The ED carried out searches against two former auditor firms of IL&FS -- BSR and Associates and Deloitte Haskins and Sells -- on Wednesday in connection with its money-laundering probe into alleged financial irregularities at the infrastructure development and finance company, official sources said. The premises linked to the two auditors in Mumbai were searched under the provisions of the Prevention of Money Laundering Act (PMLA), they added. The action came a week after the Supreme Court set aside a Bombay High Court verdict that quashed an SFIO probe against the two companies, both former auditors of IL&FS Financial Services, paving the way for action against them under the Companies Act and allowing the National Company Law Tribunal (NCLT) to take forward its enquiry against them.
Lack of infrastructure and inefficient transmission systems are the biggest problems.
Re-instatement of 5% custom duty on crude imports will help.
Navi Mumbai airport's construction is facing delays, and is likely to commence commercial operations in 2025 instead of 2024, aviation consultancy firm CAPA has said in a report. When asked about this matter, the Adani Group told Business Standard that the Navi Mumbai airport project is "being executed as per scheduled implementation plan and will be operational by the original target date of December, 2024, without any delay". Navi Mumbai International Airport Limited (NMIAL), responsible for both the construction and operation of the airport, is a subsidiary of the Adani Group.
Stating that pushing GDP growth, which has slipped to 5-year low of 6.8 per cent in 2018-19, is the top priority, President Ramnath Kovind said Modi govt will bring more reforms and raise farm investments to boost growth.
About 416 Myanmarese soldiers crossed over to India in view of the situation arising out of the fighting between Myanmar's armed ethnic groups and the government forces, and Indian military is 'closely watching' the unfolding developments, Army Chief General Manoj Pande said on Thursday.
The chairman of one of India's biggest industrial groups, Larsen & Toubro Ltd sees little sign of a recovery in Asia's third-largest economy,
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
'India has to ensure its borders are properly sealed and there is no infiltration from PoK.
Fiscal pressure for the Indian economy is gradually rising, suggested analysts at Jefferies in a recent note, as oil prices (Brent) - which are close to the $100 a barrel mark - continue to climb ahead of a busy election calendar. They added that the sharp rally in the equity markets during the last few months has made valuations costly. As a result, Jefferies expects the Indian markets to remain choppy in the near term.
'Baseball/softball, cricket (T20), flag football, lacrosse (sixes) and squash will be in the programme at LA28.'
'The cracks I saw yesterday were the largest I have seen in my life. We are scared.'
After tabling the Survey, Jaitley told reporters that fiscal deficit for the current year will be 4.5 per cent which needs to go down further in the next two years.
'Rhetoric and chest-thumping are running high on India's recent growth record.'
'But will the giant waves developing elsewhere allow us to sail smoothly into fair winds?' asks Debashis Basu.
Something is cooking in online food delivery. After 15 years of grappling with the demands of the business - read cash burn - Gurugram-based Zomato reported its first profit in the first quarter of 2023-24 (FY24). Not satiated, it reported a profit in the following quarter as well: Of Rs 36 crore in the second quarter compared to Rs 2 crore in the first. A year ago, in the second quarter of FY23, it had reported a loss of Rs 251 crore.
Ivraj Kaur and Prabhsimran Kaur, alumni of Mai Bhago Armed Forces Preparatory Institute (AFPI) for girls in Mohali, were commissioned as flying officers from the Air Force Academy in Dundigal and Hyderabad.
Indian economy was growing faster than the global average and all other major economies: FM
Putin made these remarks on Tuesday while speaking at the Plenary session of the 8th Eastern Economic Forum in Vladivostok, a major port city in sanctions-hit Russia's Far East region
"They (opposition parties) are not concerned about the development of the children of the country's poor. Their common minimum programme is to increase corruption for their family. Democracy means 'of the people, by the people, for the people'. But these dynastic parties have the mantra of 'of the family, by the family, for the family'. For them, their family is first, and the nation is nothing," he said.
The West Bengal government on Monday introduced two amendment bills in the state Assembly to boost investments in the state.
The manufacturing sector, which constitutes over 75 per cent of the index, declined by 2 per cent in October as against a growth of 9.9 per cent a year ago.
Finance Minister Nirmala Sitharaman will be presenting her fifth Budget that may do a tightrope walk between staying fiscally prudent and meeting general public expectations of lower taxes and a wider social security net, while at the same time firing the engines of the economy.
Cement companies witnessed speculative support from investors through FY23 amid hopes of a rebound. After capex announcements in the FY24 Budget, there was further interest due to expectations that government expenditure would boost earnings, besides a generic macro-recovery. Cement earnings were under pressure in FY22 and FY23 due to high raw material and fuel costs; muted demand prevented them passing on the higher cost.
Equity benchmarks Sensex and Nifty ended on a mixed note on Wednesday as the euphoria about the Budget fizzled out, with investors going for profit-taking ahead of the Fed interest rate decision. The 30-share BSE benchmark Sensex climbed 158.18 points or 0.27 per cent to settle at 59,708.08 after it trimmed most of the intra-day gains. During the day, it had zoomed 1,223.54 points or 2 per cent to 60,773.44.
'Given that debt AIFs, by nature, target a higher portfolio return, it is likely to attract investors like HNIs, family offices, etc, looking for a higher yield debt product.'
The Chief of Air Staff, addressing a press conference ahead of the Air Force Day on October 8, asserted that the IAF will continue to remain deployed along the frontier in the region till complete disengagement takes place in the remaining contested areas.
Unless security is given paramount importance, it is difficult for real estate activity to pick momentum in J&K.
The visit will provide thrust to expand bilateral cooperation
The project, the agreement for which was signed way back in 2009, had been gaining strategic relevance over the years as India-China ties took a hit.
While Mercedes-Benz India expects 25 per cent of its India sales to come from EVs in the next four years, BMW says it estimates around 10 per cent of sales to come from those in the near future.
India is an 'extraordinarily important' economy and an 'important partner' of Canada in a range of sectors including fighting climate change and creating economic growth, Canadian Prime Minister Justin Trudeau said on Sunday.
The Union Budget on Wednesday outlined several initiatives to drive India's technology agenda and boost digital infrastructure, including new centres of excellence for artificial intelligence, National Data Governance Policy, and Entity DigiLocker.
Metal and mining companies, such as Tata Steel, JSW Steel, Hindalco, and Coal India, have been among the top-performing sectors on the bourses in recent months. The S&P BSE Metal Index is up 13 per cent in the past three months, rallying 29 per cent in the past year, outperforming the broader market. For comparison, the benchmark S&P BSE Sensex has only seen a 1.7 per cent increase in the past three months, with a 15 per cent gain since the end of September last year.
In 2022, he raced past Usain Bolt, 'the world's fastest man', to become the world's most written-about athlete. The attention has followed a stream of medals: Asian Games gold twice, an Olympic gold, and silver and gold at the World Athletics Championships.
Australia's state of Victoria will not host the 2026 Commonwealth Games due to projected cost overruns.
'As long as businesses do not consider cyber recovery an integral part of their enterprise IT, they remain greatly vulnerable.'
While she primed up spending on infrastructure to create jobs and boost economic activity, Sitharaman did not tinker with income tax slabs or tax rates. Her Budget for the fiscal year beginning April 2022 proposed a massive 35 per cent jump in capital expenditure to Rs 7.5 lakh crore, coupled with rationalisation of customs duty, an extension of time for setting up new manufacturing companies and plans for starting a digital currency and tax crypto assets.
The Delhi-Dausa-Lalsot stretch is set to reduce the travel time between the national capital and Jaipur considerably.
'We cried our hearts out as we saw our huts going underwater. It was hard to believe that I was fast asleep at the same spot just 15-20 minutes ago'
With the fate of the Development Enterprise and Services Hub (DESH) Bill in limbo, the commerce department is working towards tweaking some rules under the existing special economic zone (SEZ) law to allow use of unutilised spaces in IT/ITES for non-SEZ purposes. The move, when implemented, will free-up the land area that is not in demand through partial de-notification of certain floors or buildings, thereby allowing easier exit. "The department of commerce is discussing the matter with the revenue department before making changes in the Special Economic Zone Act, 2005," a person aware of the matter
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