City New Delhi Financial News

New Delhi: Around 15.14 lakh new members joined the Employees‘ State Insurance Corporation or ESIC-run social security scheme in May, according to an official data released on Tuesday. The latest data is part of a report -- Payroll Reporting in India: An Employment Perspective - May, 2023 -- released by the National Statistical Office (NSO). It showed that the gross new enrolments with ESIC rose to 1.67 crore in 2022-23, from 1.49 crore in 2021-22.

Santosh Sarangi, IAS, Director General, Directorate General of Foreign Trade, New Delhi, Government of India, today said that currently India's export is USD 450 billion, and to reach USD one trillion mark, the country needs to grow at year-on-year rate of 12%. «Similarly, in service sector we need to grow at 16.6 percent on an average every year,» Sarangi said at the World Trade Day 2023 programme in Bhubaneswar organised jointly by World Trade Centers in four cities, viz. Mumbai, Bhubaneswar, Jaipur and Goa.

New Delhi: Domestic mineral production grew 6.4% year-on year in May, the mines ministry said on Tuesday. “The index of mineral production of mining and quarrying sector for the month of May, 2023 at 128.1, is 6.4% higher as compared to the level during May, 2022," the ministry said in a statement. The cumulative growth for April 2022-May 2023 was 5.8% over the corresponding period of the previous financial year, according to provisional figures of the Indian Bureau of Mines.

New Delhi: Retail leasing in India witnessed a 24% year-on-year growth during the first half of 2023, reaching a staggering 2.87 million square feet, according to a CBRE report. The report, titled ‘India Market Monitor Q2 2023’, highlights a strong momentum in retail leasing throughout H1 2023, witnessing a 15% rise compared to H2 2022. “We foresee a consistent growth in secondary leasing, while primary leasing is likely to pick up pace, fuelled by a strong supply pipeline and the forthcoming festive season," said Anshuman Magazine, chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE.

New Delhi: The Centre on Monday notified an 8.15% annual rate of interest on deposits under the Employees Provident Fund (EPF) scheme for  financial year 2022-23, following the recommendations of the Central Board Trustees (CBT) of EPF.

Adani Group stocks seeing a strong rebound from the Hindenburg-led fallout, investors across the spectrum raised their bets on the group in the quarter gone by. However, compared to FPIs, mutual funds and retail investors increased their holdings in a majority of the companies, data analysed by ETMarkets showed. Mutual funds increased their stakes in seven out of 10 listed Adani Group companies in the quarter ended June, and retail investors in five, while FPIs reduced their ownership in six companies.

HSBC Holdings Plc announced to about 100 wealthy Indians it is returning to private banking in India, where it exited about eight years ago. Over dinner served by the chef of Odette, a three-Michelin-star restaurant in Singapore, the bank’s wealthy clients who flew in from Hong Kong and Dubai, mingled with HSBC’s local customers. HSBC’s efforts to convince prospective Indian clients that its wealth management services in the country will not make a retreat again is a linchpin for its ambitious plans there.

India last week suspended exports of non-basmati varieties of rice after heavy monsoon rainfall damaged newly planted crops due to be harvested in winter. With rice retail prices up 3% in the past month and 11.5% over the past year, the government hopes to quell food inflation by reserving more grain for the domestic market. It’s not the only crop that’s in crisis.

New Delhi: Finance minister Nirmala Sitharaman said on Monday that issue of tax notices and re-opening of past assessments in the case of high income earners where the department has information about their non-compliance, has become predictable and that there is no fishing expedition.   Speaking at an event held to mark the 164th Income Tax day in the capital, the minister said that the Modi administration has brought more certainty to tax payers. The minister cited the example of rationalising the period during which a re-assessment can be done in certain cases where the department has information about understatement of income.   The minister also said that now tax payers need not worry about maintaining his records for ten long years as earlier.   “Now no tax assessee is going to face the situation of reopening his assessment after six years.

New Delhi: Union finance minister Nirmala Sitharaman on Monday said that the government has advised banks across the public and private sectors not to resort to harsh actions in cases of loan repayment. Speaking in the Lok Sabha during the question hour, Sitharaman said that banks have been told to deal with such cases with sensitivity and through a humane approach.

New Delhi: In its second international acquisition this month, auto parts maker Samwardhana Motherson International on Monday said it will take over German high-end polymer parts maker Dr Schneider's business at an enterprise value of €118 million. The acquisition will expand Motherson's footprint in the interior polymers business with enhanced offerings in premium lighting panels and air vents. The deal follows Motherson's acquisition of Honda's Yachiyo sunroof business earlier this month.

NEW DELHI : India’s ambition to accelerate its green hydrogen mission faces challenges as the targets have not translated into actual demand, and the adoption of a gradual mandate for the use of green hydrogen may not help the country achieve the goal of 5 million tonnes (mt) capacity by 2030, said Sumant Sinha, the founder, chairman, and chief executive officer (CEO) of ReNew. “The size of the opportunity in green hydrogen is almost limitless in a way based on just what governments have stated as being their plans. But a lot of that has to translate from government targets to actual demand, and that has not happened so far," Sinha said in an interview at the Energy Transition Working Group Meeting and the Clean Energy Ministerial under India’s G20 presidency in Goa.

NEW DELHI : The Prime Minister’s Office (PMO) has initiated discussions on the potential imposition of countervailing duty (CVD) on stainless steel, raising hopes within the industry that such an action will curb cheap imports from China and support small and medium producers in India, two people familiar with the development said. The PMO has started talks with the industry and the ministries of steel and commerce, the people said, requesting anonymity. “The PMO has sought details on the impact of not implementing CVD on local producers," one of the two people said.

New Delhi: While Indian business leaders recently met the president of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso, they are yet to make concrete investment commitment with the multilateral development bank that funnels investments to build market economies, two people with direct knowledge of the matter said. “They are on wait and watch mode on investment opportunities," one of the two people cited above said. Basso, who assumed office as the first woman to chief of the EBRD on 19 July, met with Indian business leaders in New Delhi, to discuss investment opportunities in the countries where the bank operates.

New Delhi: India’s No2 carrier, Bharti Airtel‘s business to business division has achieved a significant milestone in the Internet of Things (IoT) space, surpassing 20 million connected devices, the first enterprise to achieve this feat. According to Frost & Sullivan data, Airtel’s B2B division had a 54.3% share in this market in FY23.

New Delhi: The consumption of petr-oleum products in India during April-June rose 4.9% to 58.8 million metric tonne. During the same period of the last financial year, consumption of petroleum products stood at 55.4 MMT. Data from Petroleum Planning and Analysis Cell (PPAC) showed that the growth was led by a 13.4% growth in jet fuel consumption, followed by 8.1% in diesel and 6.8% in petrol.

NEW DELHI : The ministry of corporate affairs will soon clarify whether companies should file their annual returns for FY23 in the revamped version of the MCA21 portal with heightened security features or in the earlier version, said a person informed about the development. The clarification is expected before the peak filing season begins this year, said the person, who spoke on condition of anonymity.

NEW DELHI : Markets regulator Securities and Exchange Board of India (Sebi) is planning to simplify the delisting process for listed companies. Addressing a press conference on Monday, Sebi chairperson Madhabi Puri Buch said the move was important since any participant entering the listed markets should be able to exit it. The regulator is also looking at reviewing the insider trading rules pertaining to ‘trading plans’ to be disclosed by company insiders.

NEW DELHI : New Space India Ltd (NSIL), the commercial space missions arm of the Indian Space Research Organisation (Isro), on Monday, announced the second consecutive commercial space mission, scheduled to take-off aboard Isro’s trusted rocket Polar Satellite Launch Vehicle (PSLV) on 31 July. The mission, numbered PSLV-C56, will deploy one primary and six additional satellites as part of the mission’s entire payload.

NEW DELHI : Public Sector Banks (PSBs) lent ₹4.12 trillion to state-backed corporations and public sector undertakings during 2022-23, down from ₹4.93 trillion during the previous year, finance minister Nirmala Sitharaman informed Parliament in a written response on Monday. Responding to questions by member of parliament, Velusamy P, Sitharaman informed the Lok Sabha that Canara Bank led the lending during 2022-23 to government backed entities at ₹187,813 crore during the recently concluded fiscal year, followed by Punjab National Bank ( ₹70,142.5 crore), State Bank of India ( ₹66,523.2 crore), Bank of India ( ₹25,147 crore), Bank of Baroda ( ₹15,706.8 crore), Union Bank of India ( ₹12,584.8 crore), Bank of Maharashtra ( ₹10,822.7 crore), Indian Bank ( ₹9,021 crore), Indian Overseas Bank ( ₹7,490 crore), Central Bank of India ( ₹3,949 crore), UCO Bank ( ₹2,939.4 crore), Punjab and Sind Bank ( ₹87.7 crore).

New Delhi: Over the past few years, financing for disaster risk reduction has been completely transformed in India and a predictable mechanism is in place for financing, not just for disaster response but also disaster mitigation, preparedness and recovery, said Principal Secretary to the Prime Minister, P. K.