India's highways infrastructure will match that of the US by 2024 for which work in time bound 'mission mode' is on including construction of green expressways and rail over bridges, Union Road Transport and Highways Minister Nitin Gadkari said. He said cabinet nod to 'Bharatmala 2' is likely soon and once obtained it will meet [...]
As many as 346 infrastructure projects, each entailing an investment of Rs 150 crore or more, have been hit by cost overruns of more than Rs 4.46 lakh crore, as per an official report. According to Ministry of Statistics and Programme Implementation, which monitors infrastructure projects worth Rs 150 crore and above, out of 1,418 [...]
Foreign investors have pumped Rs 7,200 crore into the Indian equities so far this month, mainly driven by bulk investment in the Adani Group companies by the US-based GQG Partners. Going ahead, FPIs are likely to be cautious in the near term since there is a risk-off sentiment in equity markets globally due to the [...]
The order placed by the Railways is for the supply of seats and interior panels for Vande Bharat trains and "not to manufacture its coaches", a Tata Steel official has clarified. As part of the Rs 225 crore order, Tata Steel will supply light-weight seats for 23 coaches of Vande Bharat rails and fibre-reinforced polymer [...]
The government has hiked customs duty on import of X-ray machines and non-portable X-ray generators to 15 per cent with effect from April 1. Currently, portable X-ray machines and non-portable X-ray generators and apparatus attract 10 per cent import duty. The changes in the customs duty rate was brought in as part of the amendments [...]
The government has capped the maximum rate of GST compensation cess that would be levied on pan masala, cigarettes and other forms of tobacco and linked the highest rate to their retail sale price. The capping of the cess rate was brought in as part of the amendments to the Finance Bill, 2023, which was [...]
Drug firm Zydus Lifesciences is recalling over 55,000 bottles of generic medication in the US market due to failed impurities specifications. As per the latest enforcement report by the US Food and Drug Administration (USFDA), Zydus Pharmaceuticals (USA) Inc is recalling 21,936 (30 count) and 33,096 (100 count) bottles of Colchicine tablets, which are used [...]
Housing sales in India's top seven cities are estimated to rise 14 per cent during January-March to over 1.13 lakh units on strong demand despite increase in prices by 6-9 per cent, according to Anarock. Real estate consultant Anarock, which tracks the primary (fresh sales) residential market, said the "bull run" continued in the housing [...]
After stirring a price war in the soft drink segment with the relaunch of Campa, billionaire Mukesh Ambani-led Reliance has entered the personal and home care segment of FMCG, offering products at 30 to 35 per cent lesser price. Experts say "the jury is out" and a competitive offering from Reliance would attract the customers [...]
Nearly 67 per cent of private companies do not have an adequate risk management function, and over 52 per cent are still not equipped with formal risk management processes, said a report by risk advisory firm MGC Global. Over 50 per cent of the survey participants were affiliated with companies that reported revenues of over [...]
Electric vehicles energy infrastructure and services provider SUN Mobility on Monday said it has entered into a partnership with online food delivery platform Zomato to power 50,000 electric two-wheelers of the latter's fleet over the next two years. Under the partnership, SUN Mobility will provide its battery swap solutions for last-mile deliveries with the initial [...]
The government has extended export benefits under RoDTEP scheme to 18 items related to textiles sector, including saari and lungi, with a view to boost shipments of these goods. Benefits under the duty refund scheme -- Remission of Duties and Taxes on Exported Products (RoDTEP) -- will be given to exports made from March 23, [...]
With retail inflation remaining above the comfort level of 6 per cent and most global peers including US Fed continuing hawkish stance, the Reserve Bank of India too may go in for a 25 basis points hike in the bi-monthly monetary policy to be announced on April 6, opined experts. The Monetary Policy Committee (MPC) [...]
Mirae Asset Investment Managers India hopes to close the current year with an AUM of Rs 1.5 lakh crore, up from Rs 1.20 lakh crore in December 2022, on the back of aggressive growth in systematic investments plans and its forte of equity-linked funds. Mirae Asset is the only Korean fund operating in the country [...]
Only 15 per cent of the 267 insolvency cases admitted in company law tribunals during October-December 2022 reached resolution with overall recovery of just 27 per cent of claimed amount, the IBBI data showed. As much as 45 per cent cases were concluded through liquidation, according to a Kotak Securities analysis of the latest data [...]
Tenstorrent, a next-generation computing company that builds computers for AI, is looking to partner with Indian startups for building open source RISC-V based microprocessors, a top official of the company said. Tenstorrent CEO Jim Keller told PTI that he is looking forward to real India projects to come out of the country's startups like building [...]
A high-level Indian delegation called on Sri Lankan President Ranil Wickremesinghe here on Sunday and briefed him on the developments in the jointly-identified priority areas for bilateral collaboration in the crucial energy sector. President Wickremesinghe provided his insights on the early implementation of these initiatives when the delegation led by Pankaj Jain, Secretary, Ministry of [...]
Flying in the Indian skies for more than seven months now, Akasa Air wants to be nimble and efficient rather than have a label, which will sometimes pigeonhole the airline into doing and not doing certain things, according to its founder Vinay Dube. At the same time, he said that people have started using the [...]
Appreciating the measures taken by IIFCL, a Parliamentary panel said initiative taken by the state-owned entity will keep bad loans under check and also help it in discharging its role as a pioneer lender in financing infrastructure projects. India Infrastructure Finance Company Limited (IIFCL) is a public sector financial institution established in January 2006 that [...]
Aviation regulator DGCA has sought details from the Nepal authorities regarding the incident of an Air India and a Nepal Airlines aircraft coming close to a mid-air collision, according to a senior official. On Friday morning, a Nepal Airlines plane coming to Kathmandu from Kuala Lumpur, Malaysia, and an Air India plane coming to Kathmandu [...]
