City New Delhi Financial News

NEW DELHI : India’s Prime Minister Narendra Modi spoke with the President of the Palestinian Authority Mahmoud Abbas on Thursday. “Spoke to the President of the Palestinian Authority H.E. Mahmoud Abbas.

NEW DELHI : Average fees charged by resolution professionals (RPs) and other consultants involved in insolvency and bankruptcy have declined by as much 70% during the past two years due to competition among professionals and tightening of rules by regulators, market participants said. Back in 2017, when the Reserve Bank of India (RBI) published the ‘dirty dozen’ list of 12 large accounts against which the newly introduced Insolvency and Bankruptcy Code (IBC) would be used, the consultants were charging as much as ₹1-2 crore for each case.

NEW DELHI : HP Inc. has introduced a refurbished laptop programme in India, offering used but cost-effective computers for both retail consumers and businesses through HP-certified partners who will provide after-sales support. The programme, which has been launched for the Indian market, will be expanded to other markets in 2024, the company said in a statement Thursday.

NEW DELHI : Singapore is in talks with India to build industrial training and skilling institutes in India, according to persons aware of the matter. Skill development was made a key pillar of the strategic partnership between the two countries during education minister Dharmendra Pradhan’s visit to Singapore in May.

cabinet secretary, on Thursday, took stock of the status of the ongoing talks under India-UK free trade agreement on issues such as rules of origin, tariffs and phasing out of duties to iron out the knotty areas. According to people familiar with the development, the commerce department made a detailed presentation on the pending issues in the run-up to the finalisation of the trade pact, which is expected to be inked later this month in the presence of UK Prime Minister Rishi Sunak. “Trade negotiations with the UK are happening at a fast pace. A committee of secretaries was briefed about the pact,” said an official. Senior officials from the departments of agriculture, pharmaceuticals, food processing, finance and heavy industries took part in the meeting, a key step in the run up to inking of the trade pact. Last week, senior commerce and industry ministry officials made a presentation to the Prime Minister's Office on the agreement and the two sides are engaged in hectic negotiations. It will be New Delhi’s first such comprehensive deal with an industrialised nation that seeks to spur bilateral annual business beyond the current $20 billion. The pact will have 26 chapters.

New Delhi: The department of telecommunications (DoT) intends to hold the next spectrum auctions within the ongoing financial year or latest by early next financial year, at the same reserve prices as the 2022 auctions for existing spectrum bands, a senior official said. “The Union cabinet had decided that there has to be auction every year.

Hindustan Times. Referring to security and development assistance provided to the Indian Ocean archipelago by New Delhi, external affairs ministry spokesperson Arindam Bagchi told a regular media briefing that the Indian side’s cooperation with the Maldives is based on jointly addressing shared challenges and priorities. While responding to several questions on the Belt and Road Forum hosted by China and Muizzu’s comments endorsing the BRI, Bagchi said that India’s position on BRI, including the programme’s “lack of respect for our sovereignty and territorial integrity are well known and consistent".

NEW DELHI : Mid-cap information technology (IT) service providers, Cofo-rge and Cyient Group, proved outliers in their September quarter earnings filed at the BSE on Thursday. While bellwether large-caps, as well as mid-cap firms such as Larsen & Toubro Technology Services (LTTS), Persistent Systems and Zensar Technologies, largely offered bleak September quarter figures and cautious commentary for the rest of this fiscal, both Coforge and Cyient group outperformed peers in maintaining operating margin and profitability—despite macroeconomic headwinds. Cyient reported September quarter revenue of $214.9 million for the entire group—up 4.6% sequentially and 22.3% year-on-year (YoY) in constant currency.

NEW DELHI : UltraTech Cement, the flagship company of the Aditya Birla Group, reported a ₹1,280.38 crore profit during the second quarter of the current fiscal, an increase of 69% over the same period last year. UltraTech also reported a 15.24% year on year (YoY) increase in its consolidated net sales to ₹16,179 crore in the July-September quarter from ₹14,039 crore in the same quarter last year, it said in an exchange filing. Consolidated earnings before interest, tax, depreciation, and amortization (Ebitda) for the company stood at ₹2,718 crore during the quarter, a 35% increase over last year.

NEW DELHI : Jindal Stainless Ltd does not see the Israel-Hamas conflict impacting its exports to Europe, US, and other geographies much and says that global demand is set to improve from the fourth quarter of the current fiscal. The company, which exports about 20% of its total produce to Europe and America, also expects the domestic demand for stainless steel to remain robust despite the elections. For this, the company is working on expansion plans to meet the rising demand, Abhyuday Jindal, managing director of JSL, said in an interview.

₹54,550 crore in the state since September, chief minister Pushkar Singh Dhami said. Speaking to reporters here, Dhami said that the investment commitments have been made by companies in various sectors including tourism, pharmaceuticals, health and wellness, education and agro-processing during his recent visits to London, Birmingham, Dubai, Abu Dhabi and New Delhi. Uttarakhand will hold a global investor summit from 8-9 December.

(This story originally appeared in on Oct 19, 2023)

NEW DELHI : Indians will spend $410 billion on travel and accommodation by the end of the decade aided by a growing economy, swelling incomes and youthful population, a new study said. This is about three times the amount ($150 billion) spent in 2019, the last pre-covid year of normal consumption. Indians are keen on non-traditional accommodation such as hostels, campsites, vacation rentals and chalets, the study by Booking.com with knowledge partner McKinsey & Company said.

NEW DELHI : Serentica Renewables, a renewable power company promoted by Sterlite Power, is planning to raise ₹5,000 crore debt from a clutch of domestic lenders, two people aware of the development said. The company will use the money to build hybrid solar and wind power projects in Karnataka, Rajasthan and Maharashtra, with commissioning expected to start in 2024-25. This amount will be over and above the ₹5,600 crore that Serentica Renewables raised from Rural Electrification Corp.

Shri Ram Janmbhoomi Teerth Kshetra to receive contributions from foreign sources for the construction of Ram temple in Ayodhya, its general secretary Champat Rai said on Wednesday. Such contributions can be sent to a designated bank account of the trust in the SBI's main branch located in Delhi, he said.

capacity-building mechanisms to Central Asian states to counter terror and, without naming the BRI, called for ensuring connectivity initiatives that are consultative, transparent and participatory in nature. Doval also proposed to set up an India-Central Asia Rare Earths Forum for possible partnerships in the domain of rare earth and strategic minerals. This will also facilitate the participation of Indian private companies in this region for investments and joint economic development. Terrorism, in all its forms and manifestations, continues to constitute one of the most serious threats to international peace and security.

NEW DELHI : Tata Motors is developing a petrol engine for its premium sport utility vehicle (SUVs), as the diesel fuel options are not being received well by the consumers as well as the government. The petrol engine will take around a year to develop and will be used on Harrier and Safari, which are currently available only in diesel options, a top official told Mint in an interview. “It’s slightly late, because as I said, not only are we in the process of developing an engine, but also it has to be developed and integrated into the vehicle.

NEW DELHI : Low-cost airline IndiGo has almost doubled its share of India’s international flights in the first quarter of FY24 from the corresponding pre-pandemic period, expanding its lead in this lucrative segment. Between April and June, IndiGo, the largest domestic airline, has achieved a 17.2% market share, among both Indian and foreign airlines operating on international routes, up significantly from 9.6% in the June quarter of 2019, according to data from the Directorate General of Civil Aviation (DGCA). In comparison, foreign aviation giant Emirates’ share of total international passengers dropped from 9.7% to 8.6% during the period under consideration.

NEW DELHI : The Supreme Court on Tuesday refused to grant legal recognition to same-sex couples and said only Parliament and state legislatures can validate marital unions in a ruling that disappointed millions of lesbian, gay, bisexual, transgender and queer (LGBTQ+) people in India. By a 3-2 majority, the court also declined to grant constitutional protection to civil unions and adoption rights for queer couples, noting that mandating the state to grant recognition or legal status to some unions will violate the doctrine of separation of powers and could lead to unforeseeable consequences.

NEW DELHI : India’s second largest hearables maker Boult Audio is looking to tap the private equity markets in FY25 to raise funds by divesting up to 15%, to expand its footprint in international markets and contract manufacturing capacities. “We will look at capital from private equity next year... we may look at offloading a stake anywhere between single digit to early teens.

New Delhi: Prime Minister Narendra Modi on Tuesday directed the Indian Space Research Organisation (Isro) to aim for setting up “Bharatiya Antriksha Station", or an Indian space station, by 2035, and seek to land the first Indian on the moon by 2040. The statements were a part of a meeting chaired by Modi to assess the progress made by Isro on India’s manned space mission, Gaganyaan.