India News

IRCTC IPO: Best listing in two years; stock opens at double the issue price, but markets want more

IRCTC Ltd’s stock made its stock market debut with a bang today, with the best stock market listing by any stock in the last two years. IRCTC stock opened at Rs 644 for trading on Monday on BSE, more than double the IPO price of Rs 320 per share, and immediately started surging, indicating the appetite of investors hungry for buying stakes in quality PSUs.

Air India privatisation: Govt to make national airline debt-free before sale

The Centre will likely make the ailing Air India (AI) virtually debt-free by taking over an additional Rs 20,000 crore from its books before offering it afresh to bidders by the end of this month.

The government had taken over Rs 29,464-crore of AI debt earlier this financial year through a special purpose vehicle (SPV). AI’s assets, largely its fleet of aircraft, are estimated to be about Rs 20,000 crore, equivalent to the residual debt to be taken over by the prospective buyer, along with the entire government stake in the airline.

India’s 5G dream hit by turf war as ISRO cuts telcos’ power supply

The country’s 5G dream seems to have got grounded even before it could take off as a fallout of a turf war between the Indian Space Research Organisation (Isro) and the department of telecommunications (DoT), in which the former has gained an upper hand.

The space agency’s view has prevailed and the government’s submission for the World Radiocommunication Conference (WRC) has accordingly agreed to reduce the power level of the 5G base stations in the 26 GHz spectrum band to eightieth of conventional mobile base stations

World Bank cuts India's growth forecast in current fiscal year to 6%

The World Bank on Sunday, ahead of its meeting with the International Monetary Fund (IMF), cut its growth forecast for India's economy in the current fiscal year to 6% from the earlier 7.5% thereby hinting at the current economic slowdown. The Bank, however, maintained that India is still a 'fast-growing economy' and that its growth numbers are still higher than that of most countries in the world, according to agency reports.

Amazon's Great Indian Festival sale: Heavy discounts on smartphones, TVs, accessories, other items

Amazon is offering heavy discounts on a wide range of products under its 'Great Indian Festival' sale, beginning (today) October 13 - 17, 2019.

First-time users will be able to get free delivery on their first purchase plus the e-commerce site is also offering additional offers on select bank credit and debit cards.

Total to buy 37% stake in Adani Gas for $600 mn to expand India footprint

French energy giant Total SA is spending $600 million to expand its presence in one of the world’s fastest growing natural gas markets.

Total agreed to purchase a 37.4 per cent stake in India’s Adani Gas Ltd., a distributor of the fuel that is developing import terminals and a national chain of vehicle-filling outlets.

Even soaring onion prices may not stop RBI from delivering more rate cuts

A more than 200 per cent surge in onion prices is expected to push India’s headline inflation rate to its highest level in more than a year, but is unlikely to keep Asia’s most aggressive rate cutter from further easing monetary policy.

The price-spike is likely to add at least 30 basis points to September’s headline inflation. A Bloomberg survey ahead of a report due later Monday showed consumer prices probably rose 3.8 per cent in September from a year ago -- the highest since July 2018.