Economy News - Page 11

Over Rs 68,600 cr loans of wilful defaulters written off; Mehul Choksi, Vijay Mallya's firms among list: RBI in RTI reply

Outstanding loans amounting to Rs 68,607 crore of top 50 wilful bank loan defaulters in the country including firms of Mehul Choksi and Vijay Mallya have been technically written off till 30 September, 2019, the Reserve Bank of India said in a RTI reply

IndusInd Bank shares zoom 17% after Q4 earnings; lender posts 12% decline in consolidated profit

Shares of IndusInd Bank on Tuesday jumped 17 percent at the close of trade after the company reported its March quarter earnings

Govt announces Rs 50 lakh compensation for port employees in case of death due to COVID-19

The government on Tuesday announced a compensation of Rs 50 lakh for dependent members of port employees in case of loss of life due to COVID-19 while discharging duties.

BSE brings negative price feature for commodity derivatives segment after recent development in crude oil futures

BSE will make available the negative price level feature at its trading system for commodity derivatives segment, the leading exchange said on Tuesday

Coronavirus Outbreak: India's rating could come under pressure if fiscal outlook deteriorates, says Fitch

Fitch Ratings on Tuesday said India's sovereign rating could come under pressure if there is further deterioration in fiscal outlook as a result of lower growth or fiscal easing

Coronavirus Pandemic: RBI employees contribute Rs 7.30 cr to PM-CARES Fund

The Reserve Bank of India (RBI) on Tuesday said its employees have decided to contribute a salary of one or more days totalling Rs 7.30 crore towards the PM-CARES Fund

Coronavirus Outbreak: ADB approves $1.5 bn loan to India to fight COVID-19 pandemic

The Asian Development Bank (ADB) on Tuesday said it has approved $1.5 billion loan to India to help fund its fight against coronavirus pandemic

Rupee settles 7 paise higher at 76.18 on gains in domestic equities, weak dollar in overseas market

The Indian rupee rose by 7 paise to close at 76.18 (provisional) against the US dollar on Tuesday, tracking positive domestic equities and a weak American currency in the overseas market

Coronavirus Impact: IT services companies to suspend hiring this year, says industry veteran Mohandas Pai

India's information technology services industry would see hiring freeze this year and senior-level staff taking a 20-25 percent salary cut due to the adverse impact of the COVID-19 pandemic, says IT industry veteran T V Mohandas Pai

Coronavirus Outbreak: Ind-Ra cuts India's FY21 GDP growth further to 1.9%, lowest in 29 years

India Ratings and Research (Ind-Ra) on Monday revised its FY21 economic growth forecast for the country further down to 1.9 percent, lowest in the last 29 years, citing the COVID-19 pandemic and the subsequent lockdown

Coronavirus Outbreak: CRISIL cuts India's GDP growth forecast by half to 1.8% for FY21; projects Rs 10 lakh cr loss due to covid-19

Domestic rating agency CRISIL on Monday nearly halved its GDP forecast for India to 1.8 percent for 2020-21 while projecting total losses of Rs 10 lakh crore or Rs 7,000 per person due to "disastrous" lockdowns to control COVID-19 pandemic

Coronavirus Outbreak: CBDT third-time defers GST, GAAR reporting in Income-Tax audit report till March 2021

The Income Tax Department on Monday deferred for the third time the requirement for companies to include in their I-T audit report the details of the Goods and Services Tax (GST) and GAAR

Rupee slips 15 paise to 76.40 in early trade amid volatility in domestic equities; dollar strengthens overseas

The rupee depreciated 15 paise to 76.40 against the US dollar in opening trade on Tuesday, amid strengthening American currency overseas and volatility in domestic equities

Coronavirus Outbreak: SpiceJet operates freighter flight from Shanghai to Delhi carrying medical supplies

Amid the coronavirus outbreak, SpiceJet on Monday said it operated a freighter flight carrying approximately 18 tonnes of medical supplies from Shanghai to Delhi

LIC's new premium business jumps 25.2% in FY20, records best sales in past six years; market share up 1.2%

Despite losing the most productive fortnight of the year to COVID-induced lockdowns, the national insurer LIC achieved a healthy 25.2 percent growth in the first-year new business premium in 2019-20, while private players collectively recorded just 11.64 percent

Coronavirus Outbreak: Volkswagen, BMW, Mercedes take online sales route during lockdown

German automakers Volkswagen, BMW and Mercedes on Monday said they have introduced online sales initiatives in India in order to help customers book vehicles from the safety of their homes amid the coronavirus pandemic

Coronavirus Outbreak: FMCG companies launch special insurance schemes for 'frontline' workers

Leading FMCG companies such as Nestle India, Godrej Consumers Products Ltd and Dabur are providing special insurance covers to their 'frontline' workforce, including those of distributors, who are engaged in supply and distribution of their products during the coronavorus pandemic

RBI MF liquidity window to improve investor confidence, calm down corporate debt market: Experts

Experts on Monday termed the RBI's move to open a special liquidity facility of Rs 50,000 crore for the mutual fund sector as "brilliant", saying it will improve investor confidence and reduce stress in the corporate debt market

P Chidambaram welcomes RBI's Rs 50,000-cr special liquidity facility for mutual funds

Former Finance Minister P Chidambaram on Monday lauded the RBI's prompt action in announcing a Rs 50,000 crore special liquidity facility for mutual funds

Coronavirus Lockdown: Automakers yet to resume production, wait for supply chain to restart

A week after the Centre announced allowing partial resumption of production by industries, automobile companies including Maruti Suzuki, Toyota, Tata Motors and Mercedes-Benz are yet to resume production stating that the entire supply chain, including component suppliers and dealers, needs to start operating to re-start production

Rupee rises by 21 paise to 76.25 in line with firm stocks; expectations of more stimulus measures from central banks boost sentiment

The rupee rose by 21 paise to close at 76.25 against the US dollar on Monday, tracking positive domestic equities and weakening of the American currency in the overseas market

Life insurance companies register 11.4% growth in premium income in FY20; LIC logs 22.5% decline

India's life insurance companies clocked 11.36 percent growth in their collective premium income at Rs 48.26 lakh crore during the fiscal ended March 2020, data from IRDAI showed

RIL starts using WhatsApp for grocery deliveries but model to evolve: Credit Suisse report

Billionaire Mukesh Ambani's Reliance Industries has started limited test use of WhatsApp to connect customers to grocery stores, days after Facebook decided to invest $5.7 billion in digital assets controlled by the company

Asian stock markets gain after Japan's central bank promised more asset purchases

Asian stock markets gained Monday after Japan's central bank promised more asset purchases to shore up financial markets and more governments prepared to revive struggling economies by reopening businesses

Over one million IT employees will continue to work from home post-lockdown: Kris Gopalakrishnan

More than one million information technology employees are expected to continue to work from home even after the coronavirus-inflicted lockdown situation returns to normalcy, says IT industry veteran Senapathy (Kris) Gopalakrishnan

Franklin Templeton MF committed to return investors money at earliest, says company president Sanjay Sapre

Franklin Templeton Mutual Fund, which closed six of its debt funds citing redemption pressures and lack of liquidity in the bond markets, on Monday said it is committed to return investor money at the earliest

Coronavirus Outbreak: Banks have done nothing to help retailers to tide over lockdown crisis, says industry body

Banks have done "sweet nothing" to provide financing to retailers to tide over the lockdown crisis, and the government intervention is needed to avoid mass unemployment in the sector, according to RAI

UK, Europe devise furlough schemes, bailouts for coronavirus-hit private sector

“This is not a time for ideology and orthodoxy. This is a time to be bold. A time for courage,” said Rishi Sunak, the UK’s Indian-origin finance minister, as he summed up the British government’s approach towards the daunting economic fightback against the novel coronavirus pandemic and broadly reflective of the approach taken by most other countries across Europe

AMCs, financial stocks jump up to 13% after RBI announces a Rs 50,000-cr special liquidity facility for MFs

Shares of asset management companies (AMCs) and other financial sector related firms zoomed as much as 13 percent on Monday after the Reserve Bank of India announced a Rs 50,000 crore special liquidity facility for mutual funds

Coroanvirus Outbreak: Mideast economies take massive hit with historic oil price crash

Iraq is planning painful cuts in social benefits relied on by millions of government workers. Saudi Arabia will likely have to delay mega-projects