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Business / Rediff

Why your Uber/Ola surge prices won't soar anymore

New norms issued as per the Motor Vehicle Aggregator Guidelines 2020 have mandated a cap on surge price, preventing aggregators from charging more than 1.5 times of the base fare.

28 Nov 2020 11:06 am
DGCA set to remove curbs on aircraft with P and W engines

The P and W engines have suffered multiple glitches leading to inflight shutdowns due to which DGCA had restricted EDTO operations of A320 and A321neo aircraft, which are used by IndiGo and GoAir.

28 Nov 2020 11:03 am
LPG subsidy for BPCL consumers to continue: Pradhan

LPG customers of Bharat Petroleum Corporation Limited (BPCL) will continue to get cooking gas subsidy post-privatisation of the nation's second-biggest fuel retailers, Oil Minister Dharmendra Pradhan said on Friday. Subsidy on LPG is paid to consumers directly and not to any company. So the ownership of the company that sells LPG is not of any material consequence, Pradhan told PTI. The government gives 12 cooking gas (LPG) cylinders of 14.2-kg each to households in a year at a subsidised rate.

27 Nov 2020 11:44 pm
Fiscal deficit widens to Rs 9.53 lakh cr at Oct-end

The Union government's fiscal deficit further widened to Rs 9.53 lakh crore, which is nearly 120 per cent of the annual budget estimate, at the end of October of the current financial year, according to official data released on Friday. The deficit widened mainly on account of poor revenue realisation. The lockdown imposed to curb spreading of coronavirus infections had significantly impacted business activities and in turn contributed to sluggish revenue realisation.

27 Nov 2020 10:59 pm
Forex reserves climb $2.518 bn to record $575.29 bn

The country's foreign exchange reserves rose by $2.518 billion to touch a lifetime high of $575.29 billion in the week ended November 20, RBI data showed on Friday. In the previous week ended November 13, the reserves had surged by $4.277 billion to $572.771 billion. In the reporting week, the increase in the forex kitty was on account of a rise in foreign currency assets (FCAs), a major component of the overall reserves.

27 Nov 2020 10:15 pm
We should be cautiously optimistic about economy: CEA

Chief Economic Adviser K V Subramanian on Friday said there is an upside potential in the estimates about the economy during the current financial year amid a faster-than-expected recovery. He said the final print could be better than GDP estimates given by various institutions, including the Reserve Bank of India, which projected contraction of 9.5 per cent during 2020-21. During the second quarter, India's economy recovered faster than expected as a pick-up in manufacturing helped GDP clock a

27 Nov 2020 9:54 pm
A 94-year old bank is part of history now

Tamil Nadu-based Lakshmi Vilas Bank (LVB) with pre-independence lineage on Friday lost its identity after its merger with the Indian subsidiary of Singapore's DBS Bank. The debt-ridden 94-year old old bank's fate was sealed with Union Cabinet headed by Prime Minister Narendra Modi approving Scheme of Amalagamation on Wednesday.

27 Nov 2020 8:23 pm
Economy claws back faster in Q2 but enters recession

India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand. The gross domestic product (GDP) had contracted by a record 23.9 per cent in the first quarter of the 2020-21 fiscal (April 2020 to March 2021) as the coronavirus lockdown pummelled economic activity.

27 Nov 2020 7:03 pm
Eight core industries' output contracts 2.5% in Oct

Contracting for the eighth consecutive month, the output of eight core infrastructure sectors dropped by 2.5 per cent in October, mainly due to decline in production of crude oil, natural gas, refinery products and steel. The production of eight core sectors had contracted 5.5 per cent in October 2019, data released by the Commerce and Industry Ministry showed on Friday.

27 Nov 2020 6:40 pm
China's pain is Eveready's gain

As imports reduced, Eveready clocked significant volume growth in batteries.

27 Nov 2020 6:23 pm
Sensex drops 110 pts; RIL, IT stocks weigh

PowerGrid was the top laggard in the Sensex pack, shedding over 2 per cent, followed by HCL Tech, ONGC, M and M, Axis Bank, TCS, Reliance Industries and Infosys. On the other hand, Asian Paints, Titan, Tata Steel, Bajaj Finance and Bajaj Auto were among the gainers.

27 Nov 2020 4:26 pm
Toyota rolling out less than 100 units a day

Battered by the Covid-19 pandemic, the maker of the Fortuner and Innova models is staring at a steep loss in the ongoing financial year.

27 Nov 2020 3:47 pm
Wipro rewrites growth strategy under chief Delaporte

Under the new model, the IT services firm will replace the current structure of its various strategic business units, service lines and geographies with four strategic market units and two global business lines.

27 Nov 2020 10:19 am
As India Inc's profits soar, wage bill falls

The lockdown has taught companies a lesson or two on running business with fewer human resources. These lessons are unlikely to be forgotten, observes Mahesh Vyas.

27 Nov 2020 9:39 am
How Kerala-based CSB Bank made a dramatic turnaround

For FY21, CSB is looking at growth of around 25 per cent and is confident of doubling it in two years. And it is also exploring options to acquire a mid-size bank with a good client base and branches in the north to acquire an all-India presence.

27 Nov 2020 9:34 am
How will govt's credit guarantee scheme 2.0 work?

The government on Thursday said it has extended the Emergency Credit Line Guarantee Scheme (ECLGS) to the health sector and 26 other sectors identified by the Kamath Committee. The National Credit Guarantee Trustee Company Limited (NCGTC) has issued the operational guidelines for implementation of ECLGS 2.0 scheme, the finance ministry said in a statement. The scheme was announced by the government earlier this month as part of the Rs 2.65 lakh crore Atmanirbhar Bharat 3.0 package.

26 Nov 2020 11:44 pm
'Lower home loan interest rates to continue'

All real estate developers may not be able to avail the benefit of Reserve Bank of India's one-time restructuring scheme as they might not meet the required financial ratios and have the necessary credit rating, HDFC vice chairman and CEO Keki Mistry said. He was speaking at a real estate and infrastructure investor summit organised by Naredco. Restructuring may not necessarily help every developer because not too many will be able to meet the criteria laid down in terms of meeting the various r

26 Nov 2020 10:07 pm
FC Kohli, father of India's tech revolution, is dead

Father of the Indian software industry and the first CEO of Tata Consultancy Services, Faqir Chand Kohli, passed away on Thursday. He was 96 years old.

26 Nov 2020 7:48 pm
We remember: Tata's moving note on 26/11 anniversary

Veteran industrialist Ratan Tata, who headed Tata group whose iconic hotel in Mumbai was one of the sites of the 26/11 terror attacks, on Thursday penned a heartfelt tribute saying the wanton destruction that took place 12 years ago will never be forgotten.

26 Nov 2020 6:07 pm
Sensex rallies 432 pts on F and O expiry; financials shine

Tata Steel was the top gainer in the Sensex pack, rising around 5 per cent, followed by Bajaj Finance, Bajaj Auto, HDFC, HCL Tech and Titan. On the other hand, Maruti, ONGC, IndusInd Bank and Tech Mahindra were among the laggards.

26 Nov 2020 4:25 pm
SC rejects Skoda plea to quash FIR over cheat device

The Supreme Court on Thursday dismissed a plea by Skoda Auto Volkswagen India challenging an FIR registered in Uttar Pradesh by a customer over the alleged use of 'cheat device' in its diesel car by the company to manipulate emission norms.

26 Nov 2020 3:41 pm
Why India Inc setting up banks is a bad idea

The RBI working group's proposal to allow corporate houses to set up banks is a 'good-looking' step in a 'bad direction' and may lead to crony capitalism and eventual financial instability, former chief economist of World Bank Kaushik Basu said on Thursday. Basu further said that there is a good reason why all successful economies have a clear dividing line between industries and corporations on the one hand, and banks and lending organisations on the other.

26 Nov 2020 2:44 pm
Economic recovery stronger than expected: RBI Guv

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said the country's economy has recovered stronger than expected from the initial impact of the COVID-19 pandemic, but there is a need to be watchful of demand sustainability after the end of festivities. Speaking at the annual day event of Foreign Exchange Dealers' Association of India (FEDAI), Das said there are downside risks to growth across the world and also in India. It can be noted that the Indian economy contracted by 23.9

26 Nov 2020 1:18 pm
Small savings cross Rs 1-trn mark in H1 of FY21

Overall, small savings have amassed Rs 1.17 trillion from April-September - 26 per cent more than the previous year. But in those six months, the economy lost 24 per cent in the first three months, and is slated to lose 10 per cent in the second quarter.

26 Nov 2020 1:04 pm
Indian equities seen lagging other EM peers in 2021

UBS, Credit Suisse see emerging markets doing well next year, but expect India to underperform, given its rich valuations.

26 Nov 2020 12:27 pm
Smartphones costing Rs 35,000+ grow 91%

E-learning and work from home have forced a section of feature phones users to shift to smartphones.

26 Nov 2020 11:46 am
How long will savings, profits, stocks remain high?

How long will the RBI allow the government to borrow cheaply? A change in policy direction will see rates climb and bond values fall. Investors in debt funds are therefore at risk, as are people invested in the heated stock market, warns T N Ninan.

26 Nov 2020 11:05 am