9 of 10 most valued firms lose Rs 1,05,357 cr in m-cap; RIL, SBI worst hit

The combined market valuation of nine of the top 10 most valued Indian companies plummeted by Rs 1,05,357 crore last week, with RIL and SBI emerging as the worst hit. Last week, the Sensex and Nifty plunged 1,111.82 points, or 3.43 per cent, and 355.60 points, or 3.53 per cent, respectively. Only Infosys saw rise in its market capitalisation (m- cap), rest nine firms, including TCS, HDFC Bank,

July retail inflation seen picking up for first time in four months

NEW DELHI  - India's consumer inflation is expected to have picked up in July after easing for three straight months, with food prices back on the rise, but is expected to remain well below the central bank's target.

The consumer price index, the main policy target of the Reserve Bank of India (RBI), likely rose 1.87 percent in July from a year earlier, a

Public lenders focussed on bad debts than credit growth: Economic Survey

The public sector banks (PSBs) are more focussed on limiting losses from the previous bad debts rather than seeking new lending opportunities, and thus cannot give low demand as an excuse for their credit slowdown, according to the mid-term Economic Survey.

The Economic Survey Volume II 2016-17, tabled in Parliament, said: "The problem is that public sector banks are in damage li

BSE`s India INX is the first exchange to commence trade in Gold

Mumbai, August 12, 2017: BSE’s India INX, country’s first international exchange, today received an approval from the Securities and Exchange Board of India to commence trading in Gold Options contracts. The international exchange will be the first one in India and IFSC to commence trading from Wednesday, August 30, 2017.  

Managing Director and Chief

13/08/2017 11:55:54 AM | Posted in Commodity Top News read full news
Number of slabs in GST will be reduced later

 The number of tax slabs in the Goods and Services Tax (GST)regime would be reduced with improvement in revenue, Union Minister of State for Finance and Corporate Affairs Arjun Ram Meghwal said here on Saturday.

With the exempted category, the existing tax slabs are of 5, 12, 18 and 28 per cent.

Defending the different slabs, he said the central government was

Threat of economic slowdown is real: P. Chidambaram

Former Finance Minister P. Chidambaram on Saturday said the economic slowdown is real as stated by the government's Chief Economic Advisor Arvind Subramanian and asked whether Prime Minister Narendra Modi and Finance Minister Arun Jaitley believed him.

"Economic slowdown is real. CEA says so. Will PM and FM believe him," Chidambaram asked in a tweet.

Paswan seeks curbs on onion export to keep prices in control

Union Food Minister Ram Vilas Paswan on Friday said he has asked Commerce Ministry to withdraw the incentive and impose higher minimum export price (MEP) on onion export to ensure adequate availability in the domestic market, which will help keeping prices in control.

"Commerce Ministry has been requested to withdraw the incentive on export of onion for adequate availability of o

India Inc hails Economic Survey II

 Hailing the Economic Survey II 2016-17 for its "correct assessment" of the deflationary stress in the economy, India Inc on Friday said that there was a need for a substantial cut in the policy rates by the RBI.

"The Economic Survey-2 presented to Parliament has done a correct assessment of the state of the economy, highlighting the stress in various sectors

Demonetisation cut cash in economy by 20%: Economic Survey-II

Describing the impact of demonetisation on the Indian economy, Chief Economic Adviser (CEA) Arvind Subramanian said on Friday that there has been a 20 per cent reduction in cash in the economy.

"Cash has come down in the economy..there has been a 20 per cent reduction in cash relative to what might have been without demonetisation," Subramanian said at a briefing following t

Shimla seeks World Bank project for water supply

Shimla civic body councillors on Friday called on Prime Minister Narendra Modi here and sought his intervention in getting a project, which would argument water supply in the city, sanctioned by the World Bank.

The proposal for the Rs 720 crore Greater Shimla Water and Sewerage Circle project has been submitted to the World Bank by the Shimla Municipal Corporation.

RBI policy rate can come down by 25-75 bps: Economic Survey

With inflation ruling low, there is scope for reducing RBI's key policy rate by 25-75 basis points, said the Economic Survey released today. The government came out with the second part or mid-year survey for the first time, highlighting new factors affecting the economy since the last such exercise earlier this year. Broadly, the real neutral interest rates hover around 1.25-1.75 per cent,

India`s industrial output contracts 0.1 percent y/y in June

NEW DELHI  - India's industrial output contracted 0.1 percent in June from a year earlier, government data showed on Friday.

Economists surveyed by Reuters had forecast 0.6 percent growth in output compared with a revised 2.8 percent year-on-year increase in May.

(Reporting by Manoj Kumar; Editing by Malini Menon)

Inflation to be below RBI`s 4% target by March 2018: Economic Survey

India faces the risk of deflationary impulses owing to stressed agricultural revenues, bad loans, farm loan waivers and the fiscal tightening they would entail, that could push inflation below the Reserve Bank of India's (RBI) targeted 4 per cent by March 2018, according to the Economic Survey 2016-17 Volume-2.

Tabled in the Lok Sabha on Friday, the Survey, however, notices a

Government taking expeditious action against shell companies: Arun Jaitley

Speedy steps are being taken against shell companies but a balance needs to be maintained between the ease of doing business and ensuring that the firms are not misused, Union Minister Arun Jaitley said today. Jaitley, who is also the Corporate Affairs Minister besides holding the Finance and Defence portfolios, told the Lok Sabha that there is no definition for shell companies under the Compan

Railways should commercially exploit land for revenue: Economic Survey

The mid-year Economic Survey has recommended a slew of reforms in various sectors, including monetising land for revenue generation in Railways and privatisation of Air India.

The Economic Survey Volume II 2016-17 tabled in the Parliament on Friday suggested that reforms such as privatisation/ disinvestment of Air India, creation of aviation hubs and reconsidering the 0/20 rule a

NSE to auction investment limit for government, corp bonds on Monday

The National Stock Exchange (NSE) today said it will auction investment limits for overseas investors for the purchase of government and corporate debt securities totalling over Rs 8,800 crore on Monday. The auction would be conducted for investment limits worth Rs 5,481 crore of government debt securities, while the same would be Rs 3,360 crore for corporate bonds, NSE said in a circular.

RBI sets rupee reference rate at 64.1693 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.1693 against the US dollar and 75.4567 for the euro. The corresponding rates were 63.9437 and 75.0635, previously. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.2661 and 58.76 per 100 yens, respectively, based on reference rates for the dollar and cross-currency qu

Achieving high end of 6.75-7.5% growth difficult: Survey

Achieving the high end of the 6.75-7.5 per cent growth projected previously will be difficult due to appreciation of rupee, farm loan waivers and transitionary challenges from implementing GST, the Economic Survey said as per the PTI report. For the first time today, the government presented a second or a mid-year economic survey for the year 2017-18 highlighting the new factors that the econom

Centre`s expenditure to touch Rs 26 lakh cr in FY20

The total expenditure of the central government is likely to touch Rs 26 lakh crore in 2019-20, up from Rs 21.46 lakh crore estimated for the current fiscal, a finance ministry document said today. The Centre's capital expenditure is expected to rise 25 per cent to Rs 3.9 lakh crore in 2019-20, with defence outlay alone jumping 22 per cent, said the Medium-term Expenditure Framework Stateme

RBI issues final guidelines for tri-party repo transactions

The Reserve Bank issued the final guidelines on tri-party repo transactions as part of its attempt to energise the corporate bond market and generate more liquidity in the segment, reported PTI. A tri-party repo is a contract between a buyer and a seller of a security along with a third party agent. In most cases, the third-party agent may be a custodian bank, which will facilitate services lik

RBI dividend to government halves to Rs 30,659 cr

The Reserve Bank has halved its dividend payout to the government to Rs 30,659 crore for the fiscal ended June 2017, which analysts attributed to increased printing cost of new currency notes post demonetisation, among other reasons, reported PTI. Last fiscal, the RBI had transfered Rs 65,876 crore surplus as dividend to the government.

"The Reserve Bank's Central Board at it

NDA has done most to combat Indian black money abroad: Arun Jaitley

The ruling NDA government has been the most active among Indian governments earlier in proceeding against persons with unaccounted income stashed away in foreign bank accounts, Finance Minister Arun Jaitley said on Thursday.

"No other government has been as active as the current one in the matter of foreign accounts," Jaitley asserted in the Rajya Sabha during the debat

Sushma Swaraj attends BIMSTEC Ministerial Meeting

 Indian External Affairs Minister Sushma Swaraj on Thursday attended the inaugural session of the two-day 15th BIMSTEC Ministerial Meeting here that was inaugurated by Nepal Prime Minister Sher Bahadur Deuba.

"Building on shared histories & values. EAM @SushmaSwaraj attends the inaugural session of the 15th Bimstec Ministerial Meeting in Kathmandu," Indian External

Expenditure on subsidies to fall over next 2 years: Government

 In major reforms, the government expenditure on major subsidies like petroleum, food and fertilisers is estimated to come down in the next two years with the payout on Liquefied Petroleum Gas (LPG) to be completely removed from March 2018.

"Over the projection period, the government expenditure on major subsidies is estimated to come down from 1.4 per cent of GDP in Budget

Parliament passes bill on action against loan defaulters

The Rajya Sabha on Thursday passed the Banking Regulation (Amendment) Bill, 2017, which will enable the government to empower the RBI to direct lender banks to act against big loan defaulters.

The bill, which amends the Banking Regulation Act, 1949, will replace the Banking Regulation (Amendment) Ordinance, 2017.

The Lok Sabha had passed the bill earlier.