India's services sector activity expanded at a slower pace in December as rates of growth in sales eased to a three-month low and staff hiring came to a halt amid weak business optimism, a monthly survey said on Wednesday. The seasonally adjusted India Services Business Activity Index fell from 53.7 in November to 52.3 in December. The index was above the critical 50 mark that separates growth from contraction for the third month in a row during December, but pointed to the slowest pace of expansion in the three-month sequence.
The Supreme Court on Monday refused to entertain a plea from the BJP seeking a direction to the West Bengal government, state election panel and other functionaries to prepare a comprehensive action plan and deploy sufficient central police forces to ensure free and fair municipal polls in Kolkata.
Coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and comprise 40.27 per cent of the weight of items included in the Index of Industrial Production.
For the fifth day in a row, the active cases of COVID-19 remained below 9 lakh.
The severity of the second wave of COVID-19 infections in India poses a key challenge for the FMCG industry and the spread of the virus to rural areas on a relatively higher scale as compared to the first wave is also expected to weigh on industry growth outlook, according to ITC Ltd. There is heightened uncertainty around the timing and shape of the recovery trajectory of overall economic growth in India due to the virus, the company said in its Annual Report for 2020-21. In terms of consumption, urban-led recovery may be relatively muted compared to the first wave as consumers switch to precautionary savings mode and rising healthcare costs eat into household spending, while rural demand may also be blunted by the large-scale spread of the virus to the hinterland in the second wave.
Bandhan Bank is expecting that a little less than 50 per cent of its portfolio will be dominated by affordable housing loans in the next three to five years.
As per the assessment done by the RBI, the gross NPA of the SBI was 11,932 crore more at Rs 1,84,682 as against Rs 1,72,750 reported by the bank. As a result the bank has to make additional provisioning of Rs 12,036 crore in the balance sheet.
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'They are not tom-tomming what a great thing the Supreme Court decision is.' 'If they say it was a great thing, the public will react because people suffered and are still suffering.'
It would be larger than even in the pandemic year of 2020-2021, notes Mahesh Vyas.
Sale of diesel, the most consumed fuel in the country, fell 12 per cent, while petrol sales fell 7.4 per cent year-on-year to 2.38 million tonnes although it rose 5.3 per cent from 2.26 million tonnes in July as commuters preferred driving to using public transportation.
What happened in India in the week gone by? Here's the top stories that captured India's attention in the week gone by.
The government has decided to observe January 23 as 'Parakram Diwas' to commemorate the birth anniversary of Netaji Subhas Chandra Bose, Union minister Prahlad Singh Patel said on Tuesday.
Every year Indians consume about 22 million tonnes of lentils
All eyes were as India as it celebrated its 69h Republic Day on Friday with the 10 ASEAN leaders as chief guests. The mood was upbeat across the country. Rediff.com brings you glimpses of the celebrations.
Care comes from a place of 'What is good for my child's development?' Care is a long-term view of the child's flourishing in life. Care is a sacred activity and it begins at home.
As many as seven of eight core industries saw a contraction in output in September.
In the show-cause notice, Trai said it is of the view that the claim of VIL for providing priority 4G network with faster data speeds is not in compliance with the extant regulatory framework.
His 24-run cameo against Pakistan was worth its weight in gold and Yuvraj Singh said that his "focus was on right things" while batting in front of the vociferous capacity crowd at the Eden Gardens.
Production of coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity contracted. The record contraction in the growth rate of eight core sectors will affect the Index of Industrial Production.
SBI said revision of saving bank rate will enable the bank to maintain MCLR based lending rate at existing rates.
"I am very happy and proud of his achievements. I am yet to speak to him. I think he must be sleeping as it's still night in the United States," she said.
The bank's gross non-performing assets rose to 10.69 per cent of total advances at the end of June, against 9.97 per cent a year ago.
Just to promote govt's policy of Make in India, BSNL said, it cannot afford to procure sub-standard equipment from inexperienced companies, not having proven technology. BSNL complained that when competitors were procuring world-class 4G equipment from experienced vendors, why should BSNL be compelled to procure locally.
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BSNL is providing telecom services in remote parts of the country and maintaining 17,000 to 18,000 exchanges, incurring Rs 3,000 to Rs 4,000 crore losses every year. Otherwise, these villages will be cut off.
Its total income (consolidated) rose to Rs 79,302.72 crore in the quarter under review, compared to Rs 74,948.51 crore in the year-ago period
Airtel CEO Gopal Vittal on Thursday warned about a rise in cyber frauds amid a massive surge in online transactions during the second wave of the pandemic, and asserted the company is working "relentlessly" and coming out with safety features to ensure customers are not vulnerable to fraudsters. In an e-mail outreach to customers, Vittal highlighted the modus operandi being adopted by fraudsters and also drew attention to cyber frauds related to digital payments. "With the growing second wave of the pandemic and lockdowns in various parts of the country, there has been a massive increase in online transactions. "Unfortunately, there has also been a corresponding increase in cyber fraud," Vittal said.
In order to promote the housing sector, Reserve Bank of India on Friday decided to rationalise risk weightage on housing loans, making the product attractive for both borrowers and lenders. With revision in the risk weightage, the requirement of capital provision for banks will come down. This will encourage banks to push housing loan products with attractive features.
Total revenue came in at Rs 20,422 crore for the September quarter, which was 6.2 per cent lower than Rs 21,777 crore notched in the year-ago period.
It is learnt that the camp office in Lviv would be able to coordinate the evacuation of Indians to Poland and Hungary while the one at Chernivtsi would facilitate exit to Romania.
The Rs 20,000 crore is in addition to Rs 10,000 crore support announced earlier by the housing sector regulator NHB.
The army rescue teams have been operating throughout the night along with the teams from civil defence, police and the NDRF, trying to remove the debris from the affected area.
As many as 3,691 centrally-protected monuments and archaeological sites maintained by the ASI were shut from March 17 in view of the coronavirus crisis.
Images from India's practice session at the Eden Gardens, ahead of the third and final T20 against South Africa.
Diversified group ITC will sell its entire stake in US-based wholly owned subsidiary 'King Maker Marketing' for USD 24 million (about Rs 160 crore).
Items such as cereals and products, meat and fish, oils and fats became cheaper
The main factor boosting production was a sustained rise in new work inflows.
The BCCI letter did not make a specific reference to Pakistan, which has been accused of harbouring terrorists by India.
Paytm's Rs 18,300 crore IPO was oversubscribed 1.89 times on the last day of India's biggest share sale on Wednesday, making it one of the country's most valued companies. The initial public offering of Paytm's parent company One97 Communications Ltd received bids for 9.14 crore equity shares against the offer size of 4.83 crore shares, according to information available from stock exchanges. While the portion set aside for retail investors was oversubscribed early, institutional buyers including FIIs flooded the share sale with offers on Wednesday, seeking 2.79 times the number of shares reserved for them.
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