The state is in the process of grooming a supplier ecosystem, for which India is almost entirely dependent on imports.
Slamming Uttar Pradesh Chief Minister Mayawati for spending Rs 1,000 crore to install her own statues, Union Home Minister P Chidambaram has said the amount could have been used to provide basic amenities to the people of the state and wipe out poverty. "Of what use will be the statues in that state? The Rs 1000 crore could have helped wipe out the poverty of thousands of people and provided basic amenities and education," he said.
Union IT and Communications Minister Dayanidhi Maran on Monday set a target of 200 million phones by 2007 and said India would need telecom equipment worth Rs 1,000-1,250 billion to meet this target.
Demonetisation of the high value currency notes of Rs 500 and Rs 1,000 did not have any discernible impact on currency in circulation (CIC) in the country, which has soared by almost 83 per cent since its announcement on November 8, 2016. The Supreme Court on Monday upheld the decision of the government on demonetisation. On November 8, 2016 Prime Minister Narendra Modi had announced demonetisation of old Rs 1,000 and Rs 500 banknotes and one of the key objectives of the unprecedented decision was to promote digital payments and curb black money flows.
'People have got into the habit of sitting at home (and watching films).' 'They don't want to watch movies in theatres because they do not want to waste as much as Rs 1,000 on tickets.' 'They feel there is no point in watching a film on the big screen because it will anyway come on OTT in a month's time.'
As order books gain from India's increased capital outlay, some large capital goods and engineering companies are together spending over Rs 11,500 crore in creating new facilities, data shows. Nine engineering and capital goods companies, where data was available, including Siemens, Larsen & Tourbo (L&T) and KEC International, have a combined capital expenditure (capex) of about Rs 11,500 crore or more. Others such as ABB India and Thermax Global are also adding capacities.
Mahanagar Gas (MGL) has just hiked prices for compressed natural gas (CNG) and domestic piped natural gas (PNG) in the Mumbai Metro Area. The distributor raised prices by Rs 1.50 per kilogramme (kg) for CNG, bringing the price up to Rs 75 per kg, including taxes. Domestic PNG prices were hiked from Rs 1 per standard cubic meter (SCM) to Rs 48 per SCM, inclusive of taxes.
Payouts to key management personnel in non-banking financial companies (NBFCs) are under the banking regulator's scrutiny. Top industry officials said this is a follow-through on the Reserve Bank of India's (RBI's) circular of April 29, 2022, which asked NBFCs in the "middle" and "upper" layer of its four-tiered scale-based regulatory (SBR) framework to put in place a board-approved compensation policy.
Research and development (R&D) spending by BSE 100 companies has grown steadily, rising from 0.89 per cent of revenue in FY20 to 1.32 per cent in FY24, averaging around 1 per cent over the period in-between, according to data compiled from Bloomberg and company annual reports. Also, these companies more than doubled their R&D spending in absolute terms over these five years: From Rs 25,041 crore to Rs 63,072 crore. While this reflects a prioritisation of innovation, corporate R&D investment remains relatively conservative.
"The scheme was there for 11 months. On review, we decided to discontinue it. We may also re-introduce it going ahead," SBI chief financial officer S S Ranjan said.
Hit hard by lack of supply of fabric due to the strike by powerloom units and transporters, readymade garment exporters apprehend losing orders worth Rs 700-1000 crore (Rs 7-10 billion).
TVS Motor Company met expectations in terms of revenue and posted a strong margin performance in Q1FY25. The key drivers were material cost savings and a better mix. The domestic demand outlook looks good with a rural rebound but geopolitical uncertainties in key export markets may dent overall growth.
It provides all-weather access to Sonamarg, replacing the avalanche-prone Z-turn road.
The mining baron and former Karnataka minister, Gali Janardhana Reddy, has spared no expense or effort to make sure that his daughter Brahmini's wedding is the biggest, fattest wedding that Bengaluru has ever witnessed.
Reserve Bank Governor Shaktikanta Das on Wednesday said that RBI is monitoring the situation regularly with regard to the withdrawal of Rs 2,000 currency notes and expressed confidence that the entire exercise will be completed in a non-disruptive manner. The Reserve Bank of India (RBI) on Friday announced the withdrawal of Rs 2000 denomination banknotes as part of its currency management and permitted the exchange of Rs 2000 currency notes up to Rs 20,000 in one go from Tuesday onwards. The exchange or deposit window is available until September 30, 2023.
'In our business, every time a seat goes empty, it is a perishable good.' 'We have lost the opportunity of earning revenue out of it.' 'It's impossible to recover what we have lost.'
The Reserve Bank of India on Friday announced withdrawal of Rs 2,000 currency notes from circulation, and existing notes in circulation can either be deposited in bank accounts or exchanged by September 30. The bank notes in Rs 2,000 denomination will continue to be a legal tender, the RBI said in a statement. In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, the RBI said exchange of Rs 2,000 bank notes into bank notes of other denominations can be made up to a limit of Rs 20,000 at a time at any bank starting from May 23, 2023.
Iron ore mining major NMDC's results for the April-June quarter (Q1) of FY25 were better than estimates. Weak volumes were balanced off by higher realisations, better average selling price (ASP) and lower royalties which boosted bottomline. The revenue was in line with estimates at Rs 5,400 crore, flat year-on-year (Y-o-Y) and down 17 per cent quarter-on-quarter (Q-o-Q).
The winning bid attracted over 99 per cent votes, with lenders overwhelmingly voting for a revival instead of recovery through liquidation.
It was only in April that Byju's and BCCI had agreed on the extension of their partnership until the end of the 2023 ODI World Cup in India at a 10 percent increment.
The government of Tamil Nadu on Tuesday signed a memorandum of understanding (MoUs) with 35 companies that may see investment to the tune of Rs 17,141 crore, creating employment opportunities for 55,054 people. The major companies that would be coming up with fresh investments over Rs 1,000 crore in the state include JSW Renew Energy Two, TCS, ZF Wabco and Srivaru Motors among others. JSW Renew Energy Two will be coming up with a 450 megawatt (Mw) wind power generation unit at Tuticorin, Tirunelveli, Dindigul and Tiruppur for Rs 3,000 crore. TCS will be coming up with its third phase of expansion at SIPCOT IT Park in Siruseri, ZF Wabco with an auto component unit at Kancheepuram for Rs 1,800 crore and a two-wheeler EV unit by Srivaru Motors for Rs 1,000 crore at Coimbatore.
The net non-performing assets on December 31, 2016 were Rs 20,155 crore compared to Rs 16,483 crore at September 30, 2016
Two young men jostle in a rickshaw as it clatters along a narrow, bustling lane of North Kolkata, each with a leg dangling over the side of the vehicle, a bulging sack of cosmetics nestled between them. The protagonists here are the founders of Emami - Radhe Shyam Agarwal and Radhe Shyam Goenka - childhood friends who gave up cushy corporate jobs to build a fast-moving consumer goods (FMCG) company. From a 200-square-foot rented space on Muktaram Babu Street in North Kolkata, brand Emami stepped into the competitive world of FMCG 50 years back, armed with just three products: Vanishing cream, talcum powder, and cold cream.
Industry experts believe that this deal will positively impact the Indian film industry, which is struggling with fewer movie releases.
The monthly Rs 2500 payment for poor women is expected to cost Rs 11,000 crore while the pension scheme of Rs 2000 for every senior citizen will cost around Rs 4100 crore. The Yamuna clean up will cost over Rs 10,000 crore while a similar amount is required to upgrade Delhi's hospitals. Ultimately, the new BJP government will have no choice but to ask the centre for financial support, notes Rashme Sehgal.
Image used for representational purpose only. Photograph: Jayanta Dey/Reuters The Congress also said demonetisation has come a full circle and added that the Rs 2,000 note was a "band-aid to cover up the foolish decision of demonetising" Rs 500 and Rs 1,000 notes.
The annual cash offerings of the hundi in the just ended calendar year have even crossed Rs 1000 crore
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
This amount is just about 10% of the previous IDS
"I had said on the soil of Bahraich that glorification of foreign invaders should be stopped and that the national heroes must be honoured. And 1,000 years ago, such a tale of courage and bravery was written by Maharaja Suheldev on this very soil of Bahraich," Adityanath said.
'I have saved your name on my phone, but I cannot read or pronounce it.' 'I am able to recognise my wife's name today because after seeing it for so long, it has been imprinted in my mind as a picture and not the letters.'
The disbursal included Rs 1,000 crore for migrant welfare and over Rs 1,392 crore for procurement of Covid vaccine doses.
At least six people were killed and 30 injured in a stampede during a temple festival in North Goa, India. The incident occurred at the Sree Lairai Devi temple in Shirgao village, around 40 km from Panaji, as thousands of devotees thronged the narrow lanes to the temple for the annual festival.
Commerce and Industry Minister Piyush Goyal on Wednesday questioned Amazon's announcement of $1 billion investment in India, saying the US retailer was not doing any great service to the Indian economy but filling up for the losses it had suffered in the country. He said that their huge losses in India "smells of predatory pricing", which is not good for the country as it impacts crores of small retailers.
'Margins will be an outcome of that. They will likely remain somewhat range-bound.'
Dubious and personal expenses of Rs 1,000 crore were made from bank-loan funds for Jet Airways founder Naresh Goyal and his family members even as the airline "diverted" money to some tax havens, the Enforcement Directorate (ED) alleged on Saturday, after arresting the businessman in a money-laundering case. Goyal (74) was taken into custody late on Friday night after the central probe agency took him to its Mumbai office from Delhi. A special court set up to deal with cases lodged under the Prevention of Money Laundering Act (PMLA) on Saturday sent him to the ED's custody for 10 days, till September 11.
Hero MotoCorp (HMCL) saw strong volume performance in the first quarter of the current financial year (Q1FY25), but margins disappointed due to weak spare part sales and negative electric vehicle (EV) margins. The company hopes for a strong festive season due to better rural sentiment. Revenue grew 16 per cent year-on-year (Y-o-Y) to Rs 10,140 crore, operating profit was up 21 per cent to Rs 1,460 crore, and adjusted net profit grew 19 per cent Y-o-Y to Rs 1,120 crore.
'Some co-operative banks are dominated by politicians and were reportedly being used to launder Rs 500 and Rs 1,000 notes.'
A freebie once granted can hardly be discontinued. All that can happen is to substitute it with a bigger freebie, notes A K Bhattacharya.
UCO Bank mulls AT1 offering to raise Rs 1,000 cr.
