STATE OWNED DEVELOPERS
Centre should have state-specific financial approach for development, says Kerala FM
Kerala Finance Minister urges Centre for state-specific financial approach and flexibility in borrowing, demanding Rs 24,000 crore package due to reduced funds. The state faces challenges like coastline erosion and aging population, requiring resource allocation for elderly care.
MMRDA inks Rs 850-crore urban infra financing pact with German development bank KfW
The funds procured from KfW and MMRDA's resources will be primarily allocated towards various sustainable development projects within and around the Mumbai Metropolitan Region. These initiatives include the development of green corridors, solid waste management systems, recycling and reuse facilities, and the promotion of renewable energy solutions to address environmental concerns and enhancing the quality of life for residents in the bustling metropolitan area.
Three state insurers may get Rs 5,000-cr infusion for revival
The Indian government may delay the planned privatisation of state-run general insurers, instead focusing on strengthening three insurers - Oriental Insurance Co. Ltd, National Insurance Co. Ltd, and United India Insurance Co. Ltd - through capital support and business revival plans. The government is expected to infuse about ₹5,000 crore into the insurers this fiscal, shelving any privatisation plan this fiscal.
Apple declares THIS iPhone model as obsolete. What to do if you own the device?
It was expected since the Worldwide Developers Conference is in progress, Apple would come bearing good news for all Apple geeks. But this decision by Apple appears to send shockwaves among the otherwise sentimental users as the iPhone 5s has been shelved permanently by the tech giant.
Moving beyond Airbus & Boeing: What will it take for India to make its own commercial airliner?
India is already a growing sourcing hub for the global defence and aerospace industry. With government help, this ecosystem can, in time, be developed to support the development of a commercial plane. That is how we made our space programme, experts point out.
Gurgaon court sets aside developer MGF's plea on land dispute with M3M, others
The court in its order dated May 27, observed that MGF has no locus as it was never the owner nor was ever in possession of the land. As per the court order, the agreement on the basis of which the compromise decree was passed stands fully complied with. MGF had challenged compromise deed and Lok Adalat award of 2016 by filing civil suit in 2022.
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Vedanta shares rally over 3% as SBI approves demerger plans
Vedanta's shares surged 3.6% on BSE to Rs 457.05 as SBI approved its demerger of its existing businesses into six independent entities, which is aimed for completion by December 2024.
Naveen Patnaik: A reluctant politician steps out after two decades in gen shift
After 24 years as Odisha's chief minister, Naveen Patnaik steps down, marking the end of an era. He led the state's transformation from post-cyclone recovery to a hub of aspiration. Unlike many, Patnaik focused on Odisha, not national politics. His tenure saw challenges, including a political coup, which he deftly handled. Known for welfare schemes and development, he made Odisha an industrial hub. While facing recent challenges, his legacy as a regional leader remains strong, influencing politics beyond Odisha.
Relief for 20,000 homebuyers! Suraksha Group finally takes over Jaypee Infratech via insolvency process
According to a regulatory filing by Jaypee Infratech on Wednesday, Suraksha Group informed the IMC (Implementation and Monitoring Committee) that May 24, 2024, i.e., the date of the NCLAT order should be treated as the 'Approval Date' as defined in the approved resolution plan.
US risks a ‘Forever’ trade war with China, says Economist Stephen Roach
The US is erecting new trade barriers that will hold back China’s sales of key products like electric vehicles, accusing Beijing of building excess capacity using state subsidies and flooding global markets with cheap products.
The man who escaped the scam rings of Cambodia
Thousands of workers are trafficked to Southeast Asia to commit cyber fraud on their fellow citizens over social media. Ex-serviceman Botcha Sankhar, who was forced to work in the scam compounds of Cambodia for six months, unravels the modus operandi of this new and terrifying form of crime and forced labour
Modi magic! PSU stocks create Rs 7 lakh crore wealth this election season
During the election season, PSU stocks, also known as 'Modi stocks', surged in value by Rs 7 lakh crore as investors showed confidence in PM Narendra Modi's policies and leadership, especially in defence PSUs like Cochin Shipyard and Bharat Dynamics.
SJVN Q4 Results: Net profit jumps two-fold to Rs 61 crore
State-owned SJVN has reported over two-fold jump in consolidated profit to Rs 61.08 crore during the March quarter, on account of exceptional gains.
Bengaluru airport suspends controversial vehicle entry fee after protests
BIAL suspends entry fee for arrival pick-up lanes at Kempegowda International Airport after protests. Charges for vehicles based on registration plates was criticized. Speed trap cameras have been installed on Kempegowda International Airport Road to curb road traffic accidents
China expected to announce new measures to fix property crisis, spur growth
China's housing prices dropped in the first four months of the year, while factory output increased by almost 7%. This has lead to officials planning new measures to boost the struggling property industry. The National Bureau of Statistics noted insufficient domestic demand. The State Council announced a news conference to address the property market challenges, including defaults by developers.
US ignoring its own sanctions waiver extended to India on Chabahar Port
The US warns of potential sanctions on dealings with Iran after India signs a 10-year contract on Chabahar Port. External Affairs Minister S Jaishankar stresses the project's regional benefits, citing past US acknowledgment.
View: Chabahar, port of a smart call
Investing in Chabahar presents its own set of obstacles. The progress in the region has been hindered by US sanctions over the years. Since 2018, India has refrained from importing significant amounts of heavy Iranian crude and faced challenges in providing financial aid for the construction of the Chabahar-Zahedan railway in 2020 due to sanctions. Energy trade has long been the cornerstone of India-Iran relations, and this shift has temporarily strained bilateral ties.
China considers government purchases of unsold homes: Reports
China plans for local governments to buy unsold homes to address the property crisis, with the State Council evaluating feasibility and awaiting a decision from the country's leaders.
RBI's investment in IIFC UK subsidiary fell by a fifth in FY23-24
The central bank is mandated to invest small portion of its foreign exchange reserves- $ 5 billion in the company following demands from the government in the past to fund infrastructure.
What's the new RBI proposal giving cold sweats to lenders?
The Reserve Bank of India (RBI) has proposed stringent new rules for project finance, aiming to minimize risks associated with long-gestation infrastructure projects. These regulations include higher provisioning during construction phases and classification of delayed projects as non-performing assets. However, banks and NBFCs fear these rules may hinder project viability and impede India's capital expenditure momentum.
PSBs set to develop road map for deploying GenAI systems
According to sources familiar with the matter, state-owned banks are preparing to devise a comprehensive strategy and roadmap for implementing generative artificial intelligence (GenAI) systems. Pilot projects are slated for launch within the current fiscal year.
NIIF-owned Ayana Renewable Power gets high five from bidders
The bids were submitted after allowing time to the suitors to conduct a limited due diligence that included access to some data and confidential financial information. As the next step, NIIF will communicate a shortlist of suitors over the next few weeks after which two or at best three will be allowed to conduct detailed due diligence, according to the sources.
'Polls a mission to fix problems of state capital': Rajeev Chandrasekhar
Union minister and BJP candidate Rajeev Chandrasekhar expresses determination to address neglect in Thiruvananthapuram, emphasizing the need for development vision. Despite challenges, including opposition from Congress and Left, Chandrasekhar sees opportunity to serve. He credits PM Modi's trust among people for campaign success, highlighting benefits of Modi government's schemes in the constituency. Chandrasekhar aims to bring change and development to Thiruvananthapuram if elected.
China pushes banks to speed approvals of new loans to private developers, say sources
Chinese regulators are urging banks to expedite the approval of new loans to cash-starved private property developers to revive homebuyer sentiment and alleviate lenders' asset quality. The "whitelist" mechanism, Beijing's latest support measure, aims to ease the sector's liquidity squeeze and stimulate home purchases. Despite repeated nudges from Beijing, most top domestic banks have remained reluctant to bolster credit exposure to the crisis-hit property sector.
Kerala CM Pinarayi Vijayan launches India's first state-owned OTT platform
"Private OTT platforms give prominence to films in the most widely spoken language since their prime motive is to maximise profit. The priority of CSpace, on the other hand, is to onboard and stream contents with artistic and cultural values. This will also help the promotion of the Malayalam language and culture," Vijayan said.
China calls on central state-owned firms to take larger role in AI development
Zhang Yuzhuo, party chief of the state-owned Assets Supervision and Administration Commission of the State Council, told a conference on Feb. 19 that central government-owned enterprises should also actively embrace reforms brought by artificial intelligence.
NARCL, Omkara ARC in fray for Wind World debt
State-owned National Asset Reconstruction Company (NARCL) and Manish Lalwani-promoted Omkara Assets Reconstruction Company (ARC) are in the fray to acquire the debt of wind turbine manufacturer Wind World (India) that has been under corporate insolvency process for over five years.
Avaada Energy secures 1,400 MWp solar projects
Avaada Energy on Friday said it has secured over 1,400 MWp solar projects across the country from state-owned agencies. The company has secured projects with capacities of 421 MW, 280 MW, and 700 MW in tenders issued by SECI, GUVNL, and NTPC, respectively, according to a statement.
State Bank of India removes 'fraud' tag from Religare Finvest
The State Bank of India (SBI) has officially removed the 'fraud' tag from Religare Finvest Limited (RFL) as per the Delhi High Court's order. RFL, a subsidiary of Religare Enterprises Limited, had been tagged 'fraud' by SBI in the Reserve Bank of India's database. SBI communicated this decision to RFL on Friday.
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