Korean Govt-led trade panel meets Sikkim Commerce minister to explore investment avenues

New Delhi, Apr. April 16 (IANS) South Korea is keen on exploring investment opportunities in North Eastern state of Sikkim in multiple sectors including renewable energy, pharmaceutical, food processing, tourism. In the first-ever visit to the North-east region of India, a high-level delegation of senior officials of the Embassy of the Republic of Korea, Korean […]

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LIC employees to get over 25% wage hike

Chennai, April 16 (IANS) The new fiscal year 2020-21 has started for about 1.14 lakh employees of Life Insurance Corporation of India (LIC) on a happy note with over 25 per cent hike in their pay packets, said a top union leader. The Central government on Thursday notified the revised pay packets for LIC employees. […]

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Improving collections, growth revival provide solace to MFIs: ICRA

New Delhi, April 15 (IANS) Improving collection efficiency and growth pick-up in H2FY21 is expected to help the MFI industry’s long term prospects, ratings agency ICRA said on Thursday. However, incremental covid-19 related disruptions remains a concern. “The overall long-term growth outlook for domestic microfinance industry, including microfinance institutions and micro finance focused small finance […]

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Asset quality headwinds to impact NBFCs performance in FY22: ICRA

New Delhi, April 14 (IANS) Domestic retail-assets under management (AUM) are facing asset quality headwinds which will moderate growth in FY21, ratings agency ICRA said. These headwinds are also likely to affect NBFCs performance in FY22, following resurgence of the Covid-19 pandemic. “Asset quality pressures because of the Covid-19-related business disruptions unfolded partly in Q3 […]

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India’s Elgi Equipments helped Italian Red Cross to meet Covid emergency

Chennai, April 13 (IANS) India’s Elgi Equipments Ltd on Tuesday said that its European subsidiary was privileged to support the Italian Red Cross with an urgent compress air requirement. According to Elgi Equipments, its European arm, ELGi Europe when approached by Red Cross responded comprehensively with a charitable contribution of an air compressor package one […]

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BPCL to digitally transform sales, distribution network with Accenture

New Delhi, April 13 (IANS) Bharat Petroleum Corporation Ltd. (BPCL) and Accenture are collaborating to transform India’s second largest oil and gas company by digitally reimagining its extensive sales and distribution network. Accenture will use its capabilities in data, artificial intelligence (AI) and cloud technologies to build, design and implement a digital platform, called IRIS. […]

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Rs 17 lakh fine on Future General India by IRDAI

Chennai, April 13 (IANS) India’s insurance sector regulator has levied a penalty of Rs 17 lakh on private non-life insurer Future Generali India Insurance Ltd for buddling add-on covers on its motor insurance policies without the policyholder’s as well as its own consent. The Insurance Regulatory and Development Authority of India (IRDAI) had also issued […]

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CAIT counters Gautam Adani on Flipkart partnership

New Delhi, April 12 (IANS) Confederation of All India Traders (CAIT) General Secretary Praveen Khandelwal, in a counter to Gautam Adani, has disapproved of the Adani Group joining hands with Flipkart, “killers of small businesses”. Replying to Adani, Chairman, Adani Group on Twitter, Khandelwal said: “Regrets. It’s the same #flipkart which is indulging in flouting […]

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India better prepared to handle resurgent Covid’s economic fallout (IANS Special)

By Rohit VaidNew Delhi, April 9 (IANS) India’s economy is better prepared to handle any economic fallout emanating from the resurgence of Covid-19 cases, as the government, financial institutions and the industry have gained valuable experience of operating in the hard environment. Accordingly, industry watchers have cited accelerated vaccination drive along with massive adoption of […]

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SpiceJet launches scheduled freighter services to Bangkok

New Delhi, April 9 (IANS) SpiceJet’s dedicated cargo arm SpiceXpress launched scheduled cargo flights connecting Mumbai and Delhi with Bangkok, the company said on Friday. Besides Bangkok, SpiceJet operates scheduled cargo flights to Singapore, Hong Kong and Bangladesh. According to the company, the airline has deployed its Boeing 737-800F aircraft on these routes. “SpiceJet’s scheduled […]

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Equity indices in green amid choppy trade

Mumbai, April 9 (IANS) The key Indian equity indices traded marginally higher on Friday morning amid largely choppy trade session. At around 10.35 a.m., Sensex was trading at 49,860.96, higher by 114.75 points or 0.23 per cent from its previous close of 49,746.21. It opened at 49,743.39 and has so far touched an intra-day high […]

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Vestige reiterates its commitment to women empowerment under its initiative: Let’s Talk Period

New Delhi, April 8 (IANS) To enable dialogue around women’s issues, Vestige, India’s only home-grown direct selling company to feature in the top 30 companies of the world in the DSN Global 100 Awards list, with a vast portfolio in health, wellness and hygiene products, announced a year-long campaign called ‘Let’s Talk. Period’. The ‘Let’s […]

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Sensex up 400 points, reclaims 50,000

Mumbai, April 8 (IANS) The key Indian equity indices traded in the green on Thursday morning with the BSE Sensex rising over 400 points to reclaim the 50,000-mark. Around 10 a.m., Sensex was trading at 50,069.02, higher by 407.26 points or 0.82 per cent from its previous close of 49,661.76. It opened at 49,885.26 and […]

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Vedanta’s ‘waste to wealth’ programs foster MSMEs in rural Odisha & Chhattisgarh

New Delhi, April 7 (IANS) Vedanta Aluminium & Power Business, India’s largest producer of the aluminium and its value-added products, is fostering hundreds of MSMEs in remote rural areas with its innovative ‘waste to wealth’ programmes. Waste to wealth projects form a key pillar of Vedanta’s sustainability agenda that is centred around ‘Zero Harm, Zero […]

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States to borrow Rs 1.78 lakh cr in April-June

Mumbai, April 6 (IANS) States and Union Territories are likely to borrow Rs 1.78 lakh crore in the April-June quarter 2021. In a statement on Tuesday, the RBI said: “The Reserve Bank of India, in consultation with the state governments/Union Territories (UTs), announces that the quantum of total market borrowings by the state governments/UTs for […]

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Covid Returns: Airlines clamour to reduce operational capacity (IANS Exclusive)

New Delhi, April 6 (IANS) Resurgence of Covid infections along with re-imposition of partial travel restrictions in some major states has triggered a clamour among a section of airlines for reduction of flight capacity. Accordingly, industry insiders contend that rising cases have severely impacted demand leading to cancellations. Notably, the Centre till now has allowed […]

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Karnataka woos US-based Triton to make EVs in state

Bengaluru, April 6 (IANS) Karnataka has assured support to the US-based Triton Electric to make electric vehicles (EVs), including cars, in the state, an official said on Monday. “In a virtual meeting, Chief Minister B.S. Yediyurappa assured the state government’s support to Triton founder-chief executive Himanshu Patel for making EVs at Ramanagara near Bengaluru,” said […]

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Allow partial functioning of NBFCs, FIDC to Maha govt

Mumbai, April 5 (IANS) The Finance Industry Development Council (FIDC) has requested the Maharashtra government to allow partial functioning of RBI-approved non-banking financial companies (NBFCs) amid the restrictions imposed to tackle the Covid surge. In a letter to the state Chief Secretary, the industry body said that a large number of deposit holders and debenture […]

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GMR Group to support StartUps, innovations, launches new vertical

New Delhi, April 3 (IANS) Diversified conglomerate GMR Group has launched a new business vertical – GMR Innovex – to support StartUps as well as innovations in aviation and other fields. “GMR Innovex will operate on an ‘Open Innovation’ model, acting as an ‘Innovation Exchange’ to partner with startups, corporates, innovation platforms, research institutions and […]

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World trade to grow by 8% in 2021: WTO

Geneva, April 1 (IANS) The World Trade Organization (WTO) said on Wednesday that global trade is primed for a strong but uneven recovery after the Covid-19 pandemic shock, forecasting an increase in the volume of world merchandise trade of 8 per cent this year. The global trade body said prospects for a quick recovery in […]

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IT raids 2 realty developers in Hyderabad

New Delhi, March 31 (IANS) The Income Tax Department has carried out search and seizure operations on two real estate developers engaged in real estate activities mainly in and around Yadagirigutta suburb of Hyderabad. The developers are into plot ventures as well as in the construction of apartments, said a Finance Ministry statement. During the […]

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Interest rates on PPF, NSC slashed (Ld)

New Delhi, March 31 (IANS) A big cut in small savings schemes will deliver a blow to savers who depend on these schemes for income and social security. Conversely, this will reduce interest rates, bring down the cost of capital and spur capex and stock markets. The government revised the interest rates on small savings […]

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TN’s SIPCOT plans to locate ‘oxygen plants’ in industrial areas

By Venkatachari JagannathanChennai, March 31 (IANS) While it houses several manufacturing and information technology (IT) industries in its various industrial estates, State Industries Promotion Corporation of Tamil Nadu Ltd (SIPCOT) plans to locate a large number of ‘oxygen plants’, said a top official. The Tamil Nadu government undertaking has set up 21 industrial estates and […]

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FM asks NDB to facilitate private sector participation

New Delhi, March 30 (IANS) Finance Minister Nirmala Sitharaman has suggested that the New Development Bank (NDB) facilitate private sector participation and explore more innovative financing structures. Addressing the 6th Annual Meeting of Board of Governors of the New Development Bank through video-conference, she highlighted the role of Development Financial Institutions (DFIs) in infrastructure financing […]

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NRI investments on non-repatriation basis not indirect foreign investments

New Delhi, March 30 (IANS) Investments made by non-resident Indians (NRIs) on a non-repatriation basis will not be considered for calculation of indirect foreign investment. The Department for Promotion of Internal Policy and Trade (DPIIT) under the Ministry of Commerce and Industry has reviewed the policy on downstream investments made by non-resident Indians (NRIs). This […]

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Adani Transmission to acquire Warora-Kurnool Transmission

New Delhi, March 27 (IANS) Power transmission and retail distribution company Adani Transmission Limited (ATL) has signed definitive agreements with Essel Infraprojects Limited (EIL) for the acquisition of Warora-Kurnool Transmission Limited (WKTL) for an enterprise value of Rs 3,370 crore. The regulatory approval for substitution of original awardee in the contract by Adani Transmission has […]

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Suez Canal blockade: Exporters’ bodies to identify cargo for priority movement

New Delhi, March 27 (IANS) As efforts are underway to free a giant container ship stuck in the Suez Canal, the Indian government in discussion with the stakeholders has decided that the Federation of Indian Export Organisations (FIEO), Marine Products Export Development Authority (MPEDA) and Agricultural and Processed Food Products Export Development Authority (APEDA) will […]

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Hathway Cable OFS opens on Friday

New Delhi, March 25 (IANS) Jio Content Distribution Holdings Private Limited, Jio Internet Distribution Holdings Private Limited and Jio Cable and Broadband Holdings Private Limited has issued a notice of the proposed offer for sale (OFS) of the equity shares of Hathway Cable & Datacom. As per a stock exchange filing, the sellers propose to […]

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Den Networks OFS opens on Friday

New Delhi, March 25 (IANS) Jio Futuristic Digital Holdings Private Limited, Jio Digital Distribution Holdings Private Limited and Jio Television Distribution Holdings Private Limited as the sellers have issued a notice for proposed offer for sale (OFS) of the equity shares of Den Networks Ltd. As per a stock exchange filing, the sellers propose to […]

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IRDAI directions for insurers on fraudulent calls

Chennai, March 25 (IANS) India’s insurance sector regulator has directed all insurers to register their template of messages with their telecom service providers to control unsolicited and fraudulent messages to policyholders. Pointing out at the menace of spam calls and messages to policyholders, the Insurance Regulatory and Development Authority of India (IRDAI) has issued the […]

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Equity indices fall, Sensex down 500 points

Mumbai, March 25 (IANS) The key Indian equity indices continued to decline on Thursday, with the BSE Sensex losing over 500 points. Heavy selling pressure was witnessed in auto, finance and IT stocks. Decline in the index heavyweights such as Reliance Industries, HDFC Bank and Infosys weighed on the indices. Around 10.30 a.m., Sensex was […]

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FTMF repaid ‘zero to minuscule’ amount to unit-holders of 2 shut funds: CFMA

Chennai, March 24 (IANS) The Chennai Financial Markets and Accountability (CFMA), an investor protection organisation, said on Wednesday that Franklin Templeton Mutual Fund (FTMF) has failed to honour its commitment made before the Supreme Court to distribute Rs 9,122 crore to all the unit-holders of its six closed schemes, and paid ‘zero to minuscule’ amount […]

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