Business pressure & external regulation have changed the way audit firms work

25/06/2018
new delhi: The position of an auditor in an Indian company is no longer an exalted one. Unlike in the not too distant past, when new auditor engagements were discussed politely between a company’s promoter and the heads of audit firms, the process has now moved to the procurement department of the company. Rotation norms that mandate a change in auditor after 10 years for all listed entities (about 6,000) and certain unlisted entities kicked in from April 2017. The earlier norm of not acceptin...

Taj Mansingh to finally go under hammer on July 18

25/06/2018
new delhi: After an unsuccessful first attempt at auctioning Delhi's iconic luxury hotel Taj Mansingh, New Delhi Municipal Council (NDMC) has decided to conduct a fresh bid for the property on July 18. The much-delayed auction, which was to be held this month, was cancelled since only Tata Group's Indian Hotels Company Limited (IHCL) - the existing operator - bid for retaining the property. The bid of the only other participant, ITC, was not accepted on technical grounds. The civic body had i...

Aadhar Housing Fin expects loan portfolio to grow by 65% this fiscal

25/06/2018
new delhi: World Bank backed Aadhar Housing Finance expects its loan portfolio to grow around 65 per cent this fiscal as the government is giving a strong push to affordable housing. People like street vendors, small shop owners, plumbers, electricians and others like them are important for the economy and want to have a decent way of living. The government's subsidy scheme for affordable housing is helpful for them to avail small ticket loans of up to Rs 8 lakh, Aadhar Housing Finance MD and ...

Govt to improve norms for auditors, corp professionals

25/06/2018
new delhi: The government is working to improve the regulations for auditors and corporate professionals as it looks to strengthen the "fabric of corporate governance" in the country, according to Union Minister P P Chaudhary. His comments come against the backdrop of some auditing entities coming under the scanner of the Corporate Affairs Ministry following various complaints. Besides, the ministry is also examining recent instances of auditors resigning from companies on various grounds. In...

Revenue from e-commerce in India to touch $52 billion by 2022: Report

25/06/2018
new delhi: The revenue from e-commerce amounted to $25 billion in India in 2017, and is likely to grow by 20.2 per cent per year to hit $52 billion by 2022, says a report. According to a report by Admitad, in 2017, 37 per cent of the population comprised of internet users, 14 per cent of whom made online purchases regularly. This population's share of internet users is expected to grow to 45 per cent by 2021. The number of online buyers is expected to grow to 90 per cent. Most purchases (56...

Air India Delhi-Tel Aviv flight registers over 80% occupancy; to become a daily service

25/06/2018
new delhi: State-run carrier Air India's Delhi-Tel Aviv non-stop will become a daily flight shortly, with the airline giving its seal of approval to the proposal, encouraged by the 80 per cent and above occupancy rate, sources in the airline said. "The success of the service is a testament to the strengthening of diplomatic ties between India and Israel and growing people to people contact between the two countries. We are working on the last minute details before announcing the increase in fr...

Bankers, the frontline warriors in India’s coming fintech revolution

25/06/2018
new delhi: One week you are operating out of your corner office with the coveted view, dressed in a fitted suit, with a secretary whose job it is to make sure you remain as stress-free as possible. The next, you are working in a shared office space, in jeans and a hoodie, trying to make sense of the controlled chaos inside a startup. You have to fetch your own coffee and the printer has run out of ink. At least six senior bankers have willingly swapped the gilded safety of the former scenario ...

Infosys stable and on verge of something momentous: Nilekani

25/06/2018
Bengaluru: Infosys Non-Executive Chairman Nandan Nilekani today said the company has taken several steps during the year to remedy the concerns raised on the matter of stability and is on the verge of something momentous. "When I stepped for the second time into Infosys in August last year, one of the concerns that you raised was about the company's stability. We have taken several steps during the year to remedy this," he said at the company's 37th Annual General Meeting here. "We have a ver...

WhatsApp updates privacy policy, terms of use ahead of payments service launch

24/06/2018
New Delhi/New York: WhatsApp, which is testing its payments services in India, today said it is updating its terms of service and privacy policy to "reflect the addition of payment interoperability features" ahead of the full-fledged launch of the service. Almost one million people are "testing" WhatsApp's payments service in India, which is the largest base for the Facebook-owned company that has over 1.5 billion users globally. WhatsApp has over 200 million users in India. "We'll be updatin...

Gold, silver prices fall on weak global cues

24/06/2018
Bullion: Tracking a weak trend overseas and easing demand from local jewellers, gold continued its slide for the second week and prices fell further to end at Rs 31,600 per ten gram at the bullion market. Silver also finished weak at Rs 41,000 per kg due to reduced offtake by industrial units and coin makers. Marketmen said besides subdued trend overseas, fall in demand from local jewellers and retailers at domestic spot market kept pressure on gold prices. Globally, gold settled the week low...

Pakistanis transferred USD 15b abroad during FY 2016-17: Report

24/06/2018
Islamabad: A staggering amount of USD 15.253 billion was transferred abroad by Pakistani citizens through normal banking channels during the financial year 2016-17, according to a media report. The amount was revealed in an eight-page written order in a suo motu case pertaining to retrieving the alleged ill-gotten money from foreign accounts, according to a report by The Express Tribune. A three judge bench, headed by Chief Justice of Pakistan Mian Saqib Nisar, in its order on March 26 constit...

2 years on, Brexit vote has taken a toll on UK economy

24/06/2018
London: While it's still unclear what Brexit will look like when it happens next year, the decision to leave has already had a clear effect on the economy: households are poorer, companies are more cautious about investing, and the property market has cooled. In the two years since the vote to leave the European Union, Britain has gone from being a pace-setter among the world's big economies to falling into the slow lane. And the uncertainty over what relations with the EU will be when Brexit ...

Apple admits to MacBook Pro keyboard issues, launches service program

24/06/2018
New Delhi: Apple has publicly acknowledged flaw in a small percentage of keyboards in certain MacBook and MacBook Pro models. The Cupertino technology giant will cover the cost of repairs beyond the products’ normal warranty, according to a report in The Outline. The move comes as Apple faces class action lawsuits, claiming that the MacBook maker designed flawed keyboards since 2015. Apple’s butterfly keyboard design first featured in the 12-inch MacBook, launched in 2015. At that time, the com...

Xiaomi Redmi 6 Pro notch can be disabled, confirms company; unboxing images shared

24/06/2018
New Delhi: Xiaomi Redmi 6 Pro launch is set for June 25 in China. The company has already confirmed the phone will come with 19:9 aspect ratio display and a notch on top of screen. Now, Xiaomi has posted an official teaser on its official Redmi Weibo page, which reveals that Redmi 6 Pro will ship with the ability to hide the notch. The functionality is present on flagships like Huawei P20 Pro, OnePlus 6, and more. In addition, Nokia X6 also got the ability to disable the notch via a software up...

Best smartphones with good battery backup in June 2018

24/06/2018
New Delhi: Choosing the right smartphone is not always easy. There are several factors like performance, camera, style quotient that influence one’s decision. For those looking for smartphones with a big battery, we have you covered. We have listed phones across various price ranges that come with a high capacity battery, and also offer a good overall performance. In the premium segment, one can go for Huawei P20 Pro that ships with a massive 4,000mAh battery, while you have a Xiaomi Note 5 Pro...

ICICI Bank faces new whistleblower plaint over loans

24/06/2018
MUMBAI: ICICI Bank has disclosed that it has received a whistleblower complaint, alleging irregularities in respect of 31 loan accounts worth Rs 6,082 crore. The allegations pertain to incorrect accounting of interest income on non-performing assets (NPAs) + as fees and overvaluation of security provided for corporate loans. The anonymous complaint, received in March 2018, pertains to loans disbursed in earlier years and is distinct from the one which is the subject of inquiry by Justice B N S...

Samsung’s first Android Go smartphone being tested in new markets globally: Report

24/06/2018
New Delhi: Samsung is reportedly gearing up to launch its first Android Go smartphone in the coming months. The handset with model number SM-J260G was previously spotted on Geekbench. In May, SamMobile reported the South Korean smartphone maker has started testing the SM-J260 in four markets including, India, Nepal, Bangladesh and Sri Lanka. Now, the site claims that Samsung handset is now being tested in dozens of markets across Europe, Latin America, and Asia. According to the site, Samsung ...

COAI favours 5G auctions only around second half of 2019

23/06/2018
new delhi: Telecom industry body COAI has said auction of spectrum for 5G services should happen only around the second half of 2019 as it would offer telcos better visibility into market dynamics and potential revenue streams of the next-generation mobile services. The pricing of 5G spectrum, which would be required in larger blocks or chunks than seen before, would also be "critical component of success of these auctions" that should ideally take place in the "mid to latter part of 2019", C...

OPEC rift deepens as Iran walks out of key meeting

23/06/2018
Vienna: Iran's oil minister has walked out of a key meeting with OPEC peers, as a rift deepened with regional rival Saudi over its push to ramp up the cartel's oil output. "I do not think we can reach an agreement," Bijan Namdar Zanganeh told reporters at his Vienna hotel yesterday after storming out of talks with a group of ministers on the eve of a crucial OPEC meet. The talks were meant to lay the groundwork for today's gathering of the 14-nation Organisation of Petroleum Exporting Countri...

RBI asks banks to counter cloning of ATM cards

23/06/2018
MUMBAI: Alarmed over the number of card-skimming cases at automated teller machines (ATMs), the Reserve Bank of India (RBI) has asked banks to install anti-skimming devices and ‘white-listing’ solutions in the cash machines by March 2019. ATM skimmers are add-on devices that fraudsters attach over the cash machine’s card slot. These devices have the capability of ‘reading’ information from the card’s magnetic stripe and then either store or transmit the information to the fraudster, who then c...

Capgemini CEO indicates pace of hiring in India may slow down

23/06/2018
new delhi: French technology major Capgemini, which employs half of its global workforce in the country, The company hit a peak in terms of transferring jobs from the developed markets to India, which may cap the pace of local hiring. With some of its over 1 lakh employees being unhappy on wage hikes, the company said, “the base salaries” have grown 6 per cent this year and it will prefer to give higher wages to those with the skills for the future rather than have a uniform approach. “With 1...

Amazon’s Cloud arm preparing India to lead next tech revolution

23/06/2018
WASHINGTON: Known for dispatching the best software talent across the world for years, India has now embarked upon a Cloud-driven journey to prepare the Next-Gen of skilled workers data scientists, Artificial Intelligence (AI) mavericks and mobile developers. The task is humongous and online retail giant Amazon's Cloud business arm Amazon Web Services (AWS) has now fast-tracked skilling the young providing them early access to its core Cloud platform that has already transformed millions of en...

India to hike tariffs on 29 US goods from August 4

23/06/2018
new delhi: India has decided to raise customs duty on 29 products, including almond, walnut and pulses, imported from the US as a retaliatory action against the tariff hike by Washington. The 'tit-for-tat' duty hike decision by India is similar to that of European Union and China which decided to levy higher import duties on a variety of US products in retaliation to the protectionist policies adopted by America. Last week, India had submitted to the WTO a list of 30 items on which it propose...

YouTube offers creators new ways to earn money

23/06/2018
San Francisco: YouTube, often criticized for not compensating creators well enough, will allow them to set up paid channel memberships, the company said today. Currently the vast majority of revenue at the Google-owned service comes from advertising and that will remain a focus, said Neal Mohan, YouTube's chief products officer. "But we also want to think beyond ads. Creators should have as many ways and opportunities to make money as possible," he said. Viewers will pay $4.99 a month for ch...

PNB, Carlyle to sell hsg finance co in second qtr

23/06/2018
Mumbai: Debt-laden Punjab National Bank (PNB) and private equity giant Carlyle Group would jointly sell PNB Housing Finance in the July-September quarter of the current financial year. PNB and Carlyle own around 33% stake each, which is together worth over Rs 12,000 crore, or $1.8 billion, at current market value. PNB, reeling under the Nirav Modi fraud, is seeking to sell non-core assets to raise capital. Carlyle was engaged in informal, exploratory talks to sell its stake but had been waitin...

ED moves special court to declare Vijay Mallya as fugitive offender

23/06/2018
new delhi: The Enforcement Directorate on Friday moved a special court to declare fugitive liquor baron Vijay Mallya as fugitive offender and confiscate his assets worth Rs 12,500 crore under new legislation. A Mumbai special court on earlier this week had ordered arrest of Mallya for his alleged involvement in a case of money laundering and cheating a consortium of banks of over Rs 6,000 crore. The court also issued summons to Mallya's firms, Kingfisher Airlines (KFA) and United Breweries Ho...

Eating out and salon treatments - A policy dilemma for RBI

22/06/2018
Mumbai: From living off money collected by her 4-year old daughter to spending at least 50 percent more on eating out and shopping, Indian housewife Ruth Timmy Verghese says she`s had a sharp lifestyle turnaround in the last few months. The 32-year-old said she had to break into her daughter`s piggy bank to meet household expenses when India suddenly pulled most high-denomination currency notes out of circulation in November two years ago. "We`re more confident to spend now on shopping and ea...

India hits back at US with higher import duties on farm, steel products

22/06/2018
new delhi: India increased duties on a slew of farm products, steel and iron imported from the United States, a government notice said, joining the European Union and China in retaliatory action against President Donald Trump`s tariff hikes on steel and aluminum. India`s move came a day after the EU`s decision to charge higher import duties on a range of US products. In tariff rates issued late on Wednesday, India`s commerce ministry named some varieties of apples, almonds, chickpeas, lentils...

Mahindra launches all-new TUV300 Plus, price starts at Rs 9.47 lakh

22/06/2018
Mumbai: Mahindra & Mahindra Ltd has launched the TUV300 Plus in India at a starting price of Rs 9.47 lakh (ex-showroom Mumbai). The car is equipped with mHAWKD120 engine, that delivers superior drivability both in city traffic as well as on highways with 88 kW (120 BHP) power, 280 Nm torque and a 6-speed manual transmission. The TUV300 Plus offers space to seat 9 people with the flexibility to fold the rear seats. The vehicle is equipped with Cushion Suspension Technology. It also comes with...

China has handed the world a 111-million-tonne trash problem

22/06/2018
new delhi: Few people consider used plastic to be a valuable global commodity. Yet China has imported 106 million tonnes of old bags, bottles, wrappers and containers worth $57.6 billion since 1992, the first year it disclosed data. So when the country announced last year that it finally had enough of everybody else's junk, governments the world over knew they had a problem. They just didn’t know exactly how large it was. Now they know. By 2030, an estimated 111 million metric tonnes of used p...

Internal report blames procedural lapses, officials involvement for PNB fraud

22/06/2018
new delhi: An internal enquiry by scam-hit PNB has found that the Rs 14,000-crore fraud perpetrated by Nirav Modi took place with the help of some officials of the bank's Brady House branch in Mumbai and also due to procedural lapses. According to sources, the internal enquiry completed before handing over case to investigative agencies alleged that a group of employees at the Brady House branch issued fake letter of undertaking over several years to help Nirav Modi and his uncle Mehul Choksi ...

Amazon, Berkshire, JPMorgan name Indian-origin Atul Gawande CEO of healthcare venture

22/06/2018
New York/Bengaluru: Well-regarded surgeon and author Atul Gawande, a critic of his industry`s medical practices, has been tapped to lead the healthcare company Amazon.com Inc, Berkshire Hathaway Inc and JPMorgan Chase & Co hope will slash costs. The Boston-based venture will target the cost of serving the companies` employees and will operate free from profit-making incentives, the three companies, which employ more than 1 million people, said in a joint statement. Amazon, Berkshire and JPMor...

Air India set to have ‘Maharaja’ class seats on international flights

22/06/2018
new delhi: Passengers on most of Air India's international flights are all set for a new experience as the airline will soon introduce 'Maharaja' business class seats, variety cuisines and new uniforms for crew, officials said. The revamped products and services is likely to be unveiled on June 22, which would also come on an eventful week when the government decided to put the breaks, for now, on the disinvestment plans for the loss-making carrier. "The airline would launch a revamped Mahara...

Adani Transmission acquires 100% equity in Ghatampur SPV

22/06/2018
new delhi: Adani Transmission said that it has acquired 100 per cent equity in share capital of Ghatampur Transmission Ltd (GTL) yesterday, which will set up 900 circuit Km transmission line to primarily evacuate power from 3X660MW Ghatampur Thermal Power Project. "The company has acquired 100 per cent equity share capital of GTL from REC Transmission Projects Company Ltd (RECTPCL) on June 19, 2018," Adani Transmission said in a BSE filing. According to statement the GTL a special purpose veh...

ICICI Bank may have rotating chairman

22/06/2018
MUMBAI: ICICI Bank may adopt a system of having a rotating chairman to head board meetings until a full-time chairman is in place. Current chairman MK Sharma will retire this month-end. According to sources, the board will nominate an independent director as chairman for its next meeting after Sharma’s term comes to an end. Besides Sharma, the six independent directors on the board of the bank include Uday Chitale, Dileep Choksi, Neelam Dhawan, M D Mallya, Radhakrishnan Nair and V K Sharma. T...

Agri budget doubled to help double farm income by 2022: PM

21/06/2018
new delhi: Reaching out to farmers, Prime Minister Narendra Modi on Wednesday showcased his government's "unprecedented" work in the agriculture sector, including doubling of the budget to Rs 2.12 lakh crore. Modi also reiterated that his government is working to double farm income by 2022. Continuing his outreach programme of direct interaction with beneficiaries of his pet schemes, Modi spoke to farmers from over 600 districts via video-conferencing, highlighting the government intervention...

18K banks branches, post offices have Aadhaar facility now: UIDAI

21/06/2018
new delhi: Less than a year after banks and post offices were asked to set up Aadhaar facility on their premises, as many as 18,000 centres have come up for enrolment and updation of the biometric ID at such locations, UIDAI CEO Ajay Bhushan Pandey has said. The Unique Identification Authority of India (UIDAI) had in July last year asked private as well as public sector banks to set up Aadhaar facility in at least one out of 10 branches. "Aadhaar centres are being set up in banks and post off...

Google AI can predict when a patient is about to die: Report

21/06/2018
new delhi: Google's artificial intelligence will no more be limited to just driverless cars –soon it might be able to predict when a patient is about to die. As per a report in the Bloomberg, Google's Medical Brain team is using new type of algorithm backed by artificial intelligence that can predict death among hospital patients. Using the example of a woman suffering from late-stage breast cancer, the report said that she came to a city hospital, which predicted a 9.3 percent chance of her ...

Microsoft seeks elimination of per country limit for green cards

21/06/2018
WASHINGTON: Amidst intense nation-wide debate on US' immigration policy, software giant Microsoft has backed a proposed legislative move that calls for elimination of per-country limit on Green Card and also sought an increase in its numbers. In a blog post on Tuesday, Brad Smith, Microsoft's president and chief legal officer, said the company supports pending legislations to overhaul the US citizenship policy. Prominent among the pending legislations are provisions that eliminate unfair per-...

No pure GST on petrol, diesel; 28% tax plus VAT on anvil under GST

21/06/2018
new delhi: A peak tax rate of 28 percent plus states levying some amount of local sales tax or VAT on petrol and diesel is likely to be the tax structure when the two auto fuels are covered under the GST regime, a top government official said. The peak GST rate plus VAT will be equal to the present tax incidence, which is made up of excise duty, levied by the central government, and VAT charged by the states. But before the two fuels are put under GST, the Centre has to decide if it is willin...

General Electric dropped from Dow Jones stock index

21/06/2018
New York: Slumping US industrial giant General Electric will be booted from the prestigious Dow Jones stock index next week, S&P Dow Jones Indices has announced. GE will be replaced on June 26 by pharmacy chain Walgreens Boots Alliance, which will contribute "more meaningfully" to the index, S&P Dow Jones said yesterday. GE was an original member of the Dow in 1896 and has been in the index continuously since 1907. The move comes on the heels of a bruising two-year slump for the iconic US co...

PrintStop has Moved to a New Abode

21/06/2018
MUMBAI: PrintStop India Private Limited has moved its base to a bigger, better and a more functional workspace at A-104, 1st Floor, Naman Midtown, Senapati Bapat Marg, Elphinstone Road, Next to India Bulls Finance Center, Mumbai - 400013. For the uninitiated, PrintStop India Private Limited is amongst the Top Online Printing and print procurement portal in India, with over 200+ products and complete personalization options. Milap Shah , Co-founder at PrintStop, shares more about this new deve...

Xiaomi opens its 1000th service centre in India

21/06/2018
Hyderabad: Chinese handset maker Xiaomi opened its 1000th service centre here on Wednesday. Manu Jain, Vice President, Xiaomi and Managing Director, Xiaomi India, said the company launched its 500th authorized service centre in Bengaluru in June 2017 and within a year the number of service centres in India had doubled. "Since then the company witnessed a substantial 100 per cent growth in its service centre initiatives, earning a Customer Satisfaction score of 86 per cent with an industry Fie...

Government committed to Air India’s strategic disinvestment: Jayant Sinha

21/06/2018
new delhi: The government is committed to the strategic disinvestment of Air India, Union Minister Jayant Sinha said on Wednesday. A plan is also being worked out by the Air India board and the situation was reviewed after the proposed strategic stake sale of the national carrier failed to attract any bidders last month. Sinha, the minister of state for civil aviation, said the government is committed to the strategic disinvestment of Air India. However, the process for selling 76 percent sta...

India will continue to be world's fastest growing economy for years: Finance Minister

19/06/2018
new delhi: Union Minister Arun Jaitley has said that 7.7 per cent economic growth in the fourth quarter of 2017-18 'firmly' established India as the fastest growing major economy in the world and the trend is likely to continue for some years. Taking a dig at the critics of the government, Jaitley said that India's GDP has not declined by 2 per cent on account of demonetisation and GST implementation, nor will it India live in poverty as predicted by former finance minister. "With structural ...

Now, food and water for passengers if train is delayed during meal time

19/06/2018
new delhi: Underlining Indian Railways' commitment towards cleanliness and punctuality, Piyush Goel said on Monday that food and water would be provided to passengers in case their train gets delayed during meal times. Speaking to members of the press, the railway minister said that reviews have been done of seven zones based on punctuality, cleanliness and catering. "Wherever train is delayed during meal time, we'll ensure food and water is provided for passengers," Goel said. "We want Indian...

SGX Nifty trading to continue beyond August as dispute drags on

19/06/2018
new delhi: Singapore Exchange Ltd. and National Stock Exchange of India Ltd. will remain partners for a little longer than both anticipated. An arbitrator deciding on a quarrel between the exchanges over Indian stock futures contracts ordered them to extend their licensing agreement beyond August, and for at least two months after the end of arbitration. It ordered SGX to refrain from offering new India equity derivatives products such as those announced by the bourse in April. Hearings on evi...

Govt seeks to jump start bond demand again as $82 billion borrowings loom

19/06/2018
new delhi: Prime Minister Narendra Modi’s government may be getting jittery about its $82 billion borrowing program as the debt market continues to sell off. With more than two months into the fiscal year, the continued lack of appetite from state banks and foreigners is starting to weigh. Authorities have rolled out, or are mulling, new measures after steps in March failed to revive demand for sovereign bonds. The central bank on Friday raised the cap on how much foreigners can invest in a si...

SpiceJet to add 14 new flights from July 1

19/06/2018
new delhi: SpiceJet on Monday announced the launch of 14 new domestic flights using a mix of its fleet of Boeing 737 and Bombardier Q-400 aircraft. From July 1, it will introduce new direct flights on the Pune-Patna, Chennai-Rajahmundry, Hyderabad-Calicut and Bengaluru-Tuticorin sectors. Additionally SpiceJet will also enhance its operations on the Delhi-Patna (second frequency), Bengaluru-Rajahmundry (second frequency) and Mumbai-Bengaluru (fifth frequency) sectors with non-stop additional fre...

Oil slumps near $64 as OPEC clash looms and US-China trade war escalates

19/06/2018
new delhi: Oil fell near $64 a barrel as Saudi Arabia and Russia prepared for a clash with allied crude producers over whether to lift output and as China and the US exchanged threats over trade. Futures in New York dropped as much as 2.3%, on course for the lowest close since April 9 after a 2.7% decline Friday. Iran says Venezuela and Iraq will join in blocking a proposal to increase production that’s backed by Saudi Arabia and Russia when OPEC and its allies meet in Vienna this week. China ...

Govt asks exporters to comply with global standards to tap intl markets

19/06/2018
new delhi: The government today said exporters, particularly from the food and agriculture sectors, should strictly comply with global norms for quality and standards, or else they might lose their export market share to other countries. Emphasising on the importance of adopting best standards for goods and services, Commerce Secretary Rita Teaotia said it is critical to promote manufacturing, exports and enhancing participation of domestic industry into global value chains. She said in the f...

Vedanta, Dr Reddy’s shares fall up to 4% following Sensex rejig

19/06/2018
new delhi: Shares of Vedanta and Dr Reddy’s Labs fell up to 4% on BSE as the 30-share Sensex rejig came into effect on Monday. Under the reconstitution, Vedanta has entered the benchmark index, while Dr Reddy’s Labs has exited the index. Vedanta, after opening the day on a weak note, further fell by 4.16% to Rs 228.80 intraday -- its 52-week low as trade progressed on the BSE. At 2.46 pm, however, the stock was trading 2.22% lower at Rs 233.45. The stock was also among the biggest losers in ...

Audi CEO Rupert Stadler arrested in Volkswagen diesel emissions probe

19/06/2018
Bloomberg: German authorities have taken Rupert Stadler, chief executive officer of Volkswagen AG’s Audi unit, into custody, making him the highest-profile arrest in the group’s diesel-cheating probes. Munich prosecutors, who have been investigating Audi’s role in the 2015 scandal, confirmed they arrested the manager in the Bavarian capital because of risk he may tamper with evidence, according to an emailed statement Monday. Volkswagen, which last week agreed to pay a fine of 1 billion euros...

Air India renews contract for Khadi amenity kits for premium international flyers

19/06/2018
new delhi: First and business class passengers on Air India flights will continue getting amenity kits with herbal products. The Khadi and Village Industries Commission (KVIC) on Monday said it has, for the third successive time, received an order of Rs 8 crore from AI for supply of these kits consisting of khadi herbal beauty care products for its international passengers. KVIC chairman Vinai Kumar Saxena said AI has placed an order for 1.85 lakh amenity kits worth Rs 8 crore with KVIC for ge...