RBI sets up new Regulations Review Authority

Mumbai, April 15 (IANS) The Reserve Bank of India (RBI) has set up a new Regulations Review Authority (RRA 2.0) for a period of one year to review regulatory prescriptions internally as well as by seeking suggestions from RBI-regulated entities and other stakeholders on their simplification and ease of implementation. Deputy Governor M. Rajeshwar Rao […]

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Wonderchef aims 30% sales growth in FY22

New Delhi, April 14 (IANS) With revival of consumer demand, Wonderchef targets to increase its sales by 30 per cent in the ongoing financial year (2021-22). Wonderchef Co-Founder & MD Ravi Saxena said that in the financial year 2021, the company widened its customer base and clocked sales of around Rs 500 crore. “During the […]

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India’s 1st floating LNG storage & regasification unit arrives in Maha

Mumbai, April 12 (IANS) India’s first Floating Storage and Regasification Unit (FSRU) has arrived at H-Energy’s Jaigarh Terminal in Maharashtra. In a statement, H-Energy said the FSRU ‘Hoegh Giant’, which sailed from Keppel Shipyard, Singapore, was berthed at Jaigarh terminal in Maharashtra on Monday. Darshan Hiranandani, CEO of H-Energy, said: “This will be India’s first […]

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TCS reports 15% growth in Q4 net profit

Mumbai, April 12 (IANS) Tata Consultancy Services (TCS) on Monday reported a 14.9 per cent growth in its consolidated net profit for the January-March quarter on a year-on-year (YoY) basis at Rs 9,246 crore. During the same period of FY20, the company had reported a consolidated net profit of Rs 8,049 crore. The revenue from […]

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TVS Motor moped sales down in FY21

Chennai, April 12 (IANS) The total production and sales of moped for TVS Motor Company Ltd declined last fiscal slightly as compared to the previous fiscal. The two and three wheeler maker TVS Motor is the only company that rolls out mopeds. The company makes TVS XL model. Last fiscal TVS Motor produced a total […]

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Tata Comms, BIX extend partnership for high-speed internet in Bahrain

Mumbai, April 11 (IANS) Tata Communications and Bahrain Internet Exchange (BIX) have extended their partnership to offer high speed internet connectivity with very low latency for a superior quality and seamless viewing, gaming and download experience for customers in Bahrain. Equipped with OTU-4 (Optical Transport Unit), a next-generation optical technology, TGN-Gulf cable system will enable […]

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Bharti AXA Life Insurance, Fincare Small Finance Bank join hands

Mumbai, April 8 (IANS) Bharti AXA Life Insurance has partnered with Fincare Small Finance Bank for distribution of life insurance products through the bank’s pan-India network. Under this arrangement, Bharti AXA Life Insurance will offer its comprehensive suite of life insurance products, including protection, savings and investment plans, to the customers of Fincare Small Finance […]

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ChrysCapital announces investment in Corona Remedies

New Delhi, April 5 (IANS) ChrysCapital, one of the leading private equity funds in India, has announced its investment in Corona Remedies Private Limited (Corona), one of the country’s fastest growing pharmaceutical companies, by acquiring a 27 per cent stake through an entirely secondary deal. Commenting on the investment, Kshitij Sheth, Director, ChrysCapital, said, “ChrysCapital […]

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Covid resurgence, partial lockdown dent equities; bank stocks plunge (Roundup)

Mumbai, April 5 (IANS) Resurgence of domestic Covid cases as well as high re-imposition of partial lockdown measures dragged the India’s equity indices deep into the red on Monday. Accordingly, market opened on a flat-to-negative note as rising corona cases subdued investor’s sentiments. Globally, Asian markets ended mostly higher on Monday amid thin holiday trade […]

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Global trade frictions severe in 2020: Report

Beijing, April 5 (IANS) Global trade frictions were severe last year due to the Covid-19 pandemic and also the consequent economic decline, said a report from China’s trade promotion body. The global economic and trade measures index, introduced by the China Council for the Promotion of International Trade, was on the rise in 2020, said […]

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In Contention: Reliance Retail extends deadline for Future deal

Mumbai, April 1 (IANS) In the contention of creating a mega retail giant, despite several legal and arbitration battles, Reliance Retail Ventures extended the timeline for its acquisition of Future Retail. In financial parlance, the RRVL extended the ‘long stop date’ for the acquisition till September 30, 2021. Besides, the development showed Reliance Retail’s confidence […]

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NIIFL invests Rs 2,100 cr in Manipal Hospitals

Chennai, April 1 (IANS) The National Investment and Infrastructure Fund Limited (NIIFL) on Thursday announced an investment of Rs 2,100 crore in Manipal Hospitals. According to NIIFL, the investment is being made through its Strategic Opportunities Fund (SOF), a direct private equity fund. The SOF’s first investment in India’s healthcare sector will support the growth […]

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PSUs face potential irrelevance in an increasingly disrupted world: Report

By Sanjeev SharmaNew Delhi, April 1 (IANS) The government’s privatisation policy for PSUs fails to address their potential irrelevance in an increasingly complex and disrupted world, as per a report by Kotak Institutional Equities. The report said PSU companies have already become irrelevant in most B2C sectors such as aviation, telecommunications or are steadily losing […]

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Reliance infra & YES Bank announce sale transaction of Reliance Centre to YES Bank

Mumbai, April 1 (IANS) Reliance Infrastructure Limited and YES Bank Limited announced a sale transaction of Reliance Centre, Santacruz, Mumbai to YES Bank. The transaction value is Rs1,200 crore. Entire proceeds from the sale of Reliance Centre, Santacruz is utilized only to repay the debt of YES Bank. Reliance infrastructure limited has reduced its exposure […]

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TVS Motor shipped out 1L two-wheelers in March

Chennai, March 31 (IANS) Two- and three-wheeler maker TVS Motor Company Ltd on Wednesday said its two-wheeler exports clocked 1,00,000 units in March 2021. “It is a momentous occasion for TVS Motor as our international two-wheeler business achieved a sales milestone of 100,000 units in March,” Sudarshan Venu, Joint Managing Director, TVS Motor Company was […]

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SBI raises additional $1B untied loan with JBIC

Mumbai, March 31 (IANS) Lending major State Bank of India (SBI) has entered into a loan agreement amounting up to $1 billion with Japanese government owned financial institution, JBIC. According to the lender, the loan is intended to promote ‘smooth flow of funds’ for the whole range of business operations of Japanese automobile manufacturers in […]

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Air India may get new buyers in May-June

New Delhi, March 26 (IANS) The much-delayed privatisation of Air India is likely to complete in the first half of this year. Speaking at the Times Network India Economic Conclave, the Union Minister for Civil Aviation, Hardeep Singh Puri said that financial bids for the national carrier will be submitted sometime in May. He said […]

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UP tops in digital payments in country

Lucknow, March 26 (IANS) The Yogi Adityanath government in Uttar Pradesh has set a record in the number of digital transactions. The record increase has been registered during the period that includes even the Corona lockdown. According to the government spokesman, banks are playing a significant role in encouraging the digital transactions to give wings […]

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Govt data shows recovery in job market

New Delhi, March 25 (IANS) As the economy and businesses limp back to normalcy amid the pandemic with the country’s employment scenario still under a cloud, data from the Ministry of Statistics and Programme Implementation shows that there is a recovery in the job market with over 8.20 lakh new people joining the formal workforce. […]

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Edelweiss Infra Yield Plus buys stake in Engie’s Indian solar assets

Mumbai, March 25 (IANS) Edelweiss Infrastructure Yield Plus (EIYP), an AIF managed by Edelweiss Alternative Asset Advisors Limited (EAAA), has concluded acquisition of stake under a strategic partnership with Engie Group, the leading French utility, towards acquiring a controlling stake in its solar energy assets in India. This partnership between EIYP and Engie is aimed […]

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RBI flags major concerns over cryptocurrency

New Delhi, March 25 (IANS) Reserve Bank of India Governor Shaktikanta Das on Thursday said that the central bank has flagged major concerns over cryptocurrency to the government. Speaking at the Times Network India Economic Conclave, the Governor said that digital currency is one thing and the cryptocurrencies which are being traded in the market […]

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Kharge raises nuns issue in RS

New Delhi, March 25 (IANS) The Leader of Opposition in the Rajya Sabha Mallikarjun Kharge on Thursday raised the issue of alleged harassment of nuns during a special mention in the House. According to reports, the incident took place on March 19 when the nuns were travelling on the Haridwar-Puri Utkal Express. Members of the […]

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ChrysCapital invests $50M in Safex Chemicals

New Delhi, March 24 (IANS) Agrochemical company Safex Chemicals India Limited has announced that India-focused private equity firm ChrysCapital is investing $50 million in the company for a significant minority stake. The transaction involves a combination of secondary sale by an existing PE investor, BanyanTree Growth Capital, along with a primary raise by the company […]

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Strong GDP growth in FY22 to drive logistics demand: Ind-Ra

Mumbai, March 22 (IANS) Strong GDP growth in FY22 will drive logistics demand, India Ratings and Research said. According to the agency, strong-to-moderate recovery is already being witnessed across various logistics sub-sectors. Besides, commissioning of the Dedicated Freight Corridor could boost volumes and efficiencies across ports as well as inland container depot/container freight station players. […]

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I-T searches conducted in Jharkhand

New Delhi, March 22 (IANS) The Income Tax Department carried out searches on a closely-held Group of Jharkhand on March 17 and concluded them on March 20. The Group is engaged in manufacturing and trading in sponge iron, MS ingots, MS rods, and TMT bars and has dealerships of petrol pumps. The search and survey […]

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Market in red, indices trim major losses

Mumbai, March 22 (IANS) The key Indian equity indices traded in the negative territory on Monday morning. The market has, however, trimmed major losses made during the initial trade. At 10.19 a.m., Sensex was trading at 49,717.60, lower by 140.64 points or 0.28 per cent from its previous close of 49,858.24. It opened at 49,878.77 […]

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Germany’s Porsche posts record revenues in 2020

Berlin, March 20 (IANS) Despite the Covid-19 pandemic, Porsche achieved record revenues of 28.7 billion euros ($34.14 billion) in the fiscal year 2020, the German sports car manufacturer announced on Friday. Porsche’s profit before tax also increased to almost 4.4 billion euros in 2020. In total, it delivered more than 272,000 vehicles to customers worldwide, […]

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Locally-assembled Jeep Wrangler launched in India

New Delhi, March 17 (IANS) Automobile manufacturer Jeep India on Wednesday launched the locally-assembled SUV Wrangler starting at Rs 53.90 lakh (ex-showroom price). Accordingly, the company launched locally-assembled Jeep Wrangler in two variants – the Unlimited and the Rubicon. Jeep India had started Wrangler’s production in February. According to the company, both variants are powered […]

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Baby girl born onboard an IndiGo flight

New Delhi, March 17 (IANS) In a rare incident, a baby girl was born onboard an IndiGo flight from Bangalore to Jaipur on Wednesday. “The baby was delivered with the help of the IndiGo crew, effectively assisted by Dr. Subahana Nazir, travelling with us on the same flight,” the airline said in a statement. “Jaipur […]

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Two Tamil Finance Ministers set up infra lenders

By Venkatachari JagannathanChennai, March 16 (IANS) Setting up of financial institutions to fund infrastructure projects is one of the common threads between Finance Minister Nirmala Sitharaman and former Finance Minister P. Chidambaram. It was in 1996 that the then Finance Minister P. Chidambaram from Tamil Nadu during his budget speech announced the setting up of […]

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11% finance leaders in India believe they are at advanced stage in digital finance journey: EY India survey

New Delhi, March 16 (IANS) While 92% finance leaders in India have started their journey to introduce digital interventions in finance, only 11% believe they are at an advanced stage, according to EY India survey report ‘Digital disruption in finance’. EY India performed a survey with 89 finance leaders including Chief Financial Officers (CFOs), controllers […]

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Telangana doubles agriculture production in 7 years

Hyderabad, March 16 (IANS) India’s youngest state Telangana has achieved the turnaround in agriculture by almost doubling the agriculture production and the area under cultivation during last seven years. Officials say this could be possible due to completion of several irrigation projects, revival of tanks, 24X7 free power to farmers and Rs.10,000 financial assistance to […]

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Two day bank strike successful: AIBEA

Chennai, March 16 (IANS) The two day nationwide banker’s strike in protest against privatisation of government banks was a total success, said the top leader of a major union. The two day strike began on Monday. As per reports received by us from our unions in various states, the strike has been successful. Overwhelming majority […]

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Bank strike: Cheques worth Rs 16,500 crore stuck

Chennai, March 15 (IANS) The two-day nationwide strike called by the United Forum of Bank Union in protest against privatisation of the government banks began on Monday. The leader of a major union claimed total success impacting the clearance of two crore cheques/instruments worth about Rs 16,500 crore. “On an average, about 2 crore cheques/instruments […]

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Fuel price rise impacts consumption in India

New Delhi, March 13 (IANS) The rising fuel prices is impacting demand conditions in India that is looking for an accelerated recovery of the economy post Covid-induced lockdowns and disruptions. According to official data, country’s fuel consumption fell sharply in February, the second consecutive month when demand is slowing signs of a slackening amidst rising […]

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Ecuador trade office opened in Bengaluru to spur business ties

Bengaluru, March 11 (IANS) In collaboration with the Latin American Caribbean Federation of India (LACFI) and the Indian Economic Trade Organisation (IETO), Ecuador opened a trade office here to boost business ties. “Ecuador Ambassador to India Hector Gonzalo Cuvea Jacome unveiled the office in the presence of top Karnataka officials, including Additional Chief Secretary Shalini […]

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Microfinance disbursements rose 80% in Q3FY21

New Delhi, March 11 (IANS) Showing signs of growth in economic activities, disbursements of microfinance loans in the October-December quarter increased by 80 per cent on a quarter-on-quarter basis at Rs 56,090 crore, showed a report by CRIF High Mark. The value of disbursements, however, was lower by 11.5 per cent compared to the corresponding […]

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I-T raids conducted in Kolkata

New Delhi, Mar. March 11 (IANS) The Income Tax Department has carried out searches and seizure operation on two separate persons based in Kolkata, who are engaged in handling of cash of others on commission basis. The search was carried out on March 3 based on intelligence gathered by the department. The Income Tax Department […]

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WE Hub launches ‘UPSurge’ in collaboration with Australia

Hyderabad, March 10 (IANS) WE Hub, India’s first and only state-led incubator by the Telangana government to foster and promote women entrepreneurship to start-up, scale-up and accelerate with global market access, on Wednesday launched ‘UPSurge,’ pre-incubation programme in collaboration with the Australian government. The programme is aimed at helping women entrepreneurs from across India achieve […]

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Govt mulls making scrap recycling an organised sector

New Delhi, March 10 (IANS) The Ministry of Mines has recently issued the National Non-Ferrous Metal Scrap Recycling Framework, 2020 covering key non-ferrous metals like Aluminium, Copper, Zinc and Lead. The framework has been released with an objective to promote formal and well-organised recycling ecosystem in the country which is currently highly unorganised with heavy […]

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India, B’desh must adopt seamless transport connectivity: World Bank report

New Delhi, March 9 (IANS) With ample space of enhancing trade ties between India and Bangladesh, the two neighbours should move towards seamless transport connectivity including setting up of an efficient regional transit regime and harmonising driver’s licensing and visa regimes, says a World Bank report. Titled “Connecting to Thrive: Challenges and Opportunities of Transport […]

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Fake GST fraud: 357 arrested so far, including 12 CAs

New Delhi, March 9 (IANS) The Directorate General of GST Intelligence (DGGI) and the CGST Commissionerates have so far arrested 357 persons, including 12 chartered accountants, one company secretary and an advocate, in the ongoing nationwide drive against fake GST invoice frauds since mid-November, 2020. The arrested persons include fake entities operators and end beneficiaries […]

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MCA strikes off over 10K companies in FY21

New Delhi, March 8 (IANS) The Ministry of Corporate Affairs (MCA) has struck off over 10,000 companies during the ongoing financial year, which have not carried on any business or operation for a period of two immediately preceding financial years and not made any application within such period for obtaining the status of dormant company. […]

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SEBI rationalises compliance norms for UCC, PAN

Mumbai, March 8 (IANS) SEBI on Monday rationalised the compliance norms of collecting and maintaining copies of PAN (permanent account number) of clients by members of the exchanges which have commodity derivatives segment. In a circular on Monday, the Securities and Exchange Board of India (SEBI) amended provisions related to Unique Client Code (UCC) and […]

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FII holdings in Nifty50 at 5-year high

Mumbai, March 8 (IANS) Holdings of foreign institutional investors (FII) in Nifty50 have reached a five-year high as investments flowed in at an unprecedented rate amid the pandemic. FII ownership in Nifty50 rose 170 basis points (bps) to 27.6 per cent during October-December on a quarter-on-quarter (QoQ) basis, showed a Motilal Oswal Institutional Equities. Meanwhile, […]

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