Pre-monsoon rainfall records 27% dip says IMD
NEW DELHI: Pre-monsoon rainfall from March to April, a phenomenon critical to agriculture in some parts of the country, has recorded 27 per cent deficiency, according to the India Meteorological Department (IMD). The IMD recorded 43.3 millimetres of rainfall across the country from March 1 to April 24 as against the normal precipitation of 59.6 […]
Yes Bank books loss of Rs 1,506 crore in Q4
NEW DELHI: Private sector lender Yes Bank on Friday reported a loss of Rs 1,506.64 crore for the fourth quarter ended March 2019 owing to rise in provisioning for bad loans. The bank had recorded a net profit of Rs 1,179.44 crore on standalone basis during January-March period of 2017-18 However, total income rose to […]
Maruti won’t be selling diesel cars from April 2020
NEW DELHI:India’s largest carmaker Maruti Suzuki India (MSI) will discontinue sale of diesel cars in the country from April next year, coinciding with the transition of the automobile industry to stricter BS VI emission norms, a top company official said on Thursday. The auto major currently gets 23 per cent of its total sales in […]
Boeing reports lower profits amid 737 MAX crisis
NEW YORK: Boeing reported lower first-quarter profits Wednesday as the global grounding of its 737 MAX plane following two crashes hit results. The US aerospace giant reported USD 2.1 billion in profits, down 13.2 per cent from same period a year ago. Boeing also withdrew its full-year profit forecast due to uncertainty surrounding the 737 […]
Softbank eyes investment of $2-3 billion in Reliance Jio as Mukesh Ambani deleverages biz
NEW DELHI: Japan’s Softbank is reportedly looking to make a $2-3 billion investment in India’s fastest-growing telecom firm Reliance Jio as billionaire Mukesh Ambani looks to deleverage business by selling stakes. This comes on the back of reports of Saudi giant Aramco in discussions to buy a 25 per cent stake in Reliance Industries’ refining […]
ITC moves NCLT against Hotel Leelaventure
NEW DELHI: Diverdified group ITC has moved National Company Law Tribunal (NCLT) against Hotel Leelaventure alleging “oppression and mismanagement”. ITC’s current plea was mentioned before the Mumbai bench of the NCLT, which has posted the matter for hearing tomorrow, Hotel Leelaventure said in a regulatory filing. ITC, along with the petition has also filed two […]
SpiceJet, Emirates sign MoU for code share partnership
NEW DELHI: Budget carrier Spicejet on Monday announced signing of an initial pact for code share partnership with Gulf carrier Emirates. The reciprocal partnership will allow opening of new routes and destinations for passengers of the two airlines, SpiceJet said in a statement. “I am delighted to announce that as part of SpiceJet’s international expansion […]
TCS revamps 150,000 post offices under Rs 1,100 crore deal with India Post
NEW DELHI: India’s largest IT services company Tata Consultancy Services (TCS) said it has deployed an integrated solution for India Post that has helped modernise a network of more than 150,000 post offices in the country. In 2013, the Mumbai-based company had announced receiving an over Rs 1,100 crore multi-year contract from the Department of […]
Air India chief meets SBI chairman over leasing 5 Boeing planes from Jet Airways
NEW DELHI: Air India chairman Ashwani Lohani held preliminary talks with his State Bank counterpart Rajnish Kumar in the Capital Friday on the national carrier’s interest in leasing five Boeing 777s from the now-grounded Jet Airways, sources close to the development said. The meeting lasted for over more than an hour at the Airlines House, […]
SpiceJet hires 500 Jet Airways pilots and employees, may induct more
NEW DELHI: Budget carrier SpiceJet on Friday said it has already absorbed over 500 employees, including 100 pilots, of the grounded carrier Jet Airways and it is open to induct more as it adds more aircraft and routes in the times ahead. The Gurugram-based no-frills airline has already announced induction of 27 more planes -22 […]
Jaypee apologises to homebuyers; promises Rs 2,000 crore to finish projects
NEW DELHI: In a fresh attempt to retain control over its realty arm Jaypee Infratech, crisis-hit Jaypee group’s promoters on Friday apologised to thousands of distressed home buyers and promised to infuse Rs 2,000 crore to complete pending apartments over the next four years. This proposal was made to home buyers at a meeting called […]
RIL Q4 profit up 9.8% y-o-y at Rs 10,362 crore, Jio FY19 net at Rs 2,964 crore
NEW DELHI: Reliance Industries on Thursday reported a record net profit of Rs 10,362 crore in the March quarter as robust revenue from retail and telecom businesses offset weaknesses in the core oil refining and petrochemical segment. Its net profit in January-March, at Rs 10,362 crore, or Rs 17.5 a share, was 9.8 per cent […]
Issuance of government bonds jumps to Rs 64,192 crore from Rs 15,095 crore in FY19: Report
NEW DELHI: The issuances of government-fully serviced bonds (GoI-FSBs) rose to Rs 64,192 crore in the year-ended March 2019 as compared to Rs 15,095 crore during the last fiscal, says a report. These borrowings are estimated to have accounted for 0.34 percent of GDP for FY19 as compared to 0.09 percent of GDP for FY18. […]
ArcelorMittal gets EC nod to sell European steel assets to Liberty House
NEW DELHI: Global steel giant ArcelorMittal Wednesday said it has received approval from the European Commission (EC) to sell steel-making assets in Europe to Liberty House. “ArcelorMittal announces that it has received European Commission (EC) approval for the sale of several steel-making assets to Liberty House Group,” NRI billionaire L N Mittal-led ArcelorMittal said in […]
Reliance Industries to sell stakes in 6 firms operating ethane ships to Mitsui
NEW DELHI: Reliance Industries will sell stakes in firms that own its fleet of very large ethane carrying ships to Japan’s Mitsui OSK Lines (MOL) for an undisclosed sum of money. In a statement, RIL said its Singapore-incorporated subsidiary Reliance Ethane Holding Pte Ltd (REHPL) has signed “binding definitive agreements for a strategic investment by […]
Jet Airways to ground operations temporarily from tonight
NEW DELHI:Teetering for over four months due to cash-drought, Jet Airways, flying for over 25 years, Wednesday said its last flight will takeoff later this night, after its lenders refused to offer a Rs 400-crore lifeline. “With immediate effect, we are compelled to cancel all our international and domestic flights. The last flight will operate […]