WTO: What's behind Thailand-India spat

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Reliance Industries, Disney deal gets thumbs up from D-St

Most brokerage houses are positive on the deal that Reliance Industries and Walt Disney struck on Wednesday to merge their media operations in India. The Disney India-Viacom18 joint venture, with near-monopoly in cricket broadcasting rights in India, is expected to push up advertisement rates and turn the broadcasting industry highly competitive, especially for smaller players.

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Govt clears 3 semiconductor manufacturing projects worth Rs 1.3 lakh crore

Government on Thursday cleared proposals for three semiconductor manufacturing units worth Rs 1.3 lakh crore, including the country's first fab manufacturing plant by Tata Group and Taiwanese Powerchip Semiconductor Manufacturing Corp (PSMC) in Gujarat. This will be a big push to India's electronics manufacturing set-up as the chips will be made within the country for the first time.

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Voda Idea board approves 45,000cr funding infusion

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Twenty-two countries applied for WTO membership, India will support as leader of Global South: Piyush Goyal

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Indian team boycotts Thai representatives at WTO talks

A comment by Thailand's ambassador to WTO accusing India of using 'subsidised' rice for capturing the export market has created a diplomatic storm. Indian negotiators refused to participate in deliberations. The Indian govt lodged a strong protest and the issue of public stockholding remains unresolved due to the unwillingness of rich nations to discuss reducing import duties.

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India blames US for holding up dispute settlement at WTO, blocks China's attempt for investment pact

India criticizes the US for blocking WTO appellate body appointments, resulting in loss of credibility. Talks on investment facilitation and the Doha Development Agenda have deadlocked. WTO officials downplay the impact of a collapse. US Trade Representative rejects a deal on dispute settlement.

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Lok Sabha elections will impact demand of trucks and buses: ICRA

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Vijay Shekhar Sharma steps down as Paytm Bank's chairman

Vijay Shekhar Sharma, the founder of Paytm Payments Bank, has resigned as the non-executive chairman of the bank's board, following the Reserve Bank of India's restrictions on the bank's operations. Bhavesh Gupta, the nominee director of the bank's parent company, One97 Communications, has also stepped down. However, Sharma will continue to lead One97 Communications, and Paytm app will function as a third-party application provider for UPI transactions. The bank has appointed Srinivasan Sridhar, the former chairman of Central Bank of India, along with three others, as new board members.

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WTO issues: India's stand & possibilities

Ministers from 160 member nations of the World Trade Organisation (WTO) return to the Persian Gulf to discuss the core issues that have hindered progress since the Doha Round of talks 23 years ago. The discussions include agriculture, fisheries, dispute settlement, e-commerce, and new issues.

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IOC, GAIL, ONGC fined for third straight quarter for failure to appoint directors

State-owned oil and gas giants including IndianOil, ONGC and GAIL (India) have been slapped fines for the third straight quarter for failing to meet listing norm requirements of having the requisite number of directors on their board. Stock exchanges have fined oil refining and fuel marketing giant Indian Oil Corporation (IOC), explorers Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL), gas utility GAIL, and refiners Hindustan Petroleum Corporation Ltd.

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ED summons Hiranandani Group promoters in Fema case on Monday

The Enforcement Directorate has summoned Niranjan Hiranandani and his son Darshan Hiranandani, the promoters of Mumbai-based real estate developer Hiranandani Group, for questioning in a foreign exchange violation case in Mumbai. The ED is probing foreign transactions and a British Virgin Islands-based trust allegedly linked to the Hiranandani Group promoters.

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Rich piece of British royal history! Indian tycoon Yohan Poonawalla buys late Queen Elizabeth II’s Range Rover; check unique features

Yohan Poonawalla, the managing director of Poonawalla Group, has acquired the late Queen Elizabeth II's Range Rover, which still retains its original registration number. Poonawalla expressed his delight in acquiring this remarkable piece of automotive history. The car, a 2016 Range Rover SDV8 Autobiography LWB edition, was privately purchased by Poonawalla.

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India's steel exports hit 18-month high in January 2024

India's steel exports hit a record high of 1.1 million tonnes in January 2024, with the European Union driving 67% of the demand. This surge in exports was attributed to favourable global prices and increased restocking demand from the EU, according to a report by SteelMint. This marks the highest level of exports in the past 18 months.

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Display names of callers, suggests Trai

In a fresh move seeking to tackle pesky calls and control frauds through mobile phones, telecom regulator Trai on Friday recommended that names of callers should be displayed in incoming calls. And, details of caller can be fetched from Customer Application Form (CAF), Trai said, as it recommended the measure to the department of telecom.

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Byju's investors vote to oust Raveendran, recast board

Investors in Think & Learn, the parent company of Byju's, are seeking to remove founder Byju Raveendran as CEO and restructure the board. This comes after a group of investors requested the National Company Law Tribunal to declare the founders unfit to run the company due to alleged oppression and mismanagement. They are also seeking the appointment of a new CEO, board, and the voiding of a $200 million rights issue. A battle for control between Byju's management and the investors is now imminent.

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Trai seeks view on enabling virtual network operators tie-up with multiple telcos

Telecom regulator Trai is seeking views on allowing virtual network operators (VNOs) to partner with multiple telecom operators for providing wireless and wireline services. This comes after VNOs requested the Department of Telecom to allow them to take connectivity from different operators for wireline and wireless services.

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Bosch to cut 3,500 jobs in home appliances unit

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'India to be small aircraft maker ATR's biggest market in 5 years'

ATR, the regional aircraft major, expects India to become its largest market in the next five years. With the government's focus on regional air transport and the growing economy, the demand for ATR planes in India is predicted to be significant.

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Birla enters paints business with Rs 10,000 crore pledge

Aditya Birla Group is investing in Birla Opus, its paints venture, with the aim to disrupt the industry and become the number two player. They plan to achieve a revenue of Rs 10,000 crore and cover the entire country by FY25.

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Government & financial regulators discuss uniform KYC norms

Finance minister Nirmala Sitharaman met financial sector regulators to discuss uniform KYC norms, simplification and digitalization of the KYC process, steps to check unauthorised lending through online apps, and the implementation of a seamless KYC system like the mutual fund industry.

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LTIMindtree, Eurolife FFH to set up digital hub in Athens

LTIMindtree has signed a MoU with Eurolife FFH to establish a genAl and digital hub in Athens and dedicated facilities in Poland and Mumbai. The partnership aims to leverage advanced technology to deliver innovation in the insurance industry.

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Nifty touches new life high, sensex nears all-time peak

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Hindalco-owned aluminium company Novelis to launch US IPO

Kumar Mangalam Birla plans to launch an IPO of Novelis, his aluminium company, in the US market. It will be the first Indian conglomerate to sell common shares in the US. The IPO will enable Hindalco to raise capital for projects and expansions. Indian companies like Rediff and Sify have previously listed on US exchanges.

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Forex spends surge in December after 9-month low

Overseas remittances jumped to $2.4 billion in Dec 2023 from a nine-month low of $1.9 billion in Nov. The highest remittance ever was recorded in June 2023, which saw a total outgo of $3,890 million after the government announced that tax collection at source (TCS) would come into force from July 1, 2023.

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Income tax demand of up to Rs 1 lakh/person to be withdrawn

CBDT said that such small tax demands that were outstanding as on Jan 31, 2024 raised under the I-T Act and also under the erstwhile Wealth Tax and Gift Tax Acts, shall be remitted and extinguished subject to the ceiling of Rs 1 lakh for a taxpayer. Taxpayers can check the status of the demands by logging on to the I-T portal.

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'Lifestyle' inflation beats essentials

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RBI's action against Paytm draws 'attention of fintech entrepreneurs' towards compliance: IT minister Chandrasekhar

Union Minister of state for electronics and IT Rajeev Chandrasekhar highlighted the importance of regulatory compliance for fintech firms, stating that the Paytm Payments Bank case has drawn attention to this issue. In an interview with PTI, he emphasized that non-compliance can have detrimental consequences for entrepreneurs in the digital economy.

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Braithwaite secures Rs 180 crore order from railways to supply 500 wagons

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How a Chinese battery-maker emerged as Tesla slayer

BYD, once mocked for poor quality, has become a global leader in electric car sales, surpassing Tesla. The company's success is attributed to expanding worldwide, introducing cost-effective Blade batteries, targeting the Chinese market's demand for cheaper cars, and raising concerns about Chinese electric car exports.

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Worker strike at Apple supplier Flex's Tamil Nadu plant

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Government move to bring down FCI borrowings, reduce food subsidy outgo

The government has increased the authorised capital of Food Corporation of India (FCI) from Rs 10,000 crore to Rs 21,000 crore through a notification. This move will help FCI reduce its borrowings from banks and save approximately Rs 750 crore annually. FCI is responsible for procurement of foodgrains from farmers, stocking and distribution under the PDS.

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Hot US inflation report stops Wall Street stocks rebound

US wholesale prices saw a larger-than-expected increase on Friday, causing concerns about the timing of interest rate cuts and halting Wall Street's recent rebound. This comes after data released earlier in the week showed that US consumer price inflation slowed less than anticipated in January, dealing a blow to hopes of an early rate cut by the US Federal Reserve.

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RBI flags business credit card violations by fintech companies

A day after the RBI instructed payment networks Visa and Mastercard to stop enabling business credit card issuances by fintech aggregators, the central bank stated on Thursday that there were other violations, including payments made to illegal merchants. RBI said that a card network had an arrangement that enabled businesses to make card payments through certain intermediaries, to entities that do not accept card payments.

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RBI governor asks banks to remain alert to build-up of loan risks

In the central bank's first meeting with bank heads since July 2023, RBI Governor Shaktikanta Das discussed the issue of outlier growth in the personal loans market, as well as exposure to NBFCs. In November, RBI increased risk weights on unsecured personal loans and lending to NBFCs in an effort to limit bank credit to these areas.

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ED questions Paytm executives on RBI-flagged 'irregularities'

Senior officials from Paytm have appeared before the Enforcement Directorate in connection with suspected irregularities reported by the Reserve Bank of India lately. The regulator had prohibited the payments bank from receiving customer deposits after February 29. ED has asked Paytm executives to come again with certain documents sought by the probe team.

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NMDC iron ore output rises 15% in Q3, net profit soars 68%

State-run iron ore miner NMDC Ltd on Wednesday said it has clocked a 68% jump in profit after tax (PAT) for the third quarter ended December 31, 2023, at Rs 1,492 crore as compared to Rs 890 crore in Q3 of FY23. This was on 45% rise in turnover to Rs 5,410 crore in Q3FY24 as against Rs 3,720 crore in Q3FY23 as the Navratna public sector enterprise recorded its highest ever production and sales volume of 12.22 metric tonnes and 11.39 MT, respectively, for the quarter, clocking a 15% and 19% growth in production and sales, respectively, over Q3FY23.

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RIL 1st Indian company to reach 20 lakh crore market value

Reliance Industries, an oil-to-telecom behemoth, became the first Indian firm to reach Rs 20 lakh crore in market capitalization on Tuesday, thanks to an almost 30% increase in its stock price over the last three months. RIL touched the Rs 1-lakh-crore market cap mark for the first time on Aug 2, 2005.

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DCI posts Rs. 27.22 crore profit in Q3

The Dredging Corporation of India Limited (DCIL) a leader in the Dredging Industry, posted a profit of Rs. 27.22 crore for Quarter Three (Q3) of 2023-24 financial year as against Rs 13.84 crore for the same quarter last year. The DCI announced its Earnings per share (EPS) is at Rs. 9.72 for Q3.

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Sensex closes 523 points lower on profit taking

The Sensex fell by 523 points on Monday, owing to profit taking in metal and financial stocks amid mixed global market trends. The Sensex ended 0.7% lower at 71,072 as 22 of its components closed in the red and eight in the green. The barometer opened higher, reaching a high of 71,757 in early trading.

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GSK Pharma net profit down in Q3

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India Inc backs One Nation One Election

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Decoding China: Deflation scare in the year of the dragon

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TruAlt Bioenergy to expand capacity, invest Rs 600 crore for setting up plants

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ONGC Q3 profit falls 14 per cent to Rs 9,536 crore on lower oil prices

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Market cap of 4 most valued firms jumps Rs 2.18 lakh crore; LIC, SBI lead gainers

Four of the top-10 most valued firms together added Rs 2.18 lakh crore in market valuation last week, with Life Insurance Corporation and State Bank of India emerging as the biggest gainers. From the top-10 pack, Reliance Industries, Tata Consultancy Services (TCS), Life Insurance Corporation of India (LIC) and SBI were the gainers. They collectively added Rs 2,18,598.29 crore in market capitalisation.

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Indonesia scraps plan to buy Mirage fighter jets from Qatar

Indonesia has ditched a controversial plan to buy 733 million euros ($790 million) worth of Mirage 2000-5 fighter jets previously used by Qatar, the defence ministry spokesperson said late on Saturday. "There is no purchase of Mirage jets. Even though it was planned, it has been cancelled ... meaning there is no active contract," spokesperson Dahnil Anzar Simanjuntak said in a statement, but did not elaborate.

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Vedanta repays $779 million to bondholders

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Paytm to set up advisory panel

One 97 Communications, Paytm's parent company, forms an advisory committee chaired by M Damodaran to enhance compliance. The move aims to strengthen corporate governance amidst RBI's curbs on Paytm Payments Bank. The panel includes banking veterans to address regulatory concerns. RBI's restrictions on the bank are seen as proportionate to the situation, with alleged KYC violations reported.

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Two directors exit Paytm Bank's board

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GST evasion by bogus firms was highest in Delhi

Delhi leads in GST evasion by bogus firms, with 483 detected in Q3 FY24, totaling Rs 3,028 crore. Nationwide, 4,153 such firms were found, evading Rs 12,036 crore in input tax credit. Delhi's crackdown resulted in blocking Rs 90 crore in tax credits and 11 arrests. Measures are in place to prevent entry of fake firms.

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Sub-Rs 5 lakh cars shrink to just 0.3% of market from 34% 8 years ago

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IGL plans 19 CBG plants for Rs 1,200 crore

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ONGC, NTPC arm ink green JV pact

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