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Guess why India missed being a $3.5 trillion economy in 2017

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NEW DELHI: Violence cost the Indian economy a whopping $1.19 trillion (over Rs 80 lakh crore) in 2017 in constant purchasing power parity (PPP) terms, according to a report prepared by the Institute for Economics and Peace (IEP) based on an analysis of 163 countries and territories. The amount sums up to roughly $595.4 per person. Given that India’s Gross ... Read More »

Govt identifies 16,500 entities as shell companies, another 80,000 under lens

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NEW DELHI: The government has identified over 16,500 companies as “confirmed shell companies”, while another 80,000 are under the lens and have been put in the suspect category, the finance ministry said. The companies, which are suspected to have little business but large amounts of fund flow, are typically classified as shell companies as money — often collected in cash ... Read More »

Samsung is a Rs 50,000 crore business in India

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KOLKATA: Samsung India crossed the Rs 50,000-crore sales milestone in 2016-17 as per the just published company filings with the Registrar of Companies (RoC), consolidating its position as the country’s largest pure-play consumer goods MNC. The Korean giant’s total income, including turnover and other income, grew by 15.5% to Rs 55,511.9 crore in FY 2017 from Rs 48,053 crore in ... Read More »

India launches second IT corridor in China to gain access to big Chinese market

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India launched its second IT corridor in China to cash in on the burgeoning Chinese software market which remained elusive despite the presence of top Indian technology firms. The National Association of Software and Services Companies (NASSCOM) has established one more Digital Collaborative Opportunities Plaza (SIDCOP) platform in China in an effort to provide market access to Indian IT firms ... Read More »

Singapore, India exchanges have abandoned trade link talks: Sources

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MUMBAI (BLOOMBERG) – The Singapore Exchange (SGX) and National Stock Exchange of India (NSE) have abandoned talks on a cross-border trading link, according to people familiar with the matter, amid a bitter court battle that’s soured an 18-year partnership. The companies couldn’t reach consensus on issues including timing, regulatory guidelines and the resources required for the project, according to the ... Read More »

Teejay Lanka doubles India plant capacity with US $ 15mn expansion

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Teejay Lanka, one of the region’s largest textile manufacturers, has announced a doubling of capacity of its Indian mill, following the completion of an expansion project involving an investment of US $ 15 million (approx. Rs.2.3 billion at current rates). Located within the 1,000-acre Brandix India Apparel City (BIAC) in Vizag, Andrapradesh, Teejay India is now capable of manufacturing up ... Read More »

State Bank Of India Reports Record Loss Of $1.1 Billion In March Quarter, Shares Surge

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State Bank of India (SBI) reported a loss of Rs. 7,718 crore ($1.1 billion) – its biggest ever – in the January-March quarter, as the country’s biggest lender set aside more provisions for bad loans after a change in banking regulation.. The loss for the three months to March 31 was deeper than what the market had expected. Analysts on ... Read More »

India oil minister says considering steps to keep fuel prices in check

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NEW DELHI: India is looking at ways to keep rising fuel prices in check, its oil minister said on Monday, with retail rates for diesel and petrol touching record highs in capital city New Delhi and financial hub Mumbai. Prices at the pump have surged on the back of rallying international markets for crude oil, which last week hit their ... Read More »

Tatas complete acquisition of Bhushan Steel; deal helps fraud-hit PNB offset some losses from Nirav Modi scam

A Tata Steel sign is seen outside their plant in Scunthorpe northern England, October 15, 2014.  India's Tata Steel Ltd is in talks to sell loss-making European operations including mills in northern England and Scotland to Geneva-based Klesch Group, as it battles weak prices and tentative economic recovery. REUTERS/Phil Noble (BUSINESS INDUSTRIAL) - RTR4AAKC

Bamnipal Steel Ltd (BNPL), a wholly-owned subsidiary of Tata Steel, has successfully completed the acquisition of a controlling stake, of 72.65 percent, in Bhushan Steel Ltd (BSL). Tata Steel Ltd had won the bid to acquire debt-laden Bhushan Steel Ltd (BSL) in an insolvency auction. The bankrupt firm was among the 12 stressed assets that the Reserve Bank of India ... Read More »

Union Cabinet okays Rs 5,000-crore micro-irrigation fund

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The Union Cabinet on Wednesday approved a dedicated Rs 5,000-crore fund to bring more land area under micro-irrigation, as part of its objective to boost agriculture production and farmers income. The Micro Irrigation Fund (MIF), set up under the National Bank For Agriculture And Rural Development (NABARD), seeks to provide states financial assistance on concessional rate of interest to promote ... Read More »

PNB Q4 results: Bank likely to post huge loss of Rs 3,835 crore

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NEW DELHI: India’s Punjab National Bank (PNB) is all set to announce its fourth quarter results today. Early guesses foresee the bank to post a huge March quarter loss on May 15, 2018 since the public sector lender has been strangling in a 2 billion dollars fraud, higher bond yields and tighter bad loan norms. As per an early poll ... Read More »

CBI arrests four senior customs officials in Mumbai for demanding Rs 50 lakh bribe from importer

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New Delhi: The CBI has arrested four deputy commissioner ranked officials of the customs department in Mumbai for allegedly demanding Rs 50 lakh from an importer to clear his consignment, officials said in New Delhi. A superintendent in the department, Manish Singh, and a private person, Nilesh Singh, were also taken into custody in connection with the case, they said. ... Read More »

Income Tax raids on two leather firms in Unnao, Kanpur

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The Income Tax (I-T) department unearthed tax evasion to the tune of Rs 70 crore after conducting raids on 15 places in Kanpur and Unnao districts of Uttar Pradesh belonging to two prominent companies owning tanneries and manufacturing leather goods. After getting information of huge tax evasion, the I-T officers raided premises of Sultan Group of Campanies including Sultan Tanneries ... Read More »

Bangladesh tops China, India

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Bangladesh: Bangladesh overtook China and India in ethical compliance in apparel segment on the back of improved workplace safety following pressure from international inspection and remediation agencies, according to a new survey. “In particular, ethical scores in Bangladesh rose by an average of 15 percent during the past 12 months,” said AsiaInspection in its first quarterly report of 2018 released ... Read More »

India soybean area could jump 15% to beat higher costing palm oil

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MUMBAI: Indian farmers are likely to expand soybean planting areas by nearly 15 percent after the government raised edible oil import tax to the highest level in more than a decade, lifting domestic oilseed prices to nearly two-year highs, a trade body said. Higher production of the main summer-sown oilseed could help India, the world’s biggest vegetable oil importer, trim ... Read More »

India’s rice exports surge to record high in 2017/18

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MUMBAI: India’s rice exports surged 18 percent from a year ago to a record 12.7 million tonnes in 2017/18 on good demand for non basmati rice from Bangladesh, Benin and Sri Lanka, a government body said in a statement. The country’s buffalo meat exports in the year ended March 31 rose nearly 2 percent to 1.35 million tonnes on upbeat ... Read More »

India soybean area could jump 15% to beat higher costing palm oil

MUMBAI: Indian farmers are likely to expand soybean planting areas by nearly 15 percent after the government raised edible oil import tax to the highest level in more than a decade, lifting domestic oilseed prices to nearly two-year highs, a trade body said. Higher production of the main summer-sown oilseed could help India, the world’s biggest vegetable oil importer, trim ... Read More »

India soybean planting area could jump 15% after import duty hike

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MUMBAI: Indian farmers are likely to expand soybean planting areas by nearly 15% after the government raised edible oil import tax to the highest level in more than a decade, lifting domestic oilseed prices to nearly two-year highs, a trade body said. Higher production of the main summer-sown oilseed could help India, the world’s biggest vegetable oil importer, trim costly ... Read More »

India Sugar Production Set to Reach Record on Higher Yields

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MUMBAI: Sugar output in India will likely reach a record this year as timely showers helped boost yields in the world’s top consumer.  Production may total 31.5 million metric tons in the year that began on Oct. 1 , said Abinash Verma, director general of the Indian Sugar Mills Association. That compares with its March estimate of 29.5 million tons and the ... Read More »

Duty likely on chemical import from four nations

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MUMBAI: India is likely to impose antidumping duty of up to $92.23 per tonne on import of a chemical used in pharmaceutical and agriculture sectors from Indonesia, Malaysia, Thailand and Saudi Arabia, following a Directorate General of Anti-Dumping and Allied Duties probe. The duty, if imposed, will protect domestic players from cheap imports of ‘saturated fatty alcohols’ from these four ... Read More »