ADVERTISEMENT

Business & Economy

India’s exports grow by 2.44% to $ 26.67 billion in February, 2019

ADVERTISEMENT
India’s merchandise exports grew by 2.44 percent to $ 26.67 billion in February, 2019 from $ 26.03 billion in the same month of the previous year, an official press release said here on Friday.
 
In rupee terms, exports went up by 13.34% to Rs. 1,89,931.49 crore in February, 2019, as compared to Rs. 1,67,583.64 crore in February, 2018.
 
The country’s exports had grown by 3.74% in January, 2019 in dollar terms after slowing down to 0.34% in December, 2018.
 
Major commodity groups of exports which showed high growth in February, 2019 over the corresponding month of last year were drugs and pharmaceuticals (16.11%), ready made garments of all textiles (7.17%), organic and inorganic chemicals (4.14%), cotton yarn/fabs/made-ups, handloom products, etc. (2.25%), and engineering goods (1.73%).
 
The cumulative value of exports for the period April-February, 2018-19 was $ 298.47 billion (Rs.20,88,290.32 crore) as against $ 274.21 billion (Rs.17,65,895.27 crore) during the period April-February, 2017-18, registering a growth of 8.85% in dollar terms (18.26% in rupee terms).
 
Non-petroleum and non-gems and jewellery exports in February, 2019 were $ 19.87 billion, as compared to $ 18.90 billion in February, 2018, exhibiting a growth of 5.14%. Non-petroleum and non-gems and jewellery exports in April-February, 2018-19 were $ 217.43 billion, as compared to $ 201.95 billion for the corresponding period in 2017-18, an increase of 7.66%.
 
The release said imports in February, 2019 were $ 36.26 billion (Rs. 2,58,271.75 crore), which was 5.41% lower in dollar terms and 4.66% higher in rupee terms over imports of $ 38.34 billion (Rs. 2,46,779.79 crore) in February, 2018. The cumulative value of imports for the period April-February 2018-19 was $ 464.00 billion (Rs. 32,46,190.43 crore), as against $ 422.76 billion (Rs. 27,22,592.19 crore) during the period April-February 2017-18, registering a growth of 9.75% dollar terms (19.23% in rupee terms).
 
ADVERTISEMENT
Major commodity groups of import which  showed negative growth  in February, 2019 from the corresponding month of the previous year were pearls, precious and semi-precious stones (-17.5%), gold (-10.81%), petroleum, crude oil and products (-8.05%), electronic goods (-6.48%) and organic and inorganic chemicals (-0.44%).
 
According to the release, crude oil imports in February, 2019 were $ 9.38 billion (Rs. 66,774.46 crore), which was 8.05% lower in dollar terms (1.73% higher in rupee terms), compared to $ 10.20 billion (Rs. 65,639.50 crore) in February 2018. Oil imports in April-February, 2018-19 were $ 128.72 billion (Rs. 9,01,538.30 crore) which was 31.98% higher in dollar terms (43.57% higher in rupee terms) compared to $ 97.53 billion (Rs. 6,27,961.37 crore), over the same period last year.
 
It pointed out that  the global Brent price ($/bbl) decreased by 1.97% in February 2019 vis-à-vis February 2018, as per data available from World Bank.
 
Non-oil imports in February, 2019 were estimated at $ 26.89 billion (Rs. 1,91,497.29 crore) which was 4.45% lower in dollar terms (5.72% higher in rupee terms), compared to $ 28.14 billion (Rs. 1,81,140.29 crore) in February, 2018. Non-oil imports in April-February 2018-19 were $ 335.28 billion (Rs. 23,44,652.13 crore) which was 3.09% higher in dollar terms (11.94% higher in rupee terms), compared to $ 325.23 billion (Rs. 20,94,630.82 crore) in April-February, 2017-18.
 
Non-oil and non-gold imports were $ 24.30 billion in February, 2019, recording a negative growth of 3.72%, as compared to non-oil and non-gold imports in February, 2018. Non-oil and non-gold imports were $ 305.73 billion in April-February, 2018-19, recording a growth of 3.97%, as compared to non-oil and non-gold imports in April-February, 2017-18.
 
As far as trade in services was concerned, exports in January, 2019, the latest month for which data was available from the Reserve Bank of India (RBI), were $ 17.75 billion (Rs. 1,25,515.53 crore), registering a negative growth of 1.02% in dollar terms, vis-à-vis December 2018.
 
Imports of services in January, 2019 were $ 11.03 billion (Rs.77,997.17 crore) registering a negative growth of 3.07% in dollar terms,vis-à-vis December, 2018. 
 
The trade deficit in merchandise for February, 2019 was estimated at $ 9.60 billion as against the deficit of $ 12.30 nillion in February, 2018.
 
The trade balance in services for January, 2019 was estimated at $ 6.72 billion.
 
Taking merchandise and services together, the overall trade deficit for April-February, 2018-19 is estimated at $ 93.32 billion as compared to $ 82.46 billion in April-February, 2017-18.
 
NNN
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Cremica joins hands with French company Maison Routin to foray into beverages segment

ADVERTISEMENT
Food products major Cremica is all set to enter the bar syrup category in association with Maison Routin of France with the launch of 'Bonheur', a specialized range of syrups which will be targeted at bars and cafés. 
 
The syrups were unveiled at Aahar 2019, the food and hospitality exhibition which is underway at Pragati Maidan here.
 
"Bonheur syrups will delight the Indian market with their perfect balance of French aromas matched with local palate," a press release from the company said.
 
Cremica, known for its innovative offerings and commitment to quality, unveiled an array of products at the exhibition. The company has come up with nine new flavors of mayonnaise. These are a combination of both classic Indian and International flavors to meet the discerning taste of Indian customers.
 
For health conscious people, Cremica has an exclusive offering in the form of Sugarlite Salad dressing, which comes in 14 different flavors and is low on glycemic index, contains healthy sugars and has omega balance, the release said.
 
Mr. Akshay Bector, Managing Director, Cremica said, “Our effort has always been towards introducing innovative product range that ranks high on taste and quality. As a home grown brand, we have a fairly good understanding of the Indian palate and are also aware of the food preferences of the health conscious people. We were the pioneer in the industry to introduce vegetarian mayonnaise.”
 
Speaking about the new products, he said, “We thought Aahar is a perfect platform to unveil our latest product range. Here, we get a chance to interact with our customers and see their happy faces after they savor our products."
 
Cremica Culinary team prepared some recipes at the “live kitchen" for the visitors of Aahaar 2019. Its newly launched Mediterranean tortilla wraps were an added attraction.
 
NNN

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Banking, finance stocks lift Indian equity indices

ADVERTISEMENT
Healthy buying in banking and finance stocks lifted the key Indian equity indices on Friday, with the BSE Sensex crossing the 38,000-mark for the first time since September.
 
The NSE Nifty50 also touched the 11,400-level after a gap of six months.
 
According to analysts, strong cues from the major European and Asian markets also strengthened the domestic investor sentiments. Further, a healthy inflow of foreign funds was a major factor behind the surge in the Indian stocks on Friday.
 
The Sensex closed at 38,024.32, higher by 269.43 points or 0.71 per cent, from the previous close of 37,754.89 points.
 
During the day, it touched a high of 38,254.77 and a low of 37,760.23 points.
 
The Nifty50 ended higher by 83.60 points or 0.74 per cent at 11,426.85 points.
 
Investment by the foreign institutional investors stood at Rs 4,323.49 crore on Friday while the domestic institutional investors sold stocks worth Rs 2,130.36 crore.
 
The top gainers on the Sensex were Kotak Mahindra Bank, ONGC and Power Grid, while the major losers were Hindutan Unilever, Yes Bank and Bharti Airtel.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

India’s forex reserves rise by $ 258.8 million to $ 402.035 billion

ADVERTISEMENT
Maintaining an uptrend for the fourth consecutive week, India’s foreign exchange reserves rose by $ 258.8 million to $ 402.035 billion during the week ended March 8, the Reserve Bank of India (RBI) said here today.
 
The country’s forex reserves had soared by a whopping $ 2.559 billion to $ 401.776 billion during the previous week.
 
In its weekly statistical supplement issued here today, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $ 167.1 million to $ 374.227 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves increased by $ 116.4 million to $ $ 23.369 billion, while its special drawing rights (SDRs) went down by $ 1.8 million to $ 1.455 billion.
 
India’s reserve position in the International Monetary Fund (IMF) decreased by $ 16.6 million to $ 2.983 billion, the bulletin added.
 
NNN

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex hits 38,000, Nifty at 11,400

ADVERTISEMENT
The BSE Sensex on Friday touched the 38,000 mark for the first time since September, supported by healthy buying in the banking and finance stocks.
 
The Nifty50 on the National Stock Exchange also touched 11,400 points after a period of six months.
 
Gains in the major Asian markets also aided the rise in the Indian indices, analysts said.
 
Around 10 a.m., the Sensex rose 270 points to touch an intra-day high of 38,024.95 points.
 
The Sensex, however retreated from the day's high to trade at 37,979.61 (10.48 a.m.), higher by 224.72 points or 0.60 per cent from the previous close of 37,754.89 points.
 
It had opened at 37,760.23 points and so far it has touched a low of 37,760.23 points.
 
The top gainers on the Sensex were Kotak Mahindra, Power Grid and State Bank of India (SBI) and the major losers were Bharti Airtel, Hindustan Unilever and Tata Motors.
 
The Nifty50 on the National Stock Exchange traded at 11,414.30, higher by 71.05 points or 0.63 per cent from its previous close.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Equity indices open in green, Sensex up 200 points

ADVERTISEMENT
The key Indian equity indices opened on a positive note on Friday with the BSE Sensex gaining over 200 points, taking cues from the major Asian markets.
 
Healthy buying in the banking and finance stocks also lifted the domestic equity indices.
 
At 9.27 a.m., the Sensex traded at 37,958.97, higher by 204.08 points or 0.54 per cent from the previous close of 37,754.89 points.
 
It had opened 37,760.23 and has so far touched an intra-day high of 37,975.16 and a low of 37,760.23 points.
 
The Nifty50 on the National Stock Exchange traded at 11,401.85, higher by 58.60 points or 0.52 per cent from the previous close of 11,343.25 points.
 
IANS

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Brookfield to buy RIL E-W Pipeline for Rs 13,000 crore

ADVERTISEMENT
Canadian investor Brookfield has acquired the loss-making East-West Pipeline Ltd from Mukesh Ambani's Reliance Industries Ltd (RIL) for Rs 13,000 crore.
 
The East-West Pipeline Ltd, earlier known as Reliance Gas Transportation Infrastructure Ltd, runs a 1,400-km pipeline which starts from Kakinada in Andhra Pradesh and ends at Bharuch in Gujarat. The pipeline is used to transport natural gas discovered by Reliance Industries Lts in KG basin block. 
 
The company is selling the pipeline infrastructure as it is operating at just 5 per cent of its capacity, consequent to RIL's production from its KG D6 block sharply dropping over the years. The pipeline was constructed to carry 80 million standard cubic metres of gas per day (MMSCMD).
 
India Infrastructure Trust, an InvIT set up by Brookfield as sponsor and 90 per cent investor, will invest Rs 13,000 crore to acquire the East-West Pipeline. As a part of the transaction, the InvIT will acquire 100 per cent equity interest in Pipeline Infrastructure Private Ltd (PIPL), which currently owns and operates the pipeline. 
 
Pursuant to this acquisition by Brookfield, the existing pipeline usage agreement has also been reworked. Accordingly, the reserved capacity had been reduced to 33 MMSCMD against 56 MMSCMD.
 
Also, any unutilized capacity payment by RIL will be the difference between Rs 500 crore a quarter and the actual revenue earned by PIPL.
 
RIL will continue to be entitled to transport gas, either by itself or of any customers, free of cost against any outstanding unutilized capacity payments. 
 
"At the current approved final tariff of Rs 71.66/MMBTU (million metric British thermal units), if the average volume of gas transported is 22 MMSCMD, RIL will not be liable to make unutilised capacity payments," it said. 
 
The next review of tariff in April 2020 will also consider upward revision to tariff arising from determination of lower revised capacity of the pipeline. 
 
Considering the new investments in the upstream sector in the KG basin, and the growing LNG imports and ability to swap gas, the average volume expected to be transported through the pipeline is expected to be significantly higher compared to the current levels. 
 
RIL will be entitled to a significant participation in the net earnings of PIPL under the mechanism specified in the pipeline usage agreement. RIL's current investment in preference shares valued at Rs 4,000 crore will continue and will be converted into equity at the end of 20 years. 
 
At the end of the period, RIL has the right to acquire equity shares of PIPL held by the InvIT at an equity value of Rs 50 crore.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Experts concerned over meddling in data estimation

ADVERTISEMENT
Over 100 economists and social scientists on Thursday expressed concerns over "political interference" in the estimation of statistical data in India and urged for institutional independence of statistical institutions.
 
A statement signed by as many as 108 experts said that economic statistics is a public good and necessary for policy-making in democracies for informed public discourse.
 
They said the involvement of NITI Aayog and the removal of back series GDP data from the website of the National Sample Survey Office (NSSO) damaged the integrity of NSSO and the Central Statistics Office (CSO).
 
They said NITI Aayog is an advisory body and does not have any expertise in statistical data collection.
 
They said that India's statistical institutions never faced political influence and enjoyed high-level of reputation due to the integrity of their data for many years, which is now being ruined.
 
The experts urged professional economists and statisticians to raise their voice against the tendency "to suppress uncomfortable data" and force the government to restore the integrity of Indian statistical institutions and their estimated data.
 
The appeal comes in the backdrop of recent controversy of NSSO withholding employment data.
 
The signatories of the statement include include Rakesh Basant of Indian Indian Institute of Management, Ahmedabad), Satish Deshpande from Delhi University, Hema Swaminathan (IIM, Bangalore), Rohit Azad (Jawaharlal Nehru University), R. Ramakumar (TISS, Mumbai), University of Massachusetts at Amherst's James Boyce and Emily Breza from Harvard University.
 
NNN
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Wipro opens its third Industrial IoT centre in Kochi

ADVERTISEMENT
IT services major Wipro Limited launched its third Industrial Internet of Things (IIoT) Centre of Excellence (CEO) here today.
 
The CoE marks Wipro’s commitment to developing innovative IIoT solutions that span across the technology stack for its customers in the industrial manufacturing, automotive, healthcare and pharmaceutical, consumer products and goods, and utilities space, a press release from the company said.
 
Leveraging artificial intelligence, blockchain and robotics, the lab will develop Proofs of Concept (POCs) and market-ready IoT solutions in an iterative agile development model, it said.
 
M. Sivasankar, IT Secretary, Government of Kerala, who inaugurated the centre said, “Kerala has focused on technologies, which are critical to the Industry 4.0 concept and IoT is an integral part of this proposition. The State has endeavoured to address skill-related issues in emerging technology areas including IIoT by fostering a vibrant hardware-based start-up ecosystem and a skilling framework that connects technical institutions."
 
"With the rollout of the Kerala Fibre Optic Network (KFON), the ambitious fibre2home/enterprise/institution network in the next 18 months, local economy stakeholders will increasingly benefit from IoT deployments. So, Wipro’s decision to set up its third global IIoT lab in Kerala is a timely one and I hope it grows into a major development centre in a short period of time," he added.
 
Separately, Wipro hosted a two-day hackathon on Industrial IoT on March 12-13 at its Kochi development centre, which saw active participation from leading engineering colleges in Kerala. Wipro will extend pre-placement offers to the winning participants in the final year of their engineering degree course while those in the penultimate year of their degree programme will receive internship opportunities. 
 
The new hires will join Wipro’s IIoT research and development team in Kochi, the release said.
 
Jayraj Nair, Vice President & Global Head - IoT, Wipro Limited said, “We are proud to launch our Industrial IoT Centre of Excellence in Kerala, our third such centre after Mountain View, California and Bangalore. Over the years, Kerala has grown into a technology hub that offers access to a dynamic talent pool with an aptitude for new-age technologies. IoT presents a huge opportunity for industries in a hyper-connected world and we are confident that our end-to-end services and offerings will help our clients leverage IoT as part of their digital transformation goals.”
 
NNN

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Reliance Infra to sell its entire stake in Delhi-Agra (DA) Toll Road Pvt Ltd

ADVERTISEMENT
Reliance Infrastructure Limited, a part of the Reliance Anil Dhirubhai Ambani Group, today said it had signed a definitive binding agreement with Singapore-based Cube Highways and Infrastructure III Pte Ltd for the sale of its 100% stake in Delhi-Agra (DA) Toll Road Private Limited. 
 
Cube Highways and Infrastructure III Pte Ltd has been set up by global infrastructure fund I Squared Capital and a wholly-owned subsidiary of the Abu Dhabi Investment Authority.
 
The total deal enterprise value is over Rs 3,600 crore, a press release from Reliance Infra said.
 
In addition, NHAI claims of Rs. 1,200 crore to be filed by DA Toll Road Pvt. Ltd. will flow directly to Reliance Infrastructure, it said.
 
"Reliance Infrastructure will utilize the proceeds of this transaction entirely to reduce its debt. After the completion of the transaction for Delhi-Agra Toll Road, the debt of Reliance Infrastructure will reduce by 25% to only less than Rs. 5,000 crore," the release said.
 
According to it, the transaction is in line with Reliance Infrastructure’s strategic plan of monetizing non-core business and focus on major growth areas like engineering & construction (E&C) business. 
 
The transaction is subject to all requisite permissions and approvals, the release said.
 
Reliance Infrastructure’s special purpose vehicle (SPV) DA Toll Road Private Limited operates the showpiece 180-km long six-lane road that connects the national capital Delhi with Agra on National Highway (NH) 2. The profitable project has witnessed impressive revenue growth of 25% in FY18. The tolling operation for the heavily-trafficked project started in October 2012 and has a concession period till 2038.
 
NNN
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

India's wholesale inflation rate rises to 2.93% in February, 2019

ADVERTISEMENT
India's wholesale inflation rate, based on the monthly Wholesale Price Index (WPI), with base 2011-12=100, rose to 2.93 percent for February, 2019 as compared to 2.76% for the previous month and 2.74 percent during the corresponding month of the previous year, provisional data released here today said.
 
An official press release, citing the data, said the official WPI for ‘All Commodities’ for February, 2019 rose by 0.3 percent to 119.5.
 
The build-up inflation rate in the financial year so far was 2.75% compared to a build-up rate of 2.56% in the corresponding period of the previous year, it said.
 
The release said the rate of inflation based on WPI Food Index consisting of ‘Food Articles’ from Primary Articles group and ‘Food Products’ from Manufactured Products group increased from 1.84% in January, 2019 to 3.29% in February, 2019.
 
It said that the final WPI for 'All Commodities’ (Base: 2011-12=100) for December 2018 stood at 119.7 as compared to 120.1 provisionally reported on January 14. Accordingly, the annual rate of inflation based on the final index stood at 3.46% as compared to 3.80% reported on that date, the release added.
 
NNN
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Indian equity market indices open in green

ADVERTISEMENT
Despite muted trends in Asian markets, the key Indian equity market indices on Thursday opened higher.
 
The Sensitive Index (Sensex) of the BSE, which closed at 37,752.17 on Wednesday, opened higher at 37,840.64.
 
Minutes into trading, it was quoting at 37,877.08, up by 124.91 points, or 0.33 per cent.
 
At the National Stock Exchange (NSE), the broader Nifty 50, which closed at 11,341.70 on Wednesday, was quoting at 11,374.90, up by 33.20 points or 0.29 per cent.
 
At 9.21 a.m., as many as 33 stocks advanced in the Nifty 50 index while 17 stocks declined. 
 
In the BSE Sensex 20 stocks, including TCS, Coal India were trading in green while 10 stocks, including ITC, Tata Motors were trading in red.
 
Sensex and Nifty ended higher on Wednesday despite weak global cues from a fresh wave of political scepticism originating from the UK over the defeat of Brexit deal. 
 
However, a sustained inflow of foreign funds aided the gains in the currency, as well as domestic equities.
 
The Sensex was up by 216.51 points or 0.58 per cent at the Wednesday's closing. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 37,797.29 and a low of 37,478.87. The Nifty, too was up by 40.50 points or 0.36 per cent.
 
On Thursday, Asian indices were showing a mixed trend. Japan's Nikkei 225 was quoting in green, up by 0.18 per cent; while Hang Seng was trading in red, down by 0.36 per cent; South Korea's Kospi was down by 0.22 per cent. China's Shanghai Composite was also trading red, down by 0.83 per cent.
 
Overnight, Nasdaq closed in green, up by 0.69 per cent while FTSE 100 was also up by 0.11 per cent at the closing on Wednesday.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Infosys to open new Digital Innovation Centre in Romania

ADVERTISEMENT
IT services major Infosys has announced that it will open a new Digital  Innovation centre in Bucharest, Romania that will focus on developing offerings for clients based on cutting-edge digital technologies including Cloud, Big Data, Artificial Intelligence and Machine Learning.
 
The announcement was made at an event in Bucharest attended by local government officials and university representatives.
 
A press release from Infosys said the company would invest in training programmes for both its current employees and new hires. These training programmes will focus on several key competencies including user experience, Cloud, Big Data, digital offerings, core technology skills and computer science skills.
 
The company has also announced that it is entering into an agreement with the University of Bucharest and the University Politehnica Bucharest to form a strategic partnership for technology innovation and Romanian workforce development; including joint training courses, scholarships and research. The training programs for Romania will leverage the learnings and best practices the company has developed through decades of experience running the Infosys Global Education Centre, one of the world’s largest corporate universities, located in Mysore, India, the release said.
 
Infosys also plans to open a new Cyber Defence Centre in Bucharest this summer. The centre will provide end-to-end 24/7 cybersecurity services to help European and global clients progress on their digital transformation journey. Services include cyber forensics, ethical hacking, security analytics, threat detection and response. The centre in Bucharest will be vital to delivering services across the European region, given GDPR and other country-specific data regulation requirements, the release said.
 
ADVERTISEMENT
Currently Infosys, which was recently recognised as a Top Employer in Europe, has operations across 15 European countries, employing more than 12,000 people. The company works with both European and global clients in a range of industries, including financial services, healthcare, life sciences, business process management, utilities, manufacturing and retail.
 
Ravi Kumar S., President, Infosys, said, “Our Digital Innovation Centre in Bucharest marks an important step forward for Infosys as it further expands its presence across Europe, improving our ability to serve both our regional and global clients. By partnering with key local academic institutions, we are creating organic talent pools in Romania that do not exist in the market today. By training and developing a highly skilled workforce in Romania, we can help close the digital skills gap in the region and contribute to the Romanian and European economy.”  
 
Mircea Dumitru, Rector of The University of Bucharest, said, “Europe is a hotbed for innovation, and the next generation of workforce is keen to develop its skills and knowledge in the digital age, through the best training and hands-on experience. We’ve partnered with Infosys so that young Romanian specialists can work and train with the best-in-class Infosys experts at the new center to become more skilled and better prepared to help shape Europe’s digital future.”
 
Ana Birchall, Vice Prime Minister of Romania, said, “IT services is a huge growing industry in Romania and this new Digital Innovation Centre offers a great opportunity for students and professionals alike to develop their skills, find new career prospects and enhance cutting-edge digital technologies across industries in Romania and Europe. From an economic perspective, I would like to underscore the rapid-paced growth patterns of both our countries, with India being the fastest growing economy in the world and Romania mirroring at an EU level. In this positive context we should take full stock of all opportunities to further consolidate the extended partnership between Romania and India. Moreover, the economic growth of our country in the last couple of years represents an open invitation to pre-eminent investors and companies like Infosys to bring added value and open new economic opportunities.”
 
NNN
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Vistara gets nod to start international flights

Full-service passenger carrier Vistara has been allowed to launch international flights, Civil Aviation Secretary Pradeep Singh Kharola said on Wednesday.
 
"Vistara has been authorized to mount international flights from now," he told reporters here.
 
On its part, Vistara said: "We are closely working with the Ministry of Civil Aviation. Specific details will be shared at an appropriate time."
 
The airline is a joint venture of Tata Sons Ltd and Singapore Airlines Ltd (SIA) in which Tata Sons holds 51 per cent stake.
 
At present, its network extends to 24 destinations with over 800 flights a week and a fleet of 22 aircraft.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

No 'beneficial decisions' by GST Council till polls on

ADVERTISEMENT
The GST Council will not announce any "beneficial decisions" like rate cuts or extensions of time period for any schemes or compliance to GST rules at its meeting scheduled on March 19.
 
Sources said that the Council does not want that its decisions are seen as clashing with the Model Code of Conduct (MCC) that came into force post the announcement of the dates of the Lok Sabha election last Sunday.
 
With this, the Council has also received permission from the Election Commission to hold its next meeting - the 34th - on the scheduled date.
 
"The Council will desist from announcing any beneficial decisions including rate cuts and extension of time period for any compliance of rules of GST till elections are over to abide with the Model Code of Conduct. 
 
"We have received Election Commission of India's approval to hold the March 19th meeting on discussion and announcement of various issues including implementation of lower GST rates for the real estate sector as the decisions were already announced in the last meeting when the MCC was not in place," sources said.
 
At its 33rd meeting, the Council had slashed tax rates for under-construction flats to 5 per cent and affordable homes to 1 per cent, effective April 1.
 
As far as further lowering of rates are concerned under GST with an eye on polls, after the Council's 31st meeting in December where it was announced that rates were being rationalised on a number of products and services, there are only 28 items left now in top 28 per cent tax bracket.
 
Among the items consumed/used by the common man, only cement continues to remain, along with luxury and 'sin' goods, in the top bracket. This major tax rationalisation, ahead of the 2019 general elections, had come after Prime Minister Narendra Modi promised to bring 99 per cent of the goods under the 18 per cent or lower GST slab.
 
But all the rate cuts have had their impact on GST collections, which in February dropped to Rs 97,247 crore from Rs 1.02 lakh crore in the previous month. The government has lowered the GST collection target for the current fiscal to Rs 11.47 lakh crore in the Revised Estimates, from Rs 13.71 lakh crore budgeted initially.
 
NNN

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex beats Brexit woes to end over 261 pts higher

ADVERTISEMENT
Sensex and Nifty ended higher on Wednesday despite weak global cues from a fresh wave of political scepticism originating from the UK over the defeat of Brexit deal.
 
However, a sustained inflow of foreign funds aided the gains in the currency as well as domestic equities.
 
The financial stocks logged strong gains as market saw the NSE Bank Nifty index touch a fresh high of 28,702 points.
 
The S&P BSE Sensex advanced by 216.51 points, or 0.58 per cent, to 37,752.17, while the broader Nifty inched up 40.50 points, or 0.36 per cent, to finish at 11,341.70.
 
"The Brexit woes added volatility in the market but the euphoria in domestic environment supported the indices to stand positive. Domestic inflation continues to undershoot RBI's target level, while weak industrial growth increased the prospects for further action from RBI," said Vinod Nair, Head of Research, Geojit Financial Services.
 
On the global front, the defeat of Theresa May's latest version of Brexit deal is creating uncertainties in the UK's economic growth, while haven asset like gold inched higher, he added.
 
Among the index leaders were IndusInd Bank, Yes Bank, Bajaj Finance, HDFC Bank and State Bank of India, while the laggards were Bharti Airtel, Vedanta, Sun Pharma, Tata Steel and Tata Motors(DVR).
 
NNN
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Cabinet approves the proposal for the accession of India to three international agreements

ADVERTISEMENT
The Union Cabinet today approved the proposal for the accession of India to The Nice Agreement concerning the International Classification of Goods and Services for the purposes of registration of marks, The Vienna Agreement establishing an International Classification of the figurative elements of marks and The Locarno Agreement establishing an International classification for industrial designs.
 
Accession to the Nice, Vienna and Locarno Agreements will help the Intellectual Property Office in India to harmonise the classification systems for examination of trademark and design applications, in line with the classification systems, followed globally, an official press release said.
 
It would give an opportunity to include Indian designs, figurative elements and goods in the international classification systems.
 
The accession is expected to instil confidence in foreign investors in relation to the protection of IPs in India.
 
The accession would also facilitate in exercising rights in decision-making processes regarding review and revision of the classifications under the agreement.
 
NNN
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Markets turn negative within minutes of opening

ADVERTISEMENT
The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a slightly positive note during the morning session of the trade but soon turned negative.
 
The Sensex of the BSE opened at 37,608.29, touched a high of 37,639.54, and a low of 37,478.87 points.
 
It was trading at 37,516.51 down by 19.15 points or 0.05 per cent from its Tuesday's close at 37,535.66.
 
On the other hand, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 11,326.20 after closing at 11,301.20.
 
The Nifty was trading at 11,279 in the morning.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Cheaper food prices lower retail inflation in February

ADVERTISEMENT
Lower food prices halved India's retail inflation in February 2019 to 2.57 per cent, from 4.44 per cent during the corresponding month of last year, official data showed on Tuesday.
 
Accordingly, the Consumer Food Price Index (CFPI) in the month under review stood at (-) 0.66 per cent from 3.26 per cent in Februaray 2018.
 
However, on sequential basis, the Consumer Price Index (CPI) in February 2019 (2.57 per cent) was higher than January 2019's retail inflation rate of 1.97 per cent.
 
According to the Central Statistics Office data, the CFPI had deflated by (-)2.24 per cent in January 2019.
 
IANS

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

India's industrial output slows down to 1.7% in January, 2019

 
India's industrial output growth slowed down to 1.7 percent in January, 2019 as compared to the level in the same month of the previous year, official data released here today said.
 
Industrial output had grown by 2.6% in the previous month after having slowed down to 0.5% in November 2018, from a one-year high of  8.1% in October.
 
The Quick Estimates of Index of Industrial Production (IIP), with base 2011-12m for January 2019 stood at 134.5.
 
The cumulative growth for the period April-January 2018-19 over the corresponding period of the previous year stood at 4.4%.
 
The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for January 2019 stood at 119.2, 135.6 and 150.7, respectively, with the corresponding growth rates of 3.9%, 1.3% and  0.8% as compared to January 2018.
 
The cumulative growth in these three sectors during April-January 2018-19 over the corresponding period of 2017-18 was 3.2%, 4.4% and 5.9%, respectively.
 
An official statement said 11 of the 23 industry groups in the manufacturing sector had shown growth during January 2019 as compared to the corresponding month of the previous year.
 
The industry group ‘Manufacture of food products’ showed the highest positive growth of 17.0% followed by 16.4% in ‘Manufacture of wearing apparel’ and 10.4% in ‘Printing and reproduction of recorded media’. On the other hand, the industry group ‘Manufacture of furniture’ showed the highest negative growth of (-) 12.0% followed by (-) 9.0% in ‘Manufacture of fabricated metal products, except machinery and equipment’ and (-) 6.4% in ‘Manufacture of paper and paper products’.
 
The growth rates in January 2019 over January 2018 were 1.4%  in Primary goods, (-) 3.2% in Capital goods, (-) 3.0% in Intermediate goods and 7.9% in Infrastructure/ Construction Goods.
 
Consumer durables and Consumer non-durables recorded growth of 1.8% and 3.8%, respectively.
 
NNN
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex 481 pts up, Nifty above 11,300

Expectations of a stable government post the general elections along with a strong foreign fund inflow pushed the key Indian equity indices over 1 per cent up on Tuesday.
 
In just the past two trading sessions, the Sensex has gained close to 900 points. Amid a largely optimistic global and domestic market, the index-pivotal -- NSE Bank Nifty -- hit an all time high contributing to the strong advances witnessed during the trade session. 
 
On the global front, markets are anticipating a positive outcome of the US-China trade negotiations while Jyoti Roy of Angel Broking noted that Brexit may well be a cause of concerns during the next week or two.
 
The S&P BSE Sensex jumped 481.56 points or 1.30 per cent at 37,535.66, while the Nifty gained 133.15 points or 1.19 per cent at 11,301.20.
 
"Market continued the bullish rally as investors are expecting the formation of a stable government at the centre," said Vinod Nair, Head of Research, Geojit Financial Services.
 
Nair added that CPI inflation figure, which is due on Tuesday, will give more insights about RBI's stance towards further rate cut.
 
Among the gainers were Bharti Airtel, IndusInd Bank, ICICI Bank, Larsen and Toubro (L&T) and Sun Pharma while the top losers in the Sensex pack were Bajaj Finance, Infosys, NTPC, ONGC and Coal India.
 
IANS

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex up over 400 points, Nifty crosses 11,250

ADVERTISEMENT
The domestic equity indices surged over 1 per cent on Tuesday, with the BSE Sensex gaining over 400 points after the European Commission and the UK agreed to "legally binding" changes in the Brexit deal ahead of the vote in the British parliament.
 
The Nifty50 on the National Stock Exchange crossed the 11,250 mark during the day.
 
European Commission President Jean-Claude Juncker and British Prime Minister Theresa May on Monday said that they agreed to "clarifications and guarantees" regarding the Brexit provision to prevent the return of a hard border between the Irish Republic and the UK province of Northern Ireland.
 
The announcement has boosted all the major Asian markets.
 
In the domestic markets, higher inflow of Foreign Institutional Investments (FII) also supported the gains, analysts said.
 
All the sectoral indices traded in the green led by realty, capital goods and consumer durable stocks.
 
At 11.12 a.m., the Sensex traded 37,494.50, higher by 440.40 points or 1.19 per cent from the previous close of 37,054.10 points.
 
It had opened at 37,249.65 and touched an intraday high of 37,519.08 and a low of 37,230.85 points.
 
The Nifty50 traded higher by 1.17 per cent or 130.65 points at 11,298.70 points.
 
Stock-wise, the top gainers on the Sensex so far were Bharti Airtel, Larsen and Toubro and ICICI Bank, while the only losers were Hero MotoCorp, Infosys, Bajaj Auto and ONGC.
 
IANS

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex surges 280 points, Nifty crosses 11,250

The key Indian equity indices opened on a positive note on Tuesday with the BSE Sensex trading around 280 points higher and Nifty crossing 11,250.
 
The domestic market tracked a similar trend in the major Asian indices. Healthy buying in the power, energy and consumer durable stocks also supported the gains.
 
At 9.25 a.m., the Sensex traded at 37,336.72, higher by 282.62 points or 0.76 per cent from the previous close of 37,054.10 points.
 
It opened at 37,249.65 and touched an intra-day high of 37,349.92 and a low of 37,230.85.
 
The Nifty50 on the National Stock Exchange traded at 11,252.75, higher by 84.70 points or 0.76 per cent from the previous close of 11,168.05 points.
 
 
NNN

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Essar promoters move NCLAT against ArcelorMittal bid order

ADVERTISEMENT
Essar Steel promoters and the Standard Chartered Bank on Monday moved the National Company Law Appellate Tribunal (NCLAT) challenging ArcelorMittal's resolution plan for bankrupt Essar Steel, which was approved on Friday.
 
Three directors of the erstwhile Essar Steel board approached the NCLAT and mentioned the matter before a two-member Bench headed by Chairman Justice S. J. Mukhopadhaya. It may be taken up after the release of full written order by the NCLT Ahmedabad Bench.
 
On Friday, the Ahmedabad Bench of the bankruptcy court cleared ArcelorMittal's Rs 42,000-crore resolution plan for acquiring Essar Steel. It suggested to distribute the resolution amount in 85:15 ratio between financial and operational creditors.
 
Essar Steel promoters, in an effort to regain control over the 10 mtpa steel asset, had made a counter offer of Rs 54,389 crore, promising 100 per cent payment to all types of creditors, after the committee of creditors (CoC) okayed ArcelorMittal's bid last October.
 
The total claims admitted in Essar Steel's resolution process is Rs 54,389 crore, comprising Rs 49,395 crore of financial creditors and Rs 4,995 crore of operational creditors. But the NCLT rejected the offer citing Section 12A of the insolvency law.
 
"We continue to believe that our settlement proposal of Rs 54,389 crore is the most compelling one available to Essar Steel creditors and fulfils the IBC's declared overriding objective of value maximisation, which has been established time and again by courts at all levels," an Essar spokesperson said after Friday's judgement.
 
Another party raising objections against the NCLT's approval is the Standard Chartered Bank that has a claim of Rs 3,487 crore against insolvent Essar Steel. But as a second category secured creditor it will get only Rs 61 crore under the ArcelorMittal's resolution plan.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex, Nifty surge over 1%; PSU Banks, metal stocks gain

Markets rallied on Monday following the announcement of Lok Sabha election schedule and largely positive global markets. Sensex and Nifty surged over 1 per cent as buying interest was seen across all sectors.
 
Analysts said that the investor sentiment was upbeat after the declaration of election dates and some opinion polls predicting that the Bharatiya Janata Party (BJP) will return to power after the conclusion of the upcoming general election.
 
The S&P BSE Sensex jumped 382.67 points or 1.04 per cent at 37,054.10 while the Nifty gained 140 points or 1.28 per cent at 11,176.30.
 
Except for the export-oriented IT stocks, all the sectoral stocks gained led by PSU Banks, metal and auto stocks.
 
PSU Banks stocks rose in anticipation of better times post the elections, said Deepak Jasani of HDFC Securities.
 
"Market rallied followed by the declaration of election date with opinion poll suggesting an edge to the ruling party. Since many stocks are available at cheap valuation, investors rushed to high quality mid and small caps to participate in the pre-election rally," said Vinod Nair, Head of Research, Geojit Financial Services.
 
"Having said that, market is awaiting CPI inflation data tomorrow (Tuesday) and upcoming policy announcements by central banks across the globe to get a clear direction."
 
The top gainers on Sensex were Bharti Airtel, up 8.08 per cent followed by Power Grid, Coal India, Reliance Industries and Vedanta, which surged in the range of 2 to 4 per cent.
 
Among the laggards were TCS, HCL Tech, NTPC, IndusInd Bank and Infosys, which declined up to 0.50 per cent.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 
Syndicate content
© Copyright 2012 NetIndian. All rights reserved. Republication or redistribution of NetIndian content, including by framing or similar means, is expressly prohibited without the prior written consent of NetIndian Media Corporation. Write to info[AT]netindian[DOT]in for permission to use content. Read detailed Terms of Use.