Thursday, August 05, 2021

Business

RBI's MPC to maintain rates, accommodative stance

NEW DELHI/MUMBAI:In a quest to sustain economic growth, the Reserve Bank is expected to continue with its easy monetary policy as well as the accommodative stance.

Over 360 UDAN air routes operational now

NEW DELHI: India has till date operationalised 361 air routes under the regional connectivity scheme 'Ude Desh Ka Aam Nagrik' or RCS-Udan.The scheme was launched in 2016. Under it, airlines are provided with a 'Viability Gap Funding' to keep fares affordable and accessible.

IndiGo launches special fares on 15 yr anniversary

NEW DELHI: To celebrate its 15 years of operations, airline major IndiGo on Wednesday announced a three-day special sale offering all-inclusive fares starting from Rs 915 on its domestic and international connections.

Tourism in concurrent list will aid hospitality sector's revival

NEW DELHI:The proposal to include tourism in the concurrent list is likely to boost the recovery of the hospitality sector which has been among the worst-hit segments amid the Covid-19 pandemic.

With global crude fluctuating, OMCs to wait & watch on fuel

NEW DELHI: Oil marketing companies (OMC) continued to pause fuel price revision for the eighteenth consecutive day on Wednesday as wait and watch continues amidst fluctuating global crude prices.

Fuel prices remain static for 17 consecutive days

NEW DELHI:The oil marketing companies (OMC) continued to pause fuel price revision for the seventeenth consecutive day on Tuesday, the longest period in weeks, as wait and watch continues amidst fluctuating global crude prices.

Discoms help save Delhi over Rs 1.2 LK cr in 19 years

NEW DELHI:Power discoms have helped the national capital save over Rs 1.2 lakh crore since the privatisation of the Delhi Vidyut Board in 2002, industry sources said.

Sisodia meets Delhi traders on GST issue

NEW DELHI: Delhi Deputy Chief Minister Manish Sisodia on Monday held a meeting with the representatives of trade unions of different markets, three days after the AAP government passed the Goods and Service Tax (GST) (Amendment) Bill.

PNB's YoY Q1FY21 net profit up 232%

NEW DELHI:State-run Punjab National Bank on Monday reported a year-on-year rise of 232.1 per cent in its net profit for Q1FY21.The lender's net profit rose to Rs 1,023 crore in Q1FY22 from Rs 308 crore, during the like period of the previous fiscal.

Govt crackdown on erring insolvency professionals, IBBI institutes hefty penalties

NEW DELHI:The Centre has proposed a crackdown on insolvency professionals that develop nexus with companies facing bankruptcy proceedings thereby delaying the resolution process.

Halt in fuel price revision continues, global oil rates above $75/bbl

NEW DELHI:Oil marketing companies (OMC) kept petrol and diesel prices unchanged for the 15th straight day.
In the national capital, petrol continued to be sold for Rs 101.84 per litre, while diesel was being sold at the unchanged rate of Rs 89.87 a litre on Sunday.

NTPC Q1 net profit rises 27.35% to over Rs 3,000 cr

NEW DELHI: The country's largest power generator NTPC Ltd. has reported 27.35 per cent increase in its net profit during the first quarter of current fiscal on the back of higher generation and improved demand for power.

Full functional autonomy for PSU general insurers not privatisation: Unions

CHENNAI:Demanding functional autonomy and opposing privatisation, the major unions in the government owned general insurers are not buying Finance Minister Nirmala Sitharaman's views about the reasons for the government amending the General Insurance Business (Nationalisation) Act, 1972.

Compliance not eased for GST taxpayers with over Rs 5 cr turnover, reconciliation statement remains

NEW DELHI:Taxpayers looking at ease of compliance requirement for filing annual GST returns for 2020-21 are in for a rude shock as the government has not completely done away with the process of including the reconciliation statement along with the returns.

No revision in fuel prices for 13th day

NEW DELHI:Oil marketing companies (OMC) continued to pause fuel price revision for the 13th consecutive day on Friday, the longest period in weeks, as wait and watch continued amid rising global crude prices.

US economy grows at annualised 6.5% in Q2

WASHINGTON: The US economy grew at a lower-than-anticipated annual rate of 6.5 per cent in the second quarter, marking the return to an above pre-pandemic level of overall economic activity, the Commerce Department reported.

Punjab & Haryana HC paves way for probe against NSEL defaulter LOIL Group

NEW DELHI: The National Spot Exchange Limited (NSEL) said on Wednesday that an order of the Punjab and Haryana High Court has paved the way for criminal investigation against NSEL defaulter LOIL Group and the subsequent arrest of its owners, Balbir Uppal and Janak Raj Singh, for the recovery of Rs 720.31 crore defaulted money.

'Amendments to LLP Act to boost ease of doing business'

NEW DELHI:With the Union Cabinet approving amendments to the Limited Liability Partnership Act, experts and industry stakeholders have lauded the move and said that decision is a major development towards ease of doing business.

No revision in fuel prices for 12 straight days

NEW DELHI: The oil marketing companies (OMC) continued to pause fuel price revision for the twelfth consecutive day, the longest period in weeks, and decided to watch global developments and crude price for some more time before making any revisions in Petrol and diesel prices.

IFFCO Kisan registers 30% jump in cattle feed business in Q1FY22

NEW DELHI:The IFFCO Kisan Sanchar Ltd, a subsidiary of IFFCO, has registered good performance in its cattle feed business during the first quarter of the current financial year (2021-22).

Sugarcane output per hectare rises in UP

LUCKNOW: Uttar Pradesh has scored another high with the sugarcane cultivation.
According to a government spokesman, the average cane production reached 815 quintal per hectare in 2020-21. In the last fiscal year, the average cane production was to the tune of 811 quintal per hectare.

Haryana CM inaugurates Hyundai Motors India headquarters in Gurugram

GURUGRAM: Haryana Chief Minister Manohar Lal Khattar on Tuesday inaugurated South Korean automobile major Hyundai Motors' India headquarters in Gurugram.

Fuel prices could have reduced by Rs 1 but for OMCs' reluctance

NEW DELHI: The reluctance of oil marketing companies to make a downward revision of fuel prices in line with softening of global oil and product prices over past fortnight has prevented consumers from getting at least Rs 1 per litre relief on prevailing retail prices on petrol and diesel.

Card games and their increasing popularity in India

In India, card games since time immemorial have been a recreational activity. Whether it is festivals such as Diwali or social gatherings, fun remains incomplete without card games. Due to advancements made in technology in recent years, card games are significantly increasing in popularity.

No revision in petrol, diesel prices for 10 consecutive days

NEW DELHI: Oil marketing companies (OMC) continued to pause fuel price revision for the tenth consecutive day, the longest period in weeks, as global development on oil production and rising US inventories has softened crude and product prices.

Global investors pouring money into US financial assets

NEW DELHI:Investors around the globe are pouring money into US financial assets, a sign of confidence that the world's largest economy remains poised to pull through the Covid-19 pandemic better than many others, the Wall Street Journal has reported.

Govt justifies higher taxes on petrol and diesel

NEW DELHI: The government has justified high level of taxation on auto fuels suggesting that revenue from petroleum sector is important for running various developmental schemes but has refused to acknowledge the role played by higher prices of petrol and diesel in fuelling inflationary pressure on the economy.

Fuel consumers get relief, no revision in petrol, diesel prices

NEW DELHI: Oil marketing companies (OMC) continued to pause fuel price revision for the ninth consecutive day on Monday, the longest period in weeks, as global development on oil production and rising US inventories has softened crude and product prices.

China trying to paint dark outlook for Indian economy

NEW DELHI: In a scare-mongering exercise, the Chinese regime's mouthpiece is raising the spectre of a looming financial crisis for IndiaGlobal Times warned regional governments to be wary. "The 1997 Asian financial crisis started in Thailand. If a similar crisis happens to India, it would likely send the regional financial markets into an even more severe mess. Governments in the region need act quickly to avert a deepening health and economic crisis," it said.

India's gold imports surge in Apr-Jun, silver imports fall

NEW DELHI: India registered a manifold raise in import of gold during the first three months of FY22 on a year-on-year basis, to nearly $7.9 billion.This rise in gold imports can be attributed to low imports during the same period last year owing to the nationwide lockdown and the revived consumer demand in this financial year.

16 unicorns, $11bn funding: Indian startups rise sans Chinese money

NEW DELHI: The great Indian tech startup story is being rewritten amid the Covid-19 pandemic as traditional sectors still bear the brunt.
With 16 unicorns (startups with a valuation of over $1 billion) and more than $11 billion in funding, chiefly from the US-based investment firms (till June-end), the year 2021 has proved that Chinese investment is no longer needed in a �self-reliant' India amid the new normal.

I-T Dept conducts pan-India searches on prominent business group

NEW DELHI: The Income Tax (I-T) Department has conducted a pan-India search operation on a prominent business group, which is involved in businesses in various sectors, including media, power, textiles and real estate, with a group turnover of more than Rs 6,000 crore per annum.

Go First operates first night flight from Jammu to Delhi

NEW DELHI: Budget airline Go First, formerly known as GoAir, has operated the first ever night flight from Jammu to Delhi.
Accordingly, the flight 'G8 196' - took off at 8.00 p.m. on Friday and was operated on Airbus A320neo.

Equities on tenterhooks: Covid concerns, Fed decision to induce caution 

MUMBAI: India's key equity indices are expected to maintain caution on the back of rising Covid cases globally as well as the rate decision of the US Fed during the upcoming week.

Open air travel for inoculated passengers: IATA

NEW DELHI: International air travel should be opened up for at least fully vaccinated air passengers, global airlines' association IATA told IANS.

7-day relief: No revision in fuel prices in a week

NEW DELHI:Oil marketing companies (OMC) continued to pause fuel price revision for seven consecutive days, the longest period in weeks, as the global development on oil production and rising US inventories softened crude and product rates.

J&K LG inaugurates night flight operations at Jammu airport

JAMMU:In a historic move Jammu and Kashmir Lieutenant Governor Manoj Sinha on Friday inaugurated the night flight operations at the Jammu Airport

India's forex reserves rise by over $800 mn

MUMBAI: India's foreign exchange reserves rose by $835 million during the week ended July 16.
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $612.730 billion from $611.895 billion reported for the week ended July 9.

Yes Bank's Q1FY22 standalone net profit at over Rs 206 cr

MUMBAI: Yes Bank on Friday reported a standalone net profit of Rs 206. 84 crore for Q1FY22.As per the company's filing to the BSE, the lender had reported a net profit of Rs 45.55 crore for Q1FY21.

NRIs send investment proposals to Yogi govt

LUCKNOW: More than 50 Non-Resident Indians (NRIs) have expressed their keenness to set up industries in Uttar Pradesh, of which 32 are already in touch with the state government to invest about Rs 1,045 crore in Noida-Greater Noida, Lucknow, Kanpur, Gorakhpur and Prayagraj.

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