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The finance ministry is likely to compensate state-run oil marketing companies around INR 300 billion for under-recoveries in 2024-25 (Apr-Mar), a senior finance ministry official said. "We have received the request and are considering it; an announcement may come soon," the official said on the condition of anonymity. Oil marketing companies suffered under-recoveries to the tune of over INR 410 billion in FY25. Read more
The Securities and Exchange Board of India Monday proposed allowing mutual fund asset management companies to manage pooled non-broad-based funds in a consultation paper on the regulatory framework on permissible business activities by their asset management companies. The regulator has sought comments from stakeholders on the consultation paper by Jul. 28. Read more
External Affairs Minister S. Jaishankar has said that India conveyed its concern to US Senator Lindsey Graham over his bill that proposes a 500% tariff on goods imported from nations buying oil from Russia. The bill, if approved, could affect ongoing India-US bilateral trade agreement which both the countries are negotiating. Read more
A new NITI Aayog report has outlined a path for India to increase its share in the global chemical value chains. Targeted fiscal and non-fiscal interventions can help India have a $1 trillion chemical sector and achieve 12% share in global value chains by 2040, the report released Thursday said. Read more
The Supreme Court on Friday refused to entertain HDFC Bank Ltd.'s Managing Director and Chief Executive Officer Sashidhar Jagdishan's plea to quash a first information report for alleged involvement of him in fraudulent activities concerning the financials of the Lilavati Kirtilal Mehta Medical Trust. The trust runs the Lilavati Hospital in Bandra, Mumbai. Read more
India is poised to remain one of the world's fastest growing economies in the coming years, Finance Minister Nirmala Sitharaman Friday said in Brazil's Rio de Janeiro. Sitharaman said the Indian economy has shown "remarkable growth and resilience" in the post-pandemic era. Read more
26. The data suggests a measured approach by respondents in declaring capital expenditure plans, with some enterprises indicating that final figures were not yet available or pending management approval at the time of the survey," the statistics ministry said. Read more
By Kabir Sharma and Aaryan Khanna A combination of strong growth in new loans booked and the assets under management helped lift Bajaj Finance's net profit 17% on year in the March quarter. The bottom line was also supported by a steady growth in interest income. The net profit was slightly higher than analysts' estimate. Read more
