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Amritsar, the emerging fourth angle of Golden Triangle

8 days ago  
News / Tribune/ Business  
Neeraj Bagga Tribune News Service Amritsar, July 11 Amritsar is no longer a destination of day-trippers. The holy city is fast becoming a major attraction for tourists in the Golden Triangle circuit — Delhi, Agra and Jaipur — as they find value in spending at least two nights in the city and visit added attractions such as the Heritage Village, Gobindgarh Fort, Ram Tirath, War Museum and Sadda Pind. While the Golden Temple is still the centre of attraction, promotion of other destinations has prompted tourists to prolong their stay for two nights in the town. Earlier, they used to spend not even a single night as their itineraries to pay obeisance at the Golden Temple and to watch the retreat ceremony at Attari-Wagah checkpost was a half-day affair. Local tourism industry experts say tourists from the National Capital Region (NCR) have an added attraction in the cultural capital of Punjab. “Earlier, their choice was mostly confined to Agra and Jaipur. As a result..
                 

Rupee slips 5 paise to 68.87 against US dollar

8 days ago  
News / Tribune/ Business  
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TCS Q1 profit up 23% at Rs 7,340 cr

9 days ago  
News / Tribune/ Business  
Mumbai, July 10  The country’s largest software exporter TCS on Tuesday posted a 23.4% rise in consolidated net profit to Rs 7,340 crore for the first quarter ended June 30. The company had reported a net profit of Rs 5,945 crore in the same period previous fiscal, TCS said in a regulatory filing. The company  saw its income from operations grow at 15.8% to Rs 34,261 crore for the first three months of the current financial year, up from Rs 29,584 crore a year earlier. “We are starting the new fiscal year on a strong note, with the growth engine firing on all cylinders. Our banking vertical recovered very nicely this quarter, while other industry verticals maintained their momentum,” TCS CEO and MD Rajesh Gopinathan said. Gopinathan exuded confidence that the company is poised “well for the future” given a good set of wins during the quarter, a robust deal pipeline and accelerating digital demand. — PTI..
                 

Sensex reclaims 36K-mark in early trade ahead of key earnings

9 days ago  
News / Tribune/ Business  
Mumbai, July 10 The benchmark Sensex advanced by over 200 points to reclaim the 36,000-mark in early trade on Tuesday led by gains on IT, realty and capital goods counters, ahead of key quarterly results scheduled later in the day. The 30-share index rose for the third straight day by gaining 203.87 points, or 0.57 per cent, at 36,138.59 in early trade. IT, realty, capital goods, oil and gas, metal, tech, auto, PSU, power and banking stocks led the upward movement, by rising up to 1.16 per cent. The gauge had gained 360.17 points in the previous two sessions. The NSE Nifty also recaptured the 10,900 mark. The index was trading higher by 61.85 points, or 0.57 per cent, at 10,914.75. Support came from key stocks such as Yes Bank, RIL, Adani Ports, HDFC Bank, Bajaj Auto, SBI, Bharti Airtel, Tata Motors, ICICI Bank, Tata Steel, NTPC, Maruti, Tata Steel, Infosys, Coal India, L&T and HDFC, rising up to 1.72 per cent. Traders said widening of bets by investors ahead of Q1 numbers f..
                 

DoT clears Vodafone-Idea merger with riders

10 days ago  
News / Tribune/ Business  
Girja Shankar Kaura Tribune News Service New Delhi, July 9 The Department of Telecom (DoT) on Monday approved the merger of Vodafone India and Idea Cellular but with the conditions that the acquirer would have to pay over Rs 13,500 crore as deferred liabilities. In an order issued on Monday, the DoT has sought over Rs 6,300 crore as deferred spectrum payment liabilities in this regard from Vodafone Mobile Services Ltd (VMSL) and Vodafone India Ltd (VIL). Clearing the merger that will create the country’s largest mobile services operator, the order said that M/s Idea Cellular Ltd (ICL) shall replace Bank Guarantees by Ms VML and VIL towards the annual instalments amounting to Rs 2,004.50 crore, Rs 2,936.76 crore and Rs 1,484.34 crore in respect of the spectrum bought in auctions held in 2014, 2015 and 2016, respectively. It further said M/s ICL shall also submit a Bank Guarantee towards one-time spectrum charge (OTSC) for Rs 3,322.44 crore (Rs 2,894.95 crore in respect of M/..
                 

DoT clears Idea-Vodafone merger with conditions

10 days ago  
News / Tribune/ Business  
New Delhi, July 9  The telecom ministry (DoT) on Monday granted conditional approval to the long-pending merger of Vodafone India and Idea Cellular that will create the country's largest mobile services operator, an official source said. "DoT has cleared the Vodafone-Idea merger today. They will have to meet conditions for final approval," the source told PTI. The department has asked for a payment of Rs 3,926 crore in cash pertaining to one-time spectrum charge of Vodafone. The amount can be paid either by Idea or Vodafone. The DoT has also asked Idea Cellular to furnish a combined bank guarantee of Rs 3,342 crore, the source further said.  The combined operations of Idea and Vodafone will create the country's largest telecom operator worth over USD 23 billion (or over Rs 1.5 lakh crore), with a 35 per cent market share and a subscriber base of around 430 million. The merger is expected to give breather to both debt-ridden firms Idea and Vodafone, from cut-thr..
                 

File ITR-2 to show salary, capital gains income

11 days ago  
News / Tribune/ Business  
SC Vasudeva Q. I, a salaried employee, have following incomes: Gross salary: Rs 5,20,200; Bank FD: Rs 35, 000; and Long-term capital gain (equity mutual fund): Rs 30,000.Do I need to mention tax-free LTCG (equity mutual fund) of Rs 30,000 in the gross income? Can I show this LTCG income as exempt income (under Section 10(38)) in the ITR-1? Which ITR form is applicable to me? — Khush Goyal A. The form which you are required to file for declaring your income would depend on the income derived from various sources.  As you are having salary and interest income only and the exempt amount of long-term capital gain, the applicable form in your case shall be ITR-2.  The exempt amount of capital gain be shown in the column which requires an assessee to furnish details of income which are exempt from tax.  The exemption in respect of amount received on redemption of equity-oriented mutual funds should be claimed in case you are sure that the income from the LTCG earned i..
                 

NSE imposes Rs 1 cr fine on Electrosteel Steels

13 days ago  
News / Tribune/ Business  
New Delhi Electrosteel Steels, which is undergoing insolvency resolution process, on Friday said the NSE has imposed a penalty of over Rs 1 crore on the company for non-compliance of filing its financial results for the quarter and year ended on March 31, 2018, within the required time. As per norms, the company was to submit its audited financial results for quarter and year ended March 31, 2018, within 60 days from the end of the financial year. PTI New Delhi TCS market cap rises by Rs 12,099 crore Shares of Tata Consultancy Services (TCS) rose by nearly 2% on Friday, adding Rs 12,099.29 crore to its market valuation ahead of its June quarter results on Tuesday. The company’s stock gained 1.68% to settle at Rs 1,913.30 — its lifetime high — on the BSE. PTI Mumbai Forex reserves decline by $1.76 billion India’s foreign exchange reserves declined by $1.757 billion to $406.058 billion in the week to June 29 owing to fall in foreign currency assets, RBI dat..
                 

Petro products to be brought under GST in stages: Adhia

13 days ago  
News / Tribune/ Business  
New Delhi, July 6  Finance Secretary Hasmukh Adhia on Friday said the GST Council will consider bringing petroleum products under GST and it could happen in phases. Speaking on the issue, Central Board of Indirect Taxes and Customs Chairman S Ramesh said although there is demand for bringing petroleum products under GST, the GST Council will have to finalise modalities. Currently, diesel, petrol, crude oil, natural gas and aviation turbine fuel are outside the purview of goods and services tax, and states have the right to impose value added tax on these items. “One of the demands that is there before us, we will see... everything will happen in stages,” Adhia said at an event here. The civil aviation ministry has time and again voiced its concern on the high rate of taxes on aviation turbine fuel, which accounts for a significant chunk of an airline’s operational costs and also has a bearing on air fares. — PTI..
                 

Ford India recalls 5,397 units of EcoSport to fix faulty parts

13 days ago  
News / Tribune/ Business  
New Delhi, July 6 Ford India on Friday said it is recalling 5,397 units of its popular sports utility vehicle EcoSport to rectify faulty front lower control arm and driver and front passenger seat recliner locks. EcoSport produced at the company’s Chennai plant between May 2017 and June 2017 numbering 4,379 units are being inspected for weld integrity of the front lower control arm, the company said in a statement. “The weld strength on some of these vehicles may be below Ford specifications, which in rare cases, can potentially affect steering control,” it added. A control arm set connects the front suspension of the vehicle to its frame. The company said it is also writing to owners of 1,018 EcoSport vehicles, manufactured between November 2017 and December 2017, to inspect their cars for driver and front passenger seat recliner locks. The voluntary inspections are in line with the company’s commitment to deliver world-class quality vehicles to its cus..
                 

YouTube to invest $25mn in countering fake news

9 days ago  
News / Tribune/ Business  
 San Francisco, July 10 Video sharing platform YouTube has announced that it will invest $25 million to fight against fake news, especially for the urgent coverage of breaking news. YouTube, which is owned by Google, said on Monday that this investment will be part of the Google News Initiative (GNI), first introduced in March by the tech giant to help the media and to deal with fake news, reports Efe news. In addition, YouTube presented a series of new features on its website to help users avoid hoaxes. Beginning in the coming weeks, when YouTube users in the US search for videos on breaking news, they will see short excerpts of the news as well as the links to different media. In addition, YouTube will provide links to Wikipedia or the Encyclopedia Britannica with controversial videos or conspiratorial issues, such as the Moon landing. "We remain committed to working with the journalism community to build a more sustainable video ecosystem for news organizations,&quo..
                 

Mistry’s plea against removal as Tata Sons’ chief dismissed

10 days ago  
News / Tribune/ Business  
Mumbai, July 9  The National Company Law Tribunal (NCLT) on Monday dismissed pleas of Cyrus Mistry challenging his removal as Tata Sons’ chairman as also the allegations of rampant misconduct on part of Ratan Tata and the company's Board. A special Bench of the tribunal held that the Board of Directors at Tata Sons was "competent" to remove the chairperson of the company. NCLT Bench members BSV Prakash Kumar and V Nallasenapathy said Mistry was ousted as chairman because the Tata Sons' Board and its majority shareholders had "lost confidence in him". Reading out the judgment's operative part, the Bench said "he (Mistry) admittedly sent out crucial information related to the Tata firms to the Income Tax Department, leaked information to the press, and came out in public against the company and its Board members". It further said: "The removal of Cyrus Mistry as executive chairperson was because the Board lost confidence and not because ..
                 

FDI proposals await clearances

10 days ago  
News / Tribune/ Business  
Tribune News Service New Delhi, July 9 The abolition of the Foreign Investment Promotion Board (FIPB) in June 2017 has left some of the foreign investors in the lurch with ministries sitting on the proposals for more than a year, while the deadline for clearing them had been kept at 60 days. Even though the PMO has been keeping a close eye on this issue and seeking a periodic report from the ministries over the pending FDI proposals, movement in some of the ministries is just stuck with the competent authority not wanting to take a decision. The PMO had in December last reviewed the proposals which had been pending for more than three months following which there had been some movement and as late as May 2018, the Finance Ministry cleared FDI proposals worth Rs 3,250 crore. It said that in the same month, the government disposed of a total of five FDI proposals approving three and rejecting one while one was sent back to the applicant. However, one such proposal has been pending ..
                 

Cyrus Mistry to appeal against NCLT order

10 days ago  
News / Tribune/ Business  
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Higher MSP may have inflation, fiscal costs: Report

11 days ago  
News / Tribune/ Business  
New Delhi, July 8 Government’s decision to hike MSP for kharif crops is expected to impact GDP by 0.1-0.2 per cent besides adding to inflationary pressures, says a DBS report. According to the global financial services major, higher MSPs carry inflation as well as fiscal costs. “For the fiscal math, impact is likely to be in the tune of 0.1-0.2 per cent of GDP, which might necessitate higher revenue support or lower capex spending to limit any risk to the 2018-19 deficit targets,” DBS said in a research report. Seeking to address farm distress ahead of general elections, the Centre on July 4 hiked price paid to farmers for paddy by a record Rs 200 per quintal and by up to 52 per cent for other summer-sown crops. The move is expected to lead to higher inflation and widen fiscal deficit because of increase in food subsidy bill to over Rs 2 lakh crore from Rs 1.70 lakh crore provided in the Budget for 2018-19, experts said. As per the report, for the rest of this f..
                 

Trump begins trade war, Beijing vows to ‘fight back’

13 days ago  
News / Tribune/ Business  
Washington/Beijing, July 6  The US imposed punishing tariffs on Chinese imports on Friday, the first shots in what Beijing called “the largest trade war in economic history” between the world’s top two economies. At the stroke of midnight Washington time, the US implemented 25% duties on about $34 billion in Chinese machinery, electronics and high-tech equipment, including autos, computer hard drives and LEDs. Beijing said retaliatory measures “took effect immediately”. China did not immediately release details of the counter-tariffs but has previously said it would match the US measures dollar-for-dollar. Today’s tariffs could just be the opening skirmishes in the trade war, as US President Donald Trump has vowed to hit as much as $450 billion in Chinese goods, the vast majority of imports. Economists have warned that the tit-for-tat measures could throttle global growth and strike at the heart of the world trade system, causing shockwaves..
                 

Gold rises on sustained jewellers’ buying

13 days ago  
News / Tribune/ Business  
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Rupee slips 12 paise against US dollar to 68.84

9 days ago  
News / Tribune/ Business  
Mumbai, July 10 The rupee slipped 12 paise to 68.84 against the US dollar in early trade on Tuesday due to fresh buying of the American currency by importers amid sustained foreign fund outflows. Forex dealers said the dollar’s strength against a basket of some currencies overseas too weighed on the rupee, but a higher opening of the domestic equity markets limited the fall. On Monday, the local currency had gained 15 paise against the US dollar to close at 68.72 on sustained dollar selling by exporters and banks amid a stellar rally in local equities and losses in the greenback. Meanwhile, the benchmark BSE Sensex climbed 161.08 points, or 0.44 per cent, to 36,095.80 in morning trade. According to provisional data issued by stock exchanges, foreign portfolio investors (FPIs) sold shares worth a net of Rs 569.91 crore on Monday. PTI..
                 

Himachal’s job creation scheme has a slow start

10 days ago  
News / Tribune/ Business  
Ambika Sharma Tribune News Service Solan, July 9 Himachal Pradesh’s transformative startup scheme that was launched with much fanfare about two years ago “to turn the educated youth from job seekers to job creator” has so far attracted only 158 proposals.     The Department of Industries has already sent the proposed projects to eight identified incubators in different parts of the state for hand-holding, the government officials said. Most of the projects have been sent to IIT Mandi (37 proposals) for incubation. JP University of Information Technology (JUIT), Waknaghat, has been selected to nurture 33 proposals, CSIR Palampur (23), NIT Hamirpur (20), Dr YS Parmar University of Horticulture and Forestry, Nauni, and the Biotechnology Department, Himachal Pradesh University, Shimla, 15 each, officials said. The department has sent six startup proposals to the Agriculture University, Palampur, and one has been received by the Environment, Science and Tec..
                 

Chander Mohan takes charge as Executive Director of NHPC

10 days ago  
News / Tribune/ Business  
Chander Mohan has assumed the charge of Executive Director, NHPC, J&K Region. He shall be responsible for all operating NHPC power stations in J&K. He has worked in different capacities at various projects/power stations, including Dulhasti, Salal, Baglihar and also RE works in Leh and Kargil. Earlier, he was heading commercial division at NHPC Corporate Office, Faridabad. Kare Partners, Chandigarh, offers cost-effective treatment US-based healthcare provider “Kare Partners”, which started its operations in India in 2012, has established nine heart and surgery centres across the upper North of country. The Chandigarh centre has launched a charity plan under which it is providing an angioplasty procedure at Rs 60,000 for economically weaker section of the society. To avail this facility, a patient needs to have at least one of the certified documents, namely BPL card, a letter from sarpanch, MC, Deputy Commissioner or  SDM. Dr Raghu Yennamalli of Jaypee Unive..
                 

NCLT dismisses Mistry’s plea against removal as Tata Sons chairman

10 days ago  
News / Tribune/ Business  
Mumbai, July 9 The National Company Law Tribunal (NCLT) on Monday dismissed the pleas of Cyrus Mistry challenging his removal as Chairman of Tata Sons. Mistry was removed as the Tata Sons board chairman and majority of its members lost confidence in him, the NCLT Mumbai’s main bench of BSV Prakash Kumar and V Nallasenapathy said in a judgment. The tribunal said it was not accepting Mistry’s contentions that his removal was due to the result of mismanagement by the board and oppression of minority shareholders of the group. Mistry was removed because the board and majority of its members lost confidence in him after he sent out certain crucial information about the company to the I-T department, leaked details to the media and came out openly in public against the company’s shareholders and its board, the bench said. In October 2016, Mistry was ousted as Tata Sons Chairman. Two months later, he and his family-run investment firm, Cyrus Investments, app..
                 

Facebook stock at all-time high despite data breaches

12 days ago  
News / Tribune/ Business  
San Francisco, July 7 Despite the massive Cambridge Analytica data scandal and a couple of users' privacy issues owing to internal bugs, Facebook stock closed at an all-time record high of $203.23 on Friday. Investors are loving the social network more than ever that saw its stocks dipping earlier in 2018 when it was under an intense probe over data breach from the US and European governments, Fortune reported. Investors are also happy at the news that Facebook has grabbed its biggest sports streaming deal yet with the Premier League. The Times reported that Facebook has won exclusive rights to show all 380 live matches in parts of Asia — Thailand, Vietnam, Cambodia and Laos — from 2019 until 2022, in a deal worth about $264 million. Since going public in 2012, Facebook has seen its stock rise more than 400 per cent. In the latest privacy goof-up, Facebook admitted that over 800,000 users were affected by a bug on its platform and Messenger that unblocked some people..
                 

Ford India recalls 5,397 EcoSports

13 days ago  
News / Tribune/ Business  
New Delhi, July 6  Ford India said on Friday it is recalling 5,397 units of its popular sports utility vehicle EcoSport to rectify faulty front lower control arm and driver and front passenger seat recliner locks. EcoSport produced at the company’s Chennai plant between May 2017 and June 2017 numbering 4,379 units are being inspected for weld integrity of the front lower control arm, the company said in a statement. “The weld strength on some of these vehicles may be below Ford specifications, which in rare cases, can potentially affect steering control,” it added. A control arm set connects the front suspension of the vehicle to its frame. The company said it is also writing to owners of 1,018 EcoSport vehicles, manufactured between November 2017 and December 2017, to inspect their cars for driver and front passenger seat recliner locks. The voluntary inspections are in line with the company’s commitment to deliver world-class quality vehicles to its..
                 

Langar budget soars post GST

13 days ago  
News / Tribune/ Business  
GS Paul Tribune News Service Amritsar, July 6 The langar seva budget at the Golden Temple in Amritsar, Takht Sri Kesgarh Sahib in Anandpur and Takht Sri Damdama Sahib in Talwandi Sabo, Bathinda, has jumped by around Rs 10 crore in the past one year due to GST. The SGPC has to bear an additional expenditure of over Rs 3.8 crore in running the community kitchen at the Golden Temple since July 1, 2017, the day GST was implemented in the country. The world’s largest community kitchen at the Golden Temple serves free food to more than 55,000-60,000 people daily on weekdays. This number increases significantly on weekends.  Community kitchens across the state are bearing the GST burden despite the Central government’s relief under the ‘Seva Bhoj Yojna’. The Centre had announced the scheme on June 1, 2018. According to the scheme, the government would reimburse the Central components of GST paid by such community kitchens with a total outlay of Rs 325 crore f..