State Bank of India (SBI), the country’s largest lender, on Tuesday raised interest rates on deposits of over Rs 1 crore by 40-125 basis points (bps). This is the second time the bank has raised rates on bulk deposits in as many months.
Shares of Amber Enterprises, which manufactures air conditioners and components, ended with a gain of nearly 45% against the issue price of Rs 859 in its debut trade on Tuesday.
Even as life as well as non-life insurance industry have registered positive growth in the last few years, a lot needs to be done, especially in the general insurance space, insurance regulator Irdai said on Tuesday.
India on Monday urged the European Union (EU) not to ban or blacklist any seafood exporter immediately after finding problems with one consignment as this extreme step will work against the interests of all the stakeholders, Marine Products Export Development Authority (MPEDA) sources said.
State-run Central Marine Fisheries Research Institute (CMFRI) has kick-started a major project for boosting the open sea cage farming in Indian waters by launching a training course for 5,000 fishermen.
Union minister for commerce and industry Suresh Prabhu is likely to launch a Rs 2,600-crore special package announced by the Centre in December 2017 for the leather and footwear industry, at the 33rd India International Leather Fair (IILF) which will be inaugurated by him on Wednesday in Chennai.
Yogendra Yadav’s Swaraj India and some other organisations have released a ‘green paper’ on the status of Indian agriculture and termed the current government ‘most anti-farmer’.
Budget 2018: Although the Economic Survey sought to explain there was no strict correspondence between the fiscal deficit and borrowings at the central and state levels, bonds sold off sharply on Monday reacting to an observation that a pause in general government fiscal consolidation, relative to 2016-17, could not be ruled out.
Budget 2018: Rising crude oil prices could pose problems for the economy, chief economic adviser Arvind Subramanian said on Monday. He listed elevated oil prices as among the several factors that had slowed down growth at a time when the global economy was doing well.
Economic Survey 2018: The finance ministry’s Economic Survey tabled in Parliament on Monday identified judicial delays and power-tariff renegotiation as some of the areas potentially hurting investment in the renewable energy sector.
Economic Survey 2018: The number of companies facing liquidation under the Insolvency and Bankruptcy Code (IBC) is thrice that of companies where a resolution plan has been approved, the Economic Survey said. According to the Economic Survey, of the 525 insolvency petitions filed in the National Company Law Tribunal (NCLT), 30 companies have been ordered to be liquidated, 10 companies have got their resolution plans approved, 34 have been closed by appeal or review and 451 companies are still undergoing the process.
Economic Survey 2018: Besides adversely impacting the economic growth and inflation, persistently high oil prices remain a key risk to the current account deficit (CAD), economists in the finance ministry said on Monday. The reduction in the trade deficit was the major contributor to bringing about an improvement in the CAD that declined from 4.8% in 2012-13 to around 0.7% in 2016-17.
Economic Survey 2018: India could grow faster than the Central Statistics Organisation (CSO) estimate for the current fiscal and regain the coveted tag of the world’s fastest-growing major economy by 2018-19, as it sheds the impact of demonetisation and the GST, according to the Economic Survey for 2017-18, tabled in Parliament on Monday.
Union Budget 2018: The number of individual tax filers rose by an additional 18 lakh or 3% of the existing base, due to the demonetisation exercise and the rolling out of the goods and services tax (GST), the Economic Survey said.
Economic Survey 2018: While the Indian Railways commanded a 60% freight share in 1991 compared with 40% by roads, the tables have turned by now with roads having 60% share and railways at 40%. Freight earnings is the mainstay of the Indian Railways’ revenue and it cross-subsidises passenger traffic to the tune of Rs 33,000 crore-plus every year at present.
Economic Survey 2018: The Prime Minister had announced to double farmers’ income, currently estimated at Rs 77,976 annually, by 2022. The government has been spending nearly 30% of its total subsidy on food, fuel and fertiliser to ensure that farmers get the key agriculture input at cheaper rates.
Economic Survey 2018: Cautioning against a classic emerging market ‘sudden stall’ arising from a sharp correction in stock prices, the survey says the drop in the equity risk premium and high valuations will need more than a shift in asset allocation to sustain — or, corporate earnings must grow in line with expectations.
Economic Survey 2018: Stock price corrections could also trigger capital outflows, especially if monetary policy unwinds less hesitantly in advanced countries and if oil prices remain high. Policy might then have to respond with higher interest rates, which could choke off the nascent recovery.
Economic Survey 2018: The Economic Survey for FY18 tabled in Parliament on Monday predicted India’s FY19 real gross domestic product (GDP) growth in a rather broad range of 7-7.5%, up from a likely, more-closely-read 6.75% in the current financial year, but still below the potential rate of 8% (the Central Statics Office’s advance estimate put FY18 growth at a “conservative” 6.5% recently).
Budget 2018: The country’s real policy interest rates were following the global trend downwards until the middle of 2016. Since then, the downward drift has continued in most other countries, with rates falling on an average by 1 percentage point between July and December 2016 in the US.
Troubled real estate firm Unitech on Monday told the Supreme Court that it has finalised a deal for the sale of two land parcels in Chennai for around Rs 400 crore.
Reliance Communications (RCom) announced on Monday that its planned exit from the consumer business has resulted in a sharp drop in the company’s consolidated net loss sequentially to Rs 130 crore for the three months ended December 31, 2017 from a net loss of Rs 2,712 crore in the July-September 2017 period.
Anil Sardana has resigned as the CEO and managing director of Tata Power for personal reasons.
New home launches in nine cities across the country dropped by nearly 18% on year during the fourth quarter (Oct-Dec) of Calendar 2017 to 13,666 units, according to a report by PropEquity. Lack of new launches was due to developers focussing on compliances with RERA and implementation of GST.
Budget 2018: The average income of a farmer is estimated at Rs 77,976 per year, according to the Dalwai committee report. The Modi government has targeted to double the farmers’ income by 2022. This will help increase power use efficiency and boost water conservation.
In a rejoinder to arguments placed by Tata Sons’ lawyers before the Mumbai bench of the National Company Law Tribunal, senior counsel representing Cyrus Mistry’s family firms, CA Sundaram, said inclusiveness of the minority shareholder is a principle of company law.
Budget 2018: The government has, however, taken various steps to regulate prices of drugs and diagnostics such as supporting states through National Free Diagnostic Service Initiative and National Free Drug Initiative under the National Health Mission.