Maruti Suzuki India (MSIL) said on Thursday its operations are unaffected by the global rare earth magnet shortage, but added that the situation is "uncertain and evolving". The firm said it is exploring multiple solutions to maintain continuity in operations and will notify stakeholders in case of material impact.
Ahead of the Budget, the government has achieved almost half the divestment target of Rs 65,000 crore. FY23 divestment receipts are unlikely to be anywhere close to the budgeted target.
The 18 companies sanctioned include Marshall Islands-registered Changtai Shipping and Motionavigations Limited and UAE-based Indo Gulf Ship Management.
Ahead of Republic Day, the Indian Army announced on Thursday the addition of two new features to this year's parade: battlefield surveillance systems and a Defebce Research and Development Organisation tableau showcasing Pralay, short-range ballistic missiles.
At war, the Jalashwa can carry and launch a full infantry battalion in a single wave. At peace, the Jalashwa can evacuate 1,000 people in a single trip. Ajai Shukla explains why the Indian Navy's new tender for more ships like the Jalashwa must be treated with special urgency.
The department of investment and public asset management is racing against time to launch the LIC IPO, which could become the largest-ever listing on the Indian bourses. This would lead to some delay in the strategic divestment of IDBI Bank.
The National Security Strategy document should flag all major issues concerning security strategy and provide guidelines to concerned departments to work out suitable action plans. Since the global and regional geopolitical canvas is dynamic, the NSS document should be deliberated at length before formulation and should be reviewed periodically, recommends Commodore Venugopal Menon (retd).
With a plunge in steel prices, ship owners are getting about $3.6 million less for the 25,000 tonnes of recoverable metal.
Iran has offered discounts on crude oil price and free shipping if India agrees to buy more of its oil.
'I can feel the master's pain, because he must be sitting there and cursing and saying, 'Why was I born?''
Officials said there had been no official word or indication from the top yet. The expectation from officials is to do what they can, but it is understood that all fiscal and budgetary targets don't matter anymore.
With the Indian Navy's requirement of conventional submarines standing at 24, there is critical need to expedite the planned acquisition of six more conventional submarines.
With the new owner shelling out Rs 18,000 crore for the buyout of 'Maharaja' this would be the highest ever amount garnered through privatisation or even the cumulative sum garnered through strategic sale in 1999-00 to 2003-04. The government had garnered roughly over Rs 5,000 crore during that five-year period by privatising 10 CPSEs.
After a hiatus of nearly two decades, the government's programme to privatise state-owned firms restarted with the handing over of debt-laden national carrier Air India to the Tata Group. With the new owner shelling out Rs 18,000 crore for the buyout of the 'Maharaja', this would be the highest-ever amount garnered through privatisation, and is even more than the cumulative sum mopped up through strategic sales from 1999-00 to 2003-04. The government had in October last year inked the share purchase agreement with the Tata Group for sale of national carrier Air India for Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
Changing tracks helps. But, not taking the beaten path isn't always helpful. This is the story of two of India's biggest privatisations - Air India and Bharat Petroleum (BPCL). Nearly two decades after the last privatisation, a landmark divestment concluded this year when the loss-making national carrier Air India was sold to the Tatas.
Finance Minister Nirmala Sitharaman will present her second Budget a little more than a month from now. Like any other FM, Sitharaman will depend on her team of bureaucrats and advisors to frame and present the Budget.
The government has fixed an indicative value for Delhi's iconic 'The Ashok' hotel at Rs 7,409 crore under the national monetisation programme, according to sources. The Ashok and the adjacent hotel Samrat are among the eight India Tourism Development Corp assets listed under the National Monetisation Pipeline (NMP) announced by Finance Minister Nirmala Sitharaman last year. The sources said investor consultation has already been undertaken and a cabinet note for the sale of the sprawling 25-acre property in the heart of the national capital is under consideration.
The government has merged the Department of Public Enterprises (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the disinvestment ministry - created under the Atal Bihari Vajpayee government - was merged with the finance ministry and is now a department under it. Also, Foreign Investment Promotion Board (FIPB) was abolished and administration of foreign investments was given to the finance ministry (FinMin).
Like the Shourya and Prahar missiles, the Pralay is powered by conventional solid fuel, and its payload is designed to carry only a conventional warhead.
At the same time, the Cabinet approved reducing government's stake in select PSUs such as IOC to below 51 per cent while continuing to retain management control.
'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.'
Exercise Tiger Triumph -- a full-scale, tri-service beach landing operation -- is a capability India is seeking to build.
Chiefs of Army Staff in India have not been tactful about politicians. But they have stayed clear of politics, reports Aditi Phadnis.
The creation of a CDS has got the head right. Issues that were not talked about for years are now being discussed, points out Ajai Shukla.
Overseas shipments at auto firms expanded at a brisk pace year-on-year (YoY) in March, bumping up the overall annual exports for FY22 and taking it to a record level for some like Maruti Suzuki India and Bajaj Auto. Amid a semiconductor shortage, a depreciating rupee and a strong demand in various export destinations, passenger vehicle makers diverted capacity meant for the local market in favour of the more-lucrative export market. Among the passenger vehicle makers, market leader Maruti Suzuki led the rally with its overseas shipments touching a record level of 238,376 units in FY22 - the highest for the company in any financial year.
His business successes which started with the international distribution rights for the Bollywood blockbuster movie 'Sangam' in 1964 made him one of the richest in Britain but it was the Bofors scam that made Srichand Parmanand Hinduja famous, or rather infamous, back home. SP Hinduja, as he was known, died in London on Wednesday after a prolonged illness. He was 87, a family spokesperson said. Born in a business family in Karachi, British India, he and his two younger brothers were accused of receiving payments totalling Rs 64 crore in illegal commissions to help Swedish gunmaker AB Bofors secure an Indian government contract.
'The Ever Given, which had 200,000 tonnes of cargo, was too long for the Suez Canal.'
The United Kingdom's biggest aircraft carrier, HMS Prince of Wales, has broken down off the south coast of England after setting sail from Portsmouth Naval Base for the United States on what the Royal Navy has described as a 'landmark' aviation trial mission.
Honda Motorcycle and Scooter India (HMSI), India's second-largest two-wheeler maker, on Wednesday revealed its electric vehicle (EV) roadmap, which includes setting up a dedicated EV factory, launching the first two EVs in 2023-24, and establishing 6,000 battery exchange points in the country. HMSI plans to establish a specialised unit for the manufacturing of electric vehicles (EVs), named 'Factory E', at its Narsapura plant located in Karnataka. Factory E will be created by converting an existing production line that currently manufactures internal combustion engine (ICE) vehicles, said Atsushi Ogata, HMSI managing director and chief executive officer.
In all likelihood, the next conventional Chinese attack on India would be preceded by a massive cyber attack designed to cripple Indian networks and interfere with our disaster-relief programmes.
Indian two-wheeler majors Hero MotoCorp and Bajaj Auto are the biggest beneficiaries of this surge and, between the two, they are estimated to control about half of the local market there
Processes are at an advanced stage for a number of assets of the Centre and central public sector enterprises (CPSEs) to be monetised. The assets include office space, apartments, factories, land, power transmission assets, sports stadia, gas pipelines, and telecom assets.
The Republic Day parade, which will begin at around 1030 am, will be a unique mix of the country's military prowess and cultural diversity, depicting the country's growing indigenous capabilities, Nari Shakti and emergence of a 'New India'.
It includes a session with Gadkari on analysing the initiatives needed to bridge the $1 trillion infrastructure deficit in the country.
Finance Minister Nirmala Sitharaman on Monday presented the Budget for 2021-22 in the Lok Sabha that is expected to provide relief to the pandemic-hit common man as well as focus more on driving economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours, As India emerges from the COVID-19 crisis, the ninth Budget under the Modi government, including an interim one, is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments.
Besides IOC, ONGC Videsh Ltd has also sought two discovered fields from the 16 fields that Iran is likely to put on auction shortly
Sri Lankan government on Monday admitted that it has run out of cash to buy fuel as pumps in most filling stations across the country have run dry, exacerbating the deepening foreign-exchange crisis that has crippled the island nation's economy.
Timex Corp, the biggest selling watchmaker in the United States, said on Thursday it planned to increase its outsourcing of watches and parts from its Indian unit but did not say by how much.\n\n\n\n
Prime Minister Narendra Modi on Friday handed over to the armed forces indigenously-developed light combat helicopters, unmanned aerial vehicles and electronic warfare systems for the warships, in reflection of India's focus to boost its domestic defence industry.
