Business

  • Rupee on solid footing as fund inflows likely to continue
    MUMBAI, JANUARY 3 (IANS): Expectations of continuous foreign investment into the domestic equity market will support the new found strength in Rupee, analysts opined. However, global cues such as US political situation along with global vaccination roll-out will play a determining role in Rupee's further movement. "Looking at the weakness in dollar index and foreign fund inflows in to Indian equity markets, Rupee expected to remain firm though it has come to important su
  • India's NFS debt growth remains subdued in 2QFY21: Report
    New Delhi, January 2 (IANS): India's non-financial sector debt growth remained subdued in 2QFY21 despite the economic disruption caused by Covid-19 pandemic, Motilal Oswal said in a report. As per the Ecoscope report, owing to the pandemic and subsequent collapse in economic activity, a jump in the debt-to-GDP ratio across nations was inevitable. However, a comparison between India and other major nations suggested that not only was the NFS debt-to-GDP ratio in India lower co
  • Railways registers record freight load, earnings in Dec'20
    New Delhi, January 2 (IANS): Earnings and freight load continued to maintain a high momentum for the Railways in December 2020, registering an increase of 8.54 per cent and 6.87 per cent respectively compared with last year's figures for the period. In December last year, freight load totalled 118.13 million tonnes compared to 108.84 million tonnes in 2019, the Railways said in a statement. In this period, the Railways earned Rs 11,788.11 crore from freight load, an increase
  • OMCs hold petrol, diesel prices for 25th consecutive day
    New Delhi, January 1 (IANS): Petrol and diesel remained unchanged on Friday across the four metropolitan cities. Retail fuel prices were unchanged for the 25th consecutive day after they were last revised on December 7. In the national capital, petrol price was at Rs 83.71 per litre. In Mumbai, Chennai and Kolkata, the fuel was sold for Rs 90.34, Rs 86.51 and Rs 85.19 per litre, respectively. Similarly, the price of diesel has remained at the same level since December 7 across
  • Dec GST collection hits record high, crosses Rs 1.15 lakh cr
    New Delhi, January 1 (IANS): The gross Goods and Services Tax (GST) revenue collected in December 2020 reached a record high of over Rs 1.15 lakh crore. Out of the total GST revenue collection of Rs 1,15,174 crore, Central GST (CGST) was Rs 21,365 crore, State GST (SGST) was Rs 27,804 crore, Integrated GST (IGST) was Rs 57,426 crore (including Rs 27,050 crore collected on import of goods), said a Finance Ministry statement. Cess contributed Rs 8,579 crore to the overall GST reven
  • Food Basket: India's agri exports expected to surge over $25 bn-mark in 2021
    New Delhi, January 1 (IANS): India's agri exports are set to rake in more than $25 billion in 2021 on the back of healthy demand from Middle East and China. In a conversation with IANS, Trade Promotion Council of India's Chairman Mohit Singla said growth in India's agri based and processed foods will sustain in 2021. India has exported $22.5 billion worth of agricultural products from April to November 2020. In terms of segments, exports of primary products were $1
  • Hyundai Motor India's overall Dec sales up 33.14%
    New Delhi, January 1 (IANS): Hyundai Motor India on Friday reported overall sales including exports grew by 33.14 per cent during December despite the Covid-19 pandemic. The company's overall sales grew to 66,750 units from 50,135 units sold during December 2019. Similarly, the company's domestic sales rose during the month under review. It edged higher by 24.89 per cent to 47,400 units from 37,953 units sold during the corresponding month of the previous year. Besides
  • All domestic calls from Jio to be free from Jan 1
    New Delhi, December 31 (IANS): Reliance Jio Infocomm has announced that it will make all domestic calls free starting January 1, as interconnect usage charges (IUC) for all domestic voice calls comes to an end. A Jio statement noted that as per the directions of the Telecom Regulatory Authority of India (TRAI), 'Bill and Keep' regime is being implemented in the country from January 1, 2021, thereby ending interconnect usage charges (IUC) for all domestic voice calls. &quo
  • Goyal launches new revamped IRCTC website, rail connect app
    New Delhi, December 31 (IANS): Railway Minister Piyush Goyal on Thursday launched a complete revamped new IRCTC website, along with the rail connect app. In his remarks on the occasion, Goyal said: "The Railways is committed to serving the nation, and constantly working to augment its services to further improve the rail travel experience." "This upgraded e-ticketing platform for booking of online railway tickets, will enhance passenger convenience." He sai
  • Markets end 2020 on a high, as investors repose faith in India's growth
    Mumbai, December 31 (IANS): India's equity markets rose like a phoenix to end the volatility-filled 2020 on a high, as new retail investors and foreign funds reposed their faith in the country's growth story. The S&P BSE Sensex and the NSE Nifty50 rose by 16 and 15 per cent, respectively, during the pandemic-hit year. Market watchers contend that the year-on-year growth might seem modest, but the fact remains that India's two benchmark equity indices rose over 80
  • Govt directs ED, RBI to act against Amazon, Flipkart for violation of FDI, FEMA
    New Delhi, December 31 (IANS) In a significant development related to war between e-commerce giants and traders of India, the Union Government has directed the Enforcement Directorate and Reserve Bank of India to take necessary action against Amazon and Walmart-owned-Flipkart. The Centre has taken strong cognizance of various complaints made by the Confederation of All India Traders (CAIT) for blatant violation of FDI Policy and Foreign Exchange Management Act, 1999 (FEMA) by these
  • 'Travel demand improves, Delhi logged highest bookings since unlock'
    New Delhi, December 30 (IANS): Travel and hospitality demand has improved in India after the unlocking of economic activities was announced, an OYO report released on Wednesday said. The 'OYO Travelopedia 2020' said that India topped the chart for the hospitality chain as the most booked country, with Delhi clocking the most bookings across the world in 2020. "With the unlocking of cities, December 2020 emerged as the month that's witnessing the most demand aroun
  • Petrol, diesel prices remain unchanged for 23rd consecutive day
    New Delhi, December 30 (IANS): Petrol and diesel prices across the four metropolitan cities continued to remain static on Wednesday. This is the 23rd day in a row when the oil marketing companies have kept the retail fuel prices unchanged. In the national capital, petrol was priced at Rs 83.71 per litre. In Mumbai, Chennai and Kolkata, the fuel was sold for Rs 90.34, Rs 86.51 and Rs 85.19 per litre, respectively. Fuel prices have been the same since they were last raised on De
  • Phase-II of Air India disinvestment to start Jan 5
    NEW DELHI, DECEMBER 29 (IANS): The second phase of the strategic disinvestment of Air India will start on January 5, 2021 with the announcement of the names of the qualified bidders. The process has been divided into two stages. In stage I, expressions of interest (EoI) have been submitted by interested bidders and they will be shortlisted based on eligibility criteria and other terms mentioned in the Preliminary Information Memorandum (PIM). In the stage II, shortlisted interest
  • India's economy could prove to be 'most resilient' in subregion over long term: UN
    United Nations, December 29 (PTI): India's economy could prove to be the "most resilient" in the subregion of South and South-West Asia over the long term, according to a report by the UN, which says a positive but lower economic growth post COVID-19 pandemic and the country's large market will continue to attract investments. The report titled 'Foreign Direct Investment Trends And Outlook In Asia And The Pacific 2020/2021', and compiled by United Nations E
  • Volkswagen unveils 'visionary' electric car-charging robot
    LONDON, DECEMBER 29 (IANS): Volkswagen Group has unveiled the first glimpse of the prototypes of its mobile charging robot that can be used for fully autonomous charging of vehicles in restricted parking areas, like underground garages. The charging robot -- started via an app or Car-to-X communication -- operates autonomously. It independently steers to the vehicle to be charged and communicates with it: from opening the charging socket flap to connecting the plug and decoupling
  • New record highs: Markets continue to rise; banking stocks shine
    MUMBAI, DECEMBER 29 (IANS): Improving economic scenario along with healthy buying in banking sector stocks pushed India's key equity indices higher on Tuesday. Accordingly, the improving economic scenario as well as a small intra-day correction pulled in fresh foreign funds. During the intra-day, some losses were witnessed in the media, metal, FMCG, auto, realty and pharma indices. However, banking, financial services and IT space traded in the green. Besides, FIIs
  • Third-party sales up 50% globally on Amazon during holiday season
    NEW YORK, DECEMBER 29 (IANS): As online shopping boomed this year amid Covid-19, Amazon has said that this holiday season has been the best ever for independent businesses selling on the marketplace with worldwide sales growing over 50 per cent compared to the same time period last year. Nearly all of third-party sellers are small and medium-sized businesses, the company said on Monday. "We invested billions of dollars to help small- and medium-sized businesses continue to g
  • After NCLAT, NCLT now also dismisses appeal of Hindustan Oil Exploration Company
    NEW DELHI, DECEMBER 29 (IANS): Hindustan Oil Exploration Company (HOEC)s attempt to contest implementation of the Resolution Plan completed in September was struck down for the third time by NCLTs Allahabad Bench on December 21. This a series of repeated appeals made by HOEC since 2018 which have been repeatedly dismissed by the NCLAT. HOEC continued to repeatedly approach the judiciary system to obtain a favourable result that would move JEKPL closer towards liquidation. This wo
  • Underrated Sitharaman presiding over India's biggest stock market bull run
    New Delhi, December 29 (IANS): Finance Minister Nirmala Sitharaman has been presiding over Indian stock markets' biggest bull run in the last few months. Prime Minister Narendra Modi and Sitharaman are scripting what is easily the biggest wealth creation story in many years. Sitharaman is a first time Finance Minister and just a year and a half into the job. Under her watch, India has seen the most tearing stock market frenzy since March of 2020 and one of the biggest wealth c