Business

Sensex, Nifty turn choppy as IT, pharma stocks fall; Rupee rises 39 paise to 70.30 against US dollar in early trade

The BSE benchmark Sensex pared early gains and turned choppy after opening over 200 points higher Monday, led by fall in IT and pharma stocks amid strengthening rupee. The 30-share Sensex pared early gains and was trading 4.38 points, or 0.01 per cent, higher at 34,985.40. The NSE Nifty too witnessed similar movement, and was […]

Business

Mitsubishi Motors ousts Carlos Ghosn as chairman, follows Nissan’s footsteps

Mitsubishi Motors Corp said on Monday its board removed Carlos Ghosn from his role as chairman, following his arrest and ouster from alliance partner Nissan Motor Co last week for alleged financial misconduct. Ghosn’s ouster marks the end of his chairmanship of Japanese automakers, just two years after he was praised for bringing a steadying hand […]

Business

Cyber Monday set to become biggest US online shopping day

Cyber Monday was on track to bring in a record $7.8 billion in US online sales, but will also test the limits of retailers’ e-commerce operations as millions of shoppers scour for steep discounts on everything from Lego sets to big-screen TVs. Retailers such as Target Corp are offering deliveries with no minimum order limits, […]

Business

Banks under PCA: Out of 11 lenders, four report improvement in profits

Even as the government is pushing the Reserve Bank of India to relax prompt corrective action (PCA) norms for weak banks and allow some of them to restart lending, a look into their key financial metrics over the last one year does not paint an optimistic picture. While none of the 11 banks have shown […]

Business

Telcos have stopped Aadhaar authentications as of November 20: UIDAI CEO

Two months after the Supreme Court ruling, Ajay Bhushan Pandey, CEO, Unique Identification Authority of India spoke to Karishma Mehrotra and Krishn Kaushik about the path to full compliance and the issues that remain unclear. He said that all telecom operators have stopped Aadhaar authentications as of November 20, and that UIDAI has put on hold the […]

Business

Ministry to review fees charged for web check-in

Taking a note of certain airlines effectively charging for web check-in on their flights, the Ministry of Civil Aviation has said it would review the fees to see whether they fall within the framework for unbundled pricing. Low-cost carriers globally charge their passengers for selecting seats while checking in from the web. However, most of […]

Business

RBI eases external commercial borrowing hedging provisions

The Reserve Bank of India (RBI) has decided to reduce the mandatory hedge coverage from 100 per cent to 70 per cent for external commercial borrowings (ECBs) by eligible borrowers for a maturity period between 3 and 5 years. In a notification issued on Monday, the RBI also said that ECBs falling within the proposed […]

Business

FPI selling abates, Rs 5,642 crore inflows in November so far

After pulling out around Rs 60,000 crore from Indian markets in September and October, foreign portfolio investors (FPIs) seem to be on the comeback trail with the month of November witnessing an inflow of Rs 5,642 crore. According to figures compiled by the National Securities Depository (NSDL), FPIs focused on the debt market with Rs […]

Business

‘Making real progress on issue of uranium exports to India’

Australia and India are making “real progress” on the issue of uranium exports to India, Australia’s trade and investment minister Simon Birmingham has indicated. This comes amid reports that two Australian companies BHP Billiton, the world’s biggest mining company, and Heathgate Resources, an affiliate of US company General Atomics, engaging with with the Department of […]

Business

High-level panel for ‘unambiguous’ mandate for negotiations with US

The issues pertaining to import tariffs on information and communication technology (ICT) equipment, on which the US has sought duty elimination, has reached the highest corridors of the government with an inter-ministerial panel comprising finance minister Arun Jaitley, commerce and industry minister Suresh Prabhu and IT minister Ravi Shankar Prasad discussing the US’ demand at […]

Business

Flying IndiGo? Web check-in is no longer free

Low-cost carrier Indigo has effectively started charging for the web check-in service under a newly revised policy that came into effect from November 14, 2018. Passengers using the web check-in facility can no longer select seats that don’t carry any overheads. However, passengers can use self-check-in kiosks at airports to select the ‘free’ seats. The […]

Business

IndiGo chairman Devadas Mallya passes away

InterGlobe Aviation, which operates the country’s largest airline IndiGo, Sunday said its Chairman Devadas Mallya Mangalore passed away in the morning. He was also a Non-Executive Independent Director. In a filing to the BSE, InterGlobe Aviation informed about the “sad and sudden demise of Devadas Mallya Mangalore, Chairman and Non-Executive Independent Director of the company, […]

Business

Standard Chartered moves NCLT against CoC selecting ArcelorMittal for Essar Steel

Legal complications continue to threaten the ongoing Essar Steel insolvency resolution process after Standard Chartered (StanChart) filed a petition with the National Company Law Tribunal (NCLT) late last week, seeking to ‘quash and set aside’ the committee of creditors (CoC) decision in favour of ArcelorMittal’s revised resolution proposal to acquire Essar Steel. According to StanChart’s […]

Business

Oil prices stabilise after ‘Black Friday’ plunge

Oil prices steadied on Monday after plunging nearly 8 percent in the previous session, but remain under pressure with Brent crude below $60 per barrel amid weak fundamentals and struggling financial markets. Front-month Brent crude oil futures were at $59.23 per barrel at 0202 GMT, up 43 cents, or 0.7 percent, from their last close. […]

Business

Vodafone Idea chairman Kumar Birla meets telecom secretary

Vodafone Idea chairman Kumar Mangalam Birla on Thursday met the telecom secretary Aruna Sundararajan and is understood to have discussed the liquidity crunch being faced by the debt-laden industry. Birla, who was accompanied by former Idea Cellular MD and Vodafone Idea board member Himanshu Kapania, declined to comment on the half-hour meeting. This is Birla’s […]

Business

J&K bank brought under purview of RTI, CVC, State Legislature

In a significant move, the Jammu and Kashmir government Thursday brought the Jammu and Kashmir Bank Limited under the purview of the Right to Information (RTI) Act, Central Vigilance Commission (CVC) and State Legislature. The government approved a proposal by the State Administrative Council headed by Governor Satya Pal Malik to treat J&K Bank Limited […]

Business

RBI’s governance structures have to be discussed: Economic Affairs Secretary

With the issue of RBI’s reserves to be decided by an expert committee, the government now plans to push for a discussion on boosting overall liquidity — the current shortage is estimated at Rs 1 lakh crore — as well as to relook RBI’s governance structures at the next board meeting on December 14. Economic […]

Business

AAI cancels Air Odisha’s UDAN license for poor performance

The Airport Authority of India has served a termination clause to Air Odisha for failing to operate 70 per cent of its scheduled flights over the last three months, as per the Director of Biju Patnaik International Airport (Bhubaneswar) Suresh Chandra Hota on Friday. “AAI has sent them (Air Odisha) a letter which includes Clause […]

Business

Non-basmati rice exports get 5% MEIS benefit for four months

The government has allowed 5 per cent MEIS benefit on export of non-basmati rice during the next four months after shipments of the commodity declined 13 per cent during first half of the current fiscal. The move may help exporters boost shipments. Non-basmati rice has been made eligible for MEIS benefits at the rate of […]

Business

Nearly 50% of ATMs may down shutters due to ‘unviability of operations’

Automated teller machine (ATM) service providers have threatened to close down almost 1.13 lakh ATMs — almost half of the total ATMs across the country — by March 2019 citing unviability in their operations. These numbers include approximately one lakh off-site ATMs and over 15,000 white label ATMs. Currently, the country has approximately 2,38,000 installed […]