Economy

There is no liquidity crisis in the NBFC sector right now, according to SBI chairman Rajnish Kumar. “There is no liquidity crisis in the NBFC sector… Roll-overs have been successful and all of them have been able to meet their commitments as far as their obligations are concerned,” Mr. Kumar …

Fitch Ratings on Thursday retained India’s sovereign rating at ‘BBB-’, the lowest investment grade rating, although maintaining its stable outlook. The company added that the economy would shrug off any lingering effects of demonetisation and GST during 2018-19 and 2019-20. “India’s rating balances a strong medium-term growth outlook and favourable …

Mahindra Electric Mobility has opened a Rs. 100-crore electric technology manufacturing hub in Bengaluru and rolled out its lithium-ion three-wheeler range on Thursday. Branded under the umbrella of +ME technologies, the facility will make battery packs, power electronics and motor assembly which are an integral part of an electric power …

Ahead of the much talked about board meeting of the central bank, RBI board member S. Gurumurthy Thursday said the stand-off between the government and the Reserve Bank was not a happy situation. The comment comes amid the ongoing rift between the Finance Ministry and the RBI over several issues, …

Rupee fall, lower fares hit bottom line Low-cost airline SpiceJet Ltd. posted a second quarter net loss of Rs. 389.4 crore for the period ended September 30, 2018 on account of fuel price increase, rupee depreciation and lower fares. The firm had posted a net profit of Rs. 105 crore …

Revenues increase on automotive sales; however, the firm’s margins contract Mahindra & Mahindra (M&M) reported a better-than-expected 26% increase in its second quarter net profit to Rs. 1,779 crore even as the maker of utility vehicles and tractors witnessed margin contraction. The financials include numbers of its commercial vehicle unit …

Headline inflation falling, doesn’t warrant conservative policy, says CLSA’s Wood The RBI is being too conservative in its monetary policy and the government is right in criticising the central bank on this count, according to Christopher Wood, managing director and equity strategist at CLSA, a capital markets and investment group. …

Currency rises 0.5% to close at 72.31, oil slips to $65 a barrel The rupee appreciated 0.5%, or 36 paisa, against the dollar as international crude oil prices dropped to $65 a barrel, which is seen as positive for the current account deficit since India imports 80% of its oil …

Talks end; company to allow them to report for duty from Friday Employees of Yamaha Motor India Limited, who had abstained from work from September 21, will be allowed to report for duty from Friday. A decision to this effect was arrived at in a meeting convened by the district …

Cites higher provisioning, ageing NPAs Allahabad Bank’s net loss narrowed to Rs. 1,822.71 crore from the Rs. 1,944.4 crore loss in the immediately previous quarter. The bank said in a regulatory filing that its losses were due to higher provisioning on account of NCLT-referred accounts and latest RBI guidelines regarding …

Higher steel prices and consolidation of Bhushan Steel results aid the company Tata Steel Ltd.’s second quarter consolidated net profit rose to Rs. 3,116 crore, the highest in nine years, compared with a net profit of Rs. 1,018 crore in the year-earlier period on higher steel prices and consolidation of …

New York City and a Washington DC suburb chosen Amazon, the online retailing giant, officially announced on Tuesday that it will split its “second headquarters” between New York City and a Washington DC suburb in Northern Virginia. Up to 50,000 jobs and $5 billion in investment are likely to be …

Binny Bansal has announced his resignation as CEO of Flipkart Group, effective immediately, following an independent investigation into an allegation of “serious personal misconduct,” said Walmart Inc. in a statement. “He strongly denies the allegation. Nevertheless, we had a responsibility to ensure the investigation was thorough,” said Walmart. Source : …

‘NBFCs should explore other options’ Amid growing demand for liquidity support for non-banking finance companies, the Reserve Bank of India (RBI) is unlikely to provide any special support to the sector, though it will continue to provide funds to the banking system as liquidity deficit in the system is a …

Centre misses internal deadline; analytical data sets not readily available The government will miss its internal deadline for the release of the back series of GDP data, according to NITI Aayog, which on Monday said the data would be released by the end of December. The government had earlier indicated …

Industrial production slows to 4.5%; slowing price growth in food, housing cools inflation to 3.31% Growth in industrial activity as measured by the Index of Industrial Production slowed marginally in September to 4.5% due to slowing growth in the manufacturing and capital goods sectors, official data released on Monday showed. …

Rising rupee, GST receipts lift mood Foreign investors have pumped in almost Rs. 4,800 crore into the Indian capital markets in the last five trading sessions, after pulling out large sums in October, amid cooling global crude oil prices and rising rupee. The recent infusion comes following a net outflow …

State to focus on food processing, IT/ITES, automobile, auto parts, among others Claiming to have achieved all-round development over the last 20 years, Odisha has invited global investors to invest in the eastern State and benefit. Inaugurating the five-day second edition of the Make In Odisha Conclave in Bhubaneswar, Chief …

The rankings serve as a trusted ready-reckoner for foreign investors looking to invest in a country India’s leap in the World Bank’s Ease of Doing Business rankings this year has slipped under the radar, in the cacophony over demonetisation and the RBI-Centre spat. The country has, in fact, been one …

Free trade advocate T.N. Srinivasan passes away at 85 On Sunday in Chennai, India lost one of its notable economists with the passing of T.N. Srinivasan. Indian economists around the world joined the chorus of tributes and praise for the academic, whose publications and teachings made inroads into several important …