Coal workers across the country have resumed work after a two-day strike and promised to make up for an estimated 1 million tonne production loss, as the government assured that state-run behemoth Coal India will not be privatised and employees' interests would be paramount.
Mining magnate Anil Agarwal's conglomerate on Friday announced a major business shake-up, with flagship Vedanta Ltd approving a spin-off of its metals, power, aluminium and oil and gas businesses into separate listed entities and an overhaul of lucrative zinc unit planned as part of value creation and reducing debt load. Vedanta will issue one share of the five demerged businesses for every share held in the company, the firm said in a statement. The entire exercise, which would require shareholder and lender approval as well as a nod from the stock exchanges and courts, is expected to be completed in 12-15 months, its president for finance Ajay Agarwal said.
The government has relaxed FDI norms in industries such as civil aviation, petroleum and natural gas and commodity exchanges.
Among the main industry segments, manufacturing activity declined to 5.9 per cent from 10.6 per cent a year ago.
Adani group will demerge all ports, power assets into two 2 listed firms.
The government has only taken a pause and more measures will be announced in the days to come to help sectors hit by the coronavirus outbreak and also to make India 'Atmanirbhar Bharat', Minister of State for Finance Anurag Thakur said. Since the outbreak of the pandemic, the government has taken several steps to mitigate the hardships of the people due to lockdown and support growth, Thakur told PTI in an interview.
Given that the ETF has given exceptional returns over the past year, start small and buy more in a staggered manner.
The Index of Industrial Production (IIP) grew by 1.4 per cent in November as most components like manufacturing, electricity, mining, primary goods, and consumer durables witnessed a slowdown, according to data released by the National Statistical Office (NSO) on Wednesday. This is on the base of a decline of 1.7 per cent in November 2020 and before the new Covid variant started impacting economic activity. IIP growth was lower than the 4 per cent expansion recorded in the previous month but was better than a 1.6 per cent contraction seen in November 2020. Separately, rising prices of kitchen staples pushed retail inflation, or rate of price increase, to 5.59 per cent in December 2021, bringing it close to the upper band of Reserve Bank's comfort zone.
The manufacturing sector recorded the double-digit growth rate at 10.4 per cent during August, although down from 11.9 per cent a year ago, the mining sector growth rate improved significantly to 17.1 per cent against a decline of 1.7 per cent in the corresponding month last year.Electricity generation during August grew by 9.2 per cent as compared to 4.1 per cent a year ago.
The November IIP has been revised upwards to 3.9% from 3.8%.
GVA growth in the manufacturing, farm and construction sectors tumbled.
The rupee breached the 80-mark against the dollar on Tuesday. The steady depreciation in the value of the rupee against the US dollar is likely to prove expensive for corporate India. The listed companies' revenue expenses in foreign currency or imports exceed their export revenues or revenue earnings in forex. In their latest financial year, BSE500 companies, excluding banks and non-banking finance companies and insurance (BFSI), reported combined forex expenses of Rs 12.31 trillion against forex earnings of around Rs 10 trillion.
Russian firms expand their footprint in India. And take bigger steps to do business with India's private sector.
Most rating agencies had projected contraction in India's GDP for the first quarter of 2020-21.
India's industrial production rose 19.6 per cent in May 2022, according to the official data released on Tuesday. As per the Index of Industrial Production (IIP) data by the National Statistical Office (NSO), the manufacturing sector's output grew 20.6 per cent in May 2022. In May 2022, the mining output climbed 10.9 per cent, and power generation increased 23.5 per cent.
Any delay in passing the coal bill may cause a crisis in the coal sector which would also affect the power sector.
Talking to PTI Amarjeet Kaur, General Secretary of All India Trade Union Congress (AITUC), said, "The two-day nationwide strike by the joint forum of central trade unions has begun this morning". About the impact of the agitation, she said that the entire coal belt (mining area) is affected in Jharkhand, Chhattisgarh and Madhya Pradesh. She also said that there is a good response in industrial areas of Assam, Haryana, Delhi, West Bengal, Telangana, Kerala, Tamil Nadu, Karnataka, Bihar, Punjab, Rajasthan, Goa, Andhra Pradesh and Odisha. The AITUC official noted that the banks and insurance sectors are affected all over India, while steel and oil sectors are also seeing partial impact due to the strike. Kaur said that she has got preliminary reports that markets are closed in Odisha.
Bad loans, however, continued to rise in the micro, small and medium enterprises category
Insurance sector to get lot of foreign investment: Jaitley.
'When I was toying with 10 different ideas, my father was diagnosed with lung fibrosis and his condition deteriorated so badly that we lost him in six months. He was very unsatisfied with the lack of proper diagnosis.' 'It made me think will anyone do a biopsy if there is no symptom? Why is it that we do not have any non-invasive diagnostic method?' 'This idea was the strongest out of the ten, and with Snahlata Singh with her cancer biology background joining me, the idea got a real boost.'
'We are the same people who can quench a man's thirst and also kill him.'
Odisha's Health Minister Naba Kishore Das, a confidant of the chief minister, was shot and grievously injured when he got out of his car on Sunday, allegedly by a police officer who was captured, officials said.
The Reserve Bank of India, which mainly factors in retail inflation to decide its monetary policy, has been tasked by the government to ensure the rate of price rise remains around 4 per cent.
Bezzecchi came out with flying colours registering the best time to grab his third pole of the season.
For Swarup, the job would not be just challenging but also tricky, given the negativity attached to the sector.
'Those who want stability in life have started looking at opportunities outside of the start-up ecosystem.'
While rising interest rates and tighter liquidity are giving negative signals for the financial sector, increasing economic activity could mean higher business volumes for lenders. Liquidity in the banking system has moved from Rs 8 trillion surplus into a deficit of Rs 33,000 crore over the 2022 calendar year. By the end of November, bank credit had grown 17.5 per cent YoY (year-on-year).
India's economic growth slowed down to 4.4 per cent in the third quarter of 2022-23 mainly due to poor performance of the manufacturing sector. In October-December 2021, the economy grew by 11.2 per cent and by 6.3 per cent in the July-September 2022 quarter, according to data released by the National Statistical Office (NSO) on Tuesday.
Brokerages expect India Inc to report an upturn in earnings for the March quarter of 2022-23, after a relatively muted showing in the previous two quarters. This growth is expected to be led by banking, financial services and insurance (BFSI) companies, FMCG firms, and automobile makers. The combined net profit of the Nifty50 companies (excluding Adani Enterprises) is expected to have grown 15.6 per cent to Rs 1.77 trillion in Q4FY23, from Rs 1.53 trillion a year ago.
UK-based Mittal Steel on Wednesday said it was undertaking a technical visit to Jharkhand for studying the potential of investment in the metal and mining sector.
The current coal stock stands at 13.5 million tonnes at pithead power stations and 20.7 MT cumulatively at all power plants across the country.
Retail inflation inches up to 3.77%; IIP growth dips to 3-month low
India's industrial production rose by 7.1 per cent in November 2022 after contracting in October, according to official data released on Thursday. The Index of Industrial Production (IIP) grew by 1 per cent in November 2021.
Hindalco's first quarter (Q1FY23) results indicate healthy domestic volumes for aluminium and copper, and lower cost of production. Subsidiary Novelis saw weak volume trends but it managed to push operating profit margins on a better mix and pricing hikes. The weak global outlook on aluminium is a cause for ongoing concern.
On a cumulative basis, the Index of Industrial Production (IIP) for the first quarter this fiscal grew by 10.3 per cent as compared to 7.7 per cent in the year-ago period, according to the official figures released on Friday.
The early bird results for the January-March quarter of 2022-23 (Q4FY23) show a pick-up in earnings growth, despite a slowdown in revenue growth, thanks to a decline in input costs and lower provisioning for bad loans by banks. The combined net profit of 66 companies that have, so far, declared their quarterly results was up 15.2 per cent year-on-year (YoY) in Q4FY23, an improvement from 4.3 per cent YoY growth in Q3. Net sales growth of these companies, however, slowed down to 11.5 per cent YoY in January-March 2023, the slowest rate in eight quarters.
India's industrial output grew a better-than-expected 6.4 per cent in August compared with a downwardly revised 4.1 per cent growth a month ago.
India's industrial production shrunk for the third straight month in December, dragged down by weak investment and consumer demand and pointing to continued sluggishness in Asia's third-largest economy.
On June 30, mining and metals giant Vedanta, announced that it had decided to initiate a strategic review of its steel and steel-making raw material businesses. The review would begin immediately and evaluate a broad range of options, including but not limited to a potential strategic sale of some or all of the steel businesses, the company said in its stock exchange filing. The signs have been there - approaches had been made to steel players over the past year. Last December, Anil Agarwal, chairman Vedanta group, told Business Standard that the steel plant capacity was about 3 million tonnes (mt).
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