DDC Kishtwar took action against absentees during B2V2

06/12/2019
KISHTWAR, DEC 5: District Development Commissioner Kishtwar, Angrez Singh Rana took cognizance over the absenteeism of employees from their legitimate duties during B2V2 programme and issued an order for withholding of honorarium of anganwari workers of AWC's Ohli, Haddar, Bachi Basti (Shandri) besides all staff members/ teachers/masters posted in PS Shishalan placed under suspension with immediate effect and they will remain attached in the same school till further orders.DDC issued the order ...

Hindware Appliances launches IoT based products

06/12/2019
Chandigarh, Dec 5: Hindware Appliances on Thursday launched a futuristic range of intelligent and connected 'iPro' range of products, marking the company's foray in the fast-emerging Internet of Things (IoT) segment. With an aim to deliver an enhanced 'Consumer Experience' backed by cutting-edge technology, 'Achelous Premium iPro' water purifier, 'Optimus iPro' chimney and 'Ondeo Evo iPro' water heater were launched. The premium products are developed keeping in mind the early adapters and evo...

Coca-Cola announces re-alignment of its bottling operations in North India

06/12/2019
JAMMU, DEC5: Coca-Cola today announced the internal realignment of its bottling operations in North India, as Hindustan Coca-Cola Beverages Pvt. Ltd (HCCB) - the company-owned bottler for the majority of India will transfer its business operations in four territories in North India to existing bottlers. The change involves four non-contiguous territories in which HCCB currently operates and is designed to build regional scale, stimulate investments and growth in the northern part of the country...

RBI cuts GDP growth forecast for current fiscal to 5%, repo rate remains unchanged at 5.15%

06/12/2019
Mumbai: The Reserve Bank of India on Thursday decided to keep the repo rate unchanged at 5.15% amid the “current and evolving macroeconomic situation” The central bank did cut the gross domestic product (GDP) growth forecast for the current fiscal to 5% from 6.1%. The monetary policy committee (MPC) of RBI has maintained an “accomodative” stance, eradicating any chances of a rate hike in future. All members of the MPC voted in favour of the decision. Including this meeting’s stance, the RBI h...

Sensex down 71 points at 40,779.59, Nifty closes at 12,018.40; Zee, TCS, ITC, L&T gain

06/12/2019
Mumbai: As the Reserve Bank of India (RBI) maintained repo rate at 5.15 percent and kept the policy stance at accommodative, benchmark indices ended lower on Thursday (December 5). The Sensex was down 70.70 points at 40,779.59, while Nifty closed down 24.80 points at 12,018.40. Among major gainers on the Nifty were Zee Entertainment, TCS, ITC, L&T and Britannia Industries, while JSW Steel, Coal India, Bharti Airtel, IndusInd Bank and Tata Steel were losers. About 1111 shares have advanced, 1...

Gold falls Rs 74, silver tumbles Rs 771

06/12/2019
NEW DELHI: Gold prices on Thursday fell by Rs 74 to Rs 38,985 per 10 gram in the national capital on rupee appreciation. The precious metal had closed at Rs 39,059 per 10 gram in the previous trade, according to HDFC Securities. Silver also dropped by Rs 771 to Rs 45,539 per kg from Rs 46,310 per kg on Wednesday. "Spot gold for 24 Karat in Delhi declined by Rs 74 on rupee appreciation along with strong Asian currencies. The spot rupee was trading 7 paise stronger against the dollar during th...

RBI is completely against private digital currencies: Das

06/12/2019
NEW DELHI: It is "too early" to talk about a central bank-issued digital currency due to technological handicaps, but the Reserve Bank is looking into this, governor Shaktikanta Das said on Thursday. He, however, made it clear that the RBI is completely against private digital currency, asserting the sovereign's right over this function. The comments come a year after the government tagged Bitcoins and other crypto-currencies illegal and following which the RBI banned trading on them, and mon...

CarDekho closes $70 mn funding round from top investors in China, Europe

06/12/2019
Chennai: CarDekho, an auto-tech company, has raised $70 million in a Series D round, led by Ping An’s Global Voyager Fund, which has made its first investment in India with this deal. Sunley House Capital Management, a subsidiary of global private equity firm Advent International, and existing investors Sequoia India and Hillhouse were other investors. With the latest round, CarDekho has raised more than $250 million till date. Based in China, Ping An is one of the world’s largest financial se...

States meets Nirmala, seek quick release of GST dues

06/12/2019
NEW DELHI: Finance ministers of four states and officials from four others on Wednesday urged the Union government to clear dues towards compensation from the implementation of the Goods and Services Tax (GST) as they are facing financial difficulty. The appeal comes at a time when the Centre’s revenue collection numbers have raised serious concerns, forcing the federal indirect tax body, the GST Council, to call a meeting later this month to explore ways to boost collections, including raisin...

Jio follows Voda Idea, Airtel in raising tariff; rates to begin at Rs 199

06/12/2019
Mumbai: Following new tariff plans announced by incumbent telecom operators, Reliance Jio has updated its tariff plans, which will be applicable from December 6. “These plans will provide up to 300 per cent more benefits to Jio customers, upholding the Jio promise of providing best-quality service at the lowest price globally,” said the company in a statement. The company had already announced that while the new all-in-one plans would be 40 per cent more expensive, they would seek to offer hig...

Amazon faces widening US antitrust scrutiny, cloud business also under lens

06/12/2019
NEW DELHI: US antitrust enforcers have broadened their scrutiny of Amazon.com Inc. beyond its retail operations to include its massive cloud-computing business, according to people familiar with the matter. Investigators at the US Federal Trade Commission have been asking software companies recently about practices around Amazon’s cloud unit, known as Amazon Web Services, said the people, who declined to be named because they weren’t authorized to speak publicly. The outreach by the FTC signa...

ASSOCHAM president expects RBI to cut interest rate by 25 bps

06/12/2019
NEW DELHI: Amid a slowing economy and low economic sentiments, Reserve Bank of India's scheduled meeting on Thursday (December 5) is expected to reduce the lending rate. On the RBI monetary policy announcement, Bal Krishan Goenka, President of ASSOCHAM, made several observations. The ASSOCHAM president told Zee Media that RBI will most probably go ahead with a rate cut in its monetary policy announcement on December 5, adding "Hopefully, the RBI will cut the interest rate by 25 bps, and this ...

Hyundai plans to bring fuel cell cars to India, Nexo could be first launch

06/12/2019
Chennai: Korean auto major Hyundai is planning to bring fuel cell electric vehicles to India. The company has already started a feasibility study as part of the plan. Hyundai Nexo, which is already available in many markets, could be the first launch. The company claims Nexo is the world's first dedicated hydrogen-powered SUV and that it has a range of close to 380 miles, highest for any fuel-cell or electric vehicle in the market. S S Kim, Managing Director and CEO, Hyundai Motor India said, ...

Loans worth Rs 5 lakh cr, rise in income tax refunds may push up spending

05/12/2019
NEW DELHI: Data released suggested that the government has continued to increase credit and liquidity in the system to tackle an economic slowdown, distributing loans of Rs 4.91 lakh crore across two months, and issuing income tax refunds of Rs 1.46 lakh crore till the end of November. State-owned banks loaned Rs 2.39 lakh crore to individual and corporate customers, including small companies, in November, continuing the customer outreach initiative announced by finance minister Nirmala Sithar...

Cabinet clears Data Protection Bill, likely to be tabled in Parliament soon

05/12/2019
NEW DELHI: The long-awaited Data Protection Bill got a nod from the Union Cabinet on Wednesday, paving the way for it to be tabled in the Parliament in the ongoing Winter Session. "Very important subject how data protection will be done. It is an important subject the world over. The Bill will be keeping India's and people's rights in mind," said Prakash Javadekar, the Minister of Environment, Forest and Climate Change, while addressing the press after a cabinet meeting which took place in the...

Telcos shares rise on proposal to fix floor price for data tariffs

05/12/2019
NEW DELHI: Telecom companies' shares on Wednesday zoomed as much as 11 per cent buoyed by the proposal before regulator Trai regarding fixing a minimum price for mobile internet tariff. Vodafone Idea shares spurted 11.21 per cent to trade at Rs 7.84 apiece in early deals on the BSE. On the NSE, the stock soared 11.35 per cent to Rs 7.85 per unit. Bharti Airtel also saw its shares rising though marginally at 0.23 per cent to trade at Rs 460 a unit on the BSE. The telco's shares on the NSE wer...

BYD Group’s India subsidiary gets into material handling equipment business

05/12/2019
Chennai: BYD (Build Your Dreams) India Private Limited, a subsidiary of China-based EV maker BYD Group, has forayed into the Material Handling Equipment (MHE) business in India, making it the sole company to provide MHE products with lithium-iron phosphate battery in the country. The company offers a wide range of MHE products including counterbalance forklifts, reach trucks, electric stackers, BOPT, tow trucks and hand pallet trucks. Ulhas Makeshwar, Head of BYD India MHE business, said, "We ...

Aster DM Healthcare eyes diagnostic services, clinics; to expand bed-count

05/12/2019
Mumbai: Dubai-headquartered Aster DM Healthcare which runs 13 hospitals in India and is in the process of adding another 1500 beds, is now eyeing the diagnostic services space apart from pharmacies and clinics. Moreover, the company is bringing in its Access brand to India for low income group patients. Access hospitals would also cater to Ayushman Bharat medical insurance covered patients. With an aim to become a comprehensive healthcare provider, the Rs 7,900 crore BSE listed company has d...

LinkedIn sees 20 times growth in 10 years in India

05/12/2019
NEW DELHI: As its fastest-growing market outside the US, LinkedIn's member base in India has seen a 20 times growth in 10 years, from 3.4 million in November 2009 to 62 million members till date, the company announced on Wednesday as the professional networking platform completes a decade of operations in India. The company's member base in India has nearly doubled in the past four years, thus, making it the leading market outside the US. "We are excited to celebrate 10 strong and successful ...

Services sector activity grows on strong demand in Nov, PMI rises to 52.7

05/12/2019
NEW DELHI: Growth returned to services sector as activity increased in November, following two-straight months of contraction, according to a global survey released on Wednesday. The widely tracked Nikkei India Services Purchasing Managers Index (PMI) stood at 52.7 in November, up from 49.2 in October and 48.7 in September. In PMI parlance, the 50-mark threshold separates expansion from contraction. Growth had peaked at a 43-month high of 54.7 in August. This was in line with manufacturing ac...

Govt looks to ease lending rules for NBFCs to lift cash-starved financiers

05/12/2019
NEW DELHI: Prime Minister Narendra Modi’s government is considering easing lending rules for shadow banks, according to people familiar with the matter, a move that would give the cash-starved financiers access to funds. The cabinet is likely to discuss allowing state banks to provide so-called credit enhancement against securities rated BBB+ to non bank financiers, the people said, asking not to be identified before a public announcement. That’s the fifth level below what’s permitted under th...

Middle class may gain from lower tax rates in Budget FY-21

05/12/2019
NEW DELHI: The middle-class tax payers may finally get to cheer lower tax rates on their hard-earned income that are likely to be implemented as part of the Budget proposals to be presented by Finance Minister Nirmala Sitharaman in February 2020. Sources said that the Budget 2020-21 will take the sops announced in the pre-election interim budget further by changing the personal income tax rates for the salaried in lower and middle income groups. This may be done through changes in the tax slab...

FM ends MAT confusion: Reduced rate to be applicable from FY20

04/12/2019
NEW DELHI: The lower minimum alternate tax (MAT) rate announced as part of the corporation tax rate cuts in September will be applicable from the current fiscal year (2019-20 or FY20), Finance Minister Nirmala Sitharaman clarified in the Lok Sabha after an error in the Taxation Amendment Bill spooked companies. For the second time in less than a week, Sitharaman also spoke of the challenges in maintaining fiscal discipline, while comparing the Modi government’s fiscal record with that of the M...

HDFC Bank sees signs of rural revival as wider economy remains sluggish

04/12/2019
NEW DELHI: HDFC Bank, India’s most valuable lender by market capitalisation, sees tentative signs of a revival in rural areas at a time when the wider economy is sputtering. “The recent loan outreach programs underway in rural areas have given us the sense that the consumption in rural and semi-urban areas is turning more positive,” HDFC Bank Executive Director Kaizad Bharucha said in an interview last week. As of end-September, 52 per cent of the bank’s outlets were in rural and semi-urban In...

Gold up Rs 80; silver gains Rs 101

04/12/2019
NEW DELHI: Gold prices rose by Rs 80 to Rs 38,789 per 10 gram in the national capital on Tuesday as stronger rupee limited the gains, according to HDFC Securities. On Monday, gold had closed at Rs 38,709 per 10 gram. "Spot gold for 24 Karat in Delhi was trading up by Rs 80, limiting the upside on stronger rupee and weak domestic demand. The spot rupee was trading 7 paise stronger against the dollar during the day," HDFC Securities Senior Analyst (Commodities) Tapan Patel said. In early trade...

Modi govt considers easing foreign control rule to aid Air India sale: Report

04/12/2019
NEW DELHI: The government is considering amending a rule to allow overseas control of local airlines, according to a person familiar with the matter, which may help its indebted national carrier lure a foreign suitor after multiple failed attempts for a sale. At a meeting in early November, India’s Department for Promotion of Industry and Internal Trade asked the aviation ministry if it would be feasible to change the so-called “substantial ownership and effective control” clause, the person s...

IndiGo asks pilots to stop pushing Airbus engines to limit after shutdowns

04/12/2019
NEW DELHI: IndiGo has told its pilots to stop pushing engines on its new Airbus SE jets to the limit when the planes are climbing, after India’s aviation regulator said the practice may have contributed to turbines failing in the air. All the budget airline’s A320neo aircraft now use a lower thrust setting following take off, according to a spokeswoman from IndiGo, which has suffered 13 engine shutdowns during ascents this year. The decision was taken “in order to make every possible effort to...

Lack of marquee investors, fear of RBI refusal hit YES Bank shares, bonds

04/12/2019
Mumbai: Lack of marquee investors and fear that the Reserve Bank of India (RBI) will not clear the investments by the new investors hit the share price of YES Bank. The bank’s stock closed 6.2 per cent down at Rs 64 a share. The bank’s dollar bonds due in February 2023 also fell the most in two months. On Friday evening, the bank had announced that its board had agreed to raise $2 billion from an assortment of investors. Of this, $1.2 billion will come from Canada-based businessman Erwin Sin...

Hyundai pads up for diesel car monopoly with implementation of BSVI norms

04/12/2019
Mumbai: Going against automobile sector trend, Hyundai Motor India is betting big on diesel while its peers are moving away from it ahead of the implementation of Bharat Stage VI (BSVI) norms. From April 1, 2020, BSVI emission norms for automobiles will become mandatory across the country. Hyundai is looking to have a monopoly in the compact diesel car segment, which includes sedans and sports utility vehicles (SUVs) smaller than 4 metres. “With the implementation of BSVI, we are betting big ...

Thomas Cook India to acquire brand rights for India, Sri Lanka, Mauritius

04/12/2019
NEW DELHI: Travel services firm Thomas Cook (India) on Tuesday said it has entered into a pact with Thomas Cook UK's appointed special managers to acquire the rights of the iconic brand for India, Sri Lanka and Mauritius markets. Thomas Cook (India) Ltd (TCIL) has signed an agreement with AlixPartners, Thomas Cook UK's appointed Special Managers for the complete ownership of the brand name across these markets, for a one-time payment of Rs 13.9 crore, the company said in a regulatory filing. ...

Nearly 3 pc of Mudra loans turn into bad loans: Govt

04/12/2019
NEW DELHI: The government on Tuesday said close to 3 per cent of Rs 6.04 lakh crore worth of loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) has turned into bad loans. Prime Minister Narendra Modi launched the PMMY on April 8, 2015, for providing collateral free loans of up to Rs 10 lakh to non-corporate, non-farm small/micro enterprises with a view to generating employment, and providing access to easy finance to small enterprises. In a written reply to a question on the PMMY i...

India's mfg sector activity growth inches up in Nov; but remains subdued

03/12/2019
NEW DELHI: The country's manufacturing sector activity inched up in November, but the upturn remained subdued as growth rates for new orders as well as production were modest, a monthly survey said on Monday. The IHS Markit India Manufacturing PMI rose to 51.2 in November from 50.6 in October, when it had fallen to a two-year low, indicating only a slight improvement in the health of the sector. Although business conditions in the Indian manufacturing sector improved in November, the rise, ho...

Steel sector witnessing growth after slowdown: Pradhan

03/12/2019
NEW DELHI: The steel sector is witnessing growth in the recent past after a slowdown, with India becoming a net exporter in the current financial year, Union minister Dharmendra Pradhan said on Monday. During the Question Hour, he said steel is a deregulated sector where market forces and commercial considerations decide construction and location of new steel plants. He was responding to a query on whether the government proposes to set up new steel plants in Haryana. According to him, India...

Maruti Suzuki becomes only car maker in India to cross 20 million in sales

03/12/2019
NEW DELHI: Maruti Suzuki recently became the only car maker in India to clock 20 million in passenger vehicle sales. While it has been the leading car maker in India over the past decades, the figure underlines the firm grip it has over the Indian auto industry. Since selling its first car back in December of 1983 - a Maruti 800, Maruti Suzuki has established itself as a strong player and has fended off challenge from a host of rivals in the ensuing years. The company clocked its first 10 mill...

78 pc depositors of PMC Bank can withdraw entire deposits: Govt

03/12/2019
NEW DELHI: Nearly 78 per cent depositors of the scam-hit PMC Bank have been allowed to withdraw their entire deposits even though the ceiling of Rs 50,000 on withdrawal continues, Union Finance Minister Nirmala Sitharaman said in Lok Sabha on Monday. Sitharaman also said in Lok Sabha that in case of medical emergencies, marriages and other crisis situations, a depositor of the Maharashtra-based PMC Bank can withdraw upto Rs 1 lakh by invoking the 'hardship provisions' of the RBI. "Nearly 78 de...

Govt says no proposal to reduce taxes on petrol, diesel

03/12/2019
NEW DELHI: The government on Monday said there is no proposal to reduce taxes on petrol and diesel. Finance Minister Nirmala Sitharaman told the Lok Sabha that no where in the world do the prices of petrol and diesel remain steady for a particular period of time. To a query on whether petrol and diesel would be brought under the Goods and Services Tax (GST) regime, she said that in a way, they are already under the zero rate category of the GST. The rates have to be decided by the GST Council...

Salaries in India likely to rise by 9.2% in 2020, highest in Asia: Report

03/12/2019
NEW DELHI: Employees in India are expected to see 9.2 per cent salary growth in 2020, highest in Asia, but inflation may play a spoiler as real-wage salaries in the country is anticipated to be just 5 per cent, a report said on Monday. According to Korn Ferry Global Salary Forecast, India’s salary growth for 2020 stood at 9.2 per cent down from 10 per cent last year, while real-wage after adjusting inflation may remain constant at 5 per cent in 2020. The report added that India has emerged as...

Indian Railways unable to meet operational cost of passenger services, other coaching services: CAG

03/12/2019
NEW DELHI: Indian Railways was unable to meet its operational cost of passenger services and other coaching services, and almost 95 per cent of the profit from freight traffic was utilized to compensate the loss on operation of passenger and other coaching services, said a Comptroller and Auditor General of India (CAGI) report, which was presented in Parliament on Monday (December 2). The report said that one of contributing factors in this regard has been free and concessional fare tickets/ ...

Piramal Capital borrows Rs 1100 crore for 4 months from Barclays: Report

03/12/2019
NEW DELHI: Billionaire Ajay Piramal’s shadow banking unit has borrowed Rs 11 billion ($153 million) from Barclays Plc to refinance part of its existing debt and extend new loans, according to people familiar with the development. While the rate of interest is 7.5 per cent on the four-month loan deal signed last week between Piramal Capital & Housing Finance Ltd. and the British bank, the blended annualized cost, including the fee, is higher than 10 per cent, the people said, asking not to be n...

NSE and BSE suspend Karvy Stock Broking’s license over non-compliance

03/12/2019
Mumbai: In what could mean curtains for the Hyderabad-based financial services major Karvy group's broking business, stock exchanges on Monday suspended their license for non-compliance. "The National Stock Exchange (NSE) has suspended Karvy Stock Broking (KSBL) due to non-compliance of the regulatory provisions of the exchange with effect from December 02, 2019," the exchange said in a circular. Following NSE's action, BSE too suspended the brokerage. "Trading members of the exchange are he...

Benchmark indices end flat; Sensex closes above 40K, Nifty at 12,000 level

03/12/2019
MUMBAI: Benchmark indices ended flat on Monday (December 2). The Sensex closed up 8.36 points or 0.02% at 40802.17, while the Nifty ended 7.80 points down or 0.06% at 12048.20. Major gainers on the Nifty were Bharti Airtel, JSW Steel, Grasim Industries, Reliance Industries, and Asian Paints, while Yes Bank, Eicher Motors, Bajaj Finance, Bharti Infratel and ONGC were among major losers. About 1033 shares have advanced, 1481 shares declined, and 189 shares are unchanged. Among sectors, except me...

Alcohol manufacturers plead NITI Aayog for import duty exemption on ENA

02/12/2019
New Delhi, Dec 1: Indian alcohol manufacturers have approached NITI Aayog, seeking exemption of import duty on extra neutral alcohol (ENA), which is the primary raw material for making alcoholic beverages. The alcohol manufacturers have pleaded that there is a massive shortage in domestic supplies of ENA following diversion of ethyl alcohol for bio-fuel blending by oil marketing companies (OMCs) in the country. "Short availability of ENA (high-purity ethyl alcohol) has placed domestic alcoholi...

RBI may cut interest rates again to support growth

02/12/2019
New Delhi, Dec 1: The Reserve Bank may cut interest rates for the sixth straight time on December 5 to support growth that has continued to slip to more than six-year low on slump in manufacturing, bankers and experts said. RBI has cut interest rates on every single occasion the multi-member monetary policy committee (MPC) has met since Shaktikanta Das took over as the Governor of RBI in last December. In five reductions so far in 2019, interest rates have been lowered by a total of 135 basis...

FPIs net buyers for 3rd month; invest Rs 22,872 cr in Nov

02/12/2019
New Delhi, Dec 1: Foreign investors remained net buyers in the Indian capital market for the third straight month in November, putting in Rs 22,872 crore on net basis during the month, according to depositories data. Analysts said expectations of a trade deal between the US and China, and more relief measures as well as disinvestment drive by the government among other factors helped keep FPIs stuck on the capital markets. A net sum of Rs 25,230 crore was flowed into equities by FPIs in Novembe...

Amazon, Infosys, 26 other cos respond to Tea Board’s EoI for technology use

02/12/2019
Kolkata, Dec 1: Corporate bigwigs Amazon, Infosys and Yes Bank are among the 28 companies which have responded to an expression of interest (EoI), floated by Tea Board, for using blockchain and allied technologies to determine the traceability of tea, an official said. Tea Board deputy chairman Arun Kr Ray said that this exercise is required for long-term sustainability of the industry as costs are rising and prices of tea have been flat at auctions. "We are going to start an exercise for det...

Voda-Idea to raise mobile call, data charges from Dec 3

02/12/2019
New Delhi, Dec 1: Telecom operator Vodafone Idea on Sunday announced a hike in mobile calls and data charges from December 3. The company has announced new plans for prepaid product and services with 2 days, 28 days, 84 days, 365 days validity. A rough calculation showed that the new plans are costlier up to 42 per cent compared to earlier plans. "Vodafone Idea Limited (VIL), India's leading telecom service provider, today announced new tariffs/ plans for its prepaid products and services. New...

GST revenue grows 6 pc to cross Rs 1 lk cr in Nov

02/12/2019
New Delhi, Dec 1: GST collections crossed the Rs 1 lakh crore mark after a gap of three months in November, growing by 6 per cent to Rs 1.03 lakh crore aided by festival demand. The GST collection stood at Rs 97,637 crore in the same month last year while revenue collection under this head was Rs 95,380 crore in October. After two months of negative growth, GST revenues witnessed an impressive recovery with a positive growth of 6 per cent in November 2019 over November 2018 collections, an of...

Japan indicates efforts on to address India’s concerns over RCEP

02/12/2019
New Delhi, Dec 1: Japan on Sunday gave clear indications that efforts were on to make India join the ambitious Regional Comprehensive Economic Partnership (RCEP), saying all member countries of the grouping were committed to address New Delhi's concerns. After years of negotiations, India last month pulled out of the proposed RCEP over unresolved "core concerns" at a summit meeting of the participating countries, saying the proposed pact in its current form would have adverse impact on lives a...

SAIL likely to start manufacturing of speciality rails in 2 yrs: Official

02/12/2019
Kolkata, Dec 1: State-run Steel Authority of India Limited (SAIL) is planning to commence manufacturing of special quality rails for high-speed train corridors and metro projects in the next two years, an official said. The steel maker could start making of the speciality rails at its Bhilai Steel Plant (BSP) in Chhattisgarh and IISCO Steel Plant at Burnpur in West Bengal, he said. "We expect to commence head (hardened) rail project in two years. However, it is now in the planning stage. The ...

Create asset-lite infrastructure for digital payments, cash-lite society: Worldline

02/12/2019
New Delhi, Dec 1: Three years after demonetisation and despite government's efforts to drive digital payments in India, more than 90 per cent of transactions are still made through cash, according to a new report by European payment services provider Worldline. In tier three and below cities, a case can be made that all transactions are made through cash. "This may improve over the years but it will likely be a slow crawl," said Worldline in its latest India Digital Payments Report. The growth...

Here’s how some users are able to get Microsoft Windows 10 upgrade for free

02/12/2019
New Delhi, Dec 1: Microsoft’s free Windows 10 upgrade programme has long expired. The company is also going to end support for Windows 7 in January next year. Microsoft is expecting more and new users to embrace Windows 10, some users have discovered a workaround to get the upgrade for absolutely free. Windowslatest.com reveals how this workaround works: Users with an activated Windows 8, 8.1 or 7 running PC need to download and run the Media Creation Tool. Then, enter the product key. From her...

With growth this bad, India will need more than rate cuts to help economy

01/12/2019
NEW DELHI: With India's growth tumbling to 4.5% from 8.1% in little more than a year, you’d be surprised to know that Shaktikanta Das has one of the easiest jobs in central banking. He just has to keep doing what he's been doing since becoming governor of the Reserve Bank of India last December: cut interest rates. Fortunately, political will is on his side. That’s an enviable state of affairs for a central banker these days. Just look at Federal Reserve Chairman Jerome Powell, who has becom...

RBL Bank to raise Rs.826 cr via preferential allotment

01/12/2019
Mumbai: Private sector lender RBL Bank Ltd, on Saturday, said it has approved raising of Rs.825.79 crore worth equity capital by way of preferential allotment to five investors. The bank's board has agreed to allot 24.24 million shares at Rs.340.70 apiece to Bajaj Finance Ltd, foreign institutional investors East Bridge Capital Master Fund I and FEG Mauritius FPI Ltd, along with Ward Ferry Management Ltd-managed hedge fund WF Asian Reconnaissance Fund and Asia-focused stock hedge fund, lshana ...

Apple digging deep into map policies after calling Crimea part of Russia

01/12/2019
NEW DELHI: Apple Inc is "taking a deeper look at how we handle disputed borders" after it referred to the Russian-annexed Crimean Peninsula as part of Russia in its Maps and Weather apps for Russian users, a company spokeswoman told. Apple spokeswoman Trudy Muller told Reuters that Apple has not made any changes to its maps outside of Russia and made the change for Russian users because of a new law that went into effect in that country. "We review international law as well as relevant US and...

Slowdown blues: Services sector only bright spot for GVA growth rate

01/12/2019
NEW DELHI: While the services and construction sectors grew at a much slower pace in the July-September quarter of this fiscal year (Q2FY20) compared to the same period last year, these were the only bright spots for the gross value added (GVA) growth rate. GVA for the “public administration, defence and other services” sector, at 2011-12 base year, grew by a staggering 11.6 per cent in Q2FY20 as compared to a growth rate of 8.6 per cent for the same period last year. “The key indicator of th...

In a first, RBI sends DHFL to NCLT for debt resolution

01/12/2019
Mumbai: The Reserve Bank sent the troubled mortgage lender Dewan Housing Finance (DHFL) for bankruptcy proceedings, making it the first financial services player to go NCLT for a possible debt resolution. Last week, the central bank had superseded the board of the third largest pureplay mortgage lender on concerns over its corporate governance and defaults, and appointed an administrator. “The Reserve Bank today (Friday) filed an application for initiation of corporate insolvency resolution pr...

Facebook corrects user’s post after Singapore invokes fake news law

01/12/2019
Singapore: Facebook said on Saturday it had issued a correction notice on a user's post at the request of the Singapore government, but called for a measured approach to the implementation of a new "fake news" law in the city-state. "Facebook is legally required to tell you that the Singapore government says this post has false information," said the notice, which is visible only to Singapore users. The correction label was embedded at the bottom of the original post without any alterations t...

Facebook corrects user’s post after Singapore invokes fake news law

01/12/2019
Singapore: Facebook said on Saturday it had issued a correction notice on a user's post at the request of the Singapore government, but called for a measured approach to the implementation of a new "fake news" law in the city-state. "Facebook is legally required to tell you that the Singapore government says this post has false information," said the notice, which is visible only to Singapore users. The correction label was embedded at the bottom of the original post without any alterations t...

YES Bank expands equity offer to $2 billion; board to meet on December 10

01/12/2019
Mumbai: Private sector lender YES Bank has increased the size of its equity capital offer to $2 billion from the earlier guidance of $1.2 billion on “strong interest” shown by NRI investors, including a $1.2 billion offer by Erwin Singh Braich and SPGP Holdings, and $500 million by Citax Holdings and Citax Investment Group, according to the bank. Other prominent suitors are the Aditya Birla Family Office ($25 million), GMR Group and Associates ($50 million), and Rekha Jhunjhunwala ($25 million...

Chanda Kochhar takes ICICI Bank to Bombay HC; hearing on December 2

01/12/2019
Mumbai: Chanda Kochhar, ICICI Bank’s former managing director and chief executive officer, has moved the Bombay High Court, challenging the decision of the bank’s board earlier this year to terminate her employment and claw back the bonuses and stock options she received between April 2009 and March 2018. A division Bench of the high court comprising Justice Ranjit More and Justice Makarand Karnik will hear Kochhar’s plea on December 2. With this, the stage is set for an intense legal battle b...

Hyundai set to export Venue to Latin America, Africa

01/12/2019
NEW DELHI: Hyundai Motor India on Saturday said it is gearing up to export its compact SUV Venue to various markets including Africa and Latin America. The left hand drive (LHD) version of Venue is under development and is planned to be exported to the Gulf, Africa and Latin America, Hyundai Motor India Ltd (HMIL) said in a statement. The company, which expects bookings for the model to cross 1 lakh mark in the current year, is all set to ship out Venue to the South African market. "A major ...

Petrol prices rise for second day in a row, diesel remains unchanged

01/12/2019
NEW DELHI: Petrol prices in the country increased for the second consecutive day on Saturday whereas diesel prices remained unchanged. The crude oil prices in the international market edged lower by $3 a barrel in the last week. Petrol has become costlier by five paise per litre in Delhi, Kolkata and Mumbai and by six paise in Chennai. According to the website of Indian Oil, the price of petrol in Delhi, Kolkata, Mumbai and Chennai has increased to Rs 74.86, Rs 77.54, Rs 80.51 and Rs 77.83 p...

Gold set for worst month in three years on US-China trade deal hopes

30/11/2019
NEW DELHI: Gold prices were little changed on Friday, but remained on track for their worst month in three years as hopes for a preliminary U.S.-China trade deal buoyed demand for riskier assets and the dollar. Palladium scaled a new high of $1,844.50 an ounce, extending its record-setting run on supply deficit. Spot gold was flat at $1,458.60 per ounce by 0329 GMT, shedding 0.3% so far in the week. U.S. gold futures rose 0.3% to $1,457.80. For the month, prices were down almost 4%, their bi...

Sensex tumbles 336 pts ahead of GDP data

30/11/2019
Mumbai: Snapping its two-day record-setting streak, market benchmark BSE Sensex tumbled 336 points on Friday as investors turned jittery ahead of GDP data release. After plummeting 466 points during the session, the 30-share Sensex pared some losses, ending 336.36 points or 0.82 per cent lower at 40,793.81. The broader NSE Nifty also settled 95.10 points or 0.78 per cent down at 12,056.05. Yes Bank was the top loser in the Sensex pack, shedding 2.50 per cent, followed by HUL that fell 2.37 p...

India’s banks wrote off Rs 2 trillion worth of bad loans in 2018-19

30/11/2019
NEW DELHI: India’s 42 scheduled commercial banks (SCBs) collectively wrote off Rs 2.12 trillion worth of loans in 2018-19, according to figures given by the finance ministry in Parliament. Not only was this 42 per cent higher than the Rs 1.5 trillion written off the previous year, but also about 20 per cent of all their non-performing assets (NPAs). Banks generally take NPAs off their books to make their balance sheets look cleaner with reduced liabilities and potential losses. According to ...

Swiss firm Zurich beats Adani, DIAL, wins bid to build Jewar airport

30/11/2019
Noida (UP): The Zurich Airport International AG was on Friday selected as the concessionaire for developing the Jewar airport, billed to be the biggest airport in India upon completion, officials said. The Switzerland-headquartered company made the highest per passenger bid for the airport, outbidding competitors like Delhi International Airport Limited, Adani Enterprises, and Anchorage Infrastructure Investments Holdings Limited, the officials said. Jewar Airport or the Noida International G...

New industrial code bill will lead to ‘jungle raj’ in the industry: BMS

30/11/2019
NEW DELHI: At a time when rest of the central trade unions are preparing for an "all India strike" against the economic policies of the Narendra Modi government, including disinvestment and its proposed reform of labour laws, on January 8, the Bharatiya Mazdoor Sangh (BMS) on Friday demanded that the new Industrial Relations Code Bill, 2019, should be redrafted for "industrial peace". It said the new code will lead to "jungle raj" in the industry. The Narendra Modi government introduced the In...

Government seeks Parliament nod for Rs 21,246 cr extra spend

30/11/2019
NEW DELHI: A day after indicating the possibility of a fiscal slippage, finance minister Nirmala Sitharaman sought parliamentary approval for gross additional expenditure of Rs 21,246 crore, part of which will be used to recapitalize IDBI Bank Ltd and three state-run insurers. The government will use the funds to infuse Rs 4,557 crore into IDBI Bank and Rs 2,500 crore into state-run insurance companies through recapitalization bonds. This will help IDBI Bank, now controlled by state-owned Life...

Not through bonds, only cash: Rangarajan on banks Recapitalisation

30/11/2019
Hyderabad: Former RBI governor C Rangarajan on Friday suggested that recapitalisation of banks should be done through by infusing cash rather than issuing Bonds, as he cautioned that Boards of public sector undertakings, including banks, should maintain "arms length" from the Government. Rangarajan comments assume significance as Finance minister Nirmala Sitharaman, in August, announced upfront capital infusion of Rs 70,000 crore into public sector banks, a move aimed at boosting lending and i...

Govt grants six month extension to plastic scrap imports in three SEZs

30/11/2019
Mumbai: The government has granted six months extension to listed recycling units in three special economic zones (SEZs) to import such materials. Domestic recycling units across the country face ban on import of plastic wastes following environmental concerns. The Board of Approval for SEZs under the chairmanship of Anup Wadhawan, Secretary, Department of Commerce and with members from all leading departments involved in the monitoring of imports, met two weeks ago and decided to extend the l...

MG Motor displays ZS EV before much-awaited launch

30/11/2019
NEW DELHI: With the promise of changing the electric vehicle game in India, MG Motor is padding up to bring in the highly-anticipated ZS EV here on December 5. Just a week before the official launch, however, the company displayed the car at the NuGen Mobility Summit that was held on Wednesday and Thursday at Manesar in Haryana. Hosted by International Centre for Automotive Technology (iCAT), the NuGen Mobility Summit brought together industry, research and academic experts in an event focus...

ICICI Securities shares rally nearly 5 pc after co settles case with Sebi

30/11/2019
NEW DELHI: Shares of ICICI Securities jumped nearly 5 per cent in early trade on Friday after the company settled charges of alleged violation of stock broker norms, without admission or denial of any wrongdoing, with markets regulator Sebi. On the BSE, the stock opened at Rs 332.25 and gained 4.77 per cent to hit a high of Rs 345.75. Later, it was trading 3.26 per cent up at Rs 340.75. The shares were up by similar margins on the NSE in early trade. The stock was trading 3.38 per cent up at ...