Big boost to petroleum and fertilizer sector: Saudi Arabia, UAE reiterate investment plans in India

Partnering growth: Saudi Arabia, UAE reiterate investment plans in India Saudi Arabia and UAE on Monday reiterated that the West Asian countries were looking to participate in India’s petroleum downstream segment, including petrochemicals, refinery and retail. In addition, Saudi Arabia is also looking to make investments in the fertiliser sector. Speaking at a two-day conference …

Big boost to petroleum and fertilizer sector: Saudi Arabia, UAE reiterate investment plans in IndiaRead More »

Rs 750 crore FRP for Maharashtra cane farmers remain unattended

Maharashtra farmers: Rs 750-cr FRP dues lie unattended More than Rs 750 crore cane dues, under Fair and Remunerative Price (FRP), by 70-72 sugar factories in Maharashtra still remain unattended. Farmer representatives from Cane Control Board (CCB) in Maharashtra have sought payments and interest on these dues from the factories failing which, “no new crushing …

Rs 750 crore FRP for Maharashtra cane farmers remain unattendedRead More »

Google pays homage to noted tabla maestro Lachhu Maharaj on 110th birthday

Google pays homage to noted tabla maestro Lachhu Maharaj on 110th birthday Google on Tuesday honoured noted tabla maestro Lachhu Maharaj on his 110th birth anniversary by dedicating a doodle to the musician. Born in Varanasi on October 16, 1944 as Lakshmi Narayan Singh, Lachhu Maharaj was known for his proficiency in playing the tabla …

Google pays homage to noted tabla maestro Lachhu Maharaj on 110th birthdayRead More »

Chinese troops briefly came to Indian side in Dibang Valley in Arunachal Pradesh

Chinese troops briefly came to Indian side in Dibang Valley in Arunachal Pradesh (Representative image: Reuters) A group of Chinese Army personnel briefly came to the Indian side of the Line of Actual Control (LAC) in Arunachal Pradesh’s Dibang Valley in July but returned after Indian security personnel objected to it, official sources said. They …

Chinese troops briefly came to Indian side in Dibang Valley in Arunachal PradeshRead More »

IL&FS impact: Mutual funds’ exposure to group NBFCs under Sebi scanner

The Securities and Exchange Board of India (Sebi) is looking into the exposure taken by certain fund houses to debt papers of their own group’s non-banking financial companies (NBFCs), said people privy to the development. In some cases, the exposure of a debt scheme to its group’s NBFCs is as high as 12 per cent …

IL&FS impact: Mutual funds’ exposure to group NBFCs under Sebi scannerRead More »

Trump marvels at damage from Hurricane Michael in Florida

LYNN HAVEN, Fla. (AP) — President Donald Trump marveled at the roofless homes and uprooted trees he saw Monday while touring Florida Panhandle communities ravaged by the force of Hurricane Michael. Trump toured devastated coastal communities by air, land and foot before he and the first lady helped hand out bottled water at a Federal …

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As data localisation deadline approaches, payments firms get ready for a showdown with RBI

RBI-payment firms deadlock continues With the Reserve Bank of India’s October 15 deadline for storing all payment data generated in India within the country coming to an end on Monday and major international firms such as American Express, Visa, Mastercard, Amazon, Paypal, and Western Union, failing to meet it, a regulatory uncertainty hangs over the …

As data localisation deadline approaches, payments firms get ready for a showdown with RBIRead More »

PFRDA seeks easing of FDI norms for pension funds, expects boost for fledgling segment

PFRDA seeks easing of FDI norms for pension funds The Pension Fund Regulatory and Development Authority (PFRDA) has sought easing of the foreign direct investment (FDI) norms for pension funds so that experienced foreign partners could be roped in by these entities, facilitating more competition in the fledgling segment. Currently, FDI in the sector is …

PFRDA seeks easing of FDI norms for pension funds, expects boost for fledgling segmentRead More »

Festive season sales: Mobile phones drive online shopping spree, tier II city shop big

Mobile phones drive online shopping spree The first leg of the five-day online festive season sale held from October 9-14 appears to have been a fairly big success. E-commerce players are estimated to have clocked in a combined gross merchandise value (GMV) worth $2.3 billion, data from market research firm RedSeer Consulting reveal. This is …

Festive season sales: Mobile phones drive online shopping spree, tier II city shop bigRead More »

India’s exports contract, but trade deficit falls to five-month low

Exports declined for the first time this financial year, by a moderate 2.15 per cent at $27.95 billion in September, despite rupee depreciating against the dollar. However, this could not widen the trade deficit, which fell to a five-month low as the pace of import growth also slowed.Economists are apprehensive that the trade deficit will …

India’s exports contract, but trade deficit falls to five-month lowRead More »

Visa, Mastercard, American Express miss RBI’s data localisation deadline

As the Reserve Bank of India’s (RBI’s) deadline for data localisation got over on Monday, almost all payments players claimed they were either fully compliant with the rules or were actively working towards it. For card companies, however, it was a different tale, with the three major players — Visa, Mastercard, and American Express — …

Visa, Mastercard, American Express miss RBI’s data localisation deadlineRead More »

NCLAT order: Stay on proceedings against IL&FS, arms

NCLAT order: Stay on proceedings against IL&FS, arms Based on an urgent petition moved by the ministry of corporate affairs (MCA), the National Company Law Appellate Tribunal (NCLAT) on Monday stayed all proceedings against IL&FS and its 348 group firms till a further order. The ministry had moved the NCLAT after the Mumbai bench of …

NCLAT order: Stay on proceedings against IL&FS, armsRead More »

Trade worries: Export shrink again in September, worst plunge in 26 months

Trade worries: Export shrink again in September, worst plunge in 26 months Merchandise exports witnessed the worst contraction in 26 months in September despite a weak rupee, thanks mainly to an unfavourable base, while trade deficit eased from a near-five-year high to touch a five-month trough of $14 billion. Exports had last shrunk in March …

Trade worries: Export shrink again in September, worst plunge in 26 monthsRead More »

Report Debunking Trump’s Coal Plan Is Under Review, Administration Says

2/2 © Bloomberg. Coal is loaded onto a barge on the Ohio River. 2/2 (Bloomberg) — The Trump administration is pushing back against assertions it buried a study that undermines its efforts to prop up coal and nuclear power plants. The analysis, which was initially ordered up by the Energy Department’s Office of Nuclear Energy …

Report Debunking Trump’s Coal Plan Is Under Review, Administration SaysRead More »

Global Hunger Index: India’s ranking slips to 103 among 119 countries

The GHI, now in its 13th year, ranks countries based on four key indicators — undernourishment, child mortality, child wasting and child stunting. (IE) India has been ranked at the 103rd position among 119 countries on the Global Hunger Index, says a report. According to the report, prepared by Welthungerhilfe and Concern Worldwide, India is …

Global Hunger Index: India’s ranking slips to 103 among 119 countriesRead More »

PM Narendra Modi appeals oil producers to review ‘payment terms’ with India in the wake of Rupee’s slide

Rupee has fallen by nearly 14% in the last one year Prime Minister Narendra Modi on Monday appealed to oil producing countries and global energy giants to review the ‘payment terms’ with India so that the rupee, which has fallen by nearly 14% in the last one year, gets some support. He also urged them …

PM Narendra Modi appeals oil producers to review ‘payment terms’ with India in the wake of Rupee’s slideRead More »

MCA data: 63% of 17.95 lakh registered companies in India active in august

MCA data: 63% of 17.95 lakh registered companies in India active in august Around 63% of the 17.95 lakh companies registered in India were active at the end of August, data from the ministry of corporate affairs showed amid the government continuing its clampdown on shell companies. There were more than 11.28 lakh active companies …

MCA data: 63% of 17.95 lakh registered companies in India active in augustRead More »

Outbound activity drives Merger and Acquisition’s robust growth in Q3 of 2018

Outbound activity drives Merger and Acquisition’s robust growth in Q3 of 2018 Merger and acquisition (M&A) deal values recorded a 5.3-times increase year-on-year (y-o-y) in the third quarter of calendar year 2018 (Q32018) driven by outbound activity, according to a dealtracker report by Grant Thornton. The report stated that M&A deal values stood at $11.506 …

Outbound activity drives Merger and Acquisition’s robust growth in Q3 of 2018Read More »

US envoy for NKorea to hold talks in Russia, France, Belgium

1 US envoy for NKorea to hold talks in Russia, France, Belgium The Latest: Trumps distribute bottled water at FEMA center Forensics team searches Saudi Consulate over missing writer Maldives crisis: Yameen now challenges result after accepting it Trump gets bird’s-eye view of devastated Florida communities World’s largest rice gene bank secures funding to fight …

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The Latest: Trump arrives in Georgia to see hurricane damage

ROBINS AIR FORCE BASE, Ga. (AP) — The Latest on President Donald Trump’s visit to areas hit by Hurricane Michael (all times local): 4:20 p.m. President Donald Trump has arrived in Georgia to survey damage by Hurricane Michael. The president and first lady Melania Trump arrived at Robins Air Force Base on Monday afternoon. State …

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Pharma giant Dr Reddy’s sells Hyderabad API unit to Therapiva

Pharma giant Dr Reddy’s sells Hyderabad API unit to Therapiva Dr Reddy’s Laboratories has entered into a definitive agreement for the sale of its API manufacturing business unit in Jeedimetla, Hyderabad, to Therapiva. Therapiva is a joint venture between Omnicare Drugs India, a wholly-owned subsidiary of Neopharma, Abu Dhabi, and Laxai Life Sciences. The sale …

Pharma giant Dr Reddy’s sells Hyderabad API unit to TherapivaRead More »

Green Drive: MG motor announces electric vehicle launch in India by 2020

Green Drive: MG motor announces electric vehicle launch in India by 2020 After recent announcements by auto OEMs like Maruti and Hyundai on their foray into the electric vehicle segment in India, the Indian arm of China’s SAIC, MG Motor India, on Monday announced that it will also join the bandgwagon and launch an electric …

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Increasing wages in China may benefit Indian toy industry: DIPP report

Increasing wages in China may benefit Indian toy industry: DIPP report Over the last three to four years, the Chinese market has seen labour strikes in some of its major factories, which resulted in shrinkage in its workforce. The demand in wages has been another call by the Chinese workforce. Economists say that China is …

Increasing wages in China may benefit Indian toy industry: DIPP reportRead More »

India’s wholesale inflation rises to 5.13% in September from 4.53%

The wholesale price index (WPI)-based inflation rate surged to 5.13 per cent in September from 4.53 per cent in the previous month, reflecting an increase in the rate of non-food articles’ price rise.Though CPI inflation also rose in September compared to the previous month, the price rise was higher in WPI. CPI inched up to …

India’s wholesale inflation rises to 5.13% in September from 4.53%Read More »

Tapping sunshine: Tata Power aims to grow solar rooftop business four-times in four years

Tata Power aims to grow solar rooftop business four-times in four years Tata Power Renewable Energy, the wholly-owned subsidiary of Tata Power Company, plans to grow its rooftop business four-fold to around 1,000 MW from present 250 MW in next three to four years, even as the company plans awareness campaigns in 100 cities by …

Tapping sunshine: Tata Power aims to grow solar rooftop business four-times in four yearsRead More »

As tax benefits for Haridwar plant expire, Hero MotoCorp Q2FY19 Ebidta margin may drop 20 bps

Hero MotoCorp Q2FY19 Ebidta margin may drop 20 bps With tax benefits at its Haridwar plant expiring and margin pressures continuing, analysts expect Hero MotoCorp’s Q2FY19 Ebitda (Earnings before Interest, Tax, Depreciation and Amortisation) margin to be down 200 basis points year-on-year. Margins have been under pressure because commodity prices have been elevated, which is …

As tax benefits for Haridwar plant expire, Hero MotoCorp Q2FY19 Ebidta margin may drop 20 bpsRead More »

Tax on carbon emissions could soon be a reality in Washington state

Voters in Washington state will go to the polls Nov 6 to decide whether or not they want to impose a first-of-its-kind “fee” on carbon emissions. Ballot initiative 1631 marks the second time the state will vote to put a cost on emissions. A prior effort, labeled a carbon tax, failed when it was on …

Tax on carbon emissions could soon be a reality in Washington stateRead More »

Uptick in New Zealand Consumer Price Index (CPI) to Fuel NZD/USD Rebound

Trading the News: New Zealand Consumer Price Index (CPI) Updates to New Zealand’s Consumer Price Index (CPI) may fuel the recent rebound in NZD/USD as the headline reading for inflation is expected to widen to 1.7% from 1.5% per annum in the second-quarter of 2018. Signs of stronger price growth may heighten the appeal of …

Uptick in New Zealand Consumer Price Index (CPI) to Fuel NZD/USD ReboundRead More »

Sterlite Power expects renewable energy to boost private participation as tussle over project allocations continues

Sterlite Power expects renewable energy to boost private participation as tussle over project allocations continues Power transmission projects for connecting upcoming renewable energy capacities would take forward public-private-partnerships in the sector, Pratik Agarwal, CEO, Sterlite Power, said on Monday. “We expect Rs 3-4 lakh crore worth of transmission projects under the tariff based competitive bidding …

Sterlite Power expects renewable energy to boost private participation as tussle over project allocations continuesRead More »

Heavy festive season discounts on mobile handsets expected to propel sales

Heavy festive season discounts on mobile handsets expected to propel sales The ongoing festive season is witnessing offline and online retailers lining up a string of offers and discounts on mobile handsets. For instance, Amazon during its just concluded festive sale was offering OnePlus 6 exclusively on its platform for Rs 29,999 as against its …

Heavy festive season discounts on mobile handsets expected to propel salesRead More »

Today’s picks: From Cipla to Bajaj Finserv, hot stocks to watch on Tuesday

NiftyCurrent: 10,512 (fut: 10,520), Target: NAStop-long positions at 10,425. Stop-short positions at 10,610. Big moves could go till 10,650, 10,400. A long 10,400p (84), short 10,300p (60) could gain 15-20 if the index drops below 10,450.Bank NiftyCurrent: 25,388 (fut: 25,376)Target: NAStop-long positions at 25,250. Stop-short positions at 25,500. Big moves could go till 25,750, 25,000. …

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Oil Ends Up In Volatile Trade Amid Saudi Tensions, Global Macro Fear

© Reuters. Oil in volatile trade as global uncertainties offset Saudi-related tensions. Investing.com – Oil prices settled higher on Monday in volatile trade after the disappearance of a prominent Saudi journalist caused a spike in geopolitical tensions and sent crude markets soaring before global macro uncertainties cut gains. settled up 44 cents at $71.78 per …

Oil Ends Up In Volatile Trade Amid Saudi Tensions, Global Macro FearRead More »

#MeToo movement: Beti Bachao takes a hit with M J Akbar case, government should have asked him to step down

Union Minister MJ Akbar (Express photo) Given the nature of a #MeToo movement, where victims come out with their stories decades after the event, proving allegations to the satisfaction of a court of law was always going to be a tough call. After all, at the time the sexual assault was alleged to have taken …

#MeToo movement: Beti Bachao takes a hit with M J Akbar case, government should have asked him to step downRead More »

Derivatives strategies: Strong resistance at 10,700-10,800 for Nifty

The market is signalling an extended period of bearishness. Breadth is poor with advancing stocks out numbering share that declined stocks. Volumes have been high on sessions with net losses and in stocks that have gone south. Volatility has spiked sharply.The major indices have all dropped substantially below their respective 200-day moving averages (200-DMA). Domestic …

Derivatives strategies: Strong resistance at 10,700-10,800 for NiftyRead More »

DMart stock heads south amid margin concerns; analysts cut rating

Even after posting good revenue growth in the September quarter, most analysts have reduced their rating on the stock of Avenue Supermarts. The entity operates DMart, the food and grocery chain.The rating downgrade is due to profit margin concern. Analysts also feel earnings are not strong enough to justify the higher stock valuation — after …

DMart stock heads south amid margin concerns; analysts cut ratingRead More »

Worrying! Capital expenditure is falling; a lot depends on government spending and that could weaken too

Capital expenditure is falling It has been evident for more than three years now that investments are crawling because most companies in the private sector don’t have the financial wherewithal to set up fresh capacities. It is the government which is primarily driving capex. This trend has been buttressed by the latest data from the …

Worrying! Capital expenditure is falling; a lot depends on government spending and that could weaken tooRead More »

What will destroy humanity first: Artificial intelligence or climate change?

Stephen Hawking (File photo) One of the most brilliant minds to have graced the planet, Stephen Hawking, throughout his life, was curiously sceptical of artificial intelligence (AI), the flavour of the moment in technology. Stephen Hawking never doubted AI’s prowess; in fact, to the contrary, he believed it would surpass human intelligence and, thus, machines …

What will destroy humanity first: Artificial intelligence or climate change?Read More »

Why banks don’t need to worry about deposits despite ostensibly higher post office small saving rates

Small savings do not pose a threat to banks The increase in interest rates in some small savings schemes has expectedly raised the question on whether or not the demand for bank deposits would come down in case banks do not increase their interest rates. The recent hikes in interest rates, which are based on …

Why banks don’t need to worry about deposits despite ostensibly higher post office small saving ratesRead More »

Venezuela’s PDVSA preparing $950 million payment on 2020 bond: sources

© Reuters. FILE PHOTO: FILE PHOTO: Venezuela’s Oil Minister and President of PDVSA Manuel Quevedo gestures as he talks during a news conference in Caracas CARACAS (Reuters) – Venezuela’s state-owned oil company PDVSA is preparing to pay holders of its 2020 bond some $950 million this month, after failing to make interest payments on most …

Venezuela’s PDVSA preparing $950 million payment on 2020 bond: sourcesRead More »

Forecasting: A chanawala’s guess is as good as an expert’s when markets go crazy and are volatile

Back in 2003, The rupee was around 47 and creeping inexorably towards 50 to the dollar Many years ago, when I lived in New York, I remember I was in an elevator mid-town when a couple of guys rushed in stomping snow from their boots. One of them turned to the other and said, “Weather …

Forecasting: A chanawala’s guess is as good as an expert’s when markets go crazy and are volatileRead More »

UNCTAD report lessons: India must not accept narratives of digital giants, should formulate its own ecommerce policy

Addressing policy challenges in the digital era (Illustration: rohnit phore) In today’s world, anyone who argues for regulating data/tech giants in the digital arena, or suggests putting restrictions on cross-border data flows, stands the risk of being labelled a 21st century Luddite. However, this might just have changed. In its flagship Trade and Development Report …

UNCTAD report lessons: India must not accept narratives of digital giants, should formulate its own ecommerce policyRead More »

Google Pixel 3 is an epitome of software enhancement

Google Pixel 2 Google has slowly made it clear that it has hardware ambitions that spill well beyond its grip on online search and advertisement. The Pixel 1 was well received, but the Pixel 2, despite its great camera, was not much of a success when it came to actual sales. That has not deterred …

Google Pixel 3 is an epitome of software enhancementRead More »

Electronic spot exchanges to help government bring agriculture price stability

AGRI prices: How to get the MSP vision to work Cropping decisions continue to be driven by price-adaptive behaviour of Indian farmers. Such decision-making manifests as the most remunerative crop in the last season being sown over larger acreage in the current season, leading to an inevitable price crash. Pulses prices reigning high two years …

Electronic spot exchanges to help government bring agriculture price stabilityRead More »

IndusInd Bank Q2 result: Profit rises 4.6% to Rs 920 crore, gross NPAs up as well

IL&FS exposure: IndusInd Bank Q2 profit rises 4.6% to Rs 920 crore IndusInd Bank on Monday reported a 4.6% year-on-year increase in its net profit to Rs 920.25 crore for the second quarter of the current financial year. The bank missed quarterly profit estimates as it had decided to make contingent provisions to the tune …

IndusInd Bank Q2 result: Profit rises 4.6% to Rs 920 crore, gross NPAs up as wellRead More »

IL&FS impact: Prolonged liquidity crisis will hit economy, says Moody’s

Global rating agency Moody’s on Monday said that a continued liquidity crunch in markets, following defaults by IL&FS and its group entities, will erode the credit profile of non-banking financial companies (NBFCs).The regulators are taking steps to limit the scope and duration of the liquidity crisis and most finance companies can deal with multi-week tight …

IL&FS impact: Prolonged liquidity crisis will hit economy, says Moody’sRead More »

Centre may undershoot disinvestment target by 20%, says Macquarie

The Centre could miss the 2018-19 disinvestment target by 20 per cent, global diversified financial group Macquarie said in a note. This fiscal year’s disinvestment target has been set at Rs 800 billion. However, in the first half, the Centre managed to mop up a little over 10 per cent.“Divestment has got off to a …

Centre may undershoot disinvestment target by 20%, says MacquarieRead More »

IIP and industrial growth to support steel consumption in India: Sushim Banerjee

IIP and manufacturing growth to support steel consumption Growth of Industrial Production in August’18 at 4.3% with manufacturing at 4.6% is somewhat lower than what was expected with the publication of July results. But there is lot to cheer about for the industry. And here the revision of output data for the previous months has …

IIP and industrial growth to support steel consumption in India: Sushim BanerjeeRead More »

Equity investments: Why investing in quality large-cap stocks a better choice than low-cost ETF

EQUITY INVESTMENTS: High risk =/ high returns There is a popular misconception that to earn higher return one has to take higher risks. And it sounds convincing as well. If there is no reward for taking higher risk, why should anyone take the higher risk? While this positive risk-return relationship holds true across the asset …

Equity investments: Why investing in quality large-cap stocks a better choice than low-cost ETFRead More »

Selling jointly owned flat? Both have to pay tax

Selling jointly owned flat? Both have to pay tax A flat was bought in 2003 in my wife’s name with funds from both of us. In 2010, my name was added while registering. Who will be liable for income tax when it will be sold?– Dilip SaksenaIncome from joint ownership property is taxed in the …

Selling jointly owned flat? Both have to pay taxRead More »

Lessons from NBFC crisis: Securitisation market essential for sustainable funding

Lessons from NBFC crisis: Securitisation market essential for sustainable funding (Illustration: SHYAM Kumar Prasad) The steps taken by Reserve Bank of India (RBI) to support systemic liquidity and by State Bank of India to offer balance sheet liquidity for non-banking financial companies (NBFCs) would help alleviate some of the ongoing tightness in the financial system. …

Lessons from NBFC crisis: Securitisation market essential for sustainable fundingRead More »