Asian Development Bank approves Rs 1,650 crore infrastructure projects for 7 district towns in Tripura
NEW DELHI: The Asian Development Bank (ADB) has approved a project worth Rs 1,650 crore to develop infrastructure in seven district headquarter towns of Tripura, a senior official has said. The ADB will provide Rs 1,650 crore, out of which 80 per cent will be grant-in-aid and the state will have to repay 20 per […]
India likely to provide Rs 30,000 crore to PSU banks in Budget 2019
NEW DELHI: India’s Finance Ministry is evaluating capital needs of state-owned banks, and likely to provide about Rs 30,000 crore in the upcoming Budget to help them meet minimum regulatory capital requirement in the current fiscal, sources said. The first budget of Modi 2.0 government is scheduled to be presented on July 5 by Finance Minister […]
Xiaomi inaugurates first component manufacturing plant in India
NEW DELHI: Smartphone major Xiaomi Saturday said Holitech Technology – one of its global component suppliers – has inaugurated its first component manufacturing plant in India (Greater Noida). Holitech Technology has built its operations in Greater Noida, Uttar Pradesh and was first invited by the Chinese tech major in the first quarter of 2018 to […]
PNB to sell NPAs worth over Rs 1,000 crore, six accounts put on block
NEW DELHI: State-owned Punjab National Bank (PNB) has put on sale six non-performing loans amounting to over Rs 1,000 crore, including two accounts of Vandana Vidyut and Visa Steel. Asset reconstruction companies (ARCs), non-banking financial companies (NBFCs), other banks and financial institutions can submit binding bids till June 26. The bids will be opened on […]
Housing finance growth may slow to 15% this fiscal due to NBFC crisis
NEW DELHI: Housing finance growth is set to slow down to 13-15 per cent this fiscal, lower than the average of the past three years, due to the lingering liquidity issues faced by non-banking lenders, warns a report. There can also be an adverse impact on the outstanding housing credit, which stood at Rs 19.1 […]
Jaypee Infratech creditors to meet on June 20 to decide future course
NEW DELHI: Jaypee Infratech’s creditors, which include banks and home buyers, will meet on June 20 to assess the progress of the ongoing insolvency process and decide future course of action. The meeting has been called days after majority of banks voted against state-owned NBCC’s bid to acquire the debt ridden realty firm. A meeting […]
Monsoon likely to enter Odisha within a week: MeT
BHUBANESWAR: The south-west monsoon is likely to enter into Odisha within a week, a senior MeT official said on Sunday. The monsoon rains which arrived in Kerala on June 8 after a week’s delay, normally hits Odisha around June 10. “The conditions are now favourable for advancement of the south-west monsoon towards Odisha. The state […]
Vedanta lost USD 200 million in profits in one year of Tuticorin plant shutdown
NEW DELHI: Vedanta Ltd has lost about USD 200 million in profits ever since its copper smelter plant in Tamil Nadu was shut more than a year back after police fired on protesters and killed 13 people, Group Chairman Anil Agarwal said. Agarwal added that the stoppage of production at the Tuticorin plant of the […]
89 per cent family businesses in India expect to grow in next 2 years: Survey
NEW DELHI:Family businesses in the country are on a growth trajectory, with 89 per cent of them expecting to grow in the next two years, according to a survey. The global survey, ‘Family Business Survey 2019’ by PwC, was done among 2,953 family leaders across 53 countries, including 106 family business leaders, between April 20 […]
Chief Ministers demand more central funds to deal with agriculture distress
NEW DELHI: More central assistance to deal with farm sector distress and natural calamities, and compensation against loss of revenue on account of GST implementation beyond the five-year period were among the key demands raised by the states during the fifth Governing Council meeting of Niti Aayog here on Saturday. Speaking at the meeting, Andhra […]
400 new flats to be built for MPs in Lutyens’ Delhi using construction waste
NEW DELHI: The government of India has decided to demolish 400 old flats and construct new ones in their place in Lutyens’ Delhi for Members of Parliament using construction waste. The flats which will be coming up in North Avenue and South Avenue, located on either sides of the Rashtrapati Bhavan, will replace the old […]
Japan Airlines takes delivery of first A350 XWB
NEW DELHI: Japan Airlines (JAL) has taken delivery of its first A350 XWB at Airbus Headquarters in Toulouse, France. The A350-900 is the first aircraft produced by Airbus for JAL. The milestone event was attended by JAL Representative Director and Chairman Yoshiharu Ueki and Airbus Chief Commercial Officer Christian Scherer. Altogether, JAL has ordered 31 […]
Private operators’ plan for aircraft security hits air pocket
NEW DELHI: The plan of private airport operators to hire staff from the grounded Jet Airways for security-related work has hit an air pocket with the Civil Aviation Ministry mulling the issue of a clarification to its March 2019 notification that reserves these functions only for airlines. Hoping that the government would open up a […]
Air India to start Amritsar-Delhi-Toronto flight from September 27
NEW DELHI: Air India will start Amritsar-Delhi-Toronto flight, which will fly three times during a week, from September 27, Civil Aviation Minister Hardeep Singh Puri said on Friday. Puri, who is currently a Rajya Sabha member, had fought the 2019 General Elections from the Amritsar Lok Sabha seat, but lost to Congress’ Gurjeet Singh Aujla. […]
Nirmala Sitharaman holds Pre-Budget Consultation with Economists
NEW DELHI: The Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman held here her 6th Pre-Budget Consultation Meeting with the leading Economists in connection with the forthcoming General Budget 2019-20. The main areas of discussion during the aforesaid Meeting included boosting Economic Growth, Job Oriented Growth, increased Macro-economic Stability, Fiscal Management including ideal size […]
IDBI Bank cuts MCLR by 5-10 bps across various tenors
MUMBAI: Life Insurance Corporation of India (LIC)-owned IDBI Bank on Wednesday reduced its marginal cost of funds based lending rate (MCLR) by 5-10 basis points across various tenors, with immediate effect. The lender has reduced its one-year MCLR or the minimum lending rate to 8.95 per cent. The one-year MCLR is the benchmark against which […]