NEW DELHI: The new index of industrial production (IIP) series, having 2022-23 as base year, is set to track for first time the output of rare earths and minor minerals, piped natural gas (PNG), water supply, sewerage and waste management — the Technical Advisory Committee (TAC) constituted to undertake base year revision under IIM Kozhikode…
CHENNAI: JK Tyre has announced one of the largest capacity expansion programmes among Indian tyre manufacturers, despite concerns over the impact of the West Asia crisis on raw material prices. The company has earmarked Rs 4,980 crore to expand the capacities of its truck and bus radial (TBR) and passenger car radial (PCR) tyre businesses…
MUMBAI: Tata Sons chairman N Chandrasekaran presented a three-year roadmap to narrow losses in the company’s new businesses at a marathon board meeting on Tuesday, even as his reappointment remains unresolved.The meeting, held at Tata Group headquarters Bombay House, covered three of the businesses – Air India, Tata Digital and Tata Electronics – reflecting the…
MUMBAI: Cash logistics companies, which replenish ATMs, have approached banks seeking measures to offset a sharp rise in operating costs, warning that a combination of fuel inflation, wage hikes and compliance expenses could push industry costs up by 15-20% in the near term. An increase in fees is likely to require a revision in ATM…
LONDON: Temperature records toppled as a spring heat wave continued to scorch parts of Western Europe on Tuesday, triggering government warnings about risks to life. Several drownings were reported in Britain and France as people tried to cool down. London recorded a rare “tropical night”, defined as one in which the temperature does not fall…
Insurance regulator Irdai has directed insurers to link the remuneration of managing directors (MDs), chief executive officers (CEOs) and other senior executives to customer-centric outcomes, including claim responsiveness, grievance redressal and the overall financial health of the company, PTI reported.The Insurance Regulatory and Development Authority of India (Irdai) issued amendments under the IRDAI (Corporate Governance…
Mumbai: YES Securities (India) Limited, a subsidiary of YES Bank Limited, has been penalised by the National Stock Exchange of India Limited for passing on regulatory penalties to its clients, in violation of market norms laid down by the Securities and Exchange Board of India.The breach relates to margin requirements, where brokers are mandated to…
India’s crude processing by refiners fell in April as supply disruptions linked to the Middle East conflict changing crude sourcing patterns and maintenance shutdowns weighed on refinery operations, according to provisional government data reviewed by Reuters.India processed 5.23 million barrels per day (mbpd), or 21.39 million metric tonnes of crude oil in April, down 8.9…
Savers could see higher returns on bank deposits in the coming months as the cost of certificates of deposit (CDs), which had been viewed as a leading indicator for broader deposit rates, surged sharply in May amid tighter liquidity conditions and stronger demand for funds.One-year CD rates are currently quoting at 7.70 per cent, up…
The rupee weakened by 44 paise to close at 95.70 against the US dollar on Tuesday, pressured by renewed geopolitical tensions in West Asia, rising crude oil prices and a stronger American currency, PTI reported.Forex traders said weak domestic equities also added pressure on the local currency.At the interbank foreign exchange market, the rupee opened…
