MUMBAI: Bank of India has declared Kishore Biyani’s Future Enterprises Ltd’s account, with outstanding dues of Rs 575.4 crore, as fraud and reported it to RBI on Monday. The bank has made provisions for the entire outstanding amount. Future Enterprises was admitted to the corporate insolvency resolution process by the Mumbai bench of NCLT in…
NEW DELHI: Finance minister Nirmala Sitharaman on Monday urged domestic steel producers to focus on decarbonisation and boosting domestic production of specialty steel to reduce dependence on imports.Addressing the World Steel Association General Assembly here, the FM mentioned that govt has introduced the PLI scheme for specialty steel, with an approved outlay of Rs 6,300…
NEW DELHI: Commerce and industry minister Piyush Goyal Monday said European carmakers would prefer to manufacture in India, as producing vehicles there would be uncompetitive due to the region’s regulations.“Finally India is going to become the global hub for car manufacturing. Everybody is going to come and manufacture in India and with Europe having such…
MUMBAI: HCLTech’s dollar revenue rose to $3.7 billion in the Sept quarter, up 2% sequentially and 2.2% year-on-year. In constant currency terms, revenue grew 2.3% sequentially and 2.6% year on year. EBIT margin expanded 131 basis points sequentially and 71 basis points year-on-year to 18.2%.The company’s services business grew 3% sequentially, generating more than $100…
CHENNAI: Lakshmi Venu and Mallika Srinivasan have said the economic settlement within the Venu Srinivasan (VS) family remains unresolved, disputing suggestions that a division of assets has been completed.In a joint statement issued amid recent media reports, Lakshmi Venu and Mallika Srinivasan, daughter and wife of Venu Srinivasan, respectively, said no agreement on the division…
BENGALURU: IT firms had shrugged off concerns over their dependence on the US green-card route well before the US administration announced the suspension of PERM processing, with certified applications already declining sharply.Thirteen major IT services companies recorded 607 certified permanent labour certification (PERM) applications in the first nine months of FY26, compared with 1,670 in…
MUMBAI: The rupee rose 96 paise to 95.77 per dollar on Monday after fresh measures to curb dollar demand and speculative positions, even as banks sought relaxation of the new foreign exchange restrictions, more time for compliance and clarity on operational issues. The currency has weakened around 6.5% this year.The recovery may prove temporary unless…
MUMBAI: Dalal Street witnessed heightened volatility on Monday with the sensex swinging over 1,200 points from a sharp rally in the first few minutes to a sudden dive below the previous close and finally settling in the red.In early trade, the indices rallied on the back of RBI’s weekend measures to support the rupee-which gained…
Union finance minister Nirmala Sitharaman with Jammu and Kashmir chief minister Omar Abdullah, Haryana chief minister Nayab Singh Saini, Karnataka chief minister DK Shivakumar, Delhi chief minister Rekha Gupta, state finance ministers and other dignitaries during the 57th Goods and Services Tax (GST) Council Meeting NEW DELHI: With GST rate rationalisation and procedural simplification out…
MUMBAI: Sir Dorabji Tata Trust (SDTT) has been granted time until Oct 19 to file its response to complaints lodged by vice-chairmen Venu Srinivasan and Vijay Singh, who have alleged that the trust exceeded its charitable mandate by intervening in the commercial and strategic affairs of Tata Sons.The duo filed complaints with the Maharashtra Charity…
