GVA growth to decline by 70 bps to 6.2% in Q3: Icra

Thanks to the note ban, the economy based on the gross value added (GVA) is set to slip to 6.2 per cent in the December quarter from 6.9 per cent a year ago, and GDP growth will decline to 6.5 per cent from 7.2 per cent, said domestic rating agency Icra as per the PTI report.

The slippages will be driven by the slowdown in growth of the industry and services, offsetting the healthy ag

Government may cross Rs 45.5K cr divestment target this fiscal

The government hopes to overshoot the Rs 45,500 crore disinvestment target for the current fiscal amid strengthening of equity markets, reported PTI. Media reports said the Finance Ministry cleared disinvestment in two more PSUs last week.

"The response to recent disinvestment offers has been very good. It seems the disinvestment target for the current fiscal may be exceeded,&quo

Rs 159.56 billion tax-free deficit budget in Tripura

Tripura Finance Minister Bhanulal Saha on Monday presented a Rs 159.56 billion tax-free budget for the fiscal 2017-18 with a deficit of Rs 1.98 billion.

Like previous many years, neither new taxes have been proposed nor existing taxes have been increased in the budget, presented on the second day of the month-long budget session of the state assembly.

"We have planned t

Growth slowdown spilling over into January-March quarter: Nomura

India's growth momentum witnessed a recovery in January but it is not broad-based and overall economic activity remains below pre-demonetisation levels, says a Nomura report as per the PTI. The slowdown that started in the October-December quarter of 2016, post the demonetisation is spilling over into the first quarter of 2017 (January-March).

"Overall, Nomura's economic

RBI sets rupee reference rate at 66.9771 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 66.9771 against the US dollar and 71.0560 for the euro.

The corresponding rates were 67.0467 and 71.5053, on Friday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.1923 and 59.16 per 100 yens, respectively, based on reference rates for the dollar and cross-cu

Top seven cos add Rs 48,519 cr in m-cap

Seven of the top-10 most valued Indian companies together added Rs 48,518.62 crore in market valuation last week, with HDFC Bank emerging as the biggest gainer.

While TCS, HDFC Bank, RIL, ONGC, Infosys, HDFC and IOC saw rise in their market capitalisation (m-cap) for the week ended Friday, ITC, SBI and CIL on the other hand suffered losses. HDFC Bank's valuation zoomed Rs 18,585.9

FPIs pour Rs 9,500 cr in capital markets in February so far

Overseas investors have pumped in over Rs 9,500 crore (USD 1.4 billion) into the country's capital markets this month so far, enthused by clarity on FPI taxation.

The latest inflow followed a net pullout of Rs 80,310 crore from equity and debt together in the past four months (October-January). Prior to that, FPIs had invested over Rs 20,000 crore in the capital market in Septembe

Gold imports shrink 32.7% to $19.74 bn in April-January

India's gold imports fell by about 32.7 per cent to USD 19.74 billion during the April-January period of this fiscal, which is expected to keep a lid on the current account deficit, reported PTI. Total imports of the precious metal in the corresponding period of 2015-16 stood at USD 29.31 billion.

According to industry experts, softening prices of the precious metal in the domesti

GST Council clears law to compensate states for revenue loss

Inching towards rolling out of GST, the GST Council approved a law to compensate states for any loss of revenue from the implementation of the new national sales tax but deferred approval for enabling laws to next meeting, reported PTI.

The all-powerful GST Council will meet again on March 4 and 5to approve the legally vetted draft of the supporting legislations for Central GST (C-GST

GST Council has cleared draft compensation law: Jaitley

Finance Minister Arun Jaitley on Saturday said the Goods and Services Tax (GST) Council has cleared the draft compensation law -- one of the four enabling laws under the GST constitutional amendment - and hoped the remaining ones will be cleared in the next meeting ahead of the second half of Parliament's Budget Session.

"The GST's compensation law states that if any stat

'Neutral' stance allows us to go any way on RBI rates: Urjit Patel

RBI Governor Urjit Patel said on Friday the change to "neutral" stance at the bank's monetary policy review last week allows more flexibility to go either way on rates, as compared with an earlier "accommodative" one on inflation outlook.

The Reserve Bank of India at its monetary policy review last week maintained its key policy rate unchanged at 6.25 per cent.

Proceeding at a fast pace towards remonetisation: Urjit Patel

Reserve Bank of India (RBI) Governor Urjit Patel on Friday said the central bank was moving at a fast pace towards remonetisation, having restored normalcy over a short period as the printing of the currency was going on at full capacity from day one of demonetisation.

"I think that in terms of remonetisation, we are proceeding at a pace that is very quick. Therefore we have mana

Dry ATMs rebut Jaitley's claim of swift recovery post note ban

Despite the claim of Union Finance Minister Arun Jaitley that printing of new money was done efficiently after the November note ban and things were "normalised" in a few weeks, on Friday many ATMs here were found gasping for cash.

As IANS went around the ATMs in the national capital, it found that the situation had only marginally improved from what it was in the thick of t

India may soon allow institutions to trade commodity futures - SEBI chief

By Abhirup Roy and Rajendra Jadhav

MUMBAI - India could start allowing institutional investors to trade in its annual $1 trillion commodity futures market as soon as in a month, the head of the country's capital markets regulator said on Friday, as the government targets deepening of the market.

Asia's third biggest economy has allowed futures t

Cash situation to become normal in March: Nomura

The impact of demonetisation is still visible and cash levels in the economy are not expected to be sufficient until March, which may keep trade volumes depressed for the next two months, says a Nomura report as per the PTI. As per data released by the commerce ministry, growth in exports in January was lower than 5.72 per cent in December.

The moderation in India's exports volume

Normalcy in currency operations restored: Arun Jaitley

Finance Minister Arun Jaitley said normalcy has been restored within few weeks of the unprecedented decision to recall 86 per cent of the currency in circulation and there is no shortage of notes in market, reported PTI.

Currency note printing presses of Reserve Bank of India as well as Security Printing and Minting Corporation of India Ltd (SPMCIL) have worked without a break to remo

BHEL, Idea to move out of Nifty 50 from March 31

State-run Bhel and telecom major Idea Cellular will move out of National Stock Exchange's Nifty 50 index from March 31. Indiabulls Housing Finance and Indian Oil Corporation will be included in the index in their place.

The changes, announced by Indian Index Services and Product, an arm of NSE, will be effective from March 31, 2017. Apart from Nifty 50, the exchange has made chang

Government restored normalcy post-note ban in a few weeks: Jaitley

Applauding the security printing presses for their efficiency, Finance Minister Arun Jaitley on Friday said that while people were estimating that it will take a year or seven months for printing adequate number of notes, the situation was normalised in a few weeks.

"People used to guess it will take a year or seven months for remonetisation. But in a few weeks things were normal

India still keen to buy Westinghouse reactors despite Toshiba meltdown

By Douglas Busvine

NEW DELHI - India does not expect fallout from the financial meltdown at Toshiba Corp to halt plans to buy six nuclear reactors from the Japanese company's U.S. nuclear unit Westinghouse, a senior government official told Reuters on Friday.

Toshiba this week booked a $6.3 billion charge related to huge cost overruns at Westinghous

Sebi permits foreign investors to buy shares via primary markets

Markets regulator Sebi has allowed foreign investors to acquire shares through primary markets in depositories and clearing corporations. Prior to this, foreign investors could acquire shares of depositories and clearing corporations only through secondary market.

The move comes at a time when Central Depository Services Limited (CDSL) is preparing to launch its initial public offerin

EPFO pensioners can give digital life certificates till March 31

Retirement fund body EPFO has extended the deadline for submitting digital life certificates by its over 50 lakh pensioners till March to help them get their pension accounts linked with Aadhaar.

Earlier in January, Employees' Provident Fund Organisation (EPFO) had decided to extend the date of submission through Jeevan Pramaan Patra programme to February 28. This was done to make

Jharkhand can exceed national growth average by 4-5%: Finance Minister

Finance Minister Arun Jaitley has said that BJP-led Jharkhand can now exceed the national economic growth average by 4-5 per cent. Commenting on the issue, Finance Minister Arun Jaitley told the media, "Jharkhand has a potential today with its natural resources, and potential for investment to grow at least 4-5 per cent ahead of the national average.

Today, it is marginally 1 per

Remonetisation situation almost normal now: Finance Minister

The Indian Government has said that the remonetisation situation with regard to replenishing the scrapped currency is almost normal now and the Reserve Bank is monitoring the supply on a daily basis. Commenting on the issue, Finance Minister Arun Jaitley told the media, "As far as remonetisation is concerned, the situation is almost normal and RBI is monitoring the currency supply position

RBI allows multilateral FIs to invest in masala bonds

Reserve Bank of India (RBI) permitted multilateral financial institutions to invest in rupee denominated bonds popularly known as 'masala bonds' issued by Indian entities, reported PTI.

"In order to provide more choices of investors to Indian entities issuing rupee denominated bonds abroad, it has been decided to also permit multilateral and regional financial institution