Thursday, August 05, 2021

With global crude fluctuating, OMCs to wait & watch on fuel

NEW DELHI: Oil marketing companies (OMC) continued to pause fuel price revision for the eighteenth consecutive day on Wednesday as wait and watch continues amidst fluctuating global crude prices.

Roll-out 'Flex-Fuel Vehicles' within a year, Gadkari to industry

NEW DELHI: Union Road Transport and Highways Minister Nitin Gadkari on Tuesday emphasised the need for a quick roll-out of 'Flex-Fuel Vehicles within a year's time.

IOB asks Union Bank to buy its stake in Malaysian bank

CHENNAI: Indian Overseas Bank (IOB) has asked the Union Bank of India to buy its 35 per cent holding in India International Bank, Malaysia, a top IOB official said on Tuesday.

IL&FS realises Rs 33 cr by selling its vehicles, furniture

MUMBAI: Crisis-ridden IL&FS has recovered around Rs 33.28 crore by selling assets, including vehicles, furniture, and electrical installations among others.

Hopes of faster economic rebound lift equities; Nifty crosses 16K-mark

MUMBAI:Hopes of a faster economic rebound along with estimates of less severe third Covid wave lifted India's equity indices to fresh intraday record highs during Tuesday's afternoon session.

GST revenue collection for July at over Rs 1.16 lakh cr

NEW DELHI:The gross GST revenue collected in the month of July 2021 was Rs 1,16,393 crore.

NHSRCL casts first full height pier for Bullet train project

NEW DELHI: The National High Speed Rail Corporation Limited (NHSRCL) on Saturday said it has cast the first full height pier on the 508-km Mumbai-Ahmedabad High Speed Rail (MAHSR) project, popularly known as the Bullet Train project.

NTPC Q1 net profit rises 27.35% to over Rs 3,000 cr

NEW DELHI: The country's largest power generator NTPC Ltd. has reported 27.35 per cent increase in its net profit during the first quarter of current fiscal on the back of higher generation and improved demand for power.

All 26 Airtel telecom circles show identical subscriber fall of 1.3% in May

NEW DELHI: It may be just coincidence or something more, but all the 26 telecom circles of Bharti Airtel showed identical fall in subscribers at 1.3 per cent in May over April this year.

India's eight core industries' June production up around 9%

NEW DELHI: Low base effect, along with easing of Covid 2.0 restrictions, boosted output of India's eight major industries during June 2021, on a year-on-year basis.

Income Tax conducts searches on Kanpur-based 'pan masala' group

NEW DELHI: The Income Tax Department has carried out a search action on over 30 premises, in three states, of a large pan masala manufacturing and real estate group based in Kanpur and Delhi, an official statement said on Friday.

'Favourable global outlook to accelerate India's export growth'

NEW DELHI:Favourable global trade outlook is expected to accelerate India's export growth, said India Ratings and Research (Ind-Ra).

Influx of JeM, LeT, Daesh giving Afghan war new regional dimensions: Af Prez

NEW DELHI: A massive influx of transnational terrorist networks, particularly Jaish-e-Mohammed (JeM) and Lashkar-e-Taiba (Let), along with influx of Daesh is giving the Afghan war new regional and international dimensions, Afghanistan President Ashraf Ghani has said.

Union Bank registers 255% growth in profit

NEW DELHI: Public sector lender Union Bank of India has reported a 254.93 per cent year-on-year growth in standalone net profit for the first quarter of financial year 2021-22, mirroring the trend set by several other PSBs also reporting higher profitability in the current year.

Sensex up 200 points; IT, metal stocks rise

MUMBAI:The key Indian equity indices traded in the green on Thursday morning with the BSE Sensex gaining over 200 points.

Asian cues, Fed meet keep markets subdued, auto stocks' dip

MUMBAI: Negative global cues, along with US Fed's rate setting meet, kept India's equities market subdued on Wednesday.

Hinduja group open to outside funding for E-vehicle company

CHENNAI: The Hinduja group's electric vehicle company Switch Mobility Ltd will roll out its electric (E) buses and light commercial vehicles (LCV) from the group's UK and Indian plants, said top group official.

Agriculture & construction equipment makers call for action on fake product trading

NEW DELHI:According to a FICCI Cascade report the Indian economy loses Rs 1.17 lakh crore due to smuggling & counterfeiting in five prominent sectors including Capital Goods (Machinery and Parts) and Consumer (Electronics) Durables. The goods sales from counterfeiting is expected to double up globally to Rs 119.7 lakh crore by 2022. India has been no exception to the menace

AI technologies set to rewrite the future of real estate sector

NEW DELHI: Technology-enabled real estate development is rewriting the future of the sector which has faced a huge downturn during the pandemic but is gradually showing slow but sure signs of recovery, leading industry experts said on Wednesday.

Sensex loses 400 points, Nifty below 15,650

MUMBAI:The Indian stock market traded in the red on Wednesday morning tracking weakness in global markets.

Sugarcane output per hectare rises in UP

LUCKNOW:Uttar Pradesh has scored another high with the sugarcane cultivation.

Cashify acquires UniShop to empower Indian mobile retailers

NEW DELHI: Re-commerce marketplace Cashify on Tuesday said it has acquired UniShop, an omnichannel retail solution platform, for an undisclosed sum. The new service line will be rebranded as PhoneShop to empower mobile retailers across the country.

Fuel consumers get relief, no revision in petrol, diesel prices

NEW DELHI:Oil marketing companies (OMC) continued to pause fuel price revision for the ninth consecutive day on Monday, the longest period in weeks, as global development on oil production and rising US inventories has softened crude and product prices.

Sensex inches higher to reclaim 53,000-mark amid choppy trade

MUMBAI: The Indian stock market traded on a choppy note on Monday morning with the BSE Sensex reclaiming the 53,000-mark.

IRSDC invites RFQ for redevelopment of Udaipur railway station

NEW DELHI: The Indian Railway Stations Development Corporation Ltd (IRSDC) has invited Requests for Qualification (RFQ) to redevelop Udaipur City Railway Station, officials said on Saturday.

redBus announces rollout of India's first vaccinated bus service

NEW DELHI: In a first for the bus transport sector, redBus, India's largest online bus ticketing platform, announced the launch of vaccinated bus services across 600+ major routes in the country.

Gig economy to boost employment of Indian women in formal sector: UNDP report

NEW DELHI: The rise of the gig economy in the wake of Covid-19 has the potential to boost women's employment in the formal sector, according to a report by the United Nations Development Programme (UNDP) and the Federation of Indian Chambers of Commerce and Industry (FICCI).

HUL logs nearly 10% rise in Q1 net profit

MUMBAI:Hindustan Unilever (HUL) has reported a 9.6 per cent rise in its net profit, at Rs 2,061 crore, for the April-June quarter.

Airtel upgrades postpaid plans for retail and corporate customers

NEW DELHI: Bharti Airtel on Thursday announced new postpaid plans for retail and corporate customers.

E-commerce marketplace entity shall not sell any goods owned or controlled by it

NEW DELHI: In major changes to e-commerce rules, the Ministry of Consumer Affairs has specified that an e-commerce marketplace entity shall not sell any goods owned or controlled by it on such e-commerce marketplace platform. All the sellers on the platform shall only be third party sellers, and no e-commerce store can be run on the e-commerce marketplace platform.

Rs 10 lakh to kin of govt general insurance employees dying of Covid

CHENNAI:The four government owned non-life insurers will pay ex-gratia of Rs 10 lakh to the nominees of the employees who died due to Covid-19, a top leader of the General Insurance Employees All India Association (GIEAIA) said.

Sensex zooms over 500 points, Nifty above 15,750

MUMBAI:The key Indian equity indices surged on Thursday morning with the BSE Sensex gaining over 500 points.

Fuel prices remain unchanged for 5th day

NEW DELHI: Oil marketing companies (OMC) continued the pause on fuel price revision for the fifth consecutive day, the longest period in weeks, as global development on oil production and rising US inventories softened crude and product prices.

Havells India's YoY Q1FY22 standalone net profit up 271%

NEW DELHI: Fast Moving Electrical Goods (FMEG) company Havells India on Wednesday reported a rise of 271 per cent in its year-on-year standalone net profit for Q1FY22.

Rising yield curve could weigh down on banks' profitability: Ind-Ra

NEW DELHI: The expected pressure on long-term yield curve triggered by rising inflation trend could impact the profitability of the Indian banking system.

'SC order on limitations of timeline applicable only on appeals by taxpayers in GST matters'

NEW DELHI: The Central Board of Indirect Taxes and Customs (CBIC) has clarified that extension of time limit for tax-related matters as per recent Supreme Court order is restricted only to quasi-judicial and judicial matters relating to petitions, applications, suits and appeals and will not impact actions such as scrutiny of returns, issuance of summons, search, enquiry or investigations and even consequential arrest in accordance with GST law.

HP India MD to head ICEA panel to boost IT hardware manufacturing

NEW DELHI: As the government doubles down on IT hardware manufacturing in the country, the India Cellular & Electronics Association (ICEA) on Wednesday announced a high-level committee to boost manufacturing and exports of the IT hardware (laptop/tablet) sector.

Fuel price cut relief may come soon as global oil softens

New Delhi: Consumer's bearing the brunt of rising fuel prices for more than a couple of months may expect some relief over the next few days as Oil marketing companies (OMC) have begun evaluating the fall in global oil prices and its resultant impact on fuel prices in the country.

Wipro investing $1 bn to expand cloud services

BENGALURU: Global software major Wipro on Tuesday said it would invest $1 billion (Rs 7,454 crore) over the next 3 years to expand cloud services for business transformation of its clients worldwide.

DG GST Intelligence empowered to issue summons to taxpayers

NEW DELHI: In what has brought clarity over the functioning of the Directorate General of Good and Services Tax Intelligence, the Gujarat High Court in a recent order said that DGGI officers are fully empowered to issue summons to taxpayers under the Central Goods and Services Tax Act, 2017 (CGST Act) issued by the Central Board of Indirect Taxes and Customs (CBIC).

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