Foreign portfolio investors (FPIs) are likely to seek from the finance ministry a six-month extension of the date for complying with the amendments to the Prevention of Money-Laundering Act (PMLA), citing implementation challenges. Sources said FPIs, through their custodians, were planning to approach the ministry, highlighting key concerns and seeking more clarification. The ministry, through a notification on March 7, lowered the threshold for reporting ultimate beneficial ownership (UBO) for non-profit organisations and politically exposed persons to 10 per cent from 25 per cent.
The state government will review the lockdown situation in Guwahati after seven days from the enforcement of the restrictions.
The companies on the list are from sectors including trading, finance, packaging, textile, realty, and others. Trading and finance companies account for half-a-dozen companies each.
The new series claims GDP grew at seven per cent between April and June 2015, while gross value added (GVA) grew at 7.1 per cent.
Telecom major Airtel has decided against renewing the title sponsorship contract with the BCCI for India's international matches at home leading to the Board calling a marketing committee meeting in Mumbai, on Thursday.
Reserve Bank Governor Shaktikanta Das on Friday said the rupee is holding up relatively well when compared to the currencies of emerging market peers and advanced economies. Days after the domestic currency breached the 80-level against the dollar, Das said Reserve Bank of India (RBI) has zero tolerance for volatile and bumpy movement in the rupee and added that the central bank actions have helped in smoother movement. He said RBI has been supplying US dollars to the market to ensure adequate supply of liquidity and also clarified that the central bank does not target a particular level for the currency.
UP's mills, dominated by the private sector's 94 units, have already expressed their inability to participate in the next crushing season
After raising interest rate by a cumulative 250 basis points in 11 months, the Reserve Bank of India (RBI) on Thursday unexpectedly kept benchmark rate unchanged as global banking woes added uncertainty to the economic outlook. Five out of six members of MPC voted to remain focused on the withdrawal of accommodation to ensure inflation aligns with target while focusing on growth, RBI Governor Shaktikanta Das said on Thursday. The Monetary Policy Committee of the central bank decided to take a pause after a rate hike seen in previous six consecutive policies.
The BCCI's top brass will be engaged in a series of meetings in Chennai on Saturday to take a final call on the future of the cash-strapped IPL team Deccan Chargers and also seek to make a couple of important amendments to its constitution.
Prices of natural gas, which is used to generate electricity, make fertiliser and is converted into CNG to run automobiles, were on Friday hiked by a steep 40 per cent to record levels, in step with global firming up of energy rates. The rate paid for gas produced from old fields, which make up for about two-thirds of all gas produced in the country, was hiked to $8.57 per million British thermal units from the current $6.1, according to an order from the oil ministry's Petroleum Planning and Analysis Cell (PPAC). Simultaneously, the price of gas from difficult and newer fields like the ones in Reliance Industries Ltd and its partner bp plc operated deepsea D6 block in KG basin, was hiked to $12.6 per mmBtu from $9.92, the order said.
In a tightening cycle, a premature pause in monetary policy action would be a costly policy error, Reserve Bank Governor Shaktikanta Das opined while voting along with five other members of the MPC for raising the key lending rate by 35 basis points earlier this month, according to the minutes of the meeting released on Wednesday. Prior to the December hike in repo rate, the RBI had raised the key short-term lending rate by 190 bps in four tranche.
'The rising cost of construction, the cost of doing business, high compliance, and inflation/interest rates going up have already reduced returns to single digits.'
'Gift-giving' - from free dinners and drug samples to promotional merchandise - seems to be driving drugmakers' marketing - a marketing prescription deeply entrenched in the industry. This is a well-oiled racket that sees pharmaceutical (pharma) companies 'gifting' doctors to push their respective drugs under the guise of marketing. But is there a cure in sight to end this unhealthy alliance? The recent controversy following the income-tax raids on Bengaluru-based drugmaker Micro Labs, makers of popular paracetamol brand Dolo-650, has brought this to the fore, again.
'The consolidation of the world's fifth-largest economy in the hands of 15-20 corporate giants is a once-in-generation event, which we are focusing on.'
The cement sector may be looking at better realisations and higher volume offtake going by the trends of the October-December quarter of the 2022-23 financial year (Q3FY23), a recent price hike, and the promise of a continued infrastructure thrust in FY24. In Q3, revenues rose by an aggregate of 17 per cent year-on-year (YoY), but Ebitda (earnings before interest, tax, depreciation and amortisation) per tonne, fell by 14 per cent YoY while profit after tax (PAT) rose by 23 per cent YoY. Expenses were up 30 per cent per tonne YoY - power and fuel costs in particular - and that's no surprise given the rise in fossil fuel prices.
Equity indices made an emphatic comeback on Friday after falling for seven straight sessions after the RBI hiked interest rates by 50 basis points on expected lines and projected inflation coming under control from January next year. A strong recovery in the rupee added to the momentum, traders said. Overcoming a wobbly start, the 30-share BSE Sensex soared 1,016.96 points or 1.80 per cent to settle at 57,426.92. During the day, it rallied 1,312.67 points or 2.32 per cent to 57,722.63.
Deputy Chief Minister and NCP leader Ajit Pawar said farmers as well as the NCP and other parties are opposed to the new bills. "Farmers think that the laws are not beneficial for them. There was no hurry (to pass them)," he said.
"The conduct of opposition leaders in the Upper House of Parliament on Sunday was shameful, irresponsible and utter disrespect to parliamentary rules and dignity," Union Minister Ravi Shankar Prasad said.
The Congress, by and large, focused on local issues in this election and its campaign also was run by state leaders initially.
Sunday's yatra proved that it needs both the maturity of locals as well as the police doing their duty, to ensure that a religious procession doesn't turn ugly.
In 2013, China took over as India's largest trading partner.
In the Budget speech, Arun Jaitley had first spoken about the need to have a range.
Retirement fund body EPFO is likely to approve this month a proposal to enhance its investments in equites to up to 20 per cent of the investible deposits from the current limit of 15 per cent. The proposal is expected to be considered and approved during the EPFO trustees' meeting scheduled to be held on July 29 and 30, according to a source. At present, EPFO can investment 5 to 15 per cent of the investible deposits in equity or equity-related schemes.
Political parties, agriculture experts and progressive farmers demanded such agri reforms for long, he said and attacked the opposition for misleading cultivators on the issue of MSP (minimum support price) and APMCs.
Thousands of people joined a public rally organised by Nagaland People's Action Committee (NPAC) on Friday to demand an early solution to the Naga political issue.
The government is trying to send a signal it wants to stimulate the economy and the stock market.
Ahead of the 2023-24 Union Budget, the thinking at the top level of the central government is clear: Gross domestic product (GDP) growth of 6-6.5 per cent is a comfortable enough target for FY24 and the focus should be on fiscal consolidation to ensure that the sovereign cost of borrowing does not become prohibitively expensive in a high-interest rate environment, according to people in the know. Those aware of deliberations between the Prime Minister's Office (PMO) and the Ministry of Finance said while the Budget would look to strike a balance between infrastructure investment and welfare schemes, it is unlikely to be populist, though it will be the last full-year Budget before the 2024 Lok Sabha election. Incidentally, 6-6.5 per cent GDP growth is what the upcoming 2022-23 Economic Survey is expected to project for FY24.
The RBI's mistake may have been in interpreting its mandate to maintain retail inflation at 4%, with 2% leeway in either direction, as being a mandate that permitted it to do nothing even when inflation was at or near the upper bound of 6%, observes T N Ninan.
The President's assent to these bills comes amid the Opposition criticising the manner in which they were passed in Parliament.
The United Arab Emirates has floated an initiative aimed at integrating securities markets of all member states of the Gulf Cooperation Council.
The sector seems set for a rally that may be somewhat temporary.
'All imaginary figures are pushed by government bureaucrats.' 'They never showed that the production of wheat was less this time.'
Believe it or not, the regulator is even stretching its arm to identify stressed borrowers and gauge the 'distance to default' as a measure of a particular bank's fragility, reveals Tamal Bandyopadhyay.
According to the roadmap approved in 2019 with the involvement of Asian Football Confederation (AFC) and agreed to by the stakeholders, the I-League champion team of this season (2022-23) as well as that of next year (2023-24) was to get a direct slot in the corresponding next season of top-tier ISL.
Sensex and the Nifty reached an intra-day low of 19,318 levels and 5,845 mark, respectively.
With a population of over one billion, FIFA chief Sepp Blatter feels India has become a big football market.
'Retail investors have been selling since the Budget and Foreign Portfolio Investors started selling.' 'Thus far, domestic institutions have picked up the slack, buying enough to keep the major indices from falling off a cliff.' 'However, there has been carnage in smaller stocks and the financial sector has been hit much harder than the major market indices,' points out Devangshu Datta.
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