(ET) The Modi government and the central bank are together working at relieving the stress of the financial and the real estate sector. Learns that talks are on at a high-level on whether a mini version of the troubled asset relief program that the US government undertook in 2008 during the financial crisis could be done to alleviate the stress of India’s NBFC sector. Nirmala Sitharaman backed Finance ministry along with RBI are discussing a new scheme to unburden stressed assets from top 25 NBFCs. Sources indicate that the creation of new RBI backed SPV or Special Purpose Vehicle could be…
Author: Aruna Sharma
(BS) National Thermal Power Corporation (NTPC) Limited would spend Rs 100 crore to renovate Government Medical College in Chhattisgarh’s Raigarh district. The state-run power producer is coming up with a 4000-Mw super thermal power station in Lara of Raigarh district. The first unit of 800-Mw had been commissioned while the work of second unit under the first phase of the project was nearing completion. “The money for the medical college renovation project had been released from the resettlement and rehabilitation (R&R) budget,” NTPC spokesperson said. The amount would be utilised for developing infrastructure, equipment and overall upgradation of the medical college. The company had…
(PTI) Numaligarh Refinery Ltd (NRL) would soon venture into the upstream business of exploration and production, following the nod from Union Ministry of Petroleum and Natural Gas to acquire participatory interest in two blocks in Assam. The Ministry of Petroleum and Gas has formally approved that NRL could acquire participatory interest in the two exploration blocks of Namrup in Dibrugarh district and West Mechaki block in Tinsukia district, an official release said on Thursday. The exploration blocks were earlier awarded to Oil India Limited (OIL) on October 1, 2018 after nationwide bidding under open acreage licensing policy (OALP) round-I. Namrup…
(News 18) Union Finance Minister Nirmala Sitharaman on Wednesday launched a spirited defence of her handling of the economy, comparing macroeconomic indicators with past Congress governments and said the growth may have slowed down but the economy will never slip into recession. Replying to a short-duration discussion on the state of the economy in the Rajya Sabha, Sitharaman said steps taken by the government post her maiden budget have started to bear fruit and some sectors, such as automobiles, have shown signs of recovery. “Every step being taken is in the interest of the country. Looking at the economy in discerning…
(ET) Three regional rural public sector banks – Baroda Uttar Pradesh Grameen Bank, Kashi Gomti Samyut Gramin Bank and Purvanchal Bank will be amalgamated on April 1, 2020 into a single regional rural bank which will be called Baroda UP Bank according to a notification published by the finance ministry on Wednesday. The headquarters of the Baroda UP Bank will be in Gorakhpur under the sponsorship of Bank of Baroda according to the notification. Bank of Baroda is the sponsor of Baroda Uttar Pradesh Grameen Bank, Union Bank of India is the sponsor of Kashi Gomti Samyut Gramin Bank while…
(Daily Excelsior) The Government is working on several incentives and steps to promote industrial development in the Jammu and Kashmir region, Commerce and Industry Minister Piyush Goyal said today. “The Government is working on significant incentives and steps to promote industrial development. It will give a boost to investor sentiment in the region,” he said here at KASHMIRONOMICS CONCLAVE 2019. The minister said companies in the United Arab Emirates (UAE) and Dubai are keen to explore business opportunities in this region.“I am sure more and more people would like to set up industries and invest in that region,” he said.He said…
(LiveMint) Indian Railways is planning to manufacture about 640 coaches of country’s first semi-high speed train, the ‘Train 18’ later rechristened as Vande Bharat Express, in the next three years. This information was given by Minister of Railways and Commerce & Industry, Piyush Goyal in a written reply to a question in Lok Sabha on Wednesday. The production programmes for 2019-20, 2020-21 and 2021-22 include the manufacture of 160, 240 and 240 coaches respectively for train sets at Integral Coach Factory (ICF). Two rakes have already been put into service.Train 18 is a semi high speed, fully air conditioned train, having quicker acceleration and contemporary…
(TH) Tamil Nadu government on Saturday will sign nine new Memorandum of Understanding (MoU) with various companies, including BYD of China; ITC Paperboard and Shreevari. The MoUs will be signed at the Investment and Skill Development Conclave organised by the Tamil Nadu government in the presence of Chief Minister Edappadi K Palaniswami. On the Tamil Nadu Defence Industrial Corridor, the MoUs will be signed with Defence Research and Development Organisation and IIT Madras for knowledge partnership, said government sources. Palaniswami will launch Apex Skill Development Centres; inaugurate new investment projects; launch a new logo for Tamil Nadu Guidance Bureau and launch BIZ…
(ET) Mukesh Ambani-led Reliance Industries hit Rs 10 lakh crore mark in market capitalisation as the bulls pushed the stock to new highs. It became the first India company to reach the coveted milestone. At 10.10 am, shares of RIL were trading at Rs 1,579, up 0.61 per cent on BSE. The market cap stood at Rs 10 lakh crore at the same time.The scrip has climbed 41 per cent year-to-date. In comparison, 30-share pack Sensex has grown barely above 12 per cent. The scrip had been flirting with the milestone since last week when it hit Rs 9.5 lakh crore…
(ET) Steel Authority of India Limited (SAIL), the country’s largest state-owned steel firm on Wednesday said it has launched a new cost control drive across its plants and units with SAIL chairman Anil Kumar Chaudhary deciding on pushing for aggressive cost control in the company. The cost control measures are aimed at not only improving efficiency but also towards imparting a lasting competitive advantage. All plants and units of the company are working on a mission mode to All plants and units of the company are working on a mission mode to reduce the cost of production with the guiding…