Old timers in Oil and Natural Gas Corporation (ONGC) still remember how in early 2000 its overseas subsidiary, ONGC Videsh Ltd (OVL), was on the verge of closure. Though OVL was set up in 1965, the only discovery the company had made till then was in Vietnam offshore, with more investment needed to monetise it. In 2001, when OVL started looking for new blocks abroad, the company's previous acquisition was 13 years old.
Asked to bat at the Arun Jaitley stadium, Karnataka rode on Rohan Kadam's blistering 87 off 56 balls to post a competitive 176 for seven and then restricted the opposition to 172 for six with right-arm pacer Vidyadhar Patil (1/29) holding his nerve in the final over.
The government has limited room to reduce expenditure without further weakening growth, it noted.
Who do you think should be part of India's playing XI for Friday's second T20I against New Zealand?
With all major US export-oriented drug manufacturing plants in the country up for inspection in 2022, some estimates peg that at least 20-30 per cent of the new product launches lined up for the US will be subject to on-site inspection by the US Food and Drug Administration (USFDA). The last two years saw limited physical inspections due to travel restrictions during the pandemic. "Pre-Covid, the frequency and number of inspections of manufacturing plants in India by USFDA had increased significantly," analysts from ICICI Securities Research noted. "With growing ANDA filings, especially for complex products. "We expect this trend to return with the environment normalising," analysts from ICICI Securities Research noted.
India's economy is unlikely to see double-digit growth and may grow between 8 per cent and 9 per cent this fiscal year (2021-22, or FY22), against the estimated 11.5 per cent, according to leading economists and rating agencies. The downward revision of growth projections to as low as 10 per cent is mostly on account of stringency in restrictions by states, relatively slow vaccination pace, and the possibility of a third wave of the pandemic. However, they say the impact will not be as severe as the first wave, and expect the first quarter to see positive growth.
Kolkata-based business tycoon Sanjiv Goenka's RP-SG Group claimed the Lucknow franchise for a whopping Rs 7090 crore, while international equity investment firm CVC Capital won the bid for Ahmedabad with a Rs 5600 crore offer.
However, it may still not change its stance on the policy rate as inflationary pressures are coming from high commodity prices.
In their counter-letter, the group of former IFS officers acknowledged that the remarks made at the Haridwar event should be condemned by all right thinking, before adding that when the import of these is "exaggerated out of all proportion and the rantings by fringe elements" are seen as representative of the sentiments prevailing in ruling circles, then the political leanings and moral integrity of the critics can be rightly questioned.
RBI expected wholesale prices-based inflation, which is near the double-digit region now, to moderate over the next few months but warned of upside risks owing to firming global commodity prices, particularly oil.
Driven by an estimated 8.4 per cent growth in the fourth quarter, the economy is expected to grow by 7.1 per cent in the just-concluded fiscal and by a robust 9.2 per cent in the current financial year, the leading economic think-tank CMIE has said.
IMAGES from the IPL match played between Delhi Capitals and Punjab Kings in Navi Mumbai on Monday.
'God has given me everything -- wealth, success, a good wife and good friends. I wish He gives me good health.'
Economic think tank NCAER fears that the Planning Commission's ambitious nine per cent growth target for the 11th plan may not be achievable.
India's Shreyas Iyer once again dazzled on his debut Test, hitting his second 50-plus score of the match to put his team in charge of the opening Test against New Zealand on Sunday.
Indian industry's doyen Jamsetji Tata has emerged as the biggest philanthropist globally in the last century by donating $102 billion, as per a list of top-50 givers prepared by Hurun Report and EdelGive Foundation.' Tata, the founder of what has now become a group spanning interests from salt to software, is ahead of others like Bill Gates and his now estranged wife Melinda who have donated $74.6 billion, Warren Buffet ($37.4 billion), George Soros ($34.8 billion) and John D Rockefeller ($26.8 billion), the list showed.
Prime Minister Manmohan Singh on Thursday expressed confidence that the Indian economy, currently growing at an unprecedented 8 per cent for the third straight year, would expand by 9-10 per cent annually over the next five years.
Retail depositors are earning negative returns on their bank deposits and hence, there is a need for reviewing taxes on interest earned, economists at the country's largest lender SBI have said. If not for all the depositors, the taxation review should be carried out for at least the deposits made by senior citizens who depend on the interest for their daily needs, the economists led by Soumya Kanti Ghosh said in a note, which pegged the overall retail deposits in the system at Rs 102 lakh crore. At present, banks deduct tax at source at the time of crediting interest income of over Rs 40,000 for all the depositors, while for senior citizens the taxes set-in if the income exceeds Rs 50,000 per year.
Despite the possibility of the economy bottoming out, the investment cycle could remain weak for another couple of years and earnings downgrades should continue.
Economic think-tank NCAER has revised its projections for economic growth to 7.9 per cent for 2006-07, compared to 7.7 per cent made in April due to likely higher growth in industry and services sectors.
This comes at a time when the global recovery remains fragile and is expected to slow later this year as the impact of the fiscal stimulus measures wanes.
China's GDP growth this year is expected to be around 8.5 per cent, down from 9.2 per cent in 2011, as the economy slowed down due to declining exports and global downturn, the Asian Development Bank (ADB) said in its annual report.
Reserve Bank-sponsored professional forecasters on Monday scaled down India's growth projection to 4.8 per cent for the current fiscal from 5.7 per cent estimated earlier.
The Indian economy is likely to slow down a little to 7.6 per cent in the fiscal year 2006 and 7.8 per cent in 2007 as consumption and investment may get affected due to higher inflation, Asian Development Bank said on Thursday.
Daryl Mitchell and Matthew Wade were the heroes for their respective teams as New Zealand and Australia set up a Trans-Tasman final in the T20 World Cup.
Indian economy to grow at 5.5 per cent in near term.
Gerhard Erasmus led from the front with a well-crafted unbeaten fifty to guide debutants Namibia to a historic eight-wicket win over Ireland in the first round Group B match and qualification spot in Super 12s of the ICC T20 World Cup in Sharjah on Friday.
'I've always allowed my heart to rule my head. Why only one Zanjeer? I'd let go of a hundred Zanjeers for emotional reasons.'
Pakistan produced a fine bowling performance to restrict England to 248 for six despite a battling 71 from Paul Collingwood on the first day of the third Test on Tuesday.
Wipro on Wednesday said it expects to hire about 30,000 freshers in FY23, as the IT services major strives to ensure that supply is not a constraint in managing the robust demand environment. Amid the fast-spreading Omicron variant of the COVID virus, the company remains "very vigilant", CEO and managing director Thierry Delaporte said, adding that as a proactive measure, the company has decided to close its offices globally for the next four weeks. "It is of some relief to us that about 90 per cent of our employees globally are now vaccinated with one dose of the vaccine, and over 65 per cent are fully vaccinated with the recommended two doses. "Our plans to return to the office, even in a hybrid model, for our fully vaccinated employees, will be calibrated in the context of the evolving situation, keeping both our employees' safety and client preferences in mind," Delaporte said during Wipro's Q3 earnings calls.
"Those words stung me to such an extent that the following morning itself I started, seriously, learning Urdu with the sole idea of proving the great Dilip Kumar wrong."
The Indian economy is likely to grow at 6.6 per cent in the current fiscal on the back of new investment proposals and additional capacity building by companies, economic think-tank CMIE said in a report.
Dutch brewing major Heineken on Wednesday said it has acquired an additional 14.98 per cent stake in United Breweries Ltd, taking its total shareholding to 61.50 per cent. "Heineken N.V. today (on Wednesday) announces that it has acquired an additional 39,644,346 ordinary shares in United Breweries Ltd (UBL) taking its shareholding in UBL from 46.5 per cent to 61.5 per cent," Heineken said in a statement. UBL, with its flagship brand 'Kingfisher', is the leading player in the beer market in India.
As COVID-19 infections spike in the country resulting in restrictions in various states and impacting the fragile recovery, many economists are expecting RBI to delay the policy normalisation move, which is expected in the February review. The country has reported a single-day rise of 58,097 new Covid-19 cases as of Wednesday morning--the highest in around 199 days -- of which 2,135 are Omicron cases and later in the day, the first confirmed Omicron-related death has also been reported. Maharashtra recorded the maximum number of 653 Omicron cases followed by Delhi at 464, Kerala 185, Rajasthan 174, Gujarat 154 and Tamil Nadu 121 cases, taking the total tally of cases to 3,50,18,358.
The RBI projection of 6.9 per cent GVA growth for the current fiscal comes on the back of the Economic Survey last week forecasting economic growth of 6.5 per cent.
A Reserve Bank-authorised survey on Monday lowered the country's economic growth rate projection to 5.7 per cent for the current fiscal, down from 6 per cent estimated earlier.
Forecasting 7.2 per cent GDP growth for the current fiscal, industry chamber CII on Tuesday stressed on sustainable development for alleviating poverty and employment generation in the country.
Indian software and services export is estimated to have touched $17.2 billion in 2004-05, posting a 34 per cent growth in both rupee and dollar terms.
Zomato could get added to the MSCI and FTSE indices by the end of this year, while an entry to the Nifty or the Sensex would be challenging before the second half of 2022, said Brian Freitas, an analyst at independent research provider Smartkarma, in note. "With nearly the entire pre-IPO shares locked up for one year, the free float will be very low and the stock will need to move higher to around Rs 328 per share (4.3 times over possible IPO price of Rs 76) to be included in the Nifty index (with no change in the market cap of the smallest index constituent). "We can be reasonably certain that Zomato will not be included in the Nifty index till the September 2022 rebalance at the earliest," he said.
With all-round upturn in economic cycle except in agriculture, Economic think tank NCAER has forecast India's GDP growth rate at 6.5 to 6.7 per cent for this fiscal.
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