Thursday, January 28, 2021

Business

Budget21-22 must set aside threat for India becoming dumping ground for global Al scrap

NEW DELHI: India has been caught in a pincer by a torrent of cheap inflow of aluminum and scrap imports majorly from China as well as the United States.
In FY20, there has been a 327 per cent increase in the imports of aluminium scrap from US into India compared to the levels in FY15.

Sensex plunges 1,000 points, Nifty below 14,000

MUMBAI: The Indian stock market witnessed a freefall on Wednesday afternoon, with the BSE Sensex losing over 1,000 points.
Around 2.45 p.m., Sensex was at 47,310.81, lower by 1,036.78 or 2.14 per cent from its previous close.

450 infra projects report cost overrun of Rs 4.28 lakh cr

NEW DELHI: As many as 450 infrastructure projects have reported a cost overrun of over Rs 4.28 lakh crore as of January 1, 2021, data from the Ministry of Statistics and Programme Implementation showed.

Microsoft logs 17% revenue growth riding on cloud business

SAN FRANCISCO: An impressive growth in its Azure Cloud business in a pandemic-hit year helped Microsoft post a 17 per cent increase in its revenue which reached $43.1 billion, with declaring a net income of $15.5 billion, for the quarter ended December 31, 2020.

Oil and Gas sector leads profit pool, says MOFSL report

NEW DELHI: The oil and gas sector has emerged as one of the largest contributor to the overall profit or dividend pool, said Motilal Oswal Financial Services in a report.

Flaming petrol prices to fuel CNG vehicles adoption: Report

NEW DELHI: Elevated prices of petrol due to a steep increase in taxes in the recent past is set to increase the adoption of compressed natural gas (CNG)-driven vehicles, Crisil Research said.

Centre set to permanently ban 59 Chinese apps

NEW DELHI: The Union Government has decided to permanently ban 59 Chinese mobile applications including TikTok.
The development comes several months after the government had first banned Chinese apps temporarily in last June.

Gaming’s Usefulness as a Means of Cultural Celebration

Moving into another country is always challenging on the mind and body, no matter who you are. To cope with the isolation we often take mementos, to give us some connection to our roots back home. There are other more active solutions that can accomplish the same thing, however, specifically in terms of interactive entertainment. If you haven't taken this route, the benefits can be significant, and well worthy of consideration.

Pichai commits $150mn for equitable access to Covid vaccines

NEW DELHI: Alphabet and Google CEO Sundar Pichai on Monday pledged more than $150 million to promote vaccine education and ensure equitable distribution so that everyone can benefit from this triumph of scientific achievement, and quickly.

Bullet Train Project: Tender for undersea tunnel yet to be floated

NEW DELHI: The National High Speed Rail Corporation Limited (NHSRCL) is yet to float the tenders for the undersea tunnel for Mumbai-Ahmedabad Bullet train project. Seven Indian companies have shown interest for the construction of the underground station at BKC, Mumbai in the pre-bidding stage, officials said on Monday.

Fuel prices rise hold for 2nd consecutive day

NEW DELHI: Petrol and diesel prices remain unchanged on Monday after reaching new all-time high levels as oil marketing companies decided to take a pause, and wait and watch the situation before taking a call on further revision of auto fuel prices to bridge the widening under recovery.

13th Instalment of Rs 6K cr released to States to meet GST compensation shortfall

NEW DELHI: The Ministry of Finance has released the 13th weekly instalment of Rs 6,000 crore to the states on Monday to meet the GST compensation shortfall.
Out of this, an amount of Rs. 5,516.60 crore has been released to 23 States and an amount of Rs. 483.40 crore has been released to the 3 Union Territories (UT) with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry) who are members of the GST Council.

Fiscal support for growth in 2020 decade likely to be lower, says report

MUMBAI: The fiscal support toward economic growth in the 2020 decade is expected to be lower than in the previous corresponding period, Motilal Oswal Financial Services said in a report.

Pre-buying before OEMs price hikes, lifted Dec vehicle demand: Ind-Ra

NEW DELHI: Pre-buying of vehicles before OEMs' price hikes lifted demand in December, said India Ratings and Research (Ind-Ra).
The domestic automobile industry's growth momentum had continued in December 2020, even after the festive season.

Tax data transfer between FB group companies: Govindacharya to FM

NEW DELHI: Amid raging controversy surrounding WhatsApp's new data privacy policy, former Rashtriya Swayamsevak Sangh (RSS) ideologue KN Govindacharya on Saturday urged Union Finance Minister Nirmala Sitharaman to impose taxes on data transfer between Facebook group companies.

IndiGo to start Agra-Bengaluru flight from March

AGRA: As part of its strategy to bolster its regional connectivity, IndiGo has announced Agra as its 64th domestic destination. The airline will connect Agra to Bengaluru and Bhopal through direct flights under the RCS scheme from March 28.

Fuel dearer again: Petrol prices up by 22-25 p/l, diesel by 24-26

NEW DELHI: Petrol and diesel prices rose sharply again on Saturday reaching new all-time highs as oil marketing companies (OMCs) decided to break the pause in revision of auto fuel prices to bridge the widening under recovery.

RIL's Q3FY21 consolidated net profit rises to Rs 14,894 cr

NEW DELHI: Reliance Industries Ltd (RIL) on Friday reported a rise of over 25 per cent in its consolidated net profit for the quarter ended December 31 of FY2020-21 on a year-on-year (YoY) basis.

Fuel prices rise again, reach new highs on Friday

NEW DELHI: Petrol and diesel prices rose sharply again on Friday reaching new all-time high levels as oil marketing companies decided to break the pause in revision of auto fuel prices to bridge the widening under recovery.

HDFC Bank reviews SEBI order in BRH Wealth Kreators' matter

MUMBAI: HDFC Bank on Friday said that it is reviewing the SEBI order imposing a penalty of Rs 1 crore on the bank in the in the matter involving BRS Wealth Kreators.
The capital market regulator on Thursday imposed a penalty of Rs 1 crore on HDFC Bank for invocation of client securities pledged by stock broking firm BRH Wealth Kreators in violation of an interim order by the regulator.

Hyderabad firm gets rail contract for propulsion, control systems

NEW DELHI: The Indian Railways has awarded a contract of Rs 2,211 crore to design and manufacture propulsion, control and other equipment of 44 Vande Bharat-type train sets to Hyderabad-based Medha Servo Drives Pvt Ltd, a Ministry spokesperson said on Friday.

Yogi boost for startups: 4 get Rs 20 lakh

LUCKNOW:As part of the 'Start in UP' programme, the policy implementation unit in the state has approved marketing assistance of Rs 5 lakh each to four startups, including one that aims to use artificial intelligence for face recognition to provide safety for women and children.

Adani Enterprises signs concession agreement with AAI for 3 airports

NEW DELHI: Adani Enterprises on Tuesday said that it has signed the concession agreement with the Airports Authority of India (AAI) for operating and developing the Jaipur, Guwahati and Thiruvananthapuram airports.

EEMA announces 20th January, 2021 for Zonal Spotlight Awards 2020 Virtual Ceremony

NEW DELHI: While the event industry is rebuilding itself for a potential comeback, Event and Entertainment Management Association (EEMA), the unified body for events managers  in India, announced 20th January, 2021 as the official date for the ceremony of Zonal Spotlight Awards 2020.

Petrol, diesel prices breach record high levels

NEW DELHI: Petrol and diesel prices rose again by 25 paise per litre each on Tuesday after oil marketing companies decided to continue the upward price revision of auto fuels in the wake of enlarging under recovery on sale of the two products.

Sensex gains over 400 points; auto, metal stocks rise

MUMBAI:The key Indian equity indices opened on a positive note on Tuesday with the BSE Sensex rising over 400 points.
The across-the-board buying was led by auto, metal and oil and gas stocks.

Hero Motors acquires stake in Hewland Engineering

NEW DELHI: Auto component manufacturer Hero Motors Company (HMC) on Monday announced that it has acquired a strategic stake in UK's transmission design technology leader Hewland Engineering Ltd.

Sugar production up 31% to 142.70 lakh tonne

NEW DELHI: Sugar production rose nearly 31 per cent to 142.70 lakh tonne in the three and a half months of the current sugar season (SS) 2020-21 (October-September) as compared to the last year as per the data released by the apex industry body, Indian Sugar Mills Association (ISMA) on Monday.

Yes Bank board to discuss raising funds on Jan 22

MUMBAI: Yes Bank on Monday said that its Board of Directors will consider raising funds by issuing equity shares, depository receipts or debentures among other options, in its meeting on January 22.

Take action to cut methane emissions from oil, gas sector: IEA

NEW DELHI: Methane emissions from the global oil and gas industry fell by an estimated 10 per cent in 2020 as producers slashed output in response to the historic shock of the Covid-19 crisis, the International Energy Agency (IEA) said on Monday, warning that these emissions could rebound strongly without greater action by companies, policy makers and regulators.

Petrol, diesel prices remain static 3 days in a row

NEW DELHI: Petrol and diesel prices remained unchanged on Sunday after oil marketing companies decided to wait and watch the global oil price movement before taking the next course of action.

Will agitate against complex, arbitrary GST system: CAIT

NEW DELHI: The Confederation of All India Traders (CAIT) has announced that it will launch a nationwide movement against the present Goods and Services Tax (GST) system which it claims has become "extremely complicated" because of several "arbitrary" amendments.

iGaming India: Top International Games Bolstering US$60bn Industry

The incredibly rapid rise of smartphones and mobile internet connections across India has swiftly introduced new international industries to a large portion of the population. India boasts the second-largest, largest untapped, and one of the fastest-growing internet populations in the world, and so, many internet-based businesses are looking to get a foothold in the market.

Financial markets need to be prepared for sudden decline: RBI Guv

MUMBAI: Reserve Bank of India Governor Shaktikanta Das has said that domestic financial markets must remain prepared for sudden decline going ahead in case risk aversion takes hold among investors globally.

NCLT admits petition alleging mismanagement, fraud by Omaxe

NEW DELHI: The Chandigarh-bench of National Company Law Tribunal (NCLT) has admitted a petition filed against Omaxe Ltd over alleged acts of oppression and mismanagement claiming by the company and its management.

Petrol, diesel prices unchanged across metros

NEW DELHI: Petrol and diesel prices remained unchanged for the second consecutive day on Saturday.
In the national capital, petrol was sold at the record high level of Rs 84.70 per litre. Prices in Mumbai, Chennai and Kolkata were Rs 91.32, Rs 87.40 and Rs 86.15 per litre, respectively.

RailTel proposes broadband, WiFi services in remote areas

NEW DELHI: RailTel, which has provided fibre optic connectivity at over 5,900 stations across the country and mostly in rural areas, is now planning to provide broadband and WiFi facilities in remote villages, sources said on Friday.

Petrol, diesel price rise pauses after consecutive days of increase

NEW DELHI: Petrol and diesel prices remain unchanged on Friday after oil marketing companies decided to go on a pause mode opting to wait and watch the global oil market before taking the next course of action.

Parliament session from Jan 29, FM to present Budget on Feb 1

NEW DELHI: The Budget session of Parliament will commence from January 29, with Union Finance Minister Nirmala Sitharaman set to present the Union Budget on February 1.The session will be held in two parts -- from January 29 to February 15 and March 8 to April 8.

Consumer demand of gold may improve in 2021 on economic recovery of EMs

NEW DELHI: The year 2021 is likely to add to the shine of the gold as consumer demand which has largely been subdued amid the pandemic may rise on the back of economic recovery of the emerging markets, said a report by the World Gold Council (WGC).

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