BUSINESS
478 infra projects report cost overrun of Rs 4.4 lakh cr
The Flash Report for central sector projects for May released by the Ministry of Statistics and Programme Implementation showed that 525 projects are running behind schedule. "Total original cost of implementation of the 1,768 projects was Rs 22,86,955.18 crore and their anticipated completion cost is likely to be Rs 27,27,220.47 crore, which reflects overall cost overruns of Rs 4,40,265.29 crore (19.25 per cent of original cost)," it said.
CAIT asks PM Modi to ensure no dilution in draft e-commerce rules
The CAIT assured the Prime Minister that the business community stands in solidarity with the Government for releasing the said rules which spell out the modalities and parameters through which the laws and the rules will be complied and hopes that the draft rules after examining the suggestions and objections will be notified without any further delay.
Indian economy poised for recovery in FY22: SBI Chairman
The Chairman noted that the global economy contracted by 3.3 per cent in 2020 with the pandemic causing significant loss of lives and livelihood. The GDP in India contracted by 7.3 per cent in FY2021 and the country experienced a second wave of infections with cases rising rapidly since March 2021, he said while addressing the 66th Annual General Meeting of the bank.
Eye on consolidation: Govt may end cross-holding in oil PSUs
Official sources said that that all oil sector PSUs may be asked to exit from their investments made in equity shares of other state-owned entities. This could be done in phases, depending on the market conditions, so that the shares get maximum valuation. Experts said that a listed investment is as good as cash equivalent
Petrol up 35p/ltr for 2nd straight day in Delhi, nears Rs 100 in Chennai
With the rise, petrol price has reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the fuel rate cross the Rs 100 per litre-mark in certain cities and towns of Maharashtra, Madhya Pradesh, Rajasthan, Telangana, Andhra Pradesh.
RBI bars MPs, MLAs from holding MD post in urban cooperative banks
These directions are applicable to all Primary (Urban) Co-operative Banks (UCBs). The RBI had exempted UCBs with a deposit size of less than Rs 100 crore from the requirement of seeking prior approval of the Reserve Bank for appointment / re-appointment / termination of appointment of MDs or WTDs.
Global economic recovery positive for India: EY
In its Economic Pulse report, the consultancy firm said: "India's exports have continued to perform well. India's total exports of goods have grown 59 per cent over May 2020 and remained stable compared to April 2020." "Due to Covid's second wave services exports in India took a hit in April, and only a slight increase was accounted in May. However, the Services exports still grew 6 per cent vis-a-vis May 2020."
Pakistan remains in FATF grey list, hit by $38B loss
The paper titled, "Bearing the cost of global politics -- the impact of FATF grey-listing on Pakistan's economy", has been authored by Naafey Sardar. This comes against the backdrop of a fresh grey listing tag for Pakistan. Pakistan was retained on the grey list, or list of countries under "increased monitoring", as the Paris-based UN watchdog judged it deficient in prosecuting the top leadership of UN Security Council-designated terror groups.
BFSI, commodities expected to drive FY22 earnings: MOFSL
Accordingly, MOFSL has placed BFSI, IT, metals, and cement in the 'OW' (overweight) category in its model portfolio. Besides, it has placed consumer, auto, healthcare, and capital goods in 'Neutral' category and 'UW' (underweight) on O&G and infrastructure sectors.
RBI restricts continuous tenure of UCB MDs to 15 years
In the latest directions given by the RBI on appointment, re-appointment and termination process of MD and WTD of UCBs, the apex bank has said that an individual will be eligible for re-appointment as MD/WTD in the same bank even after finishing continuous 15 year tenure but only after a minimum gap of three years, subject to meeting other conditions.
Don't Miss
Advertisement