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MG Motor to invest Rs 2,500 cr to ramp up Halol plant capacity

MG Motor to invest Rs 2,500 cr to ramp up Halol plant capacity

Rediff.com22 Aug 2021

MG Motor India is investing Rs 2,500 crore by the end of next year to increase the production capacity at its Halol plant in Gujarat, as it gears up to launch its mid-size SUV Astor, according to a top company official. Despite the worsening semiconductor shortage situation, which is likely to continue for at least another six months, the company expects its sales this year to grow by up to 100 per cent over last year. "We have done an investment of Rs 3,000 crore already, and by the end of next year, we will do another Rs 2,500 crore. "We will reach a total of Rs 5,500 crore," MG Motor India president and managing director Rajeev Chaba told PTI.

Govt orders 44 cr jabs after PM's free vax announcement

Govt orders 44 cr jabs after PM's free vax announcement

Rediff.com9 Jun 2021

The Centre on Tuesday placed orders for 44 crore doses of Covishield and Covaxin, a day after Prime Minister Narendra Modi announced that the Centre would take over the state procurement quota and provide free jabs to state governments for inoculation of all above the age of 18.

Ask MF Guru: 'Want to invest EPF in MFs'

Ask MF Guru: 'Want to invest EPF in MFs'

Rediff.com18 Jul 2022

Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries

Infosys Q3 net profit up 11.8% at Rs 5,809 cr

Infosys Q3 net profit up 11.8% at Rs 5,809 cr

Rediff.com12 Jan 2022

The Bengaluru-based company had registered a net profit (after minority interest) of Rs 5,197 crore a year ago, a regulatory filing said. Infosys' revenue grew 22.9 per cent to Rs 31,867 crore in the quarter ended December 2021 from Rs 25,927 crore in the year-ago period, it added.

Modi kicks off Jewar airport phase one at cost of Rs 10,050 cr

Modi kicks off Jewar airport phase one at cost of Rs 10,050 cr

Rediff.com25 Nov 2021

Prime Minister Narendra Modi on Thursday laid the foundation stone for the Noida International Airport at Jewar in Uttar Pradesh. It will be one of the largest aerodromes in Asia.

Life insurers' new business premium spikes 42% at Rs 27,177 cr in Nov

Life insurers' new business premium spikes 42% at Rs 27,177 cr in Nov

Rediff.com9 Dec 2021

Life insurers' new business premium (NBP) reported stellar performance in November after a poor showing in October, on the back of strong growth in group single premiums for both private insurers and Life Insurance Corporation (LIC) of India. In November, 24 life insurers, including LIC, reported NBP to the tune of Rs 27,177 crore, up 42 per cent year-on-year (YoY) from the year-ago period. Private insurers' NBP rose 58.63 per cent YoY to Rs 11,209.75 crore as group single premiums more than doubled during this period.

Need Rs 3,000 cr to ramp up vaccine production: SII CEO

Need Rs 3,000 cr to ramp up vaccine production: SII CEO

Rediff.com6 Apr 2021

Serum Institute along with other vaccine producers have agreed with the government to sacrifice profits. There is no vaccine industry on the planet that has agreed to provide vaccines at such a subsidised price, he added.

'Am I too aggressive with my SIPs?'

'Am I too aggressive with my SIPs?'

Rediff.com1 Dec 2022

Nikunj Saraf, Vice President Choice Wealth, answers your queries.

Wipro Q2 profit up by 17% to Rs 2,930.6 cr

Wipro Q2 profit up by 17% to Rs 2,930.6 cr

Rediff.com13 Oct 2021

IT company Wipro posted a 17 per cent jump in consolidated net profit to Rs 2,930.6 crore for the quarter ended on September 30, 2021. The company had posted a net profit of Rs 2,484.4 crore in the same period a year ago. Wipro said that it has surpassed $10 billion (around Rs 75,300 crore) annualised revenue run rate.

Future Retail misses due date for payment of Rs 3,494.56 cr to banks

Future Retail misses due date for payment of Rs 3,494.56 cr to banks

Rediff.com1 Jan 2022

Future Retail on Saturday said it has missed the due date for payment of Rs 3,494.56 crore to banks and lenders as it could not sell assets due to its ongoing litigation with amazon, impacting its monetisation plans. Future Retail had last year entered into a one-time restructuring (OTR) scheme for COVID-19 hit companies with a consortium of banks and lenders and was to discharge "an aggregate amount of Rs 3,494.56 crore" on or before December 31, 2021. Kishore Biyani-led Future group firm would be "co-operating for completing the monetisation of the specified business within next 30 days" as per directions of the banks to resolve the current situation, said a regulatory filing by Future Retail.

Free vaccine, foodgrains to cost govt up to Rs 1.45 lakh cr

Free vaccine, foodgrains to cost govt up to Rs 1.45 lakh cr

Rediff.com8 Jun 2021

Prime Minister Narendra Modi's announcement of providing free inoculation to all adults will entail total spending of anywhere between Rs 45,000 crore and Rs 50,000 crore. This is higher than Rs 35,000 crore that the government had budgeted.

At Rs 9.45 lakh cr, net direct tax mop up exceeds estimates

At Rs 9.45 lakh cr, net direct tax mop up exceeds estimates

Rediff.com9 Apr 2021

The net direct tax collection for the fiscal ended March 31 stood at Rs 9.45 lakh crore, an increase of 5 per cent over the revised estimates in the Union Budget. Central Board of Direct Taxes (CBDT) Chairman P C Mody on Friday said the income tax department has exceeded the revised estimates despite issuing substantial refunds in the 2020-21 fiscal. During the fiscal, the net corporate tax collection stood at Rs 4.57 lakh crore, while net personal income tax was Rs 4.71 lakh crore. Another Rs 16,927 crore came from securities transaction tax (STT).

Ranji: Shaw hits 240 to prop Mumbai

Ranji: Shaw hits 240 to prop Mumbai

Rediff.com11 Jan 2023

Round-up of Ranji matches played on Tuesday.

Gautam Adani cements hold over Ambuja, son Karan is chairman of ACC

Gautam Adani cements hold over Ambuja, son Karan is chairman of ACC

Rediff.com16 Sep 2022

Billionaire Gautam Adani's son Karan will helm the cement firms his group has acquired to become India's second largest cement player and extend his burgeoning empire that spans from ports and energy to airports and telecom.

Will be able to supply 10 cr Covishield doses in June: Serum

Will be able to supply 10 cr Covishield doses in June: Serum

Rediff.com30 May 2021

In a recent letter to Union Home Minister Amit Shah, SII said its employees have been working round the clock in spite of various challenges because of the pandemic.

Rs 3.03-lakh cr scheme to improve power discoms gets nod

Rs 3.03-lakh cr scheme to improve power discoms gets nod

Rediff.com30 Jun 2021

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a five-year-long reform-based result-linked power distribution scheme worth Rs 3.03 lakh crore, for strengthening system of utilities to improve efficiency. Briefing after the CCEA meet here, Power and New & Renewable Energy Minister R K Singh said, "We have done a lot for power distribution reforms. It needs to be strengthened. Today, the Cabinet has approved the new scheme worth Rs 3.03 lakh crore, including Rs 97,000 crore central outlay." He said the funds would be given to power distribution companies (discoms) to strengthen their system.

Omicron is dominant COVID-19 variant in country: Govt

Omicron is dominant COVID-19 variant in country: Govt

Rediff.com8 Feb 2022

With the reporting of Omicron, a highly mutated variant of SARSCoV-2 virus and its classification as a Variant of Concern (VoC) by the World Health Organisation (WHO), the Union Ministry of Health revised its 'Guidelines for international arrivals', Mandaviya said in a written reply.

HR GURU: 'My company has put me on PIP'

HR GURU: 'My company has put me on PIP'

Rediff.com5 Dec 2022

HR Guru Mayank Rautela offers practical advice.

Assam CM's assets grew by more than 71% in 5 yrs

Assam CM's assets grew by more than 71% in 5 yrs

Rediff.com10 Mar 2021

The total worth of Assam Chief Minister Sarbananda Sonowal's assets, both movable and immovable, have increased by over 71 per cent since the last assembly polls in 2016, despite not having bought any new immovable assets.

Maha-K'taka border row escalates, Fadnavis dials Bommai

Maha-K'taka border row escalates, Fadnavis dials Bommai

Rediff.com6 Dec 2022

A local leader of Shiv Sena-Uddhav Balasaheb Thackeray faction confirmed they painted the buses.

GST collection hits 5-month high in Sep at Rs 1.17 lakh cr

GST collection hits 5-month high in Sep at Rs 1.17 lakh cr

Rediff.com1 Oct 2021

India's GST collection remained above Rs 1 lakh crore for the third month in a row at over Rs 1.17 lakh crore in September, raising expectations that second half of the year will post higher revenues. The tax collections in September on goods sold and services rendered was 23 per cent higher than Rs 95,480 crore collected in September 2020, and 27 per cent higher than Rs 91,916 crore collected in September 2019. The collection in September is the highest in five months since April, when revenue was at record high of Rs 1.41 lakh crore.

Tata Motors to invest Rs 28,900 cr in FY22: Chandrasekaran

Tata Motors to invest Rs 28,900 cr in FY22: Chandrasekaran

Rediff.com30 Jul 2021

Tata Motors group's investment for this fiscal is pegged at Rs 28,900 crore, mostly for its British arm Jaguar Land Rover (JLR), company chairman N Chandrasekaran said on Friday. The company will also look to raise capital separately for its electric vehicles (EV) business at an appropriate time. It is looking to have 25 per cent of its sales coming from EVs in the medium to long term, up from 2 per cent at present, he said while addressing the company's virtual AGM.

At Rs 37.8 cr Sher-Gil is India's 2nd most expensive artwork

At Rs 37.8 cr Sher-Gil is India's 2nd most expensive artwork

Rediff.com14 Jul 2021

Artist Amrita Sher-Gil's In the Ladies' Enclosure became the second most expensive Indian work of art sold globally, after fetching a whopping Rs 37.8 crore at Saffronart's recent Summer Live Auction.

GM, Ford switch off India ops but unable to exit

GM, Ford switch off India ops but unable to exit

Rediff.com25 Jan 2023

Both are finding it difficult to sell one each of their plants -- Chennai Maraimalai Nagar (Ford) and Talegaon near Pune (GM) -- and are finding the road blocked by employee severance snarl-ups, report Sohini Das and Shine Jacob.

How To Build A Rs 5 Crore Corpus In 15 Years

How To Build A Rs 5 Crore Corpus In 15 Years

Rediff.com18 Feb 2022

Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.

Sugarcane dues top Rs 21,000 cr in 2020-21 season with UP leading the way

Sugarcane dues top Rs 21,000 cr in 2020-21 season with UP leading the way

Rediff.com22 Jul 2021

Sugarcane dues accruing to farmers rose to almost Rs 21,321 crore as of May 2021. Of that Rs 18,820 crore is for the cane supplied in the current season, which will end in September, while the remaining Rs 2,501 crore is from previous years. Of the pending sugarcane dues of 2020-21, almost 63 per cent accrues to the poll-bound state of Uttar Pradesh. The remaining are from Maharashtra and others.

Govt to seek Par nod for Rs 37K cr infra push

Govt to seek Par nod for Rs 37K cr infra push

Rediff.com25 Oct 2020

The government will seek Parliament's approval for Rs 37,000-crore additional spending on infrastructure development in the second batch of supplementary demands for grant. Earlier this month, Finance Minister Nirmala Sitharaman had announced additional budget of Rs 25,000 crore as capital expenditure (capex) on roads, defence, water supply, urban development and domestically produced capital equipment. Besides, the central government approved issuance of a special interest-free 50-year loan to states of Rs 12,000 crore for infrastructure development.

Centre releases Rs 36,400-cr GST compensation to states

Centre releases Rs 36,400-cr GST compensation to states

Rediff.com4 Jun 2020

Under the GST law, states were guaranteed to be paid for any loss of revenue in the first five years of the GST implementation from July 1, 2017.

Existing infra 'might not be able to cope' with Covid crisis: Govt

Existing infra 'might not be able to cope' with Covid crisis: Govt

Rediff.com26 Apr 2021

The Centre said there is an urgent need for states to consider strict COVID management and control measures to bring the situation under control.

IPO fireworks in New Year too; cos likely to garner Rs 1.5 lakh cr

IPO fireworks in New Year too; cos likely to garner Rs 1.5 lakh cr

Rediff.com28 Dec 2021

Initial share sales are set to dazzle the Dalal Street in 2022 too as companies are expected to garner up to Rs 1.5 lakh crore in the New Year, continuing with the bullish momentum after 2021 turned out to be the best IPO year in two decades for the Indian market. Excessive liquidity and increased retail investor participation ensured a persistent euphoria in the Initial Public Offer (IPO) space wherein companies mopped up more than Rs 1.2 lakh crore this year even as pandemic gloom shadowed the broader economy. In 2022, the higher amount of funds through the primary market will be largely driven by the mega IPO of state-owned Life Insurance Corp (LIC).

Two-month IPO drought set to end with Shyam Metalics Rs 909-cr offer

Two-month IPO drought set to end with Shyam Metalics Rs 909-cr offer

Rediff.com9 Jun 2021

Shyam Metalics and Energy (SMEL) will end the over two-month drought in the initial public offering (IPO) market. The steelmaker will launch its Rs 909-crore offering soon. SMEL has pruned its IPO size from Rs 1,107 crore, with the promoters deciding to offload shares worth Rs 252 crore as against Rs 452 crore planned earlier. The company has priced its IPO between Rs 303 to 306 per share.

Reliance Infra sells HQ in Mumbai's Santacruz to YES Bank for Rs 1200 cr

Reliance Infra sells HQ in Mumbai's Santacruz to YES Bank for Rs 1200 cr

Rediff.com2 Apr 2021

The entire proceeds from the sale of Reliance Centre will be utilised only to service YES Bank debt.

RBI to transfer Rs 57,128 cr as surplus to Centre

RBI to transfer Rs 57,128 cr as surplus to Centre

Rediff.com14 Aug 2020

The RBI Board on Friday approved the transfer of Rs 57,128 crore as surplus to the central government for the accounting year 2019-20, the central bank said in a statement.

Nagaland: 1 killed as mob vandalises Assam Rifles camp

Nagaland: 1 killed as mob vandalises Assam Rifles camp

Rediff.com5 Dec 2021

The mob went on a rampage, demanding immediate action against the security personnel involved in the killing of the 13 people, they said.

Cabinet approves Rs 23k cr Atmanirbhar Bharat Rojgar Yojana

Cabinet approves Rs 23k cr Atmanirbhar Bharat Rojgar Yojana

Rediff.com9 Dec 2020

Under the scheme, the government will provide subsidy for two years in respect of new employees engaged on or after October 1, 2020, and up to June 30, 2021, Labour Minister Santosh Gangawar said in a briefing on the Cabinet decision.

Piyush Goyal's maiden Budget, at a glance

Piyush Goyal's maiden Budget, at a glance

Rediff.com1 Feb 2019

Here are the key highlights of the Interim Budget 2019-20 presented by Finance Minister Piyush Goyal in the Lok Sabha on Friday.

Govt stays hike in DA, pension, hitting 1.11 cr people

Govt stays hike in DA, pension, hitting 1.11 cr people

Rediff.com23 Apr 2020

"In view of the crisis arising out of Covid-19, it has been decided that additional instalment of dearness allowance payable to central government employees and dearness relief (DR) to central government pensioners due from January 1, 2020, shall not be paid. "The additional instalment of DA and DR due from July 1, 2020, and January 1, 2021, shall also not be paid," the department of expenditure said in an office memorandum.

ED attaches assets worth Rs 65 cr of sugar mill linked to Ajit Pawar

ED attaches assets worth Rs 65 cr of sugar mill linked to Ajit Pawar

Rediff.com1 Jul 2021

The ED said in a statement that it has attached the properties including land, building and structure and plant and machinery of Jarandeshwar Sahkari Sugar Karkhana at Chimangaon, Koregaon, Satara worth Rs 65,75,00,000 under the provisions of the Prevention of Money Laundering in a case related to Maharashtra State Co-operative Bank (MSCB).

GST officers unearth over Rs 35K cr fraud in FY21

GST officers unearth over Rs 35K cr fraud in FY21

Rediff.com13 Jul 2021

In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.

Tamil Nadu inks deals with 35 firms; to see over Rs 17,000 cr investment

Tamil Nadu inks deals with 35 firms; to see over Rs 17,000 cr investment

Rediff.com22 Jul 2021

The government of Tamil Nadu on Tuesday signed a memorandum of understanding (MoUs) with 35 companies that may see investment to the tune of Rs 17,141 crore, creating employment opportunities for 55,054 people. The major companies that would be coming up with fresh investments over Rs 1,000 crore in the state include JSW Renew Energy Two, TCS, ZF Wabco and Srivaru Motors among others. JSW Renew Energy Two will be coming up with a 450 megawatt (Mw) wind power generation unit at Tuticorin, Tirunelveli, Dindigul and Tiruppur for Rs 3,000 crore. TCS will be coming up with its third phase of expansion at SIPCOT IT Park in Siruseri, ZF Wabco with an auto component unit at Kancheepuram for Rs 1,800 crore and a two-wheeler EV unit by Srivaru Motors for Rs 1,000 crore at Coimbatore.