Economy

Petrol price cut by 50 paise a litre

The retail price of petrol was cut marginally by Rs 0.50 a litre on Saturday, effective midnight, as part of the fortnightly price revision by oil marketing companies. “The current level of international product prices and INR-USD exchange rate warrant a price decrease, which is being passed on to consumers with this price revision,” Indian Oil (IOC) said in a ... Read More »

Voltas’s prospects factored into rich valuations as stock runs up

When most companies in the capital goods sector are battling the industrial slowdown, Voltas Ltd seems poised to take advantage of better times. It might seem optimistic, but here’s why. The firm’s electro-mechanical projects (EMP) business, which comprises almost half the total revenue earned, deals with large air-conditioning plants. In the recent past, profit margins of this segment were hit ... Read More »

SC ruling on diesel vehicles a blow for Mahindra, boon for IGL

Investors were quick to gauge the varying impact of the Supreme Court (SC) ruling banning the registration of diesel vehicles above 2000cc in the National Capital Region until March. Shares of auto firm Mahindra and Mahindra Ltd (M&M) tumbled by 5.44% on Wednesday as it got the biggest blow among auto firms in the listed universe. After all, 98% of ... Read More »

Banks and the bloated debt of Amtek Auto: Part II

On 9 October, Brickwork Ratings India Pvt. Ltd downgraded non-convertible debentures (NCDs) worth Rs.484 crore issued by Amtek Auto to a D rating because of delays in servicing debt. Instruments with this rating are in default or are expected to be in default. The revision was on account of delays in the servicing of coupon to debenture holders due on ... Read More »

Bad loan problem: More skeletons in the closet?

Another startling statistic came to light on Friday that highlights the weak lending practices of India’s banking sector: wilful defaulters owe more than Rs.64,000 crore to state-owned banks, almost one-fifth of the total bad debt of the banking system. Remember, banks have written off at least a trillion rupees of bad debt over the past four years as well. In ... Read More »

Cars may get costlier in Delhi as authorities mull parking fee hike

Buying a car in the national capital may become costlier as the civic bodies are mulling a steep increase in one-time parking fee, seeking also to put a check on the rising number of vehicles in the streets and the resulting pollution. The plan will come up for discussion in the North Delhi Municipal Corporation’s Standing Committee meet on Wednesday, ... Read More »

Dal prices dip Rs 20 a kg, may ease further with new crop

Pulses prices have dropped by around Rs 20 per kg in retail market following government crackdown on hoarderseven as Finance Minister Arun Jaitley promised rates will ease further with new harvest. Average dal prices have eased to Rs 185-190 per kg, down from peak of Rs 210 per kg. “Pulses (from the kharif crop) have also started coming. There is ... Read More »

Substantive reforms will promote ‘Make in India’, says American trade body AFTI

An American trade body focused on India has said that only “substantive reforms” will advance the NDA government’s efforts to promote ‘Make in India’ and attract high value-added foreign direct investment. “Only substantive reforms will advance the Modi government’s efforts to promote ‘Make in India’, attract high value-added foreign direct investment, and move up the economic value chain,” Alliance for ... Read More »

Substantive reforms will promote ‘Make in India’, says American trade body AFTI

“In a highly competitive global economy, the lack of substantive reforms and movement toward world-class regulatory and IP standards only serves to hinder India’s aspirations to rise as a globally-competitive country,” said AFTI, which for the past few years has been pushing for reforms in India. In its statement, AFTI also expressed disappointment over last week’s India-US Trade Policy Forum ... Read More »

Rupee ends 5 paise lower at 65.64 against dollar

The rupee declined by 5 paise to close at one-month low of 65.64 against the US dollar on Tuesday on fag-end demand for the American currency from banks amidst sustained foreign capital outflows. The local unit opened higher at 65.48 against Monday’s level of 65.59 at the Interbank Foreign Exchange (Forex) market and firmed up further to a high of ... Read More »