Category: Business

Business

Vedanta wins arbitration against government in $1.1-billion cost disallowance case

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A man walks past the logo of Vedanta outside its headquarters in Mumbai. File | Photo Credit: Reuters Mining magnate Anil Agarwal’s Vedanta Ltd has won an arbitration against a demand for a higher payout from its prolific Rajasthan oil and gas fields after disallowance of ₹9,545 crore ($1.16 billion) in certain costs incurred, the…

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Explained | Why was a 40% duty imposed on onion exports? 

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The government will also be offloading its onion stocks in various wholesale markets to reduce retail prices | Photo Credit: Vijay Soneji The story so far: In order to increase the availability of onions in the market, especially ahead of the upcoming festive season, the government on August 19 imposed a 40% duty on the…

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Chandrayaan-3 opens up avenues for Indian companies in aerospace sector, says director of Coimbatore firm that worked with ISRO

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Chakradhara Aerospace and Cargo Private Limited (CACPL) in Coimbatore had been a part of the Chandrayaan-3 mission. With its aerospace division, started in 2004, the firm works with ISRO and DRDO, and has been part of several critical projects. Director Jaidev Jayavarthanavelu highlights the opportunities that have opened up following the success of Chandrayaan-3. Edited…

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DGCA inspection finds lapses in Air India’s internal safety audits

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A two-member inspection team of the Directorate General of Civil Aviation (DGCA) has found lapses in internal safety audits of Air India and the regulator is probing the matter, according to officials. When contacted, an Air India spokesperson said that all airlines are subject to regular safety audits by regulators and other bodies. “Air India…

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Government’s Top Priority Is To Tame Inflation: Finance Minister Nirmala Sitharaman

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Finance Minister Nirmala Sitharaman said the government’s top priority is to tame inflation (File) New Delhi: Finance Minister Nirmala Sitharaman today said the government’s top priority is to tame inflation to ensure sustained economic growth. Addressing the B20 Summit India, being hosted by the Confederation of Indian Industry (CII), the minister said the GDP numbers…

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India’s forex reserves drop $7.27 billion to $594.88 billion

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In the previous reporting week, the overall reserves had risen by $708 million to $602.161 billion. | Photo Credit: REUTERS India’s forex reserves dropped by $7.273 billion to $594.888 billion for the week ended August 18, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had risen by $708 million…

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Rupee snaps three-day rally to settle 13 paise lower at 82.69 against U.S. dollar

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Image used for representational purpose only. | Photo Credit: Reuters The rupee reversed its three-day rally and depreciated by 13 paise to settle at 82.69 (provisional) against the U.S. dollar on Friday (August 25), tracking strong American currency and negative equity markets. Rising crude oil prices also weighed on the domestic unit even as foreign…

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Sensex declines by 365 points on selling in financials, IT shares amid rate hike concerns

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Bombay Stock Exchange in Mumbai. File | Photo Credit: Vivek Bendre Benchmark Sensex declined by 365 points and Nifty settled below the 19,300 level in a volatile trade on Friday as financials, IT and oil shares took a hit amid concerns over potential rate hikes and weak trend in global markets. Falling for a second…

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B20 summit | My priority is to tame inflation, says Nirmala Sitharaman

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Union Finance Minister addresses the audience at a Special Plenary Session at the B20 Summit India, in New Delhi on August 25, 2023. Twitter/@nsitharamanoffc Finance Minister Nirmala Sitharaman on August 25 said the government’s priority is to tame inflation to ensure sustained economic growth. Addressing the B20 Summit India, being hosted by the Confederation of…

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