Economy News - Page 10

Coronavirus Lockdown: Eight core industries' output contracts 6.5% in March; infra sectors log 0.6% growth in FY20

The output of eight core infrastructure industries shrank by 6.5 percent in March due to fall in production of crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity amid the coronavirus lockdown

RBI extends regulatory benefits under special liquidity facility for mutual funds to all banks

The Reserve Bank of India on Thursday extended regulatory benefits to all banks including those deploying their own resources to extend liquidity support to the mutual funds under the Special Liquidity Facility for Mutual Funds (SLF-MF) scheme

Rupee surges 57 paise to close at 75.09 on higher domestic equity markets, weak US dollar in overseas market

The Indian rupee surged 57 paise to close at 75.09 (provisional) against the US dollar on Thursday, amid higher domestic equity markets and a weak American currency in the overseas market

Coronavirus Outlook: Hotel industry mulls pay cuts, reducing manpower to tide over lockdown woes

The hospitality industry has taken up various measures to overcome the impact due to lockdown to contain the spread of coronavirus which include pay cuts, use of short staff besides engaging in partial operation, officials said

Coronavirus Pandemic: RIL chairman Mukesh Ambani to forego salary, board members to take pay cut

Reliance Industries chairman Mukesh Ambani will forego his salary in the wake of the coronavirus pandemic that has gripped the nation and forced a lockdown in the country until 3 May

SEBI penalises two persons in WhatsApp leak case related to Ambuja Cements quarterly financial results

Markets regulator SEBI has penalised two persons after finding them guilty of releasing unpublished price sensitive information related to financial results of Ambuja Cements through WhatsApp messages prior to the official announcement by the company

Global gold demand sees modest growth in Q1 to 1,083.8 tonnes on lockdown-led disruptions: WGC

Global gold demand during the January-March quarter grew 1 percent to 1,083.8 tonnes compared to the same period last year mainly due to heavy inflow in gold-backed ETFs as COVID-19 pandemic fuelled safe-haven investment demand for the yellow metal, a World Gold Council (WGC) report said

China's manufacturing weaker in April as coronavirus pandemic hurts exports, two survey show

China's manufacturing activity weakened in April as the coronavirus pandemic clobbered global consumer demand, hampering Beijing's efforts to revive the world's second-largest economy, two surveys showed on Thursday

Coronavirus Outbreak: Govt likely to announce stimulus package on Friday as economic activities grind to a halt

A stimulus package for the industry-hit by a lockdown of more than a month when economic activity has ground to a halt --is expected to be announced soon

India's Jan-Mar gold demand falls 36% to 101.9 tonne due to volatile prices, economic uncertainties: WGC

Gold demand in India fell 36 percent in the January-March quarter of this year to 101.9 tonne due to volatile prices, economic uncertainties and coronavirus-induced nationwide lockdown towards the end of the quarter, according to a report

Coronavirus Outbreak: Hotel industry revenue likely to fall by Rs 90,000 cr in 2020 due to pandemic, says report

India's hotel industry is estimated to face a whopping business loss of Rs 90,000 crore during this calendar year, as all hotels are closed due to nationwide lockdown to control coronavirus disease, according to a report by HVS and Anarock

Coronavirus Outbreak: RPG Group's infrastructure firm KEC International resumes operations at all factories

Infrastructure firm KEC International on Thursday said it has resumed operations at all its factories in the country in a phased manner

Rupee surges 63 paise to 75.03 on foreign fund inflows, positive opening in equity markets

The rupee appreciated by 63 paise to 75.03 against the US dollar in early trade on Thursday tracking positive opening of domestic equities and fresh foreign fund inflows

Strides Pharma Science shares zoom 20% after company develops Favipiravir antiviral tablets

Shares of Strides Pharma Science Ltd on Wednesday zoomed 20 percent after the company said it has developed and commercialised Favipiravir antiviral tablets, and stressed that the drug has demonstrated positive outcomes in COVID-19 treatment globally

Coronavirus Lockdown: Salary cut imminent; 27 out of top 100 companies can't sustain current wage bill, says Deloitte study

As many as 27 out of the top 100 companies listed on the National Stock Exchange (NSE) will not be able to sustain current wage bill if their revenue dip by 30 percent or more due to a nationwide lockdown and imminent salary cuts, a Deloitte study said

Govt task force projects Rs 111 lakh cr infrastructure investment over five years to FY2025: Finance ministry

To augment infrastructure and create jobs in the country, a government task force has projected total investment of Rs 111 lakh crore in infra projects over five years, the Finance Ministry said on Wednesday

Coronavirus Outbreak: US economy shrinks at 4.8% in January-March quarter, first-time in six years; recession fear looms

The US economy shrank at a 4.8 percent annual rate last quarter as the coronavirus pandemic shut down much of the country and began triggering a recession that will end the longest expansion on record

India's domestic air passenger traffic fell by 11.8% in March due to coronavirus outbreak: IATA

Indian domestic air passenger traffic fell by 11.8 percent in March as compared to the corresponding month last year, indicating the impact of COVID-19 on the country's aviation sector, stated global airlines body IATA on Wednesday

Asian Development Bank gives over Rs 2,600 cr loan for power sector in rural Maharashtra

The Asian Development Bank (ADB) on Wednesday said it has approved a $346 million (around Rs 2,616 crore) loan to the Indian government to provide reliable power connection in rural areas of Maharashtra

Rupee surges 52 paise to close at four-week high of 75.66; dollar weakens in overseas market

The rupee surged by 52 paise to close at a four-week high of 75.66 against the US dollar on Wednesday, bolstered by gains in domestic equities and a weak greenback in global markets

Sell unsold units at 'no-profit-no-loss' to save interest, boost liquidity: Nitin Gadkari to real estate developers

Union Minister Nitin Gadkari on Wednesday exhorted real estate players to sell unsold housing units, even at no-profit-no-loss, to boost their liquidity condition and save interest cost on loans

RBI extends curbs on Mumbai-based The Needs of Life Co-op Bank for six months

The Reserve Bank on Wednesday extended restrictions imposed on city-based The Needs of Life Co-op Bank Ltd for another six months till 31 October

Time for action to make India global manufacturing hub in post-coronavirus world: Industry experts

India can be the destination of choice for global manufacturing in the post-COVID 19 world if it gets its acts together with the right policies as a lot of things are going for the country, say industry experts

Technical loan write-off route should not be applied for fugitives: Chidambaram to govt

Senior Congress leader P Chidambaram on Wednesday asked the government why it had taken the technical loan write-off route for fugitives like Nirav Modi, Mehul Choksi and Vijay Mallya

Wilful defaulters beneficiaries of 'phone banking' under UPA regime, Modi govt chasing them to recover dues: Nirmala Sitharaman

Hitting out at the Congress party, Finance Minister Nirmala Sitharaman has said that wilful defaulters were beneficiaries of 'phone banking' under the UPA regime and the Modi government is chasing them to recover the dues

RBI's liquidity support for MFs may struggle to be effective; Fitch says success will depend on banks' appetite to take up risks

The Reserve Bank of India's liquidity support for mutual funds may struggle to be effective, as its success will hang on banks' appetite to take up the risks involved, amid low capital headroom and a likely increase in fresh non-performing loans, according to Fitch

Indians venture into US stocks as markets slump at home; pick up exposure to global technology giants

More Indian investors are turning to US stocks to escape tumbling markets at home and pick up exposure to global technology giants that are rising through the coronavirus-led market turmoil

Crude climbs as storage fills less rapidly than feared; demand may pick up as some European countries, US cities ease lockdowns

While storage is rapidly filling up, production cuts by US shale producers, estimated by consultants Rystad Energy at 300,000 barrels per day (bpd) for May and June, should help slow flows into tanks.

Rupee rises 34 paise to 75.84 in early trade; market sentiment improves as more countries announce lifting of lockdowns

The rupee appreciated 34 paise to 75.84 against the US dollar in early trade on Wednesday tracking positive opening of domestic equities and weakness in the American dollar

Air India sale: Govt extends deadline to bid for cash-strapped national carrier by two months till 30 June

The government has extended the deadline to bid for Air India by two months till 30 June, as the COVID-19 fallout has disrupted economic activity globally