Economy

The Union Steel Ministry is concerned over the low level of per capita steel consumption in India, according to Steel Secretary Binoy Kumar. “Per capita steel consumption of steel in India at 69 kg [according to Joint Plant Committee data] is still low compared to the world average of 214 …

The Department of Telecom has instructed State-owned Bharat Sanchar Nigam Ltd. (BSNL) and Bharat Broadband Network Ltd. (BBNL) to submit reports every day on the progress made in the Bharat Net project that seeks to connect 2.5 lakh gram panchayats in the country through high-speed broadband by March 2019. “Despite …

India’s merchandise trade deficit widened in October to $17.13 billion due in large part to a higher oil import bill, official data released on Thursday showed. The trade deficit is wider than the $14.61 billion seen in October of last year and the $13.98 billion in September 2018. Positive growth …

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. …