Marketing

Furnish Daily Data On Cash Withdrawals: RBI To Banks

The RBI has asked banks to submit the data in a specific format. Mumbai: The Reserve Bank of India (RBI) asked banks to submit daily amounts of cash withdrawn from over the counter as well as through automated teller machines to help it gather accurate data on the circulation of currency. In a circular on Sunday, it asked banks to ... Read More »

SBI’s ‘Demonetisation Deposits’ Swell To Rs 75,945 Crore

SBI has seen Rs. 75,945 crore in deposits since the demonetisation of currency notes on November 8. Chennai: India’s largest lender State Bank of India (SBI) has seen Rs. 75,945 crore in deposits since the demonetisation of high-denomination currency notes on November 8, said a senior official on Sunday. “The cumulative deposits (of invalid Rs. 500 and Rs. 1,000 notes) ... Read More »

Reliance Industries Partners Consider Joining Arbitration In $1.55 Billion Gas Row

New Delhi: Reliance Industries’ partners are considering joining the arbitration that the Mukesh Ambani-run firm is planning to initiate against the government for slapping a $1.55 billion demand for “unfairly enriching” by producing natural gas belonging to Oil and Natural Gas Corporation (ONGC). Calgary-based Niko Resources Ltd, which holds a 10 per cent interest in Reliance Industries-operated KG-DWN-98/3 or KG-D6 ... Read More »

Big Oil’s Entry To Heat Up India, World’s Fastest Growing Hub Of Demand

  Global oil majors BP Plc and Rosneft PJSC are eyeing a piece of India’s $117 billion retail market for fossil fuels, threatening to shake up government-owned companies that have faced little competition for a decade. BP has already secured licenses to open as many as 3,500 fuel stations in the world’s second most-populous nation. Rosneft gained access to about ... Read More »

High Imported Coal Price May Hit Power Sector: Report

New Delhi: The rise in imported coal prices is likely to have a negative impact on the power sector value chain as higher rates create “volume and profitability pressures” on discoms that are not able to pass on fuel cost increase to end-consumers due to “political intervention”. “The 60 per cent rise in imported coal prices between April-October 2016 is ... Read More »

Hotel Industry Warns Tourism To Suffer At 18% GST On Rooms

Mumbai: The Hotel and Restaurant Association of Western India (HRAWI) on Monday said the government’s four-tier structure in Good and Services Tax (GST), in which the service sector will be taxed at 18 per cent, will cause the tourism sector a major setback. In the recently-concluded meet on GST, the government has declared a four-tier structure of 5, 12, 18 ... Read More »

Court Asks Hotel Leela Venture To Pay Rs. 258 Crore Royalty To Airports Authority

New Delhi: The Delhi High Court on Monday upheld its single judge decision asking Hotel Leela Venture Ltd to pay Rs. 258 crore to Airports Authority of India (AAI) as royalty for possession of its property near Mumbai International Airport. “We affirm the destination reached by the single judge notwithstanding the route taken not being reflective of the journey undertaken ... Read More »

Gammon India Spurts 9% After Bagging NHAI Order

Mumbai: Shares of infrastructure firm Gammon India surged nearly 9 per cent today after the company won a Rs 870-crore contract from NHAI for widening of a highway in Karnataka. Opening on a positive note, the stock gained 8.90 per cent to settle at Rs 15.90 on BSE. At NSE, shares of the company jumped 8.84 per cent to end ... Read More »

India Cements Surges To 52-Week High

New Delhi: Shares of India Cements today surged to its 52-week high level after the company reported a 16 per cent jump in standalone net profit for the April-June quarter. India Cements today posted a 16.34 per cent jump in standalone net profit to Rs 43.98 crore in the quarter ended on June 30. The company’s net profit during the ... Read More »

RBI To Make Funds Transfer Via Smartphones Easier

Hyderabad: The Reserve Bank of India (RBI) on Monday said it will become easier in the coming weeks for people to transfer funds between bank accounts through their smartphones. Speaking at the IDRBT Banking Technology Excellence Awards function, RBI Governor Raghuram Rajan also made a case for tax benefits to merchants for promoting digital transactions. Leveraging the high mobile density, ... Read More »