Govt slashes windfall tax on petroleum crude to Rs 5,200 pmt
Jun 01, 2024, at 09:20 pm
New Delhi/IBNS: The government has reduced the windfall tax on petroleum crude to Rs 5,200 ($62.33) per metric ton, down from Rs 5,700 per metric ton, according to a notification issued on Friday (May 31).
Orient Electric appoints Ravindra Singh Negi as Managing Director and CEO
Jun 01, 2024, at 05:45 am
New Delhi: Orient Electric Limited, part of the diversified USD 3 billion CK Birla Group, announced today the appointment of Ravindra Singh Negi as its Managing Director and CEO.
Canara Bank to dilute 14.50% stake in Canara HSBC Life Insurance Company via IPO
Jun 01, 2024, at 05:28 am
Mumbai: Public sector lender Canara Bank has approved a proposal to dilute a 14.50 percent stake in its insurance subsidiary, Canara HSBC Life Insurance Company, via an initial public offering (IPO), the bank announced on the exchanges on May 31.
Centre used Rs 9,48,506 cr in Capex in FY24
Jun 01, 2024, at 04:57 am
New Delhi: The Centre utilized Rs 9,48,506 crore for capital expenditure in FY24, nearly matching the revised estimate (RE) of Rs 9,49,555 crore, accounting for 99.9 percent of the RE, according to government data released on Friday.
India's FY24 fiscal deficit at 5.6% of GDP lower than estimated 5.8%
Jun 01, 2024, at 04:30 am
New Delhi: India's fiscal deficit for FY24 was Rs 16.54 lakh crore, below the budgetary target of Rs 17.86 lakh crore, reaching 95.3 percent of the target, according to data from the Comptroller General of Accounts released on Friday.
India's core sector grows 6.2% YoY in April 2024
Jun 01, 2024, at 02:21 am
New Delhi: India's index of eight core sectors grew by 6.2 percent year-on-year in April, following a 6 percent growth in March, according to official data released on Friday.
Bank of India launches 666 days fixed deposit plans
May 31, 2024, at 11:47 pm
Bank of India has launched its “666 Days - Fixed Deposit” which offers returns on deposits as high as 7.95% p.a. for Super Senior Citizens for 666 Days for deposit amount of less than Rs.2.00 Crs.
India's March GDP growth touches 7.8 per cent, pushing annual growth rate to 8.2 percent
May 31, 2024, at 11:40 pm
India's GDP growth touched 7.8 percent in the March quarter, pushing the annual growth rate to 8.2 per cent, as per data released by the Indian government on Friday.
‘Seeds’ of the NPA crisis sown during UPA regime, IBC addressed the issue effectively: Sitharaman
May 31, 2024, at 10:55 pm
New Delhi: The ‘seeds’ of the NPA crisis were sown during the Congress-led UPA era through ‘phone banking’, when loans were given to undeserving businesses under pressure from UPA leaders and party functionaries. Banks were forced to neglect proper due diligence and risk assessment before sanctioning these loans, Finance Minister Nirmala Sitharaman said on X.
May 31, 2024, at 10:06 pm
New Delhi: The Enforcement Directorate (ED) has seized Rs 64,920 crore related to nearly 1,105 bank fraud cases to date, Finance Minister Nirmala Sitharaman reiterated on May 31 in a series of posts on the social media platform X.
RBI to permit opening of rupee account outside India: Report
May 31, 2024, at 08:16 pm
Mumbai/IBNS: The Reserve Bank of India (RBI) on Thursday announced to permit the opening of rupee accounts outside India as part of its strategic action plan to internationalise the domestic currency, reports said.
RBI moves 100 tonnes of gold from UK to its vaults, first time since 1991: Report
May 31, 2024, at 07:07 pm
Mumbai/IBNS: The Reserve Bank of India (RBI) has moved over 100 tonnes of gold from the UK to its vaults in India, reports said.
Lok Sabha polls: How share market may react under 3 possible elections outcome
May 31, 2024, at 06:25 pm
Mumbai/IBNS: The six-week long Lok Sabha elections have reached its final stage with the Election Commission of India (ECI) going to hold the last phase of polls on Saturday (June 1), and the financial markets are eagerly waiting for the national polls' verdic, which is scheduled to be counted on June 4.
RBI's higher dividend payments might continue in FY25: SBI report
May 31, 2024, at 05:50 am
Mumbai: The higher dividends payments by the Reserve Bank of India (RBI) could continue in FY25 also, according to State Bank of India research report
NSE launches India's first EV Index
May 31, 2024, at 05:29 am
Mumbai: NSE Indices Ltd, a subsidiary of the National Stock Exchange, on Thursday launched the EV and New-Age Automotive Index, designed to track the performance of companies within the EV ecosystem.
IDFC First Bank's board approves issuance of preferential shares worth Rs 3,200 cr
May 31, 2024, at 05:07 am
Mumbai: IDFC First Bank on Thursday revealed that its board has approved the issuance of shares valued at Rs 3,200 crore on a preferential basis, priced at Rs 80.63 per equity share.
Saudi Arabia to launch Aramco share sale this Sunday to raise $10 bn: Report
May 31, 2024, at 05:03 am
Riyadh: Saudi Arabia is set to officially launch a secondary offering of shares in the oil giant Saudi Aramco, to raise over $10 billion, as early as Sunday, according to sources familiar with the matter, reported Bloomberg.
BJP's decisive win may send stock market into a strong bull run, says FM Nirmala Sitharaman: Report
May 31, 2024, at 04:55 am
New Delhi: Finance Minister Nirmala Sitharaman has stated that a decisive mandate in favour of the BJP-led NDA government on June 4 would send a positive signal to the stock market, and may drive it into a 'solid bull market'.
May 31, 2024, at 01:38 am
Mumbai: Healthcare services Apollo Hospitals Enterprise announced a staggering increase of 77 percent in its consolidated net profit for the fourth quarter of the fiscal year 2023-24, reaching Rs 258 crore, compared to Rs 146 crore in the same quarter of the previous fiscal year.
May 31, 2024, at 01:00 am
Mumbai: Sunil Bharti Mittal, who leads Bharti Airtel, has revealed that a meeting with Prime Minister Narendra Modi in September 2018 turned out to be a turning point for him at a time when his telecom company was in the midst of a severe crisis.
India, Vietnam key beneficiaries of global supply chain shift due to China+1 strategy: Nomura
May 30, 2024, at 09:05 pm
New Delhi/IBNS: Equity research and rating firm Nomura said in its latest report that India, followed by Vietnam, were the biggest beneficiaries of the shifts in global supply chains due to the China+1 strategy adopted by transnational corporations.
IRDAI sets 3-hour limit to settle cashless health claims
May 30, 2024, at 07:06 pm
Mumbai/IBNS: The Insurance Regulatory and Development Authority of India (IRDAI), an autonomous and statutory body under the jurisdiction of the Union Ministry of Finance, has released a new master circular on health insurance, in which it instructs insurers to decide on cashless authorisation within one hour of receiving a request.
CLSA predicts BJP victory may fuel rally in 54 'Modi stocks'
May 30, 2024, at 06:07 pm
Mumbai/IBNS: Hong Kong-headquartered international brokerage firm CLSA said on Wednesday that a landmark third term for the ruling Bharatiya Janata Party (BJP) on June 4 will directly benefit 54 stocks, which include public sector undertakings (PSUs), infrastructure companies and shares of some corporate groups.
IMF revises China's 2024 growth forecast to 5%, predicts slowdown to 3.3% by 2029
May 30, 2024, at 05:03 am
Beijing: The IMF on Wednesday revised its projection for China's economic growth to 5 percent in 2024, up from its previous estimate of 4.6 percent, media reports said.
Tata Steel Q4FY24: PAT drops 64.6% YoY Rs 555 cr
May 30, 2024, at 04:53 am
Mumbai: Tata Steel's net profit in January-March quarter witnessed a staggering 64.6% year-on-year decline to Rs 555 crore, as per an exchange filing released on Wednesday.
RBI imposes business restrictions on Edelweiss Group and ECL Finance Ltd
May 30, 2024, at 03:15 am
Mumbai: The Reserve Bank on Wednesday imposed business restrictions on the lending and asset reconstruction arms of the Edelweiss Group due to concerns over loan evergreening.
Stock Market: Nifty falls below 22,700 for fourth consecutive day; Sensex drops 668 points
May 29, 2024, at 10:30 pm
Mumbai: The Indian equity market extended its losing streak to a fourth consecutive session on Wednesday (May 29), with the Nifty closing at 22,700 amid selling pressure in oil & gas, IT, realty, and banking sectors.
S&P revises India's outlook from 'stable' to 'positive', maintains rating at 'BBB-'
May 29, 2024, at 10:01 pm
Mumbai: Rating agency Standard & Poor's (S&P) on Wednesday updated its outlook for the Indian economy from 'stable' to 'positive', maintaining the overall rating at 'BBB-', the lowest investment grade. The transfer and convertibility assessment continues to be 'BBB+'.
Global outsourcing honour for Indian IT Services firm Vee Technologies founder Chocko Valliappa
May 29, 2024, at 08:47 pm
Bengaluru: New York and Bengaluru Co-headquartered Tech and IT Services firm MD Chocko Valliappa has been inducted into IAOP Leadership Hall of Fame.
HDFC Bank to stop SMS alerts for UPI transactions up to Rs 100
May 29, 2024, at 06:22 pm
Mumbai/IBNS: HDFC Bank has said that it will be stopping SMS alerts for UPI transactions below Rs 100 from June 25.