City New Delhi Financial News

07.07 / 20:31

FIVE Centre Centre looking to extend FAME II

Centre is looking at options to extend the benefits of the FAME II scheme beyond FY24, a senior government official has said. According to Hanif Qureshi, joint secretary, ministry of heavy industries, the FAME II scheme is lapsing in March 2024, but avenues are being looked at for continuing the benefits through some other measures.

07.07 / 20:31

UPS Cooper Extreme Action nsa Indian Take public action against extremist elements threatening Indian officers in UK: NSA Doval to his British counterpart

Ajit Doval on Friday called upon his British counterpart Sir Tim Barrow to take strong public action such as deportation against extremist elements threatening officers of Indian High Commission in the UK, official sources said. Doval raised the issue during his wide-ranging talks with Barrow, who is currently on a visit to India.

07.07 / 18:47

Enterprise WTO Concerns raised at WTO over EU's deforestation law

India, Russia and Brazil, on Friday raised concerns over the EU's deforestation law, at the World Trade Organisation. Terming the EU's policy directive «unfortunate», New Delhi said that it will directly harm the economic interests of women and small enterprises.

07.07 / 18:31

Cooper Extreme Action Assurant nsa Crack down on Khalistani radicals: Ajit Doval to UK NSA

Ajit Doval has asked his UK counterpart Tim Barrow to crack down on Khalistani radicals active in the country who have been threatening Indian officials and take strongest possible action, including deportation of such individuals. Sources said that it was conveyed in no uncertain terms that the British government has to ensure the safety of Indian diplomats and mission given planned protests by Khalistan radicals on Saturday.

07.07 / 18:23

Citi Cooper Cooperation India, Panama signs MoU on electoral cooperation

New Delhi: The Election Commission of India and Electoral Tribunal (ET) of Panama on Friday signed a Memorandum of Understanding in Panama City to establish the institutional framework for their ongoing cooperation in the field of election management and administration, the government said in a press release. A three member ECI delegation led by Chief Election Commissioner of India Rajiv Kumar held interactions with Presiding Magistrate, Electoral Tribunal of Panama Alfredo Juncá Wendehake on strengthening collaboration and knowledge exchange between the two Election Management Bodies (EMBs).

07.07 / 18:19

Provident Telegram consultation Trai begins consultation process to regulate OTT apps

NEW DELHI : India’s telecom regulator has started the process of consultation for regulating over-the-top or OTT services such as WhatsApp, Signal, and Telegram, where it has sought stakeholder views on selective banning of some services. The Telecom Regulatory Authority of India (Trai) has asked stakeholders’ technical challenges in selective banning of specific OTT services and websites in particular regions of the country for specific periods, and also which classes of OTT services should be covered under this move as well as the provisions and mechanism for creating such a regulatory framework.

07.07 / 18:19

COST Provident Progressive Extreme 500 ‘EMs need $500-bn stimulus in face of looming debt crisis’

NEW DELHI : Mounting debt remains a major threat to emerging economies, Achim Steiner, administrator of the United Nations Development Programme (UNDP), said in an interview. While efforts are being made to ease the debt burden of developing nations, progress has been too slow, he said. The veteran civil servant proposed a $500 billion stimulus package under the sustainable development goals (SDGs) of the UN secretary-general to rescue the developing world’s financial systems.

07.07 / 18:19

Digital Platform Action GST Council aims to close gold loophole

NEW DELHI : The GST Council is likely to finalize rules next week for transporting gold and precious stones worth ₹2 lakh or more by merchants so that states can monitor their movement and prevent leakages in tax collection, a person familiar with the development said. According to the proposed rules, states will be at liberty to mandate GST-registered entities to report the movement of gold and precious stones worth ₹2 lakh or any other threshold above this level, within the state, by way of generating e-way bills or electronic permits before starting transport.

07.07 / 18:19

COST UPS Aware Remark Gujarat HC upholds Gandhi’s conviction in defamation case

NEW DELHI/AHMEDABAD : In a setback to Rahul Gandhi’s effort to regain his Lok Sabha membership, Gujarat High Court on Friday refused to suspend his conviction, and two-year prison sentence, in a criminal defamation case, saying that the Congress leader “breached the modesty", and “moral turpitude". The ruling sparked a political row with Congress deciding to appeal the verdict in the Supreme Court and the Bharatiya Janata Party alleging he was a repeat offender in insulting people, highlighting his remarks on the Modi surname before the 2019 general elections that led to filing of a criminal defamation case, which cost him his Lok Sabha seat.

07.07 / 18:19

Booking Remark JLR clocks £400 mn free cash flow in Q1

NEW DELHI : Jaguar Land Rover (JLR), the luxury auto arm of Tata Motors Ltd, on Friday said it expects to report free cash flow to cross £400 million in the June quarter. To be sure, JLR had shared guidance that it expects to generate £2 billion for the fiscal. The Coventry-based maker of luxury SUVs like Range Rover, Discovery and Discovery said sales during the first quarter of the financial year 2024 improved significantly on the back of a continuous improvement in chip and other supply constraints.

07.07 / 18:19

UPS Target Cooper Aware DAL Centre Centre bolsters retail stocks of chana dal to temper prices

NEW DELHI : Amid skyrocketing prices of Kharif pulses, the Union government will supply chana dal (gram) to states for purposes other than welfare schemes, and to about 705 retail outlets of the National Agricultural Cooperative Marketing Federation of India (Nafed), National Cooperative Consumers Federation of India (NCCF), Kendriya Bhandar and Safal. This comes after the Centre approved a proposed mechanism for converting 20% chana stock into chana dal for retail sale by the department of consumer affairs.

07.07 / 18:19

Lowe's Coca-Cola Progressive Platform ICE Erratic rains pose demand challenges for beverage makers

NEW DELHI : Summer sales of cold drinks were “challenging" this year as unseasonal rains crimped demand for beverages in India, said a top executive at Coca-Cola India. “It was a challenging summer. How big was the challenge, and how well we did? Wait for a few days, you will get an update," Sundeep Bajoria, vice president at Coca-Cola India said in an interview on Thursday.

07.07 / 18:19

UPS Target Aviat SUN Mobile Fitch energy transition rights IOCL plans ₹22,000 cr rights issue for energy transition

NEW DELHI : Indian Oil Corp. Ltd (IOCL) plans to raise ₹22,000 crore via a rights issue. The board of the public sector oil marketing company (OMC) has approved the capital raising, the fuel retailer said in a regulatory filing on Friday The board approved “raising of capital by way of the issue of equity shares on rights basis up to an amount not exceeding ₹22,000 crore, subject to necessary statutory approvals", it said, adding that details such as the issue opening and closing dates and issue price would be made available later.

07.07 / 18:19

UPS BLOCK Platform McDonald’s Tomatoes go missing in burgers as firms cite crop shortage

NEW DELHI : Amid soaring prices and a scarcity of quality tomatoes during the monsoon season, several fast-food restaurants in India have halted serving the culinary staple to customers. Notices indicating the unavailability of tomatoes were posted at some McDonald’s outlets in north and east India on Friday, posts on social media platforms showed. However, McDonald’s clarified that the decision to remove tomatoes from its offerings is due to the inability of tomatoes in some regions to meet its global quality standards rather than the rising prices of the popular vegetable.

07.07 / 18:19

UPS Digital Amazon Platform OTT platforms partner Bollywood content creators

NEW DELHI : Buoyed by the increasing popularity of content creators who consistently produce edits of Bollywood songs and scenes, video streaming platforms are partnering them to promote new shows and movies, as they look beyond regular influencers. Services like ZEE5 and Disney+ Hotstar have tied up with these creators for shows like Sirf Ek Bandaa Kaafi Hai and Saas Bahu Aur Flamingo over the past few weeks. Known to create instant nostalgia through their snippets, especially among movie buffs and bring fresh perspective through accompanying memes, creators are finding particular draw on platforms like Instagram.

07.07 / 18:19

Aviat Airlines Remark SpiceJet must pay Marans entire ₹380 crore, says SC

NEW DELHI : The Supreme court on Friday directed budget airline SpiceJet to pay the entire arbitral amount of ₹380 crore to former promoter Kalanithi Maran in their legal dispute, a development which may impact the debt-laden carrier further. A bench presided over by Chief Justice D.Y. Chandrachud and comprising Justice P.S.

07.07 / 16:37

DAL Political parties questions Election Commission on census delimitation process

Election Commission to clarify why in case of Assam for the same delimitation process 2001 census data are used though 2011 census data for Assam are available. This deviation in case of Assam needs clarification.

07.07 / 16:29

UPS Citi Provident Manufacturing CEO Vedanta Limited adds semiconductors and display glass ventures to its portfolio

NEW DELHI : Vedanta Limited, India’s natural resources and technology conglomerate, announced the addition of Semiconductor and Display Glass ventures to its diversified portfolio, the company said in a statement here today. “We believe that semiconductors and display fab are at the core of any electronics ecosystem. This will also spawn the creation of multiple ancillary industries and opportunities both downstream and upstream, creating jobs and will be a GDP multiplier," said Akarsh Hebbar, Global MD, Vedanta’s Semiconductor and Display Business.

07.07 / 12:17

NTPC Group’s total installed capacity touches 73,024 MW

New Delhi: State-owned NTPC Ltd on Friday said its installed capacity at the group level has reached 73,024 MW-mark post addition of unit-2 of 660 MW capacity of Stage-I (3 x 660 MW) of Barh Super Thermal Power Project in Bihar. “India’s leading integrated power producer, NTPC’s Group installed capacity touches 73,024 MW.

07.07 / 12:17

Citi Provident Target FIVE Align PSUs targeting 1 mn tonne green hydrogen production by 2030: Minister Puri

New Delhi: Public Sector Undertakings (PSUs) in India have set a target to produce over 1 million metric tonne (MMT) of green hydrogen by 2030, Petroleum minister Hardeep Singh Puri said at the International Conference on Green Hydrogen (ICGH-2023) on Friday. “The PSUs are focussed on ensuring a Hydrogen based economy.

07.07 / 12:07

Citi Manufacturing PM Modi flags off Gorakhpur-Lucknow, Jodhpur-Ahmedabad Vande Bharat trains

Jodhpur-Ahmedabad Vande Bharat trains from Gorakhpur, increasing the number of semi-high speed trains in the country to 25. Gorakhpur-Lucknow Vande Bharat Express will connect Ayodhya to both of the cities.

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