Government hikes non-subsidized LPG cylinder price by Rs 86

The government has increased non-subsidized price of LPG cylinder by Rs 86 with effect from March 01, 2017. “With effect from 1st March, 2017, non-subsidized price of LPG cylinder has increased by Rs 86,” said ministry of petroleum & natural gas on Wednesday. The ministry said that this is in line with the rise in global LPG product prices, adding that there will be no impact on

EPFO permits withdrawals from pension a/c without Aadhaar card

Retirement fund body EPFO has allowed full and final withdrawal of funds by the subscribers from their pension account without providing Aadhaar number, said the media report. "All those members filing claims for withdrawal of funds from their pension account would not be required to submit Aadhaar as mandated in an earlier order of the EPFO," a senior official said.

The mem

Cibil pegs MSME bad loans at Rs 55K-cr, launches score for them

Warning that the banking industry is staring at a potential stress of nearly Rs 55,000 crore in its MSME exposure, Transunion-Cibil has launched a ranking for small businesses to take care of "information asymmetry". It estimates the gross non-performing assets ratio for MSMEs -- which it defines as those having total exposure between Rs 10 lakh and Rs 10 crore -- to rise to 9.8 per c

India factory activity expands at a slightly faster pace in February

BENGALURU  - Indian factory activity expanded for a second straight month in February, while an increase in raw material costs pushed firms to raise prices at the fastest rate in nearly three and a half years, a business survey showed on Wednesday.

The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, rose to 50.7 in February from 50.4

Government working on policy to use high frequency spectrum bands: Reports

The Indian Government has said that it is working on a policy on usage of high-frequency spectrum bands to ensure India moves quickly towards 5G, the next-generation of telecom services. Commenting on the issue, Telecom Secretary J S Deepak told the media, "We were late in 3G and 4G, so we are keen that we should not be deprived of 5G. It has a wider application for the industry including

Government planning to make spectrum auction an annual event: Reports

The Indian Government has said that it is looking at making spectrum auction an annual event and will reach out to sectoral regulator Trai for its recommendations. Commenting on the issue, Telecom Secretary JS Deepak today the media, "We are looking for spectrum auction every year. We are very soon going to request to Trai for its recommendations." “Once the recommendations come

India issues new guidelines for antibiotics: Reports

India, one of the world's biggest consumers of antibiotics, has issued new national guidelines on their use as part of a drive to fight the rise of drug-resistant superbugs. As per reports, superbugs are seen as a growing threat to modern medicine, with the emergence in the past year of infections resistant to even last-resort antibiotics.

According to the Review on Antimicrobial

Delhi metro smart cards to be non-refundable from 1st April: Reports

The DMRC has said that the Delhi Metro's smart cards will be non-refundable from April 1. The Delhi Metro Rail Corp (DMRC) said in a statement that it has been done to comply with the Reserve Bank of India (RBI) guidelines. The smart cards sold after April 1 and the cards already in circulation will become non-refundable, it said. As per reports, the passenger-holders will be given a "

World Bank CEO commutes second class in Mumbai local train

World Bank CEO Kristalina Georgieva on Tuesday morning bought a ticket and travelled by a Western Railway suburban local train to inspect Mumbai's lifeline first hand, officials said.

Accompanied by Mumbai Rail Vikas Corporation (MRVC) CMD Prabhat Sahai and other top railway officials, Georgieva travelled in a second class women's compartment from Churchgate to Dadar, the busi

Moving at airline speed - Hyperloop One unveils 'Vision for India'

A futuristic technology in the transport system could see one whiz from Delhi to Mumbai in a pod-like car in just under one hour.

The system, unveiled by Hyperloop One here on Tuesday as part of its "vision for India", promises to revolutionize the advanced surface system by moving people and things at airline speeds.

Hyperloop One is developing the world's fir

India's infrastructure output growth slows in January

NEW DELHI - India's annual infrastructure output growth slowed to 3.4 percent in January from 5.6 percent in the previous month on a fall in refinery production and a deeper contraction in cement output, government data showed on Tuesday.

The output growth came in at 4.8 percent for the first 10 months of the current fiscal year, which ends in March 2017.

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Robust profitability to support credit metrics of pharma cos in FY18: India Ratings and Research

India Ratings and Research (Ind-Ra) has maintained a stable outlook on the pharmaceuticals sector for FY18, as the agency believes the sector’s profitability will remain stable and support credit metrics. Regulatory actions resulted in a dip in the sector’s profitability during FY15, which recovered in FY16 and 1HFY17. Ind-Ra continues to maintain the overall sector growth at 8 per

India Ratings and Research maintains stable outlook on cement sector for FY18

India Ratings and Research (Ind-Ra) has maintained a stable outlook on Indian cement manufacturers for FY18, citing that the operating profitability of cement manufacturers in FY18 to be around the FY16 and estimated FY17 levels, due to stable demand growth, despite an increase in input cost. “Demand will be backed by an increase in government expenditure,” said the rating agency.

Railways delinks food distribution & cooking in new catering policy

The Railways unveiled a new catering policy separating its cooking and onboard food distribution sections, reported PTI. Flooded with complaints on the food quality, the railways replaced the existing policy after seven years giving back onboard catering responsibility to the IRCTC for majority of trains, including all the new ones. Announcing the new policy, Railway Minister Suresh Prabhu said

Unions go ahead with bank strike, services suffer

Branches of public banks remained either closed or non-operational today as staffers and officers went ahead with their day-long strike pressing for various demands, including accountability of top executives in the wake of mounting bad loans. Services like cash deposits and withdrawal from branches and cheque clearances have been hit hard by the strike, which has been called under the aegis of

Cargo traffic at 12 major ports up 7.14% at 535 MT in April-January

Buoyed by pick up in demand, India's 12 major ports saw cargo traffic increase by 7.14 per cent to 535.35 million tonnes (MT) during the first 10 months of the current fiscal. These top ports under the Centre had handled 499.68 MT cargo during the April-January period of the last fiscal.

"Increased demand from various sectors including iron ore, POL and containers saw cargo t

RBI slaps Rs 1 lakh fine on Kaujalgi Urban Co-op Credit Bank

The Reserve Bank of India has imposed a monetary penalty of Rs 1 lakh on Kaujalgi Urban Cooperative Credit Bank Ltd., for violations RBI norms.

“The Reserve Bank of India has imposed a monetary penalty of ? 1.00 lakh (on Kaujalgi Urban Cooperative Credit Bank Ltd., Koujalgi, Karnataka for violating Reserve Bank of India’s instructions/guidelines in respect of ‘The De

Railways partners India Post for parcel business

The Railways has said that it will now provide space to postal department and private players to ferry their parcels in the guard's compartment of some selected trains. According to the partnership with Department of Post (DoP), which aims to increase the national transporter's revenue, the front portion of the guard's compartment will be allowed to be used to carry upto one tonne o

Policy for producing coal-based methanol soon: Gadkari

Union Minister Nitin Gadkari on Monday said the government is planning to frame a policy for production of coal-based methanol.

According to Minister of Road, Transport Highways and Shipping Gadkari, the policy, once framed, has a potential to generate employment for 25 lakh people.

"India has a surplus of coal, so we have plan to extract methanol from coal. It will red

SIDBI approves request from 9 funds for Rs 300 crore

The Small Industries Development Bank of India's (SIDBI) Venture Capital Investment Committee (VCIC) has approved requests from nine funds aggregating Rs 300 crore, an official here said.

"In its seventh meeting on February 11, 2017, SIDBI's Venture Capital Investment Committee (VCIC) examined requests from 11 fund managers and sanctioned requests from nine funds aggregat

Karnataka can attract 15 cr domestic tourists by 2019: Assocham

Industry body Assocham on Monday said Karnataka must promote more inclusive tourism policies to attract over 15 crore domestic tourists and about 10 lakh foreign travellers by 2019.

"Domestic tourist visits in Karnataka can grow at a rate of about six per cent considering the recent trends of rise in domestic tourist visits together with improvement seen in physical infrastructur

'Government must scale up production of active ingredients of drugs'

The Centre should scale up the production of active ingredients used in drugs to meet the country's need, a government institute has said after it found that over 95 per cent of the samples examined during a survey were sourced from China, reported PTI.

The Noida-based National Institute of Biologicals (NIB), outlining the findings of the country's largest ever drug quality su

Lone Star, IL&FS partner to invest in stressed infra assets

Private equity firm Lone Star Funds and infrastructure financing company IL&FS have announced collaboration to jointly invest in stressed infrastructure projects in India, with a capital pool of USD 550 million, reported PTI.

The collaboration could result in asset purchases of up to USD 2.5 billion, a joint statement said. The objective of the move aligns with the objectives of t

Hyperloop Transportation Technologies in talks with 5 Indian states for high-speed travel network

US-based Hyperloop Transportation Technologies (HTT) is in talks with 5 states to build a high-speed travel network and it will also raise USD 100 million to invest in India, as per the media reports.

Commenting on the development, its Chairman Bibop Gresta has said that, the company is in talks with a corporate house for a local partnership and also an academic institution, said the

Mutual funds' exposure to bank stocks hit record Rs 1.16 lakh cr in January

Mutual funds' allocation for bank stocks hit a record high of Rs 1.16 lakh crore in end-January, primarily on account of cheaper valuations. In comparison, fund managers had allocated Rs 78,644 crore for bank shares in the year-ago period.

"We could be getting close to the bottom of the NPAs (non-performing assets) cycle, valuations were not that expensive, hence funds could