MUMBAI: Former finance minister Arun Jaitley had encouraged Raghuram Rajan to take decisive action on cleaning up bad loans of Indian banks, the former RBI governor said in a recent interview to a news portal and asserted that the build-up of non-performing assets (NPAs) in the banking sector, worsened by corruption, delayed clearances, and the…
JAISALMER: The GST Council on Saturday decided to waive tax on gene therapy used to treat cancer and reduced the levy on fortified rice kernels used in PDS to 5%, but deferred a call on lower rates for health and term assurance and food delivery services as more consultations were required.The all-powerful panel led by…
MUMBAI: Across-the-board selling pulled the sensex down by nearly 1,200 points on Friday as foreign funds sold heavily again in the closing hours. This was the fifth consecutive session of losses for the index, losing nearly 4,100 points or 5% during the week.A host of global and domestic factors – a hawkish statement from the…
BENGALURU: The e-commerce landscape in India is witnessing a convergence where quick commerce delivery services meet online retailers in their distinct ways. Major players such as Flipkart and Amazon ventured into 10-minute deliveries via small-format dark stores. At the same time, rapid-delivery specialists Swiggy, Blinkit, and Zepto are enlarging their warehouses to stock larger products,…
MUMBAI: Four of the six Monetary Policy Committee (MPC) members expressed hawkish views on policy easing, making a Feb rate cut dependent on new governor Sanjay Malhotra and his incoming deputy. During the Dec 4-6 meeting, 2 out of 6 members voted for a rate cut, with external members Nagesh Kumar and Ram Singh in…
NEW DELHI: The Andhra Pradesh government and EdTech company PhysicsWallah have signed an agreement to set up a University of Innovation (UoI) at an investment of up to Rs 1,000 crore. The UoI is set to emerge as the first institute of eminence in the state and aligns with Chief Minister N Chandrababu Naidu’s aim…
JAISALMER: The DND Flyway order by the Supreme Court has come as a blow to shareholders led by IL&FS, who were hoping to garner as much as Rs 2000 crore from the sale of the company, banking on its toll revenue and development rights sought by Noida Toll Bridge Company. While lenders too stand to…
GST council has sanctioned a rate increase to 18% from 12% for transactions involving the sale of old and used cars. GST Council Meeting latest update: The ongoing 55th GST council meeting in Jaisalmer is addressing crucial taxation matters, including revisions for AAC blocks, fortified rice and flavoured popcorn categories.According to ET’s Deepshikha Sikarwar, the…
NEW DELHI: State-owned Indian Overseas Bank (IOB) on Wednesday reported 30 per cent rise in net profit at Rs 723 crore for December quarter 2023-24, on the back of improvement in core income and reduction in bad loans. The Chennai-based lender had earned a net profit of Rs 555 crore in the same quarter a…
BENGALURU:TCS and Infosys, following the pandemic, have onboarded 12 new clients, each contributing $100 million or more in revenue. Meanwhile, Wipro and HCLTech have shown slower progress, gaining only seven clients within this revenue bracket.By the end of the 2023-24 fiscal year, TCS maintained 62 clients in this category, whilst Infosys reported 40. Wipro and…
