Posts tagged Rediff
Modi unveils projects worth Rs 15K cr in West Bengal (02-03-2024)
Prime Minister Narendra Modi unveiled development projects worth Rs 15,000 crore in West Bengal on Saturday. The prime minister unveiled the projects at an official function in Krishnanagar in Nadia district. Addressing the programme, he said these initiatives were aimed at making West Bengal a developed state.
Special trading: Markets settle at new closing highs (02-03-2024)
Among the Sensex firms, Tata Steel, Tata Motors, Asian Paints, Wipro, State Bank of India and Larsen and Toubro were the major gainers. ICICI Bank, NTPC, Axis Bank and Mahindra and Mahindra were among the laggards.
Strong SUV demand brings cheer to India’s motown (01-03-2024)
Leading automakers Maruti Suzuki, Hyundai and Tata Motors on Friday reported robust sales for February as demand for sports utility vehicles continued to remain strong. Mahindra and Mahindra, Toyota Kirloskar Motor and Honda Cars also witnessed higher vehicle dispatches to dealers last month. February turned out to be the third-best month for sales for the industry ever.
Rs 5.49 cr fine imposed on Paytm Payments Bank (01-03-2024)
Financial Intelligence Unit-India (FIU-IND) has imposed a Rs 5.49 crore penalty on Paytm Payments Bank for violating anti-money laundering rules, the Finance Ministry said on Friday. FIU-IND initiated a review of Paytm Payments Bank on receipt of specific information from law enforcement agencies in respect of few entities and their network of businesses engaged in a number of illegal acts, including organising and facilitating online gambling.
Forex reserves jump by $2.97 bn to $619 bn (01-03-2024)
India's forex reserves jumped by $2.97 billion to $619.07 billion for the week ended February 23, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had dropped by $1.13 billion to $616.10 billion. For the week ending February 23, the foreign currency assets, a major component of the reserves, increased by $2.40 billion to $548.19 billion.
GST mop-up grows 12.5% to over Rs 1.68 lakh cr in Feb (01-03-2024)
The GST collection in February grew 12.5 per cent to over Rs 1.68 lakh crore, buoyed by domestic transactions, the finance ministry said on Friday. The total gross GST collection for the current fiscal (April 2023-February 2024) stands at Rs 18.40 lakh crore, 11.7 per cent higher than the mopup for the same period last fiscal.
Why all is not well with DPIIT’s Make in India push (01-03-2024)
The Department for Promotion of Industry and Internal Trade (DPIIT) has proposed to raise the minimum local content under public procurement order in government contracts. But several local suppliers and multinational companies (MNCs) are saying such a steep target is not attainable. Class-I suppliers, whose goods, services or works offered for procurement has local content equal to or more than 50 per cent may see it hiked to 70 per cent, while it may go up to 50 per cent from 20 per cent for Class-II suppliers.
Markets at record highs; Sensex ends up 1,245 points (01-03-2024)
Equity benchmark indices Sensex and Nifty hit their all-time high levels on Friday helped by impressive GDP data and fresh foreign fund inflows. Also, a rally in global markets added to the positive momentum in the equity markets. The 30-share BSE Sensex jumped 1,139.04 points to 73,639.34 -- its all-time peak -- in the late afternoon trade.
India’s manufacturing sector growth hits 5-month high (01-03-2024)
India's manufacturing sector growth climbed to a five-month high in February amid a sharper uptick in factory production and sales, supported by both domestic and external demand, a monthly survey said on Friday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) rose from 56.5 in January to 56.9 in February, pointing to the strongest improvement in the health of the sector since September 2023. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
Two major challenges of Bandhan Bank (01-03-2024)
It is 10 years since Bandhan Financial Services became the first microfinance institution (MFI) to receive the universal bank licence. A year later, in 2015, it started operations. Bandhan's entry into banking was seen as a vote of confidence by the Reserve Bank of India (RBI) for the country's microfinance sector. Subsequently, the RBI awarded small finance bank licences to nine MFIs.