Industry

Photo: Mint
Photo: Ramesh Pathania/Mint
Photo: Ramesh Pathania/Mint

India’s fuel demand jumps in November

  • India’s economy grew 4.5% in the second quarter, its slowest pace since March 2013, due to a sharp contraction in manufacturing output
  • While diesel demand increased by 8.80% to 7.55 mt in November, petrol demand increased by 9.22% to 2.53 mt

RBI central board also reviewed the current economic situation and domestic and global challenges (Aniruddha Chowdhury/Mint)
RBI central board also reviewed the current economic situation and domestic and global challenges (Aniruddha Chowdhury/Mint)

RBI central board discusses policy structure for cooperative banks, NBFCs

  • The board's discussions focussed on issues related to urban cooperative banks, extension of enforcement policy and framework to cooperative banks, said RBI
  • RBI central board also reviewed the current economic situation and domestic and global challenges

A policeman walks past a bus burnt during Wednesday's protest against the Citizenship Amendment Bill (CAB) in Gauhati. (AP)
A policeman walks past a bus burnt during Wednesday's protest against the Citizenship Amendment Bill (CAB) in Gauhati. (AP)

Assam, NE to face fuel supply problems if citizenship agitation continues

  • Indian Oil Corp has been forced to shut down its Digboi refinery in Assam and is operating Guwahati unit at minimal throughput
  • Sources said the agitation has blocked the movement of tankers and trucks, which are mostly used to supply petrol, diesel and LPG

A still from Jumanji: The Next Level.
Rani Mukherji in Mardaani 2.
Banks also have direct exposures to real estate companies.
Bollywood producer Sanjay Leela Bhansali. (Photo: ANI)
Bollywood actress Rani Mukherjee poses with police officials during the promotion of her film 'Mardaani 2'. (Photo: ANI)
Bollywood actress Rani Mukherjee poses with police officials during the promotion of her film 'Mardaani 2'. (Photo: ANI)

Friday Film Wrap: ‘Mardaani 2’ big release of the week

  • American fantasy adventure Jumanji: The Next Level comes to India this week
  • Action thriller Mardaani 2, directed by Gopi Puthran and starring Rani Mukerji is one of the big releases this week

Andhra Pradesh government’s move to relook renewable energy contracts has sent the wrong signal to investors. (Mint)
Andhra Pradesh government’s move to relook renewable energy contracts has sent the wrong signal to investors. (Mint)

Fitch Ratings downgrades Ireda’s IDRs

  • The state run firm has financed the largest share of renewable energy projects in India and plans to launch its own Alternate Investment Fund
  • India’s electricity sector is going through a rough patch

The new rates will be effective from December 14, 2019, the bank said (Photo: Mint)
The new rates will be effective from December 14, 2019, the bank said (Photo: Mint)

Allahabad Bank cuts MCLR across tenors by 0.05% from Saturday

  • The benchmark one-year MCLR has come down to 8.30% from 8.35% earlier, the bank said
  • For the rest of the tenors from overnight to 6-month loans, the MCLRs are ranged from 7.80% to 8.15%

Photo: Mint
Free voice calls and dirt cheap data by billionaire Mukesh Ambani's Jio has wrecked havoc on the industry, which squeezed finances to match them. (Pradeep Gaur/Mint)
Free voice calls and dirt cheap data by billionaire Mukesh Ambani's Jio has wrecked havoc on the industry, which squeezed finances to match them. (Pradeep Gaur/Mint)

Looking at telecom industry demand to fix floor price: Trai

  • Free voice calls and dirt cheap data by billionaire Mukesh Ambani's Jio has wrecked havoc on the industry
  • After the ruling, Bharti Airtel, Vodafone Idea and other telecom operators have to pay 1.47 lakh crore in past dues

Dhotre informed the Upper House that 78,000 BSNL employees and 13,500 MTNL employees have opted for VRS and the government will finalise it before January 31 (Mint)
Dhotre informed the Upper House that 78,000 BSNL employees and 13,500 MTNL employees have opted for VRS and the government will finalise it before January 31 (Mint)

Paying salaries to BSNL employees govt's priority: Dhotre

  • Our priority is to give salaries to BSNL employee, Union minister Sanjay Shamrao Dhotre informed the Rajya Sabha
  • BSNL is in loss since 2010 and has a debt of around 20,000 crore

the Government has permitted deferment of the payment of the spectrum auction instalments due for 2020-21 and 2021-22 for mitigating the financial stress being faced by the telecom Services Sector (Photo: Pradeep Gaur/Mint)
the Government has permitted deferment of the payment of the spectrum auction instalments due for 2020-21 and 2021-22 for mitigating the financial stress being faced by the telecom Services Sector (Photo: Pradeep Gaur/Mint)

Telecom revenue falls 7% in 2018-19, says government

  • The adjusted gross revenue for the telecom service sector stood at 1,44,681 crore in 2018-19 as against 1,55,680 crore in 2017-18, thereby showing a decrease of 7.06%
  • The average revenue per user has come down from 124.85 in 2017-18 to 71.39 in March 2019

State run BSNL's losses for the year 2018-19 has doubled to nearly  ₹15,000 crore from 2017-18.
State run BSNL's losses for the year 2018-19 has doubled to nearly 15,000 crore from 2017-18.

Govt rules out stake sale or disinvestment of BSNL, MTNL

  • The government on Thursday ruled out any plans to sell stake sale in BSNL, MTNL
  • The target for asset monetisation during the current fiscal year for BSNL and MTNL is 200 crore and 300 crore respectively

Minimal regulation also seems to be an ideal the government is looking to extend to the traditional broadcasting industry. Photo Imaging: Kishore Rawat
Minimal regulation also seems to be an ideal the government is looking to extend to the traditional broadcasting industry. Photo Imaging: Kishore Rawat

MIB reiterates its inclination towards self regulation in OTT

  • The ministry of information technology (IT) will take care of broader user-generated content and social media
  • Unlike television broadcasting and feature films, the video streaming industry in India will continue to enjoy creative freedom

Bank of Baroda reported a net profit of  ₹737 crore for the three months to September, almost five times higher than the year-ago period, on the back of higher other income.  (Photo: Mint)
Bank of Baroda reported a net profit of 737 crore for the three months to September, almost five times higher than the year-ago period, on the back of higher other income. (Photo: Mint)

BoB to sell Caribbean subsidiary to Trinidad and Tobago’s ANSA bank

  • The lender has signed a binding share purchase pact for the sale of Bank of Baroda (Trinidad and Tobago)
  • BoB’s subsidiary in Trinidad and Tobago had revenue of 23.9 crore and net worth of 5.54 cr in FY18

UPC will not be generated from 10 December to 15 December, said Trai
The Centre has been trying to bring about a solution to the problem against the backdrop of India’s clean energy sector going through a crisis.  (Photo: Mint)
The Centre has been trying to bring about a solution to the problem against the backdrop of India’s clean energy sector going through a crisis. (Photo: Mint)

India assures global investors of payment security in green deals

  • The announcement comes amid concerns of global investors about the Andhra Pradesh government’s decision to have a relook at renewable energy contracts
  • Agreement between RBI, the Union and state governments provides comfort to power producers against payment defaults by state electricity boards