BPCL nationalisation act repealed; way clear for privatisation
NEW DELHI: Ahead of a proposed move to fully privatise state-owned fuel retailer Bharat Petroleum Corp Ltd (BPCL), the government had quietly repealed the legislation that had nationalised the company, doing away with the need to seek Parliament nod before selling it off to private and foreign firms. The Repealing and Amending Act of 2016 […]
KONE opens new technology and innovation center in Pune; hires new talent
NEW DELHI: To further strengthen its capabilities and competences in new digital services area and Enterprise IT, KONE has inaugurated a new technology and innovation function in Pune, India. This will be an extension of India Technology and Engineering Center (ITEC) organization presently operating from Chennai. Pune, due to the presence of several well-known educational […]
Shooting down chopper on Feb 27 was ‘big mistake’, action against officers: IAF chief
NEW DELHI: Air Chief Rakesh Kumar Singh Bhadauria on Friday described as a “big mistake” the Indian Air Force (IAF) shooting down its helicopter in Kashmir on February 27, when Indian and Pakistani forces were engaged in a dogfight, and said disciplinary action is being taken against officers held responsible for the incident. A surface-to-air […]
Danger ahead: $63 billion stalled real estate projects a threat for Indian banks
By Suvashree Ghosh & Dhwani Pandya NEW DELHI: Ashish Shah is caught in the middle of India’s latest financial crisis. As chief operating officer of Radius Developers, he’s struggling to fund construction of apartment complexes because of a liquidity crunch in the nation’s bloated shadow-banking sector. “Real estate is a sitting duck,” said Shah. “The […]
Repo rate cut: How real estate industry leaders react on RBI’s decision
NEW DELHI:The Reserve Bank of India (RBI) in its fourth bi-monthly monetary policy has cut the repo rate by 25 bps for the fifth time in the year as it aims to boost demand and private consumption amid an economic slowdown. The six-member Monetary Policy Committee (MPC), headed by RBI governor Shaktikanta Das. The repo […]
RBI cuts rates by 0.25% to support growth
NEW DELHI: The Reserve Bank of India (RBI) on Friday cut its key rates by 0.25 per cent to boost economy from six-year low saying reduction was necessary to revive growth. With first quarter GDP growth plunging to 5 per cent, the RBI cut its estimate of economic growth in the current fiscal to 6.1 […]
Court dismisses bail application of lobbyist Deepak Talwar in aviaton scam
NEW DELHI: A Delhi court on Thursday dismissed the bail application of corporate lobbyist Deepak Talwar in a corruption case related to negotiations allegedly favouring foreign private airlines and causing loss to state-owned Air India. According to the CBI, Talwar had acted as a middleman in negotiations to favour foreign private airlines, including Qatar Airways, […]
Maharashtra onion farmers buy 250 tractors in a single day
NEW DELHI: Major automobile makers have reported double digit declines in domestic passenger vehicle sales but this hasn’t stopped onion farmers in a Maharashtra tehsil from buying as many as 250 tractors in a single day. The purchase happened on the first day of Navratri, despite the onset of the festive season failing to lift […]
Pakistan-India nuclear war could kill 100 million
WASHINGTON: The year is 2025 and a war erupts between Pakistan and India after severe clashes on the Line of Control (LoC). New Delhi retaliates by sending tanks into Azad Jammu and Kashmir (AJK). Fearing it will be overrun; Pakistan hits the invading forces with its battlefield nuclear weapons, triggering the deadliest conflict in history […]
DLF settles Rs 8,700 crore amount payable to JV with Singapore-based GIC
NEW DELHI: Realty major DLF has settled the entire Rs 8,700 crore amount payable to DLF Cyber City Developers Ltd (DCCDL), its joint venture with Singapore-based GIC, by transferring various completed commercial properties and land parcels as well as cash payment. With settlement of this dues, the company said it has completed the exercise of […]
TCL partners with PAI International
NEW DELHI: The global top-2 TV Corporation, TCL has been growing its footprint in India. As part of the same endeavour, the fastest growing LED brand in India has associated with one amongst the most respectable electronic chain store of South India, PAI International Electronics Ltd. The association is meant to enable easy accessibility to […]
Airtel chosen as Network Solution partner for Faridabad Smart City project
NEW DELHI: Bharti Airtel said that it has been chosen as the strategic Network Solution partner by Faridabad Smart City Limited (FSCL) to transform the NCR satellite town of Faridabad into a Smart City. Faridabad is amongst the 100 cities identified by the Ministry of Urban Development (Government of India) as part of the Smart […]
Rana Kapoor’s man Friday Rajat Monga quits Yes Bank
NEW DELHI: Rajat Monga, the senior group president and former chief financial officer at the troubled lender Yes Bank, has quit, chief executive Ravneet Gill said on Thursday. The announcement came during a conference call with investors and analysts following a heavy plunge in the bank’s share price over the past few sessions. The bank […]
India’s Rs 88 lakh crore debt burden worrisome, government in delusion: Congress
NEW DELHI: India had a “worrisome” debt burden of over Rs 88 lakh crore at the end of year’s first financial quarter with the government apparently having no idea how to deal with the country’s economic slowdown, the Congress said. Addressing a press conference, Congress spokesperson Supriya Shrinate also said the debt has risen by […]
WeWork India focused on expansion with accelerated path to profitability: Embassy Group
NEW DELHI: Realty firm Embassy Group, which owns WeWork India, on Tuesday said there will be no impact on the Indian operation of co-working business due to deferment of initial public offering of US-based WeWork. Bengaluru-based Embassy, a major player in Indian commercial real estate, had partnered WeWork in 2016. WeWork India is an independent […]
IL&FS, DHFL, Cox & Kings and now Altico, why raters keep missing big defaults
Mounting debt failures in India have been catching rating companies off guard, underscoring continued challenges a year after the landmark failure of shadow bank IL&FS increased scrutiny of the industry. Defaults at companies including Dewan Housing Finance Corp., Cox & Kings Ltd. and Altico Capital India Ltd. have occurred even as their long-term ratings indicated […]