Business Highlights

DCM21 LSQ-BANK FRAUDS Banks, select financial institutions report frauds involving Rs 1.13 lakh crore in H1 of FY20: Sitharaman New Delhi: Frauds involving Rs 1,13,374 crore were reported by banks and select financial institutions in the first half of the current financial year, Finance Minister Nirmala Sitharaman told Parliament on Monday.

DEL68 BIZ-TAX-REVENUE SECY New tax structure gives option to save tax: Revenue Secy New Delhi: The new lower income tax rates offered in the Budget 2020-21 will leave more cash in the hands of those who do not wish to make compulsory investments to save tax, said Revenue Secretary Ajay Bhushan Pandey.

DCM23 BIZ-FITCH-BUDGET Fitch predicts India's FY21 GDP growth at 5.6 pc New Delhi: Fitch Ratings on Monday said India is expected to clock a GDP growth of 5.6 per cent in the next financial year, lower than the projection made by the government's Economic Survey, as Budget 2020 has not "materially altered" its view on the country's growth outlook.

DEL58 BIZ-LD-STOCKS Sensex, Nifty recover from budget despair as manufacturing data raise hopes Mumbai: Stock markets recovered from the budget blues on Monday with the benchmark index Sensex closing higher by 137 points after a survey showed manufacturing activity soared to an eight-year high on new orders.

DCM36 BIZ-LD AIRINDIA PRIVATISATION-STAFF Buyers of Air India, BPCL not to get free hand to shed excess staff: DIPAM secretary New Delhi:Buyers of loss-making airline Air India and oil firm Bharat Petroleum Corporation Ltd (BPCL) will not get a free hand to shed excess workforce as the government will build in certain protection to employees in the share sale agreement, DIPAM Secretary Tuhin Kanta Pandey said.

DCM25 LSQ-ECONOMY RECESSION Economy not in recession: Anurag Thakur New Delhi: The government on Monday said the economy is not in recession and India recorded the highest average growth among the G-20 nations during 2014-19.

DCM17 BIZ-MCDONALDS-PARTNER McDonald's selects Sanjeev Agrawal as new partner for north, east India markets New Delhi: US fast food chain McDonald's has selected MMG Group chairman Sanjeev Agrawal as its new partner to operate its outlets in north and east India, the company said.

DEL63 BIZ-RUPEE-CLOSE Rupee settles 3 paise down at 71.35 against US dollar Mumbai: The rupee pared early losses to settle 3 paise down at 71.35 against the US dollar on Monday, tracking recovery in domestic equities and easing crude oil prices.

DCM24 BIZ-THAKUR-LIC Interest of LIC policyholders will be protected, says Anurag Thakur New Delhi: The government will protect the interest of policyholders of LIC, which is likely to go public in the next financial year, Minister of State for Finance Anurag Thakur has said.