Car sales flat in October, passenger vehicles increase 1.6%
NEW DELHI: Domestic passenger vehicle sales rose 1.55% to 2,84,224 units in October, against 2,79,877 units in the same month last year. Car sales grew marginally by 0.38% to 1,85,400 units last month, compared with 1,84,706 units in October last year, according to data released by the Society of Indian Automobile Manufacturers (SIAM) Friday. Motorcycle […]
India approves leasing out 6 airports through PPP
NEW DELHI: The chaired by the Prime Minister of India Narendra Modi has approved the leasing out of six airports — Ahmedabad, Jaipur, Lucknow, Guwahati, Thiruvananthapuram and Mangaluru — for operation, management and development under the Public Private Partnership (PPP). “In-principle” approval for leasing out six airports of AAI viz. Ahmedabad, Jaipur, Lucknow, Guwahati, Thiruvananthapuram […]
India pumps Rs 3054 crore into Allahabad Bank
NEW DELHI: Public sector Allahabad Bank said the government had infused Rs 3,054 crore into the state-run lender. “In terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the bank has received a communication from the Government of India, Ministry of Finance, Department of Financial Services regarding fresh […]
Higher demand pushes up power prices in September
NEW DELHI: After three months of decline, short-term power prices increased in September, mainly driven by higher demand and lower generation from renewables, said India Ratings and Research (Ind-Ra) in its report on Tuesday. Ind-Ra in its October edition of credit news digest on India’s power sector highlighted the trends in the sector, with a […]
USA exempts India from certain sanctions for development of Chabahar port in Iran
WASHINGTON: The United States of America (USA) has exempted India from the imposition of certain sanctions for the development of the strategically-located Chabahar port in Iran, along with the construction of the railway line connecting it with Afghanistan. The decision by the Trump administration, which a day earlier imposed the toughest ever sanctions on Iran […]
India’s economic growth to slow to 7.3 per cent in 2019: Moody’s
NEW DELHI: Indian economy will expand 7.4 per cent in 2018, but the growth will slow down to 7.3 per cent in the next year as domestic demand tapers on higher borrowing cost due to rising interest rates, Moody’s Investors Service said on Thursday. In its report titled Global Macro Outlook 2019-20′, Moody’s said the […]
India’s 200 miles-per-hour bullet train has starting trouble
NEW DELHI: India’s bullet train project is moving at the pace of a commuter train instead. A year after the project was kicked off, only 0.9 hectares of land have been acquired out of the 1,400 hectares needed, according to the Indian government company leading the project. The $15 billion facility, the highlight of Prime […]
India seeks greater market access in China
NEW DELHI: India has sought greater market access for areas like agriculture products, pharmaceuticals, IT services and tourism in China, with a view to bridge the widening trade deficit with the neighbouring country, the commerce ministry said on Tuesday. The issues were discussed during the meeting between Commerce Secretary Anup Wadhawan and Wang Shouwen, Vice […]
Israel to provide $777 million worth of Barak 8 LRSAM Air and Missile Defense Systems to India
NEW DELHI: Israel Aerospace Industries (IAI) announced it has been awarded an additional, $777-million mega- contract for supply of LRSAM Air & Missile Defense systems (the marine version of the AMD system Barak 8) for seven ships of the Indian navy. The contract was entered with Indian state-owned company Bharat Electronics Limited (BEL) which serves […]
India promulgates ordinance to amend Companies law
NEW DELHI: The government of India promulgated an ordinance to amend the companies law, a senior official said. While details about the ordinance could not be immediately ascertained, it is believed that amendments mainly pertain to restructuring of corporate offences under the Companies Act, 2013. The proposal to issue an ordinance to amend the Act […]
Gold prices rise to six-year high on festival season demand in India
NEW DELHI: Gold strengthened for the sixth straight week and gathered further grounds to hit an almost six-year high of Rs 32,780 and ended at Rs 32,650 per 10 gram at the bullion market, amid pick-up in buying activity ahead of Diwali in India. Silver, however, lacked necessary buying support and shed some grounds. Bullion […]
SBI to raise Rs 4,116 crore by issuing Basel III compliant bonds
NEW DELHI: India’s largest lender SBI will raise Rs 4,116 crore by issuing Basel III compliant bonds to add up to its tier 2 capital, the bank said on Friday. The committee of the directors for capital raising has accorded approval to allot Basel III compliant debt instruments qualifying as tier 2 capital of the […]
Ikea to create 10,000 jobs in Maharashtra over next 3 years
MUMBAI: Swedish furniture giant Ikea is planning to hire 10,000, both direct and indirect, in Maharashtra over the next two to three years, a senior company executive has said. The company opened its first store in Hyderabad in August this year and the Navi Mumbai will be the second store in the country. “Next year, […]
GST collections cross Rs 1 lakh crore in October
NEW DELHI: GST collections in October have crossed the Rs 1 lakh crore mark, Finance Minister Arun Jaitley said on Thursday. The revenue from goods and services tax (GST) in September was Rs 94,442 crore. GST mop-up had crossed the Rs 1 lakh crore mark for the first time in April and since then it […]
India needs strong, stable government for next 10 years; weak coalitions bad: Aajit Doval
NEW DELHI: India needs a strong, stable and decisive government for the next 10 years to achieve its political, economic and strategic objectives, National Security Advisor Ajit Doval said on Thursday, asserting that “weak coalitions will be bad” for the country. Delivering the Sardar Patel Memorial Lecture here, he claimed that in the past four […]
Nokia Chennai factory first to manufacture 5G radio equipment in India
NEW DELHI: Nokia’s state-of-the-art manufacturing unit in Chennai in South India has started manufacturing 5G New Radio (NR) based on the 3GPP 5G New Radio Release 15 standard. The Chennai plant is one of the largest telecom equipment manufacturing plant in the country, recently reaching the 4 million unit annual production milestone of 2G, 3G […]