock tumbled in late trading Thursday. Shares of the biggest online retailer dropped 8.1% to $1,637 in extended trading at 4:24 p.m. in New York. At that price, Bezos would have a net worth of $102.8 billion, ranking him second, […]
NEW DELHI: India’s budget carrier SpiceJet on Wednesday announced plans to launch a new airline with the Ras Al Khaimah International Airport as its base as well as set up its first overseas hub in the UAE emirate, according to media reports. SpiceJet Chairman and Managing Director Ajay Singh said at a press conference in […]
Reliance Industries to pump Rs 1.08 lakh crore in new digital services subsidiary
NEW DELHI: Reliance Industries Ltd (RIL) on Friday said its board has approved the formation of a wholly-owned subsidiary for digital platform initiatives and investment of Rs 1.08 trillion in the unit. The subsidiary will also acquire RIL’s equity investment of Rs 65,000 crore in Reliance Jio Infocomm Ltd (RJIL), it said in a regulatory […]
Merger of RTC with govt impossible, says Telangana CM
NEW DELHI: Hardening his stand, Telangana Chief Minister K Chandrasekhar Rao on Thursday ruled out merger of ailing Telangana State Road Transport Corporation (TSRTC) with the government as demanded by the striking employees and indicated more buses would be hired to meet the requirements of commuters. Hitting out at the leaders of the employees unions […]
SBI Q2 profit surges six-fold to Rs 3,375 crore
NEW DELHI: The country’s largest lender SBI on Friday reported a nearly six-fold jump in its consolidated net profit to Rs 3,375.40 crore for the second quarter ended September 30. The bank’s net profit was Rs 576.46 crore in the July-September quarter of previous fiscal. Its total income of the entire SBI group rose to […]
Fitch cuts India’s FY20 GDP growth forecast to 5.5 per cent
NEW DELHI: Fitch Ratings on Thursday slashed India’s GDP growth forecast in the current fiscal to 5.5 per cent saying a large credit squeeze emanating from shadow banks has pushed economic growth to a six year low. Fitch, which had in June this year put India’s GDP growth at 6.6 per cent for the fiscal […]
Airbus forecasts need for over 39,000 new aircraft in next 20 years
NEW DELHI: The world’s passenger and freighter aircraft fleet is set to more than double from today’s nearly 23,000 to almost 48,000 by 2038 with traffic growing at 4.3% annually, also resulting in a need for 550,000 new pilots and 640,000 new technicians. By 2038, of the forecast 47,680 fleet, 39,210 are new and 8,470 […]