Domestic equity benchmarks opened on a tepid note on Thursday as fresh concerns over the US-China trade deal kept global investors on edge. After opening slightly higher, the 30-share index turned negative to trade 41.31 points, or 0.10 per cent, lower at 40,610.33. Similarly, the broader Nifty slipped 17.75 points, […]
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‘Economy in bad shape, $5 tn GDP target simply out of question’: Ex-RBI governor C Rangarajan
Stating that the economy is in bad shape, former Reserve Bank governor C Rangarajan has said at the current growth rate, reaching the USD 5-trillion GDP target by 2025 is “simply out of question”. The Modi government soon after assuming office for the second term has set a target of […]
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Government close to disinvestment target
The Cabinet Committee on Economic Affairs, on Wednesday approved the strategic divestment of government holdings in five central public sector enterprises (CPSEs). They are Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India Ltd (SCI), Container Corporation of India Ltd. (CONCOR), Tehri Hydro Development Corporation India Ltd (THDCIL) and North […]
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Centre allows telecoms to defer spectrum dues by up to 2 years
The Union cabinet on Wednesday gave beleaguered telecom operators Bharti Airtel Ltd and Vodafone Idea Ltd a breather by allowing them to defer payments for spectrum purchases by up to two years. The move to defer payments for 2020-21 and 2021-22 will be a relief to these companies while helping […]
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SpiceJet, Gulf Air sign MoU to explore codeshare ops
Air passengers in India may soon get better connectivity to the Middle East with low-cost airline SpiceJet signing an agreement with Bahrain’s national carrier Gulf Air on Wednesday for sharing flights, coordinating cargo services, engineering services and pilot training. Under the Memorandum of Understanfing, the two carriers will look at […]
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Government stake sale in BPCL, 4 firms cleared
The Cabinet Committee on Economic Affairs on Wednesday gave in-principle approval to strategic disinvestment in five state-run companies, including a sale of the government’s entire stake in Bharat Petroleum Corporation Ltd (BPCL) ,while retaining its ownership of Numaligarh Refinery Ltd (NRL) through another public sector company. The Cabinet decided on […]
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Google, Facebook business models threat to human rights
The data-collection business model fuelling Facebook and Google represents a threat to human rights around the world, Amnesty International said in a report Wednesday. The organization argued that offering people free online services and then using information about them to target money-making ads imperils a gamut of rights including freedom […]
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Mukesh Ambani’s RIL, valued at $138 billion, now world’s 6th largest oil company
Reliance Industries Ltd., run by Asia’s richest man Mukesh Ambani, has eclipsed BP Plc to break into an elite club of energy supermajors. The Indian conglomerate is now valued at $138 billion, compared with the British energy giant’s $132 billion value at the close of trading on Tuesday. Reliance’s shares […]
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India is heading for economic growth below 5%: Economists
India’s economic growth probably hit a new low last quarter, with early forecasts showing expansion below 5%. Economists at State Bank of India, Nomura Holdings Inc. and Capital Economics Ltd. lowered their growth forecasts for the quarter ended September to between 4.2% to 4.7%. The government is scheduled to publish […]
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US grants Huawei new 90-day licence extension
The Trump administration on Monday issued a new 90-day extension allowing US companies to continue doing business with China’s Huawei Technologies Co Ltd as US regulators continue crafting rules on telecommunications firms that pose national security risks. After adding Huawei to an economic blacklist in May citing national security concerns, the US […]
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OPEC’s share of Indian oil imports in October hits lowest since 2011
OPEC’s share of India’s oil imports fell to 73% in October, its lowest monthly share since at least 2011, tanker data from sources showed, as refiners shipped in fuel from the United States and other suppliers. India, which usually imports about 80% of its needs from members of the Organization […]
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‘Bihar can ramp up exports to US $ 2 bn’: Exim Bank
Export-Import Bank of India (Exim Bank) on Monday said Bihar was sitting on an untapped export potential worth US $ 900 million which, if harnessed judiciously, could propel the value of merchandise exports from the state to US $ 2 billion in the short term. In the year 2017-18, the […]
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IT companies may shed 30,000-40,000 mid-level staff: Mohandas Pai
India’s information technology services companies may shed 30,000 to 40,000 middle-level employees this year as growth slows down, IT industry veteran T V Mohandas Pai said Monday. The former Chief Financial Officer of IT major Infosys Ltd termed these job losses as once-in-five-years normal phenomenon with maturing of the industry. […]
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West Bengal para-teachers launch indefinite fast for hike in salary
Over 30 para-teachers have launched an indefinite fast near Bikash Bhavan, the building housing the state Education department here, demanding hike in their salaries, a member of the teachers organisation said on Sunday. Co-Convenor of ‘Para Teacher Oikyo Manch’ Bhagirath Ghosh told reporters on Sunday that over 1,000 para teachers […]
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Nifty, Sensex tick up; PSU banks lead gains
Indian shares edged higher on Monday, driven mostly by a surge in banking stocks after the top court last week provided relief to lenders in a case related to a steel company and on hopes of more support from the government towards ailing sectors. The Supreme Court on Friday cleared […]