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Non-life insurance companies have said they can help government by providing standardised rates for medical procedures. On Tuesday, the SC asked central govt to consult with states and implement a law that would mandate notification of standard rates for medical procedures. "The insurance industry settled Rs 80,000 crore of health insurance claims regarding bills from nearly 40,000 hospitals. This data is available if the ministry wants to bring in data transparency to curb high charges," said Tapan Singhel. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Vi8rs3U

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Most brokerage houses are positive on the deal that Reliance Industries and Walt Disney struck on Wednesday to merge their media operations in India. The Disney India-Viacom18 joint venture, with near-monopoly in cricket broadcasting rights in India, is expected to push up advertisement rates and turn the broadcasting industry highly competitive, especially for smaller players. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/8OaA0gJ

Government on Thursday cleared proposals for three semiconductor manufacturing units worth Rs 1.3 lakh crore, including the country's first fab manufacturing plant by Tata Group and Taiwanese Powerchip Semiconductor Manufacturing Corp (PSMC) in Gujarat. This will be a big push to India's electronics manufacturing set-up as the chips will be made within the country for the first time. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/YXQSFuw

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A comment by Thailand's ambassador to WTO accusing India of using 'subsidised' rice for capturing the export market has created a diplomatic storm. Indian negotiators refused to participate in deliberations. The Indian govt lodged a strong protest and the issue of public stockholding remains unresolved due to the unwillingness of rich nations to discuss reducing import duties. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/IwcCWus

India criticizes the US for blocking WTO appellate body appointments, resulting in loss of credibility. Talks on investment facilitation and the Doha Development Agenda have deadlocked. WTO officials downplay the impact of a collapse. US Trade Representative rejects a deal on dispute settlement. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/uv3x1Qk

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Vijay Shekhar Sharma, the founder of Paytm Payments Bank, has resigned as the non-executive chairman of the bank's board, following the Reserve Bank of India's restrictions on the bank's operations. Bhavesh Gupta, the nominee director of the bank's parent company, One97 Communications, has also stepped down. However, Sharma will continue to lead One97 Communications, and Paytm app will function as a third-party application provider for UPI transactions. The bank has appointed Srinivasan Sridhar, the former chairman of Central Bank of India, along with three others, as new board members. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/1MQK043

Ministers from 160 member nations of the World Trade Organisation (WTO) return to the Persian Gulf to discuss the core issues that have hindered progress since the Doha Round of talks 23 years ago. The discussions include agriculture, fisheries, dispute settlement, e-commerce, and new issues. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/6vjSVrL

State-owned oil and gas giants including IndianOil, ONGC and GAIL (India) have been slapped fines for the third straight quarter for failing to meet listing norm requirements of having the requisite number of directors on their board. Stock exchanges have fined oil refining and fuel marketing giant Indian Oil Corporation (IOC), explorers Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL), gas utility GAIL, and refiners Hindustan Petroleum Corporation Ltd. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/weTXbYu

The Enforcement Directorate has summoned Niranjan Hiranandani and his son Darshan Hiranandani, the promoters of Mumbai-based real estate developer Hiranandani Group, for questioning in a foreign exchange violation case in Mumbai. The ED is probing foreign transactions and a British Virgin Islands-based trust allegedly linked to the Hiranandani Group promoters. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/r2ADhvI

India's steel exports hit a record high of 1.1 million tonnes in January 2024, with the European Union driving 67% of the demand. This surge in exports was attributed to favourable global prices and increased restocking demand from the EU, according to a report by SteelMint. This marks the highest level of exports in the past 18 months. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/RLu25tP

Indian media company Zee Entertainment and digital payments firm Paytm have both established advisory committees to address accounting and financial concerns. Zee Entertainment's committee, led by retired Allahabad High Court judge Satish Chandra, includes independent directors Uttam Agarwal and P V Ramana Murthy. Similarly, Paytm has formed an advisory panel to navigate its current situation. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/TjzDNdG

The Indian banking and financial sector stocks, which have been performing well in recent years, may face challenges ahead. Rising pressure on the cost of funds, concerns about unsecured retail loans, and increasing operational costs could hinder the growth of Indian lenders in the coming years. Goldman Sachs has downgraded SBI, ICICI Bank, and Yes Bank, but maintained a 'buy' rating on HDFC Bank and upgraded Bajaj Finance to a 'neutral' rating from 'sell'. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/FGxm1hX

In a fresh move seeking to tackle pesky calls and control frauds through mobile phones, telecom regulator Trai on Friday recommended that names of callers should be displayed in incoming calls. And, details of caller can be fetched from Customer Application Form (CAF), Trai said, as it recommended the measure to the department of telecom. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/yIwXUkb

Investors in Think & Learn, the parent company of Byju's, are seeking to remove founder Byju Raveendran as CEO and restructure the board. This comes after a group of investors requested the National Company Law Tribunal to declare the founders unfit to run the company due to alleged oppression and mismanagement. They are also seeking the appointment of a new CEO, board, and the voiding of a $200 million rights issue. A battle for control between Byju's management and the investors is now imminent. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/u08W1aL

ATR, the regional aircraft major, expects India to become its largest market in the next five years. With the government's focus on regional air transport and the growing economy, the demand for ATR planes in India is predicted to be significant. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/dVKjvxf

Vodafone Idea is set to consider a fund-raise plan to launch 5G services, reduce debt, and secure financial ammunition. The telco aims to attract outside investors and explore various options for raising funds. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/crNdtU9

Aditya Birla Group is investing in Birla Opus, its paints venture, with the aim to disrupt the industry and become the number two player. They plan to achieve a revenue of Rs 10,000 crore and cover the entire country by FY25. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/cLhFmP7

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Indians are young buyers of luxury sports cars like Lamborghini. Sales in India are low but the country has massive potential. Indian buyers are aware of the brand, demand personalization, and are buying cars abroad. The Covid rush has waned down, but demand remains strong. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/0Mz1RmQ

Finance minister Nirmala Sitharaman met financial sector regulators to discuss uniform KYC norms, simplification and digitalization of the KYC process, steps to check unauthorised lending through online apps, and the implementation of a seamless KYC system like the mutual fund industry. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/36DBX0f

LTIMindtree has signed a MoU with Eurolife FFH to establish a genAl and digital hub in Athens and dedicated facilities in Poland and Mumbai. The partnership aims to leverage advanced technology to deliver innovation in the insurance industry. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/sUMSqtr

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Kumar Mangalam Birla plans to launch an IPO of Novelis, his aluminium company, in the US market. It will be the first Indian conglomerate to sell common shares in the US. The IPO will enable Hindalco to raise capital for projects and expansions. Indian companies like Rediff and Sify have previously listed on US exchanges. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/spPxkwj

Overseas remittances jumped to $2.4 billion in Dec 2023 from a nine-month low of $1.9 billion in Nov. The highest remittance ever was recorded in June 2023, which saw a total outgo of $3,890 million after the government announced that tax collection at source (TCS) would come into force from July 1, 2023. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/VJ6t9WE

CBDT said that such small tax demands that were outstanding as on Jan 31, 2024 raised under the I-T Act and also under the erstwhile Wealth Tax and Gift Tax Acts, shall be remitted and extinguished subject to the ceiling of Rs 1 lakh for a taxpayer. Taxpayers can check the status of the demands by logging on to the I-T portal. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/mJyvNoB

Banks' share in loans to microfinance companies dropped to 31% in Sept 2023. Non-banking finance companies and small finance banks gained market share. MFIs rebounded, growing their loan book by 86%. These loans qualify for priority sector. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/OhTb7zn

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BYD, once mocked for poor quality, has become a global leader in electric car sales, surpassing Tesla. The company's success is attributed to expanding worldwide, introducing cost-effective Blade batteries, targeting the Chinese market's demand for cheaper cars, and raising concerns about Chinese electric car exports. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/hidvwo3

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The government has increased the authorised capital of Food Corporation of India (FCI) from Rs 10,000 crore to Rs 21,000 crore through a notification. This move will help FCI reduce its borrowings from banks and save approximately Rs 750 crore annually. FCI is responsible for procurement of foodgrains from farmers, stocking and distribution under the PDS. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/EeTSCnz

A day after the RBI instructed payment networks Visa and Mastercard to stop enabling business credit card issuances by fintech aggregators, the central bank stated on Thursday that there were other violations, including payments made to illegal merchants. RBI said that a card network had an arrangement that enabled businesses to make card payments through certain intermediaries, to entities that do not accept card payments. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/cOmDECn

In the central bank's first meeting with bank heads since July 2023, RBI Governor Shaktikanta Das discussed the issue of outlier growth in the personal loans market, as well as exposure to NBFCs. In November, RBI increased risk weights on unsecured personal loans and lending to NBFCs in an effort to limit bank credit to these areas. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Yr24PxR

The Supreme Court requested the Tamil Nadu government's response to an expert panel proposal for the Tuticorin copper smelting plant. The panel would evaluate viability, damages, and environmental conditions, considering public health and national interest. The plant faced closure due to protests and posed a threat to residents' lives and health. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/9A2TnXV

Senior officials from Paytm have appeared before the Enforcement Directorate in connection with suspected irregularities reported by the Reserve Bank of India lately. The regulator had prohibited the payments bank from receiving customer deposits after February 29. ED has asked Paytm executives to come again with certain documents sought by the probe team. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/0412kPj

State-run iron ore miner NMDC Ltd on Wednesday said it has clocked a 68% jump in profit after tax (PAT) for the third quarter ended December 31, 2023, at Rs 1,492 crore as compared to Rs 890 crore in Q3 of FY23. This was on 45% rise in turnover to Rs 5,410 crore in Q3FY24 as against Rs 3,720 crore in Q3FY23 as the Navratna public sector enterprise recorded its highest ever production and sales volume of 12.22 metric tonnes and 11.39 MT, respectively, for the quarter, clocking a 15% and 19% growth in production and sales, respectively, over Q3FY23. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/9TWOkKE

Reliance Industries, an oil-to-telecom behemoth, became the first Indian firm to reach Rs 20 lakh crore in market capitalization on Tuesday, thanks to an almost 30% increase in its stock price over the last three months. RIL touched the Rs 1-lakh-crore market cap mark for the first time on Aug 2, 2005. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/1gafOwG

The Dredging Corporation of India Limited (DCIL) a leader in the Dredging Industry, posted a profit of Rs. 27.22 crore for Quarter Three (Q3) of 2023-24 financial year as against Rs 13.84 crore for the same quarter last year. The DCI announced its Earnings per share (EPS) is at Rs. 9.72 for Q3. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/vXN4Qds

The Reserve Bank of India (RBI) on Monday ruled out a reconsideration of its decision to put severe restrictions on Paytm Payments Bank's activity and stated that it will release thorough FAQs this week as part of its efforts to provide customers with a hassle-free experience. The governor said that FAQs will address several of the concerns that consumers may have. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ZHgPCOL

The Sensex fell by 523 points on Monday, owing to profit taking in metal and financial stocks amid mixed global market trends. The Sensex ended 0.7% lower at 71,072 as 22 of its components closed in the red and eight in the green. The barometer opened higher, reaching a high of 71,757 in early trading. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/53YMWtD

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Four of the top-10 most valued firms together added Rs 2.18 lakh crore in market valuation last week, with Life Insurance Corporation and State Bank of India emerging as the biggest gainers. From the top-10 pack, Reliance Industries, Tata Consultancy Services (TCS), Life Insurance Corporation of India (LIC) and SBI were the gainers. They collectively added Rs 2,18,598.29 crore in market capitalisation. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/gTP3Dcb

Indonesia has ditched a controversial plan to buy 733 million euros ($790 million) worth of Mirage 2000-5 fighter jets previously used by Qatar, the defence ministry spokesperson said late on Saturday. "There is no purchase of Mirage jets. Even though it was planned, it has been cancelled ... meaning there is no active contract," spokesperson Dahnil Anzar Simanjuntak said in a statement, but did not elaborate. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/C15R4oL

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RBI held discussions with Paytm Payments Bank before taking action. Two directors resigned. Paytm management is lobbying for the bank's survival. RBI follows a strategy of engaging with management and then the board before imposing restrictions. Monetary penalty imposed in October 2023. Governor Das listed supervisory strategy, while deputy governor Janakiraman explained the policy of engagement and restrictions. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/BSgceDJ

One 97 Communications, Paytm's parent company, forms an advisory committee chaired by M Damodaran to enhance compliance. The move aims to strengthen corporate governance amidst RBI's curbs on Paytm Payments Bank. The panel includes banking veterans to address regulatory concerns. RBI's restrictions on the bank are seen as proportionate to the situation, with alleged KYC violations reported. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/VmnxzU0