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Ease transport, customs issues for India-Eurasia pact: Government Panel

NEW DELHI: Hassle-free customs clearance and easier trade routes are key to India’s successful free trade agreement with the Eurasian Economic Union (EEU), a government appointed committee has said. A joint study group set up last year to explore the feasibility of a free trade pact between India and Russia-led five-member EEU has recommended setting up of a green corridor ... Read More »

Jordan, India call for further economic cooperation

AMMAN: Although only 10 per cent of Jordan’s trade is with India, the figure is still significant, and hosting “one of the global economic giants” will lead to more venues of cooperation, said a senior official on Sunday. Addressing a seminar titled “India — Surging Ahead”, Minister of State for Economic Affairs Yusuf Mansur said: “India’s economic success story is ... Read More »

India’s muriate of potash imports

NEW DELHI: Fertilisers such as urea, di-ammonium phosphate, complex fertilisers, single super phosphate, among others, are manufactured in India. The gap between assessed demand and domestic production is met through imports. Muriate of potash (MoP) is the only fertiliser whose demand is fully met through imports as there are no viable sources of this soil nutrient in the country. India ... Read More »

Three Tamil fishermen held for smuggling heroin

RAMESWARAM: Three Tamil fishermen were arrested and their boat seized by Sri Lankan naval personnel off Talaimannar in the island nation today, for allegedly smuggling heroin wroth Rs 2 crores, police said. The fishermen from Manapadu coastal village in Tuticorin district were arrested four kms off Talaimannar in Sri Lanka for smuggling 2 kgs of heroin worth Rs Two crores ... Read More »

India’s coking coal imports to rise in FY’17

NEW DELHI: Coking coal import in India is slated to rise in the ongoing fiscal on the back of higher demand, Icra said today. “Although India’s coking coal imports remained largely flat in FY2016, the same is slated to rise in the current year on the back of higher demand,” Icra said. The rise in country’s coking coal would be ... Read More »

Telenor India revenue reaches $187 mn in Q3

NEW DELHI: Telenor India today said its revenue in Q3 2016 was $186.89 million or NOK1,545 million against NOK 1,411 million in Q3 2015. Subscriber base of Telenor India grew to 45 million (+9 percent). Telenor India achieved 10 percent organic growth in subscription and traffic revenues. EBITDA margin of Telenor India was 9 percent, supported by higher revenue growth ... Read More »

India’s cotton exports to slump as Pakistan trims purchases

MUMBAI: India’s cotton exports in 2016/17 are likely to fall 28 percent from a year ago to 5 million bales as its top buyer Pakistan is set to halve purchases due to rising hostilities and improvement in its own production, industry and government officials said. The lower shipments to Pakistan from the world’s biggest cotton producer will help other suppliers ... Read More »

India’s diammonium phosphate imports

NEW DELHI: After India received normal monsoon after two years of drought, a healthy crop yield is expected. The April-September period in this financial year saw an import of 3.58 million tonne (MT) of diammonium phosphate (DAP). The average cost and freight to India for DAP imports increased from $179 per tonne during 2000-01 for 861,000 tonne to $496 per ... Read More »

India likely to impose antidumping duties on coke imports from China, Australia

NEW DELHI: India is on the verge of imposing antidumping duties on coke from China and Australia — a move that will give domestic coke producers some reprieve amid surging coal prices, several sources said Monday. The country’s Directorate General of Antidumping, which is part of the Ministry of Commerce and Industry, recommended late last week that a duty of ... Read More »

HCL Tech net profit up 16.7%, revenues rise 14.1%

CHENNAI: IT services firm HCL Technologies on Friday announced a 16.7 per cent increase in second quarter net profit, posting Rs 2,014 crore  against Rs 1,726 crore in the corresponding quarter of the last fiscal. Its revenues for the reported quarter increased by 14.1 per cent to Rs 11,519 crore, from Rs 10,097 crore last year, as per US GAAP ... Read More »

Customs arrests airline passenger after recovering currency worth Rs.27.7m

DELHI: Customs officials at the Indira Gandhi International Airport (IGIA) have confirmed the arrest of one airline passenger after recovering currency worth Rs.2.77 crores from his possession on Friday. Customs officials said in a statement that the passenger was boarding a flight from New Delhi to Hong Kong just prior to his arrest. They said that on examining the passenger’s ... Read More »

Customs finds bag full of gold bars Mumbai international airport

MUMBAI: The Air Intelligence Unit (AIU) of the Mumbai customs found an unclaimed bag full of gold bars at the Mumbai international airport on Thursday morning. AIU officials stated that a smuggler may have abandoned the gold for someone else to pick up before the customs recovered it. “An airline staffer informed us about the bag, which was found inside ... Read More »

Ericsson India’s revenue down 28% to 2.6 bln in Q3

NEW DELHI: Ericsson said that its India revenue fell 28% in the third quarter of 2016 to SEK 2.6 billion or $292 million (or nearly Rs 1,890 crore ), due to delayed of spectrum auctions in the country. In India the delayed spectrum auctions led to another slow quarter. The transition from 3G to 4G continued to contribute to sales ... Read More »

India’s gold bar imports surged 41% in Apr-Sep

NEW DELHI: The Gems and Jewellery Export Promotion Council (GJEPC) has released the details of imports and exports of raw materials for gems and jewellery for the month of September this year. According to GJEPC data, the gold bar imports by the country during the month recorded significant jump when matched with the previous year. The monthly import statistics indicate ... Read More »

India hopes to improve grape exports this season

NEW DELHI: According to the All India Grape Exporters Association president, Jagannath Khapre, around 1.92 lakh tonne was the previous record for Indian grape exports and the country is likely to cross this mark this year, due to a good monsoon and the prevailing good weather conditions in the grape growing regions. On the other hand, the table grape crop ... Read More »

India’s Oct gold imports to hit 9-month high on festive demand

MUMBAI: India’s overseas purchases of gold likely hit a nine-month high in October, as a flip in domestic prices to a premium prompted banks and refiners to resume imports ahead of the festival season, industry officials told Reuters. While higher purchases could widen India’s trade deficit given bullion accounts for a major chunk of its imports, they would underpin global ... Read More »

Govt to import 90,000 ton chana dal, examine sugar import duty

NEW DELHI: The government will import 90,000 tonnes of chana dal through state-owned trading firm MMTC   and examine import duty on sugar to boost supply and check prices of the two essential commodities that continue to rule high. Cabinet Secretary PK Sinha today reviewed the availability as well as the prices of essential commodities and asked the Department of Consumer ... Read More »

Micra most exported car brand from India in Sep

NEW DELHI: During the month of September, Nissan’s Micra was the most exported car from India, followed by Ford’s Ecosport and General Motor’s Beat. Over the last few years, the Japanese automajor Nissan and Ford of US have been on the top slots. Month-over-month, one of the two companies will be number one and two. 7,412 units of Micra were ... Read More »

Jute exports to India may face anti-dumping duty

DHAKA: Bangladeshi jute and jute goods may be subject to 25-30 percent duty upon entry to the Indian market if the local exporters are found guilty of dumping. The development comes after the Directorate General of Anti-Dumping and Allied Duties or DGAD under India’s commerce ministry concluded its probe into the matter last week, said an official of Bangladesh Tariff ... Read More »

Fullerton India raises Rs 500 cr via masala bonds

NEW DELHI: Singapore sovereign wealth fund Temasek-owned Fullerton India Credit Company Ltd (FICCL) has raised Rs 500 crore through masala bonds to support business growth. This offering makes Fullerton the first foreign-owned company in India to issue rupee-denominated bonds overseas. Masala bonds are financial instrument issued outside India but denominated in the rupee. Fullerton India will issue masala bonds of ... Read More »