Month: August 2017

Nifty rollover at multi-year low

A general restraint prevailed in the stock market on Thursday, with all eyes on GDP data for the June quarter slated for post-market hours. Both the Sensex and the Nifty closed positive for a consecutive session, aided by supporting the overseas trend. Since it was the last day for August derivatives contracts, speculators went about covering …

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Construction firms get thumbs up on Modi’s spending plan

Prime Minister Narendra Modi’s plan to spend a record $60 billion on infrastructure this financial year has started trickling into company earnings, giving analysts a reason to turn optimistic about Indian construction stocks.Larsen & Toubro (L&T), the nation’s largest engineering firm, has rallied 27 per cent this year, beating the benchmark gauge which has risen …

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Royal Dutch Shell eyes 1,500 petrol pumps in 10 years in India

Shell already owns majority stake in the 5 million tons a year liquefied natural gas (LNG) import terminal at Hazira in Gujarat. (PTI) Royal Dutch Shell today said it plans to scale up number of petrol pumps in the country to 1,500 in next 10 years as the company looks to expand in world’s third …

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Sunil Arora appointed Election Commissioner, Achal Kumar Joti is CEC

Former bureaucrat Sunil Arora was today appointed Election Commissioner, the law ministry said.While Achal Kumar Joti is the CEC, Om Prakash Rawat is the other Election Commissioner.Arora’s appointment will be with effect from the day he assumes charge, the law ministry notification said.Arora (61) had been the Information and Broadcasting Secretary, and Secretary in the …

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Risk aversion halts surge in emerging markets

The foreign fund selling has put breaks on rally in emerging markets (EMs) during August. The foreign funds have pulled out close to $4 billion from the EMs during the August impacting the performance of benchmarks. While Indian markets fell two per cent in dollar terms, South Korean markets shed 2.3 per cent during the …

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Nifty’s earnings growth to take off from September quarter, says CLSA

Nifty earnings growth are expected to move to double digit from the September 2017 quarter onwards, according to foreign brokerage CLSA. The brokerage says macro environment is improving as “disruptive forces” such as demonetisation, goods and services tax (GST) and bad loan recognition are fading.In the past five years, Nifty earnings growth has increased at …

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Health tech start-up mfine raises $1.5 m from Stellaris Ventures

Mumbai, August 31:   mfine, which claims to be India’s first artificial intelligence-driven healthcare network, has raised around $1.5 million from Stellaris Venture Partners. The round also saw participation from healthcare entrepreneurs Mayur Abhaya and and Rohit MA. Stellaris partner Ritesh Banglani joins the mfine board. Founded by former Myntra co-founders Prasad Kompalli and Ashutosh Lawania, …

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Vice President Pence surveys Harvey’s wreckage in Texas

ROCKPORT, Texas (AP) — Vice President Mike Pence surveyed the wreckage Thursday in the small coastal town where Harvey first slammed ashore as a Category 4 hurricane. The vice president toured a church whose side was blown out by the storm. Pence arrived in Rockport to see the devastation caused by the hurricane-turned-tropical depression that …

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Motor racing-Alonso denies giving McLaren Honda ultimatum

By Alan Baldwin MONZA, Italy, Aug 31 (Reuters) – Fernando Alonso has denied telling McLaren to choose between him and Honda as the Spaniard considers his future with the Formula One team. The two-times world champion also dismissed media speculation that he retired from last weekend’s Belgian Grand Prix without there being anything technically wrong …

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Facebook’s Watch goes up against YouTube for advertising revenue

Facebook Inc launched its Watch video service to US users on Thursday with plans to allow people to submit shows, as the No 1 social media network vies with Alphabet Inc’s YouTube for advertising revenue.Advertisers are shifting more of their budgets from television to online as viewers have migrated to watching shows on smartphones and …

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Financial savings in insurance, shares rise

The government’s decision to demonetise Rs 500 and Rs 1,000 notes on November 8 seems to have increased inflows into the financial sector, such as insurance products and shares. The Reserve Bank of India’s (RBI) Annual Report shows that the contribution of insurance funds in household financial savings reached a six-year high of 2.9 per cent of …

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Pressure on utility vehicles to weigh on M&M

The stock of Mahindra and Mahindra (M&M) is down 2.5 per cent over the last two trading sessions after the Union Cabinet cleared the hike in cess on large cars and sports utility vehicles (SUVs) up to 25 per cent from 15 per cent under the goods and services (GST) regime. Companies have indicated that they …

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Supreme Court refuses permission to sell shares in Fortis Healthcare

The Supreme Court has refused to afford any relief to Fortis Healthcare promoters, Malvinder Singh and Shivinder Sing, and lender banks of the company to part with their encumbered shareholdings. Encumbered assets are those shares that are pledged or offered as collateral to a lender.Shares of the hospital chain closed 5.44 per cent lower to …

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Ahead of impending Cabinet reshuffle, Rajiv Pratap Rudy sends in his resignation

Union Minister Rajiv Pratap Rudy likely to be dropped from the cabinet and will be given organisational work, say ANI sources.(Image: IE) In a major development at the Centre, Rajiv Pratap Rudy has, according to PTI, sent in his resignation. Union Minister Rajiv Pratap Rudy likely to be dropped from the cabinet and will be given organisational work, …

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P Chidambaram terms slide in economy an explosive cocktail after GDP growth slides to 5.7 pct

Chidambaram’s comments came in the wake of GDP figures released by the Central Statistics Office (CSO) for the first quarter (April-June) of financial year 2017-18. (Image: PTI) Former finance minister and senior Congress leader P Chidambaram on Thursday took pot shots at the Narendra Modi-led Central government for the decline in the Gross Domestic Product …

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US asks Russia to close its San Francisco consulate, annexes

The decision of the Trump Administration comes weeks after Russia forced a cut in US diplomatic staff in Moscow by hundreds. (Image: Reuters) In an apparent retaliatory move, the US today asked Russia to close down its consulate in San Francisco and the two chancery annexes in Washington and New York in two days. The …

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Plume from flooded Texas chemical plant incredibly dangerous, says FEMA head

A police officer lays down a safety flare while blocking the road leading to the Arkema SA plant which was hit by floods caused Tropical Storm Harvey near Crosby. (Reuters) The plume of fumes from a flooded Texas chemical plant is “incredibly dangerous,” the head of the US Federal Emergency Management Agency (FEMA) said today. …

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Indian Railways to collaborate with Switzerland to develop ’tilting trains

India will collaborate with Switzerland for developing trains, which will tilt on approaching a bend, just like a motorbike on a winding road.A memorandum of understanding was signed today between the two countries in this regard.Such trains are now operational in 11 countries — Italy, Portugal, Slovenia, Finland, Russia, the Czech Republic, the UK, Switzerland, …

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Dhoni’s 300th ODI: You will always be our captain, says Virat Kohli

“You will always be our captain,” is what an emotional Virat Kohli told Mahendra Singh Dhoni before presenting a specially designed silver bat to the India great on completing 300 One-day Internationals on Thursday.Kohli’s short speech touched everyone’s hearts.”What do I say. 90 percent of us started our career under you. It is an honour …

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Unfortunate that child marriages are done by girls parents: Supreme Court

The court was hearing a plea questioning the validity of a provision permitting a man to have physical relationship with his wife, even if she was aged between 15 and 18 years. (Image: PTI) The Supreme Court today expressed dismay over the prevalence of the practice of child marriage despite the existence of the Child …

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Government to fund research and development cost of up to Rs 5 cr for cyber security, says Ravi Shankar Prasad

APT28 uses various hacking techniques, such as “EternalBlue” and “Responder” sniffing passwords from Wi-Fi traffic. (Representative image: Reuters) The government will fund research and development cost of up to Rs 5 crore incurred by any company on developing an original cyber security product in the country, IT minister Ravi Shankar Prasad said today. “Challenge grant …

Government to fund research and development cost of up to Rs 5 cr for cyber security, says Ravi Shankar PrasadRead More »

Russia’s Rosneft sticks with the Essar label for retail fuel network

When Rosneft acquired Essar Oil early this month through a consortium, most believed that the Russian oil major would lose no time losing the beleaguered Essar label for its Indian businesses. But surprising many, Rosneft has stuck with the Essar moniker, even reiterating that it has every intention of continuing to do business under the …

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GST regime: E-way Bill to add to compliance burden, say experts

Experts said the e-way Bill would add to industry’s compliance burden and worked against the concept of the goods and services tax (GST), even as the government exempted items of mass consumption and jewellery, among other articles, from its ambit.They also did not like the idea of GST commissioners, or officials authorised by them, intercepting …

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Tata Steel to pay Rs 165 crore for annual bonus

JAMSHEDPUR: Private steel major Tata Steel will pay Rs 165 crore on account of annual bonus to its employees for the accounting year 2016-17. A Memorandum of Settlement has been signed here today between the company management and the Tata Workers’ Union in this regard, a Tata Steel release said. A total of 26,095 eligible …

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Ganesh Chaturthi crowds cry ‘Ram Rahim ki jai’ in Goa Ministers’ presence

Two of the 15-odd picturesque floats which were part of the Sangoddutsav, had participants dressed as the Dera Sacha Sauda chief Ram Rahim, while others on the float parade shouted cries of “Ram Rahim ki jai”. (AP) Cries of “Ram Rahim ki jai” – referring to the rape-convicted Dera Sacha Sauda chief from Haryana — …

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Watch video: Two drunk men attack police constable with lathi on street in Uttar Pradesh

Two bike-borne men who were allegedly drunk thrashed a policeman after they were stopped by him.(ANI) Two bike-borne men who were allegedly drunk thrashed a policeman after they were stopped by him in Sambhal, Uttar Pradesh. The incident which took place yesterday was captured on camera. Pankaj Pandey, ASP Sambhal, said, “one person has been …

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Register Nariman House in Moshe’s name, says grandfather to Indian envoy

The building, home to a Jewish community centre, was owned by Moshe’s parents. (PTI) The grandfather of Moshe Holtzberg, who was two when terrorists attacked Nariman House and killed his parents in 2008, wants the South Mumbai building to be registered in the name of the now 11-year-old boy. Rabbi Shimon Rosenberg said he conveyed …

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Stock exchanges propose extending trade hours till 7.30 pm

Currently, trading commences on the bourses at 9 am and closes at 3.30 pm, with 15 minutes each of pre-open and post- closing sessions. (PTI) Leading bourses have proposed to extend the timing of stock trading up to 7.30 pm to better align Indian markets with global trends and boost business, but several brokers are …

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Haryana CM Manohar Lal Khattar’s quantum of solace

When I became the CM, my experience was zero. Now if anyone asks me, I will say I have one-year experience…I know everything and how to solve which problem, I know it very well,” said Haryana Chief Minister Manohar Lal Khattar when he completed a year in office. That was in October 2015. Now, two …

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Mahendra Nath Pandey: BJP picks up Brahmin face to head UP unit

The appointment of Union minister Mahendra Nath Pandey as the Uttar Pradesh BJP president appears to be a calculated move by the saffron party ahead of the 2019 Lok Sabha elections to consolidate the crucial Brahmin vote in the country’s most populous state.59-year-old Pandey brings with him rich experience in organisational matters having served as …

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Myntra’s private-label business turns EBITDA positive

In-house brands also contribute 7-8% to group firm Jabong’s sales: CEO Bengaluru, August 31:   Myntra’s private-label brands portfolio, which delivers about 23 per cent of the fashion and lifestyle e-tailer’s business, has turned EBITDA positive in the last two months. This is the first step in Myntra’s journey to achieving overall profitability in the January-March …

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Union minister Arjun Ram Meghwal lashes out at Congress on demonetisation issue

Meghwal defended the demonetisation exercise undertaken by the Narendra Modi government. (Photo: PTI) Union minister Arjun Ram Meghwal today lashed out at the Congress for questioning the efficacy of demonetisation, saying whether the opposition party had been able to “stop corruption” and “increase tax base” during its regime. The Minister of State for Finance said …

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Apple expected to unveil next iPhones at September 12 showcase

As usual, the famously secretive Apple didn’t say what’s on tap, but this is typically when Apple unveils new iPhones. (Representational Image: Reuters) Apple’s faithful fans and investors won’t have to wait much longer to see what the iPhone maker has in store next. The company sent out invitations Thursday to set September 12 as …

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Bureaucratic reshuffle: Sunil Arora appointed Election Commissioner

Former bureaucrat Sunil Arora at the centre. (File Photo/PTI) Former bureaucrat Sunil Arora was today appointed Election Commissioner, the law ministry said. After Nasim Zaidi retired as Chief Election Commissioner in July, there was a vacancy in the poll panel. While Achal Kumar Joti is the CEC, Om Prakash Rawat is the other Election Commissioner. …

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Building toilets not enough; Ensure that people use them, says study

Bihar has converted less than 1 per cent of the total dysfunctional toilets in the country into functional ones. (Representational Image: PTI) Toilets may be coming up at a “breakneck speed” to make India open-defecation free by 2019, but a poor utility rate, with cases where they are being used as store houses for fodder, …

Building toilets not enough; Ensure that people use them, says studyRead More »

Cycling-Road-Vuelta a Espana team classification after stage 12

1 Cycling-Road-Vuelta a Espana team classification after stage 12 Soccer-Uganda top of World Cup group after upsetting Egypt Khrbin double ends Qatar’s World Cup hopes, Syria stay alive Federer out to find his groove in New York Cycling-Road-Vuelta a Espana stage 12 results Soccer-South Korea draw with Iran, miss chance to seal 2018 spot Tennis-Highlights …

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Cycling-Froome cedes ground to Nibali in difficult stage

By Richard Martin Aug 31 (Reuters) – Tomasz Marczynski picked up a second stage win on this season’s Vuelta A Espana by coasting to victory in stage 12 on Thursday with a gap of 52 seconds, while Chris Froome saw his overall lead reduced by 20 seconds after enduring a hapless finale. Race favourite Froome …

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China’s biggest political event, National Congress, in October

The once in five years affair is crucial for Chinese President and Communist Party General Secretary Xi Jinping, who will look to consolidate more power at the event. (Reuters) The Communist Party of China (CPC) will hold the 19th National Congress – the most important political event in the country — on October 18, the …

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Gurmeet Ram Rahim Singh’s name figures in hearing on barring convicted netas

Gurmeet Ram Rahim (PTI) The name of jailed Dera Sacha Sauda chief Gurmeet Ram Rahim Singh today figured in the Supreme Court during arguments in support of a plea seeking to bar convicted politicians from contesting elections for life. A bench comprising Justices Ranjan Gogoi and Navin Sinha was hearing a plea which sought to …

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Tax collections will decide if Narendra Modi government’s demonetisation drive was a success

The surprisingly robust GST collections for July, at close to Rs 92,000 crore, suggest the compliance has been very high; the information from the GST Network should also help tax officials investigate income tax payments. (PTI) On the face of things, 99% of high denomination currency notes coming back to banks suggest the main purpose …

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Digital solution launched for kirana stores to comply with GST

Retail technology platform Snapbizz Cloudtech Private Limited on Thursday launched ‘Turbo’, a digital solution for ‘kirana’ stores in the country that will enable them to comply with the Goods and Services Tax (GST). (Image: Reuters) Retail technology platform Snapbizz Cloudtech Private Limited on Thursday launched ‘Turbo’, a digital solution for ‘kirana’ stores in the country …

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No big bang sops for telcos: IMG suggests longer payment band for spectrum

The inter-ministerial group (IMG), formed to address the financial stress of telecom sector, has submitted its report suggesting measures including extension of the timeframe for spectrum payments and change in interest rates. However, it has not recommended any cut in licence fee or spectrum usage charges (SUC).The IMG has recommended extending the deferred payment schedule …

No big bang sops for telcos: IMG suggests longer payment band for spectrumRead More »

BJP chief Amit Shah meets PM Modi ahead of likely cabinet reshuffle

A series of developments on Thursday contributed to the speculation that a reshuffle of the union council of ministers could take place before Prime Minister Narendra Modi leaves for China to attend the BRICS Summit on Sunday afternoon.Bharatiya Janata Party (BJP) chief Amit Shah met the PM in the evening. Shah also met Finance Minister …

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Government sacks 13 group ‘A’ officers of ordnance factories

In July, the Army headquarters had conveyed its serious concerns to the defence ministry over the Ordnance Factory Board’s “failure” to punish officials responsible for the blast at the depot. The defence ministry has decided to sack 13 senior officers employed with ordnance factories after finding their overall performance “unsatisfactory”. Few months ago, the government …

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Who is Rajiv Mehrishi, the man who has been named new CAG to replace Shashi Kant Sharma

Rajiv Mehrishi A major reshuffle was announced by the Narendra Modi Government today. After being replaced by Rajiv Gauba as the Union Home secretary, Rajiv Mehrishi has been appointed as the new Comptroller and Auditor General of India (CAG). A 1978-batch IAS officer, his career spanned more than 30 years. Union Home Secretary Rajiv Mehrishi …

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Q1 GDP growth hits 3-year low of 5.7%, slowest under Modi govt

Economic growth plunged to an over three-year low of 5.7 per cent in April-June. This is lower than the 6.1 per cent growth in gross domestic product (GDP) in January-March, considered the period worst affected by last year’s demonetisation. And, this is also the lowest growth registered for any quarter under the Narendra Modi government …

Q1 GDP growth hits 3-year low of 5.7%, slowest under Modi govtRead More »

Slowdown of GDP growth not attributable to demonetisation: CSO

Chief Statistician of India TCA Anant opined that it cannot be attributed to demonetisation, but rather to normalization of the Wholesale Price Index (WPI).“It is incorrect to hold demonetisation responsible for the slowdown of growth in the GDP. This is an effect of normalization of the WPI, coupled with a reduction in inventory in anticipation …

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Information on tax data from Switzerland to India expected from 2019, says Swiss President Doris Leuthard

Swiss President Doris Leuthard. (Image: Reuters) Swiss President Doris Leuthard today said India is expected to get in 2019 the first batch of data relating to tax from Switzerland under a new framework for automatic exchange of information. After holding wide-ranging talks with Prime Minister Narendra Modi, Leuthard said the framework is likely to be …

Information on tax data from Switzerland to India expected from 2019, says Swiss President Doris LeuthardRead More »

Air India receives good response to auction of 14 properties

The monetisation of Air India’s non-core assets is part of a strategy chalked out in 2012 to turnaround the airline. (PTI) Air India today a saw good response to an auction of its properties with 10 of them receiving bids worth more than their reserve price. The airline is seeking to divest its non-core assets. …

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Convergence of GST tax rates likely in coming days: Arun Jaitley

Finance Minister Arun Jaitley on Thursday said that he expected convergence of two Goods and Services Tax (GST) rates into one in the coming days, though ruling out a single rate of taxation under the new indirect tax regime.“I see two standard rates converging into one in future. The GST Council may decide on convergence …

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