Saturday, December 10, 2016
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Factory output shrinks by 1.9% in October

10 Dec 2016 | 12:40 AM

NEW DELHI:Industrial production dipped into negative territory in October with a contraction of 1.9%, which, analysts said, was owing to the base effect and a larger number of holidays during the festive season.

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Factory output shrinks by 1.9% in October

Tribune News Service

New Delhi, December 9

Industrial production dipped into negative territory in October with a contraction of 1.9%, which, analysts said, was owing to the base effect and a larger number of holidays during the festive season.

After showing decline for two consecutive months of July (-2.5 per cent) and August (-0.7 per cent), factory output, as measured in terms of the Index of Industrial Production (IIP), had grown at 0.7 per cent in September. The IIP number last year was at a higher rate of 9.9% in October.

Aditi Nayar, Principal Economist, ICRA, said an unfavourable base effect and a larger number of holidays weighed upon factory output in October, countering the much-awaited festive upturn as well as the rise in growth of merchandise exports and the core sector industries.

Nayar said the seeming collapse in growth of consumer durables from the nine-month high of 13.9 per cent in September to the marginal 0.2 per cent in October led to the sequential deterioration in the performance of the IIP. 

Additionally, the mild contraction in consumer non durables and sharp de-growth in capital goods exerted a drag on industrial output in October.

Little to cheer if you buy fuel on card

10 Dec 2016 | 12:40 AM

CHANDIGARH:To promote the use of digital payments, Finance Minister Arun Jaitley yesterday announced a slew of measures, including 0.75% discount on purchase of petrol and diesel and waived service tax on transaction up to Rs 2,000 by using credit/debit cards, e-wallets and mobile wallets.

Railways not to discontinue flexi fare system

10 Dec 2016 | 12:40 AM

NEW DELHI:With passenger revenue surge of Rs 106 crore in the next three months of implementing its “innovative” flexi ticket-pricing scheme for the premium trains, the Indian Railways has decided not to “discontinue” the arrangement.

Govt gets MPs’ panel nod on Budget merger

10 Dec 2016 | 12:40 AM

NEW DELHI:A Parliamentary panel has given its nod to the Ministry of Finance to go ahead with one consolidated Budget and doing away with accounting government expenditure under Plan and Non- Plan heads.

US firm Augmedix to scale up operations in India

10 Dec 2016 | 12:40 AM

CHANDIGARH:US firm Augmedix, a smartglass-based physician productivity platform, will scale up its operations in India.

Demonetisation: Who knew and kept it a secret?

Demonetisation: Who knew and kept it a secret?

10 Dec 2016 | 12:40 AM

NEW DELHI:Prime Minister Narendra Modi handpicked a trusted bureaucrat, little known outside India’s financial circles, to spearhead a radical move to abolish 86% of the country’s cash overnight and take aim at the huge shadow economy.

BRIFFLY

SBI to sell 3.9% stake in SBI Life

10 Dec 2016 | 12:40 AM

MUMBAI: SBI will divest 3.9% of its stake in SBI Life Insurance Company to global investment firms KKR and Temasek for Rs 1,794 crore. It said the Executive Committee of the Central Board in its meeting on Friday approved the plan at a price of Rs 460 per share.

Demonetisation to cut GDP growth by 2 pc in Q3: HSBC

Demonetisation to cut GDP growth by 2 pc in Q3: HSBC

09 Dec 2016 | 2:09 PM

NEW DELHI: The demonetisation will cloud the GDP growth in the current and next quarter, pulling it down by as much as two percentage points, HSBC said on Friday.

Bicycle sales down 30% in Nov

09 Dec 2016 | 12:36 AM

CHANDIGARH: The severe cash crunch post-demonetisation has hit the sales of bicycle industry. In November, sales have declined by 25 to 30%. Bicycle manufacturers, including Hero and Avon, said the sales would be affected in December as well as the entire country was grappling with cash shortage.

Airtel, Idea unveil plans to compete with RJio

09 Dec 2016 | 12:36 AM

NEW DELHI: Airtel today joined the bandwagon of telecom operators unveiling reduced call and data rates in a bid to not only retain their customers but also to take on the new entrant Reliance Jio.

Andhra CM panel meets top bankersDemonetisation

Andhra CM panel meets top bankers

09 Dec 2016 | 12:36 AM

NEW DELHI: The first meeting of the sub-committee on demonetisation and its related issues headed by Andhra Pradesh Chief Minister Chandrababu Naidu met in Mumbai today, where the members of the panel interacted with senior RBI officials and top bankers of the country with an aim to address the issues concerning the supply side of digital transactions.

I-T Dept unearths innovative ways in use for money laundering

09 Dec 2016 | 12:36 AM

NEW DELHI: The income tax investigations have unearthed innovative methods of money laundering and transportation of cash post-demonetisation.

Briefly

Aviva launches heart care policy for couples

08 Dec 2016 | 12:33 AM

New Delhi: Aviva Life Insurance on Wednesday launched the country’s first heart insurance for couples — Aviva Heart Care. A unique feature of this product is that it allows a customer to cover his/her spouse in the same policy at a nominal extra premium.

Cabinet approves reforms in textile sector

08 Dec 2016 | 12:31 AM

New Delhi: The government today gave its approval to bring about reforms in the textile made-ups sector with the intention to boost employment generation by creating 11 lakh jobs over three years and subsequently boosting exports.

Mistry removed as Tata Sons lost confidence in him: Ratan

08 Dec 2016 | 12:31 AM

MUMBAI: Ahead of EGMs of six Tata Group firms called to remove Cyrus Mistry as director, Tata Sons interim Chairman Ratan Tata today told shareholders that the continued presence of the ousted executive in respective Boards is a serious “disruptive influence” and can make the companies “dysfunctional”.

MS-LinkedIn $26-bn deal gets EU nod

08 Dec 2016 | 12:31 AM

SAN FRANCISCO: The European Commission has cleared the $26 billion LinkedIn acquisition by Microsoft and the deal will close in coming days, Microsoft said on Wednesday.

RBI status quo stumps market

RBI status quo stumps market

08 Dec 2016 | 12:31 AM

MUMBAI: The RBI’s decision to leave interest rates untouched caught the market by surprise as the Sensex switched gear by reversing its two days of gains and cracked 156 points today to close at 26,237.

Pay day shocker for factory workers in Punjab

08 Dec 2016 | 12:31 AM

CHANDIGARH: The acute shortage of currency notes post-demonetisation has forced industries in Punjab, especially the Micro, Small and Medium Enterprises (MSMEs), to put off the payment of salary to their staff to 10th day of the month instead of 7th.

Industry disappointed, says rate cut needed to boost economy

Industry disappointed, says rate cut needed to boost economy

08 Dec 2016 | 12:31 AM

NEW DELHI: With RBI belying expectations of a rate cut, India Inc today expressed disappointment saying a rate cut was needed to provide fillip to the flagging industrial economy and stimulate consumption that has been hit by demonetisation.

BRIFFLY

Patent row: US top court favours Samsung

07 Dec 2016 | 12:54 AM

WASHINGTON: The US Supreme Court on Tuesday sided with Samsung in its big-money smartphone patent fight with Apple, throwing out an appeals court ruling that said the South Korean company had to pay a $399 million penalty to its American rival for copying key iPhone designs.

Panasonic unit in Haryana

07 Dec 2016 | 12:54 AM

MUMBAI: Panasonic India today said it has invested Rs 115 crore to set up a manufacturing plant at Jhajjar to locally produce refrigerators.

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