Business

India lost 4% of GDP from power distortions in 2016: World Bank

Thursday, 20 December 2018 09:20
India lost a staggering $86.1 billion, equivalent to over 4 per cent of its GDP, owing to distortions in the power sector in 2016, says a World Bank report released on Wednesday. The report tiltled ‘In the Dark: How much…

Maruti Suzuki’s sales to grow 5% in Jan-Mar 2019: Chairman

Thursday, 20 December 2018 09:18
Automobile major Maruti Suzuki is likely to log a 5 per cent growth in wholesale sales during the upcoming January-March quarter, said the company’s Chairman R.C. Bhargava on Wednesday. Bhargava, in a media interaction here said that the first quarter…

Elon Musk unveils underground tunnel prototype

Wednesday, 19 December 2018 19:34
Tesla founder and CEO Elon Musk has unveiled a prototype of high-speed tunnel system to transport passengers in cabins or carry them in their own vehicles using car elevators — a solution to ease urban traffic congestion. The test tunnel,…

Boeing forecasts demand for 2,300 new aircraft in India over next 20 years

Wednesday, 19 December 2018 16:09
Global aerospace major Boeing expects a demand for 2,300 new aircraft in India, valued at $320 billion, over the next 20 years. According to the company’s 2018 Commercial Market Outlook (CMO) for India, factors such as rise in GDP output…

NSE gets SEBI nod for weekly options trading

Wednesday, 19 December 2018 09:16
The National Stock Exchange (NSE) on Tuesday said it has received security market regulator SEBI’s approval to start weekly options contracts on the Nifty50 index. The weekly options will have seven consecutive weekly expiry contracts, excluding the week where monthly…

RBI to scale up securities purchase in December

Wednesday, 19 December 2018 09:05
The Reserve Bank of India (RBI) on Tuesday said on review of the evolving liquidity conditions, it has decided to scale up the amounts to be purchased in the remaining two OMO (Open Market Operation) auctions scheduled in December 2018…

Ola to invest $100 mn in Vogo scooter-sharing start-up

Tuesday, 18 December 2018 17:01
India’s leading cab-hailing platform Ola on Tuesday announced investing $100 million (Rs 711-crore) in scooter-sharing start-up Vogo. “As part of the partnership, Ola will boost Vogo’s supply by investing in 100,000 scooters on Vogo platform worth $100 million,” the city-based…

Biggest bank fraud and RBI Governor’s resignation mark a dismal banking year

Tuesday, 18 December 2018 16:11
The year leading up to the 2019 general elections was defined by a slowdown in investment, slackening growth, falling GST revenues, the biggest bank fraud and a credit crunch that provoked the most significant crisis in government-RBI relations. It was…

GST on recycled construction waste products to be reduced to 5 per cent

Tuesday, 18 December 2018 16:02
In a bid to promote reuse of debris generated by the construction industry, the government will soon reduce the Goods and Services Tax (GST) on products made from recycled demolition waste to five per cent. Currently, the recycled products —…

HC rejects plea challenging LIC acquiring 51 per cent stake in IDBI

Tuesday, 18 December 2018 08:36
The Delhi High Court on Monday dismissed a plea challenging the LIC move to acquire 51 per cent stake in the government-owned IDBI Bank. Justice Vibhu Bakhru dismissed the All India IDBI Officers Association plea challenging LIC purchasing the stake…