In this issue

March 18, 2023

Direct tax mop-up hits 95% of FY23 Revised Estimates

Net collection rises 15.3% to ₹15.72 trn as on March 16

2 mins

5G battleground: Telcos up the ante

The telecom industry is stepping up its 5G play with aggressive network rollout and strategic packages. Post-paid customers, forming a tiny fraction of the total telecom user base in the country, are a preferred target group in the 5G mission.

2 mins

PhonePe raises another $200 mn from Walmart

PhonePe, one of India's largest fintech platforms, has raised an additional $200 million in primary capital from its parent Walmart, at a pre-money valuation of $12 billion.

1 min

RBI injects ₹1.1 trillion into banking system

This is the first time since 2019 that RBI has infused more than ₹1 trillion

2 mins

'It's a blank canvas now...will make up my mind'

It has been a day of mixed feelings for RAJESH GOPINATHAN, chief executive officer and managing director, Tata Consultancy Services (TCS), who resigns from the company after 27 years. In a chat with Shivani Shinde he says he has never felt this relaxed and speaks about what lies ahead. Edited excerpts:

3 mins

Indian banking system is stable, resilient: RBI guy

Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday that the country’s banking system continued to be resilient and stable, and the central bank had been engaging with domestic lenders on all fronts for the last few years to prepare them for any future risks. His remarks came against the backdrop of the collapse of three banks in the US.

2 mins

Delhi HC orders DMRC to pay dues to Rinfra in a month

The Delhi High Court on Friday ordered the Delhi Metro Rail Corporation (DMRC) to pay the 2017 arbitral award dues with interest to Reliance Infrastructure (RInfra) arm, Delhi Airport Metro Express (DAMEPL), within a month.

2 mins

NCLT OKAYS MERGER OF HDFC, HDFC BANK

The Mumbai bench of National Company Law Tribunal (NCLT) has approved the merger of mortgage financier HDFC into HDFC Bank, paving the way for one of the largest financial behemoths in India.

1 min

OECD raises India's FY24 growth forecast to 5.9%

‘Will pick up to recover to about7% in FY25'

2 mins

Tata Consumer drops plan to acquire Bisleri

The companies could not agree on valuation, say sources

2 mins

ED charge Razorpay sheet against in China app case

The Enforcement Directorate Friday said it has filed a charge sheet against payment gateway Razorpay, three fintech companies controlled by Chinese nationals and as many NBFCs and some others in a money laundering probe linked to Chinese loan apps which allegedly cheated numerous people.

1 min

States on alert as Covid-19 cases hit 4-month high

Doctors say 100-150% increase in flu cases

3 mins

If heart isn't 100% committed...: Gopinathan on why he resigned

Rajesh Gopinathan had been thinking about stepping down as CEO and MD of Tata Consultancy Services and doing something else for quite some time. He even discussed this with N Chandrasekaran, his mentor and chairman of Tata Sons, but the priority always remained solving the problem at hand.

2 mins

Air India makes 2nd VRS offer to staff

Air India has announced a second round of voluntary retirement scheme (VRS) for its permanent general cadre employees, and clerical and unskilled staff.

1 min

GAIL signs pact with Shell on ethane sourcing

GAIL (India) Limited has signed a Memorandum of Understanding (MoU) with Shell Energy India Private Limited to explore prospects of importing and handling of ethane and other hydrocarbons.

1 min

Russia tea exports increase 21% in CY22, gain some lost share

Sanctions, Sri Lanka crisis help domesticindustry

3 mins

Expel Rahul as MP, says BJP as Opposition fights back

The two Houses of Parliament were adjourned till Monday after transacting little business as ministers held consultations on how to get around the issue as the Bharatiya Janata Party (BJP) and the opposition led by Congress leader Rahul Gandhi reviewed their strategies.

2 mins

2 mn jobs to be created under PM MITRA: Goyal

The Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) parks may generate 2 million jobs in the coming four years, Union Commerce and Industry Minister Piyush Goyal said on Friday, while announcing the sites for seven textile parks.

2 mins

UK govt powers up Rolls-Royce's plan to build N-reactor on moon

The UK Space Agency (UKSA) said on Friday it would back research by Rolls-Royce looking at the use of nuclear power on the moon.

1 min

New genetic data suggests origin of Covid in animal

Study links spread of virus from raccoon dogs sold at Wuhan mkt

1 min

ICC issues arrest warrant for Putin over 'war crimes'

The International Criminal Court (ICC) said on Friday it has issued an arrest warrant for Russian President Putin for war crimes because of his alleged involvement in abductions of children from Ukraine.

1 min

Anomalies in states' capital budgets

Spending and classification can be a variable exercise

4 mins

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