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EC seizes Rs570 crore in Tamil Nadu; State Bank of India claims cash

Mumbai: After election officers seized Rs.570 crore in cash from three containers in poll-bound Tamil Nadu in the wee hours on Saturday, State Bank of India said this evening that it was the bank’s legitimate cash. In a statement, SBI said its officials were ferrying Rs.570 crore after the Reserve Bank of India asked them to address a […]

Patanjali to set up food processing park in Madhya Pradesh: Baba Ramdev

Patanjali to set up food processing park in Madhya Pradesh: Baba Ramdev

Ninora (MP): Patanjali group, promoted by Baba Ramdev, will soon set up a food processing park and cow research centre in Madhya Pradesh. “Patanjali group has been given offers by many states to set up food processing park. But we have decided to establish it in Madhya Pradesh and if everything goes well then it will […]

Narendra Modi govt eases red tape but foreign firms still struggle

Narendra Modi govt eases red tape but foreign firms still struggle

New Delhi: Narendra Modi was elected two years ago this week promising to ease India’s notorious red tape and unpack regulatory tangles, but for foreign firms, doing business in the world’s fastest-growing large economy can still be a costly headache. With a billion consumers and rising middle class, India holds dazzling potential—yet despite signs of change […]

India to influence global energy markets: IEA

India to influence global energy markets: IEA

New Delhi: India will turn a global player in the energy market during the next 25 years, exerting its influence on its various aspects, including renewable energy and energy efficiency, International Energy Agency’s (IEA) deputy executive director Paul Simons said. “IEA sees India as the global player for the next 25 years in energy. They will […]

RBI sets rupee reference rate at 67 against US dollar

RBI sets rupee reference rate at 67 against US dollar

MUMBAI: The Reserve Bank of India (RBI) on Thursday fixed the reference rate of the rupee at 66.60 against the United States (US) dollar and 76.06 for the euro. These rates were 66.70 and 75.97 respectively on Wednesday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were quoted […]

Five Indian start-ups using bots in different ways

Five Indian start-ups using bots in different ways

Bengaluru: It is safe to say that bots, software programs that are used to automate tasks, are the flavour of the season. Even, the zeitgeist, if you will. Facebook opened up its Messenger platform with 900 million users for bots. Messaging platform Slack, the darling of the enterprise start-up world, announced an $80 million fund for […]

E-commerce cos see gold, diamonds boosting sales on Akshaya Tritiya

E-commerce cos see gold, diamonds boosting sales on Akshaya Tritiya

Mumbai: Online retailers including Amazon and Bluestone are betting big on gold and diamond sales and expect a big boost to their business on ‘Akshaya Tritiya’, considered as auspicious day for buying precious metals. “Compared to last year, we see over six times growth in sales in our Akshaya Tritiya offerings. In terms of traffic, […]

Boost for Make in India: First Scorpene-class submarine starts sea trial

Boost for Make in India: First Scorpene-class submarine starts sea trial

‘Kalvari’ (Tiger Shark), the first of the six French Scorpene class submarines being built at the Mazagon Dock Shipbuilders for the Indian navy, went to sea for the first time on Sunday. The submarine sailed out at about 10 am under her own propulsion for her first sea trial, off the Mumbai coast. During the […]

India-born Reuben brothers top UK rich list, Hindujas at No 2

India-born Reuben brothers top UK rich list, Hindujas at No 2

LONDON: Britain’s annual rich list released on Sunday has a distinctly Indian flavour with two sets of India-born brothers — Reuben and the Hinduja — grabbing the top two slots. Mumbai-born tycoons David and Simon Reuben have topped ‘The Sunday Times’ Rich List 2016 with a fortune of 13.1 billion pounds, followed by the Hinduja […]

Mallya’s passport revoked, but why bringing him back may not be easy

Mallya’s passport revoked, but why bringing him back may not be easy

The foreign ministry may have revoked liquor baron Vijay Mallya’s passport on Enforcement Directorate’s (ED’s) request, but officials say a long legal battle stands in the way of bringing the businessman back to India. Mallya, known for his flashy lifestyle, left the country on March 2 after calls for his arrest and is believed to be in […]

Why cash is still king for Indian consumers

Why cash is still king for Indian consumers

Payments related technological innovations are changing the way the Indian consumer pays for her spends. However, cash remains king. According to a Reserve Bank of India’s (RBI) report released in March, Concept Paper on Card Acceptance Infrastructure, usage of debit cards at ATMs still account for 88% of the total volume and around 94% of the […]

India’s first insurance IPO paves way for $50 billion industry

India’s first insurance IPO paves way for $50 billion industry

Singapore: India will get its first life-insurance listing since it opened up to private-sector investors 16 years ago, paving the way for more companies seeking to go public in an industry that’s since grown to more than $50 billion. Housing Development Finance Corp., the nation’s largest mortgage lender, will offer as much as a 10% stake […]

India’s potential growth rate below 7%: RBI paper

India’s potential growth rate below 7%: RBI paper

Mumbai: What is the potential growth rate of the Indian economy? The question, the answer to which is key to policy decisions such as how far interest rates should be lowered, has always been an actively debated one. The latest estimate of the country’s potential growth rate comes from a working paper released by the Reserve […]

Investors cheer Infosys’s upbeat guidance

Investors cheer Infosys’s upbeat guidance

Infosys Ltd’s March quarter revenues have grown by 1.6% sequentially to $2.446 billion, slightly lower than the Street’s expectation of 1.9% growth. Profit margins were higher than expected, but largely because of a squeeze on hiring and partly due to a write-back of provision for doubtful receivables. The key US market grew just by 0.6% […]

MEA suspends Vijay Mallya’s passport on advice of Enforcement Directorate

MEA suspends Vijay Mallya’s passport on advice of Enforcement Directorate

NEW DELHI: The external affairs ministry has suspended loans defaulter Vijay Mallya’s passport on the advice of the Enforcement Directorate (ED). The ED had asked that the liquor baron’s passport be revoked for non-cooperation with investigators, after he failed to present himself before the agency that has summoned him three times. Mallya was supposed to […]

Many jewellers reopen shops; gold discounts drop

Many jewellers reopen shops; gold discounts drop

More than half of country’s jewellers reopened their shops on Monday after keeping them closed for nearly six weeks in protest over the reintroduction of excise duty on gold jewellery. The resumption in business could boost demand from the world’s second biggest consumer and support global prices trading near their highest in three weeks. “Jewellers […]

RIL, BP ready to drop arbitration over gas prices?

RIL, BP ready to drop arbitration over gas prices?

New Delhi: Is Reliance Industries Ltd (RIL) ready to bury the hatchet with the government over its dispute on natural gas prices, which is now in arbitration? Recent developments suggest so. RIL and its partner BP Plc. have initiated discussions with the government to drop the arbitration, said an oil ministry official familiar with the developments […]

India’s thirst for oil is overtaking China’s

India’s thirst for oil is overtaking China’s

Singapore/Mumbai: In the energy world, India is becoming the new China. The world’s second-most populous nation is increasingly becoming the center for oil demand growth as its economy expands by luring the type of manufacturing that China is trying to shun. And just like China a decade ago, India is trying to hedge its future energy […]

Modi’s ‘Make in India’ a success: Moody’s

Modi’s ‘Make in India’ a success: Moody’s

MUMBAI: Ratings agency Moody’s has said that net foreign direct investment (FDI) inflows have hit an all-time high in early 2016, highlighting the success of Narendra Modi’s ‘Make in India’ initiative. The ratings agency said that the FDI inflows have more than financed the current account deficit (CAD) for the first time since 2004. A […]

Housing options for NRIs in Gurgaon

Housing options for NRIs in Gurgaon

What do NRIs look for before investing in a property? An uber city, an established locality and properties with consistent rise in values. Gurgaon caters to all that and a bit more. The NRIs and high net worth individuals (HNIs) prefer investing in Gurgaon in comparison to Delhi and its other peers in the NCR. […]