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igi airport world's 16th busiest, managed 63.4 million passengers in 2017
indira gandhi international airport in the national capital has been ranked as the 16th busiest in the world, handling 63.4 million passengers in 2017, says a report. the airport is 16th among the world's top 20 busiest aerodromes in terms of passengers handled on an annual basis. according to airports council international (aci), the airport handled 14 per cent more passengers last year and jumped 6 places from 22nd position in 2016. india is one of the fastest growing domestic aviation markets in the world. atlanta hartsfield-jackson in the us maintained its position as the world's busiest airport by handling 103.9 million passengers in 2017, followed by beijing with 95.8 million passengers, said the world airport traffic report. dubai international airport handled 88.2 million passengers and stood at third position. tokyo and los angeles made up the top five with 85.4 million and 84.5 million passengers, respectively.also read: after jet airways mishap, prabhu orders safety audit of airlines, airports aci is the trade association of the world's airports, currently serving 641 members operating 1,953 airports across 176 countries. aci world director general angela gittens said that while strong competitive forces continue to drive innovation and improvements in efficiency and service for passengers, airports face the challenges of meeting the continuing global growth in demand for air services. passenger traffic in advanced economies grew...
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after a 'hot brake' warning, air india flight makes steep 10,000 ft descend
an air india pilot has come under the lens of the airline's flight safety department for allegedly making a steep 10,000 feet descend while flying from kuwait to goa earlier this month, sources said. the incident happened on september 15 when an a320 plane was flying to goa. an industry source said that the pilot descended from 35,000 feet after a `brake hot` warning to 25,000 feet. apparently, the descend was done to cool off the brakes but at 35,000 feet the temperature is extremely low and the warning would have been wrong, the source added. after sometime the plane climbed to 35,000 feet. an airline source said the flight safety department has called the pilot on october 1 to seek more details about the incident. the pilot himself had reported the matter to the airline, the source added. an air india spokesperson declined to comment on the incident citing pending investigation.
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after its shares tumble, dhfl plans reducing exposure to commercial paper
dhfl on sunday said it proposes to reduce exposure to commercial paper (cp) as part of overall borrowing plan and increase hedging activity, days after the shares of the company tumbled up to 42 per cent on massive selling over fears of a liquidity crisis. besides, the company said it will raise resources and focus on borrowings from banks and international markets and through direct assignment, said a dhfl note on 'approach to liquidity management' filed with stock exchanges. it expects liquidity to remain tight in second half with volatility in rates, it said. `surplus would be in excess of rs 120 billion at any point of time after meeting all contractual obligations if undrawn bank lines are included,` it said. in its assessment, interest rates started hardening after a prolonged pause and contrary to expectations the liquidity started tightening in first half of 2018-19. on companies `action plan/taken` for the second half of the current fiscal, the dhfl filing said it will `raise resources through direct assignment` and `reduce exposure to commercial paper as part of overall borrowing plan`, among other steps. the company also said that it achieved planned capital market borrowings for 2018-19 and `as market is pricing in rate hike, initiated hedging activity of fixed rate liability`. the scrip of dewan housing finance corporation friday went into a tailspin, nosediving 42.43 per cent to end at rs 351.55 on the bse. intra-day, it t...
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china's debt rises to $2.58 trillion, but remains within official limit
china's spiralling debt, a major concern for the slowing down of its economy, has risen to $2.58 trillion, a media report said sunday. the country's top legislative body has decided that the upper limit for local government debt this year should be 21 trillion yuan. china's local government debt balance stood at 17.66 trillion yuan ($2.58 trillion) by the end of august, but it remained within the official limit, state-run xinhua news agency reported, quoting the ministry of finance as saying. regarded as the `hidden debt`, the steady rise of the local government debt worries economists and regulators though the country's overall government debt fell last year to 36.2 per cent of its gdp, lower than the level of the most advanced economies. the local government debt came in the form of local authorities guaranteeing, often by informal arrangements, borrowing by companies known as local government financing vehicles (lgfvs), which fund projects on behalf of the local governments, an earlier report in the hong kong-based south china morning post said. chinese president xi jinping has been pressuring local governments to cut their debt levels to reduce financial risk in the world's second-biggest economy, but for some of them the addiction to debt has proved difficult to overcome. concerns are raising as the world's largest economy continued to slowdown and posted a 6.9 per cent gdp last year.china issued local government bonds worth 883 ...
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drama on the high seas: saving indian navy commander abhilash tomy
the indian navy's most decorated and accomplished sailor, kirti chakra winner commander abhilash tomy, is fighting the battle of his life. on the bleak southern ocean, somewhere between india, antarctica, africa and australia, tomy is lying alone on a sailboat, incapacitated with a severe back injury after a furious gale and giant waves rolled his boat over and ripped off its main mast. with communications fading and rescuers still far away, tomy’s latest message reads: “can move toes. feel numb. can’t eat or drink. tough to reach grab bag.” three days ago, tomy was at third place in the golden globe race (ggr) – a solo, non-stop sailboat race around the world. but on friday, one of the howling storms that the southern ocean is known for transforming his challenge from sport to survival. dismasted by a 130-kilometre gale and 40-foot-high waves, something slammed him to the floor. tomy's survival instinct made him crawl into the sailboat's tiny cabin, where he activated an emergency beacon that beamed round the world. two days later the storm is abating, though the ocean is still heaving and a gale still blowing. but there is now a glimmer of hope for tomy. in a multinational rescue effort that illustrates how sport can bring nations together, ships and aircraft from india, australia, france and even tomy’s competitors are racing to his rescue. on sunday morning, an indian navy p-8i poseidon aircraft, flying from mauritius, spotted the ...
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iran blames us 'puppet' for attack that killed 29, to respond legally
iranian president hassan rouhani accused a gulf arab ally of the us of supporting the gunmen who killed at least 29 people in an attack on a military parade and vowed to respond “within the framework of the law.” “one of the southern countries in the persian gulf is backing them financially, providing equipment and political support,” rouhani said. “the small puppet countries in the region are backed by the u.s. and it’s the u.s. that provokes them.” while he didn’t name the country, the remarks are likely aimed at regional rival saudi arabia, which is backing president donald trump’s drive to isolate iran and re-impose crippling sanctions against its economy. the two middle east nations are stuck in proxy confrontations in some of the region’s worst conflicts from yemen to syria. iran’s foreign ministry also signaled that the individuals behind the ahvaz shooting may have had ties to some european countries. the ambassadors of the netherlands and denmark, as well as the chargé d’affaires at the british and the u.a.e embassies in tehran, were summoned on saturday evening and sunday morning over the ahvaz shooting, the official islamic republic news agency and state-run tasnim news agency reported.iran had previously warned about “members of these terrorist groups” residing in denmark and netherlands and had called for their arrest and trial, irna reported, citing foreign ministry spokesman bahram qassemi. qassemi said...
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rbi, sebi monitoring financial markets' developments, ready to take action
the reserve bank of india on sunday said that it along with sebi is `closely monitoring` recent developments in financial markets and `ready` to take actions, if necessary, as domestic bourses witnessed sudden mid-session plunge last friday. `the reserve bank of india and the securities and exchange board of india are closely monitoring recent developments in financial markets and are ready to take appropriate actions, if necessary,` the central bank said in a brief statement. on friday the bse sensex, which opened on a strong footing, suddenly tanked 1,127.58 points, or 3.03 per cent, to hit a low of 35,993.64 in afternoon trade, before staging an equally sharp recovery within minutes. it finally closed at 36,841.60, down 279.62 points. it saw an intra-day swing of 1,495.60 points. the broader nse nifty shed 91.25 points to finish at 11,143.10.also read: sebi disposes icici's submissions for overhauling its settlement rules the indices closed in the red for the fourth day in a row, during which investors lost a massive rs 5.6 trillion. overseas investors have pulled out a massive rs 153.65 billion ($2.1 billion) from the capital markets so far in september, after putting in funds during the previous two months, on widening current account deficit coupled with global trade tensions. foreign portfolio investors (fpis) remained net sellers and offloaded equities worth rs 21.84 billion while domestic institutional investors (diis) made pu...
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britain's opposition labour backs new election to second brexit referendum
britain's opposition labour party prefers a new election to a second referendum on brexit, its leader said on sunday, heaping pressure on prime minister theresa may whose plans for a deal with the eu have hit an impasse. labour's jeremy corbyn has so far resisted calls to back a `people's vote`, or new referendum on the decision to quit the eu. but the political landscape has changed since may was ambushed by the european union on thursday over her plans for brexit - the biggest shift in british policy for more than four decades. with talk of a new election swirling after may's `chequers` plan was all but shredded at an eu summit in austria last week and chances of britain exiting the bloc without a deal rising, labour is under pressure to start setting the brexit agenda. corbyn, a veteran eurosceptic who in 1975 voted `no` to britain's membership of the then-european community, said that while he would listen to a debate about any possible second vote on britain's membership, he preferred a snap election if may failed to get a deal that labour could support in parliament. `our preference would be for a general election and we can then negotiate our future relationship with europe but let's see what comes out of conference,` he told the bbc's andrew marr show, saying labour was ready to vote against any deal. `we would vote it down if it didn't meet our tests in order to send the government, if it is still in office, straigh...
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oil producers confident of managing supply disruptions, big price increases
saudi arabia and russia began a meeting between opec and non-opec oil producers with an early signal sunday that they had confidence in the group’s ability to manage supply disruptions and any big price increases. after nearly two years of close coordination on crude oil output, the organization of the petroleum exporting countries—de facto led by saudi arabia—and its allies led by russia, said supply and demand in the market had been sufficiently rebalanced. “we have achieved the objectives pretty much of what we set out in 2016,” said saudi arabian energy minister khalid al-falih at the start of the gathering. “markets are relatively balanced,” he added. mr. falih also insisted that saudi arabia had enough spare oil capacity—around 1.5 million barrels a day—to meet any shortages in the global oil market. the meeting, which is expected to last for hours, comes amid growing risks to global supply, including from opec members iran, venezuela and libya. market concerns over falling iranian exports in particular have helped to bolster prices recently, sending brent crude—the global benchmark—close to multiyear highs. buyers of iranian crude have begun cutting back imports over the past few months in the run up to planned u.s. economic sanctions on iran’s oil industry, set to take effect november 4. president donald trumpin may pulled the u.s. out of a 2015 international agreement to curb iran’s nuclear program, triggeri...
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vatican, china sign agreement over bishops, allowing pope francis a veto
the vatican and the chinese government signed an agreement on the appointment of bishops in china, ending a decadeslong struggle over who chooses the leaders of catholicism in the world’s most populous country, but leaving major tensions in their relationship unresolved. the “provisional agreement” was signed saturday in beijing by msgr. antoine camilleri, the holy see’s undersecretary for relations with states, and wang chao, china’s deputy minister for foreign affairs, the vatican said in a statement. details of the agreement weren’t made public, but people familiar with the matter ahead of the signing said that it allows the pope to veto new nominees for bishops proposed by the chinese government. “this is not the end of a process. it’s the beginning,” said the vatican spokesman, greg burke, in a statement. “the objective of the accord is not political but pastoral, allowing the faithful to have bishops who are in communion with rome but at the same time recognized by chinese authorities.” china’s foreign ministry released a brief statement, affirming that “china and the vatican will continue to maintain communications, to push forward the continued improvement of bilateral relations.” the controversial deal constitutes the first official recognition by the communist government that the pope is the head of the catholic church in china. but the agreement also means that the vatican will no longer approve the ordi...
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healthcare for all becomes reality with launch of ayushman bharat: niti vc
niti aayog vice chairman rajiv kumar sunday said the vision of 'healthcare for all' has become a reality with the launch of pradhan mantri jan arogya yojana (pmjay), world's largest fully government-funded health insurance programme. prime minister narendra modi rolled out the pradhan mantri jan arogya yojana-ayushman bharat from ranchi, and termed it a `game-changer initiative to serve the poor`. under the programme, a cover of up to rs 500,000 per family per year, for secondary and tertiary care hospitalisation. over 10.74 crore vulnerable entitled families (approximately 50 crore beneficiaries) will be eligible for these benefits. `the hon'ble prime minister's vision of #healthcareforall becomes a reality with the launch of pradhan mantri jan arogya yojana, world's largest fully government-funded health insurance programme,` kumar said in a tweet.also read: promising healthcare for everyone, pm modi launches ayushman bharat commenting on the launch, prathap c reddy, chairman, apollo hospitals, said this scheme is for the greater public good. `while we all work together to ensure the success of this scheme, there are areas that need focus and fine tuning,` he said. ensuring the robustness of the it backbone, weeding out potential fraud, ensuring coverage to only identified beneficiaries and ensuring more adoption by the private sector, who are rightly worried about the pricing and reimbursements, must remain paramount moving forward, red...
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oil india shareholders nod to raise rs 70 billion through bonds' issuance
oil india has received shareholders' approval to raise up to rs 70 billion through the issuance of bonds and debentures on private placement basis, the state-owned firm informed stock exchanges sunday. company's shareholders have also approved the appointment of four independent directors. `...all the items of business enlisted in notice of 59th agm held on september 22, 2018 were approved by the shareholders with requiste majority,` said the filing of oil india. there were nine ordinary resolutions and one special resolution were put before the agm. sharholders have approved the special resolution `for raising funds up to rs 70 billion through the issuance of bonds/debentures on private placement basis`, the company said. the company has received approval to appoint asha kaul, priyank sharma, s manoharan, and amina r khan. payment of interim dividend and declaration of final dividend for the financial year 2017-18 on the equity shares of the company too has been approved.
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vessel of injured naval officer abhilash tomy located in south indian ocean
an indian navy aircraft has located the vessel of indian naval officer abhilash tomy, who was badly injured while participating in the golden globe race, `rolling excessively` in the south indian ocean, a defence spokesman said sunday. he said all efforts are being made to rescue commander tomy who had suffered a back injury friday after his yacht was hit by a vicious storm with 14-metre-high waves mid-way across south indian ocean.   `ins satpura and ins jyoti are heading at top speed to reach tomy`, the spokesman said. he said the situation was being monitored at naval headquarters in new delhi, as well as by the joint rescue coordination centre at melbourne, australia.australian navy frigate hmas ballarat is on the way to reach tomy, he said. the indian navy's p8i aircraft, which flew from mauritius in the early hours sunday, has located the `mast broken boat rolling excessively`, he said. `commander tomy responded by ping on epirb as the aircraft was flying over him,` the spokesman said here. quoting captain chandrahas vivek, pilot of the aircraft which flew from mauritius this morning, the spokesman said the aircraft established visual contact with the yacht and has landed back at port louis mauritius. the position was relayed to jrcc australia and the war room in new delhi through inmarsat, he said. the aircraft remained for two hours on the task in the area and landed at mauritius. he said heavy rains have been ...
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mcleod sells 6 more gardens; courting alibaba, others to sell tea online
in its fourth tranche of sales, mcleod russel, which is on a selling spree of its tea gardens, has signed agreements to sell off two estates in dooars in west bengal and four estates in assam for a total consideration of rs 2.32 billion. in dooars, the chuapara and jainti tea estates including chuniajhora tea estate, whose produce is processed in the jainti tea estate, are being sold to civil engineers enterprises, a non-tea firm. in assam, the addabarie, dirai, mahakali and rajmai tea estates are being sold to saffron enclave, another non-tea firm. these estates in assam, which are currently undergoing the process of due diligence as part of the sale procedure, contributed around 2.66 per cent or rs 970 million to mcleod’s total turnover and are being sold for rs 1.81 billion. on the other hand, the estates in dooars account for 2.69 per cent of mcleod’s total turnover at rs 420 million and are being disposed of at rs 516.2 million. in the last three tranches of sales so far, this wmg enterprise has sold two tea estates in assam to camellia plc-owned goodricke group for rs 912.9 million, four estates in the moran region in assam to luxmi tea for rs 1.41 billion and another eight estates in the doom dooma region in assam were offloaded to m k shah exports for rs 3.31 billion. on a divestment mode to pare debt, fund a share buyback, and raise capital to fund its recent decision to foray into packet tea segment, mcleod russel now aims to pocket rs ...
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pm modi launches ayushman bharat; 13,000 hospitals to be in its purview
prime minister narendra modi formally launched ayushman bharat — pradhan mantri jan arogya yojana (pmjay) in ranchi, capital of jharkhand. the scheme aims at providing tertiary health care up to rs 500,000. the prime minister said, `people can give it any name - modi care or whatever, i consider it service to the poor man. people will have to study this scheme across the world and will be the model health scheme for the world.` treatment for all beneficiaries has started from sunday across the country. september 23 being poet dinkar's birthday and it being a sunday because of which he was free, the launch happened two days before the earlier date proposed. on the ramparts of the red fort, the prime minister, on independence day said that the scheme will be launched on september 25. at the launch of the event, the prime minister attacked the opposition for playing politics along with the slogan `garibi hatao`. he stated, `the previous governments only played caste politics and emptied the government treasury. we are adopting a holistic approach to provide health care. the government is also focusing on preventive care by including yoga.` also read: promising healthcare for everyone, pm modi launches ayushman bharat pm narendra modi clarified that even pre-existing diseases will be covered under this floated scheme. modi also stated that nearly 13,000 hospitals will provide treatment under this scheme. in the next few years, it is estimated th...
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asia cup 2018, ban vs afg: bangladesh, afghanistan stare at exit doors
beaten and battered by india, bangladesh will be looking to register a huge win over afghanistan in the asia cup 2018 super four match in abu dhabi. afghanistan vs bangladesh super four match is a must-win game for both the sides to stay alive in the ongoing asia cup 2018 and strengthen their position on the points table. the loser will find themselves at the mercy of other three teams to qualify for the finals, which is not a good place to be in. bangladesh has faced nothing but crushing defeats in the tournament so far, other than beating sri lanka. bangladesh team lost to afghanistan in a humiliating fashion and could only pray to avoid another such defeat. afghanistan, on the other hand, will be looking to repeat their previous performance against bangladesh and keep their chances alive in the tournament. afghanistan team have not been outplayed in the tournament so far. their defeat against pakistan in the previous match was not a one-sided affair. they made sure match went to the very last over. their lack of temperament and the experience to hold nerves in the dying moments cost them the match. as far as individual performances go, afghanistan have outplayed bangladesh here as well. rashid khan, gulbadiun naib, mohammad shahzad, mujeeb ur rahman have proved their mettle while, shakib al hasan, mushfiqur rahim, mustafizur rahman have failed to live up to their expectations.previous performance of afghanistan and bangladeshpakistan vs afghanistan pa...
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porsche abandons diesel engines, to focus more on petrol, hybrid and evs
sports car maker porsche said on sunday it would become the first german auto giant to abandon the diesel engine, reacting to parent company volkswagen's emissions cheating scandal and resulting urban driving bans. `there won't be any porsche diesels in the future,` ceo oliver blume told the newspaper bild am sonntag. instead, the company would concentrate on what he called its core strength, `powerful petrol, hybrid and, from 2019, purely electric vehicles`. the porsche chief conceded the step was a result of the three-year-old `dieselgate` scandal at auto giant volkswagen, the group to which the luxury sports car brand belongs. vw in 2015 admitted to us regulators to having installed so-called `defeat devices` in 11 million cars worldwide to dupe emissions tests. it has so far paid out more than 27 billion euros in fines, vehicle buybacks, recalls and legal costs and remains mired in legal woes at home and abroad.also read: volkswagen's porsche reputation once again tarnished by dealer arrestsdiesel car sales have dropped sharply as several german cities have banned them to bring down air pollution -- a trend that chancellor angela merkel was due to discuss with car company chiefs in berlin later sunday. stuttgart-based porsche in february stopped taking orders for diesel models, which it had sold for nearly a decade. blume said porsche had `never developed and produced diesel engines`, having used audi motors, yet the image of the brand had suffered. `the die...
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m&m plans to expand kuv100, tuv300 product range
utility vehicles major mahindra & mahindra (m&m) plans to drive in multiple versions of its entry-level models kuv100 and tuv300, catering to different sets of customers, a senior company official said. looking at the two brands as `long term and strategic`, the company is investing in new technologies, including making the products confirm to bs-vi emission norms. besides an updated version of tuv300 next year, m&m is gearing up to introduce an electric version of kuv100 as well. the company also plans to launch a diesel version of kuv100, mated with an automated manual transmission (amt), in the current fiscal. `we always said that we want to be full range suv player and both these products (tuv300 and kuv100) are very important for us,` m&m chief of sales and marketing (automotive division) veejay ram nakra told pti. elaborating on the importance of the two products, he said that besides making them bs-vi compliant, the company is also investing to make them meet all safety regulations which come into force from october 2019. commenting on tuv300 range, nakra said a facelift of the model would be introduced next year. `we are investing substantially not only on the styling part but there would also be change in terms of technology and engineering to make it a better product,` nakra added. the company sells around 3,000 units of the model per month and with seven-seater tuv300 plus coming in, the mumbai-based company is now eyeing ...
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rajnath launches ayushman bharat in lucknow, dubs it as 'modi kawach'
union home minister rajnath singh on sunday launched the centre's flagship pradhan mantri jan arogya yojana pmjay-ayushman bharat in the state capital, noting that it will prove to be a `modi kawach` (modi shield) for the poor. prime minister narendra modi launched the national scheme in jharkhand on sunday. `today is a historic day for the country. the scheme will prove 'modi kawach' (shield) for the poor and will be highly beneficial for them,` singh said at a programme.also read: promising healthcare for everyone, pm modi launches ayushman bharat `now the poor will not have to beg for treatment of their family members. the scheme will also create employment opportunities. the centre has also decided to constitute national digital health authority and will spend 2.5 per cent of gdp on health sector,` he said. uttar pradesh minister of state for health mahendra singh said 60 million people will be benefited in the state.also read: pm modi launches ayushman bharat; 13,000 hospitals to be in its purview governor ram naik was also present on the occasion. in gorakhpur, chief minister yogi adityanath launched the ayushman bharat scheme.
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good times: up excise revenue grows 55%, breaches rs 100 billion mark
armed with the new excise policy aimed at curbing rampant liquor smuggling and hitting liquor cartels, the uttar pradesh government has witnessed excise revenue growing at 55 per cent during the first five months (april-august) of the current financial year 2018-19 (fy19) to breach rs 100 billion. against the excise of about rs 64.25 billion during apr-aug 2017, the state excise department has reported collections of rs 100.15 billion during the corresponding period this financial year, thus rising by over 55 per cent. in fact, the state is targetting much higher excise revenue of almost rs 300 billion in 2018-19 (fy19), up from the mop of a little over rs 173 billion during 2017-18, a hike of 74 per cent or rs 127 billion. during 2015-16 (fy16) and 2016-17 (fy17), the excise revenues stood at about rs 141 billion and rs 143 billion respectively. earlier on january 23 this year, the yogi adityanath government had approved the new excise policy for 2018-19 to demolish the well-entrenched hegemony of liquor cartels and big traders in the state-organised liquor retail space. up health minister and government spokesperson sidharth nath singh had then said the new policy was aimed at hitting crony capitalism and monopoly in liquor trade and introducing transparency in the department’s functioning.also read: too sweet to handle: yogi's statement on sugar is wrong at many levels for example, the new policy had dismantled the special meerut excise zone, c...
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asia cup 2018, ban vs afg live score: bangladesh win too, elect to bat
this bangladesh vs afghanistan super four match in asia cup 2018 is make or break for both the teams. catch all the live updates here
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asia cup 2018 live scoreboard: bangladesh vs afghanistan
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Tags : asia cup 2018 live scoreboard: bangladesh vs afghanistan asia cup 2018 live scoreboard: bangladesh vs afghanistan
mandatory data localisation for e-commerce players may impact biz: experts
making it mandatory for e-commerce players operating in the country to store user data exclusively in india will impact their business, according to industry experts. an initial draft policy discussed at a meeting of a high-level think-tank set up to formulate a national e-commerce policy has suggested that all e-commerce companies will have to store user data exclusively in india in view of security and privacy concerns. pratibha jain, partner, nishit desai associates said that data localisation would not help in resolving privacy concerns. `whether i keep a copy in india or offshore as long as the service provider signs a confidentiality agreement which is enforceable expeditiously... the only thing that then matters to me is the economics. `as long as companies agree to provide access to the government, location of storage should not be a concern. on the other hand, enforcing data localisation may increase the cost of business for start-ups,` she said. jain added that any policy should have three mantras -- job creation, promoting exports and consumer protection.also read: emerging e-commerce markets projected to generate $4 trillion by '22 another expert from the industry, who did not wish to be named, shared similar views and said that several budding entrepreneurs are venturing into e-commerce field and to help them grow, the government should not make it mandatory to store user data in the country. however, some experts stated that...
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no concern on liquidity of nbfcs, says sbi chairman rajnish kumar
assuring lending support to non-banking financial companies, sbi chairman rajnish kumar sunday said there was no concern on liquidity of such firms, amid ongoing debt crisis in il&fs group. shares of housing finance companies came under sudden heavy selling pressure friday as investors raised concerns over rising cost of borrowing for the companies amid crisis at il&fs. experts attributed the fall in nbfcs' scrips to tightness in money market and a lack of clarity on il&fs exposure. `some comments are being attributed to sbi about the bank being wary of lending to nbfcs. the rumours are baseless. sbi lends support to nbfcs in private and public sector within the regulatory policy framework and will continue to do so,` kumar said in a statement. in fact, the recent regulatory guidelines on the co-lending model opens up further opportunities for collaboration between sbi and non-deposit taking nbfcs to increase lending to priority sectors, he added. `there is no concern on liquidity of nbfcs in view of their liquid cash position and availability of committed lines,` said the top official of the country's largest lender. shares of dewan housing finance corporation (dhfl). the company lost nearly rs 10,000 crore worth in market cap. the scrip of dhfl plummeted 59.67 per cent to rs 246.25 -- its 52-week low -- on the bse. earlier this month, it came to light that il&fs group defaulted on a short-term loan of rs 1,000 crore from sidbi, while a...
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govt to soon launch a tv channel to promote health, nutrition: niti aayog
the government is working on a proposal to launch a 'health television channel' with a view to promoting health and nutrition on a mission mode, making it a people's movement, niti aayog member v k paul said. the health tv channel, which is under active consideration of the government, will supplement the ambitious healthcare scheme pradhan mantri jan arogya yojana (pmjay), earlier named as ayushman bharat. `it is (health television channel) under active consideration. it will be exclusively dedicated to health and nutrition and it is a good idea. `it will help in spreading the message of healthcare, create a jan andolan (people movement) around these very important issues,` paul told pti. the niti aayog member is also the chief architect of the pradhan mantri jan arogya yojana (pmjay).also read: modicare rolls out today: centre, state cooperation a must, say experts the exploratory work to launch the health tv channel is currently on, he said, adding,` it should have a good creativity, good technology, good platform and should be sustainable.`the government's plan to launch the health television channel assumes significance as 27 states and union territories are ready to join the ambitious healthcare scheme pradhan mantri jan arogya yojana after its launch on sunday by prime minister narendra modi.also read: on eve of 'ayushman bharat' roll out, modi decries naveen government over 15,000 hospitals, both public and private, across t...
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over 40% firms expecting rbi to hike interest rates further: cii survey
over 40 per cent of indian companies surveyed by industry chamber cii are expecting that the reserve bank will go in for a further hike in interest rates in the current fiscal. the survey, conducted during july-september 2018, covered nearly 200 firms of varying sizes, the cii said while releasing its 104th edition of quarterly business confidence index (bci). the bci also shows that companies are more than just optimistic `about the return of good times` during the second quarter of the current fiscal, an indication of rising confidence about the future growth trajectory and business prospects. after the 50 basis points interest rate hike by the rbi in the previous two monetary policy review meetings, the sentiment about further monetary policy action seems to have changed, the industry chamber said in a statement.also read: rbi announces norms for joint priority sector lending by banks, nbfcs `in the current survey, about 42 per cent of the respondents felt that the rbi will engage in further interest rates hikes in 2018-19 as compared to the previous survey where a majority of the respondents anticipated a cut or no change in policy rates in 2018-19,` it said. rbi governor urjit patel-headed monetary policy committee will start deliberation on the fourth bi-monthly monetary policy for 2018-19 on october 3 and announce its decision on october 5. according to the industry body, bci has touched the series high of 64.9 as against 60.1 in the l...
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rupee, crude oil and other things that will drive drive markets this week
the us-china trade issues, movement of rupee and crude oil as well as the federal reserve's interest rate decision will play a key role in deciding the market trend this week, say experts. participants will also be monitoring developments in the nbfc space, which triggered a 1,100-point flash crash on friday. `we are likely to see some more consolidation given risk factors like surge in oil prices, strengthening of dollar and fiscal deficit worries. `however, given sharp corrections, we expect value-buying to emerge in sectors /stocks where earnings outlook are healthy. for the week ahead, us fomc meeting is the key event,` said vinod nair, head of research, geojit financial services. the indian currency has witnessed a massive plunge in the recent past due to rising current account deficit in the wake of rising crude oil prices. volatility will also be in play amid derivatives expiry on thursday. `us federal open market committee (fomc) will announce the rate decision this week. after a sharp correction in recent times, we feel markets have touched an intermediate bottom. it is likely to consolidate,` said v k sharma, head pcg and capital market strategy, hdfc securities. over the last week, the sensex lost a hefty 1,249.04 points, or 3.28 per cent to end at 36,841.60. benchmark indices finished with losses friday after investors were jolted by a sudden mid-session plunge amid a massive sell-off in nbfc stocks.
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higher msps may push gold demand up by 25% in second half of 2018
india's gold demand is likely to surge 25 per cent in the second half of this year on improved purchasing power of farmers owing to higher minimum support price (msp) for crops announced by the government, says a report. india, the world's second biggest buyer of the precious metal, consumes 800-900 tonne of gold annually. two-thirds of the country's gold demand comes from rural areas. `indian gold consumption was tepid in the first half of this year. ...demand for gold is likely to surge in the second half of the year thanks to a good outlook for farmers,` says the latest assocham-world gold council report. analysts expect 25 per cent rise in gold demand in the second half of this year as compared to the year-ago period. higher msp should boost the gold trade, as it would put more cash in the hands of farmers and that bodes well for gold demand, it said. gold is not just a luxury in india and even the poor people buy gold in the country, the report added. quoting an ice 360 survey done last year, the report said one in every two households in india purchased gold within the last five years. overall, 87 per cent of households in the country own some amount of the yellow metal. even households at the lowest income levels own some gold. more than 75 per cent of families in the bottom 10 per cent had managed to buy gold. however, the rich indians spend much more on gold compared to the poor. the average household spending on gold purchases w...
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taiwan takes india to wto's safeguard committee over duty on solar cells
taiwan has sought consultations with india under the wto's safeguard agreement against new delhi's decision to impose import duty on solar cells, the global trade body said. the consultations, however, do not fall under wto's dispute settlement system.india had imposed safeguard duty of up to 25 per cent on solar cells imports from china and malaysia for two years to protect domestic players from a steep rise in inbound shipments. taiwan says it has a substantial interest as an exporter of the product. the objective of the consultation is to `exchange views on the proposed measures and reaching an understanding on ways to achieve the objectives` set out in an article of the wto agreement on safeguards, the wto said in a communication.taiwan seeks to hold consultations `as soon as possible and looks forward to india's positive response to this request,` it added. according to an expert, seeking consultations under the safeguard agreement is a way to inform other countries that they are not fulfilling their commitments under the wto rules. solar cells -- electrical devices that convert sunlight directly into electricity -- are imported primarily from china, malaysia, singapore and taiwan. imports of solar cells from malaysia and china account for more than 90 per cent of the total inbound shipments in the country.
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blue dart looks to invest rs 20 bn to reach out for lower-tier towns
domestic logistics major blue dart, a part of the deutsche post dhl group, is targeting to invest rs 20 billion for expanding reach and upgrading technology. the expansion exercise will result in the company being able to service each of the over 19,000 pincodes across the country by december. `the total investments are in the range of rs 20 billion for it, automation, infrastructure and expanding reach,` blue dart express managing director anil khanna told pti. the company is witnessing a spurt in demand from the lower tier towns and cities for which it is undertaking the expansion exercise. jain said there is a greater demand for deliveries in tier ii, iii and iv towns and called the initiative to reach every pincode as one of the biggest such drives undertaken by the company. the company will be able to serve both the business-to -consumer and business-to-business segments through the initiative, he added. he, however, did not specify any business targets which it is chasing through the expansion. the company had reported a 4.69 per cent rise in standalone net at rs 220.8 million for the june quarter.
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