Page 1582 - Business Finance
New RBI chief Shaktikanta Das promises to consult, hints at more dovish stance
MUMBAI (Reuters) - New Reserve Bank of India (RBI) Governor Shaktikanta Das said on Wednesday he would adopt a consultative approach and move quickly to meet the heads of state-run banks to tackle issues facing the banking sector.
No proposal from Centre to invest in e-bus manufacturing
The government has no proposal to invest in manufacturing of electric buses as automobile is a deregulated sector wherein both private and public sectors are free to invest, Parliament was informed Wednesday. In reply to a question in Lok Sabha, Minister of State for Heavy Industries Babul Supriyo said 100 per cent FDI by automatic route is permitted in the automobile sector. "There is no proposal from the government to invest in manufacturing of e-buses," he said. "Automobile sector is in deregulated sector and both private and public sectors are free to carry out investment in the sector, including for manufacturing of electric vehicles and e-buses," Supriyo said. He further said the Department of Heavy Industries has so far sanctioned 455 electric buses for nine cities in a pilot scheme launched on October 31, 2017, which received interest from 44 cities seeking 3,144 e-buses. Total outlay for Phase-I of the FAME-India scheme has been enhanced from Rs 795 crore to Rs 895 crore, he .
Sebi relaxes start-ups listing norms; bourses to create 'Innovators Growth Platform'
In a major push to kickstart listing of startups in India in a big way, markets regulator Sebi on Wednesday relaxed norms for new-age ventures in sectors like e-commerce, data analytics and biotechnology to raise funds and get their shares traded on stock exchanges. Among the measures include renaming the 'Institutional Trading Platform' that the regulator had created for such listings as 'Innovators Growth Platform', the regulator said in a statement issued after the board meeting here. The relaxation in the norms follows tepid market interest to the existing platform and demands from various stakeholders to make the norms easier and the platform more accessible in the wake of expanding activities in the Indian start-up space. While there has been a growing interest among the start-ups to get listed, their intention has failed to convert into actual listing in a big way and many of them have cited difficulties in meeting the compliance requirements. To review the start-up platform, ..
OPEC offsets Iran oil loss, sees lower 2019 demand
LONDON (Reuters) - OPEC said on Wednesday it had offset a drop in sanctions-hit Iranian oil exports and lowered the 2019 forecast of demand for its crude, underlining the challenge the producer group faces to prevent a glut even after last week's decision to trim output.
India's November retail inflation rate hits 17-month low in boost to new RBI chief
NEW DELHI (Reuters) - India's retail inflation rate dropped in November, which should increase the chances of the new central bank governor keeping interest rates on hold at his first policy meeting, but falling food prices could hurt a ruling party facing a revolt over low farm incomes.
Rental housing sector needs government intervention: Report
The rental housing segment needs government's intervention as there are many people who cannot afford buying a home, a MagicBricks report said here on Wednesday.
S African participants praise India's advancement in S&T after attending ITEC programme
South Africans, who participated in the India's ITEC programme that provides free training to candidates from developing countries in diverse areas, have praised the country's advancement in the arena of science, technology and innovation research. The Indian Technical and Economic Co-operation Programme (ITEC) is a bilateral programme of assistance fully funded by the government of India, enabling candidates from developing countries to participate in training courses in the premier training institutes of India with the primary purpose to "train" or build capacity among India's partner countries. It is a visible symbol of India's role and contribution to South-South co-operation which constitutes a fundamental pillar of country's foreign policy and diplomacy. The participants from South Africa, who underwent the recently held ITEC programme, said that they benefited after receiving training in diverse areas that included corporate governance, running elections, advanced statistical ..
Lilly partners with AC Immune for Alzheimer's treatment
(Reuters) - Eli Lilly & Co and AC Immune SA have agreed to jointly develop a potential treatment for Alzheimer's disease.
Russia's Lukoil buys first Iraqi Kirkuk crude since flows resume
LONDON (Reuters) - The first cargo of Iraqi Kirkuk crude to change hands since flows resumed last month has been sold to Litasco, the Swiss-based trading arm of Russian oil producer Lukoil, ship-tracking data and a shipping document showed.
CPI inflation dips to 17-month low of 2.33% in November 2018
Core CPI inflation eases to 5.71% in November 2018
Oil rises to $61 on Libyan supply cut, U.S. inventories
LONDON (Reuters) - Oil rose above $61 a barrel on Wednesday, supported by an industry report that showed a drop in U.S. crude inventories, a cut in Libyan exports and an OPEC-led deal to trim output.
Gold holds steady, dollar strength weighs on market
BENGALURU (Reuters) - Gold prices held steady on Wednesday, underpinned by expectations of fewer rate hikes by the U.S. Federal Reserve next year, while a stronger dollar weighed on the market.
Expert Views: India's November retail inflation falls to 2.33 percent
MUMBAI (Reuters) - India's retail inflation rate fell to 2.33 percent in November, government data showed on Wednesday, due to weaker food inflation.
Corrected: India's November retail inflation rate falls to 2.33 percent
NEW DELHI (Reuters) - India's retail inflation rate fell to 2.33 percent in November, government data showed on Wednesday, due to weaker food inflation.
Industrial output growth fastest in 11 mths at 8.1% in October
India's industrial output grew at an 11-month high of 8.1 per cent in October mainly on the back of mining, power and manufacturing sectors coupled with higher offtake of capital as well as consumer durable goods. Industrial production measured in terms of Index of Industrial Production (IIP) grew 1.8 per cent in October last year, as per official data released by the Central Statistics Office (CSO) Wednesday. The previous high IIP growth rate was recorded in November last year at 8.5 per cent. The growth for September remained unchanged at 4.5 per cent compared to provisional data released last month. During the April-October period, industrial output grew 5.6 per cent as compared to 2.5 per cent in the same period of the previous fiscal. Manufacturing sector, which constitutes 77.63 per cent of the index, recorded 7.9 per cent growth in October as against 2 per cent year ago. Mining sector posted 7 per cent growth during the month as against a contraction of 0.2 per cent in October .
Auto stocks gain over 7% on robust demand
Auto stocks Wednesday jumped over 7 per cent amid positive global cues and falling crude prices among other factors, analysts said. Shares of Hero Motocorp ended with 7.57 per cent gains at Rs 3,265.30. Besides, it was the biggest gainer in the Sensex pack. Moreover, Eicher Motors advanced 4.38 per cent to Rs 23,745.55 and Bajaj Auto gained 3.70 per cent to close at Rs 2,847.30 on the BSE. Among others, Tata Motors rose 3.60 per cent, Mahindra & Mahindra increased by 3.59 per cent, while TVS Motor closed the counter with 3.43 per cent gain. Led by gains in these stocks, BSE Auto index ended 3.58 per cent higher at 20,675.27. "Auto stocks rallied today mostly on account of positive sentiments. Government's prompt action on appointment of new governor, benign crude prices and expected liquidity easing helped the sentiments," Centrum Broking analyst Awanish Chandra said. China's progress towards easing tariff on the US made vehicles added to the positive sentiments in global auto ...
Royal Enfield launches Continental GT 650, Interceptor INT 650 for Punjab market
Motorcycle manufacturer Royal Enfield Wednesday launched its Interceptor INT 650 and Continental GT 650 models for the Punjab and Chandigarh markets. These bikes are available across all dealerships in Chandigarh currently, and will be available across nine dealerships in Punjab by the end of December, Royal Enfield President Rudratej Singh said on the sidelines of the launch event of the 'Twins'. Punjab and Chandigarh, along with Kerala, are traditionally the strongest markets for the company and it enjoys a share of 17 per cent, 35 per cent and 33 per cent, respectively, in mid-segment bikes (250 cc to 750 cc), Singh said. "We launched them (Twins) in California, followed by Europe and Asia Pacific, and now across our homeland in India. The introduction of 650 Twin motorcycles makes our portfolio even more comprehensive," he said. In markets like America, Europe and Australia, more young people and women are taking to motorcycling for leisure purpose, he said. While Royal Enfield ...
India's November retail inflation rate falls to 2.33 percent
NEW DELHI (Reuters) - India's retail inflation rate fell to 2.33 percent in November, government data showed on Wednesday, due to weaker food inflation.
Legacy staff cost, tariff war, absence of 4G service plaguing MTNL
The government on Wednesday said legacy staff cost, cut throat tariff war, and absence of 4G services are some of the major reasons for losses at state-owned telecom firm MTNL. Telecom Minister Manoj Sinha informed the Lok Sabha that the Department of Telecom has has received revival plan of MTNL, which has been declared 'Incipient Sick', as per the Department of Public Enterprises guidelines. Mahanagar Telephone Nigam Limited (MTNL) has licence to operate in Delhi and Mumbai. "One of the major reasons for losses of MTNL is huge legacy staff cost. Besides, the service revenue is declining due to intense competition resulting into cut throat tariffs, inability of MTNL to infuse capital expenditure (CAPEX) to upgrade its network. All private telecom operators are offering 4G services leading to churn in mobile segment of MTNL. Due to this MTNL's revenue from operation has reduced," Sinha said. In the second quarter ended September 30, 2018, MTNL reported widening of its loss to Rs 859 ..
India's industrial output grows 8.1 percent in October
NEW DELHI (Reuters) - India's industrial output in October grew a stronger-than-expected 8.1 percent from a year earlier, government data showed on Wednesday.