Cash-strapped Pakistan has received a rollover of USD 2 billion in deposits for a period of one year from its all-weather ally China to help Islamabad get a much-required bailout from the IMF to stabilise its economy, a media report said on Friday. The rollover, which basically is not a loan but a financial deposit [...]
Equity benchmark indices Sensex and Nifty buckled under selling pressure for the second straight session to settle nearly 1 per cent lower on Friday as investors pared exposure to the metal, energy and realty stocks amid a bearish trend in Asian and European markets. Besides, a depreciating rupee against the US dollar and fresh foreign [...]
Electric mobility startup Motovolt on Friday said it has acquired an undisclosed stake in German electric two-wheeler maker eROCKIT AG for 1 million euros (nearly Rs 9 crore). The company plans to further invest around 10 million euros (nearly Rs 90 crore) in India for industrialisation of the latter's products, Motovolt said in a statement. [...]
LIC Mutual Fund had started its process of absorbing IDBI Mutual Fund in the mid of 2022 and finally some big developments are taking place with respect to the same. The Competition Commission of India, on Wednesday, approved the proposal of LIC’s Mutual Fund arm ‘LIC Mutual Fund Asset Management’ to acquire the management rights [...]
Superior health and safety protection solutions provider Ansell has unveiled its Go Live Ansell Kovai, packing and irradiation operations in the country set up at an investment of about USD 80 million, a top official said on Friday. The facility at Perundurai in Erode district would initially focus on manufacturing surgical and life sciences products [...]
The government on Friday said there is a shortage of feedstock cracker in the petrochemicals sector and more private investments are required in the sector to reduce imports. Addressing an Assocham-organised conclave on speciality chemicals, Chemicals and Petrochemicals Secretary Arun Baroka said with electric vehicles coming up and demand for petrol/diesel set to reduce, automatically [...]
State-owned CIL on Friday said it is making all efforts to supply higher quantities of coal to the non-regulated sector (NRS) without affecting supplies to the power sector, through increased production. The statement comes days after the maharatna firm stated that it is gearing up to meet the demand of coal from the power sector [...]
Logistics company DP World on Friday announced entering into a partnership with Delhi Capitals cricket team of Indian Premier League (IPL). "DP World is now the Global Logistics Partner of the popular cricket franchise. As part of the long-term partnership, it will provide the necessary logistical support and expertise to Delhi Capitals team throughout the [...]
Shares of mutual fund asset management companies tanked on Friday after the Finance Bill 2023 proposed an amendment that will classify capital gains arising from debt mutual funds as only short-term capital gains. HDFC Asset Management Company’s shares fell 5.20%, UTI Asset Management Company’s shares slipped 4.40% and Aditya Birla Sun Life AMC’s shares dropped [...]
Union minister Nitin Gadkari on Friday said that if India can use recently discovered reserve of lithium in Jammu and Kashmir, it can become world's number one automobile manufacturer in electric vehicle segment. Addressing an event organised by industry body CII, the road, transport and highway minister said there is a need to encourage public [...]
In signs of protests against the 9-month-old windfall tax, mining mogul Anil Agarwal's Vedanta Ltd has withheld about USD 91 million from the share of profit due to government from its oil and gas fields, to make up for the additional tax outgo, according to sources and correspondence on the issue. India first imposed windfall [...]
The Ministry of Defence has signed two contracts worth ₹ 3800 crores with Navratna PSU Bharat Electronics Ltd (BEL) for the supply of Medium Power Radar and Digital Radar Warning Receiver (RWR) for the Indian Air Force. Shares of BEL were trading at ₹ 92.85 apiece at 12:08 PM on Friday. The medium power radar [...]
Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (LRS) of the Reserve Bank, to ensure that such expenses do not escape TCS (Tax Collection at Source). While moving the Finance Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman [...]
Former Engineer-in-Chief of Indian Armed Forces Lt Gen Harpal Singh has taken over as the President of India chapter of International Road Federation (IRF), a global road safety body working for better and safer roads world-wide. The Governing Council of the International Road Federation – India Chapter on March 18, 2023 unanimously endorsed Singh as [...]
In a filing with the exchange yesterday, Adani Power Ltd (APL) mentioned that it has sold a 100% stake in Support Properties Pvt. to AdaniConnex Pvt. at an enterprise value of Rs 1,556.5 crores. The filing further mentioned that the parties have executed a Share Purchase Agreement and concluded the transaction. Earlier in November 2022, [...]
Zydus Lifesciences Ltd on Friday said it has received final approval from the US health regulator for its generic doxepin hydrochloride capsules used in the treatment of depression and anxiety. The approval granted by the US Food and Drug Administration (USFDA) is for doxepin hydrochloride capsules of strength 150 mg, the company said in a [...]
The government on Friday announced that a committee under the finance secretary will be set up to improve the New Pension System (NPS) Awith a view to take care of the concerns of employees while maintaining fiscal prudence. While moving the Finance Bill 2023 for consideration and passage in the Lok Sabha, finance minister Nirmala [...]
State-owned Power Grid Corporation's board has approved rasing up to Rs 600 crore through bonds to be issued on private placement basis. "Committee of directors for bonds, in their meeting held today i.e. on 24th March, 2023, have approved the raising of unsecured, non-convertible, non-cumulative, redeemable, taxable POWERGRID Bonds-LXXII (72nd) issue 2022-23 on private placement [...]
Lok Sabha on Friday cleared changes in the Finance Bill to pave the way for setting up of an appellate tribunal for resolution of disputes under GST. Currently, taxpayers are filing writ petitions before high courts in the absence of the appellate tribunal. As per the amendments proposed in the Finance Bill 2023, which was [...]
Campus Activewear Ltd stock dipped around 7 percent today after a stake sale comes to light. According to media reports, American Asset Management firm TPG Global plans to sell its entire 7.62 percent stake (2,32,07,692 shares) in Campus Activewear Ld via a block deal. The floor price is estimated to be Rs 345 per share [...]
