Spectrum auction ends after 68 rounds, govt garners Rs 61,141 cr: Media report

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In the back of better-than-expected response from telecom operators, the government of India has successfully garnered Rs 61,141 crore from the auction of 900MHz and 1800MHz spectrum that ended on Thursday after 10 days, according to media report.

On 10th day, the 64th round of spectrum auction started off from Rs. 61,091.83 crore in terms

Ind-Ra affirms negative outlook for infrastructure sector

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India Ratings & Research (Ind-Ra), a part of Fitch Group, has maintained an overall negative outlook for the infrastructure sector for FY15, considering most project companies’ continued weak credit profiles.

The sub-sectors, however, have a split outlook. The outlook for power projects, barring renewables, remains negative while

Cabinet approves setting up of paper mills in Amethi

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The Union Cabinet on Wednesday gave its approval for setting up of a Jagdishpur Paper Mills Limited (JPML), a green field pulp and paper project at Jagdishpur, District Amethi, Uttar Pradesh at a cost of Rs. 3650 crore.

The project will be implemented in two phases, an official statement said. Jagsihpur Paper Mill will venture into producti

ASSOCHAM gives thumbs-up to rail budget

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Apex industry body ASSOCHAM has welcomed interim rail budget and appreciated the Railway Minister for making a serious and detailed assessment of the present state of finances of Indian Railways.

“The mounting pressure on the services provided by Indian Railways coupled with deteriorating financial health makes the task of preparing Annu

India, World Bank sign $175 mn for Second Gujarat road project

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India and the World Bank have signed a USD 175 million (RM1.6 billion) credit agreement for financing second Gujarat State Highways Project (GSHP-II). “The Loan Agreement for World Bank (IBRD) assistance of USD 175 million for second Gujarat State Highways Project (GSHP-II) has been signed between the Government of India and the World Bank,”

FICCI welcomes setting up of independent rail tariff authority

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The Federation of Indian Chambers of Commerce and Industry (FICCI) has welcomed setting up of an independent Rail Tariff Authority and the thrust on safety in the interim rail budget. “This will help develop an integrated, transparent and dynamic pricing mechanism for the passenger and freight segments of the Indian Railways. It will lead to greater rationalisation

ASSOCHAM urges RBI to cut rates as Dec factory output shrinks

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Expressing serious concern over the deceleration of industrial activity in December 2013, apex industry body ASSOCHAM has strongly recommends for a paradigm shift in the policy approach from both RBI and government. The industry body has asked the Reserve Bank of India (RBI) to cut key rates and demanded that the government take immediate steps to revive

India Ratings sees stable outlook for IT sector

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India Ratings & Research on Tuesday predicted a stable outlook for the Indian IT sector as a pickup in key markets such as the US and Europe may boost revenue growth next fiscal while low debt levels, strong cash pile and stable credit profile auger well for the sector’s prospects.

However, the ratings agency warned that margins m

Railway Budget 2014: Arunachal Pradesh and Meghalaya set to come on the rail map

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Laying down the plan for future development of Indian railways, the Railway Minister Mallikarjun Kharge, in his Interim Railway Budget Report 2014, highlighted the achievement of the sector in the past few years.

Kharge said that Arunachal Pradesh and Meghalaya are set to come on the rail map as part of extension of the rail network in Nort

Rail budget 2014: Freight earning target increased to Rs. 94,000 cr

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Given the promising trend of loading, the freight earning target has been scaled up to Rs. 94,000 crore from Rs. 93,554 crore in budget estimates, Railway Minister Mallikarjun Kharge informed Parliament on Wednesday.

“The railways is confident of surpassing the freight earnings target which has been increased to Rs 94,000 crore from R

Rail budget 2014: No hike in passenger fares and freight

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In a major relief to passengers, government on Wednesday announced that there would be no hike in passenger fares and freight. “No increase in rail fare and freight has been proposed in the interim rail budget for 2014-15,” Railway Minister Mallikarjun Kharge said while presenting his maiden budget and the last Railway Budget of Prime Mini

Rail budget 2014: Mallikarjun Kharge announces 72 new trains

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In a populist move, Railway Minister Mallikarjun Kharge on Wednesday announced 72 new trains, extension of three trains and increase in frequency of three trains. “72 new trains are being introduced which includes 17 premium trains, 39 express trains, 10 passenger trains, 4 memu and 3 demu in this year’s interim railway budget,” Khar

Rail budget 2014: Gross traffic receipts projected at Rs. 1.6K crore

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Anticipating a healthier growth of economy, Railway Minister Mallikarjun Kharge on Wednesday announced that the gross traffic receipts have been projected at Rs. 1,60,775 crore. Presenting the interim budget in Parliament today, the Minister said that the freight traffic target is proposed at 1,101 million tonnes, an increment of 49.7 million tonnes o

Gross NPAs of 40 listed banks rise 36.9% to Rs 2.22 lakh cr in September 2013

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The gross non-performing assets (NPAs) of 40 listed banks increased 36.9 per cent to Rs 2.22 lakh crore in September 2013 from Rs 1.62 lakh crore a year earlier, Parliament was informed, said a PTI report.

Gross NPAs at United Bank of India rose 160 per cent to Rs 6,286 crore from Rs 2,418 crore in September 2012, Finance Minister P Chidamb

Coal import to bridge gap between demand and supply: Coal Ministry

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The Minister of State for Coal, Pratik Prakash Bapu Patil today informed Parliament that the gap between demand and supply of coal in the country is met through coal imports. “Due to constraints in availability of indigenous coal, the gap between demand of coal in the country and indigenous availability is met through coal imports,” Patil

IT sector export to grow by 12-14% in FY14: NASSCOM

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Indian IT sector export revenues are expected to grow by 12-14 per cent in current financial year on the back of increase in global technology spending and opportunities created through adoption of disruptive technologies, revealed a NASSCOM report.

IT Industry exports are likely to clock export revenues of USD 84-87 billion maintaining a g

Mutual fund assets touch all-time high at Rs 9.03 lakh cr in Jan

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The Indian mutual fund industry's assets under management (AUM) registered a growth of 9.4 per cent, hitting all-time high, to Rs 9.03 lakh crore in January, indicating spurt in fund inflows in money market.

According to a data released by the Association of Mutual Funds in India (Amfi), in the first month of the New Year the money mark

Telecom bids worth Rs 58,332 cr submitted after 49 rounds of bidding: Media Report

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Telecom companies have put in bids worth Rs 58,332 crore in spectrum auction at the end of 49 rounds on the 7th day of bidding, said PTI report. The amount is about 86 per cent of what 3G radiowave auction fetched in 2010, although the current round has far more spectrum for two bands - 900 Mhz and 1800 Mhz - on the block.

"Total 49 ro

Indian Railways freight revenue rises 4.6% during Apr-Jan 2014

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Indian Railways have carried 866.14 million tonnes of revenue earning freight traffic during 1st April 2013 to 31st January 2014, an increase of 4.63 per cent on year-on-year basis, Ministry of Railways said in a press release.

The freight carried shows an increase of 38.35 million tonnes over the freight traffic of 827.79 million tonnes ac

Profit of banks cannot be used only to increase salaries: P Chidambaram

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Finance Minister P Chidambaram has said the profit of banks cannot be used only to enhance salaries because there are other obligations, reported PTI. FM spoke as public sector bank employees started a two-day strike today seeking higher wages, said the report.

"I will appeal to employees and officers of banks to recognise that banks p

Nissan India sales up 29% in January: Media Report

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Nissan Motor India reported an increase in total sales by 28.64 per cent for January, at 5,182 units from 4,028 units it sold same month last year, reported PTI.

"We are delighted with the reception Terrano has received from the market and its impact on strengthening sales performance since October last year," Hover Automotive Ind

Coal Ministry de-allocates 29 coal blocks

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Following the recommendation of inter-ministerial group (IMG) on coal block, the coal ministry has de-allocated 29 coal blocks, the Minister of State for Coal, Pratik Prakash Bapu Patil informed Parliament on Monday.

“Based on the recommendations of IMG, the ministry has de-allocated 29 coal blocks as there was no substantial progress

India, US sign pact for cooperation in field of medical products

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India and the United States of America has signed pact for cooperation in the field of medical products to strengthen the regulatory mechanisms in terms of capacity building, strengthening laboratories and bringing enhanced transparency through its laws and legislations.

The Union Minister for Health, Ghulam Nabi Azad and Margaret Hamburg,

Power ministry proposes Rs 6,000 cr subsidies for distribution cos

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Power Ministry has initiated the process of sourcing gas for fuel-starved power projects and has proposed Rs 6,000 crore subsidies for distribution companies so that they can sell electricity at lower rates to consumers, reported PTI.

However, power plants running on gas from Reliance Industries' KG-D6 basin will have to wait for the fu

Bank unions to go on two-day strike from Monday

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Operations at public sector banks are likely to be impacted as employee unions have decided to go on a two-day nation-wide strike from Monday to press for wage revision, said the media report.

During the conciliation meeting held on February 6 before the Chief Labour Commissioner, the IBA did not come up with any improvement in the wage off