Business News

NEW DELHI, 28 May 2017/--/Private sector players can now apply to commerce ministry for licences to manufacture tanks, fighter planes, warships and other defence equipment, a step which the government feels will promote ease of doing business and give impetus to 'Make In India' initiative. In a...

NEW DELHI, 28 May 2017/--/"Severe underemployment" and not unemployment is a more serious problem as a job that needs to be done by one person is often performed by two or more workers, says the government's policy think tank Niti Aayog. This assertion comes amid Congress's criticism of the...

Mumbai, 28 May 2017/--/With advancements in the field of biometric technology, India has topped globally in adoption of biometrics techniques, says a report. "On an average, people in India (9 per cent) are three times more likely than any other country (3 per cent) surveyed to have used 'iris...

NEW DELHI, 28 May 2017/--/Indian Oil Corp (IOC) has overtaken Oil and Natural Gas Corp (ONGC) to become India's most profitable state-owned company. IOC, which has for decades been India's biggest company by turnover, posted a 70 per cent jump in net profit to Rs 19,106.40 crore in the financial...

NEW DELHI, 28 May 2017/--/The Delhi Metro made a major foray into the Walled City of the national capital, as the ITO-Kashmere Gate 'Heritage Line' was thrown open to public on Sunday. It has three stations -- Delhi Gate, Jama Masjid and Red Fort. The new line, which is essentially an extension of...

London, 28 May 2017/--/British Airways Sunday said it plans to resume most of its flights out of Heathrow and Gatwick airports in London following major IT system disruption that had grounded planes on Saturday. "We are aiming to operate a near-normal schedule at Gatwick and the majority of...

NEW DELHI, 28 May 2017/--/Aerated drinks and consumer durables like TV, AC, washing machines and refrigerators will cost more, while smartphones, small cars and daily use items will turn cheaper when the GST is implemented from July. An analysis of the tax rates decided by the all-powerful GST...

Nagpur, 28 May 2017/--/Banking on the shared mobility space after launch of India's maiden electric vehicle project in Nagpur, automobile giant Mahindra & Mahindra is eyeing a capacity of 5,000 e-vehicles a month by 2019 which will be expanded further. On May 26, Nagpur earned the distinction...

Mumbai, 28 May 2017/--/Textile and apparel major Raymond will invest Rs 350 crore in capacity and retail expansion this year, the company said on Sunday. This will help ramp up its apparel sale and grow the fabric business over the next few years, a senior company executive said. "Of the Rs 350...

Chandigarh, 28 May 2017/--/Premier national laboratory Central Scientific Instruments Organisation (CSIO) on Saturday said it has developed a grain moisture analyser which will help growers harvest crops at the right time after ensuring correct moisture levels. "CSIR-CSIO, Chandigarh developed...

Hyderabad, 28 May 2017/--/Retirement fund body EPFO will invest Rs 20,000 crore in exchange traded funds this fiscal as it has decided to raise the investment limit in ETFs, Union Minister Bandaru Dattatreya said on Sunday. "Yesterday, the Employees Provident Fund Organisation (EPFO) Central Board...

NEW DELHI, 28 May 2017/--/ICICI Lombard General Insurance on Sunday said its foreign partner Canada-based Fairfax has offloaded part stake of 12.18 per cent to a clutch of investors, including Warburg Pincus, for Rs 2,473 crore. The board, at its meeting held on Sunday, took note of the proposed...

NEW DELHI, 28 May 2017/--/The CBDT is mulling expanding the scope of its policy of "naming and shaming" of tax defaulters by sharing such data with banks and credit-rating agencies. The Board, which decides policy matters for the Income Tax Department, has ordered creation of a special committee...

Kolkata, 28 May 2017/--/City based brewer and distiller, Pincon Spirit Ltd has charted out a capex of Rs 300 crore during the current fiscal in enhancing distilleries capacity, increasing retail chain and expanding footprint. To part finance the expansion of distilleries, it has mooted upto USD 30...

NEW DELHI, 28 May 2017/--/The finance ministry has initiated the process for finding new chief of the country's largest lender State Bank of India (SBI) as Arundhati Bhattacharya's extended term comes to an end on October 6. "Department of Financial Services has communicated to Banks Board Bureau...

Mumbai, 28 May 2017/--/General insurance industry grew 16 per cent to Rs 12,206 crore in April in terms of gross written premium (GWP) collection. In April last year, GWP stood at Rs 10, 500 crore. The industry saw a higher growth of 30 per cent in terms of GWP during fiscal 2017, according to...

Mumbai, 28 May 2017/--/The rupee is likely to move in a narrow range of 64.10-64.80 versus the dollar this week on expectation of sustained FII inflows, but month-end demand for the US currency from oil importers will put some pressure on the local unit, say treasury heads at banks. The rupee...

Mumbai, 24 May 2017/--/The rupee Wednesday reclaimed some lost ground by rebounding 16 paise to 64.73 following fresh bouts of dollar selling by banks and exporters. The domestic currency had yesterday slumped by a whopping 34 paise to end at a fresh seven-week low. The rupee today opened lower...

Kolkata, 24 May 2017/--/Real estate sectoral body CREDAI has urged the state governments to do away with the stamp duty on landed property to eliminate multi-point taxation after the introduction of GST. "CREDAI welcomes introduction of Goods and Services Tax (GST) as a major reform since it...

Hyderabad, 24 May 2017/--/The Union government is looking at promoting bond market for raising funds as banks are not the vehicles for long term finance, a SEBI official said today. Addressing a national conference on Bond Market--'Meeting Investor Needs Through Fixed Income Markets' organised by...

Mumbai, 24 May 2017/--/Markets swung into weakness for the second day as the Sensex Wednesday closed just above 30,300 and the Nifty gave up control of 9,400 with no let-up in selling by foreign investors ahead of the derivatives expiry. Global leads turned negative, giving investors jitters....

NEW DELHI, 22 May 2017/--/Foodgrain output is likely to touch a new record in the 2017-18 crop year to begin from July, on hopes of normal monsoon for the second straight year, Agriculture Minister Radha Mohan Singh said today. Foodgrain production is estimated to be all-time high at 273.38...

KANDLA (GUJ), 22 May 2017/--/Prime Minister Narendra Modi laid the foundation stone for half a dozen projects worth Rs 993 crore related to development of Kandla port and said good ports are essential for India's progress. Sound infrastructure and efficiency are vital pillars of economic growth,...

Lucknow, 22 May 2017/--/Non-performing public sector undertakings (PSUs) in Uttar Pradesh, mounting arrears and gross anomalies in the power sector are bleeding the state's coffers dry, the Comptroller and Auditor General (CAG) has pointed out. A report by the country's top audit body, tabled in...

NEW DELHI, 22 May 2017/--/Former Coal Secretary H C Gupta and two serving senior officials were today sentenced to two year imprisonment by a special court for irregularities in the allocation of a coal block in Madhya Pradesh to a private firm. The court also imposed a fine of Rs one crore on...