Truck operators revenue could be hit as economy slows down: Moody’s
NEW DELHI: The ongoing economic growth slowdown may hurt trucking fleet operators’ revenues and ability to repay loans, global ratings agency Moody’s Investors Service warned on Thursday. The losses to asset-backed securities (ABS) will also rise as the economy slows, it said. GDP growth slipped to a six-year low of 5 per cent for the […]
Tamil Nadu receives Rs 2,300 crore more US investment
CHENNAI: Tamil Nadu has received Rs 2,300 crore more US investment during the ongoing visit of Chief Minister K Palaniswami to America, taking the total to over Rs 5,000 crore, the state government said on Thursday. As many as 19 memorandum of understanding (MoU) were signed at an Investors’ Meet held at San Jose in […]
Oil companies likely to resume fuel supply to Air India at six airports
NEW DELHI: Oil marketing companies (OMCs) are likely to resume fuel supply to Air India within two days at the six airports where it has been stopped over non-payment of dues, a senior government official said on Wednesday. The state-owned OMCs stopped supplying fuel to Air India flights in Pune, Vizag, Cochin, Patna, Ranchi and […]
Economic slowdown fallout: Realty major Lodha group lays off 400 employees
NEW DELHI: Amidst rising debt which has crossed Rs 25,600 crore, and falling sales, Macrotech Developers, formerly Lodha Group, has given pink slips to around 400 employees. However, a spokesperson for the largest realty player in India attributed the lay-offs to performance reviews. The retrenchments at the company promoted by Mumbai BJP chief Mangal Prabhat […]
PIL cannot be used as a weapon to challenge our decision: RBI in Delhi High Court
NEW DELHI: The Reserve Bank of India (RBI) Wednesday told the Delhi High Court that a Public Interest Litigation (PIL) cannot be used as a weapon to challenge the financial or economic decisions taken by the government or the RBI. The RBI made the submission in response to a PIL alleging that online payments platform […]
Bajaj Auto sales down 11 per cent at 3,90,026 units in August
NEW DELHI: Bajaj Auto on Tuesday reported 11 per cent fall in total sales at 3,90,026 units in August. The company had sold 437,092 units in the same month a year ago. Domestic sales in August this year stood at 2,08,109 units as against 2,55,631 units, down 19 per cent, Bajaj Auto said in a […]
India hikes ethanol price to cut oil import bill by $1 billion
NEW DELHI: The government of India on September 3 raised the price of sugarcane-extracted ethanol used for blending in petrol by up to Rs 1.84 per litre as it looked to cut oil import bill by $1 billion annually through its greater use in auto fuels. State-owned oil marketing companies will buy ethanol from sugar […]
L&T Construction bags order for Navi Mumbai International Airport
NEW DELHI: Infrastructure major L&T on Tuesday said its construction arm has bagged the contract for construction of the Navi Mumbai International Airport. The company did not provide value of the contracts but said the orders fall under “major” category which ranges between Rs 5,000 crore and Rs 7,000 crore as per its classification of […]
Signature Global to invest Rs 385 crore on new housing project in Gurugram
NEW DELHI: Realty firm Signature Global will invest Rs 385 crore over the next three years to develop a housing project in Gurugram, Haryana. The national capital-based company has bought 17.35 acre land at Sohna for nearly Rs 100 crore and will construct 864 independent floors in two phases. It will sell these units in […]
Growth may have bottomed in June quarter; recovery cycle to be elongated: UBS
NEW DELHI: India’s sluggish growth momentum has dampened demand, capital expenditure and export outlook of companies, and the future recovery cycle will be “elongated and below market expectations”, says a survey. According to the UBS India financial conditions index, growth may have reached a trough in the June 2019 quarter. In economic parlance, a trough […]
Tata Steel Europe sells Cogent Power to Japan’s JFE Shoji Trade Corporation
NEW DELHI: Tata Steel Europe on Monday said it has signed a deal with Japanese steel giant JFE Shoji Trade Corporation for selling its subsidiary Cogent Power Inc (CPI). However, Tata Steel did not provide any financial details of the deal. CPI is part of Cogent Electrical Steels, one of the five non-core business units, […]
Jet Airways fails to attract new bidders, deadline unlikely to be extended
NEW DELHI: Grounded Jet Airways, which is undergoing insolvency proceedings, failed to attract any new bidders during the extended deadline period for submission of initial bids, according to a source. The third deadline for submission of Expression of Interest (EoI) ended on August 31. With no new bidders emerging during this period, there are only […]
FPIs pulled out Rs 38,930 cr in FY19 due to weak market sentiments: Sebi
NEW DELHI: As macroeconomic headwinds weighed on investor sentiments through the year, foreign portfolio investors pulled out Rs 38,930 crore in 2018-19, according to market regulator Sebi’s annual report. “In order to further develop the Indian securities market as an avenue for fundraising, eligibility norms for FPIs (Foreign Portfolio Investors) were relaxed and data privacy […]
India’s GDP growth rebound expected to be weaker: Fitch Solutions
NEW DELHI: After slumping to an over six-year low, India’s economic growth will pick up over the coming quarters but the rebound is expected to be weaker than before, Fitch Solutions said on Monday as it trimmed GDP forecast for the current fiscal to 6.4 per cent from 6.8 per cent previously. India’s real GDP […]
NCLT orders HDIL lenders to submit pending dues by September 8
NEW DELHI: The National Company Law Tribunal (NCLT) has ordered corporate insolvency resolution process of debt-ridden real estate major Housing Development and Infrastructure Ltd (HDIL), asking the lenders to submit their dues claims by September 8. “The creditors of HDFI are hereby called upon to submit their claims with proof on or before September 8, […]
DHFL board approves plan to convert debt into equity, sell assets
BENGALURU: India’s crisis-hit shadow bank Dewan Housing Finance Corp (DHFL) said on Friday its board had approved a plan that included converting debt into equity, even as it seeks to sell assets and raise more capital. The conversion of debt into equity may result in a change in ownership, the company said in a regulatory […]