Business

The $41 bn wealth gap that divides India’s richest brothers

  While the news helped boost shares of Mukesh’s Reliance Industries since the announcement, some investors are sounding a note of caution about another ambitious expansion. Reliance Industries’ total debt has risen in the past five years and non-core investments have shown muted returns on capital. “There’s a reason investors put a discount on holding […]

Business

Indian cos lose out on separate space at China exhibition

Indian companies have been unable to get separate space for themselves at China International Import Exhibition (CIIE), which is going to be held from November 5 to November 10 in Shanghai, even after the intervention of Indian Embassy in Beijing. Therefore, Indian companies would be now displaying their products at “country pavilion”, the only space […]

Business

Former SBI chief Arundhati Bhattacharya joins board of RIL

Reliance Industries Ltd (RIL) has appointed former State Bank of India (SBI) chairman Arundhati Bhattacharya as an independent director of the company. “The board of directors has appointed Bhattacharya as an Additional Director of the company, designated as an independent director. Bhattacharya is appointed for a period of five years commencing from October 17, 2018, […]

Business

Wealth per adult in India at $7,020, China at $47,810

India created a whopping 7,300 more millionaires during the 12 months to mid-2018, taking the total number of dollar-millionaires to 343,000, who are collectively worth around $6 trillion, says a Credit Suisse report. However, the wealth per adult stayed flat at $ 7,020 (around Rs 515,970) as against $47,810 in China (Rs 35.14 lakh). Globally, […]

Business

Rupee falls 3 paise to 73.64 against US dollar in early trade

Continuing its slide, the rupee weakened by 3 paise to 73.64 against the US dollar Friday due to increased demand for the American currency from importers. At the Interbank Foreign Exchange, the rupee opened lower at 73.62 and slipped further to 73.64 against the dollar, showing a fall of 3 paise. Traders said besides sustained […]

Business

Sensex cracks 408 points on global sell-off, Nifty below 10,400

The benchmark BSE Sensex sank over 408 points in early trade Friday on heavy selling in IT, energy and banking stocks triggered by weak trends in global markets. The broader NSE NIfty dipped below the 10,400-mark as 32 of its constituents led by Indiabulls Housing Finance dropped. The NSE Nifty index fell 80.85 points, or […]

Business

Govt likely to appoint new Chief Economic Advisor in next couple of months

The government is likely to appoint a new chief economic advisor (CEA) in the next one or two months, sources said. A search committee appointed by the finance ministry is expected to finalise the list of suitable candidates soon and appointment is likely in 1-2 months, they said further. The government on June 30 invited […]

Business

RBI announces more steps to increase credit flow to NBFCs

The Reserve Bank Friday announced more measures to increase liquidity flows to the non-banking financial companies. The RBI permitted banks to use government securities equal to their incremental outstanding credit to NBFCs, over and above their outstanding credit to them as on October 19, to be used to meet liquidity coverage ratio requirements. The move […]

Business

Gold imports up 4 per cent to USD 17.63 billion in Apr-Sep 2018-19

Gold imports increased by about 4 per cent to USD 17.63 billion in the first half of 2018-19, inflating the country’s trade deficit and fuelling worries about the current account deficit. Imports of the precious metal stood at USD 16.96 billion in April-September 2017-18 financial year, according to the commerce ministry data. Increase in gold […]

Business

Reliance Industries shares slump 7% post Q2 results

Shares of Reliance Industries Friday slumped 7 per cent despite the company reporting its highest ever quarterly net profit in the July-September quarter. The stock opened lower and declined further by 6.59 per cent to Rs 1,073.15 on BSE. At NSE, shares of the company dived 7 per cent to Rs 1,070.25. In terms of […]

Business

Reliance Jio Diwali offer: Get year long prepaid plan with 547GB data at Rs 1699

Reliance Jio has introduced a new long-term tariff plan for its pre-paid users. The plan is priced at Rs 1,699 and comes with a validity of 365 days offering voice, data and SMS benefits to users. The plan will be available for consumers to avail from October 18 to November 30.The company is also offering consumers 100 per cent cashback in […]

Business

RIL posts highest-ever profit of Rs 9,516 crore in September quarter; Jio profit at Rs 681 crore

Reliance Industries (RIL) has reported its highest ever quarterly consolidated net profit of Rs 9,516 crore, a 17.4 per cent rise year-on-year, for the July-September period against a profit of Rs 8,109 crore in the year-ago period. Its telecom arm Reliance Jio posted a net profit of Rs 681 crore against a loss of Rs […]

Business

DGCA: ‘Misinterpretation of norms, wrong installation caused GoAir engine glitch’

Laying to rest the controversy about whether there was engine fire GoAir flight from Delhi to Bengaluru on February 8, 2017, the Directorate General of Civil Aviation (DGCA) in its enquiry into the engine failure incident of the flight has said that there was no fire on the aircraft. In the report on the incident […]

Business

Sensex falls 383 pts, NBFC stocks get battered again

Snapping its three-day gain, the benchmark Sensex plunged 383 points amid heavy selling in financial, real estate and auto stocks as rising crude prices, liquidity woes and rupee volatility hit the sentiment. The index swung nearly 880 points both ways on alternate bouts of buying and selling during the session even as the rupee surrendered […]

Business

Sebi to Fortis Healthcare: Recover Rs 403 crore from Singh brothers, 8 other entities

The Securities and Exchange Board of India (Sebi) on Wednesday directed Fortis Healthcare Ltd (FHL) to recover Rs 403 crore along with interest from about 10 entities including the firm’s former promoters, Malvinder Singh and Shivinder Singh within three months. The capital market regulator has also ordered the Singh brothers to not associate themselves with […]

Business

GST quarterly returns: Composition scheme dealers need not file purchase details

The Finance Ministry on Wednesday clarified that composition dealers under the Goods and Services Tax (GST) regime need not file details of purchases made from their vendors at the time of filing quarterly return GSTR-4. In a clarification, the ministry said there have been doubts regarding the manner of filing the quarterly return by composition […]

Business

Yes Bank’s Chief Executive Officer to be appointed by February 1

Yes Bank on Wednesday said the Reserve Bank of India has reaffirmed that a successor to Rana Kapoor, managing director & chief executive officer, should be appointed by February 1, 2019. As communicated by the bank on September 24, 2018, the MD & CEO will be fully guided by its board of directors, the Reserve […]

Business

Shortage of coal shuts 10,500 MW power plants amid rising demand

A sudden rise in electricity demand in the wake of inadequate coal supply is precariously pushing power plants towards outages. According to government data, more than 10,500 MW of power plants have cited ‘coal shortage’ for shutting their units down. Out of this, 2,700 MW and 4,210 MW went under outage in September and October, […]

Business

Nikkei falls on hawkish Federal minutes, weaker exports hammer machinery firms

Japan’s Nikkei fell on Thursday in choppy trade, as hawkish minutes from the US Federal Reserve’s last policy meeting knocked global sentiment and a surprise decline in exports hit machinery makers. The Nikkei share average dropped 0.5 per cent to 22,720.88 at the midday break, after opening a tad higher. The index has fallen around […]

Business

The government has decided to make it mandatory for telecom service providers to give at least 30 days

  The development has come against the background of abrupt closure of services by some telecom operators recently which left their subscribers in lurch. The new rule is part of Telecom Regulatory Authority of India’s recommendations on ‘Closure of Access Services’ that were approved by the Telecom Commission at its meeting held Wednesday.  “This was […]