Daily News

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Petrol, diesel prices hit all-time high

Petrol price touched a record high of Rs76.24 per litre and diesel climbed to its highest ever level of Rs 67.57 a litre.

As the oil retailers passed on four weeks of the relentless rise in international oil prices to consumers. Petrol has touched an all-time-high, breaching the previous high of Rs76.06 touched in New Delhi on 14 September 2013.

Did you Know

The benchmark international rate for petrol, used for revising rate on 24th April, had gone up from $78.84 per barrel to $84.97 on 14th May. It has further risen to $84.97.

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India’s rural consumption blazes in boost for FMCG firms

According to market researcher Nielsen, Consumption growth in rural India outpaced urban consumption by the widest margin in five years, encouraged by good rainfall and increase in government spending on infrastructure.

Rural consumption rose by 9.7% in the year ended 31st March, faster than the 8.6% growth in urban spending.

Fast-moving consumer goods (FMCG) companies grew sales at 13.5%.

Did you Know

Fast-moving consumer goods or consumer packaged goods are products that are sold quickly and at relatively low cost. Examples include non-durable goods such as packaged foods, beverages, toiletries, over-the-counter drugs and many other consumables.

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Centre generates Rs 1,400 cr. revenue from e-visa scheme

The Centre generated revenue of Rs 1,400 crore from its e-Visa scheme which is being provided to citizens of as many as 163 countries since its start in 2014.

The scheme was started by the home ministry to further enhance efficiency and transparency of various services being offered to foreign tourists. The service is currently available to tourists from 163 countries coming through 25 international airports and five seaports.

Did you Know

Recently, the duration for application under the Visa scheme was extended from 30 days to 120 days while the duration of stay on e-Visa was increased from 30 days to 60 days.

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Bank of India to get Rs 1993 crore from Tata Steel-Bhushan Steel deal

The state-owned Bank of India (BOI) would be able to realise around Rs 1993 crore from the first successful NCLT resolution concerning Tata Steel and Bhushan Steel.

The realisation of the amount would lead to NPA reduction and increase the profitability of the bank

In the first list of 12 accounts sent to NCLT for resolution under Insolvency and Bankruptcy Code (IBC), BOI's exposure was Rs 8300 crore. In the second list of 27 accounts, the exposure was Rs 3000 crore.

Did you Know

Bank of India (BOI) is a commercial bank with headquarters at Bandra Kurla Complex, Mumbai. Founded in 1906, it has been government-owned since nationalisation in 1969.

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UAE planning to allow 100% business ownership to foreign investors

The United Arab Emirates plans to allow full foreign ownership in companies and grant long-term visas to some investors and professionals as the second-biggest Gulf economy seeks to attract more investments.

The new rules will offer residency of up to 10 years to specialists in medical, scientific, research and technical fields, as well as five-year visas to students and 10-year visas to exceptional students.

Did you Know

Foreign investment involves capital flows from one country to another, granting extensive ownership stakes in domestic companies and assets.

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L&T’s Rs 500cr plant to make ISRO motors

With Indian Space Research Organisation (ISRO) promoting outsourcing of rocket manufacturing job to the private sector, Larsen and Toubro (L&T) are going to set up a factory in Coimbatore at a cost of Rs 500 crore to manufacture engine motors exclusively for the Indian space agency.

To boost space infrastructure to fulfill the national requirement of having more satellites related to fields of communication, navigation and earth observation, ISRO wants to double the number of launches from eight to 10 to 18-20 annually.

Did you Know

Currently, the industries L&T, Godrej, MTAR Technologies, are engaged in supplying hardware for rocket engines to ISRO.

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Purana Qila to exhibit artefacts, pottery from Harappa, Mohenjodaro

The Central Antiquity Collection (CAC) section at Purana Qila will be displaying the artifacts and pottery from Harappa, Mohenjodaro, Taxila, and Chanhudaro and the artifacts from Central Asia and from Indian sites such as Kalibangan, Hastinapur, Arikamedu, Tamluk.

The Exhibition will be supervised by the Archaeological Survey of India (ASI) which has taken various steps for conservation, restoration, and upgradation at the Purana Qila.

Did you Know

The Archaeological Survey of India (ASI), under the Ministry of Culture, is the premier organization for the archaeological researches and protection of the cultural heritage of the nation.

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Nadal edges Zverev to win Italian Open

Rafael Nadal made the best of a rain delay to come from behind in the deciding set and beat defending champion Alexander Zverev 6-1, 1-6, 6-3 in the Italian Open final.

The win gave the Spaniard his 56th title on clay and eventually, he will reclaim the world number one ranking from Roger Federer in the ATP standings.

Did you Know

Rafael Nadal has won 16 Grand Slam singles titles, a record 32 ATP World Tour Masters 1000 titles, record 20 ATP World Tour 500 tournaments.

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UltraTech to acquire Century Textiles’ cement business

Ultratech Cement Ltd, part of the Aditya Birla group, will acquire the cement business of BK Birla group’s Century Textiles and Industries Ltd in an all-stock transaction.

Shareholders of Century Textiles will receive one share of UltraTech for every eight shares held, Century Textiles’ cement assets comprise three integrated units in Madhya Pradesh, Chhattisgarh, and Maharashtra and a grinding unit in West Bengal.

Did you Know

Recently, Aditya Birla Group’s life insurance arm Birla Sun Life has joined the race to buy IDBI Federal Life Insurance by matching Max Life Insurance’s offer of more than Rs 6,000 crore.

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Government plans changes in allocation of civil services

The Department of Personnel and Training (DoPT) is examining the feasibility of giving due weightage to the performance in the foundation course and making service allocation.

The cadre allocation to all India services officers based on the combined score obtained in the civil services examination and the foundation course will also be looked upon.

Did you Know

At present, service allocation to the candidates selected is based on civil services examination, conducted by the Union Public Service Commission (UPSC), is made well before the commencement of the foundation course.

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US suspends tariffs on Chinese products

The Trump administration has suspended its plan to impose sweeping tariffs on China as it presses forward with trade talks. Which eventually put potential US-China trade war "on hold, the planned tariffs on as much as $150 billion worth of Chinese goods are off the table.

Did you Know

A trade war is a back-and-forth dispute wherein a country imposes tariffs on certain imports to restrict trade