Business Standard

Sena to abstain from voting on no-confidence motion

2 hours ago

Business / Business Standard/ General News

The Shiv Sena will abstain from voting on the no-confidence motion in the Lok Sabha moved by the Opposition against the Modi government, party sources said today. Yesterday, the Sena's chief whip in the Lok Sabha Chandrakant Khaire issued a whip to MPs asking them to be present in the House when the motion was discussed and support the government. Hours after issuing the whip, the Sena shifted its stance and said party chief Uddhav Thackeray had asked his party MPs to remain in Delhi and a final decision on supporting the Modi government would be taken this morning before the debate started. "Sena MPs have been asked to remain absent by Uddhav ji during the voting on the no-confidence motion," a close aide of the Sena chief told PTI. Andhra Pradesh Chief Minister and TDP president N Chandrababu Naidu had sought the support of other parties for the motion, citing the NDA government's "non-fulfilment of the promise" to grant special status to his state...

Zydus Cadila gets USFDA nod for high blood pressure, heart failure treatment drug

2 hours ago

Business / Business Standard/ General News

Zydus Cadila has received final approval from the US health regulator to market Spironolactone tablets, used to treat high blood pressure and heart failure. Zydus Cadila has received the final approval from the United States Food and Drug Administration (USFDA) to market Spironolactone tablets in the strengths of 25 mg, 50 mg and 100 mg, the company said in a BSE filing. The approved drug is also used to treat swelling (edema) caused by certain conditions like heart failure and liver disease by removing excess fluid and improving symptoms such as breathing problems, it added. Zydus Cadila said the drug will be produced at the group's manufacturing facility at Baddi. The group has more than 210 approvals, and so far filed over 330 abbreviated new drug applications (ANDAs) since it started filings in 2003-04. Shares of Cadila Healthcare, the listed entity of the group, were trading 1.85 down per cent at Rs 336.95 per scrip on BSE...

Singapore likely to ease regime to allow routing of offshore funds

2 hours ago

Business / Business Standard/ Editor's Pick

Move may accelerate migration of offshore funds from high-risk jurisdictions such as Mauritius and Cayman Islands to Singapore..

Apple Watch, FitBit may be hit by Trump's tariffs on China, US rulings show

2 hours ago

Business / Business Standard/ Latest News

These devices have all been determined by US Customs and Border Patrol officials to fall under an obscure subheading of data transmission machines in the sprawling list of US tariff codes..

Time allotted to oppn in no-confidence debate inadequate, Speaker unfair: Kharge

2 hours ago

Business / Business Standard/ General News

Leader of the Congress in the Lok Sabha Mallikarjun Kharge today accused Speaker Sumitra Mahajan of being unfair in allotting too little time to the opposition in the debate on the no-confidence motion and said the discussion cannot be treated as Question Hour. The 32 minutes allotted to his party is grossly inadequate, Kharge said. A few minutes to each speaker is not enough to raise the host of issues, including those affecting farmers, women and Dalits, he added. Some parties have been allotted 25 minutes and some just 15 minutes, Kharge pointed out. "....there is a problem of farmers, Dalit issues, women issues. Can these issues be explained in one minute. You need at least half an hour for each speaker. The biggest party is being allotted 32 minutes by the speaker and they say the allotment is as per rules," Kharge told reporters outside Parliament. The speaker, he said, can bring an amendment in rules for allotment of more time. "The debate on the no-confidence motion cannot be ...

Trade war, higher US interest rate pose capital flight risk for India: S&P

2 hours ago

Business / Business Standard/ Latest News

Trade issues and higher US interest rate could create outward capital flow pressure for India, but risks this year are more moderate compared with 2013, S&P Global Ratings said today. In its report APAC Economic Snapshots- July 2018', S&P said Asia-Pacific region's macroeconomic growth momentum remains strong despite further trade tensions between the US and China. It said economic data from India continue to be positive overall. The purchasing manager indices are above 50 and trending upward, suggesting a broad-based and strengthening upturn. The rupee has stabilised in recent weeks, although trade issues and higher US interest rate could again create outward capital flow pressure, S&P said. Credit growth is also accelerating. Trade growth looks robust, but higher oil prices are hurting the overall external balance. Rising oil prices are also pushing inflation higher, it added. While India remains vulnerable to capital outflow pressures arising from higher US interest .....

Crude oil futures rise 0.81% on firm global cues

2 hours ago

Business / Business Standard/ General News

Crude oil futures rose by Rs 37 to Rs 4,627 per barrel today after participants widened their bets tracking a firming trend in Asia. At the Multi Commodity Exchange, crude oil for delivery in September was trading higher by Rs 37, or 0.81 per cent, at Rs 4,627 per barrel with a business turnover of 44 lots. The August contract also moved up by Rs 22, or 0.47 per cent, to Rs 4,721 per barrel with a business volume of 1,700 lots. Marketmen attributed the rise in crude oil futures to raising of bets by participants in line with a firming trend overseas. Meanwhile, West Texas Intermediate crude prices for August delivery soared 0.13 per cent to trade at USD 68.33 a barrel while Brent crude was up 0.28 per cent at USD 72.78 on the New York Mercantile Exchange...

Nickel futures drop as participants trim bets

2 hours ago

Business / Business Standard/ General News

Nickel prices eased by 0.39 per cent to Rs 924 per kg in futures market today as traders cut down their bets, driven by subdued demand from consuming industries in the spot market. Nickel for delivery in August drifted lower by Rs 3.60, or 0.39 per cent, to Rs 924 per kg in a business turnover of 23 lots at the Multi Commodity Exchange (MCX). On similar lines, the metal for delivery in July contracts shed Rs 3.50, or 0.38 per cent, to Rs 919.80 per kg in 1,125 lots. Analysts said the fall in nickel prices in futures trade was mostly attributed to trimming of positions by participants due to tepid demand from alloy-makers at the domestic spot market amid weakness in select base metals overseas...

Veteran Chhattisgarh politician Ramchandra Singhdeo passes away

3 hours ago

Business / Business Standard/ General News

The former and first finance minister of Chhattisgarh, Ramchandra Singhdeo, passed away on Friday at a hospital here.The 88-year-old Congress party leader breathed his last at around 1:30 AM in the city's Ramkrishna Hospital.Singhdeo had been sick for last few months, and was supposed to travel to New Delhi for his medical treatment.He was born on February 13, 1930 in Baikunthpur in the Koriya district of Chhattisgarh.After completing Masters Degree in Science, the senior politician took a doctorate (PhD) in life science.He served as the Minister of Water Resources before Chhattisgarh was carved out of Madhya Pradesh in 2000. He was known as a bold leader, who would often defy his party line for the welfare of the common people.The first Chief Minister of Chhattisgarh, Ajit Jogi, chose him as the minister with key portfolios, including finance, commercial tax and planning...

Truckers go on indefinite strike; supply of essential items to be impacted

3 hours ago

Business / Business Standard/ Latest News

They have also demanded that diesel be included in GST..

Class 8 girl's body found hanging from tree

3 hours ago

Business / Business Standard/ General News

The body of a Class 8 student, who had been missing for a day, was found hanging from a tree in a village in Muzaffarnagar district of Uttar Pradesh today, police said. Police said they suspect the girl was raped and then killed in Majlispur Tofir village. According to girl's family, she had gone to relive herself yesterday morning and did not return. The body has been sent for postmortem. An investigation is on, police said...

Delhiites wake up to overcast sky, light rains expected

3 hours ago

Business / Business Standard/ General News

Delhiites woke up to an overcast sky with the minimum temperature settling at 27.2 degrees Celsius and humidity at 91 per cent, according to the MeT department. The MeT department recorded 3.7 mm rainfall and predicted light showers in some parts of the city during the day. The humidity level recorded at 8.30 am was 91 per cent. "The skies will remain generally cloudy and the maximum temperature is expected to settle at 37.8 degrees Celsius," an official of the department said. The maximum temperature yesterday was 37.8 degrees Celsius, while the minimum temperature was 28.8 degrees Celsius...

WhatsApp tweaks message forwarding options in India to curb toxic rumours

3 hours ago

Business / Business Standard/ Latest News

The Facebook-owned platform will be limiting forwards of photos, videos and messages to five chats in India and remove the quick forward button next to media messages..

Govt turns down SC collegium recommendation on chief justice of Delhi HC

3 hours ago

Business / Business Standard/ Latest News

The govt had recently stalled the elevation of Uttarakhand High Court Chief Justice K M Joseph to the Supreme Court citing seniority and regional representation..

Sterlite Tech rises 7% on strong Q1 results, record order book position

4 hours ago

Business / Business Standard/ Latest News

The stock rallied 7% to Rs 324 on the BSE after the company reported nearly two times increase in net profit on YoY basis in June quarter and an all-time high order book position of Rs 60.34 billion...

Liquidity crunch looms for Indian bonds as IDFC recalls taper pain

4 hours ago

Business / Business Standard/ Latest News

Yet, India is better prepared than five years ago to endure a shock, Real yields are much higher, the economy is in better shape, and the central bank has a clear mandate to target inflation..

After Google fined $5 bn, Trump says EU 'taking advantage of the US'

5 hours ago

Business / Business Standard/ Latest News

EU officials on Wednesday also ordered Google to stop using its popular Android mobile operating system to block its rivals..

What is a no-confidence motion? Find out as BJP govt, Opposition square off

5 hours ago

Business / Business Standard/ Latest News

The stage is all set in the Lok Sabha for a clash between the ruling National Democratic Alliance and the Opposition..

Global Markets: Asian stocks choppy, sentiment shaken by sliding yuan

5 hours ago

Business / Business Standard/ Top Stories

TOKYO (Reuters) - Most Asian stock markets retreated on Friday after China allowed its yuan currency to slide further, stoking concerns Beijing's currency management could become the next flash point in a fierce trade conflict with the United..

Burberry burns products worth $37 mn so that 'wrong people' don't buy them

6 hours ago

Business / Business Standard/ Latest News

According to a report by The Times, the upmarket clothing line, famous for its checked design, has destroyed 90 million pounds of products in the past five years..

IRF slowly gaining in volume as banks start taking position in bond market

6 hours ago

Business / Business Standard/ Today's Paper

The worst that IRF volumes witnessed in recent times was in June..

Army shutting down high-tech project in bid to save Rs 30 billion cost

6 hours ago

Business / Business Standard/ Today's Paper

The army says equipping the 800-plus combat units with BMS would cost an unaffordable Rs 500-600 billion, going by prototype development costs..

MARKETS LIVE: No-confidence motion debate gets underway; Nifty tests 11k

6 hours ago

Business / Business Standard/ Latest News

Catch all the market action here...

After Rs 800 million makeover, Bombay House set to reopen on July 29

7 hours ago

Business / Business Standard/ Today's Paper

Overall, the earlier dull interior with low technology has given way to a lot more colour and vibrancy..

Ankur Capital in process of raising second fund of $50 mn from investors

7 hours ago

Business / Business Standard/ Today's Paper

Ankur Capital raised its first fund of Rs 500 million in 2016..

Small- and mid-cap meltdown: Difficult times call for a review of strategy

7 hours ago

Business / Business Standard/ Latest News

HNI investors experiencing pain in mid- and small-cap oriented PMS and AIF schemes need to review their funds, portfolios, and investment strategies..

'Small, close to office' is the new mantra for the home-buying millenial

7 hours ago

Business / Business Standard/ Latest News

However, buyers need to check public transport facilities and connectivity to major areas..

Punjab CM seeks cooperation of counterparts in controlling drug menace

7 hours ago

Business / Business Standard/ General News

Punjab Chief Minister Captain Amarinder Singh sought the cooperation of his counterparts in Haryana, Himachal Pradesh and Rajasthan to end the drug menace in Punjab.The Chief Minister also sought the assistance of Union Home Minister Rajnath Singh, to whom Delhi Police reports, to control the cultivation and smuggling of narcotics and to ensure that no safe havens are allowed to drug peddlers and smugglers in the state.Earlier, Singh had announced free treatment for poor drug addicts at all state-run de-addiction centres.Following a meeting with civil surgeons, medical superintendents and principals of the government medical colleges, the Chief Minister had ordered the police not to harass addicts or their families in any way, read a statement.He had even directed to ensure that necessary funds for free treatment are immediately placed at the disposal of the concerned deputy commissioners.Amarinder Singh had said that he would sanction funds from the chief minister's relief fund if .....

Timely withdrawal

7 hours ago

Business / Business Standard/ Latest News

Public objections led poll-bound govt to rethink FRDI Bill..

Summer reading suitcases

8 hours ago

Business / Business Standard/ Today's Paper

If every book you took with you while travelling was enjoyable, you might accidentally read through them all - and be, once again, faced with the horrifying prospect of actually talking to your family..

"General" versus "narrow" intelligence

8 hours ago

Business / Business Standard/ Latest News

AI general intelligence may be further away than the optimists believe..

Punjab: Cricket betting racket busted, 2 held

9 hours ago

Business / Business Standard/ General News

The Punjab Police have busted a cricket betting racket and apprehended two bookies in Ludhiana.The police also seized Rs 1 lakh, 13 mobile phones and a tablet from their possession."Father and son have been arrested and a case has been registered. We have seized cash worth more than Rs 1 lakh along with 13 mobile phones and a tablet," the police said.The further investigation in the matter is underway...

Odisha: 5 school children mowed down by truck

10 hours ago

Business / Business Standard/ General News

Five school children were crushed to death while six left critically injured after a truck ran over them in Odisha's Bhadrak district on Thursday.Chief Minister Naveen Patnaik has announced an ex gratia relief of Rs 2 lakh each to the families of the deceased. The injured students will receive free medical support, he added.The incident took place at around 4 pm on National Highway 16 at Ranitala when the children were returning from school on their bicycles.The driver and the cleaner of the bus fled the spot.Following the incident, residents of the area reportedly set the truck on fire.10 platoons of police force were deployed to contain the situation after the agitated public attacked the police vehicles.At around 9.30 pm, police cleared the National Highway and sent the dead bodies for post-mortem...

Digital retail lending may reach $1 trn in the next 5 years, says report

11 hours ago

Business / Business Standard/ Latest News

Digital retail lending has seen explosive growth both globally and in the country, a report by the Boston Consulting Group (BCG) said..

Govt, developers and bankers discuss problems in the realty sector

11 hours ago

Business / Business Standard/ Latest News

The FM wants banks, developers and the ministry to work in a collaborative way for the sector..

Donald Trump says he is 'not thrilled' with Federal Reserve's rate hikes

11 hours ago

Business / Business Standard/ Top Stories

Trump added that he was concerned that the Fed's rate hikes may put the United States at a "disadvantage"..

Diesel price rise, toll fees: Nationwide truckers strike begins today

12 hours ago

Business / Business Standard/ Top Stories

Truckers key demands include reduction in Central and state taxes by getting diesel under the GST..

Trai notifies new rules to check pesky calls and spam messages

12 hours ago

Business / Business Standard/ Top Stories

Trai has asked telecom operators to put in place the blockchain-based solution in the next five months..

Check fake news or face legal action, govt warns WhatsApp in second notice

12 hours ago

Business / Business Standard/ Top Stories

WhatsApp to be treated as abettors if fail to check circulation of rumours..

12 teachers injured in road accident in Haryana

13 hours ago

Business / Business Standard/ General News

Twelve school teachers sustained injuries after a vehicle they were travelling in collided head-on with an oil tanker on the Bhiwani-Loharu road near Lohani village here today, police said. The teachers of Arya School were headed for Bhiwani in a jeep when the accident occurred, Bhiwani police station in-charge Deshraj said, adding that most of the victims were stuck inside the vehicle for quite some time after the mishap. The injured included seven women and five men, he said. They were rushed to the Chaudhary Bansilal Hospital here, the officer said, adding that four among them were in critically condition and were referred to the PGIMS, Rohtak...

Mathura lawyers stage protest demanding speedy probe in attack on colleague's father

13 hours ago

Business / Business Standard/ General News

Lawyers today staged a protest demanding speedy investigation into the attack on a advocate's father here. Rohtan Singh, the father of advocate Rahul, was shot at on July 12 and is currently battling for life at a hospital here, Santosh Sharma, President of Mathura Bar Association said. The protesters claimed that the though the police was delaying the arrest of the accused. The accused will not be spared and they will be nabbed soon, the SSP Babloo Kumar said. Sharma said Kumar assured the protesters that there will be a transparent investigation and it will be expedited...

Liquidity crisis for gems, jewellery sector as Nirav Modi case scares banks

13 hours ago

Business / Business Standard/ Top Stories

Lenders are seeking 200% collateral and unusual compliance to avoid loan disbursement..

Trump: Media wants a war with Russia

13 hours ago

Business / Business Standard/ General News

US President Donald Trump claimed today the media "wants" the US to be in a "major confrontation with Russia", as he tried defend his summit meeting with Russian counterpart Valdimir Putin. He called the "fake news media" the "real enemy of the people", saying that the summit with Russian President Vladimir Putin earlier this week was "a great success". Trump's tweet comes on the heels of his clarifications of statements regarding Russia and election meddling and following his widely-panned press conference with Putin in Helsinki. His comments came amidst an uproar in the US media and his political opponents that he showed signs of weakness in his press conference with Putin in Helsinki on Monday in which he appeared to accept Putin's denial on Russia's US election meddling over the assessment of the American intelligence community. By Tuesday, Trump was forced to take the rare step of admitting a mistake, telling reporters that when he said, "I don't see any reason why it would be .....

Manipur youth beaten to death by cousin over monetary dispute

13 hours ago

Business / Business Standard/ General News

A 25-year old youth from Manipur was beaten to death here early on Thursday by his cousin over a monetary dispute, police said...

Those seeking guaranteed returns should opt for traditional plans

13 hours ago

Business / Business Standard/ Today's Paper

In a non-participating plan, the benefits are clearly guaranteed at the outset..

Tie-up with Congress in MP possible: Akhilesh

13 hours ago

Business / Business Standard/ General News

Samajwadi Party President Akhilesh Yadav on Thursday did not rule out an arrangement with the Congress in the upcoming Madhya Pradesh assembly elections...

Bajaj Finance's stellar show on strong demand; net profit rises 81% in Q1

14 hours ago

Business / Business Standard/ Top Stories

The faster growth was despite some headwinds in the form of volatile weather which impacted demand..

Pak says case against India on Kulbhushan Jadhav's conviction strong

14 hours ago

Business / Business Standard/ Latest News

India had moved the International Court of Justice (ICJ) in May last year after Jadhav, 48, was sentenced to death..

Letter to BS: LIC is acting as a proxy for the govt by investing in PSBs

14 hours ago

Business / Business Standard/ Today's Paper

It is understood that this is adversely impacting the returns it gets from its investments and ultimately lowering its solvency ratio..

Letter to BS: Kerala's 'pay and stay in prison' plan is an interesting idea

15 hours ago

Business / Business Standard/ Today's Paper

It is unfortunate that the government of India is yet to bring back Indian fugitives from foreign countries..

Aircel-Maxis case: CBI pressured to file charge sheet, says Chidambaram

15 hours ago

Business / Business Standard/ Today's Paper

Besides Chidambaram and Karti, the CBI also named 10 individuals, including public servants, and six companies as accused in the case..

SIT on black money revises cap on cash holding from Rs 2 mn to Rs 10 mn

15 hours ago

Business / Business Standard/ Top Stories

The SIT has also recommended that the entire amount found in seizures crossing that limit should go to the government treasury..

Aion-JSW Steel wins Monnet Ispat bid for Rs 28.7 bn; banks take 74% haircut

15 hours ago

Business / Business Standard/ Latest News

The National Company Law Tribunal (NCLT) today approved a Rs 2,875-crore bid by a consrotium of Aion Investments-JSW Steel to acquire the bankrupt Monnet Ispat & Energy, JSW Steel said. The bankrpupt Monnet owes over Rs 11,000 crore to a clutch of lenders. This means that banks and other financial creditors will take a massive 74 per cent haircut as the bid is worth only three-fourths or 26 per cent of the dues. The Aion-JSW consortium was the sole bidder for the 1.5 million tonne asset in Chhattisgrah, the company added. JSW Steel said detailed NCLT order is awaited as the tribunal gave a verbal order today with some modifications to the original bid. But it is not immediately known what are the modifications that the tribunal has sought, and when contacted JSW Steel refused to elaborate stating they are awaiting the detailed order. "NCLT today verbally approved the bid by Aion Investments-JSW Steel for Monnet Ispat. The consortium will hold 75 per cent equity in in..

Rupee slips 43 paise against dollar; ends at a lifetime low of 69.05

15 hours ago

Business / Business Standard/ Today's Paper

The rupee had touched an all-time low intra-day low of 69.10 on June 28 but had recovered later on suspected RBI intervention..

Mid-year economic review set to make a comeback, maybe out in December

16 hours ago

Business / Business Standard/ Today's Paper

The review will not only present data, trends but also list out the achievements of the Narendra Modi government..

Cabinet to highlight Modi govt's achievements to win no-trust motion debate

16 hours ago

Business / Business Standard/ Latest News

The opposition parties have brought the motion against the government on several issues like special status to Andhra Pradesh, cow vigilantism, lynchings, atrocities against women..

Edelweiss looks to define its identity around the spirit of games

16 hours ago

Business / Business Standard/ Today's Paper

The company decided to follow through on its association with sports as part of its corporate social responsibility initiatives..

Section 377 to Ayodhya, CJI Dipak Misra has miles to go before he retires

17 hours ago

Business / Business Standard/ Today's Paper

The chief justice's recent judgments suggest a shift to the liberal side, but a crowded legislative and administrative agenda remains his biggest challenge..

Carnival cinemas ink pact with Elan Group; marks presence in UAE, Bahrain

17 hours ago

Business / Business Standard/ Latest News

Novo Cinemas currently operates 104 screens with over 16,000 seats across 10 properties in the UAE and Kingdom of Bahrain..

WNS posts 34% profit growth in Q1; Organic growth, currency drive numbers

17 hours ago

Business / Business Standard/ Latest News

On a sequential basis, margins shrunk due to impact of our annual wage increases; advance hiring and infrastructure build out for project ramps, and higher share-based compensation expense..

Intex to export smartphones from new Greater Noida plant in next 2 months

18 hours ago

Business / Business Standard/ Latest News

Intex targets to double localisation of its smartphones from 30% to 60% once the new plant goes upstream in the next 2 months..

Crypto-heist insurance is the hot new play in bitcoin wild west

18 hours ago

Business / Business Standard/ Latest News

The collapse in the price of Bitcoin this year hasn't helped matters either..

AirAsia announces $30 bn deal for 100 Airbus planes, eyes European routes

19 hours ago

Business / Business Standard/ Latest News

The first delivery of the fuel-efficient widebody jets will arrive towards the end of 2019..

Surge in dollar boosts corporate interest in currency hedging strategies

19 hours ago

Business / Business Standard/ Latest News

The dollar's recent strength is a sharp departure from its weakening trend in 2017 when it delivered a boost to large US companies..

HC appoints committee for holding Mohun Bagan club elections

19 hours ago

Business / Business Standard/ General News

The Calcutta High Court today appointed a three-member committee of retired judges for holding Mohun Bagan Club elections by September 15 after two warring groups of the club opted for a court-initiated settlement. Justice Sekhar Bobby Saraf directed that two members from each group would assist the retired judges of the high court in holding the election. Retired justices Susanta Chatterjee, Dilip Seth and Asim Kumar Roy will hold the election and were requested by Justice Saraf to complete the process preferably by September 15. Justice Saraf heard the counsels of the two warring factions of the club extensively and got them to arrive at a consensus for holding the elections to the 129-year old club. The two groups are loyal to Mohun Bagan president Swapan Sadhan Bose and general secretary Anjan Mitra, respectively. The duo had administered the club together for a long time, but fell apart about a year ago. Mahesh Tekriwal, a former executive member from Bose's group, had moved ....

Possibility of India losing US trade dispute in WTO on export support: Secy

19 hours ago

Business / Business Standard/ General News

Commerce Secretary Rita Teaotia today said there was a "real" possibility that India could lose the trade dispute that the US had filed in the WTO on export subsidies. This, she said, was because income levels in India had crossed the threshold for exports to be subsidised. "There is a real possibility that India will lose the trade dispute with the US at WTO over subsidising exports," she said at an ICC interaction here. However, India has been responding "very strongly" to the US allegations, Teaotia said. She said while direct subsidy to exports cannot be given, the government can legitimately support regulatory compliances required in other countries. "Benefits to services exports will remain untouched, and GST refunds to exporters will continue as well," she said. Support for input subsidy is also legitimate, the commerce secretary said. "However, incentive only for exports is not eligible. There must be a cost incurred and then compensation." The government has already set up ...

Fortis EGM on Aug 13 to seek shareholders nod for stake sale to IHH

19 hours ago

Business / Business Standard/ General News

Fortis Healthcare today said extra ordinary general meeting (EGM) of the company will be held on August 13 to seek shareholders nod for its acquisition by Malaysia's IHH Healthcare. Last week, Fortis Healthcare board had approved a Rs 4,000-crore offer from IHH Healthcare for 31.1 per cent stake in it, valuing the cash-strapped firm at Rs 8,880 crore. The transaction, to be carried out via IHH Healthcare's arm Northern TK Venture Pte Ltd, was to be followed up by an open offer for an additional 26 per cent stake in Fortis. In a notice for the EGM, Fortis Healthcare said that the consent of shareholders is being sought for issuance of 23,52,94,117 equity shares on preferential basis at a price of Rs 170 per share aggregating up to Rs 4,000 crore to Northern TK Venture Pte Ltd. The company is also seeking nod from shareholders to reclassify Malvinder Mohan Singh, Malvinder Mohan Singh- Trust, Shivinder Mohan Singh, Harpal Singh, Abhishek Singh, Fortis Healthcare Holdings Pvt Ltd, Malav ...

Harvard signs MoU with Jindal university

19 hours ago

Business / Business Standard/ General News

Harvard University and O P Jindal Global University has signed a Memorandum of Understanding (MoU) to expand their collaboration in research and educational activities in the field of human rights, development and public health. The two universities have agreed for a student engagement through an annual teaching session at Harvard for Jindal students. C Raj Kumar, Vice Chancellor of Jindal Global University (JGU), in a statement, said that the varsities will also conduct joint conferences on themes of interest to both the institutions. "This collaboration has taken the form of an annual study abroad programme conducted at Harvard University for nearly 30 students from JGU. At the successful completion of the programme, the Jindal students will earn academic credits and the course will be reflected in the transcript," Kumar said. He also said that future conferences that are being considered under the MoU, include issues that are at the intersection of human rights, development, law, ....

India to remain fastest growing economy till FY20: Asian Development Bank

19 hours ago

Business / Business Standard/ Latest News

ADB said India is the dominant economy in the South Asia sub-region with its growth gaining momentum at 7.7 per cent..

Raasi Refractories' former promoters settle case with Sebi, pay Rs 15 lakh

19 hours ago

Business / Business Standard/ General News

Two former promoters of refractory bricks manufacturer Raasi Refractories have settled with Sebi a case related to alleged disclosure lapses after paying over Rs 15 lakh towards settlement. Ashok Kumar Agarwal and Sanjay Agarwal -- the two former promoters of Raasi Refractories -- had filed applications to settle the proposed adjudication proceedings for the delayed compliance with disclosure norms as required under the SAST (Substantial Acquisition of Shares and Takeover) Regulations, according to a Sebi order dated July 18. The regulator's High Powered Advisory Committee (HPAC) considered the settlement terms proposed by the former promoters and recommended the case for settlement on payment of Rs 15.31 lakh by them. The panel of whole time members of the Securities and Exchange Board of India (Sebi) also accepted the recommendation of the HPAC. Last month, Ashok Kumar Agarwal and Sanjay Agarwal remitted the settlement amount, following which the regulator settled the proposed .....

Off-highway tyre maker ATG to expand capacity, eyes 25% market

19 hours ago

Business / Business Standard/ General News

Off-highway tyre maker Alliance Tire Group, owned by Japanese tyre major Yokohama, is looking to grab 25% of the domestic market share in the next five years. Alliance Tire Group (ATG) mostly exports its 1.4-lakh tonne capacity from its two plants - Dahej in Gujarat and Tirunelveli in Tamil Nadu - to Europe and the US and serves a meagre 3 per cent of the USD 1.5-billion domestic market. The 60-year-old firm was born after Alliance of Israel, and Galaxy of the US came together some years back under the ownership of KKR and in 2009 was acquired by Yokohama Rubber Company. Since then it has grown from a USD 80-million company to USD 600 million in 2017, making it the fifth-largest off-highway tyre maker in the world. To meet its aggressive growth plans here, ATG plans to sew up alliances with mostly tractor original equipment manufacturers (OEMs) over the next one year as the domestic agriculture sector has lots of untapped potential. It also has plans to increase its .....

Gold edges down on lower demand, global cues

20 hours ago

Business / Business Standard/ General News

Gold prices slipped marginally by Rs 5 per 10 grams at the bullion market here today following lower demand from stockists and retailers amid weak global cues. Silver also fell further by Rs 195 to Rs 37,740 per kg due to reduced offtake by industrial units. Standard gold (99.5 per cent purity) moved down by Rs 5 to close at Rs 29,700 per 10 grams from Wednesday's closing level of Rs 29,705. Pure gold (99.9 per cent purity) also edged down by a similar amount to close at Rs 29,850 per 10 grams compared to Rs 29,855, yesterday. Silver (.999 fineness) declined by Rs 195 per kg to end at Rs 37,740 as compared to Rs 37,935 previously. Globally, gold prices sank to a fresh one-year low as the dollar powered higher following comments from US Federal Reserve Chairman Jerome Powell which reaffirmed expectations for more interest rate rises in the world's largest economy. Spot gold fell 0.8 per cent to USD 1,216.61 per ounce at early trade. Among other precious metals, silver was down 2 per .....

'Wrong' to project terrorism as Christianity-Islam clash, says Cameron

20 hours ago

Business / Business Standard/ General News

Former British prime minister David Cameron said today it was wrong to project terrorism as a clash between Christianity and Islam and called for a strategy to wipe out the extremist forces. Cameron, the Conservative Party leader who was the prime minister of Britain from 2010 to 2016, said it appeared to him from US President Donald Trump's comments that he viewed terrorism as a clash between Christianity and Islam. "Listening to Trump makes me feel that it is a clash between Christianity and Islam. It is wrong," Cameron said at an interactive session organised by the Indian Chamber of Commerce (ICC) here. According to Cameron, it was, indeed, a clash within Islam - between the civilised ones who want to practice their faith peacefully and those who had taken a radicalised and perverted view of the religion. The former British prime minister said: "Terrorism did not surface only in the Middle East. It also surfaced in Afghanistan, Pakistan and even in India and Britain". He said a .....

Sebi to auction HBN Dairies' six properties, fixes reserve price at Rs 154 cr

20 hours ago

Business / Business Standard/ General News

Markets regulator Sebi will auction six properties of HBN Dairies & Allied Ltd next month for a reserve price of Rs 154 crore. The move is a part of Sebi's effort to recover money raised by HBN Dairies through illicit collective investment schemes. In a notice, the Securities and Exchange Board of India (Sebi) said it has engaged SBI Capital Markets to assist it for sale of the properties of HBN Dairies and its directors. The auction of the company's six properties will take place on August 16 at a reserve price of Rs 154 crore. The properties to go under the hammer include a shopping mall cum multiplex, hotel and commercial plot in Punjab. "Sale or auction shall be through online bidding. Bidders can participate in the e-auction from anywhere," the regulator noted. It further said that the intending bidders should make their own independent enquiries regarding the litigations, attachments, liabilities of the property, in respect of the assets put on auction. The company had .....

Kamal differs with Rajini on greenfield road project

20 hours ago

Business / Business Standard/ General News

Taking a virtually opposite stand from his contemporary Rajinikanth, actor-turned-politician Kamal Haasan has said projects like the Chennai-Salem expressway should not be "forced" on people. Speaking to reporters at the airport here yesterday, the Makkal Needhi Maiam president sought to know whether there was no alternative route to reach Salem. "Did the people say their life will be derailed without the eight-lane project? Or is there no alternative route to reach Salem?" he said. On Rajinikanth's recent statement supporting the Rs 10,000 crore-project, which has been opposed by some quarters especially farmers, Haasan said, "People should first be consulted. Many political leaders have expressed their opposition to the project. People cannot be compelled to accept the project". On Sunday, Rajinikanth had said such big projects would lead to development of the country and result in creation of jobs. He had also wanted the government to adequately compensate people who would .....

It's not survival of the fittest: Janhvi on competition with Sara Ali Khan

20 hours ago

Business / Business Standard/ General News

It seems to be the year of the newcomer in Bollywood and debutante Janhvi Kapoor says she is excited as an audience to see fresh faces but it is unfortunate that she and another aspiring actor, Sara Ali Khan, have been pitted against each other. Daughter of late actor Sridevi, Janhvi makes her debut with Shashank Khaitan-directed "Dhadak" tomorrow, while Sara, daughter of actor Saif Ali Khan, will foray into Bollywood with "Kedarnath" later this year. Janhvi, 21, has high hopes for Sara and believes actors can coexist as it is not "the survival of the fittest kind of situation". "I'm really excited to see so many new faces, so much new talent. I've had the pleasure to know Sara. I think she's stunning, she is full of so much life and energy. I'm so much excited to see what she'll bring. So I know she's going to kill it," Janhvi told PTI. Asked about 2018 being the year of newcomers, Janhvi revealed that she had often been asked about her 'competition' with Sara while her co-star .....

Sebi bans Merlin Agri Projects, directors from markets

20 hours ago

Business / Business Standard/ General News

Sebi has banned Merlin Agri Projects India and its 13 directors from the securities market for at least four years and directed them to refund the money collected from investors without complying with the public issue norms. The Kolkata-based firm had issued and allotted redeemable preference shares (RPS) to at least 56 investors during financial years 2011-12 and 2012-13 and raised Rs 50.78 lakh. Since the shares were issued to over 50 people, the offer of RPS qualified to be a public issue and required compulsory listing of securities on a recognised stock exchange. However, Merlin did not comply with the provision. Among other requirements, the firm was to register a prospectus with the Registrar of Companies (RoC), which it failed to do. According to a Sebi order dated July 18, the firm and its directors have to refund the money, which the company had collected from the investors, with an annual interest of 15 per cent. Also, the directors have been restrained from associating .....

Top fixed deposit rates offered small finance, major, and other banks

20 hours ago

Business / Business Standard/ Latest News

Here is the chart for FD rates..

Bharat Innovation Fund closes USD 100 mn Fund

20 hours ago

Business / Business Standard/ General News

Bharat Innovation Fund (BIF), an early stage deep-tech and IP focussed venture fund, today said it has closed its first USD 100 million fund with participation from marquee institutional investors. "The pre-Series-A and Series-A focussed USD 100 million fund has secured around 50 per cent commitments from marquee institutional investors. The investors in the fund are corporates, banks, insurers, and fund of funds," it said in a statement. These include the likes of SIDBI through its Fund of Funds for Startups (FFS) programme, ICICI Lombard, Philips, Bajaj Electricals Ltd and RBL Bank among others, it added. Partners of the Fund include Kunal Upadhyay and Shyam Menon (co-founders of Infuse Ventures), Ashwin Raguraman (COO of India Innovation Fund), Sanjay Jain (former Product Manager at Google and Chief Product Manager at UIDAI), and Som Pal Choudhury (former Managing Director of Analog Devices, India). "Through its unique investors and team, BIF hopes to significantly de-risk the .....

ED carries out searches at 16 premises of alleged hawala operators

20 hours ago

Business / Business Standard/ General News

The Enforcement Directorate (ED) has carried out searches at 16 premises of alleged hawala operators in Delhi and adjoining areas and recovered Rs 3.65 crore, including foreign currency worth Rs 46 lakh, officials said today. During the searches, which were carried out on the business premises, offices and residences, the ED seized Indian currency amounting to Rs 3.19 crore and foreign currencies amounting to about Rs 46 lakh, thus making a total seizure of worth about Rs. 3.65 crore, an official said. These operators were involved in huge hawala transactions across several countries. Some of the hawala operators worked in close association and used each other's network for carrying out illegal transfer of money, the official alleged. Articles which were seized include several documents related to hawala transactions, property related documents, cheque books, diaries of contacts of hawala operators and their networks. Besides this, 11 laptops, 62 mobile phones, one Macbook, two .....

Maha to keep 16% seats reserved for Marathas in proposed mega

20 hours ago

Business / Business Standard/ General News

The Maharashtra government would allot 16 per cent of the 72,000 posts it is going to fill to the candidates of the Maratha community in the form of backlog if the Bombay High Court allows quota for the community, Chief Minister Devendra Fadnavis announced in the Assembly today. He made this announcement in response to an allegation by the Opposition members that the government was dragging its feet on fulfilling the assurances towards allotting quota to the Maratha community. Fadnavis also urged members of the Maratha and Dhangar communities to not stage protests in Pandharpur on the day of "Ashadhi Ekadashi" to avoid inconvenience to the Warkaris or devotees who throng the temple of Lord Vitthal. Ashadhi Ekadashi falls on July 23 this year. Maratha leaders had recently announced to stage a protest in Pandharpur against the state government's "failure" to award quota to Marathas in jobs and education institutions. The chief minister said the matter is currently pending ....

Rainfall forecast for next 24 hours :

20 hours ago

Business / Business Standard/ General News

Rainfall forecast for next 24 hours : East : Many places in Gangetic West Bengal, a few places in Nagaland-Manipur-Mizoram-Tripura, Sub-Himalayan West Bengal & Sikkim, Odisha, Jharkhand, isolated places in Arunachal Pradesh, Assam & Meghalaya, Bihar. North : Many places in Gangetic West Bengal, a few places in Nagaland-Manipur-Mizoram-Tripura, Sub-Himalayan West Bengal & Sikkim, Odisha, Jharkhand, isolated places in Arunachal Pradesh, Assam & Meghalaya, Bihar. Central : Most places in east Madhya Pradesh, many places in west Madhya Pradesh, Chhattisgarh, a few places in Vidarbha. Peninsula : Most places in Saurashtra & Kutch, Konkan & Goa, coastal Karnataka, Kerala, many places in Gujarat Region, south interior Karnataka, a few places in Madhya Maharashtra, north interior Karnataka, isolated places in Marathwada, coastal Andhra Pradesh, Telangana, Rayalaseema. Tamil Nadu. Islands : Most places in Lakshadweep, many places in Andaman & Nicobar...

Axis MF looks to raise Rs 1,500cr via equity hybrid fund's NFO

20 hours ago

Business / Business Standard/ General News

Axis Mutual Fund is looking to raise around Rs 1,500 crore through the new fund offer (NFO) of Axis Equity Hybrid Fund. The fund will invest between 65 and 80 per cent in equity and equity related instruments, and the rest in debt and money market instruments. "Axis Equity Hybrid Fund is a retail product. We are looking at participation of 70,000 retail investors and aims to garner around Rs 1,500 crore," Axis MF's managing director and chief executive officer, Chandresh Kumar Nigam, told reporters here. The offer will open on July 20 and close on August 3. Nigam said the NFO is aimed at investors looking to participate in the capital appreciation opportunities that equity investments provide, while limiting downside risk significantly using asset allocation and exposure to fixed income instruments. "We believe this should be a core product in a customer's long term portfolio," he added. The assets under management (AUM) of Axis MF currently stands at Rs 80,000 crore and..

Free Wi-Fi at railway stations soon! Here's how to access the service

20 hours ago

Business / Business Standard/ Latest News

Here is a step-by-step guide on how to access free Wi-Fi at the railway stations..

ECL Finance plans to raise up to Rs 2,000 cr via NCDs

20 hours ago

Business / Business Standard/ General News

ECL Finance (ECLF), the NBFC arm of Edelweiss Financial Services, is looking to raise up to Rs 2,000 crore through secured redeemable non-convertible debentures (NCDs) of various maturities. The base size of the NCD issue, which will open on July 24 and close on August 16, is Rs 500 crore, with a greenshoe option of Rs 1,500 crore. "The funds raised will be used to refinance old debt, growing businesses and for general corporate purposes," Edelweiss Financial Services president and chief financial officer S Ranganathan told reporters here today. It is offering an annual coupon rate of 9.45 per cent on three-year bond, 9.65 per cent on five-year bond and 9.85 per cent on 10-year bond. There is also a floating rate option which is linked to the overnight Mumbai Inter-Bank Offer Rate (MIBOR), under which investors can earn the average annualised overnight MIBOR plus 2.5 per cent per annum for three years. Axis Bank and Edelweiss Financial Services are the lead managers for ...

AAP backs TDP's no-confidence motion

20 hours ago

Business / Business Standard/ General News

A day ahead of the crucial no-confidence motion discussion in the Lok Sabha, a Telugu Desam Party (TDP) delegation met Delhi Chief Minister Arvind Kejriwal at his residence on Thursday to seek cooperation for its fight against the Center demanding justice for Andhra Pradesh.TDP Parliamentary Party leader Y.S.Chowdary along with party MPs K.Narayana, Malyadri Sriram, Nimmala Kristappa and T.G.Venkatesh met Kejriwal and handed over TDP President and Chief Minister of Andhra Pradesh N.Chandrababu Naidu's letter seeking support for the issue."The Centre is being ruled by BJP's dictatorship. It's a Hitler-like government (Hitlershahi ki sarkar hai). It has become a threat to structural federalism. The power of states is being continuously taken away. This government assured Andhra Pradesh to give them Special Status. However, they have betrayed them. They have backed out of their support," AAP leader Sanjay Singh told media here.Meanwhile, TDP leader Y.S.Chowdary said that the Centre has ...

Cadre restructuring under deliberation: South Western Army Commander

21 hours ago

Business / Business Standard/ General News

South Western Army Commander Lieutenant General Cherish Mathson today said the idea of cadre restructuring in the Indian Army was under deliberation. "There is a review which is going on but nothing has been decided. It is a thought process at this moment and under deliberation, and we all are to offer our recommendations," Mathson told reporters on the sidelines of Army-media seminar here. He was asked if the Army was considering the idea of cadre restructuring. The Army commander refused to divulge any further details on the matter. The Indian Army is said to be working on a major reform initiative under which structural changes may be brought in to make the force 'leaner and meaner'. According to sources, a high-level committee is considering various options including cadre restructuring as part of the initiative. They said the aim of the exercise is aimed at readying a larger talent pool for crucial tasks and bringing down the age of those commanding key formations. Lt Gen Mathson..

Cong protests as BJP MP says CBI will chargesheet ex-FM

21 hours ago

Business / Business Standard/ General News

Congress and BJP members today sparred in the Lok Sabha after a ruling party member claimed that the CBI was going to chargesheet a former finance minister in a criminal case involving fugitive economic offender Vijay Mallya. When BJP's Nishikant Dubey made the statement, Leader of the Congress Mallikarjun Kharge immediately questioned as to how was he aware of the impending CBI action and said it indicated that the agency was acting in a "pre-planned" manner. "It shows it is all pre-planned. How do you know it?... You are mentioning this. It means you get reports (from CBI)," he said intervening during Dubey's speech on the Fugitive Economic Offenders Bill. The BJP member had said that the finance minister during the UPA government was involved in the process of banks extending loans to Mallya. "I want to say... that the CBI is going to file a chargesheet and it will name the former finance minister," he said, drawing vociferous protests from Congress members. Though ....

Congress calculation wrong yet again: Ananth Kumar

21 hours ago

Business / Business Standard/ General News

A day ahead of the no-confidence motion in the Lok Sabha, Union Minister of Parliamentary Affairs Ananth Kumar on Thursday said just like in 1996, the Congress party will be proven wrong yet again in the trust vote in Parliament."Sonia ji's maths is weak. They had calculated similarly in 1996. We know what happened then. Their calculation is wrong yet again. The Narendra Modi government has majority, both, inside and outside Parliament. NDA will vote against the no-confidence motion. NDA+ will also support us," Kumar said while citing the example of the no-confidence motion against Atal Bihari Vajpayee government in 1996.His comment comes after United Progressive Alliance (UPA) chairperson Sonia Gandhi on Wednesday said that the Congress is confident and not worried about numbers ahead of the trust vote.When asked about the trust vote, Sonia Gandhi told media: "Who says we don't have the numbers?"Lok Sabha Speaker Sumitra Mahajan said on the first day of the monsoon session that the ....

Shiroor mutt seer passes away, poisoning suspected

21 hours ago

Business / Business Standard/ General News

The head of Udupi-based Shiroor mutt Sri Laxmivara Teertha Swamiji died today at a private hospital at Manipal , doctors said, adding there is suspicion of poisoning. "There is suspicion of poisoning and toxicological samples have been sent. However, his condition continued to deteriorate rapidly in spite of the best efforts of the medical team," The 54-year old pontiff was admitted to KMC Hospital in Manipal in the neighbouring Udupi district after he vomitted blood and complained of breathlessness yesterday, the mutt sources said. The hospital said the seer was found to be critically ill with breathlessness, severe hypotension and massive gastrointestinal bleeding when he was brought and that he had history of diarrhoea prior to this episode. A team of doctors provided medical care in the form of ventilator support, blood transfusion and dialysis but his condition deteriorated rapidly and he was declared dead, the hospital said. KMC medical superintendent Dr Avinash Shetty said as..