Business

  • FM takes stock of economic situation at FSDC meet
    New Delhi, November 7 (IANS): Finance Minister Nirmala Sitharaman on Thursday reviewed the current state of the economy at the meeting of the Financial Stability and Development Council (FSDC).   FSDC is a body of financial regulators.   There was no statement from the government on what was discussed precisely, however, Finance secretary Rajeev Kumar said the entire financial system and other issues came up during the meeting. He did not specify the details but s
  • Indian start-ups can create 12 lakh direct jobs by 2025
    New Delhi, November 7 (IANS): India's start-up ecosystem has the potential to create up to 12.5 lakh direct jobs by 2025, from 3.9-4.3 lakh direct jobs in 2019, according to a new report from industry body National Association of Software and Services Companies (Nasscom).   The number of indirect jobs created by the start-up ecosystem in India can jump to 39-44 lakh by 2025 from 14-16 lakh jobs this year, said the report titled "India's Tech Start-up Ecosystem".  
  • 2,500 tonnes of onion imported, another 3,000 on the way
    New Delhi, November 7 (IANS): With the price of onions hitting the century mark, the government is expediting supply from imports with over 5,500 tonnes of onion are to hit the retail markets shortly.   Of this, 2,500 tonnes have already reached the Indian ports in 80 containers of which 70 are from Egypt and 10 from Netherlands. Another 3,000 tonnes are to come from 100 containers in the high seas which are being diverted to Indian ports, Agriculture Ministry sources said.
  • IDBI Bank issues public notice on Vijay Mallya as 'wilful defaulter'
    New Delhi, November 6 (IANS): IDBI Bank has declared Vijay Mallya a wilful defaulter and issued a public notice on Wednesday with his old passport size photograph for default on payments worth Rs 1,566 crore in respect to Kingfisher Airlines.   IDBI Bank NPA Management Group in Mumbai issued a public notice about wilful defaulter with the now defunct Kingfisher Airlines as the borrower and Vijay Mallya as the director and guarantor.   The notice carries an old bla
  • Supplier says Flipkart not 'economically viable', NCLT initiates insolvency
    New Delhi, November 6 (IANS): The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Walmart owned e-commerce company, Flipkart for defaulting on Rs 18 crore payment to one of its suppliers.   The Bengaluru bench of NCLT has initiated Corporate Insolvency Resolution Process (CIRP) against Flipkart India under the Insolvency and Bankruptcy Code, 2016. Deepak Saruparia has been appointed as Interim Resolution Professional.   A moratori
  • No search notice, summons, arrest memo without DIN: CBIC
    New Delhi, November 6 (IANS): In yet another tax-friendly measure to contain harassment of taxpayers, the apex indirect tax body Central Board of Indirect Taxes and Customs (CBIC) has directed all its officers to use Document Identification Number or DIN for issuing summons, arrest memo, inspection notices and search authorization.   "This would create a digital directory for maintaining a proper audit trail of such communication," the CBIC said in its circular.  
  • Maruti Suzuki JV to set up vehicle dismantling unit by 2020-21
    New Delhi, November 6 (IANS): Automobile major Maruti Suzuki will set up its vehicle dismantling and recycling unit in Noida within 2020-21 via a joint venture company with the Toyota Tsusho Group.   Accordingly, Maruti Suzuki India and Toyota Tsusho Group own 50 per cent each in -- Maruti Suzuki Toyotsu India Private Limited -- which has been established to set up its vehicle dismantling and recycling unit in Noida, Uttar Pradesh within 2020-21.   "MSTI will be r
  • Markets hit fresh highs on hints of more boosters
    Mumbai, November 6 (IANS): Indian markets on Wednesday logged fresh highs after Finance Minister Nirmala Sitharaman hinted more boosters for the pivotal real estate sector.   Sensex hit fresh life time high of 40,606.91 while the Nifty surpassed the key 12,000 mark for the first time since June.   Hinting at a big boost to the realty sector, Finance Minister Nirmala Sitharaman on Tuesday had said that the government and the Reserve Bank of India (RBI) are in the p
  • BSNL notifies VRS, scheme open till Dec 3
    New Delhi, November 6 (IANS): State-run Bharat Sanchar Nigam Limited (BSNL) has notified its Voluntary Retirement Scheme and has asked its circle heads to circulate the guidelines to facilitate the exercise of option by its employees.   In a communication to its circle heads, the BSNL said: "In pursuance to the decision of the Union Cabinet and conveyed by Department of Telecommunications (DoT), the BSNL Voluntary Retirement Scheme - 2019 is being circulated to all concerned
  • Centre to take call on onion imports as prices surge
    New Delhi, November 6 (IANS): With supplies running short and onion prices at Rs 80 a kg, the Consumer Affairs Ministry said on Tuesday that the government will act as a facilitator for onion imports to ease the process and ensure a quick and healthy supply from other countries.   This decision was taken at a meeting of the inter-ministerial committee on Tuesday as it again reviewed the prices and availability of onions.   It was decided that the Union Government
  • Qualify with 60 pc marks for becoming independent director
    New Delhi, November 6 (IANS): Removing years of slack and frequent allegations of corruption, nepotism and mute spectators in corporate boardrooms, the appointment of independent directors is set for an overhaul from next month with Ministry of Corporate Affairs deciding to conduct examinations for such high-level appointments.   The change is in line with the amended Companies Act which comes into effect next month. Under the changed parameters, the government will also mai
  • Centre to facilitate onion imports to ease prices
    Onions at Azadpur Mandi, in New Delhi on October `9, 2019. (IANS File Photo)   New Delhi, November 5 (IANS): With supplies running short and onion prices at Rs 80 a kg, the Consumer Affairs Ministry said on Tuesday that the government will act as a facilitator for onion imports to ease the process and ensure a quick and healthy supply from other countries. This decision was taken at a meeting of the inter-ministerial committee on Tuesday as it again reviewed the
  • Government to bring in new base year for GDP calculation
    New Delhi, November 5 (IANS): The Ministry of Statistics and Programme Implementation (MOSPI) will, in next few months, decide on a new base year for calculating the GDP and is working to bring in a new series for national accounts in place of the existing base year of 2011-12, a senior official said on Tuesday. Though the year 2017-18 is under consideration as the new base year, no final decision has been taken as the committees of experts are awaiting some more data befor
  • 'Holdings of gold-backed ETFs hit all-time high'
    A salesman arranges a gold necklace in a display case inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata. (REUTERS File Photo)   Mumbai, November 5 (IANS): The World Gold Council (WGC) on Tuesday said that the holdings of gold-backed ETFs hit a new all-time high of 2,855.3 tonne in Q3 and the global gold demand also rose by 3 per cent on the same period last year.   Growth was driven by a 10 per cent increase i
  • UBS reiterates 'BUY' on RIL, raises price target
    Mumbai, November 5 (IANS): Reliance Industries' (RIL) plans to reorganise its investment in Reliance Jio Infocomm Ltd (RJIL) to make Jio a net debt-free company by the end of the current fiscal, which could unlock significant value, global brokerage firm UBS has said.   Making this estimate in a report on Monday, UBS reiterated its 'Buy' advice for RIL stocks and increased the stock price target from Rs 1,500 to Rs 1,750. RIL is currently trading at Rs 1,448 a share on the B
  • Power from non-coal sources on rise in India
    New Delhi, November 5 (IANS): When economies stumble, slackening electricity demand is a very common symptom, and in India's case, the current rapid decline is quite specific to coal, an international researcher said on Tuesday.   Collectively, power from all non-coal sources grew by about 24,000 gigawatt hour or 8.4 per cent to the end of October 2019 with hydro, solar and nuclear energies adding substantially to their generation levels and continuing upwards.  
  • NBFCs not enthused with revised ALM norms: Kotak
    New Delhi, November 5 (IANS): The RBI norms on liquidity and asset quality of non-banking financial companies (NBFCs) will offer some comfort and cushion to the market, but concern over the wholesale segment's asset quality remains a challenge for debt market players, broking firm Kotak said on Tuesday.   The Reserve Bank had on Monday issued final guidelines on Asset Liability Management (ALM) and Liquidity Coverage Ratio (LCR) framework for NBFCs extending the deadline for
  • IndiGo and Qatar Airways to get into code-share pact
    New Delhi, November 5 (IANS): IndiGo, the country's largest private carrier, is all set to announce a strategic code-share partnership with Qatar Airways, months after it put on hold active discussions in the matter.   The two carriers are expected to announce the details of the partnership on Thursday.   "About 5-6 months back, IndiGo and Qatar Airways were actively discussing a code-share partnership. In between, IndiGo announced code-share with Turkish Airlines
  • Airtel pacts with Bharti AXA Life to provide protection insurance with pre-paid plan
    New Delhi, November 5 (IANS): Bharti Airtel, Indias largest integrated telecommunication services provider, has joined hands with Bharti AXA Life Insurance to provide protection cover of Rs 4 lakh with its innovative prepaid bundle for customers in Delhi NCR.   The company said it is designed to leverage the deep penetration of mobile services to build a financially secure India. Airtel new Rs 599 pre-paid bundle comes with 2GB data/day, unlimited calls to any network and 10
  • Infosys, Siemens Gamesa Renewable Energy ink digital deal
    Bengaluru, November 4 (IANS): Global software major Infosys has inked a multi-year deal with Siemens Gamesa Renewable Energy (SGRE), to enable its digital transformation, Infosys said on Monday.   However, no financial details of the multi-year digital deal were disclosed.   "We look forward to enabling their (Siemens Gamesa)core modernisation, enhancing cloud capabilities and consolidating disparate and heterogeneous infrastructure and processes into a single SGR