Mutual fund exposure to bank stocks at record Rs 1.44 lakh cr

Mutual fund managers continued to be bullish on bank shares, with their allocation to the sector reaching an all time-high of over Rs 1.44 lakh crore at the end of May, mainly due to cheaper valuations, reported PTI. In comparison, the figure was Rs 90,014 crore at the end of May 2016.

Banking continues to be the most preferred sector with the fund managers as they cannot afford to ta

Mumbai airport not to participate in next bidding under UDAN: Reports

The Indian Government has said that Mumbai airport is unlikely to participate in the second round of bidding for air routes for the government's regional connectivity scheme UDAN because of capacity-crunch at the busy airport. As per reports, the Chhatrapati Shivaji International Airport handled 837 flights a day, or one in 65 seconds, on an average in fiscal 2016-17, becoming the world'

Sebi relaxes takeover norms for stressed firms

Joining efforts in tackling the over Rs 8-lakh crore bad loans crisis, markets regulator Sebi relaxed its takeover norms for restructuring listed companies with stressed assets. The relaxation, which would exempt investors from making a mandatory open offer subject to shareholders' nod and some other conditions, was part of a slew of reform measures approved by Sebi's board here today a

Telecom companies meet minister on stressed health of industry

The much-awaited meeting between the government and the telecom companies to evolve a resolution to the stressed health of the sector was held here on Thursday afternoon

Representatives of telecom companies Bharti Airtel, Idea Cellular, Reliance Jio and Reliance Communications met Communications Minister Manoj Sinha and Telecom Secretary Aruna Sundararajan besides other government off

UP to get 70,784 affordable houses for urban poor under PMAY

The Ministry of Housing and Urban Poverty Alleviation (HUPA) has approved construction of 70,784 affordable houses for the benefit of urban poor in Uttar Pradesh under the Pradhan Mantri Awas Yojana (Urban) with an investment of Rs 3,528 crore for which central assistance of Rs 1,062 crore has been approved.

Soon after the discussion Minister of HUPA M Venkaiah Naidu held with the Utt

Power tariffs will not rise with GST, says Goyal

 Power tariffs will not rise after the Goods and Services Tax (GST) regime gets implemented from July 1, Union Power Minister Piyush Goyal said on Thursday.

"We don't foresee any upward impact on power tariffs from the GST," Goyal told the media here following a meeting with 75 industry associations.

"All the sectors had technical issues about the GST

GST will spur demand for PCs in India: HP India

Electronics major HP India said it expects demand for computers in India to pick up after the roll out of the new GST tax regime from next month, driven by small and medium businesses. "We are going through the transition and ensuring that we and our channel partners are prepared for the new GST regime.

There are a few challenges but we are ensuring that things are in place by Ju

Indian IT sector lobby group sees export growth at 7-8 percent for 2017/18

 A leading lobby group for India's IT industry on Thursday forecast the sector's export revenues to grow at 7-8 percent for the year to March, around the growth levels seen last year, as the industry faces continued headwinds from the U.S. market.

The more-than-$150 billion industry saw exports rising 7.6 percent last year, according to a statement from The National Assoc

Global NAND shortage to impact SSD supply chain firms: Fitch Ratings

The ongoing NAND flash memory shortage and resulting rise in NAND prices will continue to hamper growth and margins for companies within the solid-state drive (SSD) supply chain, according to Fitch Ratings. The rating agency said that these scenarios are likely to negatively affect the credit profiles of firms, including flash controller providers, enterprise storage original equipment manufact

US to spend $7.5 mn to develop India`s power grid: Reports

The US Government has said that it will spend USD 7.5 million to help advance India's power grid, as part of the two countries' commitments to ensuring access to affordable and reliable energy. Commenting on the issue, US Energy Secretary Rick Perry told the media, “The Ministry of Science and Technology and industry will match the commitment of US' Department of Energy, bring

Indian chemical ind to touch $26 bn by 2020: Study

Indian Chemical Industry is likely to grow at 9 per cent per annum to reach 26 Billion USD by 2020, says Mansukh L Mandaviya, Minister of State for Shipping, Chemical & Fertilizers, Govt. of India, in Mumbai. Speaking at the curtain raiser ‘India Chem Gujarat 2017’,

Mandaviya said that it is one of the most diversified of all industrial sectors covering thousands of co

MeitY launches webpage to help IT, elect co`s in GST regime

The government has launched a webpage to facilitate taxpayers to address issues related to Information Technology Services & Electronics goods, MeitY said. The move has come to ensure preparedness for GST implementation from July 01, this year.

The Ministry of Electronics and Information Technology (MeitY) said in a release that, “In order to ensure preparedness for GST impl

UDAN traffic to be around 4 lakh passengers during this fiscal: ICRA

Ratings agency ICRA has estimated that passenger traffic generated from the central government's ambitious regional air connectivity scheme UDAN would be around 4.43 lakh passengers only during FY2018, said media reports.

According to a study conducted by ICRA, UDAN's impact would be marginal at 0.4 per cent of total passenger traffic during the year.

Commenting on t

Irdai wants increase in retirement age of members to 65-yrs

Insurance regulator Irdai wants increase in the retirement age of its members to 65 years from the existing 62. According to Irdai, members of other financial regulators remain in office till the age of 65 and this benefit should be extended to their counterparts in the insurance watchdog too.

Irdai had discussed the issue at its recently held board meeting and has now written to the

AirAsia happy to fly domestic, for now: CEO

 India is a complicated country with aggressive competition, but AirAsia is happy flying in the domestic market and has a clear path ahead, says group CEO Tony Fernandes.

"I am very happy with the way we are going... India is a complicated country and it is further complicated with very aggressive competitors. So, we are happy where we are," Fernandes said in an interac

Wind, solar projects to lead to three lakh new jobs: Study

More than 300,000 new workers can be employed in wind and solar jobs and more than one million total employment opportunities can be created in achieving India's ambitious clean energy goals to install 160 GW of renewable power by 2022, a study said on Wednesday.

The labour-intensive rooftop solar segment will employ 70 per cent of the new workforce, creating seven times more jobs

Norms for no-fly list to be issued next month: Minister

The Indian Government has said that rules for a national no-fly list are being finalised and will be issued next month. According to the Minister of State for Civil Aviation, the norms on the list will be issued in the first week of July.

As per reports, the development comes days after all the seven major domestic airlines barred TDP MP J.C. Diwakar Reddy from their flights over alle

HRAWI welcomes revised GST slab on hotel room tariffs

The Hotel and Restaurant Association of Western India (HRAWI) welcomed the revised goods and services tax (GST) slab on hotel room tariffs that widens the slab of 18 per cent to tariffs ranging between Rs 2,500 and Rs 7,500.

With the revision, the highest tax rate of 28 per cent is assigned to tariffs of Rs 7,500 and above, HRAWI said in a release. Along with the revision in the slabs

Around 800 new aircrafts to enter aviation market: Reports

The Indian Government has said that about 800 new aircraft are likely to enter the Indian aviation market that has been seeing a double digit growth, in the coming years. As per reports, carriers like SpiceJet, IndiGo, GoAir and Jet Airways have plans or firmed up orders for over 800 new planes, including a good number of smaller aircraft.

Nearly 500 aircraft are presently operated by

Niti Aayog approves rail project for increasing train speeds

The Indian Government has said that Niti Aayog has approved the ambitious Rs 18,000 crore project for increasing train speeds on the Delhi-Mumbai and Delhi-Howrah rail corridors.

As per reports, the ambitious project is meant to bring about a shift in rail operations enabling trains to run at 160 km per hour on the busiest routes on the Indian railway network.

As per reports

Chinese treble India smartphone market share, says India Ratings and Research

Indian mobile phone makers’ business profile has been adversely impacted due to the rapidly increasing market share of Chinese players and fierce competition, says India Ratings and Research (Ind-Ra).

According to the rating agency, the increasing strength of Chinese mobile phone manufacturers in smartphone market is reflected in the 3.4x growth in market share to 51 per cent in

Jio free offering led to 11.7% fall in industry revenues: Jefferies

The growth of Reliance Jio subscriber base and its free offering till 2016-17 fourth quarter has led to a 11.7 per cent year-on-year decline (8.5 per cent quarter-on-quarter decline) in industry revenues, a report by Jefferies said here on Wednesday.

"The growth of Reliance Jio subscriber base and its free offering till the end of fourth quarter of 2016-17, has led to a 11.7 per

Petroleum ministry establishes GST facilitation cell for all stakeholders

With a view to facilitate the implementation of GST for the stakeholders concerned with Ministry of Petroleum and Natural Gas and its organizations, a GST facilitation cell has been established, according to an official statement.

The GST Facilitation Cell has been constituted to serve as the first point of contact for industry to facilitate, guide and provide all support to the stake

Foreign Trade Policy review by July 1 GST roll out: Official

The Commerce Ministry will complete its Foreign Trade Policy (FTP) review earlier than expected so as to coincide with the launch of GST on July 1, a senior official said on Tuesday, adding that exporters have sought policy incentives for boosting shipments.

"The objective of the meeting was to seek inputs for the review of FTP to coincide with the launch of GST (Goods and Servic

Housing credit growth moderates to 16% in FY17: Icra

Total housing credit growth moderated to 16 per cent in the financial year 2016-17 due to lack of new project launches and as investors deferred their home purchase decisions, according to rating agency Icra. In the financial year ended March 2016, the housing credit grew by 19 per cent.

Overall housing credit stood at Rs 14.4 trillion as on March 31, 2017 as against Rs 12.4 trillion