Need to cut uncompensated government mandates imposed on PSBs: Raghuram Rajan

16/12/2018
new delhi: Stating that farm loan waivers inhibit investment down the line, former Reserve Bank of India (RBI) Governor Raghuram Rajan on Friday said he has written to the Election Commission against the farm loan waivers as poll promises. Rajan also said that uncompensated government mandates have been imposed on public sector banks (PSBs) for a long time, but said privatisation of public sector banks may not be a panacea. “I have said forever, even written a letter to the Election Commissi...

Oppo sets up R&D centre in Hyderabad; fourth largest outside China

16/12/2018
new delhi: Chinese handset maker OPPO on Saturday said it has set up a research and development (R&D) centre in Hyderabad. The India R&D centre is the fourth such set up globally and the largest outside China, it said. The company which competes with the likes of Xiaomi, Samsung and VIVO in the Indian market did not disclose the investment details. "The brand has always attached great importance to R&D in cutting-edge technology and will build upon its global focus on the space through the c...

Amid global push for EVs, India quietly beats retreat on electric plan

16/12/2018
new delhi: Electric mobility powered by renewable energy could be key to fighting climate change, the 24th Conference of Parties (COP24) in Poland has highlighted. For India, the world’s third-largest automobile market, electric vehicles (EV) are an imperative. Some 25 million conventional vehicles with internal combustion (IC) engines were sold here in 2017, adding to a 230 million passenger vehicle fleet, which trebled in size from 2001 to 2016. Globally, transport accounts for a quarter of ...

IL&FS group selling cars, furniture, electrical appliances to raise funds

16/12/2018
new delhi: Debt-laden Infrastructure Leasing & Financial Services (IL&FS) group firms are selling high-end cars, office furniture, electrical appliances and other assets in a bid to raise funds. The IL&FS and its various group firms have invited bids to sell 36 luxury cars, including brands like Audi, BMW, Jaguar, Mercedes Benz, Land Rover, Honda, Toyota, and Skoda. IL&FS has set a base price of a little less than Rs 90 million for these vehicles. In a separate bid document, IL&FS invited bi...

MSME loans, NPA at record highs in Gujarat

16/12/2018
new delhi: Growth in advances to small businesses in Gujarat is at a record high of 21.36 per cent, according to a recent report of State Level Bankers Committee (SLBC). Moreover, bad loans in Micro, Small & Medium Enterprises (MSMEs) in Gujarat have surpassed a previous high and reached Rs 8,526 crore, or 7.4 per cent of outstanding advances of Rs 1,15,140 crore. Bankers said that certain industrial sectors in Gujarat are witnessing significant bad loans. Industry representatives presume th...

Government warns of action against sugar mills over slow exports

16/12/2018
Mumbai: The government has warned mills to speed up sugar exports to achieve the 5 million tonnes annual target fixed for the current season (October 2018 – September 2019). Despite incentives offered for exports, sugar mills have contracted for a mere 600,000 tonnes of sugar exports and shipped around 179,000 tonnes for the quarter between October and December 2018. Additionally, around 80,000 tonnes of the sweetener is kept at various ports for loading for the quarter ending December 2018. ...

‘Johnson & Johnson knew for decades about asbestos in its baby powder’

16/12/2018
new delhi: Global pharmaceutical giant Johnson & Johnson knew for decades that its baby powder contained asbestos, Reuters said in a repor. The Reuters investigation comes in the backdrop of the multiple lawsuits that the company is currently facing where more than 9,000 plaintiffs have alleged that its talc baby powder products contain asbestos and caused ovarian and other cancers. In a major setback to the company, St. Louis jury in July had awarded nearly $4.7 billion in total damages to...

Micro lenders’ net interest margins to face pressure over competition: KPMG

16/12/2018
Kolkata: Net interest margins (NIMs) of micro-finance institutions (MFIs) would be under considerable pressure as competition rises in the sector, a study by KPMG has said. "As the competitive intensity for MFIs increase, the pressure on NIM will increase considerably. So, the need for the MFIs to focus on non-interest income/credit plus products becomes very important," it said. The MFIs can additionally enhance penetration of insurance in general and life insurance sector with simple, conte...

Pre-order Microsoft Surface Go now on Flipkart in India

16/12/2018
new delhi: With an aim to take on the Apple iPad Pro and Samsung Galaxy Tab S4, Microsoft on Saturday brought its smallest and affordable Surface Go device to India, starting at a price of Rs 38,599. Weighing at just 1.15 pounds and 8.3 mm thin, the 10-inch, two-in-one device is now available for pre-order with Flipkart, the company said in a statement. The Surface Go with 4GB RAM and 64GB internal storage will cost Rs 38,599 while the 8GB RAM and 128GB variant can be purchased for Rs 50,999. ...

Swiggy, Zomato, others remove 10,500 restaurants for violating food safety law

16/12/2018
new delhi: As many as 10,500 restaurants have been de-listed by e-commerce firms like Zomato and Swiggy for not having license or registration under the food safety law, Parliament was told Friday. Minister of state for health Ashwini Kumar Choubey said the Food Safety and Standards Authority of India or FSSAI in July directed food e-commerce firms to de-list the the restaurants which don't have registration under the Food Safety and Standards (FSS) Act, 2006. "The Food delivery aggregators i...

RBI board buys time as worries on autonomy linger

15/12/2018
Mumbai/New Delhi: The Reserve Bank of India’s board Friday bought more time to review the government’s demand for a greater say in the central bank’s functioning, one of the issues that had fostered hostilities between the two sides. “The board deliberated on the governance framework of the Reserve Bank and it was decided that the matter required further examination,” the central bank said in a statement after the meeting in Mumbai. The status quo will for now reassure investors about the cen...

Sensex, Nifty turn cautious on mixed global cues

15/12/2018
Mumbai: Benchmark equity indices Friday opened on a cautious note amid negative signals from other Asian markets, and mixed macro cues like weakening rupee and easing crude prices. Breaking its three-day winning streak, the 30-share index turned choppy and was trading 25.93 points, or 0.07 per cent, lower at 35,903.71. The NSE Nifty saw similar movement, shedding 5.55 points, 0.05 per cent, to 10,786.00. The Sensex Thursday climbed 150.57 points, or 0.42 per cent, to end at 35,929.64, while ...

RBI reserve should be used to fix financial system: Subramanian

15/12/2018
Bengaluru: The Reserve Bank is adequately capitalised, but the money should be used for fixing the financial system, not for financial deficit or financing government expenditure, Former Chief Economic Advisor Arvind Subramanian has said. The economic principles, moreover, say savings should not be used for current consumption, but for long-term investment, he said Thursday. "If the reserve is used for deficit financing that would amount to raiding RBI and I would be extremely dissatisfied an...

Apple developing its own cellular modem for iPhones in the future

15/12/2018
New Delhi: Apple is building its own cellular modem for iPhone, as per a report in The Information. The Cupertino-based technology company has posted job listings for cellular modem architects for its San Diego and Cupertino offices, which suggests it is developing its own modems, notes the report. The report quotes a person briefed on Apple’s plans who has confirmed to the site that the company “has an active project to build its own cellular modem chip”. Apple has relied on Qualcomm for chi...

Rupee rises 14 paise to 71.82 against US dollar in early trade

15/12/2018
Mumbai: The rupee Friday depreciated by 14 paise to 71.82 in early trade on the forex market as the American currency strengthened, while the domestic equity market opened on a weak note. Forex traders said strengthening of the US dollar against some currencies overseas and caution ahead of RBI central board meeting under new Governor Shaktikanta Das, weighed on the local unit. At the Interbank Foreign Exchange, the rupee opened on a weak note at 71.80 against the US dollar, then lost further ...

PUBG is the most popular mobile game in India, reveals survey: Report

15/12/2018
New Delhi: Player Unknown’s Battlegrounds (PUBG) is one of the most popular games on mobile in India, and a recent survey shared by Quartz in partnership with Jana shows that close to 62 per cent of the respondents said they play the game. To put this into perspective, this is three times more popular than the next most popular game, Free Fire, according to the report. PUGB is available on mobile, desktop, and gaming consoles like Xbox and PS4. According to a KPMG report, the Indian gaming co...

YouTube removed 58 million videos, 224 million comments in Q3

15/12/2018
New Delhi: YouTube is expanding its Community Guidelines Enforcement Report that was launched in April this year to include additional data. This includes channel removals, the number of comments removed, and the policy reason why a video or channel was removed. The report looks at guidelines for content that violates YouTube’s Community Guidelines. YouTube said in a post that it removed 7.8 million individual videos from July to September 2018, even before they were viewed. The total number o...

WPI inflation falls to 4.64% in November on softening food prices

15/12/2018
NEW DELHI: The wholesale price index (WPI) based inflation fell to 4.64 per cent in November 2018 from a level of 5.28 per cent in October, official data showed. Food and fuel prices dropped, leading to a moderation in inflation on a sequential basis, said economists. Aditi Nayar, Principal Economist, ICRA, said the easing of WPI inflation in November was led by deeper disinflation in the prices of primary food articles, easing of inflation related to crude petroleum and mineral oils following...

Facebook hosts offline privacy ‘pop-up’ in New York City

15/12/2018
New York: Wrapping up a year of privacy scandals, congressional hearings and a host of other problems, Facebook hosted a one-day “pop-up” event in New York City’s Bryant Park on Thursday, hoping to talk to users about their privacy settings, ad preferences and whatever else may be on their mind. Amid the park’s holiday market, food stalls and a busy ice-skating rink, the company set up a trailer to lure in passers-by from the cold with hot chocolate. Some did, though journalists and Facebook em...

Moody’s raises concern, places PFC, REC under review for downgrade

14/12/2018
Mumbai: Global rating agency Moody’s on Thursday said that State-owned Power Finance Corporation’s (PFC) move to acquire government holding (52.6 per cent) in REC Ltd is credit negative for PFC as it will weaken its capital adequacy ratios. Agency has placed the Baa3 issuer ratings as well as standalone credit profile of both PFC and REC under review for downgrade. On December 6, the government of India (Baa2 stable) gave an 'in principle' approval to PFC to acquire government's entire 52.6% ...

Industrial output growth fastest in 11 months at 8.1% in October

14/12/2018
new delhi: India's industrial output grew at an 11-month high of 8.1 percent in October mainly on the back of mining, power and manufacturing sectors coupled with higher offtake of capital as well as consumer durable goods. Industrial production measured in terms of Index of Industrial Production (IIP) grew 1.8 percent in October last year, as per official data released by the Central Statistics Office (CSO) Wednesday. The previous high IIP growth rate was recorded in November last year at 8....

IL&FS’ car sale shows cash-strapped group never compromised on luxury

14/12/2018
Mumbai: The executives of the debt-riddled Infrastructure Leasing and Financial Services (IL&FS) group till recently drove in luxury, if registration dates of the cars being sold are an indication. Of the 34 premium luxury cars put on sale, nine were registered between 2017 and 2018. As recently as June 2018, the group registered BMW X1 S DRIVE 20 D. The premium SUV which could cost around Rs 3.8 million was registered in the name of IL&FS Rail. The premium collection includes Mercedes Benz G...

Sebi expands OFS framework to all cos with market-cap of Rs 1K-cr and above

14/12/2018
Mumbai: Capital markets regulator Sebi decided to expand its offer for sale (OFS) framework to all the companies with market capitalisation of Rs 1,000 crore and above. Currently, the OFS framework is available to top 200 companies by market capitalisation. Also, if the seller fails to get sufficient demand from non-retail investors at or above the floor price on the first day of offer, then the seller may choose to cancel the offer post bidding in full (both retail and non-retail) on the fir...

EU court upholds EUR 13.96 mn fine on Unichem Lab in Perindopril litigation

14/12/2018
new delhi: Drug firm Unichem Laboratories Thursday said a Europe court has upheld the decision to impose a fine of EUR 13.96 million (approx Rs 113.50 crore) on the company and its subsidiary by the European Commission (EC) in a litigation over blood pressure lowering drug Perindopril. "General Court of the European Union has on December 12, 2018, rejected the appeals... and has confirmed the fine of EUR 13.96 million," Unichem Laboratories said in a regulatory filing. The company said "it is...

Industry in agreement on need to cut levies, streamline GST issues: COAI

14/12/2018
new delhi: Industry body COAI asserted that there is an agreement among all operators on need for immediate relief on issues like cut in licence fee and spectrum charges, as well as release of GST input tax credit locked up with the government. The Cellular Operators' Association of India (COAI) stressed that there is no divergence of opinion on pain-points like need for reduction in levies, and all industry players as well as the sector regulator Telecom Regulatory Authority of India (TRAI) h...

No plan to change current FDI policy in multi-brand retail trade: DIPP Secy

14/12/2018
new delhi: The government has no proposal to change the existing foreign direct investment (FDI) policy in the multi-brand retail trading sector, a top official said Thursday. "You know the multi-brand retail policy that exists today. There is no proposal for change," Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said here. He was replying to a question whether the government is looking at increasing FDI cap to 100 per cent in the sector, a politically ...

Vivo to set up new manufacturing plant in UP at an investment of Rs 40 bn

14/12/2018
new delhi: Chinese handset maker Vivo Thursday said it will set up a new manufacturing facility in Uttar Pradesh, investing Rs 40 billion over a period of four years. The company, which competes with the likes of Samsung and Xiaomi in the Indian market, has acquired 169-acre land in the Yamuna Expressway region, a statement said. The new land has been acquired near the existing 50-acre manufacturing facility and will help expand Vivo's manufacturing capabilities and support Vivo's growth in I...

Indian Railways to install aircraft-like black box systems in trains

14/12/2018
new delhi: The Indian Railways is soon going to install aircraft-like black box systems in trains. Minister of State of Railways, Shri Rajen Gohain in a written reply to a question in Lok Sabha has informed. “Similar to Black Box, Indian Railway has started installing Loco cab audio video recording system (LCAVR) / Crew Voice/Video Recording System (CVVRS) in Diesel and Electric locomotives,” an official release said. “This system provides invaluable data to investigators which will help the...

Urbanisation process needs to be extremely innovative, sustainable: Kant

14/12/2018
new delhi: India's urbanisation process has to be extremely innovative as well as sustainable, and the country should not repeat mistakes of western world, Niti Aayog CEO Amitabh Kant said. Cities account for just 3 per cent earth's landmark but they account for 84 per cent of world GDP, Kant said while addressing delegates at 'ITC Sustainability Awards 2018'. "Western world created the most polluting model of urbanisation.The concept of sustainable development comes from the eastern part of t...

iPhone Sales Continue in China Despite Court-Ordered Ban

13/12/2018
MUMBAI, DEC 12:Apple stores in China continued with business as usual Tuesday despite a court-ordered ban on iPhone sales, but the US tech giant faces a growing nationalist backlash over the US-sought arrest of a Huawei executive. According to US chipmaker Qualcomm, which requested the ban, the Fuzhou Intermediate People's Court ordered four Apple subsidiaries to stop selling older models of the iPhone, including the iPhone 7, iPhone 7 Plus ? 47,322, iPhone 8 ? 54,999, and iPhone 8 Plus. But ...

Debit, credit card holders beware! your cards may get blocked if you fail to do this by December 31

13/12/2018
Bengaluru, DEC 12: Are you a debit or credit card holder and are still using your old, magnetic stripe cards? Then you need to hurry up and get your cards replaced with EMV Chip Cards as soon as possible. For, if you fail to do so latest by December 31, 2018, then your card /cards may get blocked by your bank. A majority of banks, including SBI, have already informed their customers about this move. For instance, in a notice titled ‘Important Information for State Bank Magstripe Debit Cardhol...

Flipkart to invest in furniture, groceries; claims to be a market leader in e-commerce

13/12/2018
Bengaluru, DEC 12: Walmart-controlled online retailer Flipkart has transaction growth of more than 80% in some months as e-commerce is booming again in the country, and the company plans to push newer categories such as furniture and groceries over the next three years.In an interview with Mint on Tuesday, Flipkart CEO Kalyan Krishnamurthy said that the online retailer is at least “twice the size” of its nearest competitor, implying Amazon. Amazon India chief Amit Agarwal had in a recent inte...

Double blow to rupee quells revival hope for worst Asia currency

13/12/2018
MUMBAI, DEC 12: Rupee bulls should put to rest any hope of a respite for Asia’s worst currency in the last few days of what’s been a dreadful year.This week’s shock departure of India’s central bank chief and defeat for Prime Minister Narendra Modi’s ruling party in key state elections have dealt a double blow to the currency, taking its year-to-date loss to 11 percent. Mizuho Bank Ltd. is expecting more pain.The rupee may drop to about 73 per dollar as Urjit Patel’s resignation leads foreign...

Decoding Sensex, Nifty’s volatile session amid BJP’s likely state election loss; what experts say

13/12/2018
MUMBAI, DEC 12: Even as the domestic stock markets witnessed an extremely volatile session on Tuesday showing wild swings closely tracking the state elections, experts say that the stock markets had factored in a much worse result for Narendra Modi’s BJP in the ongoing polls. “The markets are already in a down trend. They have discounted a 3-0 white wash. If even one state goes the BJP way, it will result in short-covering,” VK Sharma, head PCG and capital markets strategy, HDFC Securities not...

China's Tencent Music raises nearly $1.1 billion in US IPO

13/12/2018
MUMBAI, DEC 12:China-based music streaming company Tencent Music Entertainment Group said it raised close to $1.1 billion in its US initial public offering (IPO) after pricing its shares at the bottom of its targeted range. The music arm of gaming and social network giant Tencent Holdings Ltd priced its American Depositary Receipts (ADRs) at $13 per share, at the low end of its indicated $13 to $15 per share range, it said in a filing with the Hong Kong stock exchange.The IPO values Tencent Mu...

Google CEO Sundar Pichai spars with US Lawmakers on bias, privacy

13/12/2018
NEW DELHI, DEC 12: Google chief executive Sundar Pichai parried US lawmakers Tuesday over complaints of political bias and intrusive data collection as the Internet giant came under heavy criticism from conservatives."We build our products in a neutral way," Pichai said in one exchange with a lawmaker, and added later: "We approach our work without any political bias." Pichai was called to the House Judiciary Committee following a series of attacks by President Donald Trump and his supporter...

Modi’s Losses and RBI Chief Raise Risk of Populist Excess

13/12/2018
NEW DELHI, DEC 12: Narendra Modi, the Indian prime minister, took two big blows in less than 24 hours. Investors should worry less about the bruises, and more about what he might do to recover from them before next year’s general elections. The first knock came on Monday evening when besieged Reserve Bank of India governor Urjit Patel abruptly resigned. Although he cited personal reasons, nobody is in any doubt that it was New Delhi’s incessant harassment that led to the monetary chief’s early ...

Rupee falls by 1.5% after Urjit Patel’s unexpected resignation

12/12/2018
new delhi: The rupee fell sharply against the US dollar on Tuesday after RBI governor Urjit Patel abruptly announced his resignation on Monday. The rupee was trading at 72.46 against the US dollar, down 1.5%, as compared to Monday’s close of 71.32. The dollar also gained other currencies, putting further pressure on the rupee. Patel resigned from the position citing personal reasons with immediate effect on Monday, nearly 10 months before the completion of his term in September next year. “On...

Urjit Patel’s resignation comes at a sensitive time, to dampen sentiments: DBS

12/12/2018
Singapore: The immediate resignation of Reserve Bank of India Governor Urjit Patel comes at a sensitive time, when negotiations with the government to iron out differences on key regulatory aspects are ongoing, the Singapore banking group, DBS, said Tuesday. "Timing of the Governor's resignation and the already-cautious mood in the markets following yesterday's exit polls, to be followed by today's actual count for the state elections, will dampen sentiments," Radhika Rao, economist at DBS Ban...

Alpha Capital picks up a ‘significant minority’ stake in Hero Electric

12/12/2018
new delhi: With electric vehicles set to gain popularity, the country's largest electric two-wheeler maker Hero Electric has roped in Alpha Capital Advisors, a Mumbai-based investment management firm, as an equity partner. The automaker, planning to set up a new manufacturing facility in the South, is also planning to expand business with a target to sell 50,000 units in the current financial year. "The fund infusion will help us diversify our product portfolio, acquire new technology and foc...

Deputy governor NS Vishwanathan may be made RBI interim head: Report

12/12/2018
Mumbai: N S Vishwanathan, senior most deputy governor, may be made interim head of the RBI following the unexpected resignation of Urjit Patel, according to sources. Vishwanathan was appointed as RBI Deputy Governor on July 4, 2016 for a period of three years. If appointed interim head, Vishwanathan would head the central board meeting scheduled this Friday, the sources said. The Friday meeting is considered crucial as it is going to take up governance issue and concerns on liquidity and cre...

Sundar Pichai faces US House grilling on Google Plus breach, China

12/12/2018
Washington: Google's CEO faces a grilling from US lawmakers on how the internet search giant handled an alarming data breach and whether it may bend to Chinese government censorship demands. Sundar Pichai's appearance Tuesday before the House Judiciary Committee comes after he angered members of a Senate panel in September by declining their invitation to testify about foreign governments' manipulation of online services to sway US elections. Pichai's no-show at that hearing was marked by an ...

Debt-ridden Air India puts its iconic Mumbai building on sale

12/12/2018
new delhi: In a fresh bid to generate funds, loss-making national carrier Air India has put on sale its iconic eponymous 23-storey building in Mumbai’s posh Nariman Point, hoping to mop up nearly Rs 2000 crore, an Air India official, familiar with the matter, said. The latest move is part of the airline’s plans to monetise its real estate assets and come less than a month after it invited bids for over 70 residential and commercial properties spread across the country. The national carrier ha...

Cadila Healthcare subsidiary gets USFDA nod for ulcer treatment injection

12/12/2018
new delhi: Drug firm Cadila Healthcare Tuesday said its subsidiary has received approval from the US health regulator to market Ranitidine injection, used to treat stomach and duodenal (intestinal) ulcers. Liva Pharmaceuticals, a wholly-owned subsidiary of Cadila Healthcare, has received approval from the US Food and Drug Administration (USFDA) for its supplemental abbreviated new drug application, Ranitidine Injection USP, 25 mg/mL, 2 mL single dose vials and 6 mL multi-dose vials, Cadila Hea...

PSU banks in focus; Corporation Bank, PNB, Uco Bank up over 5%

12/12/2018
Mumbai: Shares of public sector undertaking (PSU) banks were in focus, with the Nifty PSU Bank index gaining more than 2% and bouncing back 4.4% from its early morning low, as the markets shrug off worries over Reserve Bank of India (RBI) governor's exit. At 02:35 PM; Nifty PSU Bank index was up 2.5% at 2,876, recovering 5% from its intra-day low of 2,747 on the National Stock Exchange (NSE). In comparison, the Nifty 50 index was up 0.58% at 10,550, bouncing back 2% from its early morning low ...

India must heed RBI’s message on financial stability: IMF chief economist

11/12/2018
new delhi: The Indian government must heed the RBI’s message on financial stability, IMF’s chief economist Maurice Obstfeld has said, amidst reports of friction between the central bank and the finance ministry over several issues, including how much capital the apex bank needs. Addressing a group of journalists in Washington on Sunday, he also said the International Monetary Fund does not want politicians “manipulating” central banks for political ends. “There is debate over whether it’s bet...

Onion price slump adds to farm distress, sharpens Modi’s election stakes

11/12/2018
new delhi: Onion prices have a long and layered relationship with Indian politics, having played a role in shaping election results since 1980. Usually governments squirm (and opposition parties rejoice) when the price of the staple is too high for consumers; this time around with a few state poll results due Tuesday and general elections around the corner the problem is the opposite: Prices received by onion farmers are distressingly low. A grower in Maharashtra recently made news when he se...

Licious raises $25 mn from investors as it eyes expansion in 7 more cities

11/12/2018
new delhi: Fresh meat and seafood brand Licious Monday said it has raised $25 million in a Series-D round led by Japan's Nichirei Corp. Existing investors 3one4 Capital, Bertelsmann India Investments, Vertex Ventures Southeast Asia and India, UCLA, Sistema Asia Fund also participated in this round of fund raising, the Bengaluru-based startup said in a statement. "With plans of opening operations in the new year across seven cities including Mumbai, Pune and Chennai, the funds will be used to ...

Kotak Mahindra challenges RBI decision on preference shares

11/12/2018
new delhi: Kotak Mahindra Bank Ltd said on Monday it had challenged in court the central bank`s decision to disregard the issue of preference shares to reduce promoter stake in the private-sector lender, sending shares sharply lower. Uday Kotak, the billionaire head of Kotak Mahindra Bank, has been asked by the Reserve Bank of India (RBI) to lower his holding in the lender to 20 percent by this year-end, and to 15 percent by March 31, 2020. Uday Kotak directly held a 29.73 percent stake in th...

Due date for filing Form GSTR-9, 9A, 9C extended till March 31

11/12/2018
new delhi: The government has decided to extend the due date for filing form GSTR-9, form GSTR-9A and form GSTR-9C till March 31. An official release said that the requisite Forms shall be made available on the GST common portal shortly. Relevant Order is being issued. Earlier, Form GSTR-9 and Form GSTR-9A were notified on September 04 while Form GSTR-9C was notified on September 13 as part of the CGST rules. GSTR-9 is the annual return form for normal taxpayers, GSTR-9A is composition taxpa...

Cash in commercial properties takes real estate investment to 10-year high

11/12/2018
new delhi: Private equity (PE) funds invested $7.1 billion in real estate in 2017 the most in 10 years despite the stress in the sector following the November 2016 demonetisation exercise and implementation of GST in April 2017, market research data show. This investment flowed mainly into commercial real estate, which, unlike the residential part of the business, has been booming. Data provided to The Indian Express by research firm Venture Intelligence show private equity investment in real ...

‘E-commerce sector hiring jumps by 25 per cent, average pay up by 15 per cent’

11/12/2018
Bengaluru: Even as hiring in India’s e-commerce sector jumped a good 25 per cent in 2018 over the levels of 2016, the average pay has gone up by about 15 per cent. The India Hiring Intent Survey says both recruitments and salaries are expected to rise further by 15-20 per cent in 2019. PeopleStrong, which recruits for this industry, said it continues to see good opportunities for engineers and analysts. Zairus Master, CEO, Shine.com, an online recruitment platform, cites an industry report...

Prosecutors file charges against Nissan, CEO Ghosn for underreporting pay

11/12/2018
Tokyo: Tokyo prosecutors officially charged ousted Nissan Motor chairman Carlos Ghosn on Monday for under-reporting his income and extended his detention on suspicion of additional financial misconduct. The prosecutors also indicted Nissan for filing false financial statements, making the Japanese automaker culpable for the scandal that has shocked the auto industry. Ghosn was arrested on Nov. 19 on suspicion of conspiring to understate his compensation by about half of the actual 10 billion y...

Escorts forms a JV with Japan’s Kubota to produce high-end tractors

11/12/2018
new delhi: Engineering and farm equipment maker Escorts has formed a joint venture (JV) with Japan's Kubota Corporation to produce high-end technology tractors for domestic as well as export geographies, a joint statement issued by the two companies Monday said. The JV will leverage Kubota's technology and engineering prowess of Escorts to cater to an expanding market for higher efficiency, value-oriented utility tractors for a global leadership position, the statement said. "With an initial i...

Direct tax collections surge 15.7 percent to Rs 6.75 lakh crore in Apr-Nov

11/12/2018
new delhi: Gross direct tax collections surged 15.7 per cent to Rs 6.75 lakh crore for April-November, the finance ministry said Monday. Refunds worth Rs 1.23 lakh crore have been issued in the eight months of the current fiscal, which is 20.8 per cent higher than refunds issued in the same period last year. “The provisional figures of direct tax collections up to November, 2018, show that gross collections are at Rs 6.75 lakh crore which is 15.7 per cent higher than the gross collections for...

Arvind Subramanian calls for review of GDP back-series data to clear doubts

10/12/2018
new delhi: Amid raging controversy over the revised economic growth numbers, former chief economic adviser Arvind Subramanian has called for an investigation by experts to clear doubts and build confidence while noting that the "puzzle" about the data needs to be explained. He stressed that institutions that do not have technical expertise in calculating the GDP data should not be involved in the process, apparently referring to the NITI Aayog. Subramanian, who criticised demonetisation in ...

India’s coal output up 10% to 156 MT during Apr-Nov

10/12/2018
new delhi: India's coal import rose 9.7 per cent to 156.08 million tonne (MT) in the April-November period of the ongoing fiscal, as against 142.25 MT in the corresponding months a year ago, according to mjunction services Ltd, a joint venture between Tata Steel and SAIL. Coal imports in November this year also increased 10.1 per cent to 19.47 MT, over 17.68 MT in the corresponding month of the last fiscal, mjunction data showed. "Imports during November 2018 stood at 19.47 MT (provisional).....

Tata Motors bets big on SUV Harrier for ‘sustainable’ growth: Official

10/12/2018
new delhi: Tata Motors, which is on a comeback trail, is betting big on its upcoming SUV Harrier to place itself among the top three passenger vehicle manufacturers on a sustainable basis, a top company executive said. The company, which has been working on a strategy to revive its fortunes in the passenger vehicle (PV) segment for the last couple of years, now believes it has the products and scale to be among the leaders in the segment. In an interview with PTI, Tata Motors CEO and MD Guente...

Six of top 10 companies lose Rs 54,916 crore in m-cap

10/12/2018
new delhi: Six of the 10 most valued Indian companies together lost Rs 54,916.4 crore in market valuation last week, with Reliance Industries taking the biggest hit. ITC, HDFC Bank, SBI, HDFC and ICICI Bank were the other companies that witnessed a decline in their market capitalisation (m-cap), while TCS, HUL, Infosys and Kotak Mahindra Bank finished with gains for the trading week ended Friday. The market valuation of RIL slumped by Rs 22,153.28 crore to Rs 7,18,317.52 crore while that of ...

Lack of EV policy not to hamper eco-friendly vehicles' launch in India: Kia

10/12/2018
new delhi: South Korean auto major Kia Motors is not worried over the lack of policy for eco-friendly vehicles in India as it can quickly adapt from its existing global portfolio for the local market, according to a senior company official. The company feels that India will also eventually follow the global direction towards eco-friendly technologies led by electric vehicles (EVs). Kia has already announced plans to roll out electric and hybrid vehicles from its upcoming plant at Anantpur in ...

After over a year, Vijay Mallya extradition case heads for ruling on today

10/12/2018
London: Embattled liquor tycoon Vijay Mallya is scheduled to return to Westminster Magistrates' Court in London on Monday when his extradition trial is listed for a judgment hand-down. The 62-year-old former Kingfisher Airlines boss, wanted in India on alleged fraud and money laundering charges amounting to an estimated Rs 90 billion, has been on bail since his arrest on an extradition warrant in April last year. He has contested his extradition on the grounds that the case against him is ...

FPIs pull out nearly Rs 400-cr in just 5 sessions on global cues

10/12/2018
new delhi: Foreign investors have pulled put close to Rs 400 crore from the Indian stock market in the last five trading sessions amid weakness in global equities due to the arrest of a high-profile Chinese executive. This comes following a net inflow of over Rs 6,900 crore in the equity market by Foreign Portfolio Investors (FPIs) on easing crude oil prices and a strengthening rupee. According to depositories, FPIs withdrew a net amount of Rs 383 crore from equities from December 3-7. Howev...

Prabhu links creativity & business opportunities to cheap beverages in Goa

10/12/2018
Panaji: Union minister Suresh Prabhu has sought to link the availability of cheap beverages in Goa with "creativity and business opportunities", a remark the Congress said was projection of the coastal state as a "liquor destination". Prabhu, while participating in the Global Venture Summit in Goa on Friday, said the state government had reduced taxes on some beverages that help calm the mind and lead to creativity, which can be converted into business opportunities. "Ideas are there, but to ...

India’s crude steel output grows 4% to 8.92 million tonne in November

10/12/2018
new delhi: India's crude steel output grew 3.8 per cent to 8.92 million tonne (MT) in November 2018, according to the Joint Plant Committee (JPC). The country produced 8.60 MT crude steel during the same period a year ago, JPC said in its latest report. "Crude steel production stood at 8.92 MT in November 2018, up 3.8 per cent over November 2017, and was up 1.7 per cent over October 2018," the report said. State-run SAIL, Rashtriya Ispat Nigam, Tata Steel, Essar Steel, JSW Steel and Jindal St...

Govt plans to ban burnt clay bricks from its projects to save environment

10/12/2018
new delhi: The Centre is planning to ban use of burnt clay bricks in its construction projects across the country, a move aimed at giving a boost to environment-friendly products. According to an official, the Union Housing and Urban Affairs Ministry has directed the Central Public Works Department (CPWD) to examine whether burnt clay bricks can be banned for use in its construction projects. Following the ministry's directions, the CPWD has sought a feedback from its officials concerned an...