Business

The need for a revised policy in a consumer-oriented country like India requires an enabling regulatory framework for empowering domestic entrepreneurs, leveraging access to data, connecting MSMEs, vendors, traders, etc. to the digital ecosystem, the draf...

The move comes just a day after Supreme Court held RCom chairman Anil Ambani and two others guilty of contempt of court for violating its order by not paying dues of Rs 550 crore to Ericsson.

Union Minister Nitin Gadkari was speaking at an event organised here by JNPT in which he laid the foundation stone for a free trade warehouse zone (FTWZ) at the JNPT-SEZ.

Debt-laden Jet Airways board on Thursday approved a bank-led provisional resolution plan (BLPRP) which will pave the way for conversion of the airline's debt into equity, making lenders the largest shareholders in the company.

The rupee opened lower at 71.21, but recovered to trade 6 paise higher at 71.12 against the dollar.

The bank had posted a net loss of Rs 1,240.49 crore in October-December 2017-18. Total income of the lender came down to Rs 4,112.32 crore in the latest quarter as against Rs 4,841.37 crore in the same period of 2017-18, it said in a regulatory filing.

Total exploration acreage is expected to more than triple to 300,000 square kilometres in two years ending 2019.

For the government and new Reserve Bank of India Governor Shaktikanta Das, who is keen to boost private investments by lowering rates, this poses a problem.

The 30-share index was trading 140.62 points, or 0.38 per cent, lower at 36,830.47. Similarly, the 50-share NSE Nifty dropped 33.40 points, or 0.30 per cent to 11,036.00.

Saddled with debt of about $1.14 billion, Jet Airways has been hit by price competition, rupee depreciation and high oil costs. The full-service airline, which controls a sixth of India's booming aviation market, owes money to banks, vendors and lessors.

In a very volatile trade, the domestic currency also touched a low of 71.60, showing a loss of 3 paise over its last close.

The interim budget pegs fiscal deficit slipping by 10 bps to 3.4 per cent for the current year, owing to an income support scheme for farmers and expects it to stay at the same level in FY20 as well.

Overall, market mood was positive even as the government overshot the fiscal deficit target for the current financial year on the back of populist measures ahead of the general elections.

Days before handing over the finance ministry charge to Piyush Goyal, Arun Jaitley had indicated that the government could break convention and make the February 1 exercise more significant than a vote-on-account.

Amazon India told Reuters it was "committed to remaining compliant to all the laws of the land", adding that all sellers make their own independent decisions of what to list and when.

Currently, NBFCs and HFCs account for about a quarter of the total systemic credit, while their exposure to MSMEs and other retail segments account for more than half of their total credit outstanding.