Allaying concerns about the return of fuel subsidy regime, a top finance ministry official on Thursday said the government asking oil PSUs to subsidise petrol and diesel prices by Re 1 per litre was a one-time thing and it does not intend to ask them to do it again.
The government officials overtly do not seem to be perturbed over the massive stock sell-off and the continuing rupee rout, but deep down the precipitous decline in both is proving to be a problem.
Zee Entertainment Enterprises (ZEEL) reported a 38.23 per cent decline in consolidated net profit at Rs 386.10 crore for the second quarter ended September 30, 2018.
The company had posted a net profit of Rs 625.09 crore in the July-September period a year ago, ZEEL said in a BSE filing.
However, its total consolidated income rose by 13.98 per cent to Rs 2,034.79 crore during the quarter under review as against Rs 1,785.18 crore of the corresponding quarter last fiscal. Its total expenses were up 20.8 per cent at Rs 1,386.45 crore as against Rs 1,147.05 crore.
Ruia family-promoted Essar Power on Wednesday announced the completion of its Rs 8,000-crore capex programme for its Mahan power plant project with commissioning of the plant's second 600 MW unit.
Both units of the project are operational and supported by an end-to-end raw material sourcing and evacuation infrastructure, a company statement said.
According to the statement, the second unit is supplied by Harbin Electric and is designed to perform at optimum efficiency with domestic coal from pithead mines in the region.
Rising crude oil prices have taken a toll on airline companies, and Indigo operator Interglobe Aviation, has suffered the most.
The shares of Interglobe Aviation now trades below its issue price of Rs 765 and on Wednesday the shares closed at Rs 745.75 on the BSE and at Rs 742 on the NSE.
Last week Interglobe Aviation’s share price had hit a 52-week low of Rs 697 on the BSE and Rs 691 on the NSE in tandem with the surge in Brent crude oil price to $86.74 per barrel.
Pressure is building on major Indian employers to take allegations of sexual harassment more seriously after a surge in the number of complaints against prominent public figures in the past week. Newspapers, some politicians and women’s groups have said that the requirements of the 2013 Sexual Harassment of Women at Workplace Act need to be enforced by companies and organisations, and if necessary by the authorities.
The BJP had made several false promises to get elected in the 2014 elections and now in power, does not plan to make good on those promises, minister of Road Transport and Highways Nitin Gadkari said this on a reality show he attended as a guest alongside actor Nana Patekar.
Assal Pavhane, Irsal Namune, the Marathi reality show was aired on Colours in two parts on 4 and 5 October. The first part of the episode, titled “When politics meets cinema”, was aired on 4 October, the second part, “Comic banter between Nana and Nitin”, was broadcast on 5 October.
The insurance regulatory and development authority of India (Irdai) is in the favour of allowing 100 per cent foreign direct investment in insurance intermediaries in addition to insurance brokers, according to sources.
The regulator is of the view that if insurance brokers can be allowed then the other insurance intermediaries like aggregator and third party administrators (TPA) may be considered for the same relaxation, the sources said.
The market’s concern about the NBFC space looks a bit overblown, as nothing much has changed materially in the financials of the sector, says a report.
The overall asset quality and the capital-to-risk weighted assets ratio (CRAR) of non-banking finance companies, in fact, appear better than the previous year, and hence, some introspection into a few pockets of NBFCs can set the future course of the sector on the right path, says an SBI Research report, authored by Soumya Kanti Ghosh, group chief economic adviser at SBI.
As much as Rs 22,000 crore GST refund is pending with the government, creating liquidity problem for exporters and impacting overseas shipments, FIEO said on Wednesday.
Federation of Indian Export Organisations (FIEO) president Ganesh Gupta said the delay in refund is mainly impacting small exporters who provide jobs in labour-intensive sectors.
“Refunds of about Rs 7,000 crore are pending on account of IGST and about Rs 15,000 crore ITC as of September 30. This is impacting small exporters,” Gupta told reporters here.