5 Minutes Read

Indiabulls Real Estate sells up to 50 in office assets for Rs 464 crore to Blackstone entities

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Indiabulls Real Estate said it has divested up to 50 percent stake in two office assets in Gurugram at Rs 464 crore to the entities controlled by The Blackstone Group. With this, the company’s existing wholly-owned subsidiaries Ashkit Properties Ltd and Yashita Buildcon Ltd have become joint ventures, Indiabulls Real Estate said in a BSE …

Indiabulls Real Estate said it has divested up to 50 percent stake in two office assets in Gurugram at Rs 464 crore to the entities controlled by The Blackstone Group.

With this, the company’s existing wholly-owned subsidiaries Ashkit Properties Ltd and Yashita Buildcon Ltd have become joint ventures, Indiabulls Real Estate said in a BSE filing.

“The company has divested up to 50 percent stake in two office assets in Udyog Vihar, Gurugram (aggregating 784,000 sq ft leasable office space) at an aggregate enterprise value of approximately Rs 464 crore to the entities controlled by The Blackstone Group L.P., which is a globally renowned real estate private equity investor,” the company said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Samsung tops in number of patents filed for self-driving cars

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Over the 2011-2017 period, Samsung Electronics held the most patents at 624, trailed by US IT giant Intel Corp. with 590.

Samsung Electronics Co. filed the largest number of patents related to self-driving cars in Europe, data showed, far above traditional automobile manufacturers.

According to the data compiled by the European Patent Office (EPO), the number of applications related to self-driving cars filed in Europe came to 3,998 in 2017, growing more than threefold from 922 tallied in 2011.

Over the 2011-2017 period, Samsung Electronics held the most patents at 624, trailed by US IT giant Intel Corp. with 590.

US chipmaker Qualcomm Inc. held 361, followed by Samsung’s smaller South Korean rival LG Electronics Inc. at 348 and German engineering firm Bosch with 343, the EPO data showed.

The figures indicate information and communication technology firms made more efforts to secure self-driving technologies compared with traditional vehicle manufacturers.

Among the top 10 players in the list, only three firms — Bosch, Toyota Motor Corp. and Continental AG — were related to the motor industry.

Europe accounted for 37.2 per cent of the patents, followed by the US with 33.7 per cent. South Korea accounted for 7 per cent, falling behind Japan’s 13 per cent but standing higher than China’s 3 per cent.

According to separate data compiled by the Korea Institute of Intellectual Property, Hyundai Motor Co. filed the highest number of related patents over the 2008-2017 period in the country at 981, followed by Hyundai Mobis Co. with 686 and Mando Corp. with 564. LG Electronics and the Electronics and Telecommunications Research Institute posted 293 and 238, respectively.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Axis Bank MD and CEO Shikha Sharma retires

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Axis Bank on Monday said its Managing Director and CEO Shikha Sharma has retired, effective December 31, 2018.

Axis Bank on Monday said its Managing Director and CEO Shikha Sharma has retired, effective December 31, 2018.

“We wish to inform you that Shikha Sharma, Managing Director and CEO of Axis Bank Limited, has retired from the services of the bank and has accordingly ceased to be the Managing Director and CEO of the bank, with effect from close of business hours on 31st December 2018,” it said in a regulatory filing.

Amitabh Chaudhry will be the new managing director and CEO of the bank with effect from January 1, 2019, it said further.

Chaudhry, the former MD and CEO of HDFC Standard Life Insurance Company, was in September named the MD and CEO of Axis Bank for a period of three years, with effect from January 1, 2019.

Earlier on December 8, Axis Bank had inducted Chaudhry as additional director on its board, three weeks ahead of his taking over as the new managing director and CEO of the private sector lender.

Chaudhry, 54, started his career in corporate banking with the Bank of America in 1987, where he worked in diverse roles. He is a BTech (Electronic & Electricals) from the Birla Institute of Technology & Science, Pilani and an alumnus of the lndian Institute of Management, Ahmedabad.

In July 2017, the board of Axis Bank had approved the reappointment of Sharma, who was to start her fourth term as MD and CEO from June 2018.
However, in April this year, Sharma wanted her new term to be reduced to seven months from a three-year tenure without citing any reasons, which was accepted by the board.

It was learnt that the RBI had asked Axis Bank’s board to reconsider the decision to reappoint Sharma amid concerns over rising bad loans on the bank’s books. She had completed her third term as the bank’s head on May 31.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Small stocks lose sheen, tumbles nearly 24% in 2018

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Small and midcaps stocks faced a rough ride this year as they slumped nearly 24 percent as they were hit by regulatory changes, valuation concerns and volatile market conditions even as their bigger counterparts performed better. In 2018, the BSE Smallcap index tumbled 23.52 per cent or 4,524.03 points while the Midcap index shed 13.37 per cent or 2,383.95 points.

Small and midcaps stocks faced a rough ride this year as they slumped nearly 24 percent as they were hit by regulatory changes, valuation concerns and volatile market conditions even as their bigger counterparts performed better.

In 2018, the BSE Smallcap index tumbled 23.52 per cent or 4,524.03 points while the Midcap index shed 13.37 per cent or 2,383.95 points.

While the smallcap and midcap scrips took a hit, the benchmark 30-share BSE Sensex gained 5.90 per cent or 2,011.5 points during this period.

“Small and midcaps went out of favour in 2018 due to regulatory changes adopted by the exchanges and Sebi/ RBI whereby traders got disincentivised to buy/ hold on to these shares for long,” Deepak Jasani, Head Retail Research at HDFC Securities, said.

According to him, disruptions due to technology and e-commerce also impacted the business models of quite a few companies.

The weak show by smaller stocks were in sharp contrast to their blockbuster performance in 2017.

Last year, the BSE Smallcap index zoomed 59.64 per cent or 7,184.59 points while the Midcap index rose 48.13 per cent or 5,791.06 points. During this period, the Sensex had gained only 27.91 per cent or 7,430.37 points.

“Rising interest rates accompanied by lower availability of credit affected the working capital cycle of some companies. Lack of entry barriers in most sectors meant that capacity buildup was more than necessary even as financiers were lax in funding projects till upto a few years back.

“Lastly in some cases valuations which has risen abnormally high earlier reverted to their mean,” Jasani noted.

From its all time high of 18,321.37 on January 9 this year, the Midcap index hit its 52-week low of 13,538.62 on October 9.

Same was the case with the Smallcap index which touched its one-year low of 13,396.84 on October 9. The index had reached a record high of 20,183.45 on January 15.

The blue-chip Sensex had touched its all time peak of 38,989.65 on August 29 this year.

“The fall of midcaps and smallcaps is not an answer to an “if” question but to a “when” question as these stocks were trading at sky-high valuations.

Therefore, it was obvious that such high valuation does not last forever and a mean reverting correction was a certainty,” Jimeet Modi, Founder & CEO of Samco Securities and StockNote said.

Market participants said that smaller stocks are generally bought by domestic investors, while overseas investors focus on blue-chips.

“Mid and smallcaps were hugely impacted by a change in Sebi’s category or definition of mcap, implementation of ASM system (Additional Surveillance Measure) and IL&FS default,” Vinod Nair, Head of Research at Geojit
Financial Services said.

The midcap index tracks companies with a market valuation that is on an average one-fifth of large firms. In the case of smallcap firms, the valuation is almost a tenth of the larger counterparts.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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As temperatures fall, air quality worsens in New Delhi

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Pollution levels spiked last week in New Delhi, India’s teeming capital of more than 20 million people, climbing to nearly 12 times the recommended level and exacerbating a public health crisis.

Pollution levels spiked last week in New Delhi, India’s teeming capital of more than 20 million people, climbing to nearly 12 times the recommended level and exacerbating a public health crisis.

Senior government officials said the main reasons for the surge in the amount of toxic smog trapped over New Delhi were unusually cold air, including fog, and slow wind speeds.

Click here for an interactive Reuters graphic https://tmsnrt.rs/2GORiU9 on the link between Delhi’s pollution and falling temperatures and wind speeds.

The World Health Organization said this year India was home to the world’s 14 most polluted cities. New Delhi was ranked the sixth most polluted.

In the city on Sunday, levels of PM 2.5, the amount of tiny particulate matter under 2.5 micrograms found in every cubic metre of air, were at 415, well above “hazardous” levels, as defined by the U.S. Environmental Protection Agency. The agency says any level above 35 can be unhealthy.

Pollution levels were exacerbated because of fumes from vehicles, pollutants from coal-fired power plants and industries, as well as smoke from fires being burned to keep people warm.

In October and November, crop residue burning in the neighbouring states of Haryana and Punjab also contributed to air pollution.

In India, air pollution claimed 1.24 million lives in 2017, or 12.5 percent of total deaths, according to a study published in Lancet Planetary Health this month.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Wall Street opens higher on trade progress boost

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

US stocks opened higher on Monday, in their last trading session of 2018, as signs of progress in the US-China trade dispute helped lift technology companies, which have major revenue exposure to China.

US stocks opened higher on Monday, in their last trading session of 2018, as signs of progress in the US-China trade dispute helped lift technology companies, which have major revenue exposure to China.

The Dow Jones Industrial Average rose 91.54 points, or 0.40 percent, at the open to 23,153.94.

The S&P 500 opened higher by 13.20 points, or 0.53 percent, at 2,498.94. The Nasdaq Composite gained 64.99 points, or 0.99 percent, to 6,649.52 at the opening bell.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Should Elon Musk be able to buy Twitter?

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India’s diesel demand to double by 2029-30, says oil minister Dharmendra Pradhan

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

India’s diesel demand is likely to double to 163 million tonne (MT) in 12 years as consumption rises in the world’s fastest-growing economy, Oil Minister Dharmendra Pradhan said on Monday.

India’s diesel demand is likely to double to 163 million tonne (MT) in 12 years as consumption rises in the world’s fastest-growing economy, Oil Minister Dharmendra Pradhan said.

In a written reply to a question in the Lok Sabha, Pradhan said as per the International Energy Agency’s World Energy Outlook 2018, the country’s oil demand is projected to jump by 61 per cent to 350 MT of oil equivalent by 2030, from 217 MT in 2016.

India is the world’s third-largest oil consumer.

The country’s compound annual growth rate (CAGR) of 3.47 per cent in oil demand compares with 1.92 per cent projected for China during the 2016-2030 period.

During this period, the US and Japan are likely to witness a contraction of demand, while Russia may just manage a positive growth with consumption rising from 149 MT to 154 MT, he said.

As per the report of a working group constituted by the Ministry of Petroleum and Natural Gas on enhancing refining capacity by 2040, the demand for petrol is likely to rise from 26.2 MT in 2017-18 to 49 MT in 2029-30, he said.

For diesel, the demand is projected to grow from 81.1 MT in 2017-18 to 163 MT in 2029-30, he said.

“The…oil consumption in 2017 over 2015 grew on a compound average basis of 6 per cent,” he said, adding that the rise in growth was mainly due to increasing economic and manufacturing activities, thrust on infrastructure spending, growth in disposable income leading to the higher purchase of automobiles and mechanisation of agriculture.

India saw oil consumption rise from 197.8 MT in 2015 to 217.1 MT in 2016 and 222.1 MT in 2017, he said.

Pradhan said to meet the rising demand, the government has taken several steps to enhance exploration and production of oil and gas in the country.
These include a new Hydrocarbon Exploration and Licensing Policy (HELP) and Open Acreage Licensing Policy (OALP).

Also, idle discovered fields of state-owned firms have been bid out under the Discovered Small Fields (DSF) policy, he said. He also added that gas pricing reforms, including a premium for the fuel produced from difficult areas and grant of marking freedom, have been done.

Besides, rigidities of the existing production sharing contracts (PSCs) have been eased, and a transparent and clear policy for granting licence extensions is being implemented.

Investments to enhance oil and gas output from the existing fields have been incentivised, and exploration and exploitation of unconventional hydrocarbons such as shale oil/gas and coal bed methane have been permitted.

To a separate question, he said oil PSUs have identified land for a 60-MT integrated refinery-cum-petrochemical complex in Maharashtra.

“Maharashtra Industrial Development Corp (MIDC) has started the process of land acquisition. However, there is opposition from certain quarters of society for the land acquisition,” he said, adding his ministry has written to the state government to expedite the land acquisition.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

HDFC raises lending rates by 10 bps

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

HDFC raises lending rates by 0.1%.

Mortgage lender HDFC has increased its retail prime lending rate (RPLR) by 10 basis points (bps), making housing loans costlier for new borrowers.

One basis point is a hundredth of a percentage point.

The new rates range from 8.90 to 9.15 percent on various slabs of loans.
HDFC has increased its RPLR, on which its adjustable-rate home loans are benchmarked, by 10 bps with effect from January 1, 2019, the mortgage lender said in a statement.

The move is likely to be followed by other lenders raising rates in the new year as cost of funds is on the rise.

For HDFC borrowers, home loans up to Rs 30 lakh will now be available at 8.95 percent (8.90 percent for women) and those above Rs 30 lakh but less than Rs 75 lakh will be available at 9.10 (9.05 percent for women).

Country’s largest lender and HDFC’s prime competitor in the mortgage market SBI had hiked its marginal cost of borrowing based lending rate by 0.05 percent in December.

The RBI had hiked its key rates in quick succession midway through 2018, before pausing as inflation ebbed.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Question 1 of 5

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Should Elon Musk be able to buy Twitter?

 5 Minutes Read

India’s external debt declines 3.6% to $510.4 billion at September-end

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The country’s external debt fell by $19.3 billion, or 3.6 percent, to $510.4 billion during the six-month period ended September, due to a decrease in commercial borrowings, non-resident Indian (NRI) deposits and valuation effect.

The country’s external debt fell by $19.3 billion, or 3.6 percent, to $510.4 billion during the six-month period ended September, due to a decrease in commercial borrowings, non-resident Indian (NRI) deposits and valuation effect.

“At end-September 2018, India’s external debt witnessed a decline of 3.6 per cent over its level at end-March 2018, on account of a decrease in commercial borrowings and non-resident Indian (NRI) deposits,” RBI said.

“The decrease in the magnitude of external debt was primarily due to valuation gains resulting from the appreciation of the US dollar against the Indian rupee and major currencies,” the RBI said Monday.

Valuation gains due to the appreciation of the dollar vis–vis the rupee and major currencies were placed at $25.4 billion.

“Excluding the valuation effect, the increase in external debt would have been $6.1 billion instead of a decrease of $19.3 billion at end-September 2018 over end-March 2018,” it added.

The debt was $529.7 billion at the end of March 2018.

Commercial borrowings continued to be the largest component of external debt with a share of 37.1 per cent, followed by NRI deposits (23.9 per cent) and short-term trade credits (19.9 percent).

At the end of September 2018, long-term debt (with original maturity of above one year) was placed at $406.1 billion, recording a decline of $21.4 billion over its level at the end of March 2018.

According to the standard practice, the country’s external debt statistics are released with a lag of one quarter.

US dollar-denominated debt continued to be the largest component of India’s external debt with a share of 49.7 percent at September-end, followed by the rupee (36.1 percent), SDR (5.3 percent), the yen (4.7 percent) and the euro (3.2 percent).

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Finance ministry exempts rupee payments for Iran oil from hefty taxes

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The finance ministry has exempted rupee payments made to the National Iranian Oil Co (NIOC) for crude oil imports from a steep withholding tax, according to a government order reviewed by Reuters.

The finance ministry has exempted rupee payments made to the National Iranian Oil Co (NIOC) for crude oil imports from a steep withholding tax, according to a government order.

The exemption, put in place December 28 but backdated to November 5, will allow Indian refiners to settle about $1.5 billion of outstanding payments to NIOC. Those have been building up since Tehran was put under stringent US sanctions in early November.

The two countries on Nov. 2 signed a bilateral agreement to settle oil trades through an Indian government-owned bank, UCO Bank, in the Indian currency, which is not freely traded on international markets.

However, the income of a foreign company that is deposited in an Indian bank account is subject to a withholding tax of 40 percent plus other levies, leading to a total take by the authorities of 42.5 percent.

That made the agreement unworkable for Iran and led to the freeze in payments by the refiners until the exemption could be introduced.

Iran will be able to use the rupee funds for a range of expenses – including imports from India, the cost of its missions in the country, direct investment in Indian projects, and its financing of Iranian students in India, according to another government document reviewed by Reuters. It can also invest the funds in Indian government debt securities.

“In the previous round of sanctions Iran was allowed to use funds for imports from India but this time we have expanded the scope for use of funds to benefit both nations,” said an Indian government official, who declined to be named because of the sensitivity of the issue.

The move may help India fix its trade balance, which is currently tilted in favour of Iran.

Payments To Start Soon

The tax exemption order, though, only refers to crude oil. That means it does not apply to imports of other commodities, such as fertiliser, liquefied petroleum gas and wax.

India, Iran’s top oil client after China, has turned to paying for Iranian oil in rupees as major banking channels dealing in global currencies are closed off by the US sanctions.

“Passing of this notification eases constraints for Indian refiners to make payment,” said Sanjay Sudhir, joint Secretary in India’s oil ministry.

An official from India’s top refiner and Iran’s top customer in the country, Indian Oil Corp, said his company would start making payments to Iran from January.

The finance ministry did not respond to a request for comment. Indian Oil Corp and UCO Bank also did not respond.

Last month, the United States introduced the sanctions aimed at crippling Iran’s oil revenue-dependent economy because of its nuclear and ballistic missile programmes and its support for militant proxies in the Middle East. Washington did, though, give a six-month waiver from sanctions to eight nations, including India, and allowed them to import some Iranian oil.

India’s overall imports from Iran totalled about $11 billion

in April-November 2018, with oil accounting for about 90 percent of the imports.

Iran will be able to register as a foreign portfolio investor, allowing it to invest in Indian government debt.

The direct investment provision could help Iran in participating in Indian oil refiner Chennai Petroleum Corp Ltd’s expansion plans. Iran owns 15.4 percent of the company.

Iran which used to be the third biggest oil supplier to India slipped to No. 6 in November, according to ship tracking data and industry sources.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?