City New Delhi Financial News

NEW DELHI : Telecom service providers including Bharti Airtel, Vodafone Idea and Tata Communications are set to save about ₹3,000 crore following a Supreme Court order released on Sunday. The apex court has waived off the interest levy on tax arising from its October 2023 ruling that said annual licence fees paid by telcos would be treated as capital expenditure, which are not tax deductible. The SC had overturned a 2013 Delhi High Court ruling that had said licence fees comprised revenue expenditure and were not taxable.

NEW DELHI : With discounts on Russian crude oil dwindling, India, in a first such effort, has brought together state-owned and private oil refiners to jointly negotiate for higher discounts and better terms with Russian suppliers, including Russia’s largest oil company Rosneft PJSC. The government-led joint sourcing strategy involves leveraging India’s position as the world’s third-largest crude oil buyer to get better discounts on Russian oil, which have dropped to about $3 per barrel from a high of $10 earlier, said two people aware of the development. The calibrated strategy—involving Indian Oil Corp.

NEW DELHI : Three high-profile ministries that oversee different aspects of social media advertising are joining hands to create a taskforce that can comprehensively crackdown on misleading ads and fraudulent schemes promoted on digital platforms. An inter-ministerial taskforce to monitor and regulate social media ads is being established by the ministries of information and broadcasting, electronics and information technology, and consumer affairs, according to two people aware of the development.

Ruskin Bond, the iconic Indian author renowned for his captivating storytelling, celebrated his 90th birthday on Sunday. As he marks this milestone, Bond, known for his wit and wisdom, shared reflections on his life, writing, and the simple joys that have defined his journey. A Life Rooted in Literature Born to British parents in Kasauli in 1934, Bond's early years were marked by a deep connection with literature. His childhood, spent in various parts of India, including Shimla, New Delhi, and Dehradun, laid the foundation for his future as a prolific writer. Bond's literary journey began with his debut novel, «The Room on the Roof,» in 1956, which marked the beginning of a remarkable career that has spanned over six decades.

Lok Sabha Elections 2024: Ratan Tata urges Mumbaikars to vote on May 20 The home voting facility is available to voters above 85 years of age and PwDs, offering them the option to cast their votes from their homes. Delhi goes to polls on May 25.

Comedy of twinsThe Shri Ram Centre for Performing Arts (SRCPA) Repertory is staging 2 BY 2, written by Gulzar. An adaptation of William Shakespeare’s Comedy of Errors, the play follows the adventures of two sets of identical twins with identical names, Ashok and Bahadur. The adaptation has been successfully interpreted many times in theatre and cinema, such as the Sanjeev Kumar-Deven Verma starrer Angoor.

New Delhi: India is looking to fortify its imports of LNG, a crucial ingredient in industrial applications and partly in transportation, through long-term contracts with overseas exporters. This week, state-run Indian Oil Corporation Ltd signed a long-term contract with French energy giant TotalEnergies in France for supply of LNG (liquefied natural gas), two people aware of the development said. Under the contract, TotalEnergies would supply 1 million metric tonne per annum (mmtpa) of LNG to IOCL for a period of around 10 years.

NEW DELHI : In order to come up with more clarity about provisions for drugs to be declared as over-the-counter (OTC), the centre has set a three months timeframe for an all doctor's expert committee to provide with suggestion, according to officials aware of the matter. The expert committee consists of eight members including doctors from LHMC, Safdarjung Hospital, PGIMER, SMS Medical College to examine matters regarding amendment of the Drugs Rules in line with recommendations from the Drugs Technical Advisory Board (DTAB).

New Delhi: Realty developer Signature Global is targeting Rs 10,000 crore pre-sales in FY25, and be debt free by 2026, riding on the favourable condition for residential real estate, Pradeep Kumar Aggarwal, Chairman and Whole-Time Director of the company said. The company reported growth of 112% in pre-sales to Rs 7,720 crore for FY24 and has exceeded the guidance. “We have launches worth Rs 16,000 crore planned for this fiscal and this will help us in achieving the guidance of Rs 10,000 crore. In addition, we are actively looking for acquisition and will continue to add more assets in the portfolio,” said Aggarwal.

NEW DELHI : Logistics and supply chain management company Transport Corporation of India (TCI) plans to acquire two cargo ships worth $35-40 million in the current fiscal to bolster its seaways business. TCI is exploring options from shipbuilding operations in China, Japan, and Korea, expecting to finalize a deal in the second half of the fiscal year. “We placed orders for two ships in the last financial year but unfortunately shipyard in Japan cancelled it at the last minute.

NEW DELHI : Mountain View, California: India's rich tapestry of languages is emerging as a significant driving force behind future advancements in mainstream artificial intelligence (AI) technologies, according to Josh Woodward, vice president and global head of Google's innovation engine, Google Labs. Woodward said India may be paving the way for integrating diverse linguistic datasets into AI systems, thereby unlocking new possibilities in revolutionizing AI technologies. For instance, a state-backed initiative, such as the Bhashini project, which is spearheading efforts to harness the potential of the 22 official Indian languages, could be a major catalyst.

NEW DELHI : Sowing of crucial summer crops as well as yields of some winter crops this year have been affected with water levels at India’s 150 major reservoirs depleting further to 25% of their total capacity, leaving farmers hoping that the forecast of a normal monsoon will bear fruit. While 33 reservoirs have 50% of normal water storage capacity, 85 reservoirs reported about 80% of normal storage, the Central Water Commission said in a bulletin on Thursday.

properties, including multiple bank accounts and cash worth crores, have been attached by the National Investigation Agency (NIA) across the country since 2019, most of them belonging to terrorists, Naxals, separatists and their supporters, officials said on Thursday. Of the 403 confiscated and attached properties, 206 have been attached by the Ranchi branch of the federal probe agency which is the highest, they said. The properties include multiple bank accounts and a significant amount of cash belonging to Naxals and their aides among others, spread across mainly in Bihar and Jharkhand, the officials said. A total of 100 other properties belonging to terrorists and their supporters were attached, forfeited or confiscated by the Jammu branch of the NIA, they said.

schools in the national capital, the city police have told the Delhi High Court there are a total of five bomb disposal squads (BDS) and 18 bomb detection teams for over the 4,600 schools here. In a status report filed in the court on Thursday, the Delhi Police stated they had issued guidelines last year to deal with bomb threats to schools and an order deputing nodal officers for deployment of BDS in case of a bomb threat has also been issued. It said 120 mock drills were conducted in schools between January 1, 2023 and May 6 this year. Earlier, Justice Subramonium Prasad had asked police to give details of steps taken to ensure that school children are evacuated safely without panic in case of a bomb threat, with least dependency on parents. It had also sought data on the number of schools in each zone, the nodal authority concerned in each zone, the number of mock drills etc.

Mint on the impact of climate change in the Asia Pacific region. India accounts for most of the economic and human losses in South Asia region.

It’s a measure of the strategic importance of the Indian Ocean Region (IOR) archipelago of the Maldives that India recently chose to host its new foreign minister, Moosa Zameer, despite the hurly-burly of Lok Sabha elections. With the Maldives’ President Mohamed Muizzu-led government already in China’s tight embrace, and the consequent turbulence in bilateral ties, India can ill-afford to cede further space to Beijing.

NEW DELHI : New Delhi: The Indian Energy Exchange reported a 14.7% increase in its consolidated net profit for 2023-24, helped by higher trade volumes and positive regulatory changes, including a mandate requiring the sale of surplus power on power exchanges. IEX's profit improved to ₹350.8 crore in FY24 from ₹305.9 crore in the previous year, with total revenue jumping 16.2% to ₹550.8 crore. The company's board has announced a final dividend of ₹1.50 for FY24, equivalent to 150% of the face value of equity shares.

NEW DELHI : Oil and Natural Gas Corporation has entered the fray to acquire a significant majority stake in Ayana Renewable Power Pvt. Ltd, as India’s largest crude and natural gas producer seeks to bulk up its clean energy portfolio. The state-run ONGC has submitted a non-binding offer for Ayana, which is looking to sell even up to a 100% stake at an equity valuation of about $800 million, said two people aware of the development.

Coal India and NMDC are exploring lithium mines in Chile and Australia, Secretary of Mines V.L. Kantha Rao said on Wednesday. The Indian mines ministry is also encouraging other state-owned companies, such as ONGC Videsh, to scout for critical minerals overseas, Rao told reporters at the sidelines of an industry conference in New Delhi. India will additionally take a delegation to Zambia in June, with executives from the Tata Group and Vedanta, he said. The two governments will discuss the joint exploration of critical minerals such as lithium.

India-Maldives Relations: India has dismissed claims made by Maldivian Defence Minister Ghassan Maumoon, who alleged that Indian military helicopter pilots in the Maldives conducted an unauthorised operation in 2019. In a post on the social media site X (formerly known as Twitter), the High Commission of India in the Maldives issued a statement asserting that Indian aviation platforms in the Maldives have always operated according to “agreed procedures and with due authorisation." “Indian aviation platforms in the Maldives have always operated as per agreed procedures and with due authorization from MNDF.

With AAP pitting 'Kejriwal ki guarantee' against 'Modi ki guarantee', 'Congress ki guarantee' is caught between the two. Congress believes that the patent for coining pre-poll 'guarantees' rests with it as it first chanted the mantra during Karnataka elections and then in Telangana polls. Congress spokespersons maintain that BJP and PM aped the party's word play by coining 'Modi ki guarantee', but it finds itself in a piquant situation with 'Kejriwal ki guarantee' as AAP is a sensitive ally. It can't endorse it either as it risks eclipsing Congress' own 'guarantees'. While some Delhi Congress leaders are wondering how to streamline the alliance with AAP and the two, yet competing, guarantees, a little bird says at least two Congress LS candidates in Delhi are raring to chant 'Kejriwal ki guarantee'. Experiencing Choppy Ride