PNB detects Rs 3,800 crore fraud by Bhushan Power & Steel Ltd, reports to RBI
NEW DELHI: Public sector lender Punjab National Bank said on Saturday it has detected a fraud of more than Rs 3,800 crore by Bhushan Power & Steel Ltd (BPSL) and has reported it to the Reserve Bank of India (RBI). PNB said Bhushan Power & Steel Ltd misappropriated bank funds and manipulated its books of […]
Dharmendra Pradhan justifies hike in taxes on fuel
BHUBANESWAR: Justifying hike in the taxes on fuel in the Union Budget 2019-20, Union minister Dharmendra Pradhan on Saturday said there is requirement of funds for overall development of the country. “There is requirement of funds for overall development of the country. As there is decline in the price of fuel in international market, Indian […]
Petrol, diesel to be costlier; tax on super-rich, gold imports
NEW DELHI: Finance Minister Nirmala Sitharaman on Friday hiked tax on petrol and diesel, raised import duty on gold, levied additional surcharge on super rich and brought a tax on high value cash withdrawals as she sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles. Presenting […]
Finance budget would provide further boost to the housing sector: Niranjan Hiranandani
NEW DELHI: It is for the first time in probably the last 30 years that the Union Finance budget has taken care of probably all the sector in such a detailed manner, stated Niranjan Hiranandani, President NAREDCO & Managing Director of Hiranandani group. “Right from agriculture, infrastructure, education to even minor sector like fisheries and […]
Key highlights of union budget 2019-20
NEW DELHI: The Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman made her maiden Budget Speech today and presented the Union Budget 2019-20 before the Parliament. The key highlights of Union Budget 2019 are as follows: 10-point Vision for the decade Building Team India with Jan Bhagidari: Minimum Government Maximum Governance. Achieving green Mother Earth and Blue […]
Government working out package for BSNL, MTNL: Ravi Shankar Prasad in Parliament
NEW DELHI: The government of India is committed to making the services of state-owned telecom companies BSNL and MTNL professional and it is working on evolving a package in this regard, IT Minister Ravi Shankar Prasad told the Rajya Sabha Thursday. Replying to supplementaries during the Question Hour, the minister said the BSNL has 50 […]
HDFC moves NCLT to keep mortgaged Jet Airways headquarters out of bankruptcy process
NEW DELHI: Mortgage lender HDFC on Thursday moved the NCLT seeking to keep the Jet Airways headquarters in the city out of the bankruptcy process. The HDFC counsel told the National Company Law Tribunal that three floors of the building are mortgaged with the lender. The tribunal will hear HDFC’s plea Friday along with the […]
Sikka group raises Rs 130 crore from NBFC to complete Noida housing project
NEW DELHI: Realty firm Sikka group has raised Rs 130 crore from a non-banking finance company (NBFC) to complete its ongoing housing project in Noida, a top company official said on Thursday. NBFCs have been a major source of funding in the last few years for cash-starved real estate firms, which are facing huge demand […]
Government committed to disinvestment of Air India: Civil Aviation Minister
NEW DELHI: The government of India is committed to the disinvestment of national carrier Air India and the plan is to make it more operationally viable before disinvesting it, Civil Aviation Minister Hardeep Singh Puri told the Rajya Sabha on Wednesday. Replying to supplementaries during Question Hour, the minister said there has been a steady […]
Pakistan airspace closure: Indian airlines lost Rs 550 crore, Air India Rs 491 crore
NEW DELHI: Due to closure of airspace by Pakistan, national carrier Air India lost Rs 491 crore till July 2, according to data presented by Civil Aviation Minister Hardeep Singh Puri in Rajya Sabha on Wednesday. Private airlines SpiceJet, IndiGo and GoAir lost Rs 30.73 crore, Rs 25.1 crore and Rs 2.1 crore, respectively, the […]
HDFC Bank to hire 5,000 freshers through tie-ups with institutes over 3 years
NEW DELHI: Changing skill requirements in the digital era have led the largest private sector lender HDFC Bank to announce a gradual shift in its fresher intakes to exclusive tie-ups with training institutes, where graduates are taught for a year before being hired. The bank on Wednesday announced a tie-up with Manipal Global Academy of […]
BSNL loss pegged at Rs 14,202 crore in FY19; fall in revenue at Rs 19,308 crore
NEW DELHI: State-owned telecom firm BSNL’s loss is estimated to be around Rs 14,000 crore with a decline in revenue to Rs 19,308 crore during 2018-19, Parliament was informed on Wednesday. The public sector firm’s provisional loss was Rs 4,859 crore in 2015-16, Rs 4,793 crore in 2016-17, Rs 7,993 crore in 2017-18 and is […]
Industrialist B K Birla passes away
MUMBAI: Birla Group patriarch B K Birla passed away in Mumbai on Wednesday at the age of 98, his family said. A doyen of the Indian industry, Birla had been suffering from age-related ailments. Birla was the chairman of Century Textiles and Industries and had been active in business since the age of 15. He […]
Gujarat’s public debt now stands at Rs 2,40,652 crore
NEW DELHI: With a steep rise of over Rs 23,000 crore in one year, Gujarat’s public debt now stands at Rs 2,40,652 crore as per the revised estimates of 2018-19, the Legislative Assembly was informed on Wednesday. Responding to a written query raised by Congress MLA Niranjan Patel during the Question Hour, Deputy Chief Minister […]
ICCI bank inks pact with Indostar Capital to finance commercial vehicles
NEW DELHI: CICI Bank has tied up with non-banking financial company IndoStar Capital for vehicle financing for small and medium fleet owners to buy new as well as old commercial vehicles. Under this partnership, IndoStar will originate and service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing, ICICI Bank […]
SpiceJet starts daily direct flight between Guwahati and Dhaka
NEW DELHI: Budget carrier SpiceJet on Monday started the first daily direct flight between Guwahati and Dhaka. The first flight ‘SG 78’ was flagged off by Assam Chief Minister Sarbananda Sonowal at Lokapriya Gopinath Bordoloi International Airport here. The Bombardier Q400 aircraft will depart Guwahati at 1155 hours, while it will leave Dhaka at 1410 […]