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    IRDAI approves ICICI Lombard acquisition of Bharti Axa General

    Chennai, Nov 27 (IANS) The Insurance Regulatory and Development Authority of India (IRDAI), on Friday approved, in principle, the acquisition of the non-life insurance business of Bharti Axa General Insurance Company Ltd by ICICI Lombard General Insurance Company Ltd.In a statement ICICI Lombard said it is progressing applications for receipt of requisite approval from other...

    • 6 hrs ago
  • Business

    India officially enters recession, but contraction in Q2FY21 GDP recedes (Roundup)

    New Delhi, Nov 27 (IANS) Even though India's economic recovery accelerated in Q2FY21 from the lows of the pandemic-induced lockdown, the country, for the very first time since Independence, entered into a technical recession.The National Statistical Office (NSO) data on Friday showed that the Q2FY21 GDP, on a year-on-year basis, contracted by (-) 7.5 per cent...

    • 6 hrs ago
  • Business

    GDP numbers a surprise, but recovery still under Covid threat

    New Delhi, Nov 27 (IANS) Although the 7.5 per cent contraction in the Q2 GDP came in as a surprise, giving hopes to a faster economic recovery, the pace of revival continues to be under the cloud of uncertainty amid rising Covid cases across the country.Chief Economic Adviser (CEA) to the government of India, Krishnamurthy Subramanian, in a presentation on Friday noted that while...

    • 6 hrs ago
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    Demand for mortgages improving on favourable market conditions

    New Delhi, Nov 27 (IANS) Though Covid-19-induced lockdowns significantly affected retail and SME balance sheets, some factors such as aggressive discounting by developers, reduction in stamp duty and low interest rates resulted in a gradual surge in demand for mortgages, brokerages said on Friday.According to a report by Emkay Global Financial Services, though the growth trend for...

    • 7 hrs ago
  • Business

    Industry hails 'surprising' narrowing in GDP contraction

    New Delhi, Nov 27 (IANS) India Inc expressed surprise over the narrowing of the GDP contraction for July-September to 7.5 per cent and said that the numbers are better than anticipation.They, however, said that the government must look at further supporting demand in the country to give a major economic boost.Sangita Reddy, President, FICCI said: "The GDP figure showing a decline of...

    • 7 hrs ago
  • Business

    NSE expels Anugrah Stock & Broking, declares it defaulter

    Mumbai, Nov 27 (IANS) The National Stock Exchange has expelled Anugrah Stock & Broking Pvt Ltd from its membership and declared the firm as a defaulter.Referring to Anugrah Stock & Broking, an NSE circular said: "All members are hereby informed that the following trading member has been expelled from the membership of the Exchange under Rules 1 and 2 of Chapter IV of the...

    • 7 hrs ago
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    India officially enters recession, but contraction in Q2 GDP recedes

    New Delhi, Nov 27 (IANS) Even though India's economic recovery accelerated in Q2FY21 from the lows of the pandemic-induced lockdown, the country for the very first time since Independence entered into a technical recession. The National Statistical Office (NSO) data on Friday showed that the Q2FY21 GDP on a year-on-year basis contracted by 7.5 per cent from (-)23.9 per...

    • 8 hrs ago
  • Business

    India's Apr-Oct fiscal deficit at around 120% of budgeted target (Lead)

    New Delhi, Nov 27 (IANS) India's budgetary fiscal deficit for the April-October 2020-21 period stood at Rs 9.53 lakh crore, or 119.7 per cent of the budget estimates (BE).The 2020-21 deficit -- the difference between revenue and expenditure -- had been pegged at Rs 7.96 lakh crore, as compared to the revised deficit of Rs 7.66 lakh crore for the last fiscal.As per the...

    • 8 hrs ago
  • Business

    India's foreign exchange reserves rise by over $2.5 bn

    Mumbai, Nov 27 (IANS) India's foreign exchange reserves rose $2.51 billion during the week ended November 20.According to the Reserve Bank of India's weekly statistical supplement, the reserves increased to $575.290 billion from $572.771 billion reported for the week ended November 13.India's forex reserves comprise of foreign currency assets (FCAs), gold reserves, special...

    • 8 hrs ago
  • Business

    Profit booking, global volatility dent equities, IT stocks fall (Roundup)

    Mumbai, Nov 27 (IANS) The Indian equity markets closed on a flat-to-negative note on Friday as minor profit booking, along with global volatility, dented investors' sentiment.Both the key Indian equity benchmark indices -- S&P BSE Sensex and the NSE Nifty50 -- ended lower in a highly volatile session.Globally, Asian and European stocks were mixed amid thin trading...

    • 9 hrs ago

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