City New Delhi Financial News

21.07 / 18:29

COST Progressive awards cover electronic Mumbai Railways to armour 3000 km of Delhi-Mumbai, Delhi-Howrah route with Kavach system: Govt

New Delhi: The Railways will armour 3,000 km of its network covering the Delhi-Mumbai and Delhi-Howrah routes with the protection system Kavach system, the government said on Friday. In a written reply to a question in Rajya Sabha, Minister of Railways, Communications and Electronic & Information Technology, Ashwini Vaishnaw said, “Kavach tenders have been awarded for Delhi – Mumbai & Delhi – Howrah corridors (approximately 3000 Route km) and work is in progress on these routes. Indian Railways is preparing Detailed Project Report (DPR) and detailed estimate for another 6000 RKM." He added that Kavach has so far been deployed on 1465 Route km and 121 locomotives (including Electric Multiple Unit rakes) on South Central Railway.

21.07 / 18:29

Digital Platform Metro performer RIL profit drops as refining biz falters

NEW DELHI : Reliance Industries Ltd said quarterly profit declined 5.9% from a year earlier, missing analysts’ estimates, due to the weak performance of its chemicals and refining business. Net profit fell to ₹18,258 crore in the three months ended 30 June from ₹19,405 crore in the year-ago quarter. Profit missed the average ₹18,302 crore estimated by a Bloomberg survey of analysts.

21.07 / 18:29

UPS Cooper Progressive Aware country India, Australia explore easing whiskey exports

NEW DELHI : A newly formed India-Australia joint working group is looking at the possibility of a mutual recognition agreement (MRA) that would help Indian whiskey makers tap into the Australian market, which has a significant Indian population and growth opportunity, two people aware of the development said. India and Australia are working together on a solution for the smoother entry of Indian whiskey to the Australian market, two people aware of the development said. A newly formed India-Australia joint working group is considering the possibility of a mutual recognition agreement (MRA) in this respect.

21.07 / 18:29

UPS Target Manufacturing Action shootings Hero Hero Moto expects rural demand jump

NEW DELHI : Hero MotoCorp Ltd is banking on growing demand for its entry level motorcycles in the 100cc and 110cc segments, as it looks to “nurture" green shoots in rural demand that began emerging in the fourth quarter of last year. Rural demand contributes to 55% of the total two-wheeler sector’s sales in India. In its annual report, Hero MotoCorp, the world’s largest two-wheeler maker and the largest seller of entry-level motorcycles in India, said it is keeping its price actions in the cost-sensitive segment subdued to aid higher demand, and get ahead of competition to expand its share of this market.

21.07 / 18:29

COST UPS Airlines show cricket World Cup cricket: India-Pak faceoff sends airfares soaring

NEW DELHI : With the 2023 ICC Men’s Cricket World Cup captivating cricket fans, domestic airfares to Ahmedabad, where the crucial India-Pakistan match will be played on 15 October, have surged more than fourfold. Fares have shot up as fans scramble for tickets to witness the clash between the two teams in India after more than a decade. The last time India and Pakistan played each other on Indian soil was on January 2013 in Delhi.

21.07 / 18:29

UPS Provident Booking Airlines Remark performer RateGain sees opportunity in hospitality’s talent crunch

NEW DELHI : An estimated 50 million workers who left the global hospitality industry in the last three years amid the devastating impact of the pandemic may never return to work. This has caused a major challenge for hotels, travel agencies, and other travel service providers, who are struggling to find enough staff to meet a post-covid surge in demand. However, one company sees this as an opportunity to assist these businesses in generating more revenues.

21.07 / 18:29

Provident Aviat Airlines IBC NOT Willis Lease Finance not an operational creditor, says SpiceJet

NEW DELHI : Budget carrier SpiceJet has told the National Company Law Tribunal (NCLT) on Friday that Willis Lease Finance is not among the four operational creditors of the airline and hence, its petition against the airline to initiate a corporate insolvency resolution process is dismissable. After the hearing, the court deferred the proceedings and the tribunal is now scheduled to hear the matter on 31 July. Challenging the maintainability of the petition, senior counsel representing SpiceJet Krishnendu Dutta said Willis isn’t among the airline’s four operational creditors.

21.07 / 18:29

UPS Provident Target Digital Platform Software Novopay to spin off retail biz, focus on banking software

NEW DELHI : Khosla Ventures-backed Novopay Solutions Pvt. Ltd is in the process of demerging its retail business. The company will now only house its banking software business, which was recently rebranded as ‘Trustt’, chairman Srikanth Nadhamuni said in an interview.

21.07 / 18:29

MET Digital Cooper Platform Interface country India, Sri Lanka to work for economic, tech agreement

NEW DELHI : IIndia and Sri Lanka on Friday agreed to start discussions on an Economic and Technology Cooperation Agreement (ECTA) and unveiled plans to cooperate on power, digital payments, connectivity and green energy. The ECTA with Sri Lanka will focus on tariff and non-tariff barriers as well as investment rules.

21.07 / 18:29

COST Provident FIVE Waters Manufacturing exclusive Vedanta Q1 net profit falls 41% to ₹3,308 cr

NEW DELHI : Vedanta Ltd posted a 41% drop from a year earlier in June quarter net profit at ₹3,308 crore amid lower commodity prices and higher finance costs. Earnings before interest, taxes, depreciation and amortization (Ebitda) fell 35% to ₹6,975 crore with an Ebitda margin of 24% during the quarter. In a post-earnings interview, Sunil Duggal, chief executive at Vedanta said, “Fundamentally, these commodities have a very strong footing...

21.07 / 18:29

Platform Entertainment Metro Sony show country audience ‘India 2nd largest anime market for Crunchyroll’

NEW DELHI/MUMBAI : Global anime brand Crunchyroll sees India as the second largest anime market in the world after the US and expects 60% of the global growth in the next few years in the category to come from the country. Crunchyroll, LLC is an independent joint venture between Sony Pictures Entertainment in US and Aniplex in Japan, a subsidiary of Sony Music Entertainment (Japan) Inc., both subsidiaries of Tokyo-based Sony Group Corp. “India is still a nascent market for us but we’re seeing really strong fandom for anime across the country, and not just in metros but also from tier-two and three towns.

21.07 / 18:29

Aware ExxonMobil rights Without Sakhalin-1 stake’ equity rights, OVL losing out on dividends

New Delhi: With state run ONGC Videsh Ltd (OVL) yet to get the equity rights for its shares in Sakhalin-1, the overseas arm of Oil and Natural Gas Corporation (ONGC) has not received any dividend payments, said two people aware of the development. The issue of India’s most lucrative energy equity buy overseas has been raised with Rosneft and at various levels in the Russian government but is yet to be resolved. The stake sale was purchased ONGC’s subsidiary for $331 million in 2001 that has yielded manifold returns.

21.07 / 17:51

UPS FIVE Digital Manufacturing Action country NOT China plus one, not really minus China

India a window of between three and five years to cash in on the opportunity will be well received in policy circles. India has been preparing for this eventuality for a while now. It has, over the past decade, cleaned up bad debts in the banking system, lowered corporate tax rates to internationally acceptable levels, diverted increasing chunks of the government budgets at building physical and digital infrastructure, and has rolled out incentives for local manufacturing and exports in select industries.

21.07 / 15:01

UPS Platform Celebrity Para-gliders, hot air balloons, drones prohibited in Delhi until Aug 16

Delhi Police has prohibited flying of para-gliders, para-motors, hang-gliders, UAVs, UASS, microlight aircraft, remotely piloted aircraft, hot air balloons, small-sized powered aircraft, quadcopters or para-jumping from aircraft in Delhi. The prohibition will come into effect from July 22 till August 16.

21.07 / 14:37

Citi Lowe's Target performer country star Power Low India’s per capita carbon emissions remain low amidst climate change concerns: Union Power Minister

New Delhi: India’s per capita carbon emissions have been hailed as significantly low amidst growing concerns over climate change, said Union minister for power and new & renewable Energy R.K. Singh. The statement was made during the 14th Clean Energy Ministerial and 8th Mission Innovation Meeting in Goa.

21.07 / 13:53

Provident Highways Intuit country guidelines Centre Centre unveils guidelines for road safety signages on expressways, highways

New Delhi: In a major stride towards strengthening road safety measures, the ministry of road transport & highways (MoRTH) on Friday released comprehensive guidelines for signages on expressways and national highways. The move comes as part of the government's commitment to enhancing road safety and ensuring a secure travel experience for drivers across the country.

21.07 / 13:49

UPS Digital Cooper Southern country Neighbourhood First: India and Sri Lanka Pave the Way for Regional Hub Development

With a vision to develop Trincomalee as a regional hub, India and Sri Lanka are determined to deepen their ties through trade, digitalization, and people-to-people engagement. Prime Minister Narendra Modi and President Ranil Wickremesinghe during talks addressed the economic crisis faced by Sri Lanka, leading to various agreements and declarations of intent that signal growing economic collaboration between the two neighboring nations.A Common Vision for Enhanced Connectivity

21.07 / 13:21

UPS Platform Action Entertainment Enterprise 2024 ZEE to telecast second season of ILT20 from Jan 2024

New Delhi: Homegrown entertainment network Zee Entertainment Enterprises (ZEE) on Friday said it will telecast the second season of the International League T20 (ILT20) live on its linear channels and on video streaming platform ZEE5 from January 2024. ZEE picked up the 10-year global media rights of the league from the Emirates Cricket Board.

21.07 / 12:57

show India’s mineral production rises 5.1% in April

New Delhi: India’s mineral production rose 5.1% year-on-year in April, the mines ministry said on Friday. “The index of mineral production of mining and quarrying sector for the month of April, 2023 at 122.5, is 5.1% higher as compared to the level during the month of April, 2022," the ministry said in a statement.

21.07 / 10:15

Provident Cooper Strategy Mobile country social India can become one of the largest providers of skilled workforce in the world: PM Modi

New Delhi: Prime Minister Narendra Modi on Friday said India is well placed to be one of the largest providers of skilled workers globally while calling for rapid universalization of social security benefits for workers. The prime minister said that the world is at the threshold of some of the greatest changes in the employment sector and stressed on the need to prepare responsive and effective strategies to address these rapid transitions. In this era of the Fourth Industrial Revolution, the prime minister said, technology has become and will remain the core driver for employment.

21.07 / 10:15

Remark country India coal production rises 8.55% to record 223.36 million tonne in Q1FY24

New Delhi: India’s coal production grew 8.55% year-on-year (YoY) to 223.36 million tonne (MT) during the June ended quarter of fiscal 2023-24, the ministry of coal said in a statement on Friday. “India’s coal sector achieved a remarkable milestone in the first quarter of FY 2023-24, by recording highest ever coal production at 223.36 million tonne (MT), representing a substantial growth of 8.55% compared to the production of 205.76 MT during the same period during FY 2022-23," the ministry said. Coal India Limited (CIL) clocked 175.48 MT of production between April and June, marking a growth rate of 9.85%YoY.

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