Commerce and Industry Minister Piyush Goyal on Tuesday said the government is considering a new scheme to support domestic manufacturing of machinery and accessories used in the leather industry. He also expressed hope that the country's exports during the current fiscal would register a high growth rate in both goods and services compared to 2021-22. [...]
India will take over the leadership of the Asian Pacific Postal Union (APPU) from this month, an official release said on Tuesday. Following the successful elections held during the 13th APPU Congress held in Bangkok during August-September 2022, Vinaya Prakash Singh, erstwhile Member (Personnel), Postal Services Board, will take over the charge of Secretary General [...]
Digitisation initiatives in India and the work with digital public goods have been extraordinary, Microsoft Chairman and Chief Executive Officer Satya Nadella said on Tuesday, as he highlighted cloud and artificial intelligence among imperatives driving technology-based economic growth in India. By 2025, most applications will be built on cloud-native infrastructure, and nearly 90 per cent [...]
Non-Banking Financial Company IIFL Finance on Tuesday said it will raise up to Rs 1,000 crore through a public issue of secured non-convertible debentures (NCDs). The funds raised through the issue will be used for business growth, IIFL Finance said in a statement, adding that the public issue opens on January 6 and closes on [...]
Country's biggest lender State Bank of India (SBI) on Tuesday said it plans to raise up to Rs 10,000 crore through issuance of infrastructure bonds during the current financial year. The proposal to this effect was cleared by the executive committee of the Central Board, in its meeting, held on Tuesday, the bank said in [...]
The monthly domestic air passenger traffic touched 1.29 crore to cross the pre-COVID level in December 2022, with Civil Aviation Minister Jyotiraditya Scindia terming it as a healthy trend and a good sign for the industry. In December 2019, the domestic air passenger traffic stood at 1.26 crore. "2022 sets new record in air passenger [...]
Punjab National Bank (PNB) on Tuesday increased the interest rate of fixed deposits across various tenures by 50 basis points or 0.5 per cent in a bid to attract deposits. Interest rates on term deposits below Rs 2 crore between one year and three years have been raised by 50 basis points to 6.75 per [...]
Sebi on Tuesday ordered the attachment of bank and demat accounts of Jindal Cotex and its three officials to recover Rs 14.55 crore in a matter related to manipulation in the issuance of global depository receipts (GDR). The recovery proceedings against the four entities -- Jindal Cotex, Sandeep Jindal, Rajinder Jindal and Yash Paul Jindal [...]
RailTel, a PSU under the Ministry of Railways, has tied up with a technology firm in a bid to monetise its Wi-Fi project at more than 6,100 railway stations across the country, the company said on Tuesday. The rail PSU has signed a five-year contract with a consortium led by 3i Infotech Ltd, a global [...]
Mortgage lender HDFC Ltd on Tuesday said it has assigned (sold) 19 per cent higher loans to the tune of Rs 8,892 crore in the third quarter ended December 2022. The corporation had assigned loans amounting to Rs 7,468 crore in the corresponding quarter of the previous year, HDFC Ltd said in a regulatory filing. [...]
Vedanta on Tuesday said that its total aluminum production dropped by 2 per cent to 5,66,000 tonnes in the third quarter of the current fiscal. The company's total aluminum output stood at 5,79,000 tonnes in the year-ago period. "Alumina production at Lanjigarh refinery decreased by 6 per cent YoY and 2 per cent QoQ [...]
Reliance Consumer Products Ltd (RCPL), the fast-moving consumer goods arm of Reliance Industries Ltd, will acquire a 50 per cent stake in Gujarat-based carbonated soft drinks (CSD) and juices maker Sosyo Hajoori Beverages Pvt Ltd (SHBPL) for an undisclosed amount. This acquisition will "enable RCPL to enhance its beverage portfolio", Reliance Retail Venture Ltd (RRVL) [...]
Capital Markets regulator Sebi on Tuesday barred four entities from the securities markets for providing unauthorised investment advisory services without the regulator's authorisation. The regulator has restrained PNP Shareon Solutions, its proprietor Pradeep Haldar, PNP Solutions and its proprietor Prakash Haldar from securities markets for six months. PNP Shareon Solutions, PNP Solutions, Pradeep and Prakash [...]
Thousands of employees of three state-owned power companies went on a 72-hour strike on Wednesday to protest against the privatisation of power firms even as the government invoked the Maharashtra Essential Services Maintenance Act (MESMA), a leader from the employees' union said. The government has asked the officials concerned to take all necessary steps to [...]
The Bombay High Court on Tuesday granted the Central Bureau of Investigation (CBI) time till Friday to file its reply to the plea of former ICICI Bank Chief Executive Officer and MD Chanda Kochhar and her businessman-husband Deepak Kochhar, challenging their arrest in an alleged loan fraud case. The Kochhar couple has moved the HC [...]
The government has exempted public sector entities from the Minimum Public Shareholding (MPS) norm which mandates at least 25 per cent public float for all listed companies. The exemption would apply on these entities regardless of the government's direct or indirect holding. The exemption from MPS norm will be valid for a "specified period" even [...]
PTC India Financial Services Limited (PFS) on Tuesday said its shareholders have approved the reappointment of Pawan Singh as the Managing Director and Chief Executive Officer (CEO) of the company. The approval was accorded at the company's annual general meeting (AGM) held on Friday, PFS said in a statement. "One of the major decisions taken [...]
State-owned ONGC's vintage offshore drilling rig 'Sagar Samrat' has a new role -- as a mobile production unit that started doing its job last month, the company said on Tuesday. The rig, which had outlived its sell-by date, was refurbished into a mobile offshore production unit (MOPU), capable of bringing to surface oil and gas [...]
The shares of HFCL Limited were trading 2 percent higher till the afternoon of Tuesday at Rs 76 levels. The stock was in focus today after it received orders worth Rs 95.38 crores from Reliance Projects & Property Management Services Limited. The Company along with its material subsidiary, HTL Limited, has received the Purchase Orders [...]
Rating agency Icra on Tuesday revised its growth estimates for the Indian road logistics sector to 11-13 per cent for the current fiscal against the previous estimate of 7-9 per cent. The rating agency said the growth is supported by a strong demand environment, coupled with the continuation of firm freight rates, also supported by [...]
