Sebi eases financial reporting norms for bond issuers in IFSC

Sebi has allowed bond issuers in the International Financial Services Centre (IFSC) to prepare their financial statements as per accounting standards applicable in their country of incorporation. Besides, such issuers have to obtain the credit ratings either from an agency registered with Sebi or from any other agency registered in a Financial Action Task Force (FATF) member jurisdiction.

Indian businesses adapting to water scarcity: Survey

Businesses in India are adapting to water scarcity. Most sectors are feeling the heat of recent droughts, leading to increased costs of raw materials, says a survey of mega companies operating in India.

It says despite flooding in several states, water storage in reservoirs across India is 55 per cent of total capacity compared with 84 per cent on an average during the same period ove

IMG on telecom favours spectrum auction next fiscal

The inter-ministerial group (IMG), looking at measures to mitigate financial stress in the telecom sector, has recommended that the new round of spectrum auction be held in the next fiscal and not the current one, an official source said as per the PTI report. In its report, the IMG has also recommended that the payments for spectrum be taken in 16 instalments (16 years) as against the current

India invites Total to boost investment in oil, gas projects - minister

NEW DELHI  - India has invited French oil major Total SA to invest in the country's oil and gas infrastructure, Oil Minister Dharmendra Pradhan said on Friday.

"Encouraged Total to invest in infrastructure, gas pipelines, LNG terminals and petrochemicals," Pradhan said in a tweet after a meeting with Total chairman Patrick Pouyanne.

Total

Government seeks feedback on draft OAMDR (Amendment) Bill, 2017

The Ministry of Mines has prepared the draft Offshore Areas Mineral (Development and Regulation) Amendment Bill, 2017 seeking to amend the Offshore Areas Mineral (Development and Regulation) Act, 2002. As part of the Pre-Legislative Consultation Policy, the draft Bill along with an Explanatory Note explaining the provisions of the proposed draft Bill are available on the website of the Ministry

Government invites suggestions on draft Mineral (Amendment) Rules

The Ministry of Mines has prepared the draft Mineral (Auction) (Amendment) Rules, 2017 seeking to amend the Mineral (Auction) Rules, 2015. As part of the Pre-Legislative Consultation Policy, the draft Amendment Rules along with an Explanatory Note explaining the provisions of the proposed draft Amendment Rules are available on the website of the Ministry at www.mines.gov.in and are made availab

Union Bank, Dena Bank reduce MCLR rates

State-run lenders Union Bank of India and Dena Bank today reduced their marginal cost of lending rates across various tenors with effect from today. Union Bank has cut its MCLR by 20 basis points across all tenors. The new one-year MCLR has been set at 8.20 per cent as against 8.40 per cent earlier, Union Bank said in a statement.

Six-month MCLR has been cut to 8.05 per cent while two

AIIB to pump $1.5 bn in 6 Indian projects: Reports

A top Official has said that the Asian Infrastructure Investment Bank (AIIB) is planning to pump in USD 1.5 billion (Rs 9,599 crore) in six new projects in India that includes Rs 1,279 crore in India's National Investment and Infrastructure Fund (NIIF). As per reports, India has been trying to attract investments for NIIF from several international institutional investors. The Indian govern

Rajiv Kumar takes charge as NITI Aayog Vice Chairman

Rajiv Kumar, who took over as Vice Chairman of NITI Aayog on Friday, rejected criticism that demonetisation was responsible for the fall in Gross Domestic Product growth and said it cannot be blamed for that.

"Demonetisation should not be seen as the reason for the fall in GDP. There was a six-week period when cash deficit existed and from January (2017) things were fine," h

Kerala CM lays foundation for new IT campus

Kerala Chief Minister Pinarayi Vijayan on Friday laid here the foundation stone for the Rs 150-crore new campus of IT product company SunTec.

The new campus is coming up on a 10-acre land at the Technocity campus near Technopark. It would be ready in 24 months and would see the staff strength double.

The 17-storeyed building is the first block, which would have a 3.1 lakh sq

President invites Swiss firms to join India initiatives

President Ram Nath Kovind on has invited Swiss technology companies to participate in various initiatives of the Indian government and pursue closer business partnerships in priority sectors like precision and high-tech manufacturing.

Kovind's suggestion came after he received visiting Swiss President Doris Leuthard at Rashtrapati Bhavan here on Thursday and subsequently hosted a

Sales in rural areas to pick up soon: HUL

FMCG major HUL has said that some pockets in wholesale trade and rural areas are yet to return to normal level after taking a hit from demonetisation and pre-GST destocking, and the sales in these areas are expected to pick up soon.

A good monsoon and government's increased spending on rural areas will be major contributing factors in the growth of FMCG sector, it added. Commentin

Government finalizing cyber security standards for phones: Minister

The Government is finalising cyber security standards for telephones, union minister for IT & electronics and law & justice, Ravi Shankar Prasad said at an ASSOCHAM event held in New Delhi on Thursday. “Let me tell all mobile manufacturing units that your product must be security-compliant, there shall be no compromise on that,” said Prasad while addressing an ASSOCHAM confe

Railways to run various Onam special trains

In view of the continued emphasis by Minister of Railways Suresh Prabhakar Prabhu on improving passenger services & amenities, Ministry of Railways has decided to run Onam Special Trains for convenience of the people attending Onam festival in Kerala between September 1 to September 10, 2017.

“These special trains are being run in keeping in view the pattern of traffic, comm

DERC hikes fixed charge component for high end power users

The Delhi Electricity Regulatory Commission (DERC) has said that it has hiked the fixed charge component of the electricity tariff for hi-end users, while maintaining that the usage charges will remain same as before. As per reports, the electricity tariff is constituted of two components -- fixed charge and energy charge.

The fixed charge remains constant irrespective of the energy c

Government ready to fully finance carbon capture technology: Piyush Goyal

People’sparticipation, holistic approach to sustainable lifestyle, better allocation of resources and engagement amongst nations were imperative for climate change reduction, said Piyush Goyal, Minister of State, Ministry of Power, Coal, New & Renewable Energy, and Mines, Government of India. Addressing a plenary session on ‘Milestones to 2020, & Beyond under the Paris Agree

Coal India Ltd, unions fail to reach consensus, wage deal not signed

The coal workers' unions and management of Coal India Ltd (CIL) could not reach consensus to sign a wage agreement, a union leader said on Thursday.

"The National Coal Wage Agreement-X, (NCWA-X) was not signed today (Thursday) as a consensus was not reached. There are points of diferences regarding the wage on rest days and compensation to contractual workers in case of any f

ABB to install solar inverters at 750 railway stations

 Swedish-Swiss company Asea Brown Boveri (ABB) will install solar invertors at 750 railway stations across the northern region to reduce carbon footprint and energy bills, its Indian arm said on Thursday.

"We have won the order from the Indian Railways to provide solar invertors in north India to reduce dependence on conventional energy sources," the firm said in a stat

India needs to fully utilise existing power infrastructure

India needs to utilise fully existing power assets and revive stranded energy projects before making new investment, a senior official of Srei Infrastructure said as per the PTI report. "The power sector has huge surplus capacity, you need to sweat that asset ... It's heavily under-utilised. Projects are stuck. You need to eliminate that, remove the bottlenecks," Srei Infrastructu

India`s auto components industry rises 14% in FY17

The Indian auto components industry expanded by 14.3 per cent to Rs 2.92 lakh crore last fiscal on the back of robust growth in after market sales. According to the latest data by Automotive Component Manufacturers Association of India (ACMA), the after market segment grew by 25.6 per cent to Rs 56,096 crore last fiscal from Rs 44,660 crore in the preceding year. Exports in 2016-17 were at Rs 7

MFs tapping retail savings on slashed bank savings deposits

With many lenders cutting interest rates on their savings account deposits, mutual fund houses have been able to sell low-risk products and tap into retail savings, says ICRA as per the PTI report. Last month, State Bank of India reduced it's interest rates by 50 basis points to 3.5 per cent for savings deposits of less than Rs one crore. Subsequently, several other public and private secto

Analysts do not see more FPI pullout going forward

Even as overseas investors pulled out funds after almost seven straight months of pumping in dollars, the stock markets may not see too much of a downside as domestic liquidity remains resilient, said experts as per the PTI reports. "We are in the first leg of a correction, and this could extend a while longer, but with limited downsides, as investors remain optimistic about the implementa

Trai views on net neutrality in a month;telcos, net firms spar

Telecom regulator Trai said it is likely to finalise recommendations on net neutrality, which calls for access to internet content without any discrimination in data speed and cost with telecom and internet firms sparring over the controversial issue, reported PTI. Telecom operators have been pushing for their right to charge for content like video and commercial websites as per the business ca

Government working on plans to boost airport in small towns: Jayant Sinha

The Civil Aviation Ministry is working on a four-pronged strategy to enhance capacity of airports across India, union minister, Jayant Sinha said at an ASSOCHAM event held in New Delhi on Wednesday. “We have been spending a lot of time thinking and planning about what we should do about airport capacity, we are working on four different aspects,” said Sinha while inaugurating an ASS

Air Force allows Hindon air base for regional connectivity

Indian Air Force has allowed Hindon air force base to be used for regional connectivity in winter, Secretary, Ministry of Civil Aviation, R. N. Chaubey said at an ASSOCHAM event held in New Delhi on Wednesday. He further said that Indian Air Force has gone out of its way to cooperate with us and to make it available, said R. N. Chaubey said while inaugurating an ASSOCHAM 10th International Conf