Category: BUSINESS

Equity benchmark Sensex slumped over 350 points in early trade on Monday, tracking losses in index majors Tata Steel, HDFC twins and ICICI Bank amid thin trade in global markets. The 30-share Sensex was trading 355.27 points or 0.60 per cent lower at 58,660.62. Similarly, Nifty fell 108.50 points or 0.62 per cent to 17,476.65 in initial deals. Tata Steel was the top loser in the Sensex pack, sinking nearly 6 per cent, followed by Bajaj Auto, M&M, HDFC, PowerGrid and Maruti. On the other hand, Tech Mahindra, HUL, HCL…

Domestic electrical equipment market is expected to grow at an annual rate of 12 per cent to reach USD 72 billion by 2025, an industry executive said. At present, total worth of India’s electrical equipment market stands in the range of USD 48-50 billion, Anil Saboo, the President of the Indian Electrical & Electronics Manufacturers’ Association (IEEMA) said. “We are at USD 48-50 billion and shall grow at a CAGR of 11 to 12 per cent. So, by 2025 it shall be around USD 72 billion,” he told PTI. Value…

China has applied to join an 11-nation Asia-Pacific free trade group in an effort to increase its influence over international policies. Commerce Minister Wang Wentao submitted an application to the trade minister of New Zealand as a representative of the Comprehensive and Progress Agreement for Trans-Pacific Partnership, the Commerce Ministry announced Thursday. The CPTPP originally was the Trans-Pacific Partnership, a group promoted by then-President Barack Obama as part of Washington’s increased emphasis on relations with Asia. China was not included in the initial group and Obama’s successor, Donald Trump, pulled…

Shares of Vodafone Idea continued to gain on Thursday and further jumped nearly 20 per cent after the Union Cabinet approved a big-bang relief package for the stressed telecom sector. The stock zoomed 17.58 per cent to Rs 10.50 on the BSE. At the NSE, it rallied 19.55 per cent to Rs 10.70. Vodafone Idea had gained 2.76 per cent in the previous trade also. “The Union Cabinet approved reforms in the telecom sector both near and medium-term which should improve the outlook for all the players in the sector.…

Equity benchmark Sensex declined over 190 points in early trade on Monday, tracking losses in index heavyweights Reliance Industries, ICICI Bank and Infosys amid weak sentiment in Asian markets. The 30-share Sensex was trading 193.16 points or 0.33 per cent lower at 58,111.91. Similarly, Nifty fell 37.90 points or 0.22 per cent to 17,331.35 in initial deals. HCL Tech was the top loser in the Sensex pack, shedding 1.39 per cent, followed by Reliance Industries, ICICI Bank, Infosys, Nestle India, Axis Bank, Titan and IndusInd Bank. On the other hand,…

State-owned engineering firm BHEL on Friday said it has played a key role in the successful implementation of ultra-high voltage direct current (UHVDC) link between the western and southern region grid. “Bharat Heavy Electricals Limited (BHEL) has added another feather in its cap by playing a key role in the successful implementation of the +800 kV, 6,000 MW Ultra High Voltage Direct Current (UHVDC) Link between the Western Region Grid (Raigarh, Chattisgarh) and the Southern Region Grid (Pugalur, Tamil Nadu),” a company statement said. According to the statement, the project…

Earlier in May this year, Income Tax Returns (ITR) deadline was extended till the end of this month. The deadline for filing Income Tax returns has been extended till December 31, the government said on Thursday, amid the coronavirus pandemic and persistent technical problems with its website. Usually due by the end of July, the date was extended last time in May till September 30 given the coronavirus pandemic. “On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of…

Reserve Bank of India found that the state-run lender – UCO Bank was not in breach of its rules on regulatory capital, bad loans, and leverage ratio. The Reserve Bank of India (RBI) today lifted UCO Bank out of the prompt corrective action (PCA) list after a gap of four years. The banking regulator found that the state-run lender was not in breach of its rules on regulatory capital, bad loans, and leverage ratio, according to a statement released by the RBI on Wednesday, September 8. In 2017, UCO Bank was placed under…