New Delhi: Adopting a ‘carrot and stick’ approach towards the 11-day Air India pilots’ stir, government today indicated it could take back all those sacked, barring the Indian Pilots Guild (IPG) office-bearers, if they resumed duty, as it alerted the [...]
Mumbai: Worried over a spurt in gold imports, the RBI today asked banks to reduce exposure to NBFCs, which give loan against the precious metal, at the earliest and bring it under the prescribed limit within six months. “Banks which [...]
Mumbai: The rupee today gained 5 paise to close at 54.42 against the dollar with RBI’s swift action pulling it back from near 55-levels touched in early trade amid strong capital outflows. At the Forex market, the domestic currency in [...]
Mumbai: The country’s largest bank SBI’s manifold rise in profits came to the rescue of markets, with Sensex closing 82 points up at 16,152.75 after plunging below the key 16,000 level amid rupee woes and worsening Eurozone crisis coming back [...]
Mumbai: After a day’s lull, the Sensex on Friday dipped again below the psychological 16,000 level as rupee tumbled to a new all-time low of Rs54.89 amid escalating domestic inflation and weak global cues on deepening Greek crisis. The 30-stock [...]
New Delhi: Country’s largest power producer NTPC expects to almost double investments for expansion activities at Rs 21,000 crore in the current fiscal. The state-run company had spent about Rs 11,000 crore in 2011-12. “Our investment plan for this fiscal [...]
New Delhi: Under pressure from the US to cut its oil imports from Iran, India has decided to set up a high-level joint task force on investment which will also look into securing more oil supplies from UAE that has [...]
New Delhi: Ruling out any relief to bank loan defaulters owing Rs one crore and above, government today said all efforts will be made to recover the dues from such companies and individuals. Maintaining that the government was under no [...]
New York: India can grow at between 8 or 9 percent for the next 20 years with a supportive global environment, its Planning Commission’s Deputy Chairman Montek Singh Ahluwalia has said. “In the five years prior to the crisis, the [...]
Vijay Mallya-promoted Kingfisher Airlines owes Rs 269.06 crore income tax and I-T Department has initiated penalty and prosecution proceedings against the private carrier, Government informed the Lok Sabha today. Kingfisher Airlines was found to have deducted tax at source (TDS) [...]
The rupee plunged to new depths on Friday, sinking to a record low against the dollar for the third successive day amid turmoil on global markets. The Indian unit fell to 54.82 against the dollar in early trade, below its [...]
Mumbai: Failing to sustain intra-day gains, the BSE benchmark Sensex on Thursday closed 40 points higher as trading sentiment weakened with the rupee trading near its record lows, tepid buying in blue-chips and persisting Eurozone concerns. The Sensex, which had [...]
London: Asia-focussed bank HSBC today said it has achieved annualised cost savings of USD 2 billion, by taking a slew of measures, including selling some of its businesses, as part of a major cost-cutting drive. In a statement, HSBC Chief [...]
Washington: US which has been asking India to cut oil imports from Iran has said that the reduction has happpened not because of its pressure but due to “financial and commercial considerations”. “Progress is being made,” on India reducing its [...]
Mumbai: The benchmark BSE Sensex recovered by over 151 points in early trade on Thursday, after yesterday’s losses, on fresh spell of buying by funds and retailers amid a firming trend on the other Asian bourses. The 30-share barometer, which [...]
New Delhi: As part of efforts to strengthen Indo-Pak trade ties, Railways is mulling to provide 50 diesel locomotives on hiring basis to Pakistan. As per the plan, railways is likely to give at an approximate rate of Rs 1500 [...]
New Delhi: With no end in sight to the pilots’ strike that entered 10th day today, the Civil Aviation Ministry has convened a meeting of all recognised trade unions of Air India next week to discuss issues relating to career [...]
New Delhi/Mumbai: On day nine of the stir by over 200 Air India pilots, three pilots resumed duty today and the protesters said they were “open” to talks with the government to resolve the impasse. The Indian Pilots Guild (IPG), [...]
New Delhi: The net direct tax collections rose to a whopping Rs 14,812 crore in April this year, a seven fold increase compared to the same period of last fiscal. Net direct tax collections, gross collections minus refunds, was at [...]
New Delhi: Prime Minister Manmohan Singh today assured the Lok Sabha that government will make all efforts to match the 4 % agriculture growth target in the 12th Plan period with the resources at its disposal. “I wish to assure [...]
New Delhi: Citing the difficult economic situation, Finance Minister Pranab Mukherjee on Wednesday said the government would be resorting to a fresh spell of austerity measures to deal with the problems, but made it clear that he was not pressing [...]
New Delh: Citing the difficult economic situation, Finance Minister Pranab Mukherjee on Wednesday said the government would be resorting to a fresh spell of austerity measures to deal with the problems, but made it clear that he was not pressing [...]
Mumbai: The rupee tumbled 67 paise to an all-time low of Rs 54.46 against the U.S. dollar on the forex market during the midsession today on increased capital outflows and strong demand from importers. Traders said the Reserve Bank’s efforts [...]
Mumbai: Both the Sensex and the Nifty are down 1.6 per cent. The Sensex drops 1.6 per cent, while the Nifty is down 1.6 per cent amid a downturn in global markets and as the rupee hit a new 5-month [...]
New Delhi: Concerned over the adverse impact of fertilisers on soil and crops, government plans to reduce subsidy on it and divert funds to organic manures, bio-fertilisers, green manures and promotion of organic farming. “During the first Green Revolution, productivity [...]
New York: Facebook has raised the price range for its initial public offering to USD 34-38 a share, which puts the valuation of the social networking site at about USD 104 billion, says a media report. “Late Monday, the social [...]
New Delhi: Railways is facing a severe financial crunch and their accumulated funds have eroded by 93 per cent, the Comptroller and Auditor General has said in its latest report. The CAG report for the year ending March 2011 tabled [...]
New Delhi: Concern was expressed in the Lok Sabha on Tuesday over continuation of strike by Air India pilots, with Opposition members targeting Civil Aviation Minister Ajit Singh for his statements outside Parliament indicating privatisation of the national carrier. Launching [...]
Enforcement Directorate (ED) is probing money laundering cases against Bharti Airtel, Minister of State for Finance S. S. Palanimanickam informed the Rajya Sabha on Tuesday. “Directorate of Enforcement is investigating cases under the provisions of Prevention of Money Laundering Act, [...]
New Delhi: With prices of vegetables, meat, fish and milk shooting up, inflation accelerated to 7.23 per cent in April, leaving little room for the Reserve Bank to cut interest rates. The Wholesale Price Index (WPI) inflation increased in April [...]
Mumbai: The rupee today closed at all-time low of 53.96 against dollar amid rising inflation and risk aversion by global investors who bet on the US currency as a safe haven in view of fresh euro-zone worries. Forex dealers said [...]
Mumbai: Gold prices dropped at the domestic bullion market here today on hectic profit-selling by stockist and investors following sliding overseas trend. Silver also fell on speculative offloading on the back of subdued industrial off-take. Standard gold (99.5 purity) shed [...]
New Delhi: The Group of Ministers’ (GoM) meeting on Monday did not come out with any decision on policy and pricing of pharmaceuticals. The ministers are likely to meet again on Friday. “I think it is meeting again on Friday. [...]
New Delhi: Expressing concern over rise in food inflation, Finance Minister Pranab Mukherjee today said the prices could be kept under check through institutional reforms in agricultural marketing and he would discuss the issue with states. Reacting to the latest [...]
New Delhi: The Aircel-Maxis row today led to fresh uproar in Rajya Sabha with the Opposition targetting with fresh allegations the son of Home Minister P Chidambaram, who denied any wrongdoing and said the company in question ‘Advantage Consulting’ could [...]
New Delhi: The projected power demand of 1,354.87 billion units by 2017 will be met as 85,000 MW capacity addition is planned during the 12th five-year plan, the Rajya Sabha was informed today. “I am sure … We will be [...]
New Delhi: State-owned Bhel today said it has bagged Rs 380 crore order for setting up a 160 MW gas- based plant in Rajasthan. Bhel has secured a contract for setting up a 160 MW Combined Cycle Power Plant (CCPP) [...]
Mumbai:The BSE benchmark Sensex failed to hold initial gains and fell by over 85 points on emergence of profit booking by funds following reports of rise in inflation. The Sensex, which commenced the day higher at 16,390.33, fell sharply and [...]
New Delhi: There is no proposal to revamp the Food Corporation of India, the government today said even as it admitted to management-related problems in the FCI affecting procurement and distribution of foodgrains for PDS. “There is no proposal before [...]
New Delhi: The strike by Air India pilots entered the seventh day on Tuesday, forcing the national carrier to cancel as many as fourteen of its international flights that caused inconvenience to hundreds of passengers. “As the pilots are not [...]
New Delhi: Leader of the Opposition in the Lok Sabha Sushma Swaraj today slammed the Central government for not providing jute bags for the farmers to store wheat in Madhya Pradesh which led to the death of a farmer in [...]
Mumbai: Persistent selling pressure in view of rising inflation and contraction in industrial production data pulled Sensex down by hefty 538 points to a near 4-month low of 16,298.98 in spite of fair amendments made by the Finance Minister in [...]
Mumbai: Gold prices moved up marginally after an uninterrupted five-session fall at the domestic bullion market here on Saturday on the back of modest retail buying support as well as some jewellery off-take at lower levels. Silver regained some of [...]
Boston: Noting that India has the ability to be a “global hub” in the bio-pharma and healthcare sector, industry leaders here have said New Delhi needs to take steps to realise the huge untapped potential in this field. Indian Government [...]
New Delhi: With the agitation by Air India pilots entering the fifth day today, the national carrier cancelled 16 flights from here and Mumbai even as senior pilots sought the Prime Minister’s intervention to end the impasse. “16 of our [...]
New Delhi: A day after some UPA allies forced the government to defer amendment to the Insurance Act, Finance Minister Pranab Mukherjee today said in a federal structure with multi-party democracy reforms are possible only with broad consensus after dialogues [...]
New Delhi/Mumbai: A section of Kingfisher Airlines pilots today called off their two-day-old agitation over non-payment of salaries after some tough talk by the carrier’s boss Vijay Mallya, who vowed to deal with the situation “firmly”. The pilots decided to [...]
Mumbai: The rupee today declined by 21 paise to complete six straight weeks of losses– the longest losing streak since the global financial meltdown in 2008– after a disappointing factory output in March fueled worries of sagging economy. Fresh dollar [...]
New Delhi: Stressing that safety is accorded the highest priority by Indian Railways, the government on Friday said that the Ministry has spent around USD 3 billion in the last three years on some of the identified safety measures. “During [...]
Mumbai: In spite of the measures taken by Reserve Bank to arrest the declining value of rupee against the dollar, the Indian currency reacted downwards by 18 paise to 53.60 against the American currency in the late morning trade. Fresh [...]
Mumbai: The BSE benchmark Sensex fell for the fourth straight day today losing 127 points after factory output for March contracted to a five-month low of 3.5 per cent, renewing concerns of slowing economic growth. The 30-share Sensex, which had [...]
Beijing: India has invited China, the biggest importer of its iron ore, to set up pellet plants in the country. The Chinese steel makers have been asked to take full advantage of the zero duties on pellet exports from India [...]
New Delhi: The Department of Post plans to set up 1000 ATMs at post offices and convert them into banks for taking core banking to unbanked population using the vast postal network. Replying to supplementaries during Question Hour in Rajya [...]
New Delhi: Indicating sharp slowdown in the economy, industrial production declined by 3.5 per cent in March, mainly on account of contraction in manufacturing and mining output. Growth in the factory output, as measured by the Index of Industrial Production [...]
New Delhi: As the agitation by protesting pilots entered the fourth day on Friday, 12 Air India international flights were cancelled even as the Civil Aviation Minister hoped that the airline ‘does not enter the ICU’. “All our long haul [...]
New Delhi: Noting that private airlines have suddenly raised fares by upto 20% on certain sectors in view of Air India strike, DGCA on Friday warned them against hiking fares beyond their band, saying the cost of operation has not [...]
Mumbai: The Indian markets continued to be grappled by the global uncertainty, with the initial bullish momentum on bargain hunting failing to sustain, as benchmark Nifty ended almost flat at the National Stock Exchange (NSE) here today. The 50-share index [...]
Mumbai: Kingfisher Airlines faced fresh turbulence Thursday when a section of its pilots in Delhi reported sick leading to cancellation of 15 flights, adding to the woes of passengers hit by the stir by Air India pilots. The Vijay Mallya-owned [...]
Mumbai:Gold continued its downtrend at the bullion market here today on persistent selling by investors and stockists amidst weak overseas sentiment. In contrast, silver recovered modestly on stray speculative demand after its recent sharp fall. Standard gold (99.5 purity) fell [...]
Mumbai: The rupee on Thursday rose by a whopping 94 paise to trade below 52 level intra-day after a string of actions by RBI, but only to pare some of the gains to close at 53.42 against dollar. The rupee [...]
Mumbai: A section of Kingfisher pilots have decided not to fly from Thursday night to protest “backtracking” by the management on its “assurance” of remitting their January salaries from May 9, a move which is likely to compound the woes [...]
New Delhi: With the strike by protesting Air India pilots entering the third day, Civil Aviation Minister Ajit Singh on Thursday reaffirmed government’s readiness to hold talks with the pilots and hoped that they would follow the High Court order [...]
New Delhi: Exports grew by 3.2 per cent to USD 24.5 billion in April, while imports rose 3.8 per cent leading to lowest trade deficit India has logged in a year, Commerce Secretary Rahul Khullar today said. Imports during the [...]
Mumbai: The BSE benchmark Sensex recovered by over 151 points in early trade on Thursday, after witnessing two sessions of losses, on emergence of buying at prevailing attractive levels by funds as well as retailers. The 30-share barometer, which had [...]
New Delhi: Government today expressed readiness to talk to agitating Air India pilots, but warned that if they resorted to such actions repeatedly, no public money would be infused in the ailing carrier for its revival. “If you have grievances, [...]
Mumbai: Falling for the second straight day, the Bombay Stock Exchange benchmark Sensex on Wednesday fell by nearly 67 points to close at a fresh four-month low on heavy funds outflow amid weak global trends. The 30-share Sensex, which had [...]
Chennai: The public sector Indian Overseas Bank (IOB) has increased interest rates in foreign currency non-resident (Banking) accounts by 175 basis points for deposits of three to five years. For deposits between one year and up to three years, it [...]
Nashik/Mumbai: Mahindra & Mahindra today lost production of about 250 vehicles due to a major fire at its manufacturing facility at Nashik in Maharashtra that has been brought under control. “The fire has been confined to this specific area. There [...]
Mumbai: The BSE benchmark index Sensex fell further by over 86 points in early trade today, extending yesterday’s losses on sustained selling by funds following RBI’s weak outlook on rate cuts amid a subdued trend on Asian bourses. The 30-share [...]
Mumbai: The rupee tumbled 52 paise to 53.64 against the American currency in the late morning trade on persistent dollar demand from banks and importers in view of higher dollar in the overseas market. In New York market, the dollar [...]
New Delhi: In a strong message to multinationals campaign against taxing Vodafone, Government today ruled out any rethinking on the issue making it clear that India cannot be a tax haven just to attract foreign investment. It also asserted that [...]
Mumbai: Reversing day’s early gains, rupee closed lower by 21 paise at 53.12 against dollar on Tuesday as relief to foreign funds on strenuous GAAR provisions seemed short-lived. Forex dealers said the fall in domestic unit would have been steeper [...]
New Delhi: Oil regulator PNGRB has refused to fix the marketing margin that firms like Reliance Industries and state-owned GAIL India Ltd could charge on sale of natural gas, saying it does not have powers to regulate the fuel. The [...]
New Delhi: Notwithstanding the economic uncertainty, fresher recruitment and salary levels have seen a upward trend in the IT and ITeS sector during the January-March quarter of 2012 compared to other sectors in the same period, shows a survey. The [...]
New Delhi: Gold prices tumbled Rs 305 to Rs 29,315 per 10 gm on the bullion market on Tuesday on heavy selling by stockists, triggered by weak global trend. With the general weakening trend, silver dropped by Rs 700 to [...]
New Delhi/Mumbai: In a crackdown, Air India on Tuesday acked 10 agitating pilots, de-recognised their union and sealed its offices as around 160 of them failed to join duty, leading to cancellation of five international flights since midnight. With Civil [...]
New Delhi: Amidst US pressure to cut oil imports from Iran, India today asked a visiting Iranian business delegation to focus on trade items which do not attract sanctions. In a meeting with Commerce Secretary Rahul Khullar, a delegation of [...]
New Delhi: Giving in to demands from various sections, government today rolled back the one per cent excise duty levy on branded or unbranded precious metal jewellery and deferred implementation of tax avoidance rules on foreign investors but left untouched [...]
Mumbai: The BSE benchmark Sensex recovered from early lows to close higher by 82 points after the government deferred implementation of the General Anti-Avoidance Rules (GAAR) by one year. The 30-share barometer index had dropped by 317 points to intra-day [...]
Kolkata: US Secretary of State Hillary Clinton today pressed India to do “even more” to cut its oil imports from sanctions-hit Iran to keep pressure on Tehran to meet international demands on its disputed nuclear programme. Clinton, whose trip to [...]
New Delhi: Bowing to pressure, Finance Minister Pranab Mukherjee today announced a slew of measures to provide relief to the jewellery sector and postponed implementation of the general anti-avoidance rules (GAAR) by one year, but offered no concessions to Vodafone [...]
New Delhi: Both the precious metals, gold and silver tumbled in the national capital today on heavy sell-off by stockists in tandem with a weakening global trend. While gold dropped by Rs 120 to Rs 29,620 per 10 gm, silver [...]
Kolkata : The US has agreed to treat West Bengal as a partner state for investment in the changed political situation, Chief Minister Mamata Banerjee said here today. “As per partner state, they will invest in West Bengal which was [...]
Manila: The Finance Minister, Mr Pranab Mukherjee, was today elected as Chairman of the ADB Board of Governors and the country will host the 46th annual meeting of the Asian Development Bank in New Delhi next year. “India is very [...]
Manila: India needs to raise infrastructure spending to 10 per cent of GDP to achieve and sustain 9 per cent economic growth target in the coming years. “In order to sustain growth targets, this (investment in infrastructure) would need to [...]
Mumbai: The BSE benchmark Sensex continued its slide for the second week in a row, dropping by more than 350 points and touching a three-month low of 16,831 due to persistent selling pressure from operators. Higher fiscal deficit, rising inflation [...]
Manila: Sharing concern over slow pace of key reforms in India, the Finance Minister, Mr Pranab Mukherjee, said here today that delays are inevitable in a coalition-run government as it has to take on board the views of different ruling [...]
Manila: Pinning hopes on revival of business confidence and strong fundamentals, finance minister Pranab Mukherjee today said the Indian economy would return to the pre-global crisis growth path in the coming years. “…strong fundamentals of our economy will help us [...]
Manila: Grappling with a sharp drop in rupee value and downgrade in sovereign rating outlook, India on Friday blamed structural problems in Eurozone and volatile commodity prices for balance of payment (BoP) stress in many Asian countries. “In several Asian [...]
Manila: Amid perception of policy paralysis in the government, Finance Minister Pranab Mukherjee today assured the global financial community of reverting the Indian economy to recovery path by creating conditions for revival of private investment. “For the current fiscal year, [...]
Mumbai: Falling for the third session in a row, the BSE benchmark Sensex on Friday closed 320 points down, slipping below the psychologically important 17,000 levels amid heavy selling by foreign funds due to fresh concerns over the Mauritius tax [...]
The Reserve Bank is holding gold reserves of 557.75 tonne valued at USD 27.02 billion, Parliament was informed today. “As on April 20, 2012, the value of gold reserve was USD 27.02 billion, which accounts for 9.2% of foreign exchange [...]
Washington: The US Transportation Department has slapped a USD 80,000 fine on Air India for failing to post customer service and tarmac delay contingency plans on its website and adequately inform passengers about its optional fees. This is the first [...]
Manila: Finance Minister Pranab Mukherjee on Friday dismissed as speculation reports that he has emerged as a front runner in the race for presidential election. “It is speculative. I don’t want to comment on it,” he told reporters on way [...]
New Delhi: The government will infuse about Rs 30,000 crore in cash-strapped Air India over the next nine years as part of a turn around plan for the state-run airline, Parliament was informed today. To a question on whether the [...]
Mumbai: Sugar prices spurted at the Vashi wholesale market here today on emergence of frantic buying from stockists and bulk consumers after the government decided to lift restrictions on sweetener exports. Trading sentiment turned highly bullish, as centre on Wednesday [...]
Mumbai: The BSE barometer Sensex tumbled on Thursday by 151 points ICICI Bank, Hero MotoCorp and SBI leading the losses as a weak rupee, disappointing earnings and negative global cues dampened investor sentiment. The 30-share Sensex, which opened lower, remained [...]
New Delhi: Gold prices today rose to all-time high of Rs 29,695 per 10 grams in the billion market here as investors shifted funds from melting equity markets to the precious metal, considered as a safe-haven investment. Gold closed higher [...]
Manila: Financial crisis in Europe could escalate and along with slow recovery in the US, this year will be crucial for global economy but Asian nations must continue long-term structural reforms while insulating the region against the troubles, the Asian [...]
New Delhi: Work is underway to acquire land for the proposed Railway Dedicated Freight Corridor (DFC), which would contribute to a sizable increase in revenue, the Lok Sabha was informed today. The government is hopeful of completing the project by [...]
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