In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
Evidence of several irregularities have been detected in the transfer of 14 sites by the Mysuru Urban Development Authority (MUDA) to B M Parvathi, the wife of Karnataka Chief Minister Siddaramaiah, according to the Enforcement Directorate.
Andhra Pradesh Deputy Chief Minister Pawan Kalyan on Monday expressed concern over the law and order situation in the state and said if he was the state home minister, 'things would be different', remarks seen as direct criticism of Vangalapudi Anitha, who is holding the department currently.
'Our business continues to roll out its strategy, the role of this GDTC continues to grow.'
The National Financial Reporting Authority (NFRA) will invite public comments on the revised International Standard on Auditing 600 (ISA 600) proposed to be adopted by publicly listed companies and non-public-sector banks, sources close to the development told Business Standard. The decision to take this "graded approach" for the adoption of the ISA, which is meant to rein in auditors often found hiding behind the audit reports signed off by subsidiary companies, was taken at a meeting of various financial sector regulators at NFRA's board meeting on Monday (August 26). The idea behind upgrading the Standards of Audit 600 currently followed by Indian auditors to ISA 600 is to plug current gaps, which have led to major audit lapses in the recent past.
This shift is driven by a pursuit of a superior lifestyle and an innate desire to be grounded in an owned plot of land. Villas, situated within gated housing societies, have gained popularity as a property type, witnessing strong traction due to elevated aspirations and the need for more living space.
Swiss banks seek fresh undertakings from Indians.
HAL's sustained, long-term income will come from the design, development, manufacture, overhaul, and upgrade of a family of helicopters designed for deployment on India's 21,000-foot-high Himalayan frontier with Pakistan and China.
International Monetary Fund (IMF) Deputy Managing Director (MD) Gita Gopinath has condemned the "terrible and disturbing" incident of rape and murder of a trainee doctor in Kolkata. "Personally, it is terrible to have any event of this kind. It is disturbing," she told Business Standard in New Delhi.
Saturday's Quad meeting in Delaware is taking place against the backdrop of China's assertive behaviour in the South China Sea, its sabre-rattling in the Taiwan Strait and increasing footprints in the Pacific and Indian Ocean, asserts Rup Narayan Das.
The Budget should use the extra RBI surplus to better effect, suggests A K Bhattacharya.
Hindustan Aeronautics (HAL) is one of the largest beneficiaries of the defence indigenisation programme. The aerospace Public Sector Undertaking (PSU) has just received a new tender for 97 Light Combat Aircraft (LCA) Tejas Mk1A, and it is already servicing an earlier order for 83 LCA aircraft. The new order is worth around Rs 65,000 crore with a 65 per cent indigenisation component, whereas the earlier order (February 21) was worth Rs 45,700 crore with 55 per cent indigenisation.
Shares of public sector enterprises have corrected by up to 22 per cent month-to-date until March 19, 2024. Analysts attribute this steep fall to the valuation exuberance seen after a sharp run in these counters last year and suggest investors remain selective regarding the stocks in this space. "The rally in public sector undertaking (PSU) stocks has been stretched and sharp, although it is somewhat justified by improvements seen in earnings, operations, balance sheets, and overall profitability.
Even as World Trade Organization director general Pascal Lamy has claimed that a successful Doha Round will lead to rich nations undertaking steeper tariff cuts than developing and poor nations, an analysis of the proposals shows the opposite may be true.
Prime Minister Narendra Modi made a pitch for electing a strong and stable government in an uncertain world beset by geopolitical tensions as the Bharatiya Janata Party on Sunday released its manifesto, prioritising development and welfare while shunning populist measures and contentious issues like the National Register of Citizens (NRC).
Notwithstanding the recent sharp decline in the stocks of public sector companies, analysts at Jefferies remain bullish on this segment. State Bank of India, Coal India, and NTPC are their top picks in this space, they said in a recent note. The public sector undertaking (PSU) or state-owned enterprise (SOE) index, with a 70-percentage-point outperformance versus the National Stock Exchange Nifty50 over the past 12 months, comes after a decade of underperformance before 2020.
Suspicions of match-fixing came to light in a Delhi league match on Monday when Ahbab FC, who were winning 4-0, conceded two dubious-looking own goals late in the match against Rangers FC.
The Commission has desired to incorporate Aadhaar-based fingerprint authentication (else digital fingerprint capturing) and facial recognition of candidates, scanning of QR Code of e-admit cards and monitoring through live AI-based CCTV video surveillance, it said.
The clashes broke out this morning when protesters attending a non-cooperation programme to demand the government's resignation faced opposition from the supporters of the Awami League, Chhatra League, and Jubo League activists.
Stocks of public sector undertakings (PSUs) have been on fire in the past year as investors cheered an improvement in key operating metrics and embraced counters of these state-owned enterprises, analysts suggest. The S&P BSE PSU Index has gained over 90 per cent in the past year, rising much higher than the S&P BSE Sensex, which has rose nearly 19 per cent during this period, according to ACE Equity data. The BSE PSU Index, reports show, has delivered a compound annual growth rate (CAGR) of 28 per cent (including dividends reinvestments) over five years and risen by almost 60 per cent in the past year.
The interim Budget proposals that will be presented on February 1 in the backdrop of the general elections scheduled in April/May 2024 are likely to have a hint of populism, believe analysts, but are unlikely to derail the government from its path of fiscal prudence.
In recent years, the twin demands of both religion and defence have been added to the development argument to sweep aside environmental and terrain considerations while undertaking infrastructure development in the Himalayan zone, points out former foreign secretary Shyam Saran.
Actor-politician Kamal Haasan on Wednesday said discussions were on for his party Makkal Needhi Maiam (MNM)'s political alliance and stressed it would support any bloc that would 'selflessly' think about the nation but desist from being part of 'feudal politics'.
Justice Prathiba M Singh stated that the accuracy and reliability of AI generated data is still in the grey area and at best, such a tool can be utilised for a preliminary understanding or for preliminary research.
Unidentified miscreants hurled a stone at the Chief Minister on Saturday night near Vivekananda School Centre in Vijayawada's Singh Nagar, which injured his left temple when he was canvassing for polls.
'Investing abroad helps mitigate currency risk for foreign-currency denominated goals, such as children's higher education and international travel.'
JD-U chief whip Shravan Kumar said those defying the whip "will lose their membership" even as he maintained that it was a "routine exercise that takes place ahead of every assembly session".
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
Indian Space Research Organisation (ISRO) will conduct three more test vehicle missions under the ambitious Gaganyaan programme after the maiden TV-D1 test flight, which is scheduled on October 21, the space agency's chairman S Somanath has said.
India is working on new technologies such as the small modular reactors that can be factory-built and help make clean energy transition, Science and Technology Minister Jitendra Singh said in New Delhi.
The Centre could further moderate its divestment target for 2024-25 (FY25), as it does not expect large receipts from asset sales - except some ongoing strategic ones, including IDBI Bank, which could spill over into next financial year. Also, it may drastically reduce its FY24 divestment target of Rs 51,000 crore. "We are still evaluating the Budget estimates for FY25. "New big-ticket asset sales are unlikely.
Kumar said that while the rise in percentage of population of the deprived castes has led to increase in the quotas for SCs, STs and OBCs from 50 to 65 per cent, his government also planned to undertake a number of welfare measures for the benefit of "94 lakh families", which according to the survey lived in abject poverty.
'My understanding is that by the time President Xi Jinping came for the Chennai summit [2019], he had already instructed his army to undertake the action in Galwan in the summer of 2020.'
The National Institute of Virology (NIV) in Pune under the ICMR has isolated the monkeypox virus from the clinical specimen of a patient, which can pave the way for development of diagnostic kits and vaccines against the disease, officials said on Wednesday.
Elections are not won or lost by expounding on such macro-economic matters. For the aam admi, what matters in manifestos are promises that will improve their quality of life, notes Vinayak Chatterjee.
With general elections on the horizon, the government's privatisation bandwagon has almost but stalled as a government wary of being accused of selling family silver opts for minority stake sales on stock exchanges over outright privatisation. The result -- the divestment target for current fiscal year is again likely to be missed. Big ticket privatisation plans such as that of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI) and CONCOR are already on the backburner and analysts feel meaningful privatisation can happen only after April/May general elections.
Officials hint the visit could finally see a formal defence industrial road map being adopted by both nations.
Digital-pay companies see 10x growth spurt after demonetisation, report Ayan Pramanik & Shine Jacob/Business Standard from Bengaluru.
'If you fight you win, if you don't fight, how will you win?'
