Manufacturing growth shrinks in June on weak order inflows, shows HSBC survey

India’s manufacturing sector eased in June due to weak growth in new business inflows as companies took a cautious line on hiring, an HSBC survey said on Wednesday. The HSBC India Purchasing Managers’ Index (PMI) fell to 51.3 in June from 52.6 in May, amid slowest rise in new orders since September 2014. “Following the

Rupee ends marginally higher by 3 paise

In restricted trading, the rupee ended marginally higher by three paise to 63.61 against the American currency on mild selling of dollars by banks and exporters on hopes of foreign capital inflows into equity in view of strong equity market. The rupee opened lower at 63.66 per dollar at the Interbank Foreign Exchange (forex) as

Sensex rises 240 pts; reclaims 28k-mark after 10 weeks

Reclaiming the 28,000-mark after 10 weeks on Wednesday, the benchmark BSE Sensex surged by 240 points on across-the-board buying after the government promised capital support to PSU banks amid positive macroeconomic data. Besides, a firming trend in global markets, after Greek PM Alexis Tsipras was reportedly prepared to accept creditors’ demands for a bailout buoyed

Indraprastha Gas shares surge on reports of favourable SC ruling

Shares of Indraprastha Gas surged as much as 17.8 per cent after reports of Supreme Court’s ruling that regulator Petroleum and Natural Gas Regulatory Board (PNGRB) could not set gas tariffs on behalf of gas distributors. The Supreme Court case had pitted PNGRB and Indraprastha and revolved over who could set gas tariffs. In dismissing

Disclose foreign income, assets by Sept 30

The government announced a three-month window till September 30 as one last chance for declaration of undisclosed foreign income and assets to escape prosecution under the new black money law on Wednesday. Those who declare their income and assets within this three-month time frame will be required to pay tax and penalty on such funds

Sebi finds firms diverting IPO money through ICDs

aking advantage of a regulatory gap, some companies have diverted the funds raised through IPOs for personal gains of promoters through Inter Corporate Deposits, prompting regulator Sebi to plug this loophole. In its meeting last week, Sebi board decided that the companies will have to mandatorily deposit the money raised through Initial Public Offers (IPOs)

Govt opens compliance window for black money disclosure

The government on Wednesday gave three months till September 30 for people to declare their undisclosed foreign income and assets to escape prosecution under the new black money law , while tax and penalty on such funds can be paid till December 31. Those availing the one-time ‘compliance window’ would be required to pay a

FM Arun Jaitley eyes 8-10% growth, says current rate not satisfactory

Pitching for a higher growth of 8 to 10 per cent to eradicate poverty, Finance Minister Arun Jaitley said on Wednesday the country is no more satisfied with the current rate. “India is no longer satisfied being in the 6 to 8 per cent growth. It wants to transcend to another level and aim for

Narendra Modi’s Digital India dream gets India Inc votes

The leading lights of India Inc, including Aditya Birla Group chief Kumar Mangalam Birla, Reliance Industries chairman Mukesh Ambani, ADAG chairman Anil Ambani, Bharti Enterprises chairman Sunil Mittal, Tata Group Chairman Cyrus Mistry and Wipro’s Azim Premji, extended full support to Prime Minister Narendra Modi’s Digital India campaign on Wednesday. The industrialists announced their commitments

New models propel improvements in long term vehicle dependability in India

New model launches propel improvements in long-term vehicle dependability in India as owners of these models report fewer problems than owners of existing or continuing models, according to the J D Power Asia Pacific 2015 India Vehicle Dependability Study released today. The study, now in its eighth year, measures problems experienced by original owners of