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Economy / News Track

Commerce Ministry Releases New Edition Of FDI Policy Doc

In a significant move, the Commerce and Industry Ministry on Wednesday, released the next edition of its consolidated foreign direct investment (FDI) policy document, incorporating all the changes made over the past year. The new circular was released by the Department for Promotion of Industry and Internal Trade (DPIIT). It comes into from from 15 October. The consolidated policy is a compilation of various decisions taken by the government in connection with FDI in different sectors. Investors

29 Oct 2020 12:56 pm
Gold and silver prices fall again, Know today's rate

New Delhi: Gold and silver prices have been recorded in India today. December futures on MCX lost 0.14% to Rs 50426 per 10 grams, while silver futures fell 0.06% to Rs 60100 per kg. Both precious metals had also declined in the previous session. In the previous session, gold prices fell by 0.9%, or Rs 450 per 10 grams, on MCX, while silver slipped by Rs 2080 ie 3.3 per kg. Gold prices were flat today after a major fall in international markets in the previous session. Today, spot gold fell to $

29 Oct 2020 11:56 am
Vedanta Resources' failed takeover of Vedanta Ltd heightens refinancing risk: Moodys

Moody's Investors Service in it statement say thatVedantaResources Limited's (VRL) failed attempt to take full ownership of its profitable operating subsidiary Vedanta Limited will weaken liquidity, a credit negative that on 20 October led Moody's to place VRL's ratings under review for downgrade. A Moody's Vice President and Senior Credit Officer, Kaustubh Chaubal, says Without operations of its own, VRL needs to refinance debt maturities at a time of tight capital market li

27 Oct 2020 5:54 pm
Bengaluru RWF bags big order from Mozambique

Indian Railways wheels and axles premier manufacturer in Yelahanka, Bengaluru, Rail Wheel Factoryhas bagged its first significant export order.The African nation Mozambique has ordered1485 wheels and axles whosefirst batch has already been dispatched.RWF marked its historicfour millionth wheelroll out from the premises on October 21, is involved in manufacturing since 1984. Government to sell its stake in Rail Vikas Nigam RWFGeneral Manager Rajiv Kumar Vyas said We have just sent the first consi

27 Oct 2020 4:56 pm
Crude Oil Edges Higher on Weak Dollar

Crude Oil price edged higher in New York as the dollar weakened, although rising Libyan production and fading expectation for fresh United States stimulus pointed to a bearish outlook for the market. Futures rose 0.8 percent after falling below USD39 a barrel on Monday, with a weaker dollar boosting the appeal of commodities priced in the currency. Libya is set to resume the last of its major oil fields following a cease-fire in its civil war, moving the nation a step closer to boosting output t

27 Oct 2020 3:18 pm
Equitas Small Finance Bank float IPO: Know more

IPOs action is picking up momentum in the financial markets. It was after closing theRs 518-crore public issuelast week that Equitas Small Finance Bank is now expected to finalise the basis of allotment on October 27. The company will initiate refunds and unblock funds from ASBA account on October 28 and the equity shares will get credited to the accounts of entitled investors on October 29. The company will make its maiden entry on Stock Exchanges on November 2. Investors can check their allotm

27 Oct 2020 2:21 pm
Tech Mahindra acquires acquisition of Momenton

Tech Mahindra a leading bellwether in digital transformation, consulting and business services today announced strategic acquisition of Momenton, a digital enterprise technology firm, offering consultancy and implementation services, and Tenzing Limited, a technology consulting company. Tech Mahindra has acquired 100 percent equity in both the organizations, and together they will enable digital capabilities, modern cloud-based architecture and transformation for customers in the Australia and N

27 Oct 2020 1:45 pm
Ant Group IPO: The Biggest Ever In the World

China's financial technology behemoth Ant Group, formerly known as Ant Financial and Alipay, is set to raise nearly USD34 billion listing its shares in Hong Kong and Shanghai stock exchanges. Ant Group, the parent company of popular Alipay mobile payment application has priced its shares at USD10.30 per piece for the initial public offering(IPO), as per its regulatory documents released on Monday by stock exchanges of the two cities. Based on the pricing, Ant Group would be worth around USD3

27 Oct 2020 1:29 pm
Paytm Money Launches ETFs for Gold,

Paytm said its wholly-owned subsidiary Paytm Money has commenced Exchange-Traded Funds (ETFs) on its platform after regulatory nods from the Securities and Exchange Board of India (SEBI). ETF or exchange traded funds are investment platform that every person should add to their portfolio to earn index or market-linked returns at a lesser cost. The CEO of Paytm Money Varun Sridhar in his statement says We are offering a user-friendly interface together necessary factors that the user may need to

27 Oct 2020 1:08 pm
Cadila Healthcare Plans to Boost Capacity by 70pc

Pharmaceutical major Cadila Healthcare Ltd., race to develop an indigenous Covid-19 vaccine, is in discussion with potential partners to ramp up production capacity if its candidate passes human clinical trials. Cadila is looking to hire contract manufacturers for an additional 50 to 70 MLN doses of its plasmid DNA vaccine, on top of the 100 million that will come from its own capacity, as per the statement of Managing Director Sharvil Patel. However, ee declined to name the companies and the am

27 Oct 2020 12:51 pm
How to Change your Mobile Number in Aadhaar Card?

New Delhi: In today's era, Aadhaar card has become our most important document. Aadhaar card is mandatory in all necessary works. Sometimes it happens that when people change their old mobile number to a new number or for some other reason they want to change their mobile number to Aadhaar card. We're going to tell you a very easy way to update your mobile number online on your own. If you need to change the old mobile number in your Aadhaar card, first go to Google and search UIDAI. The

27 Oct 2020 11:32 am
Yes Bank CEO reveals decision to close 50 branch

The economic condition of the Yes Bank is gradually improving. Yes Bank made a net profit of Rs. 129.37 crores in the second quarter of FY 2020-21.Yes Bank has been benefited after an increase in debt. The bank had incurred a loss of Rs. 600 crores in the same period earlier in the year. Yes Bank told the stock markets that its total income during the period of criticism decline was 8,347. 50 crore to 5,952.1 crore. However, the NPA of the bank has increased during this. A number of works are be

27 Oct 2020 11:16 am
Ananya Birla Alleges Racism By Staff At A US Restaurant, says 'they Threw My Family Out'

Aditya Birla Group chairman Kumar Mangalam Birla's daughterAnanya Birla has made serious allegations of racial bias in the US with his family. Shesaid herfamily members were ousted from a restaurant in Los Angeles. Sharing this shocking incident on Twitter, Ananya said she had gone to dinner at the Scopa restaurant with her mother Neerja and brother Aryemen. But the staff there had racial bias with them and ' threw out ' from the restaurant on one side '. The 26-year-old singer a

27 Oct 2020 11:15 am
price of petrol and diesel remains unchanged, know today's rate

New Delhi: T he government oil companies on Tuesday have not made any change in the prices of petrol and diesel. Meaning even today the public has got relief from expensive oil. For the last 25 days, government oil companies are not making any changes in the price of oil. Rates remain the same in all metros including the capital Delhi. Petrol prices were last seen by 7 to 8 paise per liter on 22 September. Petrol-diesel prices are stable on 25 October in Delhi today. Petrol is being sold today a

27 Oct 2020 10:35 am
9 Lakh teachers in poor countries can be paid with Tax evaded by US Tech giants

The ActionAidInternational in a report says $2.8 billion with which 9 lakh teachersin poor countries can be paid are evaded by the US tech giants in various countries.The United States technology giants like Google, facebook, Amazon are evadingalmost $2.8bn tax a year in developing countries by using the flaws in the global tax rules.The developing countries around the world are blamingFacebook, Google and Microsoftforneglecting to pay a considerable amount of taxes. Last date of for filing IT t

26 Oct 2020 6:55 pm
Amazons wins the arbitration against the RRVL and Future Group deal

The Amazon Inc who has applied in theSingapore arbitration panel against the Future Group stating the $3.38 billion debt and asset sale of Future group to RRVL breaches the contract between Future Group and Amazon. Amazon wants the panel to stop the deal. Amazon has bought 49% of the Future Coupons stake which gives 7.5% of Future retail to Amazon and extends a provision to buy further Future retail stake for three year period. Reliance Retail intends to enforce Future group deal soon TheSingapo

26 Oct 2020 6:16 pm
Kotak Bank explores potential takeover Bid of IndusInd Bank

Kotak Mahindra BankLtd is reportedly exploring a potential takeover of smaller competitor IndusInd Bank Ltd. If such a deal is clinched, it could significantly expand Kotak Mahindras presence in the Indian banking sector, particularly in the retail segment, IndusInd Bank has denied reports of a proposed takeover of Kotak Mahindra Bank and has named the take over as malevolent. The Promoter of Indusind Bank, IndusInd-International Holdings Limited (IIHL), completely denies the said rumour and con

26 Oct 2020 12:27 pm
Indian business returns to growth, sales affected due to lockdown

Unilever's Indian business sales have been greatly affected by the lockdown imposed to control the COVID-19 epidemic in India. Now its business has returned to the path of development again. The British-Dutch company Unilever gave this information. The return of growth in Indian business with Brazil and the continuous improvement in the Chinese market has helped the company grow the business of emerging markets. The company's business in the region achieved 5.3%growth in the quarter ende

25 Oct 2020 11:03 am
No change in petrol and diesel prices, Know rates

Even on Sunday, the government oil companies have not made any change in the prices of petrol and diesel. Meaning even today the public has got relief from expensive oil. The government oil companies have not been making any changes in the price of oil since the last 23 days. Rates remain the same in all metros including the capital Delhi. Petrol prices were last seen by 7 to 8 paise per litre on 22 September. Petrol-diesel prices are stable on 25 October in Delhi today. Petrol is being sold tod

25 Oct 2020 10:27 am
Last date of for filing IT tax returns by taxpayers extended till Dec 31

In a major relief for the taxpayers amid the Covid-19 pandemic, the Income Tax Department on Saturday extended the deadline for the individual taxpayers to file their income tax for the financial year 2019-20, the assessment year 2020-21, by a month. The extension has been given in the view of constraints being faced by taxpayers due to COVID-19. The due date for furnishing of Income Tax Returns for the taxpayers [for whom the due date (i.e. before the extension by the said notification) as per

24 Oct 2020 4:34 pm
Govt bans imported goods at military shops, to impact liquor sales

India has ordered its 4,000 military shops to stop buying imported goods, a report byReutersclaimed. As per the document reviewed by Reuters, a move that could send an unwelcome signal to foreign liquor firms such as Diageo and Pernod Ricard. India's defence canteens sell liquor, electronics and other goods at discounted prices to military forces, ex-servicemen and their families. With annual sales of over USD2 billion, they make up one of the largest retail chains in India. The order said t

24 Oct 2020 3:52 pm
Clean-feed policy in TV broadcasting systems in Nepal

The clean-feed policy in television broadcasting systems in Nepal has been implemented beginning Friday midnight, except international advertisers from publishing ads in foreign TV channels. The Clean Feed Policy, announced last year, had set a deadline of October 23, 2020, for all cable operators to make the arrangements for continued broadcast or block the broadcast of those channels failing to do so. As a result, most of foreign channels, dominantly Indian channels have been taken off the air

24 Oct 2020 3:30 pm
MPC projects Inflation At 6.8pc for Q2

According to the Minutes of the Monetary Policy Committee (MPC), it has projected Consumer PriceIndex Inflation at 6.8 pc for second quarter fy20-21, at 5.4-4.5 pc for second-half FY 2020-21 and 4.3 pc for quarter first 2021-22, with risks broadly balanced. The Minutes of the Monetary Policy Committee meet which was held earlier this month was released on Friday. In the inflation outlook, kharif sowing portends well for food prices. Pressures on prices of key vegetables such as tomatoes, onions

24 Oct 2020 2:52 pm
74% Chinese-owned Hyderabad pharma firm files for IPO

Another big IPO is going to open soon. Share market regulator SBI has allowed Gland Pharma to issue an IPO of Rs 6,000 crore. Now soon this pharma company is going to announce the date of opening the IPO. Actually, the year 2020 has been the best in terms of IPO. This is the first IPO of a pharma company this year. Gland Pharma has aimed to raise Rs 6 thousand crore through an IPO. It can be a fresh issue of Rs 1,250 crore under this IPO, while an offer for sale (OFS) of Rs 4,750 crore can be ke

24 Oct 2020 1:50 pm
SBI's special card in festival season, customers will get this facility

Banks have announced different offers during the festival season. Meanwhile, SBI Card has also introduced a special card. The customer will get double profit with this one card. SBI Card has launched a special type of card in association with Delhi Metro Rail Corporation. It is a contactlesscard. It offers credit card as well as a metro smart card. SBI card said that the 'Delhi Metro SBI Card' has been designed keeping in mind the passengers travelling daily from the Delhi Metro. It was

24 Oct 2020 1:49 pm
Moratorium Interest Waiver, FM issues guidelines

The Finance Ministry has approved guidelines for a scheme for grant of ex-gratia payment of the difference between compound interest (CI) and simple interest (SI) for the 6-month moratorium period, on loans up to Rs.2 crore. The guidelines come taking into consideration the Supreme Court's direction to the govt to implement at the earliest, the interest waiver on loans of up to Rs 2 crore under the RBI's moratorium scheme announced in view of the COVID-19 pandemic on 27 March 2020. As pe

24 Oct 2020 12:47 pm