New Delhi: In a major turn of events, the National Company Law Appellate Tribunal (NCLAT) on Wednesday ordered the restoration of Cyrus Mistry as the Chairman of Tata Group. A two judge bench headed by S.J. Mukhopadhaya also held the appointment of Natarajan Chandrasekaran as the Executive Chairman as illegal. The tribunal said that the restoration […]
Category: Business
RBI cuts GDP forecast to 5% in FY20; sees early revival signs
New Delhi: With the second quarter GDP slipping to a six-year low of 4.5 per cent and expected to remain muted, the Reserve Bank of India (RBI) on Thursday cut GDP growth forecast for the current fiscal to 5 per cent. In its October monetary policy, the RBI had estimated the GDP to grow at 6.1 […]
Inflationary Pangs: RBI holds key lending rates, remains accommodative
Mumbai: To keep retail inflation in check, the Reserve Bank of India on Thursday kept key lending rates unchanged. Accordingly, the RBI’s monetary policy committee (MPC) in its fifth review of the current fiscal kept the repo, or short term lending rate for commercial banks at 5.15 per cent. Consequently, the reverse repo rate was maintained […]
Maruti Suzuki November sales at 1.5 lakh units down 1.9%
New Delhi: Maruti Suzuki India on Sunday reported a 1.9 per cent decline in its November sales to 1,50,630 units, compared on a year-on-year basis. The company had sold 1,53,539 units in November 2018. In a regulatory filing, Maruti Suzuki said that the sale of domestic passenger vehicles in the month in consideeration declined by 3.3 […]
Slowdown dents growth, Q2 GDP growth falls to 4.5%
New Delhi: Slowdown in manufacturing activity pulled India’s GDP growth rate in second quarter (Q1) ended September down to 4.5 per cent, marking the fifth successive quarter of decline. IANS
Repay Rs 7,030 crore to PNB: DRT orders Nirav Modi
Mumbai: In a fresh development in the Punjab National Bank scam, the Mumbai Debts Recovery Tribunal-I, has ordered absconder diamantaire Nirav Modi and others, and his group companies, to repay the Rs 7,030 crore due to the PNB since the past nearly two years. The DRT-1’s diktat of November 22 has also ordered Modi and other […]
Mukesh Ambani led RIL becomes first Indian Company to surpass Rs 10 lakh cr in market capitalisation
Mumbai: Oil-to-telecom major Reliance Industries (RIL) on Thursday surpassed Rs 10 lakh crore in market capitalisation, becoming the first Indian company to do so. RIL hit its 52-week high on the BSE at Rs 1,581.25 a share, rising 0.64 per cent. While RIL gained nearly 40 per cent during the last year, the Nifty50 index advanced […]
Petrol prices continue to surge, diesel stable
New Delhi: Petrol prices continued to rise for the fifth consecutive day on Tuesday, while diesel prices remained stable for the second consecutive day. As the crude oil rates rise in the international market, the Oil marketing companies increased the price of petrol by 10 paise per litre in Delhi, Kolkata, Mumbai and Chennai, though there […]
Flipkart to collect plastic packaging from doorstep
Bengaluru: Flipkart on thursday announced the rollout of a new initiative that focuses on creating awareness among consumers on the proper disposal of plastic packaging and make them active participants in its sustainability agenda. Flipkart is conducting a pilot project to collect plastic packaging back from consumers at select hubs across Mumbai, Bengaluru, Dehradun, Delhi, Kolkata, […]
Moody’s cuts India’s growth forecast to 5.6%
Mumbai: After cutting India’s sovereign ratings, Moody’s Investor Services on Thursday cut India’s growth forecast to 5.6 per cent, from its earlier 5.8 per cent due to subdued consumer demand, along with sluggish liquidity supply. Accordingly, the ratings agency revised downwards its growth forecast for India to 5.6 per cent in 2019, from 7.4 per cent […]