Govt relaxes norms, investment limit for angel tax concession to startups

20/02/2019
new delhi: Giving a major relief to startups, the government has decided to relax angel tax norms for startups, including increasing the investment limit to Rs 25 crore for availing income tax concessions by startups, an official said Tuesday. Currently, startups avail tax concession only if total investment, including funding from angel investors, does not exceed Rs 10 crore. A notification regarding simplifying the process for startups to get exemptions on investments under section 56(2)(vi...

Time to turn cautious on India Inc, debt levels to triple by next year: S&P

20/02/2019
Mumbai: Global Rating agency Standard and Poor's (S&P) on Tuesday warned that it's time to turn cautious on rated Indian corporates as their revenue growth is likely to slow down in the next 18-24 months. Global risks such as stability of commodity prices as well as demand from the US and China will have a greater bearing on Indian companies rather than domestic demand in the next year or two, it cautioned. India's central government elections may pose additional risks for Indian corporates. ...

SpiceJet offers valuation comfort; best play among aviation stocks: Experts

20/02/2019
new delhi: Airline companies did not have much to cheer about in financial year 2018 19 (FY19) as rise in aviation turbine fuel (ATF) prices, depreciation in rupee and intense fare competition hit their financials and stock prices hard. In addition, troubles in individual companies such as Jet Airways (acquisition talks) and pilot shortage at InterGlobe Aviation (IndiGo’s parent) also added to their woes. At the bourses, Jet Airways, InterGlobe Aviation and SpiceJet have underperformed the b...

SBI to waive loans taken by slain CRPF personnel; to expedite insurance payments

20/02/2019
new delhi: State Bank of India Monday said it would waive all outstanding loans taken by 23 CRPF personnel who were killed in the Pulwama terror attack. The state-owned lender would also expedite payment of insurance amount of Rs 30 lakh each to the families of CRPF personnel killed. In a release, the bank announced a special initiative for the CRPF soldiers who were martyred in a dreadful terrorist attack in Pulwama, Jammu and Kashmir. Last week, 40 Central Reserve Police Force (CRPF) were ...

GoM favours uniform tax on lottery, GST Council to decide rate on February 20

20/02/2019
new delhi: A state ministerial panel set up to review tax rate on lottery Monday favoured a uniform GST rate of either 18 percent or 28 percent a final call on which would be taken by the GST Council at its meeting on February 20. Currently, a state-organised lottery attracts 12 percent GST while a state-authorised lottery attracts 28 percent tax. The eight-member Group of Ministers under Maharashtra Finance Minister Sudhir Mungantiwar favoured hiking GST rate on the state-organised lottery t...

Vedanta, JSW may jointly bid for Essar Steel, make offer of Rs 48,000 cr

20/02/2019
Kolkata: Vedanta and JSW Steel are in talks to make a joint bid for Essar Steel in a last attempt to keep ArcelorMittal away. A bid together, or one from either company, could be made next week, said sources aware of the development. Vedanta said they did not comment on market speculation, while JSW Steel did not make a statement. The bid could be in the range of Rs 45,000-48,000 crore, and would be made on the grounds of value maximisation. Arcelor’s bid is for Rs 42,000 crore. Sources said ...

Kaveri Seed extends fall on weak Q3 results; slips 8% to hit 52-week low

20/02/2019
new delhi: Shares of Kaveri Seed Company (KSCL) slipped 8 per cent to hit a 52-week low of Rs 431 on the BSE, falling 16 per cent in past four sessions after the company reported a weak set of numbers for the quarter ended December 2018 (Q3FY19). The company engaged in agriculture products business posted 33 per cent year-on-year (YoY) decline in net profit at Rs 3.65 crore in Q3FY19, on account of lower sales. It had a profit of Rs 5.43 crore in the year-ago quarter. Net sales decreased 5 per...

RBI to inject Rs 12,500-cr liquidity via OMOs on Thursday

20/02/2019
Mumbai: The Reserve Bank of India (RBI) Monday said it would inject Rs 12,500 crore into the system through purchase of government securities on Thursday to increase liquidity. The purchase will be made through open market operations (OMOs). "Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the RBI has decided to conduct purchase of...Government securities under OMOs for an aggregate amount of Rs 125 billion on February 21, 2019,...

Maruti’s compact SUV Vitara Brezza crosses 4-lakh sales milestone

20/02/2019
new delhi: The country's largest carmaker Maruti Suzuki India Tuesday said its compact SUV Vitara Brezza has crossed the 4 lakh units' sales milestone in less than three years of launch. In the ongoing fiscal, the company said, the model has grown at an average of 7 per cent with a monthly average of sales of 14,675 units. "The benchmark success of Vitara Brezza with over 4 lakh customers in less than three years is a testimony of the customers' increasing preference towards the refreshed des...

A year after $2-bn Nirav Modi fraud, PNB on road to annual profits in FY20

19/02/2019
new delhi: One year after being hit by a $2 billion scam, Punjab National Bank (PNB) is set to return to annual profits and strong loan growth in fiscal 2020 even as investigations continue into the country's biggest banking fraud. State-run PNB has already surprised markets with an earlier-than-expected profit for the quarter ended Dec. 31 as it completed setting aside funds to cover for the scam and its bad loan levels eased. While the lender is still likely to post a loss of Rs 59.84 billi...

Will meet bank heads on Feb 21 on transmission of rate cut: RBI Guv

19/02/2019
new delhi: Reserve Bank Governor Shaktikanta Das Monday said he will meet heads of public and private sector banks this week to discuss transmission of interest rate cuts to borrowers. Speaking to reporters after Finance Minister Arun Jaitley addressed the board of the central bank here, he said transmission of monetary policy decisions is important. "Transmission of rates is very important especially after central bank announces a rate cut. It's already stated in our post MPC conference. I a...

MSI limits use of metals like lead, mercury in its models

19/02/2019
new delhi: The country's largest carmaker Maruti Suzuki India (MSI) Monday said it has started the practice of controlling its use of substances of concern (SoC) like lead and mercury in its mass production vehicles. With the implementation of International Material Data System (IMDS), the company will be able to meet international norms and quantify recoverable and recyclable materials in its vehicles, MSI said in a statement. The company has initiated the practice with the recently launched...

Venezuelan oil finds home in India as US shuns shipments

19/02/2019
new delhi: India is feasting on Venezuelan oil, after the U.S. imposed a de facto ban on crude imports from the Latin American nation. While flows to the U.S. came to a halt, India became the No. 1 buyer of Venezuelan crude in the first half of February, with imports jumping 66 percent to 620,000 barrels a day. Indian refiners Reliance Industries Ltd and Nayara Energy Ltd, which is backed by Rosneft Oil Co PJSC, are driving the boost. Still, Venezuelan crude exports have plunged since U.S. Pr...

Indian Oil buys commissioning cargo of LNG for new Ennore terminal: Report

19/02/2019
new delhi: Indian Oil Corp (IOC) bought a commissioning cargo of liquefied natural gas (LNG) for its new Ennore terminal in south India, in a sign that India's first terminal in the east coast is readying for start-up, three industry sources said on Monday. State-owned IOC bought a partial LNG cargo for delivery on February 25 from commodities trader Gunvor, the sources said. It bought the cargo at about $9.50-9.90 per million British thermal units (mmBtu), one of the sources said. The sourc...

Sensex falls 311 points as geopolitical concerns weigh

19/02/2019
new delhi: Despite a rally in global equities, Indian markets lost ground on Monday, as investors assessed the nation’s retaliation to a deadly attack on its defense forces last week. Benchmark indices ended nearly 1 per cent lower on Monday, led by a decline in PSBs, IT and FMCG (fast moving consumer goods) stocks. The S&P BSE Sensex ended at 35,498, down 311 points or 0.87 per cent, while the broader Nifty50 index settled at 10,641, down 83 points or 0.78 per cent. "Market remained on a se...

Dish TV hits one-month high; stock zooms 93% from January 28 low

19/02/2019
Mumbai: Shares of Dish TV India moved higher by 13 per cent to Rs 37.10 apiece on the BSE in intra-day trade on Monday in an otherwise weak market. The stock of the country’s largest direct-to-home (DTH) company was trading at a one-month high. It zoomed 93 per cent from its January 28, 2019 low of Rs 19.25, as compared to 1 per cent fall in the S&P BSE Sensex. Dish TV India had touched a 10-year low on January 28, slipping 43 per cent in two trading sessions, driven by promoters’ pledge and ...

UK lawmakers slam Facebook, recommend stiffer regulation

19/02/2019
New York: British lawmakers issued a scathing report Monday that accused Facebook of intentionally violating privacy and anti-competition laws in the UK, and called for greater oversight of social media companies. The report on fake news and disinformation on social media sites followed an 18-month investigation. The parliamentary committee that prepared the report says social media sites should have to follow a mandatory code of ethics overseen by an independent regulator to better control ha...

India Size’ garments may hit the shelves soon

19/02/2019
new delhi: You may soon be able to walk into a shopping mall and try on clothes with the 'India Size', tailored to suit the body measurements of the country's populace. The government will also begin collating information for "trend forecasting" for textiles this month, using commercial intelligence to determine what could be in vogue in the near future, a move bound to exert major influence on global fashion trends, a top official said. In March, the government will launch an exercise to me...

Rupee worst performer this year, may fall to 73 on Kashmir tensions

19/02/2019
new delhi: India’s rupee has gone from being the best-performing Asian currency last quarter to the worst this year as rising crude prices and tensions over Kashmir weigh on sentiment. The currency has slumped 2.4 percent since the end of December, missing the rally in its regional peers on optimism over U.S.-China trade talks. It weakened to 71.515 per dollar Monday, from as strong as 69.23 in early January. “The risk for the India story, which is keeping the dollar well bid vis-a-vis rupee,...

Malvinder Singh accuses brother Shivinder, spiritual guru of fraud

19/02/2019
new delhi: Former Indian billionaire Malvinder Singh has filed a criminal complaint accusing his younger brother of siphoning funds from their family holding company and fraudulently diverting them to a renowned spiritual guru, the latest twist in the unraveling of a $2 billion empire. Shivinder Singh allegedly directed the holding company to acquire debt-ridden firms which collectively lent 10 billion rupees ($140 million) to the family and associates of their guru, Gurinder Singh Dhillon, ac...

FPIs turn net buyers in February, pour Rs 5,300 crore into equities so far

18/02/2019
new delhi: Foreign investors have put in over Rs 5,300 crore into the Indian equity market in the first half of this month, primarily on account of positive view on the Interim Budget 2019-20. The infusion into the equity market comes following a pull-out of Rs 5,264 crore by foreign portfolio investors (FPI) in January. According to the latest data available with depositories, a net sum of Rs 5,322 crore has been pumped into equities during February 1-15. However, FPIs pulled out a net amoun...

CASIO introduces new musical instrument

18/02/2019
Anaheim: The world’s largest musical instrument event 'Namm 2019' was recently held here, where more than 2000 musical instrument companies gathered at this event from all over the world. The event is known as one of the best exhibitions to see the latest music products and trends in music. CASIO's booth was one of the most popular places in the event. The latest products “PX-S1000/S3000” which are remarkable pianos were announced as this year’s new products. Their slim and compact design inclu...

PSUs join tech firms in buyback spree to help govt meet asset sale target

18/02/2019
new delhi: India Inc. is extending a banner year for share buybacks. Seven weeks into 2019, two dozen companies led by technology major Infosys Ltd. have announced or completed plans to buy Rs 170.5 billion ($2.4 billion) of their own stock, according to data compiled by Bloomberg. This compares with about Rs 545 billion for all of 2018, which was the highest in at least six years, the data show. “Buybacks this year are likely to equal the year before, if not exceed, as improving liquidity boo...

Gold imports dip 5% during April-January to $26.93 billion

18/02/2019
new delhi: The country's gold imports dipped about 5 per cent in value terms to USD 26.93 billion during April-January 2018-19, which is expected to keep a lid on the current account deficit. According to commerce ministry data, total imports of the precious metal in the corresponding period of 2017-18 stood at USD 28.23 billion. Industry experts said softening prices of the precious metal in the world markets could be the reason for the contraction in imports. After recording negative growt...

Air India Express launches international operations from Surat

18/02/2019
new delhi: Gujarat’s ‘diamond city’ Surat has made it to the international aviation map with the first Air India Express flight arriving in Surat carrying 75 passengers from Sharjah, the airline said on Sunday. The maiden Air India Express flight IX 172 from Sharjah touched down at the Surat airport at 11.30 pm on Saturday with 75 passengers on board the Boeing 737-800 aircraft, the airline said in a statement. The passengers were received by the airline’s chief executive officer K Shyam Sund...

Anil Ambani group lenders not to sell pledged shares till September

18/02/2019
Mumbai: The promoter entities of the Anil Ambani Group have reached an in-principle standstill understanding with more than 90 per cent of its lenders under which the lenders will not sell the pledged shares till September this year. As per the understanding, the lenders will not enforce security or sell any of the promoters’ pledged shares in the event of lower collateral cover or reduced margin due to the recent unprecedented fall in the share prices of ADA group's operating companies. Acco...

EVI plans investment of Rs 100 crore to set up 20,000 EV charging stations

18/02/2019
new delhi: Electric vehicle charging infrastructure provider EVI Technologies plans to invest around Rs 100 crore in the next one and a half years to set up 20,000 charging stations across the country, a senior company official said. The firm, incubated at the Electropreneur Park funded by the Ministry of Electronics and Information Technology, has also tied up with BSES Rajdhani Power Ltd to set up around 3,000 electric vehicle (EV) charging stations in Delhi. "We have a target to create a n...

Zee Entertainment Enterprise trashes speculative reports on stake sale

18/02/2019
new delhi: The management of Zee Entertainment Enterprise Ltd (ZEEL) has said that media reports are speculating about the details of the company's stake sale process including deal closure and the size of the overall deal. In a statement issued on Friday, the management of ZEEL said that under the guidance of its promoters, it had instantly stated that the query was purely speculative. "The management refuses to comment on any market speculations, purely in the interest of the entire invest...

IOC gets environmental nod for Telangana storage and distribution terminal

18/02/2019
Hyderabad: The Expert Appraisal Committee under the Environment Ministry has given "green signal" to Indian Oil Corporation Ltd for setting up a grass root petroleum storage and distribution terminal in Telangana. According to the minutes of the meeting held recently, the proposal involves setting up petroleum storage and distribution terminal comprising 28 tanks with combined capacity of nearly 165 million litres with an investment outlay of Rs 570 crore at Malkapur village, Yadadri district....

Air India clueless of bedbug source on its US flight

18/02/2019
new delhi: It's been six months but Air India has still not been able to ascertain the main source of bedbugs that left several passengers 'red' on AI's 144 Newark-Mumbai flight in July 2018. The Ministry of Civil Aviation (MoCA) said that no particular source could be established. AI has carried out extensive fumigation on its aircraft to eliminate the bedbugs. Several passengers sitting in the business class section of the Newark-Mumbai flight had posted pictures and messages of bedbug bit...

India turns net importer of finished steel in Apr-Jan, exports fall 37%

18/02/2019
new delhi: The country's exports of finished steel fell 37.3 per cent to 5.15 million tonnes (MT) in the April-January period of the current financial year, according to official data. The country had exported 8.22 MT of finished steel during the corresponding period a year ago, the Joint Plant Committee (JPC) said in its latest report. The imports of the total finished steel grew 1.5 per cent to 6.55 MT during April-January of 2018-18, compared with 6.45 MT in the year-ago period. During J...

The Amazon-in-New York lesson: Cities need to keep their arrogance in check

17/02/2019
new delhi: The thing I don’t understand, with all the finger-pointing that’s gone on since the announcement Thursday that Amazon.com Inc. was abandoning its plans to set up shop in New York City, is why so many of the fingers have been pointed at the least culpable party i.e. Amazon itself. Yes, the $3 billion in tax incentives the state and city dangled to lure Amazon to Queens was absurdly rich and probably unjustified. But Amazon didn’t hold a gun to anyone’s head. There were 237 other citi...

NBCC submits bid to acquire debt-ridden Jaypee Infratech

17/02/2019
new delhi: State-owned NBCC said it has submitted a bid to acquire debt-ridden Jaypee Infratech. Lenders to Jaypee Infratech (JIL) had extended the deadline till February 15 for the shortlisted bidders NBCC, Kotak Investment Advisors, Sudhir Valia-promoted Suraksha ARC and Cube Highways & Infrastructure to submit their bids. “It is hereby informed that as a part of resolution process under the provisions of the Insolvency and Bankruptcy Code, 2016, resolution plan in respect of JIL has been su...

Cancellations to go on; stability expected by April 1, says IndiGo

17/02/2019
new delhi: Even as India’s largest airline continues to be marred with mass flight cancellations due to restructuring of its roster, the company believes that it has enough pilots and that its operations are expected to stabilise by April 1. “We have enough pilots but certain circumstances came together we wanted to have more buffer but expatriates came in later, inductions came in later, we had a very tough winter that exhausted our pilots in terms of hours and the hailstorm, which was comple...

With a 4% raise, Citigroup CEO’s total compensation at $24 mn in 2018

17/02/2019
new delhi: Citigroup Inc said its Chief Executive Michael Corbat will get a 4.35 per cent raise, bringing his total compensation for 2018 to $24 million. Corbat's total compensation included a base salary of $1.5 million plus cash bonuses of about $6.75 million, equity awards of nearly $7.88 million, and a long-term performance based pay worth $7.88 million. Members of the board said they considered the bank's earning operating performance, and market levels of pay when deciding his compensat...

Airtel to refarm 2100 MHz specturm to bolster 4G play

17/02/2019
new delhi: With 4G becoming the new battlefield for telecom players, the erstwhile market leader Airtel is looking to establish a strong foothold in the the data-centric mobile market. To ensure a seamless network service, along with fast internet access through its 4G network, the Sunil Mittal-led player plans to refarm its 2100 MegaHertz (MHz) spectrum that it has in 20 circles. It is not yet clear whether the spectrum would be refarmed in all circles or select ones. It has already refarmed ...

Crude rise a fresh concern for rupee

17/02/2019
new delhi: Brent crude oil prices crossed the $65 per barrel mark for the first time in three months on Friday putting pressure on rupee which closed at 71.23 against the USD, down 0.1 per cent and the premier benchmark indices at BSE and National Stock Exchange falling by 0.2 per cent. While a decline in Brent crude oil prices to levels of around $50 per barrel by the end of December 2018 had offered a big relief to rupee and the domestic currency strengthened to trade between 69 and 70 again...

YES Bank violated rules by revealing nil divergence report: RBI

17/02/2019
new delhi: The Reserve Bank of India (RBI) has warned YES Bank that it might face regulatory action for allegedly violating a confidentiality clause by disclosing a nil divergence report. In a letter to the private lender, the regulator said the bank had violated regulatory guidelines in the press release where it had made this disclosure last week. “Nil divergence is not an achievement to be published and is only compliance with the extant Income Recognition and Asset Classification norms,” s...

Jewellers going back to traditional handcrafted ornaments to fetch premiums

17/02/2019
Mumbai: A decade after revolutionising jewellery industry through machine-made designs, jewellers have started going back to the traditional handcrafted manufacturing of gold and diamond ornaments to appease customers for premiums. The move is a result of a combination of factors. Most jewellers are voluntarily opting for hallmark jewellery and retail gold price is usually in sync with Indian Bullion and Jewellers Association indicative price for retailers announced daily. As a result, differe...

Come, check yourself: Amazon denies Ocasio-Cortez’s working condition claim

17/02/2019
Washington: A senior Amazon.com Inc executive on Friday disputed claims raised by Representative Alexandria Ocasio-Cortez that Amazon workers face "dehumanizing conditions" as being untrue and invited her to take a tour of company facilities. Ocasio-Cortez, a newly elected progressive Democrat who was an outspoken critic of the plans to locate Amazon's second headquarters in a New York City neighbourhood near her congressional district, asked on Twitter if Amazon's culture of "strict performan...

US officials to meet Xi as trade talks end

16/02/2019
Beijing: Top US economic officials were to meet with Chinese President Xi Jinping on Friday after wrapping up trade talks in Beijing without announcing any progress. The world's two biggest economies were aiming to at least end the discussions on deep trade differences with enough goodwill to avoid an escalation of their tariff war. The high-level engagement began Thursday after President Donald Trump suggested he may extend his March 1 deadline for China to make significant concessions on tr...

Growth likely to reach 7.5% next fiscal: Chief Economic Adviser

16/02/2019
new delhi: The economic growth is likely to accelerate to 7.5 percent in 2019-20, from 7.2 percent projected for the current fiscal, Chief Economic Adviser K V Subramanian has said. "We have done the projections. All the external agencies and internally our estimates are also 7.5 percent (2019-20). The nominal rate we are expecting is 11.5 percent and inflation of about 4 percent," he told PTI. The Reserve Bank of India, in its latest monetary policy review released last week, too projected a...

Jet Airways debt recast: Lenders to have largest shareholding

16/02/2019
Mumbai: Debt-laden Jet Airways board approved a bank-led provisional resolution plan (BLPRP) which will pave the way for conversion of the airline's debt into equity, making lenders the largest shareholders in the company. The plan proposes restructuring, under the provisions of the Reserve Bank of India's February 12, 2018 circular, to meet a funding gap of nearly Rs 8,500 crore. "The BLPRP contemplates conversion of lenders' debt into 11.40 crore shares of Rs 10 each by allotment of such nu...

Sensex falls over 100 points, Nifty at 10,700

16/02/2019
new delhi: Markets opened higher on Friday but slipped immediately after. The BSE Sensex fell 102.12 points or 0.28 percent to 35,774.10 in early trade while the NSE Nifty fell 36.40 points or 0.34 percent to 10,709.65. Major laggards were Sun Pharma, Vedanta, Hero MotoCorp, Tata Motors, M&M, HDFC, Tata Steel, SBI, Asian paint, RIL, HUL, Bajaj Finance, HDFC Bank, Yes Bank, Kotak Bank, Axis Bank and ICICI Bank, falling up to 1.95 percent. On the other hand, ONGC was the biggest gainer in the ...

Govt gets Rs 10,000 cr from additional offering of Bharat-22 ETF

16/02/2019
new delhi: The government has raised Rs 10,000 crore by additional offering of Bharat-22 Exchange Traded Fund (ETF). The additional 'on-tap' offering of Bharat-22 ETF was opened for a single day with a base issue size of Rs 3,500 crore and an option to retain over-subscription. The issue was over-subscribed 10 times and received bids for Rs 4,00,000 crore till 7pm. Bids will pour in till 8pm, the Finance Ministry said. "The Bharat-22 ETF issue received overwhelming response from all categori...

Amazon’s exit could scare off tech companies from New York

16/02/2019
New York: Amazon jilted New York City on Valentine's Day, scrapping plans to build a massive headquarters campus in Queens amid fierce opposition from politicians angry about nearly 3 billion in tax breaks and the company's anti-union stance. With millions of jobs and a bustling economy, New York can withstand the blow, but experts say the decision by the e-commerce giant to walk away and take with it 25,000 promised jobs could scare off other companies considering moving to or expanding in th...

Alibaba in talks to buy stake in German wholesaler’s China outlets: Report

16/02/2019
new delhi: Chinese e-commerce giant Alibaba Group Holding Ltd is in talks with Germany's Metro about taking a stake in the German wholesaler's China operations, three sources told Reuters. Metro and Alibaba declined to comment. The talks are at an early stage and could still fall apart, the sources said. Alibaba's interest comes after rival Tencent last year signed a partnership deal with France's Carrefour. U.S.-listed Alibaba, which runs consumer-facing online shopping platforms Taobao and...

GMR Infra suffers Rs 561-cr loss in Q3, energy and highway businesses bleed

16/02/2019
Hyderabad: GMR Infrastructure Limited has said it suffered Rs 561.04 crore loss for the quarter ended December 31, 2018 against Rs 578.40 crore loss for the same quarter in FY18. According to a regulatory notice filed Thursday night, the infra major said the total income during the quarter under discussion stood at Rs 2,119.87 crore down from Rs 2,276 crore in Q3FY18. The power vertical of the group continues to be reeling under losses with Rs 184.48 crore during the third quarter offsetting ...

Indian firms raise Rs 4.57 trn via debt private placement in Apr-Jan FY19

16/02/2019
new delhi: Indian companies raised Rs 4.57 trillion through private placement of corporate bonds during the first 10 months of the current fiscal to meet business needs. Going ahead, the debt market is expected to see further impetus on Sebi's move asking large firms to manage a fourth of their long-term funds from the bond market, Mukund Ranganathan, executive director at Motilal Oswal Investment Banking, said. Firms raked in Rs 4,56,962 crore during the April-January period of 2018-19 via p...

ONGC net profit jumps 65% in Q3

16/02/2019
new delhi: State-owned Oil and Natural Gas Corporation (ONGC) reported a 65 percent jump in its third quarter net profit as higher prices made up for a fall in oil output. Net profit in October-December 2018 at Rs 8,262.70 crore, or Rs 6.44 per share, was higher than Rs 5,014.67 crore, or Rs 3.91 a share, net earning in the same period of the previous fiscal, the company said in a statement. The company got USD 66.38 for every barrel of crude oil it sold in the quarter, 13.6 percent higher t...

DGCA to review flights schedule of cash-strapped Jet Airways twice a month

15/02/2019
new delhi: The aviation regulator has decided to review the flight schedule of cash-strapped Jet Airways twice in a month to monitor the number of cancellations, two officials familiar with the matter said. The Directorate General of Civil Aviation (DGCA) is also assessing the situation at IndiGo, which is cancelling almost 30 flights daily but said its operations are likely to return to normal in two or three days. DGCA has approved the winter schedule of Jet Airways, but with the busy summe...

As yield dips, no Valentine’s Day cheer for rose growers in Tamil Nadu

15/02/2019
Chennai: A red rose remains the everlasting symbol of love, but in Australia, Singapore and Malaysia , Valentine’s Day may not be the same this time after rose farmers in the floriculture belt of Tamil Nadu’s Krishnagiri district say their exports have halved ahead of Valentine’s Day after the yield fell 20% due to heavy dew. The semi-arid region of Krishnagiri accounts for bulk of rose exports for the Persian Gulf countries besides Australia, Singapore and Malaysia during the Valentine season...

Airbus to scrap production of A380 superjumbo, last plane to be delivered in 2021

15/02/2019
new delhi: Europe’s Airbus announced plans to scrap production of the A380 superjumbo on Thursday, abandoning its dream of dominating the skies with a cruiseliner for the 21st century after years of lacklustre sales. The world’s largest airliner, with two decks of spacious cabins and room for 544 people in standard layout, was designed to challenge Boeing’s legendary 747 but failed to take hold as airlines backed a new generation of smaller, more nimble jets. Airbus said in a statement that t...

Wholesale inflation hits 10-month low, drops to 2.76 % in January

15/02/2019
new delhi: Inflation based on wholesale prices fell to a 10-month low of 2.76 per cent in January over the previous month on softening prices of fuel and some food items, according to government data released Thursday. The Wholesale Price Index (WPI)-based inflation stood at 3.8 per cent in December, 2018, and 3.02 per cent in January 2018. WPI inflation stood at 2.74 per cent in March 2018. Inflation in kitchen essentials like potato, onion, fruits, and milk softened in January over the prev...

Twitter to simplify conversations, bring profile preview feature

15/02/2019
San Francisco: In an attempt to address the problem of following threaded conversations on its app, micro-blogging site Twitter is reportedly testing an overlay of profile preview that would enable users to see information of any person replying to their tweet-threads. Typically, Twitter does not automatically organise conversations in ways easy to dissect, hence, tweet threads become difficult to follow and users tend to get lost in confusion. This feature, which would work within the thread...

India likely to gain $11bn in exports from US-China trade war: UNCTAD

15/02/2019
United Nations: There may be a golden lining for India in the dark clouds of the tariff war waged by US President Donald Trump against China, and it is likely to increase its exports by as much as $11 billion if the proposed tariffs go into effect next month, according to the UN's trade arm. Statistics for India obtained from the UN Conference on Trade and Development (UNCTAD) show that the nation will benefit the most as a result of the tariffs proposed by the US on Chinese imports, increasin...

Haldiram’s deal on the cards? Kellogg eyeing acquisitions to bump up sales

15/02/2019
new delhi: American breakfast cereal maker Kellogg is counting on acquisitions to grow its India business at a time when rivals are getting aggressive in the space. Speculation is rife about Kellogg acquiring Haldiram's to grow its India sales. If talks fructify, Kellogg can enter the Indian snacks market. The company has been eyeing a 51 per cent stake in the north and west factions of Haldiram's, while the Agarwal family, who are promoters of Haldiram's are willing to divest only around 25 p...

Gold, silver stay subdued on tepid demand

15/02/2019
new delhi: The downward movement of gold continued for the fourth straight day as prices dropped by Rs 50 to Rs 34,000 per 10 grams at the bullion market Thursday owing to slackened demand from local jewellers, despite positive global cues. Similarly, silver shed Rs 150 to Rs 40,650 per kg owing to reduced offtake by industrial units and coin makers. Globally, gold was trading 0.18 per cent higher at USD 1,309.20 an ounce and silver by 0.52 per cent to USD 15.71 an ounce in New York. In the ...

Gold, silver stay subdued on tepid demand

15/02/2019

Venezuela turns to India for oil exports as US sanctions bite

14/02/2019
Houston: Venezuela’s oil exports have tapered off and shifted toward India since new U.S. sanctions began Jan. 28 as state-run oil company PDVSA seeks to replace deliveries to the United States and Europe that were disrupted by payment restrictions. The South American nation is turning its focus to cash-paying buyers, especially in India, its second-largest customer after the United States, amid US sanctions designed to undercut financial support for Venezuelan President Nicolas Maduro. Sancti...

Govt proposes to sell 100% stake in AI ground handling arm AIATSL

14/02/2019
new delhi: The government has offered to sell 100 percent stake in debt-laden Air India's subsidiary Air India Air Transport Services Ltd (AIATSL). Restarting the divestment process for the ailing national carrier, the preliminary information memorandum for disinvestment of AIATSL, the ground handling arm, was issued on Tuesday. The government would offload 98 percent stake through strategic sale and the remaining 2 percent would be offered to the employees of AIATSL. AIATSL posted a net pro...

Sun Pharma Q3 profit zooms nearly 4-fold to Rs 1,241.85 crore

14/02/2019
new delhi: Drug major Sun Pharmaceutical Industries reported nearly four-fold jump in its consolidated net profit at Rs 1,241.85 crore for the quarter ended on December 31, 2018. The company had posted a net profit of Rs 321.57 crore for the corresponding period of the previous fiscal hit by one-time deferred tax adjustment. "Net profit for Q3 FY19 was at Rs 1,242 crore with resulting net profit margin at 16.2 percent. Net profit for third quarter last year was adversely impacted by one-time ...

NPA under Mudra Yojana stands at Rs 7,277 crore

14/02/2019
new delhi: The government informed Parliament that loans worth Rs 7,277.31 crore of public sector banks under Pradhan Mantri Mudra Yojana (PMMY) have turned bad at the end of March 2018. Loans extended under PMMY from inception of the scheme up to March 2018 by all member lending institutions (MLIs) were Rs 5.71 lakh crore, Minister of State for Finance Shiv Pratap Shukla said in a written reply to the Rajya Sabha. Loans under PMMY can be covered under Credit Guarantee Fund for Micro Units (C...

A $23 bn manager is betting on India’s struggling real estate sector

14/02/2019
new delhi: A Bahrain-based investment manager wants to fill a vacuum in lending to Indian property developers that have $18 billion of debt to repay, aiming to capitalise on a credit crunch that’s narrowed their borrowing options. Investcorp Bank BSC, which manages about $23 billion of assets, plans to provide structured lending to developers faced with borrowing constraints, Executive Chairman Mohammed Mahfoodh Alardhi said in an interview in Mumbai. The company started its India operations i...

More India rate cuts could be in store as core inflation easess

14/02/2019
new delhi: India’s headline and core inflation rates are set to converge in the coming months as the economy slows, increasing the chance of more interest rate cuts. The core measure which strips out volatile fuel and food costs has remained sticky at around 6 percent and is a key reason economists cautioned against more rate cuts after last week’s surprise easing. It softened to 5.4 percent in January, according to economists at Yes Bank Ltd. and Axis Bank Ltd. Pranjul Bhandari, chief India...

TRAI gives time till March 31 to consumers to choose channels under new regulatory regime

14/02/2019
new delhi: TRAI has given time till March 31 for consumers to opt for channels of their choice under the new framework for broadcasting and cable services, the telecom regulator said. In a statement, the Telecom Regulatory Authority of India (TRAI) said it has also asked all distribution platform operators (DPOs) to create 'best fit plan' for its subscribers who have not exercised their options yet. The 'best fit plan' shall be designed based on consumers' usage pattern, language spoken and p...

IndiGo cancels 30 flights, says cancellations to continue for some more days

14/02/2019
Mumbai: Shortage of pilots continued to hamper operations of IndiGo with the budget carrier Tuesday cancelling as many as 30 flights from across major airports and passengers allegedly being forced to buy last minute tickets at high fares, a source said. The airline said flight cancellations will continue for some more days, affecting around 30 flights per day. On Monday also, the airline had pulled out 32 flights from its network at short notice inconveniencing tens of hundreds of passengers...

Kurtas, dhotis, khadi shirts: Bihar weavers to sell products on Amazon India

14/02/2019
Patna: Weavers from Bihar are all set to get a taste of e-commerce as they will now be able to showcase their products on Amazon India portal. The e-commerce giant will sign a memorandum of understanding (MOU) with the Bihar State Khadi and Village Industries Board on Wednesday. This would be the first of its kind arrangement in Bihar. The MOU will facilitate around 80 weaver societies registered with the Bihar Khadi Board. “We are looking at khadi shirts, kurtas, dhotis, trousers, towels, e...

RBI slaps penalties on 7 banks for violation of norms

14/02/2019
Mumbai: The RBI said it has imposed penalties on seven lenders, including Allahabad Bank, Bank of Maharashtra, HDFC and Kotak Mahindra Bank, for violation of various banking norms. A penalty of Rs 1.5 crore has been imposed each on Allahabad Bank, Bank of Maharashtra and Indian Overseas Bank for non-compliance with various directions issued by RBI on monitoring of end use of funds, exchange of information with other banks, classification and reporting of frauds, and on restructuring of account...