Economy News

Two areas govt slipped on were agri distress and pvt sector investments: Rashesh Shah

Pointing that there is a sense within the government that agri, small business and urban poor have not done well over the last four years, Rashesh Shah, chairman and CEO, Edelweiss Group told The Indian Express that he expects some announcement on the farm sector soon.

Fund infusion to Exim Bank comes amid deteriorating assets quality

With the government facing financial constraints, the fund infusion is being done through issuance of recapitalisation bonds, on the lines of similar bonds being issued for capital infusion in public sector banks.

HDFC Bank Q3 net profit increases 20.3% to Rs 5,586 crore

The bank’s total income for the quarter was at Rs 30,811.3 crore, up 26 per cent from Rs 24,450.4 crore for the quarter ended December 2017.

Sebi says no to L&T’s Rs 9,000-cr buyback plan

Sources in the company claimed that while turning down the proposal, Sebi has applied the financial ratio based on the consolidated financial statement of the company.

Foreign reinsurers mobilised over Rs 6,200-cr premium in FY18: IRDAI

The total assigned capital of foreign reinsurance branches increased to Rs 2,570.35 crore, as of March 2018, from Rs 1,117.81 crore, as of March 2017, the insurance regulator said in its Annual Report.

‘Higher taxes, consumer resistance at current price points hurting sales’

Shekar Viswanathan, vice chairman, Toyota Kirloskar Motor said that high taxation structure is stopping the firm from introducing a mass-market hybrid car in India.

Group insolvency: IBBI sets up committee under Sebi chairman UK Sinha

To suggest regulatory framework to facilitate insolvency resolution and liquidation of debtors in a corporate group within the IBC.

Ex-officials of IL&FS can withdraw Rs 2Lakh/month, says NCLT

The NCLT stated that its earlier order dated December 3 had been modified by the National Company Law Appellate Tribunal (NCLAT), allowing the officials to withdraw only Rs 2 lakh per month.

Wipro Q3 net rises 34.9%; 1:3 bonus share offer announced

The company’s flagship IT services revenues grew 2 per cent to Rs 14,665 crore. In US dollar terms, the IT services revenues stood at $2,046.5 million, which was at the middle of the guidance on actual currency basis.

Sun Pharmaceutical stock falls on new ‘whistleblower complaint’

In a stock exchange filing, Sun Pharma said, “the company has not received the alleged 172–page whistle blower complaint and therefore we are not privy to the contents of the document being referred in the said media article.

Govt, ICAI to train 1 lakh accountants to help boost GST compliance

“Entrance exams will be conducted for the GST accountant course and those who are not professionally qualified as of now to be GST advisers/consultants will be eligible for this programme”, said Amit A Apte, ICAI President.

SC to hear appeal against LIC’s acquisition of 51% stake in IDBI

The All India IDBI Officers’ Association said that the LIC’s move to acquire 51 per cent stake in IDBI violated provisions of the Insurance Act.