Economy News - Page 30

Gold prices fall Rs 516 to Rs 44,517 per 10 gram as rupee appreciates; silver rises by Rs 146

Gold on Wednesday traded down by Rs 516 to Rs 44,517 per 10 gram in the national capital amid appreciation in the value of the rupee

Automobile production may be critically hampered due to coronavirus outbreak in China: SIAM

Vehicle production across all categories is likely to be critically hampered due to the coronavirus outbreak in China as many automakers in India import about 10 percent of their raw materials from the neighbouring nation, auto industry body SIAM said on Wednesday

Petrol price falls below Rs 71, first time in eight months; India to gain from Saudi Arabia, Russia oil price war

Petrol prices slipped below Rs 71-mark for the first time in eight months on Monday as India looks set to reap windfall from a price war among oil producers leading to international crude prices crashing by their biggest margin since the 1991 Gulf war

Rupee slips past 74-level on weak equities, rising coronavirus-led economic slowdown fears

The rupee on Monday slipped past the 74-level against the US dollar to settle at 74.14 (provisional), down 27 paise tracking heavy selling in domestic equity market amid rising concerns over coronavirus-led economic slowdown

Auto dealers fear they will not be able to liquidate BS-IV stock before 31 March deadline: FADA

With several state governments issuing circulars to end registration process for BS-IV vehicles much before 31 March, 2020, and the fear of coronavirus keeping buyers away from showrooms, automobile dealers fear that they would not be able to liquidate the BS-IV inventory before the month-end deadline

Coronavirus fallout: Moody's cuts India growth forecast to 5.3% for 2020 on dampened domestic demand

Moody's Investors Service on Monday cut its growth forecast for India to 5.3 percent for 2020 from 5.4 percent estimated earlier, as it expects the coronavirus outbreak to dampen domestic demand globally

Financial audits failed repeatedly, govt should make cost accounting must to check bank NPAs: ICMAI

Financial audits have failed repeatedly and the government should make cost accounting mandatory to keep a tab on non-performing assets at lenders, which can prevent cases like Yes Bank, the Institute of Cost Accountants of India (ICMAI) said on Monday

GSTN glitch: Infosys asked to submit resolution plan in 15 days, Nandan Nilekani to make presentation

The finance ministry has asked Infosys to provide within 15 days a plan for quick resolution of glitches on the GSTN portal, as it took strong note of the "unresolved" problems and "tardy" progress made over the last two years on multiple issues faced by taxpayers in filing returns

Rupee slips below 74 level in early trade amid mounting fears of coronavirus-led slowdown

The Indian rupee continued its downward journey on Monday, sliding another 16 paise to 74.03 against the US dollar in opening trade, tracking weak opening in domestic equities amid mounting fears of a coronavirus-led economic slowdown

Yes Bank crisis: Finance minister Nirmala Sitharaman says RBI to look into what went wrong; to fix individual responsibilities

Finance Minister Nirmala Sitharaman on Friday said the government has asked the Reserve Bank to look into what went wrong at Yes Bank and fix individual responsibilities

Rupee dives 46 paise to close at 73.79 against US dollar as investors panicked over coronavirus scare

The Indian rupee resumed its downward journey after a day's hiatus on Friday, plummeting by 46 paise to 73.79 (provisional) against the US dollar as coronavirus-panicked investors kept assessing deteriorating financial markets

RBI ready to intervene in whatever way required to respond to coronavirus challenges: Shaktikanta Das

Reserve Bank governor Shaktikanta Das on Friday assured that the central bank will take every measure needed to secure the economy against the challenges arising from the coronavirus epidemic

Maharashtra Budget 2020: Uddhav Thackeray-led govt announces farm sops, hikes VAT on petrol, diesel

In its maiden budget, the Maha vikas Aghadi (MVA) government in Maharashtra on Friday announced sops for farmers, proposed to increase VAT on petrol and diesel by Re 1 per litre and reduced electricity duty for industries

Gold jumps Rs 773 on safe-haven appeal to Rs 45,343 per 10 gram; silver prices rise by Rs 192

Gold on Friday jumped Rs 773 to Rs 45,343 per 10 gram in the national capital as mounting worries over the economic fallout from the fast-spreading coronavirus drove investors towards the safe-haven metal

Air India disinvestment process going on 'extremely well'; govt may extend initial bids deadline: Aviation minister Hardeep Singh Puri

Civil Aviation Minister Hardeep Singh Puri on Friday indicated that the deadline for submission of preliminary bids for Air India could be extended even as he emphasised that the disinvestment process is going on "extremely well"

Maharashtra's economy to grow at 5.7% in 2019-20, marginally down from last fiscal's projection of 6%: Economic Survey

Maharashtra's economy is expected to grow at 5.7 percent during 2019-20, marginally down from the last fiscal's projection of six percent, the Economic Survey presented in the state Legislature on Thursday said

Gold falls Rs 157 to Rs 44,250 per 10 gram om muted demand; silver prices decline by Rs 99

Gold on Thursday fell by Rs 157 to Rs 44,250 per 10 gram in the national capital amid muted demand for the precious metal

EPFO cuts interest rate on deposits to 8.5% for 2019-20, says labour minister Santosh Gangwar

Retirement fund body EPFO on Thursday lowered interest rate on provident fund deposits to 8.5 percent for the current financial year, said Labour Minister Santosh Gangwar on Thursday

Banks can save Rs 7,400 cr from lending against CRR, earn Rs 480 cr in additional profits: SBI research report

Banks can save up to Rs 7,400 crore in CRR benefits under the new dispensation of targeted lending using their cash reserve ratios, and the incremental credit flow through this can be Rs 1.85 lakh crore, helping them earn Rs 480 crore in additional profits in FY21, SBI Research said

Income tax officials threaten to cut workload in protest over working conditions

Indian tax officials on Wednesday threatened to cut their workloads in protest over working conditions, a move that could dent New Delhi’s tax collection just as the government scrambles to fill coffers before the fiscal year ends on 31 March

Finance Minister Nirmala Sitharaman says will go through Supreme Court order on cryptocurrency

Finance Minister Nirmala Sitharaman on Wednesday said she will go through the Supreme Court order allowing banks and financial institutions to provide services related to cryptocurrencies

China January-February exports, imports seen slumping as coronavirus hits output, supply chains: Poll

China’s exports and imports likely tumbled in the first two months of the year, a Reuters poll showed, as the health crisis triggered by the coronavirus epidemic disrupted businesses and production and wreaked havoc along global supply chains

Ten public sector banks' merger to come into effect from 1 April, says Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday said the exercise of consolidation of 10 public sector banks (PSBs) into four is on course and the merger will come into effect from 1 April, 2020

Govt detaches GAIL, OIL, other PSUs from AGR case after last month's Supreme Court order, says Union minister Sanjay Dhotre

The government has detached gas utility GAIL India, explorer Oil India and other PSUs from a Supreme Court order that had led to Rs 1.47 lakh crore being sought from telecom firms such as Bharti Airtel and Vodafone Idea in past dues, the Lok Sabha was informed on Wednesday

AGR dues: Govt receives Rs 15,896 cr payment from telcos; balance amount pegged at Rs 1,30,440 cr, says Union minister Sanjay Dhotre

The government has received Rs 15,896.5 crore payment from telecom companies towards AGR liabilities, placing the remaining dues at Rs 1,30,440.4 crore, the Lok Sabha was informed on Wednesday

Gold prices zoom Rs 1,155 to Rs 44,383 per 10 gram on rupee deprecation; silver jumps by Rs 1,198

Gold prices zoomed Rs 1,155 to Rs 44,383 per 10 gram on Wednesday in the national capital with continuous rupee deprecation and strong buying in global safe-haven assets, according to HDFC Securities

India probes alleged increase in subsidised import of soda ash from Turkey following complaints by domestic players

India has initiated a probe into an alleged increase in subsidised imports of soda ash, used in making detergents and soaps, from Turkey following complaints by domestic players

Delhi High Court seeks response of Centre, DGCA, IndiGo, GoAir on PIL seeking grounding of A320neo aircraft

The Delhi High Court on Wednesday sought responses of the Centre, aviation regulator DGCA, Indigo and GoAir on a plea seeking grounding of A320neo aircraft with faulty engines

Poultry sector faces Rs 1,750-cr losses due to coronavirus rumours; seeks relief package from govt

Poultry breeders on Monday demanded a relief package from the government claiming that the sector has incurred heavy losses of around Rs 1,750 crore in a month due to fake news that coronavirus was spreading due to chickens

Sensex ends 153 points lower amid fresh coronavirus cases in India, Nifty falls 69 points; SBI, Tata Steel among top losers

Tanking 939 points from the day's high level, equity benchmark index Sensex closed 153.27 points lower at 38,144.02 on Monday as detection of fresh coronavirus cases in India spooked domestic investors