Business and Economy

Thursday, October 17, 2019Details of investment in Jammu and Kashmir would be available very soon: Sitharaman

Washington, Oct 17: The details of the government's policy to attract more investments in Jammu and Kashmir would be available very soon, Finance Minister Nirmala Sitharaman said, listing out the potential the area carries for investors in sectors like tourism, handicrafts, silk, production of saffron and apple.

Sitharaman made the comments while responding to a question during an interactive


Thursday, October 17, 2019Sensex opens marginally higher, Nifty nears 11,500

Mumbai, Oct 17: Healthy inflow of Foreign Institutional Investment and supportive global markets aided the Indian market to start in the green on Thursday.

The benchmark Sensex opened at 38,647.44, higher from its previous close of 38,598.99.

At 9.58 a.m., the Sensex was up 49.50 points at 38,648.49 while the Nifty50 traded 6 points higher at 11,470.05.

"Going ahead we expect the broader


Wednesday, October 16, 2019Markets open on positive note, PSU banks up

Mumbai, Oct 16: Indian markets opened higher on Wednesday led by gains in banks and financial sector stocks amid supportive global markets.

At 9.45 a.m., the Sensex was trading 121.86 points higher at 38,627.95. It opened at 38,637.05 from its previous close of 38,506.09.

The broader Nifty also gained 47 points to trade at 11,461.55 points in the morning.

On Tuesday, domestic markets end


Tuesday, October 15, 2019Sensex up 167 points, auto and banks gain

Mumbai, Oct 15: Sensex was up 167 points after opening in the green supported by buying in auto and banking stocks on Tuesday.

The Sensex was up 167.49 points at 38,381.96. It opened at 38,316.49 from its previous close of 38,214.47. The broader Nifty was up 43.70 points to 11,384.85.

Foreign Institutional Investors (FIIs) bought Rs 895.63 crore worth of stocks while the Domestic Institutio


Tuesday, October 15, 2019Rupee slips 10 paise to 71.33 against USD in early trade

Mumbai, Oct 15: The Indian rupee opened on a cautious note and fell 10 paise to 71.33 against the US dollar in early trade on Tuesday as concerns regarding US-China trade talks kept investors edgy.

US Treasury Secretary Steven Mnuchin on Monday said US and Chinese officials will hold talks by phone this week and next as they work to finalise the "phase one" trade deal.

At the interbank fore


Tuesday, October 15, 2019Top UP officials in Ayodhya today

Lucknow, Oct 15:Top officials of Uttar Pradesh will be visiting Ayodhya on Tuesday to take stock of the security arrangements and also the preparations for the 'Deepotsav', scheduled to be held on October 26.

Uttar Pradesh Chief Secretary R. K. Tiwari, Director General Police O. P. Singh and Additional Chief Secretary (Home) Avanish Awasthi will be in Ayodhya for a series of meetings with the


Tuesday, October 15, 2019BSNL staff to get salary before Diwali: Purwar

New Delhi, Oct 15: With its employee unions threatening a day-long hunger strike on Friday over delayed salaries during the festival season, state-run Bharat Sanchar Nigam Ltd (BSNL) has said that it is hopeful of paying salaries to its 1.76 lakh employees for September before Diwali.

"We will give salaries to the employees before Diwali from our own resources on accruals. We generate Rs 1,60


Tuesday, October 15, 2019Terrorism has become state policy of Pakistan: NSA Doval

New Delhi: National Security Advisor Ajit Doval said that terrorism has become state policy of Pakistan and it has been providing a safe breeding ground for terrorists.

Addressing a two days ‘Annual Conference of Chiefs of State Anti- Terrorist Squad (ATS) and Special Task Force (STF) here on Monday, he said "If a criminal has the support of a state, it becomes a great challenge. Some of the s


Tuesday, October 15, 2019Banks have sufficient cash, says FM

New Delhi: Union Minister for Finance and Corporate Affairs Nirmala Sitharaman reviewed the performance of Public Sector Banks here in a meeting with bank chief executives and said banks have sufficient cash available and they have been asked to provide bill discounting facility to ensure availability of finance to Micro, Small and Medium Enterprises (MSMEs).

In the review, it was noted that d


Monday, October 14, 20195G needs to happen faster in India: Top Intel executive

New Delhi, Oct 14 (IANS) India needs to roll out 5G faster in order to take advantage of the economic benefits it can bring to the nation, a top Intel executive said here on Monday.

"For 5G to happen, the network needs to move from proprietary-fixed, function-based -- which is what it is today in most parts -- to open standards-based scalabale, programmeble, agile and Cloud-centric network. As


Monday, October 14, 2019Private sector investment rate may decline: Kotak report

Mumbai, Oct 14 (IANS) Private investment in the country may decline given the paucity of large industrial or infrastructure projects for the private sector, a Kotak report said on Monday. This despite a sharp cut in corporate tax announced by the government last month.

The report cited a number of reasons for this such as weak balance sheets and high leverage of most large infrastructure compa


Monday, October 14, 2019NCLAT asks ED to release Bhushan Power's attached property

New Delhi, Oct 14 (IANS) The National Company Law Appellate Tribunal (NCLAT) on Monday put JSW Steels Rs 19,700 crore payment to acquire Bhushan Power and Steel (BPSL) on hold and asked the Enforcement Directorate (ED) to release the BPSL's attached properties.

The appellate tribunal also asked the ED not to attach any more property of BPSL without its permission.

The Enforcement Directorat


Monday, October 14, 2019Higher food prices lift India's Sept retail inflation to 3.99%

New Delhi, Oct 14 (IANS) Higher food prices lifted India's September retail inflation to 3.99 per cent from 3.28 per cent in August, official data showed on Monday.


Monday, October 14, 2019Indian-origin Abhijit Banerjee wins Nobel Prize in Economics for study on poverty

Stockholm, Oct 14 (IANS) The 2019 Sveriges Riksbank Prize in Economic Sciences has been awarded to Indian-origin MIT professor Abhijit Banerjee, Esther Duflo and Michael Kremer "for their experimental approach to alleviating global poverty", it was announced on Monday.

Banerjee was born in 1961 in Mumbai. He is a Ph.D. from Harvard University and a Professor of Economics at the Massachusetts I


Monday, October 14, 2019Deming journey led to zero warranty claims: Siemens Gamesa

Chennai, Oct 14 (IANS) City based Siemens Gamesa Renewable Power Private Ltd (SGRP), the first wind turbine company in the world to win the prestigious Deming award, faced the challenge of not having any ready toolkit to adapt from unlike the automobile industries, said a top company official.

However, over a period of time after starting the Total Quality Management (TQM) the company started


Monday, October 14, 2019IRCTC makes splash on debut, doubles issue price

Mumbai, Oct 14 (IANS) The Indian Railway Catering and Tourism Corporation made a strong debut on the exchanges on Monday. The Railway catering company almost doubled its issue price of Rs 320 during the early trade.

IRCTC on the BSE, at 12.34 a.m., was up 11.49 per cent at Rs 718 a share after it touched an intra-day high of Rs 743.80 apiece. The company recently made its Rs 645-crore initial


Monday, October 14, 2019Cheaper fuel, food cost eases Sep WPI to 0.33%

New Delhi, Oct 14 (IANS) Lower prices of key transportation fuels along with those of manufactured products eased India's annual rate of inflation based on wholesale prices to 0.33 per cent in September from 1.08 per cent in August.

Similarly, on a year-on-year (YoY) basis, the Wholesale Price Index (WPI) data furnished by the Ministry of Commerce and Industry showed a decelerating trend as in


Sunday, October 13, 2019World Bank report pegs India's FY20 growth rate at 6%

New Delhi, Oct 13 (IANS) In a major setback for India's economic outlook, a World Bank report on Sunday estimated India's economic growth in the current fiscal at 6 per cent, lower than the Reserve Bank of India's latest revised outlook of 6.1 per cent.

This comes as another bleak outlook for the economy, after recent downward revision of GDP estimate by Asian Development Bank (ADB) and Organi


Sunday, October 13, 2019'Banks may need to report HDIL's dues, provisioning status'

New Delhi, Oct 13 (IANS) Public sector banks having fund exposure to the bankrupt real estate firm HDIL may have to classify the loans given to it as non-performing assets (NPA or bad loans) under the RBI norms, make provisions for them and report these to the exchanges, according to official sources here.

So far, the Reserve Bank of India (RBI) has not given any directions in this regard as f


Sunday, October 13, 2019Govt to start telemedicine service in Srinagar

SRINAGAR: The Government is introducing telemedicine service in the capital district of Srinagar consultations with concerned agencies for which are currently underway. The proposed service is a part of the Srinagar Smart City project one important component of which is introduction of smart healthcare in Srinagar.
Under the proposed service all hospitals and health institutions in the district


Sunday, October 13, 2019J&K's GST returns at par with National Average

SRINAGAR: Jammu and Kashmir is showing upward trend in filing of Goods and Services Tax (GST) returns which is at par with National Average of 60 per cent.
This was informed during a video conference chaired today by Principal Secretary to Prime Minister, Dr PK Mishra with chief secretaries of all States, with regard to the status of revenue collections through GST of State-wise quarterly growth


Saturday, October 12, 2019Bank fraud case: ED attaches Rs 4,025 cr assets of BPSL

New Delhi, Oct 12 (IANS) The Enforcement Directorate (ED) has attached immovable properties worth Rs 4,025.23 crore of Bhushan Power and Steel Limited (BPSL) in a money laundering case against the firm for siphoning off funds obtained as loans from various banks and financial institutions, the agency said on Saturday.

The attached assets include land, building, plant and machinery of BPSL in O


Saturday, October 12, 2019Religare Fraud: Rs 1,260 cr diverted, EOW told court

New Delhi, Oct 12 (IANS) Rs 1,260 crore has been diverted to Malvinder Singh's firm RHC Holdings Pvt Ltd in order to square off liabilities, the Economic Offences Wing (EOW) probing the Religare Fraud Case told a Delhi Court.

"The forensic audit conducted by SEBI revealed that Rs 1,260 crore have been diverted to RHC Holdings Pvt Ltd...and has been further paid to square off the liabilities of


Saturday, October 12, 2019Boeing strips CEO of Chairman's post

Washington, Oct 12 (IANS) US aerospace major Boeing has stripped CEO Dennis Muilenburg of his dual role as Chairman in an unexpected shake-up at the highest ranks of the company amid the prolonged crisis of its 737 MAX aircraft that has been globally grounded following two fatal crashes.

Boeing on Friday said that it took the action to allow Muilenburg to focus on running the company as it ret


Saturday, October 12, 2019US dollar drops on trade optimism

New York, Oct 12 (IANS) The US dollar pulled back on Friday, as investors expected a positive result of the latest round of US-China trade talks.

In late New York trading, the euro increased to $1.1041 from $1.1005 in the previous session, and the British pound increased to $1.2659 from $1.2444 in the previous session, Xinhua reported.

The Australian dollar increased to $0.6799 from $0.6761


Saturday, October 12, 2019Banks' credit growth rate slows to 8.8%, shows RBI data

Mumbai, Oct 12 (IANS) Indian banks' credit growth rate, for the first time this fiscal, slowed to single digit at 8.8 per cent to Rs 97.71 lakh crore during the fortnight to September 27, according to the Reserve Bank of India supplementary data. During the same period, deposits climbed 9.4 per cent.

Outstanding loans rose Rs 596.53 trillion ($8.40 billion) from a fortnight earlier to Rs 97.71


Saturday, October 12, 2019Pakistan must end support to terror groups: US Senator

Washington, Oct 12: Pakistan must end support to the Taliban and other terror groups, a top American senator said a day after meeting Pakistani leadership in Islamabad.

"Pakistan has an important role to play in stabilising Afghanistan, engaging in robust counterterrorism efforts and strengthening the global economy," Senator Maggie Hassan said on Friday after concluding her trip to Pakistan


Saturday, October 12, 2019Banks' credit growth rate slows to 8.8%, shows RBI data

Mumbai, Oct 12: Indian banks' credit growth rate, for the first time this fiscal, slowed to single digit at 8.8 per cent to Rs 97.71 lakh crore during the fortnight to September 27, according to the Reserve Bank of India supplementary data. During the same period, deposits climbed 9.4 per cent.

Outstanding loans rose Rs 596.53 trillion ($8.40 billion) from a fortnight earlier to Rs 97.71 trill