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India’s forex reserves rise to life-time high of 424.361 billion dollars

India’s forex reserves rise to life-time high of 424.361 billion dollars

MUMBAI: The country’s foreign exchange reserves hit a life-time high of USD 424.361 billion after rising by USD 1.828 billion in the week to March 30, helped by rise in foreign currency assets, the Reserve Bank said today. In the previous week, the reserves had increased by USD 1.197 billion to USD 422.532 billion. Previously, […]

RBI should reintroduce LoUs with safeguards: India Inc

RBI should reintroduce LoUs with safeguards: India Inc

MUMBAI: India Inc wants letter of undertaking (LoU), which was banned by the Reserve Bank of India (RBI) in the wake of the Rs 13,000-crore Punjab National Bank (PNB) fraud, back. The LoU ban has affected the industry, leading to a rise in the cost of credit, said Piruz Khambatta, President of Confederation of Indian Industry […]

PNB scam: CBI issues non bailable warrant against Nirav Modi, Mehul Choksi

PNB scam: CBI issues non bailable warrant against Nirav Modi, Mehul Choksi

A special CBI court in Mumbai on Sunday issued non-bailable warrant against billionaire jewellers Nirav Modi and Mehul Choksi in the cases related to Punjab National Bank scam. The NBW was issued on the request of the probe agency as both Modi and Choksi had repeatedly refused to join the investigation in the scam, a CBI spokesperson said. Both […]

First US LNG cargo shipment arrives at Dabhol LNG terminal

First US LNG cargo shipment arrives at Dabhol LNG terminal

NEW DELHI: In a milestone for India’s new energy sourcing strategy, the first long-term liquefied natural gas (LNG) US cargo from the Houston-based Cheniere Energy Inc. arrived at the Dabhol LNG terminal in Maharashtra on Friday. Of the 9 million tonnes per annum (mmtpa) of LNG contracted by India from the US, state-run GAIL (India) Ltd […]

FPI inflows into stocks more than halved to Rs26,000 crore in FY18

FPI inflows into stocks more than halved to Rs26,000 crore in FY18

NEW DELHI: Foreign portfolio investment (FPI) in stock markets more than halved to Rs26,000 crore in 2017-18 on fears of faster than expected rate hike by the US Federal Reserve and higher valuations of Indian equities. In comparison, overseas investors had put in Rs55,700 crore in equities in 2016-17 after pulling out over Rs14,000 crore in […]

Real estate slowdown hits Maharashtra’s economy

Real estate slowdown hits Maharashtra’s economy

With real estate prices dropping in Maharashtra’s cities, the Maharashtra government on Saturday decided not to increase the government-fixed circle rates, also known as ready reckoner values, for properties across the state. This would be the first time since December 2009 when the annual guidance values for properties in Maharashtra have not seen an upward […]

ONGC may buy out GAIL in OPaL

ONGC may buy out GAIL in OPaL

New Delhi: State-owned Oil and Natural Gas Corp. (ONGC) may buy out gas utility GAIL India Ltd in its Dahej mega petrochemical project in Gujarat to take full control of the recently commissioned plant. GAIL had in 2008 picked up 19% stake in ONGC Petro-additions Ltd (OPaL), which was then building the mega petrochemical complex at […]

Reliance Jio acquires Saavn, creates $1-billion music entity

Reliance Jio acquires Saavn, creates $1-billion music entity

Reliance Industries (RIL) on Friday announced a strategic merger of its digital music service JioMusic with music over-the-top platform Saavn which will see RIL acquiring a 75-80 per cent stake in the merged entity. The company said that the combined entity is valued at over $1 billion, with JioMusic’s implied valuation at $670 million. “The […]

ED-CBI raid Nirav Modi’s Mumbai house, seize jewellery, watches and MF Hussain’s paintings

ED-CBI raid Nirav Modi’s Mumbai house, seize jewellery, watches and MF Hussain’s paintings

The Enforcement Directorate (ED) on Thursday conducted joint searches with CBI on the residential premises of billionaire diamantaire Nirav Modi at Samudra Mahal, Worli in Mumbai. During the course of the search — which continued till Saturday — the officials seized high-end and antique jewellery valued at Rs 15 crore, expensive watches valued at Rs 1.40 crores and […]

IndiGo’s grounded planes may be costing it thousands of dollars daily

IndiGo’s grounded planes may be costing it thousands of dollars daily

India’s largest airline is scrambling to maintain operational normalcy, at a significant cost to investors and flyers. On March 12, IndiGo had to ground eight of its Airbus A320neos—the firm has over 150 planes of various makes—following orders from the Indian aviation regulator, the directorate general of civil aviation (DGCA). Last month, the DGCA had […]

Group Of Beggars ‘Demonetise’ 1 Rupee Coin In Uttar Pradesh

Group Of Beggars ‘Demonetise’ 1 Rupee Coin In Uttar Pradesh

RAMPUR:  Unhappy with the small size of the one rupee coin, a group of beggars in Uttar Pradesh’s Rampur has decided not to accept it anymore. Prime Minster Narendra Modi demonetised Rs. 500 and Rs. 1,000 currency notes, now we demonetise the one rupee coin as it’s size is similar to 50 paise coin, Shukra […]

Why the Indian stock market is on an all-time high

Why the Indian stock market is on an all-time high

Indian stocks are on a trip of their own, out of sync with the real economy with every passing day. A five-week rally has extended at a time when GDP growth is slowing down and an earnings revival remains uncertain. Benchmark indices Nifty and Sensex scaled yet another peak on Jan. 08, borrowing optimism from […]

Govt owes Air India over Rs 325 crore for VVIP chartered flights

Govt owes Air India over Rs 325 crore for VVIP chartered flights

NEW DELHI: The government owes over Rs 325 crore to cash-strapped Air India with bills pending for VVIP chartered flights to foreign countries, according to an RTI response. The national carrier, which is on the verge of being privatised, has provided details of pending bills towards various ministries responsible for the VVIP visits in its […]

Jet Airways, Air France-KLM, Delta consortium to bid for Air India

Jet Airways, Air France-KLM, Delta consortium to bid for Air India

NEW DELHI: A consortium of Jet Airways, Air France-KLM and Delta Airlines understood to have expressed interest in the disinvestment of national carrier Air India, according to sources. Moving ahead with the strategic disinvestment of loss-making Air India, the government is expected to soon invite Expression of Interest (EoI) from the bidders. Against this backdrop, […]

US tariffs on steel and aluminium are a threat to India’s producers

US tariffs on steel and aluminium are a threat to India’s producers

India’s steel industry had been settling into a comfortable groove. The distressed assets tag for the industry is being addressed, with buyers interested in most large steel assets. Overall, demand is improving, prices are rising and new capacities have stabilized. In fact, the going was to get better as private investment demand is primed to […]

ONGC declares 2nd interim dividend of 45% for FY18

ONGC declares 2nd interim dividend of 45% for FY18

New Delhi: State-owned Oil and Natural Gas Corporation (ONGC) on Thursday declared a second interim dividend of Rs2.25 per share for the 2017-18 fiscal year. Click here to read more… Credit: livemint.com

India will remain fastest growing economy: Arun Jaitley

India will remain fastest growing economy: Arun Jaitley

JAMMU: Finance minister Arun Jaitley on Sunday exhorted confidence that India will retain its position of fastest growing economy in the coming decades like China did in the last three decades. “The way the situation in the world is changing there is a great opportunity that has come in the way of India. The world […]

India-bound gas pipeline TAPI breaks ground on Afghan section

India-bound gas pipeline TAPI breaks ground on Afghan section

SERBHETABAT, TURKMENISTAN: Turkmenistan, Afghanistan, Pakistan and India on Friday ceremonially broke ground on the Afghan section of an ambitious, multi-billion dollar gas pipeline expected to help ease energy deficits in South Asia. Afghan President Ashraf Ghani and Turkmen counterpart Gurbanguly Berdymukhamedov joined Pakistani premier Shahid Khaqan Abbasi and India’s minister of state for external affairs […]

Indian equities no longer top pick among emerging markets

Indian equities no longer top pick among emerging markets

MUMBAI: India is no longer the top pick among emerging markets (EM), as fund managers wait for an earnings recovery and peer markets turn attractive. The Rs11,400 crore fraud at state-run Punjab National Bank (PNB) hasn’t helped either. “Our global strategists like Korea, Indonesia and Brazil the most, but are neutral India. Other markets look […]

J&K Council chief taps Pune firms for limestone, marble mining

J&K Council chief taps Pune firms for limestone, marble mining

PUNE: The Jammu & Kashmir Legislative Council Chairman has informally invited Pune companies to explore the possibility of extracting marble and limestone in Kargil district which has vast reserves of these natural stones. Haji Anayat Ali, who hails from Kargil district in the Ladakh region of the border state, recently met members of the Pune-based […]

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