FE Bureau

Cabinet clears ordinance to amend Companies Act

The Union cabinet on Thursday gave its approval for promulgation of an ordinance to bring amendments to the Companies Act 2013.

Economy News

A clutch of states like Tamil Nadu and Madhya Pradesh to follow Maharashtra in APMC reform

After Uttar Pradesh amended the APMC Act in conformity with the model draft law framed by the Centre in April 2017, the Maharashtra government, last week, promulgated an ordinance allowing the traders to buy farm items from m

Economy News

After tepid response, SECI relaxes norms to lure bidders for 10 GW solar auctions

Through the scheme, as much as 3 GW of cumulative annual solar manufacturing units are seen to be set up over three years, resulting in 10 GW of new generation capacities.

Industry News

NBCC to soon come out with policy on stalled, new projects

State-owned NBCC will soon come out with a policy to take up new or stalled real estate projects, where it would work as either a project management consultant, co-developer or a developer, the chairman and managing director

Economy News

Hindustan Petroleum Corp’s Q2 net declines 37%

State-run Hindustan Petroleum Corp’s (HPCL) net profit for the second quarter of FY19 fell 37% to Rs 1,092 crore compared with Rs 1,735 crore in the year-ago period mainly on the back of a rise in crude oil prices and excha

Markets News

Matrimony.com second quarter consolidated net drops 30%

Chennai-based online match-making company Matrimony.com has reported a 30% decline in its consolidated net profit at Rs 13.4 crore for the second quarter as against Rs 19.2 crore in the corresponding quarter of the previous y

Markets News

Fire guts Kerala plastic factory, Rs 500-crore loss reported

A massive fire broke out at the factory of Family Plastics and Thermoware in Kerala’s Manvila near state capital, on Wednesday night.

India News

ICICI Bank follows PNB, Allahabad Bank; raises lending rates by 5 bps

ICICI Bank, the country’s second largest private-sector lender by assets, has raised its marginal cost of funds-based lending rates (MCLRs) by 5 basis points (bps) across tenures.

Markets News

Sundaram Finance posts flat net profit growth at Rs 154 crore

Loan disbursements for the second quarter stood at `4,263 crore compared to `3,797 crore in the same period last year, marking a 12% growth

Markets News

Veritas Finance raises Rs 200 crore in Series D funding

The round saw participation from new investor Norwest Venture Partners, along with existing investors like CDC Group, the UK’s Development Finance Institution and P Surendra Pai, an anchor investor.

Markets News

RBI vs Government: Now, Reserve Bank autonomy seen as ‘essential’

Amid strong rumours that Reserve Bank of India  governor Urjit Patel has threatened to step down, upset by an election-bound government meddling with the central bank’s regulatory turf, the finance ministry on Wednesday so

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Ease of Doing Business ranking 2019: Know what worked for India and what didn’t in its 23 notch leap to 77th slot

India witnessed a 23-notch jump to a record 77th position in the World Bank’s latest report on the ease of doing business that captured the performance of 190 countries.

Economy News

Karnataka High Court fines service tax commissioner for contravening tribunal order

In what could be a deterrent to tax officials who harass assessees, the Karnataka High Court earlier this month slapped a Bengaluru-based service tax commissioner (appeals) with a Rs 1-lakh fine — to be paid from his person

Economy News

Good news for Railway passengers: Flexi-fares to be capped at 1.4 times

In a relief to passengers, the Indian Railways has revised the flexi-fare system — the peak fare will now be capped at 1.4 times the base fare instead of 1.5 times earlier, and the surge pricing has been completely scrapped

Infrastructure News

Rail freight up 8.75% for most commodities

Indian Railways on Wednesday increased freight rates by 8.75% for major commodities such as coal, iron and steel, iron ore and raw materials for steel plants.

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Strengthen NFRA to deal with challenges related to audit firms: Govt panel

A government-appointed committee of experts has recommended measures to strengthen the operation of the National Financial Reporting Authority (NFRA) to address contemporary challenges in relation to auditors, audit firms and

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Stellar show: L&T’s consolidated net jumps 23%, beats street estimates

The country's biggest engineering and construction firm, Larsen and Toubro (L&T), on Wednesday beat analysts’ estimates on all fronts in its July-September earnings.

Industry News

Tata Motors consolidated loss at Rs 1,009 crore on weak JLR performance

Tata Motors on Wednesday reported a consolidated loss of Rs 1,009.5 crore for the three months ended September, primarily due to the loss emanating from the weak JLR performance. In Q1FY19, the company had reported a loss of

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Raymond’s gross debt increases 24.5% y-o-y to Rs 2,260 crore

The gross debt of diversified group Raymond increased 24.5% year-on-year to Rs 2,260 crore in Q2FY19, resulting in interest costs going up by 20.6% year-on-year to Rs 45.16 crore, impacting the company's performance.

Industry News

Adani Power Q2 profit rises 23% to Rs 387 crore on higher demand

Adani Power on Wednesday reported a profit of Rs 387.4 crore for the quarter ended September 31, up 23% year-on-year, as capacity utilisation (PLF) of its power plants inched up to 65% on better coal availability and rising d

Industry News

No online sale of medicines: Madras High Court orders temporary stop to online sale of drugs

In a temporary setback for online pharma companies, the Madras High Court on Wednesday granted an interim injunction restraining online sale of medicines till November 9.

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Royal Enfield slows down: Production loss of 25,000 motorcycles; workers’ strike hits hard

The workers, numbering over 700, have been on strike for more than a month now, demanding formation of their own union

Industry News

Crisil expects B&M retailers’ capex to rise 60% in 3 fiscals

Owing to increased penetration of brick and mortar (B&M) retailers in tier-II cities, Crisil expects the capital expenditure of B&M retailers to rise 60% over three fiscals.

Industry News

Liquid funds record Rs 2.11 lakh crore outflows in September

Liquid and money market schemes witnessed outflows of `2.11 lakh crore in September as banks and corporates redeemed their money due to the advance tax payment and liquidity crunch in the market.

Markets News

West Bengal looking at merchant mining as possible revenue stream

West Bengal is looking at the possibility of merchant mining as a new revenue stream with the Centre allotting it the Deocha Pachami coal block, which holds one of the world’s largest reserves.

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Tamil Nadu begins export of long-shelf, high-quality bananas to Europe

Tamil Nadu has started the export of long-shelf, high-quality bananas to Europe. Developed with an Italian technology, the first batch of the ‘Grand Naine’ range of bananas will be exported to Italy and subsequently to ot

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IEX plans new tools for flexible power trade

In a bid to adapt to the evolving nature of short term electricity trade, the Indian Energy Exchange (IEX) is planning to introduce new tools for trading power in the spot market.

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