RSP success fuelled by customers’ trust: CEO
NEW DELHI: The success of Rourkela Steel Plant (RSP) has been shaped mainly by its customers, CEO of RSP, Dipak Chattaraj has said. When it comes to customers, what matters most is their trust and understanding, as everything else falls into place automatically, Chattaraj said. “Our valued customers have played a very crucial role in […]
Supreme Court cancels registration, lease of Amrapali group
NEW DELHI: The Supreme Court on Tuesday cancelled the registration of the embattled Amrapali group under the Real Estate Regulatory Authority (RERA) and the lease of its properties granted by Noida and Greater Noida authorities. A bench of Justices Arun Mishra and U U Lalit appointed the National Buildings Construction Corporation (NBCC) to complete all […]
Odisha sets Rs 45,500 crore revenue collection target
BHUBANESWAR: Odisha government on Monday said it has set a target of collecting Rs 45,500 crore revenue in 2019-20 fiscal year. This was stated by Finance minister Niranjan Pujari while replying to a written question of ruling BJD member Prafulla Samal in the Assembly. Pujari said the tax revenue collection till June 2019 was Rs […]
India’s second moon mission launched successfully
By S Vijay Karthik SRIHARIKOTA: Aiming to take a billion dreams to the moon, India Monday successfully launched its second lunar mission Chandrayaan-2 onboard its powerful rocket GSLV-MkIII-M1 from the spaceport here to explore the unchartered south pole of the celestial body by landing a rover. The geosynchronous satellite launch vehicle lifted-off from the Satish Dhawan […]
IFCI aims to sell real estate assets worth Rs 100 crore this fiscal
NEW DELHI: The country’s oldest public sector financial institution IFCI expects to mobilise Rs 1,500-2,000 crore from sale of non-core assets, including its stake in the National Stock Exchange (NSE), during the current fiscal to fund business growth, a top company official said. Besides, the company is looking at recovery of bad loans under the […]
Kumar Mangalam Birla’s remuneration from UltraTech fell 18.8% in FY19
NEW DELHI: UltraTech’s Chairman and Non-Executive Director Kumar Mangalam Birla received an annual remuneration Rs 15.53 crore in FY 2018-19, down 18.82 per cent over the year-ago period, even as the largest cement producer posted a double digit growth in its topline. Birla, 52, had received an annual salary of Rs 19.13 crore in FY […]
Kotak mutual fund exposure in DHFL at Rs 140 crore
KOLKATA: Kotak Mahindra Asset Management Company has a total exposure of around Rs 140 crore in crisis-hit home loan and property finance firm Dewan Housing Finance Corporation Ltd (DHFL), a source said. The total exposure of the mutual fund industry in the company is estimated at Rs 5,000 crore from 10 asset management companies (AMCs), […]
Delhi government releases Rs 500 crore for development works in unauthorised colonies
NEW DELHI: The Delhi government has released Rs 500 crore for development works in unauthorised colonies, according to an official statement issued on Friday. The move came a day after Chief Minister Arvind Kejriwal announced that residents of unauthorised colonies in Delhi will soon have ownership rights of their houses and claimed that the Centre […]
Haryana grants house rent allowance to 3.5 lakh employees
CHANDIGARH: Eyeing the forthcoming Assembly elections, Haryana Chief Minister Manohar Lal Khattar on Saturday announced a bonanza for employees by granting them house rent allowance as per the recommendations of Seventh Central Pay Commission. The revised house rent allowance would be implemented with effect from August 1 and it would benefit about 3.5 lakh employees. […]
Enforcement Directorate attaches Sweka Power Tech assets worth Rs 1.43 crore
NEW DELHI: The Enforcement Directorate (ED) Friday said it has attached assets worth Rs 1.43 crore of a firm hired to upgrade streetlights during the 2010 Commonwealth Games (CWG) in the national capital. The federal agency issued a provisional order for attachment, under the Prevention of Money Laundering Act (PMLA), of an industrial plot in […]
Real estate market in Amaravati has crashed: Chandrababu Naidu
AMARAVATI: Former Andhra Pradesh Chief Minister N. Chandrababu Naidu on Thursday said that ever since YSR Congress Party came to power in the state, the system in state capital Amaravati has collapsed and real estate market has crashed. The leader of opposition said the real estate market, which witnessed a boom during his tenure, took […]
LIC offers Rs 1.25 lakh crore line of credit by 2024 to fund highway projects: Nitin Gadkari
By Namita Tewari NEW DELHI: As part of innovative modes of financing to meet India’s huge infrastructure appetite, insurance giant LIC has agreed to offer Rs 1.25 lakh crore line of credit by 2024, to fund highway projects, Union Minister Nitin Gadkari said. Keen on timely execution of the Rs 8.41 lakh crore ambitious Bharatmala […]
HDFC Bank reports 18.04% jump in Q1 consolidated net at Rs 5,676.06 crore
NEW DELHI: Private lender HDFC Bank on Saturday reported an 18.04 per cent increase in its consolidated net profit at Rs 5,676.06 crore for the April-June quarter on the back of healthy growth in core income and restricted bad loan proportions. The bank’s net profit during the similar April-June quarter of the previous fiscal stood […]
Reliance says its main gas fields in KG-D6 block in late life stage
NEW DELHI: Reliance Industries Limited (RIL) has said its flagship natural gas fields in the KG-D6 block in the Bay of Bengal are in “a late life stage” with output plummeting to an all-time low. The company, beginning mid-2020, will bring to production three sets of new discoveries in the block that will reverse the […]
Jet Airways’s resolution professional invites expressions of interest by August 3
NEW DELHI: The resolution professional (RP) of Jet Airways on Saturday called for expressions of interest (EoIs) to sell the grounded airline’s meager assets by August 3. In an advertisement posted on the airline’s website and in newspapers, the RP, Ashish Chhawchharia, appointed by Jet Airways’ lenders, has set a deadline of August 3 for […]
No compromise will be tolerated on Air Safety: Civil Aviation Minister
NEW DELHI: Speaking at the International conference cum awards on civil aviation and cargo, held today at the national capital, Civil Aviation, Housing & Urban Development Minister Hardeep Singh Puri said that his Ministry would not tolerate any compromise on Air Safety and standards. The event organised by ASSOCHAM- Associated Chambers of Commerce and Industry […]