A year after the government headhunter failed to find any suitable candidate for the top job at ONGC, the oil ministry has proposed raising of eligibility age as well as a shorter tenure for the new chairman and managing director of India's top oil and gas producer. The ministry has proposed that any candidate to be eligible for consideration should not be more than 60 years of age on the date of occurrence of the vacancy, according to the ministry's office memorandum sent to the Department of Personnel and Training (DoPT) on June 17.
Leading cryptocurrency Bitcoin dropped below $18,000 per digital coin on Sunday -- a massive over 70 per cent drop from its record high of $68,000 in November last year -- as mayhem in the crypto market continued.
The price of bitcoin fell below $20,000 for the first time since late 2020 on Saturday, in a fresh sign that the selloff in cryptocurrencies is deepening. Bitcoin, the most popular cryptocurrency, fell below the psychologically important threshold, dropping as much as 9% to less than $19,000, according to CoinDesk.
Telecom minister Ashwini Vaishnaw on Saturday said 5G deployment will commence in 20-25 cities and towns by the year-end, and indicated that India, with its current data prices significantly lower than global average, will continue to set rate benchmarks as new services are rolled out.
Bharatiya Janata Party (BJP) MP from Bhopal, Pragya Thakur has claimed to have received assassination threat over a phone call from unidentified caller posing as an aide of Dawood Ibrahim's brother - Iqbal Kaskar. In the viral audio clip in which Thakur talked with the unidentified caller (as claimed) for one-and-half minutes, she kept asking him why she would be assassinated. "Ok, you want to kill me, but let me know why you want to kill me?" Thakur is heard saying in the audio. Thakur repeated yet again: "Tell me why you want to kill me, I want to know." The caller replied: "We won't leave you. When our man kills, he will tell you why."
A Reserve Bank of India (RBI) write-up flagging concerns over building financial stress in several states and calling for corrective steps in five most indebted ones has evoked mixed response, with some calling the assessment wrong and others pointing to rise in income to counter calls for cut in expenditure.
The RBI on Friday came out with its 'Payments Vision 2025' document which seeks a three-fold jump in the number of digital payments, increase in debit card usage and less cash in circulation. The document also talks about ring-fencing of domestic payment systems, including the need to mandate domestic processing of payment transactions, in view of the emerging geopolitical risks.
Benchmark indices extended their losing streak to the sixth straight session on Friday, with the Sensex declining 135 points in choppy trade amid mixed global markets, unabated foreign fund outflows, and rising crude oil prices.
Reserve Bank of India (RBI) Governor Shaktikanta Das has refuted criticism of the central bank that it has fallen behind the inflation curve. Speaking at an event in Mumbai on Friday, Das sought to defend the policy actions, saying shifting focus to inflation management earlier would have had 'disastrous' consequences on the economy. He said that the RBI was in sync with the requirements of the economic developments.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 14-year-high of 3.83 billion Swiss francs (over Rs 30,500 crore) in 2021 on a sharp surge in holdings via securities and similar instruments while customer deposits rose as well, annual data from Switzerland's central bank showed on Thursday.
The rupee recovered from its record low to close 12 paise higher at 78.10 against the American currency on Thursday, tracking the overnight weakness of the dollar and falling crude oil prices. The dollar index fell from its elevated levels after the Federal Reserve raised interest rates by 75 basis points in a historic move to fight inflation and projected a slowing economy and rising unemployment in the months to come, traders said.
Nifty50 Prediction, Nifty50 Chart: Domestic equity indices erased morning gains as markets turned tailspin amid a bearish trend in the global markets in the backdrop of the Federal Reserve's rate-hike decision.
Power demand of India: India's power demand in the year 2022 has jumped by a record 40,000-45,000 MW per day as an intense heat wave sweeps through northern parts of the country, the economy expands, and electricity reaches millions of unelectrified homes, Power Minister RK Singh has said.
Tesla proposed a three-for-one split of its stock on Friday (June 10), a move that will make a single share of the electric car maker more accessible to investors but not affect the company’s overall market value.
LIC share price news: The government on Friday said it is "concerned" about the temporary blip in LIC scrip and the insurer's management will look into these aspects and raise shareholders' value. Life Insurance Corporation (LIC) was listed on the bourses on May 17 at Rs 872 a share. The government had fixed the issue price of LIC shares at Rs 949 apiece after a successful Initial Public Offering (IPO) which was oversubscribed nearly 3 times.
Inflation rates in India have increased to unprecedented levels. The annual inflation was at 6.95 per cent in March 2022, the highest since October of 2020. The higher-than-expected inflation has prompted the government to resort to taking calibrated measures to bring the prices under control and the RBI to increase the policy rate twice in a span of just 36 days. The elevated prices are mainly due to the disruption in the global supply chain post-pandemic and the Russia-Ukraine war, the fall in the value of the currency and the overall rise in the prices of goods and services.
Equity benchmark Sensex slumped over 1,000 points to sink below the 55,000-level on Friday, tracking deep losses in IT, finance, banking and energy stocks amid widespread selling in the global markets. A weak rupee, surging crude prices and relentless foreign capital outflows further weighed on sentiment, traders said.
Fitch Ratings on Friday upped the outlook on India's sovereign rating to 'stable' from 'negative' after two years, citing diminishing downside risks to medium-term growth on rapid economic recovery. Fitch Ratings kept the rating unchanged at 'BBB-'.
Reserve Bank of India (RBI) Governor Shaktikanta Das has once again cautioned investors against trading in cryptocurrencies. He said that cryptocurrencies pose huge financial stability risks in the economy, adding that the central bank has conveyed its stance on cryptocurrencies to the government.
Foreign Direct Investment inflows to India declined USD 19 billion to USD 45 billion in 2021 but the country still remained among the top 10 global economies for FDI last year, the United Nations said on Thursday.
With inflation showing no signs of abatement, the Reserve Bank is likely to increase the benchmark lending rate in quick succession in its forthcoming monetary policy review on Wednesday, a hint for which has already been given by Governor Shaktikanta Das, opined experts.
EPF Interest Rate 2021-22, EPF Interest Rate Cut: The Employees’ Provident Fund Organisation (EPFO), responsible for regulation and management of provident funds in the country, has cut the interest rate on EPF to a 40-year-low of 8.1 per cent for the financial year 2021-22, causing more pain to the salaried class at a time when inflation is at an 8-year-high. The interest rate for the financial year 2020-21 was 8.5 per cent.
Service charge issue: A national food industry body and several restaurant owners said the government's move to come out with a legal framework to stop restaurants levying service charge is "unfortunate" and it will "hurt the interests" of ordinary staffers who render services to customers. National Restaurant Association of India (NRAI) president Kabir Suri also said there is no legal rule made on the issue yet, "so we are waiting and watching". Food and Consumer Affairs Minister Piyush Goyal on Friday asserted that restaurants cannot add 'service charge' to the food bills, though customers at their discretion can give "tips" separately.
The government has approved an 8.1 per cent rate of interest on employees' provident fund (EPF) deposits for 2021-22 -- an over four-decade low -- for about five crore subscribers of retirement fund body EPFO.
Tesla Job Cut: Billionaire Elon Musk has said that his company Tesla needs to lay off staff by around 10 per cent, news agency Reuters reported. Tesla is the world's largest EV maker. Besides, the Texas headquartered company is also pausing fresh hiring worldwide.
Aether Industries Share Price: Aether Industries shares on Friday hit a 10 per cent upper circuit on the bourses after making a stellar debut. The shares of the speciality chemicals company listed with a premium of 10 per cent against its issue price of Rs 642 on the NSE and BSE.
In a bid to prevent Chinese companies from circumventing Indian laws to do business in the country, the government has come up with a notification that requires land border-sharing nations' citizens who are appointed as directors on boards of companies to obtain a security clearance.
The Department of Consumer Affairs (DoCA) will soon come up with a robust framework to ensure strict compliance by the stakeholders with regard to service charge levied by restaurants and hotels as it adversely affects consumers on a daily basis.
The Directorate General of Civil Aviation (DGCA) has imposed a fine of Rs 10 lakh on Vistara for letting an improperly trained pilot land an aircraft at the Indore airport recently. The flight had passengers on board.
Salasar Techno Engineering on Wednesday said it received orders worth Rs 1,182 crore in 2021-22, posting a year-on-year rise of about 20 per cent. The company said its overall order book in 2020-21 was at Rs 988 crore.
Equity benchmarks failed to hold on to early gains and came under selling pressure in a choppy session on Wednesday, with the Sensex tanking 185 points amid mixed trends from global markets. High crude oil prices and foreign fund outflows also played spoilsport.
The country's largest housing finance company HDFC, state-owned Punjab National Bank (PNB) and ICICI Bank on Wednesday announced an increase in their lending rates. While HDFC increased its Retail Prime Lending Rate (RPLR) on housing loans, PNB and ICICI Bank have announced a hike in their marginal cost based lending rates (MCLR), a move that will lead to an increase in EMIs for borrowers,
Goods and Services Tax (GST) collections for May stood at Rs 1,40,885 crore, an increase of 44 per cent year-on-year basis, the Finance Ministry said on Wednesday. The revenues in the corresponding period of last year had stood at Rs 97,821 crore.
Commercial LPG Price Cut News: The price of commercial LPG cylinders has been cut massively by Rs 135 in a big move by the Modi government to fight against skyrocketing inflation. The new rate of 19-kg cooking gas will be applicable from today (June 1) across the country.
There needed to be a global consensus reached on cryptocurrencies and India would look at regulations enforced in other countries before deciding how it would regulate, Economic Affairs Secretary Ajay Seth said. He added that inputs from various stakeholders and institutions, including the World Bank and the IMF, have been incorporated in the consultation paper which will be released soon.