Business

SEBI has issued a notice to ICICI Bank CEO Chanda Kochhar in Videocon loan case

Markets regulator SEBI has issued a notice to ICICI Bank CEO and MD Chanda Kochhar on the bank’s dealings with Videocon Group and Nupower Renewables, an entity in which her husband Deepak Kochhar has economic interests, the private sector lender said on Friday. An appropriate response would be submitted to the regulator, the country’s largest […]

Business

Data released by the RBI has revealed that big-ticket frauds

Data released by the Reserve Bank of India (RBI) has revealed that big-ticket frauds against banks have been rising consistently in the last decade. In 2008-09, the average amount involved in advances (loan) related fraud, where amount involved was more than Rs 1 lakh, was Rs75 lakh. This increased to Rs9 crore in 2017-18. These […]

Business

Nirav Modi’s US-based stepbrother Nehal “disappeared” with 50kg gold jewellery from a Dubai

After the scam broke, Nehal realised that investigating agencies would try to stall the shifting of the jewellery from Dubai. He acted swiftly and moved it to a safer location, sources said. Nehal is based in the US and was associated with Gitanjali Gems, one of Mehul Choksi’s firms. Nirav Modi’s US-based stepbrother Nehal “disappeared” […]

Business

London-listed Vedanta Resources hopes to restart its copper smelter in Tamil Nadu

The company’s position comes a day after the state said it was seeking a permanent closure of the plant due to allegations that it pollutes the air and water of the locality. London-listed Vedanta Resources hopes to restart its copper smelter in Tamil Nadu and still wants to double its capacity despite protests demanding its closure that […]

Business

The government on Thursday appointed non-executive chairpersons at three public-sector banks — Punjab & Sind Bank, Dena Bank and Central Bank of India

  Financial services secretary Rajiv Kumar tweeted: “As part of banking reforms and on a recommendation of Banks Board Bureau (BBB), the government appoints Charan Singh, Anjali Bansal, and Tapan Ray as non-executive chairperson of Punjab & Sind Bank, Dena Bank and Central Bank of India, respectively.” The appointments come at a time when both Dena […]

Business

Citing circumstances for immediate action, the government hiked the import duty on five items

  Invoking “emergency powers” to increase import duties under Section 8A of the Customs Act, the Finance Ministry increased basic customs duty on walnut in a shell from 30 percent to 100 percent The duty on shelled almond was hiked to Rs 100/kg from Rs 65/kg, while that on wheat, the basic customs duty has […]

Business

BSE Sensex rose over 180 points in early trade on Friday

The BSE Sensex rose over 180 points in early trade on Friday, extending Thursday’s rally on robust buying in IT, energy and banking stocks amid unabated purchases by domestic institutional investors. Asian shares were mixed after US President Donald Trump cancelled a planned meeting with North Korean leader Kim Jong Un. The 30-share index jumped […]

Business

Petrol Rs 77.83 a litre in Delhi, Rs 85.65 in Mumbai

Fuel prices continued to increase for the 12th straight day on Friday, with petrol and diesel prices going up by 32 and 18 paise, respectively. According to the Indian Oil Corporation (IOCL), petrol on Friday was being sold at Rs 77.83 per litre in Delhi, Rs 85.65 in Mumbai , Rs 80.47 in Kolkata, and […]

Business

The government may levy a windfall tax on oil producers like Oil and Natural Gas Corp (ONGC)

The government may levy a windfall tax on oil producers like Oil and Natural Gas Corp (ONGC) as part of a permanent solution it is working on for moderating the spiralling retail prices of petrol and diesel. The tax, which may come in form of a cess, will kick in the moment oil prices cross […]

Business

PACL in its proposal has submitted a proposal to the committee to recover more than Rs 15,000 crore in two years

Last month, PACL in its proposal has submitted a proposal to the committee to recover more than Rs 15,000 crore in two years. According to the proposal, the company offered to bring in buyers to purchase its assets for a total consideration of at least Rs 15,000 crore. Of this, the firm suggested bringing in […]

Business

Tata Motors shares were down 6.58% to Rs 289.10 at 12.25 pm on the NSE

Tata Motors Ltd. fell as much as 8.2% after earnings at the owner of Jaguar Land Rover missed analysts’ estimates amid sluggish demand for its luxury cars in Europe. Shares of the country’s biggest automobile company were down 6.58% to Rs 289.10 at 12.25 pm on the National Stock Exchange (NSE), heading to the lowest […]

Business

Jet Airways on Wednesday clarified it has not come up with any special offers on its 25th anniversary

It was in response to a fake message being widely shared on social media and WhatsApp claiming that the airline is offering two free tickets to every family to celebrate its 25 years. In a statement on Twitter, the airline alerted its customers and also advised them to trust information that is shared on its […]

Business

BSE Sensex rebounded about 153 points in opening trade on Thursday

The BSE Sensex rebounded about 153 points in opening trade on Thursday, on fresh buying in IT, teck, capital goods and healthcare counters amid mixed overseas cues. Buying by domestic institutional investors and strengthening rupee also supported the recovery, brokers said. Asian stocks traded mixed amid caution over US-China trade relations. US stocks closed higher […]

Business

The assets have been seized in lieu of those held abroad by Dabur group director Pradip Burman, ED has said

In an official statement, ED said that Burman had deposited USD 32 lakh in an HSBC account in Zurich in violation of foreign exchange laws of the country. The ED initiated the action under provisions of the Foreign Exchange Management Act (FEMA). The seized assets include 50,000 tax-free government bonds of HUDCO and IRFC. The […]

Business

Sun Pharmaceuticals is expected to now start selling the drug in the US

  Sun Pharma had acquired YONSA from Churchill Pharmaceuticals and will commercialise the drug in the US. In a regulatory filing, Sun Pharma and Churchill Pharmaceuticals, LLC said: “one of Sun Pharma’s wholly owned subsidiary companies has received approval from the US Food and Drug Administration (USFDA) for YONSA.” YONSA (abiraterone acetate) is a novel […]

Business

BSE Sensex dropped 60.79 points,SBI shares rise over 5%

Equity benchmark BSE Sensex slipped more than 60 points in opening trade on Wednesday, on heavy selling in metals, realty energy and auto stocks amid sustained capital outflows by foreign funds. Asian shares drifted lower after US President Donald Trump said he was not satisfied with bilateral trade talks with China that occurred last week. […]

Business

Petrol prices in Delhi breached Rs 77 a litre on Wednesday

Petrol prices in Delhi breached Rs 77 a litre on Wednesday, recording a fresh high in prices since the last time similar levels were seen in September 2013. From 6 am on Wednesday, petrol in Delhi was being sold at Rs 77.17 a litre, a further 30 paise increase over Tuesday’s rate of Rs 76.87 […]

Business

ED said it has seized assets worth Rs 20.87 crore of Dabur’s Pradip Burman in probe of HSBC black money list

The ED on Tuesday said it has seized assets worth Rs 20.87 crore of Dabur group Director Pradip Burman in connection with its FEMA probe in the HSBC bank black money list unearthed few years ago. The Enforcement Directorate (ED) initiated the action under the provisions of the Foreign Exchange Management Act (FEMA) and the […]

Business

Moody’s says the government is unlikely to reverse fuel pricing deregulation because it remains committed to reforms

As oil prices rise, Moody’s Investors Service said state-owned oil producers ONGC and Oil India Ltd face increasing risk of the government once again requiring them to share the fuel subsidy burden. Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) had for more than 13 years paid as much as 40 percent […]

Business

China’s steel prices fell to their lowest in nearly a month on Tuesday

Benchmark Shanghai prices for rebar, a steel product mainly used in construction, dropped 1.1 percent at 3,573 yuan ($560.38) a tonne. Earlier in the session, they hit their lowest since April 27 at 3,556 yuan. Investors have piled on bearish bets in recent days as analysts and traders have warned of possible delays by mills […]