Latest News From Business & Finance
India Loses Asia's Best Stock Market Status
India lost the top spot as Asia's best performing stock market to the Kiwis. The Sensex has gone up 7.6% since January this year in comparison to the 11% rise in the New Zealand Exchange 50 Gross Index.
Increase in Import Duty
The Government of India has increased the customs duty on import of 19 items to stabilise the Current Account Deficit (CAD). The value of import of these items was close to Rs. 86,000 crore in 2017-2018.
Tata Steel Set to Acquire Steel Business of Usha Martin
Tata Steel made an announcement of the acquisition of the steel business of Usha Martin Limited on September 22, 2018. The cost of this exchange will be around Rs. 4,300 to Rs. 4,700 crore. This deal will help in significantly reducing the debts that UML is under. The deal will take 6 - 9 months for completion.
Tamil Nadu to Receive Financing of USD 500 million
The Asian Development Bank (ADB) has approved a financing of USD 500 million in instalments for infrastructural development in 10 cities of Tamil Nadu. The main developments will be in the areas of climate resilient water supply, sewerage and drainage. The first installment of the loan, USD 169 million is for Chennai, Coimbatore, Rajapalayam, Tiruchirappalli, Tirunelveli and Vellore.
PNB, OBC and Andhra Bank to Merge
After the merger of Bank of Baroda, Vijaya Bank and Dena Bank, the next on cards is the merger of PNB, OBC and Andhra Bank. Currently, the government is assessing the viability of this merger and mulling over the pros and cons.
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