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JSW Group said India's steel and finance ministries are studying request for temporary tax on China steel dumping, chairman Sajjan Jindal said on the sidelines of an industry event. «They are studying it, they are looking at it favorably, that's all I hope. The process is on consultation with user industry. We haven't heard back (from the ministries) yet,» Jindal said.

Raheja Developers on Wednesday moved before the appellate tribunal NCLAT to challenge the initiation of insolvency proceedings against the realty firm over default on non-delivery of its Gurugram-based Shilas project. On Tuesday, the Principal Bench of the National Company Law Tribunal (NCLT) admitted a plea filed by over 40 of its flat allottees of Sector 109, Gurugram-based projects and directed to initiate a Corporate Insolvency Resolution Process (CIRP). Moreover, the NCLT had also appointed an Interim Resolution Professional (IRP), suspending the board of the realty firm and putting it under the protection of moratorium against lenders, as per the provisions of the Insolvency & Bankruptcy Code. The NCLT has also directed the IRP to submit a report on the progress of the CIRP by January 22, 2025.

The company will also be opening a second such flagship store in Bengaluru later this week, with plans to open 25 more such stores across the country by next year, chief business officer Sudhir Goel told ET. Goel said Acer is the first IT hardware company to open a store encompassing products across both IT and non-IT categories. “Let’s say when a family walks into the store for an experience of IT products, they can also see the variety of consumer electronics which are in high demand. That’s the concept behind the store in Ahmedabad. We will be opening a second one in Bengaluru on Friday,” Goel said.

ICRA. This moderation is attributed to challenges such as heavy monsoon rains and weaker corporate margins, which offset the positive effects of increased government capital expenditure and a strong kharif sowing season. Gross Value Added (GVA) is also expected to see a marginal dip, with growth estimated at 6.6% in Q2 FY2025, compared with 6.8% in Q1 FY2025. “Q2 FY2025 saw tailwinds in terms of a pick-up in capex after the Parliamentary Elections as well as healthy expansion in sowing of major kharif crops. However, sectors faced headwinds due to heavy rainfall and weak margins. We project a slight dip in India’s GVA and GDP growth in Q2 FY2025 to 6.6% and 6.5%, respectively,” Aditi Nayar, Chief Economist at ICRA, write in a note. Government capital expenditure showed a promising recovery in Q2 FY2025, rising by 10.3% YoY to ₹2.3 trillion, reversing the sharp 35% contraction witnessed in Q1 FY2025. This rebound was led by key infrastructure-focused ministries such as the Ministry of Road Transport and Highways and the Ministry of Railways, which posted growth rates of 41.7% and 8.0%, respectively. However, the pace of state government spending remained muted, with the combined capital outlay and net lending of 22 states increasing by only 2.1% YoY in the quarter.

National Association of Realtors (NAR) India has partnered with Universal Consulting Opportunities (UCO), a subsidiary of Stellar MLS, to set up a National Multiple Listing Service (MLS). MLS aims to revolutionize Indian real estate by introducing a standardized and centralized property listing system. With India’s real estate market projected to reach $1 trillion by 2030, the introduction of MLS could significantly elevate industry standards and boost the economy, NAR said in a press statement adding that MLS will address the information gaps and reduce fraudulent practices to create a trustworthy ecosystem for property transactions.

innovation hubs (CIHs) have an expanded portfolio of services today and India has an opportunity to capture a big share of this market, says Boston Consulting Group. CIHs are centres that provide access to high quality talent and advanced technology to help businesses grow by playing a prominent leadership role in formulating and driving business priorities across the enterprise. In its latest white paper, BCG says CIHs’ portfolio today includes front-end customer facing business operations and capabilities in emerging technology. Sreyssha George, Managing Director & Partner at BCG, says that global CIH spend is currently estimated at $265-290 billion and is expected to grow to $390-420 billion by 2027 (10% CAGR). “India is uniquely positioned to capture a 35-50% market, given its rich and scaled talent pool. Also, these hubs will bring significant innovation and talent upskilling to the Indian ecosystem,” she states.

Godrej Properties Ltd has acquired 53-acre land in Kolkata to build a residential plotted development project that will have revenue potential of around Rs 500 crore. Godrej Properties is one of India's leading real estate firms. In a regulatory filing on Wednesday, the company informed that it has acquired about 53-acre land parcel in Joka, Kolkata. «The proposed project is estimated to have a development potential of 1.3 million square feet of saleable area comprising primarily residential plotted development with an estimated revenue potential of Rs 500 crore,» Godrej Properties said.

ProcMart, an online B2B e-commerce marketplace, is expanding into biofuels and sustainable packaging. Anish Popli, Founder and CEO of ProcMart, said that 90% of the company’s clients are Fortune 500 companies. “These clients put a lot of weightage on sustainability. Their procurement managers come to us looking for a sustainable supply chain. After discussions with them, we have realised we can help these large organisations in biofuels and packaging,” he said. Sustainable packaging is one way to reduce carbon emissions, and ProcMart can contribute to this as it is also into packing and shipping items. ProcMart, being a marketplace for commodities, has added biofuel in its products. It has started procuring biofuels for clients. Popli says more clients are asking for biofuels.

JSW Steel on Tuesday said it has been declared as the preferred bidder for Codli Mineral Block XII at Dharbandora in Goa. The company has received a communication from the Office of the Director, Directorate of Mines & Geology, Government of Goa, JSW Steel said in an exchange filing. «The company is declared as 'Preferred Bidder' with highest final offer price at 92.60 per cent of the value of mineral dispatched,» it said. The projected iron ore resources are 48.5 million tonnes in addition to 2.7 million tonnes of ore in dumps, JSW Steel said.

Insurance industry regulator Irdai's Chairman Debasis Panda on Tuesday urged bankers to focus on their core job and not pedal insurance alone. In comments that come a day after Finance Minister Nirmala Sitharaman also made similar suggestions, Panda said the bancassurance channel is very useful in deepening the reach of insurance in the country. «There is merit in the system but we have to do it with care and caution so that you don't forget your activity and only start selling insurance. It should be incidental,» Panda said, speaking at the annual banking and economy conclave organised by SBI here. Insurance companies definitely need low-cost distribution solutions like the ones offered by the banks, which have a massive spread across the country and cover nearly all the inhabited places, he said.

RBI Deputy Governor Swaminathan J has asked banks to follow KYC guidelines with both «precision and empathy», failing which regulatory actions will be taken against them by the central bank. Addressing a Conference of Directors of Private Sector Banks here on Monday, the Deputy Governor also expressed concern that in many cases, customer grievance mechanisms, including the Internal Ombudsman structure, are treated more as a formality than as a robust, effective resource. The Internal Ombudsman mechanism should be more than words on paper; it should operate with the spirit and diligence necessary to resolve issues impartially and promptly, he said. Bank boards, he said, should work towards building customer-centric banks where every individual, regardless of age, income, or background, feels valued and respected.

Indian Hotels Company (IHCL) has unveiled its new ACCELERATE 2030 strategy under which it plans to expand its current portfolio of 350 hotels to over 700 by 2030, besides reaching an enterprise revenue mark of over Rs 30,000 crore from Rs 13,000 crore currently. Under the strategy, IHCL aims to take its number of operational hotels to 500 plus in 2030 from 232 currently, and is targeting consolidated revenues of over Rs 15,000 crore in 2030 from Rs 7,000 crore currently. It aims to take the ROCE (return on capital employed) ratio to 20% in 2030 from 15% currently, and wants to sustain its net cash positive position going forward. “Our vision is to be the most valued, responsible and profitable hospitality ecosystem. So the revenues should double, the portfolio should double. The ROCE should go to 20% plus, and the NPS stays at 70 plus,” said IHCL MD and CEO Puneet Chhatwal on Tuesday, while unveiling the new strategy.

India looks for equity, balance and fair trade while negotiating a free trade agreement (FTA), Commerce and Industry Minister Piyush Goyal said on Tuesday. He asserted that India has entered into FTAs with countries which are transparent, open and where governments' economic systems align with India.

Phuket to Delhi in five hours has turned into a four-day ordeal for many travellers aboard Air India Flight AI 377. The flight, which was scheduled to depart at 5:50 pm (local time) on November 16, had to be delayed due to technical issues and crew flight duty time restrictions. The Airbus A320 (VT-EDD) was unable to take off on its scheduled time, and after a delay of nearly 24 hours, the flight took off from Phuket at 8:44 pm the next day. However, after about 3.5 hours in the air, the aircraft had to return to Phuket due to a technical snag. As of now, around 30-35 passengers remain stranded in Phuket. In a TOI report, Air India sources confirm that plans are in place to fly these passengers back to Delhi on Wednesday, meaning they will reach their destination four days later than originally expected.

Standard Audit File for Tax (SAF-T) for efficient and faster audit process and compliance monitoring, according to a survey released by Deloitte India on Tuesday. Further, 67% supported the introduction of tax e-wallet, which would allow for prompt credit of taxpayers’ refunds on order issuance, enabling adjustments against outstanding demands or future income tax liabilities. “The government’s progress in digitalisation is already reshaping the tax landscape, enhancing the ease of doing business and driving efficiencies that taxpayers highly appreciate,” said Rohinton Sidhwa, Partner at Deloitte India.

TCIL) is likely to sell its remaining 15% share in Bharti Hexacom in multiple tranches for a windfall income. «The government is considering selling out 15% share in Bharti Hexacom in two or more tranches to maximise the proceeds.Decision not to sell the complete stake in one go previously helped the government to maximise its return by more than 60% over its target value of Rs 9,500-crore. Selling the balance stake in multiple tranches will further enhance value maximization for the government,» a senior Department of Telecommunications (DoT) official told ET. In April this year, the public sector firm sold 15% equity of the total 30% it had in Sunil Mittal-driven Bharti's unit Bharti Hexacom that fetched Rs 4,275-crore to the state exchequer at Rs 570 per share.

electric three-wheelers (e-3w of L5 category) after ET reported they were stopped since PM E-DRIVE targets were achieved. According to officials aware of the move, subsidies for eligible e-3w (L5) sales in the country will now be available at a reduced rate of Rs 2,500 per KiloWatt (kW), capped at Rs 25,000 per unit. This is half the original subsidy disbursed by the Ministry of Heavy Industries (MHI) to incentivise locally made e3w (L5) units. A reduced subsidy will also be offered for electric two-wheelers (e2w) after PM E-DRIVE targets under this category for the current fiscal are expected to be achieved by February 2025 itself.

AMPIN Energy Transition on Tuesday said it has partnered with Copenhagen Infrastructure Partners (CIP) for joint equity investment of USD 300 million to set up renewable energy projects across India. The new collaboration follows the existing partnership that AMPIN and CIP entered in 2021 to enable joint equity investments of initially USD 200 million in renewable energy projects in India, a company statement said. «This new partnership along with the existing one is creating a USD 2.7 to 3 billion renewable energy asset base in India,» it said. Pinaki Bhattacharyya, Founder, MD and CEO of AMPIN Energy Transition said, «This deepened partnership not only strengthens our ability to expand our impact and accelerating India's renewable energy transition but it also reinforces our shared commitment to driving innovation and sustainable value creation.»

Delhi, Noida, Gurgaon and other tier 2 cities in North India such as Lucknow, Jaipur and Chandigarh are reaching out to consumers with details of what they are doing to keep the AQI at the safe level. Operators said that though there is a dip in footfall, shoppers are still preferring mall over high streets in these cities. “There is a dip in footfall as people are preferring to stay indoor in deteriorating air quality. However, serious shopper, have move to mall from high-street as they know mall maintain a certain level of air quality and it’s safer indoor than outdoor,” said HarshVardhan Bansal, cofounder of Unity Group, which operates half a dozen malls in Delhi and Punjab.

Corporate Infotech Pvt Ltd (CIPL) on Tuesday said it received a seven-year contract from state-owned Oil and Natural Gas Corporation (ONGC) for an overhaul of IT infrastructure. "ONGC awards Corporate Infotech Rs 98 crore contract for on-premise IT Infrastructure as a Service (IaaS) on 'Pay-per-Use' Model. The contract will be executed over a period of seven years by September 2031," CIPL said in a statement. This project is aimed at augmenting ONGC's IT hardware infrastructure across its Corporate Infocom Data Centre (CIDC) in Delhi as well as the disaster recovery site in Vadodara, Gujarat, the Noida-based company said.

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