Sunday, May 16, 2021

Business

India's forex reserves up by over $1 bn

MUMBAI: India's foreign exchange reserves rose by $1.444 billion during the week ended May 7.According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $589.465 billion from $588.020 billion reported for the week ended April 30.

SBI General Insurance fined Rs 30L by IRDAI

CHENNAI: Cutting down the penalty recommended by its Adjudicative Officer by Rs 70 lakh, Insurance Regulatory and Development Authority of India (IRDAI) has penalised SBI General Insurance Company Ltd Rs 30 lakh for repeatedly violating Insurance Act and the regulations.

Tourism industry seeks direct benefit transfer of basic pay for employees

NEW DELHI: FAITH, the policy federation of all the national associations representing the complete tourism, travel and hospitality industry of India, has made suggestions to the Finance Ministry, the RBI and the Tourism Ministry for urgently taking up measures targeted at tourism jobs and businesses protection.

Fuel prices start rising again, petrol up 26p, diesel 32p/ltr

NEW DELHI: On the expected lines, oil companies did not wait long and raised the price of petrol and diesel steeply across the country on Monday.

FPIs pull out Rs 5,936 cr from Indian equities in 1st week of May

MUMBAI:Foreign portfolio investors (FPI) continued to pull out investments from the Indian equities during the first week of May.During the trading sessions of May 3-7, FPIs pulled out net investments worth Rs 5,936 crore from equities.

GST exemption may lead to price hike of vaccines: FM

NEW DELHI: Amid calls for full exemption of goods and services tax (GST) on vaccines, Finance Minister Nirmala Sitharaman on Sunday said that a complete waiver may lead to a rise in their prices, impacting the common man.

Reliance Retail is second fastest growing retailer in the world

NEW DELHI: Reliance Retail ranks 53rd in the list of Global Powers of Retailing by Deloitte, improves from 56th earlier.It remains the 2nd fastest growing retailer in the world despite the base effect of being No.1 last year.

Govt advances grant of Rs 8923.8 cr to Panchayats for Covid relief

NEW DELHI: The Finance ministry has released an amount of Rs 8,923.8 crore to 25 States as grants to the Rural Local Bodies (RLBs).The grants are meant for all the three tiers of Panchayati Raj Institutions - village, block and district.

Petrol, diesel prices remain unchanged for 2nd straight day

NEW DELHI: Petrol and diesel prices in the country remained unchanged on Sunday as oil marketing companies (OMCs) decided to pause the daily revision process and closely study global oil price movement before effecting any change in the domestic market.

Despite shortage, global semiconductor market to hit $522B in 2021

NEW DELHI: Despite supply constraints amid the pandemic, the global semiconductor market will reach $522 billion in 2021, a 12.5 per cent year-over-year growth, according to the International Data Corporation (IDC).

OMCs go on pause mode as petrol, diesel prices remain unchanged

NEW DELHI: Petrol and diesel prices in the country remained unchanged on Saturday as oil marketing companies (OMCs) decided to pause the daily revision process and closely study global oil price movement before effecting any change in the domestic market.

Government should incentivise use of clean fuels'

NEW DELHI: With the government imposing a green tax on old polluting vehicles, Indian Auto LPG Coalition (IAC) is advocating the need for this deterrent to be accompanied by incentives to people shifting to cleaner alternative fuels such as auto LPG.

Government to distribute 20 lakh seed kits of pulses

NEW DELHI: The Ministry of Agriculture and Farmers Welfare has formulated a special strategy for the ensuing Kharif 2021 season and has proposed to distribute 20,27,318, almost 10 times more, seed mini kits than the 2020-21 season costing Rs 82.01 crores. The total cost for these mini-kits will be borne by the Central Government to boost the production and productivity of Tur, Moong and Urad. The following mini-kits will be distributed:

India ready for full-fledged local display FAB manufacturing

NEW DELHI: As the Indian government renews its thrust on domestic electronics manufacturing with various incentive-linked schemes, the country has a great opportunity as well as required capabilities to establish a full-fledged semiconductor fabrication (FAB) electronics manufacturing ecosystem in the country, the India Cellular and Electronics Association (ICEA) said on Wednesday.

Cabinet approves strategic disinvestment of IDBI Bank

NEW DELHI: The Cabinet Committee on Economic Affairs (CCEA) has given its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank Ltd.

IndiGo ferries over 4K oxygen concentrators

NEW DELHI: Airline major IndiGo on Wednesday said it has transported a total of 4,142 oxygen concentrators to and across the country.A total of 2,717 oxygen concentrators have been airlifted from Thailand, China, Qatar, Hong Kong, and Singapore to India, while 1,425 units have been transported domestically between 36 airports.

US Chamber of Commerce sends aid to help India fight Covid 2.0

WASHINGTON: The Global Task Force on Pandemic Response, a newly-formed public-private partnership formed by the US Chamber of Commerce with nearly 40 tech giants on board, on Wednesday announced to start sending crucial aid to address the grim Covid situation in India.

Petrol, diesel rise sharply for 2nd day

NEW DELHI: Petrol and diesel prices in the country rose again sharply by 19 paise and 21 paise per litre respectively on Wednesday as Oil Marketing Companies (OMCs) continued to cover for their losses on holding back price rise for past 18 days due to state elections.

Wipro opens innovation centre in London

BENGALURU: Global software major Wipro on Tuesday said that it opened an innovation centre in London to provide expertise to its global clients, including those in Britain.

State elections over, auto fuel prices start rising again

NEW DELHI: On the expected lines, oil companies did not wait long post declaration of state election results to raise the price of auto fuels -- petrol and diesel across the countr

Equities in red, Sensex falls 700 points

MUMBAI: The key Indian equity indices opened on a negative note on Monday with heavy selling in finance and banking stocks.The BSE Sensex plunged as much as 754.29 points to touch an intra-day low of 48,028.07 points.

S Korea captures 31% of global EV battery market in Q1

SEOUL: Three South Korean electric vehicle (EV) battery makers accounted for 31 percent of the global market in the first quarter, but their share has slipped since last year in the face of toughening competition with Chinese rivals, a market research firm said on Monday.

India's exports in April rise to $30.2 bn, trade deficit surges

NEW DELHI: India's merchandise exports in April 2021 was $30.21 billion, higher by 197.03 per cent over $10.17 billion in April 2020.Exports last month also recorded a 16.03 per cent growth over $26.04 billion in April 2019, said an official statement.

Govt relaxes several compliance timelines under GST

NEW DELHI: As the Covid crisis and the resultant lockdowns impact business, the Centre has come up with several relaxations regarding timelines for GST compliance norms.

OMCs continue to hold petrol, diesel prices

NEW DELHI: Oil marketing companies (OMC) kept the retail prices of petrol and diesel unchanged for the 17th straight day across the four metro cities.In the national capital, petrol was sold for Rs 90.40 per litre on Sunday.

April GST collection sets new record, surges over Rs 1.41L cr

NEW DELHI: India's gross GST revenue collection reached a new record high of over Rs 1.41 lakh crore in April 2021, beating all expectations of lower collections in wake disruptions clauses by fresh wave of Covid-19.

Petrol, diesel prices remain static for 17 days in a row

NEW DELHI: Fuel prices in the country remained unchanged on Saturday as oil marketing companies decided to wait and watch the situation prevailing in global oil markets before before restarting daily revision of petrol and diesel prices.

UPI, payments frauds soar high in eastern Indian states: Report

BENGALURU: The eastern states in the country are witnessing high levels of digital frauds or UPI scams (41 per cent) via payment apps and online marketplaces, a report has revealed

Centre releases Rs 8,873.6 cr fund to states to fight Covid

NEW DELHI: The Finance Ministry has released an amount of Rs 8,873.6 crore in advance towards central share of the State Disaster Response Fund (SDRF) for FY22 to help states in their fight against Covid-19.

I-O Psychology: The Future of Business

The avenues of I-O psychology are a rather unexplored, untapped and growing market, one that is filled with opportunities for aspiring psychologists wanting to combine their love for business and psychology. While there exists a largely false claim that I-O psychology is a niche field with limited opportunities, the reality lies quite far from this assertion.

Covid disruption unlikely to impact April GST collections: SBI Ecowrap

MUMBAI: Even with the new wave of Covid-19 resulting in 'lockdowns' in 15 parts of the country and impacting business all across, the country's GST collections, the barometer of economic activity in India, is likely to cross the Rs 1 lakh crore mark for the sixth time in as many months in April, a SBI Ecowrap report said on Friday.

Petrol, diesel prices unchanged on Friday

NEW DELHI: Fuel prices in the country remained unchanged on Friday as oil marketing companies decided to wait for state elections to get over before restarting daily revision of petrol and diesel produced in line with price movement globally.

ECOWAS suffered economic contraction in 2020 due to Covid-19

ACCRA:The West African sub-region suffered an economic downturn in 2020 as a result of the Covid-19 pandemic, a top official said.
Unlike the average growth of 3.5 per cent in its Gross Domestic Product (GDP) before 2020, the sub-region recorded a 2.0-per cent contraction last year due to the pandemic, said Jean-Claude Kassi Brou, President of the Economic Community of West African States (ECOWAS) Commission.

At $54B annual run rate, AWS driving Amazon's Cloud dreams

NEW DELHI: As enterprises no longer want to manage their own technology infrastructure in the Covid-19 times, Amazon Web Services (AWS), which is the Cloud arm of Amazon, has become their preferred choice as it logs $54 billion annualised run rate -- a 32 per cent year-over-year growth.

Sensex down 400 points, banking stocks fall

MUMBAI: The key Indian equity indices declined on Friday morning with the BSE Sensex losing over 400 points.Heavy selling pressure was witnessed in banking and finance stocks. However, buying in metal and oil and gas stocks restricted the losses.

SBI business activity index hits new low in April

NEW DELHI: The SBI business activity index has declined to hit a new low in April amid the second wave of Covid-19 and the fresh lockdown measures.

IRDAI directs insurers for prompt action on Covid-19 claims

NEW DELHI: The Insurance Regulatory and Development Authority of India (IRDAI) has directed insurance companies to convey their decision on authorisation for cashless treatment for Covid-19 claims to the hospital within a period of 60 minutes from the time of the receipt of authorisation request, along with all necessary requirements from the hospital

US Fed keeps interest rates near zero as recovery picks up

WASHINGTON: The US Federal Reserve on Wednesday kept its benchmark interest rates unchanged at the record-low level of near zero, as economic recovery gathers momentum on Covid-19 vaccination progress and strong fiscal support.

Apartment sale on carpet area basis only in Haryana

CHANDIGARH: The Haryana Real Estate Regulatory Authority on Tuesday said it has issued regulations for the sale of an apartment or a building in any real estate project on carpet area basis regulations only.

CAIT seeks action against Amazon, Flipkart over non-essential supplies

MUMBAI:The Confederation of All India Traders (CAIT) has written to Minister for Commerce and Industry Piyush Goyal seeking action against e-commerce majors Amazon and Flipkart over alleged supply of non-essential goods amid the Covid-19 restrictions.

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