Business Standard

Airlines scour globe for capacity as aircraft shortage takes toll

19 minutes ago

Business / Business Standard/ Latest News

The massive aircraft deals announced this year are testament to the optimism about a post-pandemic rebound..

GAIL infuses Rs 2,100 crore in insolvent chemical firm JBF Petrochemicals

37 minutes ago

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India's largest gas firm GAIL has infused Rs 2,100 crore in insolvent private-sector chemical company JBF Petrochemicals Ltd that it had acquired in bankruptcy proceedings. The firm had in March won bankruptcy court approval for taking over JBF. In a stock exchange filing, GAIL (India) Ltd said it has "infused Rs 2,101 crore (equity - Rs 625 crore and debt - Rs 1,476 crore)" in the committed bankruptcy resolution plan. "Accordingly, JBF has become a wholly-owned subsidiary of GAIL with effect from June 1, 2023," it said. GAIL had outbid a consortium of Indian Oil Corporation (IOC) and Oil and Natural Gas Corporation (ONGC) in the insolvency process run by IDBI Bank to recover Rs 5,628 crore of dues to financial and operational creditors. JBF Petrochemicals was incorporated in 2008 to set up a 1.25 million tonne per annum capacity purified terephthalic acid plant at Mangalore Special Economic Zone. IDBI and other banks had lent JBF money to build the PTA plant for USD 603.81 milli..

JMM to support AAP in opposing Central ordinance, says Arvind Kejriwal

38 minutes ago

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Jharkhand Mukti Morcha formally announced on Friday that it will support the Aam Aadmi Party (AAP) in opposing the Centre's ordinance on control of administrative services in Delhi after a meeting between Delhi chief minister Arvind Kejriwal and his Jharkhand counterpart Hemant Soren in Ranchi. Announcing this at a press conference here, Kejriwal said the ordinance must be defeated collectively in Parliament where it is likely to come up for voting as a law in the forthcoming session. Soren, who accompanied him at the press meet after their meeting where Punjab CM Bhagwant Singh Mann was also present, said, "The Centre's attack on democracy is a matter of serious concern." Keriwal and Mann arrived here on a special flight from Chennai around 9 pm on Thursday accompanied by AAP MPs Raghav Chadha and Sanjay Singh besides AAP MLA Atishi. "JMM will support AAP in opposing the Central ordinance on control of administrative services in Delhi. "The Centre is creating a crisis for the A..

Global food costs at two-year low in May but grocery bills stay high

43 minutes ago

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A United Nations' index of food-commodity prices fell 2.6% in May, as declines in grains, vegetable oil and dairy offset higher sugar and meat costs..

Australia raises minimum wage by 5.75% amid inflation effective from July 1

an hour ago

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The spike was largely driven by an increase in fuel prices after the end of the temporary cut in the government's fuel excise tax..

Couple spends 301 days in jail on suspicion of being Bangladeshi immigrants

an hour ago

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A couple from Burdwan has been granted bail after spending 301 days in Bengaluru prison on suspicion of being illegal Bangladeshi..

Mixed trend in demand for different categories of tea during Sale-22: CTTA

an hour ago

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Mixed trend in demand for different categories of tea was observed during Sale-22, a Calcutta Tea Traders' Association (CTTA) official said here on Friday. The demand for CTC leaf and Darjeeling tea increased while Orthodox leaf and Dust tea marked a weaker trend, he said. The total demand reduced by 3.05 per cent along with reduced offered quantity during the auction as compared to last week, the official said. The auction (Sale-22) was held on May 30 and 31. According to CTTA data, the total offerings amounted to 98,644 packages (28,32,493 kg) comprising 36,056 packages of CTC leaf, 45,103 packages of orthodox, 4,441 packages of Darjeeling leaf and 13,044 packages of dust tea. CTC leaf met good demand and a total of 8,03,325 kg of different categories was sold at an average price of Rs 198.97 per kg. Around 37.92 per cent of the total demand was witnessed for CTC leaf at below Rs 150 per kg level while 26.18 per cent was marked above Rs 250 per kg. Western India operated on be..

A safe home: How to prevent injurious falls, manage risks

an hour ago

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WHO estimates 684,000 fatal falls occur each year; the elderly are at greater risk..

ONGC to maintain financial flexibility as earnings steady, says S&P

an hour ago

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This should help the company maintain its good credit quality, despite its investment plans and healthy shareholder distributions, the rating agency said in a statement..

Want justice for wrestlers, but after due process of law: Anurag Thakur

an hour ago

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Union Sports Minister Anurag Thakur on Friday said everyone wants justice to be delivered to the wrestlers demanding action against outgoing Wrestling Federation of India (WFI) chief Brij Bhushan Sharan Singh, but it will happen only after following the due process of law. Thakur's remarks came days after the country's top wrestlers, protesting for more than a month over allegations of sexual harassment against Singh, threatened to immerse their medals in the Ganga river in Haridwar. "The government favours an unbiased investigation.... All of us want justice to be delivered, but it will happen after following the due process," Thakur said in an interactive session at the India Economic Conclave organised by the Times Network. The minister said the Delhi Police is investigating the case, which was filed after a government-appointed committee submitted a report on the allegations against Singh, who is also a Bharatiya Janata Party (BJP) MP. "There is no question of bias," Thakur sai..

Japan's birth rate falls to record low as population crisis deepens

an hour ago

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Japan's demographic problems have been made worse by the Covid-19 pandemic, as fewer marriages in recent years have led to fewer births..

Swaraj Tractors launches compact tractors; starts from Rs 5.35 lakh

an hour ago

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Swaraj Tractors on Friday launched a new range of compact lightweight tractors with price starting from Rs 5.35 lakh (ex-showroom). The company said it will roll out two models -- Target 630 and Target 625 -- in 20-30 HP category under the new Target range. The Swaraj Target 630 model will first be available through its dealer network in Maharashtra and Karnataka, at price starting from Rs 5.35 lakh (ex-showroom), it said. The second model Target 625 will be introduced in due course, Swaraj Tractors, which is a part of the Mahindra Group, said. The Group had last week announced its plans to launch a new tractor platform. The new Swaraj Target range seamlessly combines power and advanced technology features, providing exceptional efficiency in spraying and various other applications, it said. "Introduction of Swaraj Target opens a new segment for growth of Swaraj Tractors and facilitates horticulture mechanisation, a fast-growing segment in Indian agriculture," said Hemant Sikka,..

Apollo Hospitals hits 52-wk high on talks to raise $200 mn; up 8% in 2 days

an hour ago

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Apollo Hospitals is looking to sell around 5-6 per cent stake in Apollo HealthCo at an expected enterprise value of $2.5-$3 billion, said a report by The Economic Times..

AstraZeneca announces launch of cancer medication Tremelimumab in UAE

an hour ago

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AstraZeneca has announced the launch of its revolutionary cancer medication, IMJUDO (tremelimumab) in the UAE..

Tata Motors total sales decline YoY, electric cars give firm a boost

an hour ago

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Tata Motors sold 74,973 vehicles in May 2023, down 2 per cent year-on-year (YoY) as the automaker made gains in the electric cars (EV) market..

Hundreds of Amazon employees stage walkout of HQ over return to work policy

2 hours ago

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Hundreds of Amazon employees staged a walkout at the company's headquarters in Seattle over the company's return-to-work policy and its lack of progress on climate change initiatives..

IndiGo to start direct flights to six destinations in Africa, Central Asia

2 hours ago

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The country's largest airline IndiGo will start direct flights to six new destinations in Africa and Central Asia, including to Nairobi, Tbilisi and Tashkent, this year. Embarking on "massive" international expansion plans, the carrier will connect Nairobi in Kenya and Jakarta in Indonesia, with direct flights from Mumbai in late July or early August. "Delhi will get connected in August to Tbilisi, Georgia & Baku, Azerbaijan and in September to Tashkent, Uzbekistan, and Almaty, Kazakhstan," IndiGo said in a release on Friday. Once these routes are operational, the budget airline will be connecting a total of 32 international destinations compared to 26 currently. While noting that it is taking a "massive step in its international expansion strategy," IndiGo said it will be adding an "impressive 174 new weekly international flights between June and September 2023, including new destinations, routes, and frequencies". IndiGo said it will also be resuming daily services from Delhi to..

ICICI Bank will give Rs 1,200 cr to build 3 Tata Memorial Centre for cancer

2 hours ago

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ICICI Bank on Friday committed Rs 1,200 crore to help Tata Memorial Centre (TMC) to expand its cancer treating facilities. As part of the commitment from ICICI Foundation, three new facilities will be built in Navi Mumbai's Kharghar on the outskirts of the financial capital, Mullanpur in Punjab and Visakhapatnam in Andhra Pradesh. Girish Chandra Chaturvedi, the chairman of the second largest private sector lender, said the three facilities will be fully functional by 2027 and will enable TMC to handle 25,000 more cancer patients per year. "This is a step towards resolving a problem which we are foreseeing to aggravate, especially as urbanisation increases," he told reporters at TMC's flagship hospital here after signing three Memorandums of Understanding for the centre. Chaturvedi said right now, the bank has Rs 500 crore of Corporate Social Responsibility (CSR) corpus ready for the three facilities, and will be adding to the corpus as the years go. The bank feels by the end of th..

Rooftop solar capacity increased 6.35% to 485 MW in Jan-Mar: Mercom

2 hours ago

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The rooftop solar capacity in India increased by 6.35 per cent to 485 megawatt (MW) in the January-March quarter of this year, according to Mercom India. In the January-March period of calendar year 2022, the rooftop solar installation capacity in the country was at 456 MW, the research firm said on Friday. India's cumulative rooftop solar capacity was approximately 9.3 gigawatts (GW) at the end of Q1 2023. On a quarter-on-quarter basis, at 485 MW, rooftop solar capacity addition was marginally up by 0.4 per cent compared to 483 MW in Q4 2022, Mercom India said. According to its 'Q1 2023 Mercom India Rooftop Solar Market Report', nearly 58 per cent of capacity was added by residential consumers in Q1 2023, while industrial and commercial consumers accounted for 28 per cent and 14 per cent, respectively. In Q1 2023, rooftop solar accounted for 26 per cent of total solar installations. "After ups and downs in 2022, we are beginning to see steady growth in rooftop solar driven by so..

Maha SSC results declared; overall pass percentage at 93.83, dips 3% YoY

2 hours ago

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The Maharashtra State Board of Secondary and Higher Secondary Education on Friday declared Class 10, or SSC, results that saw a pass percentage of 93.83, a drop of nearly 3 points from last year, board officials said. The overall pass percentage stood at 96.94 last year. Maintaining the trend, girls yet again outshone boys, posting an overall pass percentage of 95.87. The pass percentage for boys stood at 92.05. The Kokan division topped the list with 98.11 per cent of students clearing the board exam, while the Nagpur division was at the bottom with a pass percentage of 92.05, said board chairperson Sharad Gosavi. Of the other divisions, Kolhapur posted a pass percentage of 96.73, followed by Pune (95.64), Mumbai (93.66), Aurangabad (93.23), Amaravati (93.22), Latur (92.67), and Nashik (92.22). A total of 15,29,096 students registered for the SSC exam that was held in March-April this year and 14,34,898 students cleared it, they said...

Sebi lists new norms for high-risk FPIs: What it means for investments

2 hours ago

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Who is impacted; do the new rules better protect Indian companies from opportunistic takeover: questions answered..

Indian-origin Dev Shah wins US spelling bee with the word 'Psammophile'

2 hours ago

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Indian American contestants have dominated the spelling bee in the US, starting with Balu Natarajan' win in 1985..

E-commerce platform Meesho crosses 500 mn downloads on iOS, Android

3 hours ago

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E-commerce platform Meesho has become the world's "fastest shopping app" to cross 500 million cumulative downloads across Google Play and iOS App Store, mobile data analytics provider has said. The company has achieved the 500 million download milestone in six years, data.ai, formerly known as App Annie, said in a statement. According to data.ai, over half of Meesho app downloads (274 million) came in 2022. "Indian e-commerce platform Meesho has emerged as the world's fastest shopping app to cross 500 million cumulative downloads across Google Play and iOS App Store combined, reaching this milestone in six years," data.ai said. According to data.ai, with just 13.6 MB size, Meesho's android app is the lightest e-commerce app in India on Play Store, which makes it compatible with low-end smartphones. "We are delighted to partner with them and provide them with the insights they need to continue to grow their business," data.ai, Head of Insights, Lexi Sydow said. Meesho, CXO for use..

Shivaji Maharaj's life is source of inspiration, epitomises courage: PM

3 hours ago

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Prime Minister Narendra Modi on Friday said Chhatrapati Shivaji Maharaj epitomises courage and his life as well as ideals are a source of inspiration. The PM said this in a video message that was played at the state-level function being held to celebrate the 350th anniversary of the coronation of the Maratha warrior king at Raigad fort in Maharashtra. "Welfare of the state and its people was the basic principle of Chhatrapati Shivaji Maharaj's rule. The 350th anniversary of the coronation of Chhatrapati Shivaji Maharaj is an inspiration and source of energy and an important chapter of India's history," PM Modi said. "The main aim of a leader is to keep his people motivated. Shivaji Maharaj ended the mindset of slavery among people, protected them and the state from invaders and instilled among people the confidence of self-rule. He not only set up 'swarajya' (self-rule), but also implemented 'sushasan' (good governance)," he said. His life and times continue to inspire us. The .....

WhatsApp rolling out first version of new 'Updates' tab on iOS beta

3 hours ago

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Meta-owned messaging platform WhatsApp is rolling out the first version of a new 'Updates' tab to some beta testers on iOS...

ECB CEO backs ICC model, says India justified in getting 38% of earnings

3 hours ago

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India make immense contribution in driving revenues and fuelling the growth of cricket globally and deserve to earn USD 230 million per year from 2024 to 2027 under ICC's proposed financial model, feels ECB chief executive officer Richard Gould. According to the new proposed distribution model, the Indian cricket board (BCCI) could earn 38.5 per cent of the USD 600 million earnings over the next four year commercial cycle with the ECB (USD 41.33 million) and Cricket Australia (USD 37.53 million) being the next highest earners. The PCB is likely to take home USD 34.51 million (5.75 per cent), while the rest will be shared by the remaining eight full members. In total, the 12 full members will get USD 532.84 million (88.81 per cent) with the remaining USD 67.16 million (11.19 per cent) going to the associate members out of the USD 600 million projected pool. The proposals, which are due to be ratified by the ICC, were criticised as it will only further increase the financial disparit..

Ahana Mehta Mehrotra: An Inspiring Entrepreneur, Influencer, and Devoted Mother Balancing Fashion and Motherhood

3 hours ago

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Telangana Formation Day 2023: Details about India's youngest state

3 hours ago

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This year, Telangana residents will honour their cultural heritage by celebrating their Telangana formation day on June 2..

Cause and effect: Are corporate profits fueling inflation globally

4 hours ago

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As the Federal Reserve continues with hikes, the linkage between corporate profit margins and inflation is blamed for consumer burden..

360 One Asset Management raises Rs 2,130 cr for latest private credit fund

4 hours ago

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The fund will lend to financially solvent companies and will now take exposure to distressed situations. It has a lifespan of three years..

Meghalaya HC pulls up govt for allowing coal export without seeking origin

4 hours ago

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The Meghalaya High Court has pulled up the state government for allowing export of coal through land customs stations in the state without seeking to ascertain the source or origin of such coal. A division bench of the court comprising Chief Justice Sanjb Banerjee and Justice W Diengdoh said this on Thursday while hearing a PIL filed by Champer M Sangma. "It is alarming that despite the state understanding the purport of the request by Central agencies, it was so lax that it allowed tens of thousands of metric tonnes of coal to be cleared for export through land customs stations within the state without, apparently, seeking to ascertain the source or origin of such coal," the division bench said. The high court said several letters were issued to the state by central agencies and by the Union Finance Ministry before the suo motu proceedings pertaining to illegal coal-mining and illegal transportation of the illegally-mined coal being instituted in this court. "The Central agencies..

Janus Henderson further downgrades PharmEasy valuation to $ 2.7 billion

5 hours ago

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Several other Indian startups such as Meesho, Swiggy, Byju's, Pine Labs, and Ola have seen similar cuts in their valuations..

Maharashtra CM takes part in celebrations of Shivaji Maharaj's coronation

5 hours ago

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Celebrations marking the 350th anniversary of the coronation of Chhatrapati Shivaji Maharaj began at the Raigad fort in Maharashtra on Friday morning in presence of state Chief Minister Eknath Shinde and Deputy CM Devendra Fadnavis. As per the Gregorian calendar, the Maratha warrior king was coronated on June 6, 1674, at the Raigad fort from where he had laid the foundation of "Hindavi Swaraj" or self-rule of Hindus. As per the Hindu calendar, the anniversary of his coronation falls on June 2 this year. Shinde and Fadnavis took part in various rituals to mark the coronation of Shivaji Maharaj at the Raigad fort, around 170 km from here. Culture Minister Sudhir Mungantiwar performed 'jalabhishek' (ritual of offering water) on the idol of the 17th century king. The water was collected from rivers across Maharashtra. A state police band paid obeisance to the founder of the Maratha empire by playing Maharashtra's state song 'Jai Jai Maharashtra Majha, Garja Maharashtra Majha'. Flower ....

Maharashtra SSC Result 2023: Everything you need to know about result

5 hours ago

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Students who are dissatisfied with their Maharashtra class 10th results 2023 will also have the option to improve their grades..

Active Covid-19 cases in country drop to 3,736, total death toll 531,874

5 hours ago

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India has logged 267 new coronavirus infections while the active cases have decreased to 3,736 from 3,925, according to the Union health ministry data updated on Friday. The death toll has increased to 5,31,874 with two more fatalities, the data updated at 8 am stated. The Covid case tally was recorded at 4.49 crore (4,49,91,143), it said. The active cases now comprises 0.01 per cent of the total infections, while the national COVID-19 recovery rate has been recorded at 98.81 per cent, according to the health ministry website. The number of people who have recuperated from the disease surged to 4,44,55,533, while the case fatality rate was recorded at 1.18 per cent. According to the ministry's website, 220.66 crore doses of Covid vaccines have been administered in the country so far under the nationwide COVID-19 vaccination drive...

AI-powered US military drone kills operator during simulated test: Report

6 hours ago

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The drone was advised to destroy the enemy's air defence systems and killed the operator when he interfered with its efforts to complete it..

Survey with Househelps Show that Couples are Happier When they Share the Load

6 hours ago

Business / Business Standard/ General News

Mumbai (Maharashtra) [India], June 2: In a first-of-its-kind event, 100 house staff, along with actor Neha Dhupia, uncover signs of equality and inequality in the household and its impact on the relationship. House helps are an extended part of many families. They witness the interaction between many couples and offer an outside perspective on how the relationship changes over time. Research shows that equality in the distribution of chores can bring couples closer whereas inequality can create an emotional distance. The event was facilitated by Indian actress and model Neha Dhupia who delved deeper, with the 100 house helps, into the signs of equality and inequality within the household. This event is a part of Ariel's 'See the Signs #ShareTheLoad' movement which was recently launched to spotlight the long-term impact of unequal distribution of chores on relationships and urge more men to #ShareTheLoad...

Wrestlers issue has dented India's image abroad, says Akhilesh Yadav

6 hours ago

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Samajwadi Party chief Akhilesh Yadav has said that the country's image has been severely dented by the ruling BJP's blatant display of disrespect towards women wrestlers..

President Droupadi Murmu extends greetings on Telangana Formation Day

6 hours ago

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President Droupadi Murmu extended greetings to the people of Telangana on the occasion of the 10th Telangana Formation Day on Friday."My greetings to the people of Telangana on Statehood Day! Endowed with forests and wildlife, Telangana is also uniquely blessed with a rich cultural heritage and talented people. This beautiful state is emerging as a hub of innovation and entrepreneurship. My best wishes for the continued growth and prosperity of Telangana," the President said in a tweet.Chief Minister K. Chandrashekar Rao also extended greetings and recalled the struggles and sacrifices made by the people for Telangana Statehood in the six decades-long movement.According to Bharat Rashtra Samithi leader Ravula Sridhar Reddy, CM KCR will hoist the national flag at the newly built Telangana Secretariat later in the day to kick off 21 days of celebrations of Telangana State Formation Day to highlight its achievements in the last nine years.Telangana was formed out of Andhra Pradesh in .....

Biden says he got 'sandbagged' after onstage fall at Air Force graduation

7 hours ago

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President Joe Biden quipped that he got "sandbagged" Thursday after he tripped and fell but was uninjured while onstage at the US Air Force Academy graduation. Biden had been greeting the graduates in Colorado Springs, Colorado, at the front of the stage with salutes and handshakes, and turned to jog back toward his seat when he fell. He was helped up by an Air Force officer as well as two members of his US Secret Service detail. Onlookers, including some members of the official delegation onstage, watched in concern before Biden, who at age 80 is the oldest president in US history, returned to his seat to view the end of the ceremony. "I got sandbagged," the president told reporters with a smile when he arrived back at the White House on Thursday evening before pretending to jog into the residence. Two small black sandbags had been onstage supporting the teleprompter used by Biden and other speakers at the graduation. "He's fine," White House communications director Ben LaBolt ...

Terrorist killed in encounter with forces in Jammu and Kashmir's Rajouri

7 hours ago

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A terrorist was killed in an encounter with security forces in Jammu and Kashmir's Rajouri district on Friday morning, officials said. A joint cordon and search operation was launched by the army and police on the intervening night of Thursday and Friday after noticing suspicious movement in the forest area of Dassal Gujran near Rajouri, a defence official said. He said the search operation turned into an encounter after the terrorists fired upon the forces, who retaliated. The firing continued through the night. Jammu and Kashmir Additional Director General of Police (ADGP) Mukesh Singh said one terrorist was killed and the operation is going on...

US Senate passes bill to raise debt ceiling to avert first-ever default

7 hours ago

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Fending off a US default, the Senate gave final approval late Thursday to a debt ceiling and budget cuts package, grinding into the night to wrap up work on the bipartisan deal and send it to President Joe Biden's desk to become law before the fast-approaching deadline. The compromise package negotiated between Biden and House Speaker Kevin McCarthy leaves neither Republicans nor Democrats fully pleased with the outcome. But the result, after weeks of hard-fought budget negotiations, shelves the volatile debt ceiling issue that risked upending the US and global economy until 2025 after the next presidential election. Approval in the Senate on a bipartisan vote, 63-36, reflected the overwhelming House tally the day before, relying on centrists in both parties to pull the Biden-McCarthy package to passage. Senate Majority Leader Chuck Schumer said the bill's passage means America can breathe a sigh of relief. He said, We are avoiding default. Fast action was vital if Washington hop..

F&O Strategy for Bharat Forge: HDFC Securities recommends a Bull Spread

8 hours ago

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Buy Bharat Forge Rs 800 Call option and simultaneously Sell Rs 820 Call of the June series, suggests Nandish Shah, Sr. derivatives & technical research analyst of HDFC Securities...

Our policy would be similar: Rahul Gandhi on Centre's stance on Ukraine war

8 hours ago

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In a rare endorsement of a position taken by the Union government under the leadership of PM Modi, Congress leader Rahul Gandhi backed the BJP's stance on the Russia-Ukraine conflict..

Trading strategies for Nifty Energy, Nifty Consumption indices

9 hours ago

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According to Ravi Nathani, an independent technical analyst, the Nifty Energy index is consolidating in the 23,460 - 24,460 range...

Gambia hires US law firm for action on toxic Indian cough syrup: Report

9 hours ago

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Gambia has hired a U.S. law firm to explore legal action after a government-backed investigation found that contaminated medicines from India were "very likely" to have caused the deaths of children..

Vedanta-Foxconn setback shows cracks in Modi's $24 bn manufacturing push

9 hours ago

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A $3 billion proposal that had Israeli foundry Tower Semiconductor Ltd. as a tech partner has also stalled, while a third plan is stuck because Singapore-based IGSS Ventures Pte wants to re-apply..

Awaiting response from Assam on claims submitted on border: Mizo official

16 hours ago

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The Mizoram government on Thursday claimed that it is awaiting a response from its Assam counterpart on the claims submitted by the former in connection with the inter-state boundary dispute. Mizoram had submitted its claims on the state boundary in February. "As agreed in the parley held in November last year, we conducted a survey along the border and submitted our claims. It was decided that Assam should send a reply within April or May. We are yet to receive a reply from them," a Mizoram home department official said. The date for the next round of border talks is yet to be decided, he said. During the border talks held on November 17 last year, both states had decided that "Mizoram will furnish the list of villages, their areas, geospatial extent, ethnicity of the people and other relevant information within three months to support its claims", the official said. It was also decided that the claims could be examined by setting up regional committees from both sides to arrive..

English learning programme launched in 36 childcare centres in TN

16 hours ago

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The Department of Social Defence and the State Childcare Protection Society have launched an English learning programme in 36 childcare centres of Tamil Nadu..

Pragati Maidan slum demolition: 'Worried about children,' say residents

16 hours ago

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At the crack of dawn on Thursday with the city still asleep, excavators made their way into a slum cluster near Pragati Maidan, waking its inhabitants who felt their lives were about to be upended. As imminent demolition loomed, poised to reduce their modest homes to rubble, several residents suddenly found themselves shelterless. Anxiety crept in as they began to think of their bleak future and possibly that of their children. Pinky, a mother of four, said she was distressed about her 18-year-old daughter's future. Having somehow managed to gather enough money to send the teenager to a hostel, Pinky said that her daughter might not be able to complete her studies now that her home has been razed in the anti-encroachment drive. "This displacement affects my livelihood. We somehow managed to save money and send her to a hostel. After this demolition drive, we are worried that she might have to come back," the woman said. "Authorities are more concerned about the rich. They are least..

PSG coach Galtier confirms Messi's departure, says to leave after season

16 hours ago

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Lionel Messi is to play his last match for Paris Saint-Germain against Clermont on Saturday, as the club's head coach Christophe Galtier confirmed his departure at the pre-match press conference..

Zelenskyy pushes for Ukraine support at European leaders' summit in Moldova

16 hours ago

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Ukrainian President Volodymyr Zelenskyy took his quest for more arms and support to a sprawling summit of some 50 European leaders in Moldova on Thursday, ending up the focal point of an event that seeks to quell regional conflicts and shore up unity in the face of Russia's war. The meeting of the pan-continental European Political Community, which embraces all European nations other than Russia and Belarus, gathered the heads of state and government from 47 countries but its attention was on the continent's south and east a region pushed to a turning point in its relationship with Moscow because of Russia's invasion of Ukraine last year. After a day of talks in the Moldovan countryside, Zelenskyy said the best security guarantee for Ukraine was membership in NATO and the European Union, and that any proposed peace plans to bring the war to an end could not take into account Russian concerns. There is an aggressor in this war and there is a victim," Zelenskyy told reporters. A peac..

Desilting of drains be completed by June 15: Delhi Mayor to officials

17 hours ago

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Delhi Mayor Shelly Oberoi on Thursday instructed officials that desilting work of drains in the city should be done by June 15. Oberoi held a review meeting with officials of several departments, besides the PWD, the DDA, and irrigation and flood control, on plans to prevent waterlogging during the monsoon season. She directed the officials that desilting work of all MCD drains should be completed by June 15, according a statement issued by her office. The mayor said that permanent and temporary water pumps should be installed at places prone to waterlogging, and sensitive places should be monitored through CCTV cameras. To prevent waterlogging, the officials should submit progress reports on a weekly basis, she said. The objective of the meeting was to review the progress of desilting work in various areas of Delhi and to discuss the necessary steps to prevent waterlogging. Oberoi said pursuant to this, she will do a surprise inspection of the drains, so that the ground reality..

GST collection to car sales: May data paints healthy picture of economy

17 hours ago

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GST collection, car sales post robust numbers..

Russia says US accessed thousands of Apple's phones in a spy plot

17 hours ago

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Neither Apple nor the NSA immediately responded to emailed requests for comment outside usual US business hours..

ChatGPT maker OpenAI nears record 1 bn unique users monthly: Report

17 hours ago

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A total of 847.8 million unique visitors accessed OpenAI's website in March, following which it climbed nine spots from its previous ranking of 27 and is now at number 18..

IL&FS pays Rs 28.8k cr debt by FY23; debt resolution target at Rs 61K cr

17 hours ago

Business / Business Standard/ Latest News

Crisis-hit infrastructure finance firm IL&FS has paid a total debt of Rs 28,848 crore as of March 31, 2023, according to the latest affidavit filed before the insolvency appellate tribunal NCLAT earlier this week. The group has resolved debts through monetisation and termination/settlement of payments by its group entities from the concessioning authorities and counter-party to the relevant contract. "As on March 31, 2023, the debt resolved through such monetisation and termination measures aggregates to Rs 17,894 crores," said the status update report filed before the National Company Law Appellate Tribunal (NCLAT) by the company. Besides, it has discharged Rs 4,958 crore from the cancellation of the non-fund-based limits availed by its group entities and Rs 5,996 crore through interim distribution. By the end of FY23, "total debt discharged to creditors of the Respondent No 1 (IL&FS) Group aggregates to Rs 28,848 crore," the affidavit said. Moreover, the cash balances across..

Average daily domestic passenger traffic in May not hit by Go First's exit

17 hours ago

Business / Business Standard/ Latest News

Other airlines' occupancy rate zooms past 90%..

Amid surge in airfares, govt analyses routes impacted by Go First crisis

17 hours ago

Business / Business Standard/ Latest News

Amid a surge in airfares on certain routes, the civil aviation ministry is doing an analysis of routes that have been affected by the suspension of flights by Go First. Civil Aviation Minister Jyotiraditya Scindia on Thursday said there is an unusual situation due to the Go First crisis and there has been an excess demand on the routes the airline had been operating. Go First, which is undergoing an insolvency resolution process, has not been flying since May 3. "We have given additional routes to other airlines but it is a piquant situation... I doubt any other sector has seen the vicissitudes that civil aviation has seen in the last three years," he said while speaking at the India Economic Conclave here. "... I have put together a group in the last couple of days and we are doing an analysis of a lot of those routes... that have been affected by this unusual event (Go First crisis). "One is Srinagar, Pune, slightly Ahmedabad, we are doing a full analysis on that... we will spea..

Govt in talks with US-based Micron Technology for semiconductor fab factory

17 hours ago

Business / Business Standard/ Latest News

The $30.8 billion Micron has 11 manufacturing sites spread across the US, Japan, Malaysia, Singapore, Taiwan and China..

Rupee appreciates by 33 paise to close at 82.42 against US dollar

17 hours ago

Business / Business Standard/ Latest News

The rupee appreciated by 33 paise to close at 82.42 (provisional) against the US dollar on Thursday, as positive macroeconomic data strengthened investor sentiments. At the interbank foreign exchange market, the local unit opened at 82.54 against the US dollar and settled at 82.42 (provisional), up 33 paise over its previous close amid sustained foreign fund inflows. During the day, the domestic unit witnessed an intra-day high of 82.36 and a low of 82.54. On Wednesday, the rupee closed at 82.75 against the US currency. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.20 per cent to 104.12. Global oil benchmark Brent crude futures advanced 0.17 per cent to USD 72.72 per barrel. "The Indian rupee strengthened amid stellar economic data and foreign fund inflows. It has clocked the best single-day gain in almost two months following dollar inflows and lower commodity prices," Dilip Parmar, Research Analyst, HDFC Securities said. For..

UBS revises FY24 GDP growth forecast up by 70 bps to 6.2 pc

17 hours ago

Business / Business Standard/ Latest News

Citing a better-than-estimated global growth outlook, lower global crude oil prices and robust services exports, a foreign brokerage has revised upwards its India growth forecast by 70 bps to 6.2 per cent for the current fiscal. House economists at Swiss brokerage UBS have already revised global growth projections upwards by nearly 50 bps to 2.6 per cent in 2023, led by China's early reopening, resilience in European data and revision in the US growth numbers. The domestic economy has clipped at 7.2 per cent in FY23, 20 bps higher than what was forecast earlier. On the FY23 GDP growth of 7.2 per cent, UBS Securities India chief economist Tanvee Gupta-Jain said the same was driven by the much higher than expected Q4 growth, which printed in at 6.1 per cent. The consensus expectation is 6 per cent growth in FY24 while the Reserve Bank pegs it at 6.5 per cent. There are upside risks to the country's growth forecast on the better-than-estimated global growth outlook, lower global oil..

Indiabulls HFC eyes to scale up monthly disbursement to Rs 1,200-1,300 cr

17 hours ago

Business / Business Standard/ Latest News

From a sharp decline, the book has flattened out over the last six months..

Changes in visa rules won't impact undergrad students, says UK minister

17 hours ago

Business / Business Standard/ Latest News

His comment comes days after UK Home Secretary, Suella Braverman recently announced changes to the existing visa rules, which included disallowing students from bringing dependants into the country..

Over 200, 000 migrants get monthly ration via ONORC in Delhi: Imran Hussain

18 hours ago

Business / Business Standard/ Latest News

Over two lakh migrants in the city are getting ration every month through ration card portability under the one nation one ration card (ONORC) scheme, Delhi's Food and Civil Supplies minister Imran Hussain said on Thursday. Distribution of ration under the National Food Security Act (NFSA) to the beneficiaries for June 2023 has already started, he said. Hussain presided over a meeting to review distribution of free ration to the beneficiaries in the city. "Due to the smooth and orderly distribution of free ration under the ONORC scheme, Delhi has become a benchmark in the country. Delhi is among the topmost performing states in ration distribution to the migrants under the ONORC scheme," he claimed. "Under the ONORC scheme, Delhi is witnessing over two lakh migrant ration beneficiaries taking ration per month through portability of their ration cards," said the minister. Distribution of ration under the NFSA for the month of June will be free of cost to the beneficiaries including..

Markets extend losses for 2nd day in volatile trade; Sensex dips 193.70 pts

18 hours ago

Business / Business Standard/ Latest News

The NSE Nifty fell 46.65 points or 0.25 per cent to finish at 18,487.75..

Atishi gets public relations dept, total portfolios under her rise to 9

18 hours ago

Business / Business Standard/ Latest News

Delhi Lt Governor V K Saxena in consultation with Chief Minister Arvind Kejriwal has allocated the public relations department to Cabinet minister Atishi, officials said on Thursday. A notification issued by the General Administration Department (GAD) said, "In exercise of powers conferred under Rule 3 of the GNCTD (Allocation of Business) Rules 1993, the Lieutenant Governor, in consultation with the chief minister, is pleased to allocate portfolio of Public Relations Department to Atishi Marlena, minister in addition to the portfolios she is presently holding." It also said that the move is "subject to the Government of National Capital Territory of Delhi (Amendment) Ordinance, 2023 promulgated on May 19". Atishi had been holding the portfolios of power, education, art, culture and language, tourism, higher education, training and technical education. The latest addition will raise the number of portfolios held by her to nine...

Coordinating in the battlefield

18 hours ago

Business / Business Standard/ Latest News

India's military can no longer afford to create a patchwork of small and relatively inconsequential systems purchased from here and there..

Adani Enterprises scraps deal to buy Rs 3K-crore Macquarie road projects

18 hours ago

Business / Business Standard/ Latest News

Adani group was also planning to buy stake of IL&FS in the GRICL..

NCSC to hold review meeting with 12 PSBs next week: Senior officials

18 hours ago

Business / Business Standard/ Latest News

The National Commission for Scheduled Castes will hold a review meeting next week with the twelve public sector banks that have come under its lens for non-implementation of central schemes, according to senior officials. The NCSC chief will chair the meeting and raise the issues of not filling vacant posts reserved for persons belonging to the SC category and difficulty for SCs in getting loans, a senior official said. A senior official said that in banks, especially at higher positions, there are less number of people from the community and this issue will also be discussed at the meeting...

G20: The third meeting of the Startup20 to take place in Goa on June 3-4

18 hours ago

Business / Business Standard/ Latest News

The third meeting of the Startup20 Engagement Group, part of India's G20 presidency, will take place in Goa on June 3-4, an official said on Thursday. Startup20 serves as a prime opportunity to foster collaboration, exchange ideas, and shape the future of start ups and entrepreneurship on a global scale, he said. "The meeting, which will embrace the spirit of 'Sankalpana', a Sanskrit term for collective resolve, brings together international delegates and experienced members of the Indian start up ecosystem. The focal point of the meeting will be to build consensus on the Draft Policy Communique, which the Startup20 recently published asking public for feedback," he added. "The meeting will feature a start up showcase, talks as part of the Startup20 series, cultural experiences and discussions on the implementation and benefits of the ideas outlined in the document," the official said. The Goa Sankalpana event will offer various stimulating sessions, including presentations by task..

Meesho aims to achieve profitability in FY24, looks to grow revenue

18 hours ago

Business / Business Standard/ Latest News

E-commerce platform Meesho is aiming to achieve profitability in FY24 as it looks to increase revenue and optimise costs, according to a senior company official. Backed by SoftBank, the company also plans to surpass a revenue of Rs 10,000 crore by FY25. While the possibility of an IPO in FY24 is being considered, it will only happen if the company becomes profitable. The comments hold significance after Fidelity Investments, one of Meesho's investors, reduced the company's valuation by 10 per cent to USD 4.4 billion. "Our expectation is to achieve profitability within the current fiscal year, FY24. In FY23, we experienced a 50 per cent increase in revenues and reduced losses by two-thirds through cost optimisation measures. Cash burn has also decreased by 90 per cent," Meesho CFO Dhiresh Bansal said. Bansal mentioned that it is difficult to share specific numbers as the audit for the current fiscal has not yet concluded. However, the revenue run rate for Q4 FY23 was USD 800 million..

SFC carries out successful training launch of Agni-1 ballistic missile

18 hours ago

Business / Business Standard/ Latest News

India on Thursday carried out a successful training launch of the Agni-1 ballistic missile that validated all operational and technical parameters of the strategic weapon. The defence ministry said the Strategic Forces Command (SFC) carried out the missile launch from APJ Abdul Kalam Island in Odisha. "A successful training launch of a medium-range ballistic missile, Agni-1, was carried out by the Strategic Forces Command from APJ Abdul Kalam Island, Odisha, on June 1," it said in a statement. "The missile is a proven system, capable of striking targets with a very high degree of precision. The user training launch successfully validated all operational and technical parameters of the missile," it said. In the last two decades, India has been focusing on enhancing its strategic deterrent capability by developing various ballistic missiles, precision-guided munitions and related platforms. India has developed various variants of the Agni series of missiles. In December last, India..

Govt agrees to power transmission from Nepal to Bangladesh through India

18 hours ago

Business / Business Standard/ Latest News

In a significant move, India on Thursday agreed to allow Nepal to sell power to Bangladesh using the Indian transmission network under a trilateral arrangement, in a move that is seen as significant for greater regional cooperation. The Indian side conveyed its decision to Nepal during talks between Prime Minister Narendra Modi and his Nepalese counterpart Pushpakamal Dahal 'Prachanda', officials said. In further broadbasing their already close ties, India and Nepal inked seven pacts covering connectivity, hydro-electric power, petroleum infrastructure, cross border payment mechanism and construction of integrated check posts. The two sides also extensively discussed ways to launch air connectivity to various towns in Nepal from India besides strengthening railway networks. Following the talks, Modi and Prachanda remotely unveiled the Kurtha-Bijalpura section of railway line, virtually flagged off a Indian cargo train from Bathnaha (India) to Nepal Customs Yard that operated on a ...

Strategic disinvestment push: Buyers of PSU shares exempt from gift tax

19 hours ago

Business / Business Standard/ Today's Paper

The relaxation will stay as long as the strategic investor retains at least 51 per cent in the PSU after the takeover..

Manipur situation 'explosive'; home ministry responsible, says Cong's Moily

19 hours ago

Business / Business Standard/ Latest News

Senior Congress leader M Veerappa Moily on Thursday termed the situation in violence-hit Manipur "explosive" and held the BJP-led state government as well as the Union home ministry responsible for the "mayhem" there. The former Union minister attacked Prime Minister Narendra Modi and Home Minister Amit Shah for being busy campaigning in Karnataka rather than trying to resolve the conflict which was primarily ethnic in nature. The prime minister was then busy inaugurating the new Parliament building instead of immediately intervening into the crisis, he said in a statement. "The explosive situation in Manipur is threatening the unity of the state and the country. This also reflects serious trust deficit not only in the state administration led by BJP but also the laxity on the part of the Union home ministry," Moily said. The home minister should take a cue from the statement of Chief of Defence Staff General Anil Chauhan that the turmoil was due to "ethnic clashes" and not an .....

TVS Motor posts 9% YoY growth in wholesales at 330,609 units in May

19 hours ago

Business / Business Standard/ Latest News

TVS Motor Company on Thursday reported a 9 per cent growth in wholesales at 3,30,609 units in May 2023. The company's wholesales stood at 3,02,982 units in the same month last year. Total two-wheelers sales grew 11 per cent last month to 3,19,295 units, as compared with 2,87,058 units in May 2022, TVS Motor Company said in a statement. In May 2023, domestic two-wheeler sales were at 2,52,690 units as against 1,91,482 units in the year-ago period, up 32 per cent, it added. Three-wheeler sales were down at 11,314 units during the month under review from 15,924 units in May 2022. Total exports were also lower at 76,607 units last month over 1,10,245 units in May 2022...

AstraZeneca receives CDSCO's approval for cancer drug Tremelimumab

19 hours ago

Business / Business Standard/ Latest News

AstraZeneca Pharma India on Thursday said it has received approval from the Central Drugs Standard Control Organisation (CDSCO) for its cancer drug Tremelimumab Concentrate to be administered intravenously. The approval for Tremelimumab in combination with Durvalumab is based on results from Phase III HIMALAYA clinical trial and is indicated for the treatment of patients with unresectable hepatocellular carcinoma (uHCC), the drug firm said. The trial was conducted in 181 centres across 16 countries, including in the US, Canada, Europe, South America and Asia including India, it added. The approval paves the way for the launch of Tremelimumab solution of 20 mg/ml (25 mg/1.25 ml and 300 mg/15 ml presentations in single-dose vials in India for the specified indication, AstraZeneca Pharma said. "This approval is in line with our ambition of transforming patient outcomes and not leaving any patient behind. We have a breadth of scientific platforms to attack cancer while exploring the po..

Aditya Birla Group to invest Rs 1,250 crore into its financial services arm

19 hours ago

Business / Business Standard/ Today's Paper

Aditya Birla Group is set to pump in Rs 1,250 crore into its financial services arm Aditya Birla Capital Ltd. The board of Aditya Birla Capital Ltd (ABCL), which is into lending, asset management and insurance, on Thursday approved a preferential issuance of Rs 1,250 crore to its promoter and promoter group entity, according to a statement on Thursday. Recently, ABCL announced its intent to raise Rs 3,000 crore, and its chief executive and managing director Vishakha Mulye had told reporters that any of the businesses needing capital will get capital to fuel its growth. ABCL said the preferential issuance will be undertaken at a price of Rs. 165.1 per equity share and is subject to shareholders' approval. Shares of the company closed 0.91 per cent up at Rs 171.70 a piece on the BSE on Thursday. Group flagship Grasim Industries also will invest Rs 1,000 crore while Surya Kiran Investments, another group entity, will invest Rs 250 crore in the preferential issue, the statement said...

TCS denies strict warning to employees in return-to-office policy

19 hours ago

Business / Business Standard/ Latest News

Tata Consultancy Services clarified that it had not linked career or compensation to its return-to-office policy, following reports of memos being sent to employees..

China's youth faces record high unemployment at 20.4% in April: Report

19 hours ago

Business / Business Standard/ Latest News

President Xi tells youth to "eat bitterness" and to value the suffering, while the youth struggle to find employment in a shrinking job market..

Food Corporation of India to conclude recruitment process of 5,159 posts

19 hours ago

Business / Business Standard/ Latest News

State-owned Food Corporation of India (FCI) will soon conclude the recruitment process of 5,159 posts of category II and III that were advertised last year. In an official statement, the food ministry said that the FCI "has been one of the leading recruiters in recent years, recruiting a large number of youth every year." The recruitment process of FCI is conducted only through an online mode of examination and is widely advertised in the Employment News as well as leading national/local newspapers. The selection is done through open competition and is on a purely merit basis. "Posts under various categories (Category I, II, III, and IV) are being regularly advertised. FCI has successfully recruited 3,687 Category III officials during the year 2020, 307 Category II and 87 Category I officers during the year 2021," the statement said. FCI advertised 5,159 posts of Category II & III in the year 2022. "11.70 lakh candidates have participated in the recruitment process. The online ....

Govt provided 'Suvidha, Suraksha, Samman' to women in last 9 yrs: Minister

19 hours ago

Business / Business Standard/ Latest News

Union minister Jitendra Singh stated that schemes under the Modi govt have not only made life easier for women but also given them a sense of self-confidence and self-esteem..

Canada's new process to welcome skilled workers as permanent residents

19 hours ago

Business / Business Standard/ Latest News

The category-based selection will allow the Canadian government to issue invitations to apply to prospective permanent residents with particular skills, training, or language ability..

Par panel on finance debates cyber security, rising white collar crimes

19 hours ago

Business / Business Standard/ Latest News

The issue of "cyber security and rising incidence of cyber/white collar crimes" was at the centre of deliberations at a meeting of a key parliamentary panel as experts from the industry were quizzed by lawmakers about various facets of unlawful activities, including fraud loan apps. Sources said the members of the Standing Committee on Finance sought the views of experts about various trends in cyber crime and what measures can be taken to mitigate the risks. The issue of fraud lending apps, which have been hitting headlines with rising complaints of people being swindled or forced to pay exorbitant interest rates, also came up for discussion at the meeting. Senior officials of different fintech firms and public policy and advocacy groups were among the industry stakeholders who deposed before the committee. The firms represented at the meeting included Chase India, Razorpay, PhonePe, CRED and QNu Labs as well as Nasscom, a premier trade body and chamber of commerce of the tech .....

Farmers back wrestlers: Mahapanchayat in UP, protests in Haryana, Punjab

19 hours ago

Business / Business Standard/ Latest News

Farmer outfits held a khap mahapanchayat' in Uttar Pradesh and a series of protests in Punjab and Haryana on Thursday, showing solidarity with wrestlers who have accused Wrestling Federation of India chief and BJP MP Brij Bhushan Sharan Singh of sexual harassment. At the congregation in Soram village in UP's Muzaffarnagar, Bhartiya Kisan Union leader Rakesh Tikait said they planned to meet President Droupadi Murmu and will hold another mahapanchayat in Haryana's Kurukshetra on Friday to discuss the next steps in the agitation. In Delhi, Trinamool Congress MPs walked out of a parliamentary panel meeting after their demand to discuss the safety of women athletes was rejected by its chairman and BJP MP Vivek Thakur, according to party MP Sushmita Dev. TMC chief and West Bengal Chief Minister Mamata Banerjee led a candlelight march in Kolkata, slamming the Centre and backing wrestlers who want Singh put behind bars. But Union Sports Minister Anurag Thakur maintained that the government..

Confident that protesting wrestlers will get justice: Maneka Gandhi

19 hours ago

Business / Business Standard/ Latest News

BJP MP Maneka Gandhi on Thursday said she was confident that the protesting wrestlers, who are seeking the arrest of outgoing WFI chief Brij Bhushan Sharan Singh over sexual harassment allegations, will get justice. Gandhi was here to attend an event "Let's Co-exist" -- to celebrate the spirit of living and thriving on a shared planet. "I am sure that they will get justice at the end of it," the Lok Sabha MP told reporters when asked about her stand on the wrestlers' issue. The wrestlers are on a protest demanding the arrest of Singh over sexual harassment charges. On Tuesday, Olympic medallists Sakshi Malik and Bajrang Punia, and Asian Games gold medallist Vinesh Phogat went to Har Ki Pauri in Haridwar along with their supporters to throw their medals in the Ganga. However, they relented after khap and farmer leaders sought five days' time to address their grievances. The Delhi Police has filed two FIRs against Singh. While the first FIR relates to allegations by a minor wrestler..

RBI should continue with pause, change its stance to neutral: CII President

19 hours ago

Business / Business Standard/ Today's Paper

Says Indian economy likely to grow at 6.5-6.7% in FY24..