Qualcomm plans to set up campus in Hyderabad—its largest outside US
HYDERABAD: Tech major Qualcomm Saturday announced plans to set up its largest campus outside the U.S. here. The company’s officials met Minister for IT in the Caretaker government K T Rama Rao Saturday to discuss their growth plans in the city. “Qualcomm will be investing USD 400 million (Rs 3,000 crore) to set up their campus […]
Markets continue free fall post RBI meet; rupee hits 73.76
MUMBAI: Stock indices Friday slumped for the third session in a row and the rupee fell to record low of 74 per dollar after the Reserve Bank unexpectedly kept the interest rates unchanged in the bi-monthly monetary policy review. The BSE Sensex plunged 792.17 points to end at a near six-month low of 34,376.99, while the […]
What oil at $100 a barrel would mean for the global economy
Rising oil prices are prompting forecasts of a return to $100 a barrel for the first time since 2014, creating both winners and losers in the world economy. Exporters of the fuel would enjoy bumper returns, giving a fillip to companies and government coffers. By contrast, consuming nations would bear the cost at the pump, […]
PM Modi inaugurates LNG terminal, chocolate factory in Gujarat
By Maulik Pathak AHMEDABAD: Prime Minister Narendra Modi on Sunday inaugurated a string of development projects in Gujarat, including a 5 million tonne per annum (mtpa) capacity liquefied natural gas (LNG) terminal at Mundra and a chocolate factory of the Gujarat Cooperative Milk Marketing Federation Ltd (GCMMF), the country’s biggest milk cooperative known for its Amul brand of products, […]
Fitch ups India’s growth forecast to 7.8 per cent for financial year 2019
NEW DELHI: Fitch Ratings Friday upped India’s growth forecast for the current fiscal to 7.8 per cent, from 7.4 per cent projected earlier. In its Global Economic Outlook, Fitch, however, flagged tightening of financial conditions, rising oil bill and weak bank balance sheets as headwinds to growth. “We have revised up our forecast for FY2018-2019 […]
FPIs turn net sellers in September, pull out ₹15,365 crore so far
NEW DELHI: Overseas investors have pulled out a massive ₹15,365 crore ($2.1 billion) from the capital markets so far in September, after putting in funds during the previous two months, on widening current account deficit coupled with global trade tensions. The latest outflow comes following a net infusion of close to ₹5,200 crore in the capital […]
Infosys spends $76 million to buy Finnish firm Fluido
NEW DELHI: Infosys, one of India’s largest IT services firm, has agreed to spend $76 million to buy Fluido, a Salesforce consulting partner in the Nordics in Europe, the company said on Friday, marking the second acquisition under chief executive officer (CEO) Salil Parekh, who took over nine months ago. Finland-based Fluido is a privately […]
Forex reserves plunge below $400 billion mark
MUMBAI: The country’s forex reserves declined by $819.5 million to $399.282 billion for the week to September 7 — slipping below the $400-billion mark for the first time in over a year, Reserve Bank data showed Friday. This is the second consecutive week of major fall in the reserves which indicates that the central bank has […]
India may impose anti-dumping on certain type of Chinese steel
NEW DELHI: India may impose an anti-dumping duty of up to USD 185.51 per tonne for five years on certain varieties of Chinese steel with a view to guard domestic players from cheap imports of the commodity from the neighbouring country. JSW Steel Ltd, Sunflag Iron & Steel Co, Usha Martin, Gerdau Steel India, Vardhman Special […]
TCS 2nd Indian firm to cross ₹ 8 trillion market cap after RIL
MUMBAI: Tata Consultancy Services Ltd’s (TCS) market cap surged past the ₹ 8 trillion mark for the first time today, making it only the second Indian company after Reliance Industries Ltd (RIL) to achieve the milestone. TCS share prices rose 1.86% to a record high of ₹ 2093.2 on the BSE today, imparting the IT bellwether a market cap of […]
Nippon Steel sees big in India opportunity
TOKYO: Japan’s top steelmaker Nippon Steel & Sumitomo Metal Corp sees India as the most promising market and wants to become “an insider” to capitalise on growth of the world’s third-biggest steel market, a senior executive said. “India will be the fastest-growing steel market in the world going forward,” Nippon Steel Executive Vice-President Katsuhiro Miyamoto told Reuters in […]
SAIL set to exit non-performing, non-operational joint ventures
NEW DELHI: India’s largest steel maker SAIL has started process to exit some of its joint ventures that are either non-operational or non-performing, the public sector major has said in a report. The steel maker is also exploring options to monetise its investment in certain JV companies, the latest report said. Click here to read […]
Vedanta to invest $2.3 billion in oil and gas in near term
Hyderabad: Vedanta Ltd has said it will be investing $2.3 billion towards capex on its oil and gas activities in the “near term” to increase the reserve base by around 375 million barrels. According to its latest annual report, Vedanta aims to increase production from the current 200,000 barrels per day to 300,000 bpd over the […]
India bans import of polluting petcoke for use as fuel
India on Friday banned the import of petcoke for use as fuel, but said shipments for use as feedstock in some industries was allowed. Usage of petcoke, a dirtier alternative to coal, in the energy-hungry country has come under scrutiny due to rising pollution levels in major cities. Click here to read more… Credit:
Narendra Modi: I share Donald Trump’s vision of prosperity for India, US
NEW DELHI: Amid uncertainties regarding US President Donald Trump’s trade and visa policies, Prime Minister Narendra Modi has said that he shared Trump’s vision of prosperity for India and the US. “I share with him the vision of prosperity of our peoples through a strong India-US partnership, based on important convergences, inter alia, in combating terrorism and promoting […]
India’s forex reserves fall to over 7-month low at $402.7 billion
By: ENS Economic Bureau NEW DELHI: India’s foreign exchange reserves fell to over 7-month low of $402.7 billion in the week ended August 3. Total forex reserves dipped $1.49 billion from $404.19 billion in the week ended July 27, 2018, Reserve Bank of India (RBI) data showed. India’s forex reserves have been falling steadily over the past […]
Indian Oil to invest ₹ 1.75 trillion for expansion: Chairman Sanjiv Singh
NEW DELHI: Indian Oil Corp, Ltd, the country’s largest oil firm, plans to invest ₹ 1.75 trillion to nearly double its refinery capacity, boost petrochemical production, expand gas business and lay new pipelines to become a vertically integrated company, its chairman Sanjiv Singh said. Indian Oil plans to increase its refining capacity to 150 million tonnes […]
US-China trade war can make Indian products competitive: CII
NEW DELHI: With the US imposing additional 25 per cent duty on imports worth USD 34 billion from China, certain Indian products may become more competitive, CII said today. An analysis by the industry chamber revealed that India should focus on the US market for items in the categories of machinery, electrical equipment, vehicles and […]
Cash-rich Reliance eyes $2.7 bn in fresh forex loans to refinance high cost debt
MUMBAI: The cash-rich Reliance Industries, which also is one of the biggest forex loan borrowers in the country, is set to tap the foreign debt market to raise USD 2.7 billion to refinance its existing high-cost debt. As of the June 2018 quarter, the Mukesh Ambani-led company had an outstanding debt of Rs 2,42,116 crore, which […]
Aditya Birla group firm buys US firm Aleris for $2.58 billion
MUMBAI: Aditya Birla group’s Novelis Inc, a subsidiary of Hindalco, has agreed to purchase US-based Aleris Corporation, a global aluminium rolled products major, for $2.58 billion in a debt finance deal. Novelis will take over 13 production facilities in North America, Europe and Asia as part of the acquisition. Click here to read more… […]
