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New Delhi: Over 10,000 companies were shut down voluntarily in the country from April 2020 till February this year, also a period when the coronavirus pandemic and subsequent lockdowns had significantly disrupted economic activities. The latest data available with the Ministry of Corporate Affairs (MCA) showed that a total of 10,113 companies were struck off under Section 248(2) of the Companies Act, 2013, in the current financial year till February. Section 248(2) implies that the…

Despite higher COVID-related provisioning, J&K Bank has posted profit for the third consecutive quarter of the current financial year. The bank stated this today after its Board of Directors reviewed and approved the 3rd quarter and nine-month results (31 December 2020) at a meeting at bank’s corporate headquarters, here. Backed by higher Net Interest Income (NII), the Bank’s profit is up by 32.84% YoY at Rs 65.94 Cr against Rs 49.64 Cr recorded for the…

Srinagar: The Government of India on Monday proposed Rs 30,757 crore grant for Jammu and Kashmir for the next fiscal. Finance Minister Nirmala Sitharaman made the allocation for the UT while presenting the union budget for the coming fiscal. The grant for Jammu and Kashmir is equal to last year’s transfers. This means that there is unlikely an increase in Jammu and Kashmir’s Budget, likely to be presented later this month in the Parliament. …

Part of the shares in JKB that were owned by Govt of JK to be transferred Srinagar: J&K Bank on Tuesday said its board has given in-principle approval to transfer 8.23 per cent stake to Union Territory of Ladakh. The board decided “to give its ‘In-principle approval’ for implementation of General Administration Department, Govt. of Jammu and Kashmir… in terms of which ownership of 8.23 per cent out of its (J&K Govt.) shareholding in Jammu…

In the July-September quarter of this fiscal, the Indian economy contracted 7.5 per cent, official data showed on Friday. According to data released by the National Statistical Office (NSO), the gross domestic product (GDP) had expanded by 4.4 per cent in the corresponding July-September period of 2019-20. The economy had shrunk by an unprecedented 23.9 per cent in the first quarter of this fiscal due to the coronavirus pandemic and resultant lockdowns. Meanwhile, China’s economy…

New Delhi: Aiming to ‘boost employment, credit and manufacturing’, the Finance Minister of India, Nirmala Sitharaman on Thursday announced 12 measures in the next set of ‘stimulus’ under Atmanirbhar Bharat 3.0. The additional stimulus elevates the amount to about Rs 9 lakh crore, taking the total virus relief to almost Rs 30 lakh crore, which is estimated to be 15% of the Indian GDP. Pointing at recovery in energy consumption, GST collections, daily railway freight…