The Times Of India Business

India seen facing wider coal shortages, worsening power outage

India is expected to face a wider coal shortage during the quarter ending September over expectations of higher power demand, an internal power ministry presentation seen by Reuters showed, worsening risks of widespread power outages.

Oil India reports high-ever profit on oil price surge

State-owned Oil India Ltd on Friday reported its highest-ever quarterly net profit in the three months to March as it got nearly $100 per barrel price for oil produced and sold.

Forex reserves rise $4.23 billion to $597.51 billion: RBI

India's forex reserves increased by $4.23 billion to $597.509 billion for the week ended May 20 on the back of a high accretion of core currency assets, according to RBI data. The country's foreign exchange reserves had declined by $2.676 billion to $593.279 billion in the previous reporting week ended May 13.

Rs 1,000 crore income of Indian oil cos stuck in Russia

Dividend income of about 8 billion roubles (about Rs 1,000 crore) from investments of over $5 billion made in two Russian oil fields by a consortium of Indian state-run oil companies remain stuck after Moscow restricted dollar repatriation due to excessive currency volatility following the conflict with Ukraine.

RBI pitches for structural reforms; flags inflationary pressure

Reserve Bank of India (RBI) on Friday pitched for structural reforms for sustained economic growth amid rising inflationary pressure, and asked banks to remain watchful of possible slippages in restructured loans. In its annual report, RBI also said the number of Rs 2,000 denomination notes fell to 1.6 per cent of the total currencies in circulation as on March 2022 from 2 per cent in the year-ago period.

Ransomware attack: SpiceJet defers Q4 result announcement

SpiceJet has delayed announcing its January-March, 2022, financial result due to the recent ransomware attack it had recently suffered. The result was to be declared on May 30.

Number of Rs 2,000 currency notes continue to decline

The total number of currency notes of all denominations in circulation stood at 13,053 crore as of March this year, up from 12,437 crore from the year-ago period.

Nykaa profit halves as marketing, fuel costs balloon

Sensex jumps 632 points amid firm global trends

Equity indices extended gains for second straight session on Friday with the benchmark BSE sensex rising over 600 points tracking positive trend in global equities. The 30-share BSE index jumped 632 points or 1.17 per cent to close at 54,885. While the broader NSE Nifty settled 182 points or 1.13 per cent higher at 16,352.

Ola scouts for land to set up cell, electric car factories

Mobility giant Ola Electric is scouting for land to set up its cell and electric car factories and is in talks with multiple states.

More Russian oil than ever before is heading for China and India

A record volume of Russian oil is on board tankers, with unprecedented amounts heading to India and China as other nations restrict imports because of the war in Ukraine.

High WPI may put pressure on retail inflation: RBI

Sounding a note of caution, the Reserve Bank said on Friday said there is a risk of high wholesale price inflation (WPI) putting pressure on the retail inflation, albeit with a lag.

Majority of Indian airline passengers unhappy at lousy service

India’s flying public is becoming increasingly frustrated with the nation’s airlines, according to a survey undertaken for Bloomberg, saying that customer service and the behavior of airline staff has deteriorated sharply in the wake of Covid-19.

Google in talks to join open e-commerce network ONDC

Alphabet Inc's Google is in talks with the Indian government to integrate its shopping services with the country's open e-commerce network ONDC, two sources familiar with the matter told Reuters.

RBI to increase rates but hikes need not be endless, says Shaktikanta Das

Further, rate hikes need not necessarily be endless as recent reduction in fuel taxes and ban on exports of some commodities may have a positive impact in bringing down price pressures and the geopolitical situation may also turn helpful.

Central bank gov says priority is inflation, but growth important: Report

The Reserve Bank of India's primary focus is to bring inflation down closer to target but it cannot disregard the concerns around growth, governor Shaktikanta Das told The Economic Times in an interview published on Friday.

CBI arrests Avinash Bhosale in Yes Bank-DHFL scam case

The CBI on Thursday arrested Avinash Bhosale, chairman of Pune-based real estate group ABIL group, in an alleged corruption case involving Yes Bank founder Rana Kapoor and Kapil Vadhawan of DHFL, officials said.

Q1 GDP growth likely slowed for the third consecutive quarter: Report

India's economic recovery from the Covid-19 pandemic likely stumbled again in the first quarter of this year primarily due to Omicron-related restrictions and higher inflation, a Reuters poll showed.

Geopolitical events, Covid hurt appetite for BPCL

The department of investment and public asset management (Dipam) had invited bids globally on March 7, 2020 for the privatisation of BPCL, but was forced to extend the date for submitting the initial bids multiple times due to the impact of the pandemic as potential bidders faced hurdles due to the lockdowns across the globe.

Finance ministry allows govt depts to roll over unspent funds

The finance ministry has decided to allow government departments to roll over unspent funds from one quarter to another in a bid to push public spending.