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  • Latest Business News

    Fuel demand in July falls due to high prices, fresh lockdowns

    NEW DELHI: India's refined fuel consumption in July slipped from June, according to preliminary industry data, indicating slower industrial activity as high retail prices, floods and renewed coronavirus lockdowns in parts of the country dented demand. Local fuel sales - a proxy for oil demand - plunged to historic lows in April when India imposed a country-wide lockdown. ...

    • 8 hrs ago
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    Manufacturing activity shrinks faster in July, PMI below June-level

    New Delhi: India's manufacturing sector activity contracted at a slightly faster pace in July as demand conditions remained subdued amid prolonged closures, following which firms reduced both staff numbers as well as purchasing activity, a monthly survey said on Monday. The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) stood at 46...

    • yesterday
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    10pc of Bengaluru hotels on sale, monthly loss of 500 Cr renders 1.25 workers jobless

    The lockdown has unleashed a jolt to the several sectors thereby crippling the already looming economy. The hotel industry sector in Karnataka says even after Unlock, only 20-30 percent hotels in the state have opened up. 10 per cent of the 21,000 restaurants in Bengaluru have been put on sale. President of Bruhat Bangalore Hotels' Association, P.C. Rao said...

    • 2 days ago
  • Latest Business News

    GST collection slips over 14% to Rs 87,422 crore in July

    New Delhi: The country's GST collections declined to Rs 87,422 crore in July from Rs 90,917 crore in the previous month, a finance ministry statement said on Saturday. The July collections, however, are higher than Rs 62,009 crore goods and services tax (GST) mopped up in May and Rs 32,294 crore in April. Year-on-year, the July 2020 collections are 86 per cent of the revenues mopped up...

    • 2 days ago
  • Latest Business News

    Government must review high levies, taxes in telecom sector, says Sunil Mittal

    New Delhi: Telecom czar Sunil Bharti Mittal on Friday made a renewed pitch for lowering the high levies on telecom industry, saying the government should not view the sector as a source for the exchequer, but instead as a "force multiplier" for ensuring economic momentum. Mittal, who is the chairman of Bharti Airtel, also said that the Prime Minister's...

    • 4 days ago
  • Latest Business News

    India's largest bank SBI's net profit up 81% to ₹4,189 crore in Q1

    New Delhi: The country's largest bank SBI on Friday posted an 81 per cent spike in standalone net profit at Rs 4,189.34 crore for the first quarter of current fiscal as bad loans declined. The lender had reported a net profit of Rs 2,312.02 crore in the April-June quarter of 2019-20. State Bank of India's (SBI) standalone total income increased to Rs 74,457.86 crore in the...

    • 4 days ago
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    Yes Bank takes possession of Anil Ambani Group's Mumbai head office

    Mumbai: Yes Bank has taken over the headquarter of Anil Ambani's group in surburban Santacruz for failure to repay dues worth Rs 2,892 crore. The private sector lender has also taken possession of two flats in South Mumbai for the non-payment of dues by Reliance Infrastructure, according to a notice published by Yes Bank in a newspaper on Wednesday. Nearly all the major...

    • 5 days ago
  • Latest Business News

    Indian refineries face shutdowns as fuel demand drops

    NEW DELHI: Indian refiners are cutting crude processing and shutting units for maintenance as local fuel demand falls and global refining margins are weak, officials at the companies said. Fuel demand in Asia's third largest economy had been rising since May from historic lows in April, when a nation-wide lockdown to stem the spread of the novel coronavirus was enforced. In July, however,...

    • 6 days ago
  • Latest Business News

    International air travel plunges 98%, cargo demand falters: AAPA

    Kuala Lumpur: Widespread travel restrictions almost completely suppressed international air travel in Asia during the second quarter of 2020, preliminary June traffic figures released on Tuesday by the Association of Asia Pacific Airlines (AAPA) showed. Asian airlines carried just 724,000 international passengers in June, a 98 per cent decline compared to the 31.8 million recorded...

    • 6 days ago
  • Latest Business News

    Housing sales shrink 79% in top 8 cities, record 86% drop in Hyderabad

    New Delhi: Housing sales plunged 79 per cent to 19,038 units across eight major cities in April-June, as demand was badly impacted due to the nationwide lockdown to control COVID-19 pandemic, real estate brokerage firm PropTiger said on Tuesday. According to the data, housing sales declined maximum 86 per cent 1,099 units in Hyderabad during April-June 2020, as against 8,122...

    • 7 days ago

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