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The Delhi High Court has upheld the arbitration award of ₹2,950 crore

“Reliance Infrastructure stands to get ₹5,060 crore from the award, which it shall entirely utilise to reduce its consolidated debt. This amount is arbitration award amount plus interest till March 31, 2018,” said a company statement. The court upheld the validity of the award granted by the three-member Arbitration Tribunal unanimously on the basis of […]

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slips 133 points, Nifty below 10,200 in early trade,Sensex continues to fall.

Indian equity benchmark BSE Sensex extended losses for the sixth straight session, by shedding about 133 points in early trade on Wednesday, on heavy selling in banking, metal and power stocks amid sustained selling by domestic institutional investors. BUSINESS Updated: Mar 07, 2018 10:46 IST The BSE Sensex extended its losses into the sixth straight session […]

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before SFIO ,PNB MD & CEO Sunil Mehta appears.

Punjab National Bank managaing director and CEO, Sunil Mehta, appeared before the Serious Fraud Investigation Office (SFIO) on Wednesday morning after being summoned for recording his statement in connection with the Rs 12,636 crore fraud at the bank. USINESS Updated: Mar 07, 2018 12:01 IST State-owned Punjab National Bank is at the centre of a […]

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Saudi gives Air India overflight

Saudi Arabia does not recognise Israel and lifting the 70-year-old airspace ban would reflect what appears to be thawing ties between Israel and the kingdom, both U.S. allies with a shared concern over Iranian influence in the region. Last month, Air India announced the planned thrice-weekly flights to Tel Aviv over Saudi soil, but the […]

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PNB fraud: CBI detains Gitanjali Group’s vice-president Vipul Chitalia at Mumbai airport

The Central Bureau of Investigation (CBI) on Tuesday detained Vipul Chitalia, vice-president, banking operations of Gitanjali Group of Companies at Mumbai airport, amid ongoing investigations into the Rs12,600 crore Punjab National Bank (PNB) fraud case. Acting on a tip-off, CBI officials apprehended Chitalia when he flew back to the city from Bangkok. From the airport, […]

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States’ widening debt woes to bloat India’s fiscal deficit: Oxford Economics

Deteriorating state government finances pose a risk to India, which already boasts the second-largest budget deficit among major economies, Oxford Economics said in a note. India has signalled a larger fiscal deficit for the federal government for the year to March 2018 and while it has forecast a lower gap for next year, with the […]

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China growth rate at 6.5%, lower than India and defence budget 3 times higher

For the second consecutive year, the growth target for China remained at lowest since 1992. The country’s defence budget is expected to grow by 8.1% this year to 1.11 trillion yuan or $175 billion, up from 7% in 2017. China on Monday set its economic growth forecast for 2018 at “around 6.5%” in a bid […]

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Aircel seeks appointment of resolution professional to expedite process of clearing employee dues

Aircel, which has filed for bankruptcy, approaches Mumbai bench of National Company Law Tribunal (NCLT) for the appointment of an IRP. BUSINESS Updated: Mar 05, 2018 15:3 Aircel said it filed for bankruptcy to find the best possible resolution that would be in the best interest of its vendors, distributors and employees. Troubled telecom operator Aircel […]

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Rupee 19 paise higher against US dollar in opening trade

The rupee benefited after the greenback came under pressure following US President Donald Trump’s comments, sparking fears of a global trade war.   The rupee firmed 19 paise to 64.98 against the US dollar in opening trade on Monday, after the greenback came under pressure as US President Donald Trump’s comments raised concerns of a […]

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Indian services industries contracts in Feb as inflation hits demand: Survey

Activity in India’s service industries contracted in February for the first time since November, as rising price pressures led to a decline in new businesses orders, a private survey showed on Monday. Services activity suffered for most of last year following a ban of high value currency notes in November 2016. The July 1 implementation […]

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SBI raises lending rates to 8.15% from 7.95%, a day after raising deposit rates

A man checks his mobile phones in front of State Bank of India (SBI) branch in Kolkata.(Reuters) The State Bank of India, the country’s top lender by assets, on Thursday raised marginal cost-based lending rates (MCLR) across most maturities, effective immediately. SBI, which accounts for more than a fifth of India’s banking assets, raised the […]

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Sensex ends 160 points lower at close, Nifty below 10,500 ahead of December GDP dat

Sensex ends 160 points lower at close, Nifty below 10,500 ahead of December GDP data The BSE Sensex slumped 162.35 points, or 0.47 to end the day at 34,184.04, while the broader NSE Nifty 50 settled the day below the 10,500-mark at 10,492.85, down 61.45 points, or 0.75% ,as investors turned cautious ahead of December […]

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India’s new season of scandal rattles global investors Now, the spotlight is on an

Now, the spotlight is on an opaque business culture dominated by powerful families — known in Indian business parlance as ‘promoters’ — and the absence of controls to rein them in. BUSINESS Updated: Feb 28, 2018 13:15 IST Ari Altstedter and Anirban Nag, Bloomberg Nirav Modi was once synonymous with glamour and the good life. Now, […]

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Abhishek Verma’s Birthday Celebration

Business Tycoon Mr Abhishek Verma Celebrated his 50th Birthday with Family and Close Friends. Abhishek Verma celebrates his 50th Birthday on 23rd February with his wife Anca Verma,Mother Veena Verma and some close friends at his residence. Chief Evangelist of Olialia World, which is a European FMCG company with 5 Billion Dollars valuation, Industrialist Abhishek […]

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Data wars: Idea-Vodafone build war chest to take on rivals

Idea and Vodafone India Ltd, the nation’s second- and third-largest mobile operators, are building a war chest as intense competition in the world’s No. 2 telecom market by users makes it critical for them to spend on strengthening infrastructure to cater to rising demand for data. The Idea-Vodafone merger, which is expected to be completed […]

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PNB-Nirav Modi case: Bank says fraud amount could be Rs 1,323 crore more

In a filing to the BSE late on Monday night, PNB said the amount of unauthorised transactions in the Nirav Modi-connected fraud case could go up by more than Rs 1,300 crore. Press Trust of India, New Delhi Enforcement Directorate (ED) officials outside a Punjab National Bank (PNB) branch in Thane after they seized cash, jewellery […]

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Indian Billionaire Abhishek Verma forms Strategic Alliance with Renowned Maldivian Hotelier Ibrahim Mohammed Didi

with Renowned Maldivian Hotelier Ibrahim Mohammed Didi (Attn.editors: The following press release comes to you under an arrangement with NewsVoir.PTI takes no editorial responsibility for the same). Indian Billionaire Abhishek Verma forms Strategic Alliance with Renowned Maldivian Hotelier Ibrahim Mohammed Didi New India (NewsVoir) 20-2-18—After signing the MOU for the construction of Olialia International Airport […]

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Passposts gets revoked of Neerav Modi

The passports of Nirav Modi and Mehul Choksi — the prime accused in the Rs 11,300 crore PNB fraud — have been revoked, external affairs ministry sources said on Saturday. On the advice of the Enforcement Directorate (ED), the ministry had suspended the validity of their passports with immediate effect for a period of four weeks on February 16 […]