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IndiGo, Air India Express among top 5 cheapest airlines in the world

7 hours ago  
News / Tribune/ Business  
New Delhi, May 27 Low-cost carriers IndiGo and Air India Express have been ranked among the top five cheapest airlines in the world in providing international connectivity. Air India Express, the wholly-owned subsidiary of state-run carrier Air India has been ranked second and the budget carrier IndiGo placed at fifth position in a Global Flight Pricing Report prepared by Melbourne-based Rome2rio—a multimodal travel planning site. Two other Indian carriers also figured in the list. Jet Airways gained the 12th place followed by Air India at 13th position. The report compared 200 major airlines across continents by the average price per kilometer with Air Asia X taking the pole position. Air India Express, mostly connecting Gulf countries and Singapore, has an average cost of USD 0.08 per km and IndiGo USD 0.10 per km. The latter connects Indian cities with Gulf countries besides Bangkok, Colombo and Kathmandu. AirAsia X at the top has an average of USD 0.07 per km. The data..
                 

All 7 ITR forms released for e-filing: I-T Dept

yesterday  
News / Tribune/ Business  
New Delhi, May 26 The Income Tax Department on Saturday launched and activated all the seven ITR forms for e-filing by taxpayers, after more than a month of them being notified. The Central Board of Direct Taxes had notified the new income tax return forms for the assessment year 2018-19 on April 5. “All ITRs for AY 2018-19 are now available for e-filing,” the department said in a statement. The tax department has launched the ITR forms gradually since April 5 as the taxpayers have been looking forward to file their returns before the stipulated deadline of July 31. All seven ITRs are to be filed electronically on the official web portal of the department -https://www.incometaxindiaefiling.gov.in - except for some category of taxpayers, the CBDT had said. The new ITR forms mandate the salaried class assesses to provide their salary breakup, and businessmen their GST number and turnover. The ITR-1 called ‘Sahaj’ is largely used by the salaried class ..
                 

SEBI puts Chanda Kochhar on notice in Videocon case

yesterday  
News / Tribune/ Business  
Mumbai, May 25 Market regulator SEBI has served a notice on ICICI Bank CEO and MD Chanda Kochhar on dealings of the bank with Videocon Group and Nupower, an entity in which her husband Deepak Kochhar has economic interests, the private sector lender said on Friday. Appropriate response would be submitted to the SEBI, the bank said in a stock exchange filing. The CBI has launched a preliminary investigation into Rs 3,250 crore-loan ICICI Bank had extended to Videocon in 2012 and the possible role of Kochhar’s husband — Deepak Kochhar. Reports have alleged that Videocon chairman Venugopal Dhoot invested Rs 64 crore in Nu Power Renewables, a firm owned by Deepak Kochhar after Videocon secured a loan from a consortium of banks, including ICICI. ICICI Bank has denied any wrongdoing in the loan, saying it was part of a consortium of lenders that extended the facility to Videocon. The notice, the bank further said, has been issued based on information furnished by the bank/i..
                 

IDBI Bank’s net loss widens to Rs5,663 cr

yesterday  
News / Tribune/ Business  
                 

Brokerages offer free intra-day trading to woo new investors

yesterday  
News / Tribune/ Business  
Vijay C Roy Tribune News Service Chandigarh, May 25 With average trading volume at both the BSE and the NSE having increased significantly in the past two years, the brokerage industry is devising new ways to attract investors by offering free brokerage. The latest to offer is Kotak Securities Ltd which is offering free intra-day trading. The move comes at a time when discount brokerages such as Zerodha and Finvasia have witnessed an increase in their customer base. At present, less than 4% of Indian population has demat account as compared to 80% banking penetration. The number of demat account holders was 2.19 crore in 2016-17 which increased to 2.43 crore in 2017-18. Out of this, only 60,000 were active participants in 2016-17 and 76,000 in 2017-18. The data suggests that less than 25% of trading accounts are active. Kotak Securities recently announced the launch of ‘Free Intra-day Trading’ — an offering that gives self-directed investors freedom from brokerag..
                 

Samsung told to pay $533 m to Apple in patent case

yesterday  
News / Tribune/ Business  
                 

ED files chargesheet against NiMo, partners

2 days ago  
News / Tribune/ Business  
Mumbai, May 24 The Enforcement Directorate (ED) on Thursday filed its first chargesheet in the over $2 billion PNB fraud case involving diamantaire Nirav Modi and his associates, officials said. They said the about 12,000-page chargesheet or the prosecution complaint has been filed before a special court here under various sections of the Prevention of Money Laundering Act (PMLA). They added that the criminal complaint has only been filed against Nirav Modi, his associates and businesses and the entire gamut of issuance of fake Letters of Undertaking (LoU) by the Punjab National Bank (PNB) to his firms in alleged connivance with bank officials. It is expected that the agency would file a second chargesheet against Modi’s uncle and jeweller Mehul Choksi and his businesses. The chargesheet also details the attachments made by the agency against Modi and his associates in the past few months after it first registered an FIR in this case on February 14. The CBI had early this mo..
                 

Homebuyers may get quick refund from defaulters soon

3 days ago  
News / Tribune/ Business  
Girja Shankar Kaura Tribune News Service New Delhi, May 23 In a move that may instil faith back in homebuyers and lift the fledging real estate sector, the Union Government on Wednesday approved the promulgation of an ordinance to amend the insolvency law so as to treat home buyers as “financial creditors” on a par with lenders to help them quickly get refunds from defaulting companies in the insolvency process. The approval came at the Union Cabinet meeting chaired by Prime Minister Narendra Modi. The move is aimed at classifying homebuyers in such a way that they can participate equitably in the insolvency resolution process under the 16-month-old Insolvency and Bankruptcy Code (IBC). The amendment comes months after a new Section 29A was added to the bankruptcy code in November, introducing four layers of ineligibility for potential bidders. The 14-member Insolvency Law committee headed by Ministry of Corporate Affairs Secretary Injeti Srinivas had among other sug..
                 

Projects worth Rs1.2 lakh cr underway in Punjab: Assocham

3 days ago  
News / Tribune/ Business  
Chandigarh, May 22 As many as 248 projects, involving an investment of Rs 1.20 lakh crore, are under implementation in Punjab, with considerable cut in time taken for project completion, according to industry body Assocham. Most of the projects are in the services sector (other than financial) that constitute 45.1% of outstanding investment in 2017-18, followed by construction and real estate with 26.1% and manufacturing with 20.9%, said the study titled ‘Analysis of Punjab: Economy, Infrastructure and Investment,’ conducted by the industry body. “Investment plays a vital role in strong economic growth and benefits of investments could be transferred to the people. The state, under the leadership of Chief Minister Capt Amarinder Singh, is recording robust improvement in new investment," said Assocham secretary general DS Rawat. He said the state was also witnessing considerable improvement in the time taken for implementation of the projects...
                 

SEBI to auction properties, vehicles of Pancard next month

4 days ago  
News / Tribune/ Business  
New Delhi, May 23 Looking to recover over Rs 7,000 crore of investors’ money, markets regulator SEBI has put up for auction luxury vehicles and properties owned by Pancard Clubs. This is in addition to at least 57 properties which were auctioned between December and May with combined reserve price of more than Rs 3,000 crore. In two separate notices issued today, the Securities and Exchange Board of India (SEBI) said SBI Capital Markets will auction 17 properties of Pancard Clubs and three properties of its late CMD Sudhir Moravekar on June 27 at a reserve price of about Rs 1,733 crore. The properties listed for the sale include a four-star hotel, resorts, land parcels and office spaces in Maharashtra, Karnataka, West Bengal, Madhya Pradesh, Tamil Nadu and Kerala. Besides, the regulator has put on sale six vehicles, including Mercedes Benz, Toyota Innova and Hyundai Verna, owned by the company. The collective reserve price of the vehicles, which will be auctioned on June 8, ..
                 

RCom moves tribunal against insolvency order

4 days ago  
News / Tribune/ Business  
New Delhi, May 22 Reliance Communications has moved the National Company Law Appellate Tribunal (NCLAT) challenging its order allowing a plea for its insolvency filed by Swedish telecom equipment major Ericsson. Anil Ambani-run RCom’s plea is expected to be heard by the appellate tribunal in the coming week. RCom informed stock exchanges that it has approached NCLAT along with its two subsidiaries --- Reliance Telecom and Reliance Infratel--- to stay the order passed by the Mumbai NCLAT Bench on May 15. “The Directors of RCom and two of its subsidiaries on Tuesday filed appeals before the NCLAT challenging and praying to stay the order of NCLT Mumbai, whereby Ericsson applications had been allowed to be admitted for debt resolution under the NCLT IBC (Insolvency and Bankruptcy Code) process,” said a RCom spokesperson. NCLT had admitted an insolvency petition filed by Ericsson against RCon and two of its subsidiaries, seeking to recover Rs 1,150 crore. Ericsson had..
                 

Bhushan Steel gets new team post takeover

4 days ago  
News / Tribune/ Business  
New Delhi: Rajeev Singhal has become the new Managing Director of debt-laden Bhushan Steel Ltd which has been acquired by Tata Steel through the insolvency process. As per information on Bhushan Steel’s website, its new Board comprises a MD, one Independent Director and three Non-Executive Directors. While Krishnava Dutt has been appointed Independent Director, Anand Sen, Shuva Mandal and Dibyendu Dutta are new Non-Executive Directors. Meanwhile, the National Company Law Appellate Tribunal on Tuesday issued notices to the resolution professional and Committee of Creditors of Bhushan Steel over the plea filed by its creditor L&T, seeking to recover Rs 961.56 crore. PTI Black money list: ED seizes Burman’s assets New Delhi: The Enforcement Directorate (ED) on Tuesday said it had seized assets worth Rs 20.87 crore of Dabur Group Director Pradip Burman in connection with its FEMA probe in the HSBC bank black money list unearthed a few years ago. The ED initiated the acti..
                 

30 regional firms face insolvency proceedings

5 days ago  
News / Tribune/ Business  
Vijay C Roy Tribune News Service Chandigarh, May 21 At least 30 companies of the region are undergoing insolvency proceedings filed by banks before the National Company Law Tribunal (NCLT), Chandigarh, since the enactment of Insolvency and Bankruptcy Code (IBC) last year.  “These include Amtek Auto, SEL Manufacturing, James Hospitality, Arcee Ispat Udyog Ltd, Mor Farms (P) Ltd and Castex Technologies. The cases have been filed by the creditors, including Corporation Bank, SBI and PNB,” said sources.  Amtek Auto has a liability of Rs 14,000 crore. Recently, Liberty House, a part of Sanjeev Gupta’s global industrial group GFG Alliance, has been chosen as the highest preferred bidder for Amtek Auto’s assets, which include 35 automotive component plants across India, Japan, Thailand and Spain, employing 6,000 people. Similarly, SBI filed bankruptcy proceedings against Ludhiana-based textile player, SEL Manufacturing Company Ltd in October last year. ..
                 

Lexus India launches SUV LX 570 priced at Rs 2.33 cr

6 days ago  
News / Tribune/ Business  
New Delhi, May 21 Toyota group luxury automobile maker Lexus on Monday launched its flagship SUV LX 570 in India priced at Rs 2.33 crore (ex-showroom). The new LX 570 is powered by a 5.7-litre V8 petrol engine, Lexus India said in a statement. Lexus India Chairman N Raja said, “The addition of the LX 570 to our line-up in India offers our guests a striking vehicle with a commanding presence on the road, and exceptional ride quality to match.” The vehicle has a host of luxury features such as the Mark Levinson reference surround sound system with 19 speakers and high-definition 11.6-inch liquid crystal AI (Artificial Intelligence) displays for rear seats, among others. The 2018 LX 570 also introduces third-row seating which can transform easily to additional cargo space if needed, the company added. PTI..
                 

India mulls tariff hike on 20 US products

6 days ago  
News / Tribune/ Business  
New Delhi, May 20 In a retaliatory move, India has told the WTO that it proposes to raise duties by up to 100 per cent on 20 products such as almonds, apple and specific motorcycles imported from the US from next month, if Washington does not roll back high tariffs on certain steel and aluminium items. The additional duty proposed to be hiked on these items ranges from 5 per cent to 100 per cent. “India hereby notifies the Council for Trade in Goods of its decision to suspend concessions or other obligations ... that are substantially equivalent to the amount of trade affected by the measures imposed by the United States,” according to a communication by India to WTO.  It said the proposed suspension of concessions would be in the form of “an increase in tariffs on selected products originating in the US”.  It also said India reserves its right to further suspend substantially equivalent concessions and other obligations based on the measures..
                 

No change in PDS rates, says Paswan

8 days ago  
News / Tribune/ Business  
New Delhi, May 18 The government has decided not to hike prices of foodgrains sold via public distribution system (PDS) for one more year, Food Minister Ram Vilas Paswan said on Friday. Foodgrains are supplied at a highly subsidised rate of Rs 3 per kg for rice, Rs 2 per kg for wheat and Rs 1 per kg for coarse grains via ration shops under the National Food Security Act (NFSA). “The Prime Minister has approved to keep central issue price of rice, wheat and coarse grains unchanged at the rate of Rs 3, 2 and 1 per kg, respectively, for one more year,” Paswan said. By keeping the central issue price of foodgrains unchanged under the NFSA, the government has shown its commitment towards the well-being of depressed class, he said. Under the NFSA, which was passed in Parliament in 2013 during the UPA regime, there is a provision for revision of the issue prices of foodgrains every three years. — PTI..
                 

FM assures help to 11 PSBs under RBI scanner

9 days ago  
News / Tribune/ Business  
New Delhi, May 17  Finance Minister Piyush Goyal on Thursday promised all possible help to strengthen the 11 public sector banks placed under the ‘Prompt Corrective Action’ (PCA) framework by the RBI to check their deteriorating financial health. Under the PCA, banks face restrictions on distributing dividends and remitting profits. The owner may be asked to infuse capital into the lender. Besides, the lenders are stopped from expanding their branch networks and need to maintain higher provisions. Management compensation and directors’ fees are also capped. Goyal met heads of the 11 public sector banks here on Thursday. The 11 banks under PCA are Dena Bank, Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, BoI, Central Bank of India, Indian Overseas Bank, OBC and Bank of Maharashtra. — PTI..
                 

FMs of six states petition Prez against 15th Finance Comm

9 days ago  
News / Tribune/ Business  
Tribune News Service New Delhi, May 17 Upset over the terms of reference of the 15th Finance Commission, Finance Ministers from six states and UTs, including Punjab Finance Minister Manpreet Badal, today met President Ram Nath Kovind to lodge their protest. Besides Punjab, Ministers from Andhra Pradesh, Kerala, West Bengal, Puducherry and Delhi — all ruled by opposition parties — met the President and submitted a memorandum on the changes they want in the terms of reference. In the memorandum, they said the terms of reference of the 15th Finance Commission raise serious concerns and they are qualitatively different from that of the previous commission. “Some of the changes infringe on the provisions of the Constitution. Some others are disruptive of well-settled federal fiscal arrangements in India. Yet other changes constitute technical errors,” they said in the memorandum. The memorandum further said these changes will restrict the states from fulfilli..
                 

CBI files chargesheet against Mehul Choksi, 17 entities

10 days ago  
News / Tribune/ Business  
New Delhi, May 16 The CBI on Wednesday filed its chargesheet against billionaire jeweller Mehul Choksi and 17 other entities, including companies owned by him and other individuals, in connection with the over $2 billion PNB scam, officials said. The chargesheet was filed before a special CBI court in Mumbai. In the chargesheet, pertaining to an FIR against Choksi, the Gitanjali Group of companies and 16 other entities (including companies and individuals), the agency has slapped charges of criminal conspiracy, cheating and under the provisions of the Prevention of Corruption Act, the officials said. They added that this was a separate chargesheet from the one filed on May 14 against Choksi’s nephew Nirav Modi and stressed that the present chargesheet pertained to the FIR against Choksi. Supplementary chargesheets against Modi will also be filed soon, they said. The FIR was lodged on the basis of a complaint from the PNB, dated February 13. According to it, the alleged loss ..
                 

Markets end lower as Karnataka, Korea keep investors on edge

10 days ago  
News / Tribune/ Business  
Mumbai, May 16 Benchmarks stayed on the back foot for the second straight session on Wednesday as post-poll uncertainty in Karnataka and flaring up of tensions on the Korean peninsula sapped investor optimism. Banking stocks were battered after scam-scarred Punjab National Bank posted a record loss for the March quarter amid the government tightening the screws on some senior public sector bankers. The BSE Sensex sank 156.06 points to end at 35,387.88, while the Nifty lost 60.75 points to 10,741.10. Jockeying for power intensified in Karnataka, with both the JD(S)-Congress combine and the BJP trying to outmanoeuvre each other in the race for forming the government. Globally, most Asian markets fell after North Korea unexpectedly cancelled high-level talks with Seoul and threatened to call off the much anticipated summit with the US, reigniting tensions on the peninsula. The 30-share Sensex opened lower at 35,452.35 points and moved between 35,241.63 and 35,543.89 before finally f..
                 

Two independent directors of IDBI Bank quit after CBI files FIR

11 days ago  
News / Tribune/ Business  
New Delhi, May 15 Two independent directors Ninad Karpe and S Ravi have resigned from the Board of state-owned IDBI Bank days after the CBI filed FIR in connection with Rs 600-crore loan given by the bank to former Aircel promoter C Sivasankaran, his son and companies controlled by him. Karpe and Ravi cease to be independent directors of IDBI Bank with effect from May 11 and May 12, respectively, an official said. These directors had informed the Board, which took note of their resignations on Monday. The CBI's FIR had also named many officials, including some of the independent directors including these two. The case pertains to loans of Rs 322 crore and Rs 523 crore given to the companies of Sivasankaran, who was at the centre of Aircel-Maxis probe for alleging that the then telecom minister Dayanidhi Maran had put pressure on him to sell his company to a Malaysian telecom tycoon, a case in which Maran brothers have been discharged by a special court. The loans later turn..
                 

Rupee sinks 56 p to 68.07 a dollar

11 days ago  
News / Tribune/ Business  
Tribune News Service New Delhi, May 15 The rupee on Tuesday crashed by 56 paisa to breach the 68-mark to the US dollar mark, for the first time since January last year as rising crude oil prices and growing trade deficit added to worries over the currency. The rupee has been one of the worst-performing currencies in the Asia Pacific region in the current year. The trade data released on Tuesday showed that for April oil imports were valued at $10.4 billion, up 41.45% over April 2017. As domestic retail petrol and diesel prices begin to be revised upwards with the Karnataka elections getting over, foreign broking house, Morgan Stanley estimated that prices are currently benchmarked to $71-72 a barrel and to make up for the margin loss by oil companies in the last nearly three weeks need to be raised by 6% or around Rs 4.5 a litre. It, however, remains to be seen what kind of revision is passed on...
                 

Sensex slips 59 pts on Cong-JD (S) alliance buzz in K'taka

12 days ago  
News / Tribune/ Business  
Mumbai, May 15 After soaring over 436 points in early trade, stock markets entered the negative terrain towards the fag end on Tuesday amid poll trends indicating that the BJP might fall short of simple majority in Karnataka.  The benchmark Sensex gave up all gains and was trading lower by about 59 points at 35,497.92 on reports that Congress would offer support to the JD (S) to form the government in Karnataka. As per latest poll trends, the BJP was leading on 104 seats, while Congress was ahead on 76 and JD (S) on 39. Investors who had created huge position after early trends on hopes of BJP win trimmed their bets after the saffron party seat prospects shrank. The 30-share BSE index hit a high of 35,993.53 in morning trade. Later, it met with profit-booking at higher levels and slipped in the negative zone, falling 58.79 points, or 0.16 per cent to trade at 35,497.92. The 50-share Nifty reclaimed the key 10,900-mark to touch a high of 10,929.20 in initial trade and fell..
                 

Merger of Telenor with Airtel gets DoT approval

12 days ago  
News / Tribune/ Business  
Tribune News Service New Delhi, May 14 Country’s largest telecommunication services provider Airtel and Telenor South Asia Investments Pte Ltd on Monday announced the completion of their transaction, wherein Airtel has acquired the operations of Telenor (India) Communications Private Limited (“Telenor India”). All existing customers of Telenor India will now become a part of Airtel network, Bharti Airtel said in a late evening statement. With the completion of this transaction, Airtel’s total mobile customer base in India now stands at over 330 million. Earlier in the day, the DoT had approved the long-pending merger of Telenor with  Airtel. The approval came within days of the Supreme Court rejecting DoT’s petition for security deposit of around Rs 1,700 crore from the companies and directed it to approve the merger. The guarantee included Rs 1,499 crore for one-time spectrum charge for the radiowaves allocated to Airtel without auction, and ove..
                 

Sonalika to foray into China

12 days ago  
News / Tribune/ Business  
New Delhi, May 14  Sonalika International Tractors Ltd (ITL) plans to enter the Chinese market this year as it looks to expand market to double overall sales to 2 lakh units annually in the next five years, a top company official said. The company, which crossed one lakh units sales milestone in 2017-18, is looking at assembling its tractors in China with localisation of certain contents through a local partner. “We are in the phase of fixing our localisation plant, and fixing how the business will work...Towards the end of this year we should see a physical start in China,” Sonalika ITL Executive Director Raman Mittal said. When asked about the local partner, he declined to comment and said it would be announced at an appropriate time when the company is fully ready with its plans for the Chinese market. — PTI..
                 

RBI puts deposit, lending restrictions on Allahabad Bank

12 days ago  
News / Tribune/ Business  
New Delhi, May 14 State-run Allahabad Bank on Monday said the Reserve Bank has imposed restrictions on its lending to risky assets and raising high-cost deposits in view of deteriorating financial health. The directive has come within days of the RBI imposing similar restrictions on another state-run lender Dena Bank, which is under the Prompt Corrective Action (PCA) of the central bank. The RBI having regard to the bank’s CRAR and leverage ratio position has advised certain additional actions, Allahabad Bank said in a filing on stock exchanges. The central bank asked Allahabad Bank, which is already under the PCA mechanism, to restrict expansion of risk weighted average and reduce exposure to un-rated and high-risk advances, the filing said. Meanwhile, the government today said it has initiated action for removal of Allahabad Bank CEO Usha Ananthasubramanian following the CBI’s first charge sheet in the USD 2 billion fraud at PNB detailing her role. Action is likel..
                 

Air India records 20 pc growth in revenue

14 days ago  
News / Tribune/ Business  
New Delhi, May 13 Air India has recorded a 20 per cent growth in revenue in March-April 2018 and has embarked on a route analysis exercise, focussing on increasing flying hours of each of its aircraft, to add more trips, the airline's chairman-cum-managing director, Pradeep Singh Kharola, said. The airline is focussing on improving the operational efficiency both in the domestic and international sectors even as it is buoyed over the load factor, on time performance and revenue growth, Kharola told PTI. "During March-April, the revenue has increased by about 20 per cent as compared to the same period last year at roughly about Rs 3,000 crore, though expenses continue to remain high," he said, adding that the airline has benefitted from the overall growth in the aviation market. He pinned high hopes on international routes, generating 70 per cent of Air India's total revenue, stating that the new destinations such as Tel Aviv is giving good returns to the carrier.  T..
                 

Govt seeks $3.8 bn from RIL, ONGC, Shell

2 days ago  
News / Tribune/ Business  
New Delhi: The government has reiterated a demand for $3.8 billion from Reliance Industries, Shell and ONGC following an English court ruling over government share from the Panna-Mukta and Tapti fields in western offshore. In a regulatory filing, RIL said the government had on May 2017 sought $3.8 billion as its share from the western offshore field and has "recently repeated its demand". The liability is to be split between the three companies in proportion to their stake in PMT. State-owned Oil and Natural Gas Corp (ONGC) has 40% interest while RIL and Shell hold 30% apiece. The demand pertains to interpretation of the contract for the Panna-Mukta and Tapti (PMT) oil and gas fields in the Arabian Sea.  In December 2010, BG Exploration & Production India Ltd and RIL, initiated an arbitration against the Government of India (GoI) after a dispute over the state's share of profit and royalty from Panna-Mukta and Mid and South Tapti contract areas off the west coast. PT..
                 

Non-executive chairpersons of three PSBs appointed

2 days ago  
News / Tribune/ Business  
                 

Govt appoints non-executive chairpersons at 3 PSBs

2 days ago  
News / Tribune/ Business  
New Delhi, May 24 The finance ministry on Thursday appointed non-executive chairpersons at Punjab and Sindh Bank, Dena Bank and Central Bank of India, as part of its agenda to reform public sector banks. Public sector banks (PSBs) have been plagued by mounting bad loans and massive losses. Several scams, including the USD 2 billion fraud at PNB, too have been unearthed in banks. “As part of banking reforms and on recommendation of Banks Board Bureau (BBB), the government appoints Charan Singh, Anjali Bansal, and Tapan Ray as non executive chairperson of Punjab & Sind Bank, Dena Bank and Central Bank of India, respectively,” said Financial Services Secretary Rajiv Kumar in a tweet. Charan Singh has served at IMF as senior economist and at Reserve Bank of India as director. Anjali Bansal is founder of Spencer Stuart’s India and had worked with McKinsey and Company. Tapan Ray has served as Secretary in the Ministry of Corporate Affairs. Meanwhile, source said ..
                 

Tata Motors Q4 net profit down nearly 50%

3 days ago  
News / Tribune/ Business  
New Delhi Tata Motors on Wednesday reported 49.82% decline in consolidated net profit to Rs 2,176.16 crore for the fourth quarter ended March 31, 2017-18. It had posted net profit of Rs 4,336.43 crore in the corresponding period of 2016-17. It consolidated income from operations during the quarter stood at Rs 91,279.09 crore. PTI Chandigarh Bajaj Finance offers EMI on lifestyle products Bajaj Finance has launched a campaign ‘Fit For Life Fest’ to offer fitness and wellness products at no-cost EMI option. Under the offer, customers can avail products such as cycles, spa treatments, gym memberships, fitness equipment, smart watches etc. and treatment for hair restoration, cosmetic surgery, eye care, dental care, maternity, IVF and stem cell on EMI. tns New Delhi TCS expands operations in Florida India’s largest IT services firm TCS on Wednesday said it has expanded operations in Florida, US, with over 430 employees joining the company as part of its deal with Tra..
                 

Govt should review taxes on petrol, diesel: HPCL chairman

4 days ago  
News / Tribune/ Business  
New Delhi, May 23 There is a need to review taxation on petrol and diesel to provide relief to consumers after rates touched an all-time high, HPCL Chairman and Managing Director Mukesh Kumar Surana said on Wednesday. One trigger after another has led to the 10th consecutive day of increase in retail selling price of petrol and diesel, but there is no case for going back on benchmarking domestic rates against international prices, he said. Surana said he was not aware of any meeting called by Oil Minister Dharmendra Pradhan or anyone else in the government to discuss the rising prices. More than a week after the state-owned oil firms ended a 19-day pre-Karnataka poll hiatus on revising fuel prices, petrol and diesel rates have touched record highs. Petrol costs Rs 76.17 per litre in Delhi, while diesel sells for Rs 68.34. In the last nine days, petrol price has risen by Rs 2.54 a litre and diesel by Rs 2.41. “We should find methods to handle (such) situation from time to ti..
                 

Cars to become costlier from June

4 days ago  
News / Tribune/ Business  
Tribune News Service New Delhi, May 22 Car prices are set to increase in June as major carmakers have “decided” to pass on higher input costs to customers. Sources said Maruti Suzuki India Ltd and Hyundai Motors India Ltd are likely to increase vehicle prices by almost 2 per cent from the next month. Others may follow suit. Maruti has sent an e-mail to its dealers, informing about a price increase across models in June. Rakesh Srivastava, Hyundai Motors, Director (sales & marketing), said, “We have been absorbing the hike in input costs with an increase in commodity prices, a freight increase with a hike in fuel prices and also the increase in custom duties of certain components. We are now constrained to pass the same to customers in our products with increase up to 2 per cent from June.” The increased prices will be applicable for all Hyundai models, except Creta 2018. The auto companies have also attributed the proposed hike to depreciation of the ..
                 

SBI posts Q4 net loss of Rs 7,718 cr on higher bad loans

5 days ago  
News / Tribune/ Business  
New Delhi, May 22 The country’s largest lender SBI on Tuesday posted a standalone net loss of Rs 7,718.17 crore for the March quarter due to higher non-performing assets (NPAs). The bank had reported a net profit of Rs 2,814.82 crore in the corresponding period of 2016-17. Sequentially, the loss widened from Rs 2,416.37 crore in the third quarter ended December 2017. Total income during the January-March quarter was up at Rs 68,436.06 crore, from Rs 57,720.07 crore in the same period a year earlier, the bank said in a regulatory filing. Gross NPAs, as a percentage of gross loans, jumped to 10.91 per cent from 6.90 per cent at March-end 2017. Net NPAs rose to 5.73 per cent of the net advances compared to 3.71 per cent last year. Stock of SBI was trading 5.2 per cent up at Rs 257.85 on BSE in afternoon trade. — PTI..
                 

Won’t ask RBI to ease PCA framework, says FinMin

5 days ago  
News / Tribune/ Business  
New Delhi, May 21  The Finance Ministry is not seeking any relaxation from RBI in its prompt corrective action (PCA) framework and has instead asked banks to adopt differentiated business strategy, exit non-core businesses and focus on core competencies, an official said on Monday. Finance Minister Piyush Goyal had last week met heads of 11 public sector banks (PSBs) which have been identified under the PCA to check their deteriorating financial health and promised all possible help to strengthen them. Banks facing PCA are reeling under mounting non-performing assets (NPAs) or bad loans. As of December-end, Indian banks had NPAs of more than Rs 8 lakh crore of which the major chunk was from PSBs. Besides, some lenders have been hit by frauds. PNB, for instance, has reported fraud of over Rs 13,400 crore carried out allegedly by diamond jeweller Nirav Modi and his associate Mehul Choksi. Under the PCA, banks face restrictions on distributing dividends and remitting profits, wh..
                 

Indian firms grappling to comply with upcoming EU data privacy law

6 days ago  
News / Tribune/ Business  
New Delhi, May 21 As the European Union (EU) gets ready to implement the much-awaited General Data Protection Regulation (GDPR) to harmonise data privacy laws for its citizens from May 25, most of the Indian organisations are still grappling to comply with the stringent regulation. Containing 99 articles and 173 recitals, GDPR has key requirements that directly impact the way organisations implement IT security, thus addressing the key security tenets of confidentiality, integrity and availability of data. According to the latest forensic data analytics survey by Ernst & Young (EY), only 13 per cent of the Indian firms have a plan to comply with GDPR by May 25. As India is not present in the list of countries approved for data portability and transfer, GDPR poses an extra challenge for domestic firms that operate in the EU. “It is imperative for Indian firms to plan and continue their journey towards compliance even after May 25, to ensure continuity of business within t..
                 

RIL gets green nod for Rs 2,338cr expansion project in Maharashtra

7 days ago  
News / Tribune/ Business  
New Delhi, May 20 Reliance Industries (RIL) has received environment clearance for the expansion and optimisation of its petrochemical complex at Nagothane in Raigad district of Maharashtra at an estimated cost of Rs 2,338 crore. “The environment clearance has been given to the RIL’s expansion and debottlenecking of petrochemical project at Nagothane,” a senior Environment Ministry official said. The approval, given based on the recommendations of an expert panel, is subject to compliance of certain conditions, the official said. The proposal is to expand the gas cracker and downstream plants located at Nagothane village in Raigad district by way of debottlenecking, expansion and change of fuel in captive power plant (CPP) along with expansion and rebuilding of residential township. The cost of the proposed project, expected to be commissioned in stages, is estimated to be Rs 2,338 crore, the official added. As per the proposal, no additional land and manpower i..
                 

RCom, Ericsson in talks to settle Rs1,000-cr debt

8 days ago  
News / Tribune/ Business  
Girja Shankar Kaura Tribune News Service New Delhi, May 18 Anil Ambani-controlled Reliance Communications (RCom) on Friday said it was in “advanced” talks with Swedish gear maker Ericsson to resolve their dispute over the telco’s dues worth over Rs 1,000 crore. In a statement issued here, RCom spokesperson said, “We confirm that RCom and Ericsson are at an advanced stage of discussions to expeditiously resolve commercial issues. This will enable Reliance Communications to exit the NCLT (National Company Law Tribunal) process.” The company added that it is confident of speedily proceeding with its plan to sell wireless assets to Reliance Jio for Rs 18,000 crore to trim its Rs 46,000-crore debt from as many as 31 domestic and international banks. “RCom is confident to expeditiously proceed with its monetisation plan with Reliance Jio and overall resolution plan with the lenders, keeping in mind interests of all stakeholders,” the spokespers..
                 

Rs 4-per-litre hike in fuel prices in offing, says report

9 days ago  
News / Tribune/ Business  
New Delhi, May 17  A Rs 4-per-litre increase in petrol and diesel prices is in the offing if state-owned fuel retailers are to return to pre-Karnataka poll hiatus margin levels, brokerage firms said. No sooner had Karnataka polled to elect a new state government, state-owned Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) on Monday ended a 19-day hiatus in revising petrol and diesel prices and reverted to the practice of changing rates on a daily basis. Since then petrol price has risen by 69 paisa a litre, including a 22-paisa hike effected on Thursday that took rate in Delhi to Rs 75.32, the highest in almost five years. Diesel prices have gone up by 86 paisa a litre, including 22 paisa increase on Thursday that took the rate to their highest ever of Rs 66.79 a litre in Delhi. “Our computation suggests that downstream oil marketing companies (OMCs) are required to increase retail prices of diesel by a steep Rs 3.5-4 a lit..
                 

NiMo scam: SEBI raps PNB for late disclosures

9 days ago  
News / Tribune/ Business  
Mumbai, May 17  Punjab National Bank on Thursday said SEBI has warned it for delay in disclosures to stock exchanges about the $2-billion fraudulent transactions allegedly carried out by Nirav Modi and Gitanjali Group. Taking serious note of delay in making disclosures, SEBI has issued a warning letter to state-owned PNB — the country’s second largest lender. The PNB was defrauded of over $2 billion allegedly by diamond trader Nirav Modi and his associates by fraudulent use of LoUs and Foreign Letters of Credit (LoC) in connivance with certain bank officials. “The...non-compliances are viewed seriously and PNB is hereby warned and advised to be cautious in future to ensure compliance with all applicable provisions of the SEBI Regulations,” SEBI said in a communication to the bank. The SEBI’s warning letter has been posted by the bank on stock exchanges as part of regulatory filing. SEBI observed that there were delays of 1-6 days by PNB in makin..
                 

Punjab educational institutes pip industry in filing patents

10 days ago  
News / Tribune/ Business  
Vijay C Roy Tribune News Service Chandigarh, May 16 It seems educational institutes in Punjab are more aware than industry when it comes to intellectual property rights (IPRs). Punjab-based two educational institutes are among the top 10 applicants for patents from institutes and universities. As many as 207 patent applications were filed from Punjab in 2016-17. Out of this, 59 were filed from these two institutions. Chandigarh Group of Colleges (CGC), SAS Nagar, and Chitkara University occupied the seven and eighth position, respectively. While the former has filed 30 applications, the latter filed 29 patent applications in 2016-17. The Indian Institutes of Technology (collectively) with 400 applications occupied the first position while Amity University with 106 and Indian Institute of Science with 54 occupied second and third place, respectively. CGC chairman Satnam Singh Sandhu said, “We have introduced research and innovation at undergraduate level to promote creative ..
                 

Air India to phase out remaining 3 Classic A320s by December

10 days ago  
News / Tribune/ Business  
Mumbai, May 16 Disinvestment-bound flag carrier Air India will phase out its remaining three Classic A320 planes, which are nearly three decade old, from the fleet by the end of this year. The airline had in April 2014 announced its plans to retire all 14 single-isle double-bogey wheel planes from its fleet in a phased manner after it decided to induct more fuel-efficient Airbus A320 neo planes into operations. Air India has already removed 11 classic A320 planes out of operations and the remaining three such aircrafts will be going out of the fleet by December this year, a senior company official told PTI. The official said that though these planes are still flying, but they are carrying out limited operations. “Most of the time these planes are on a stand-by mode and they perform one or two schedule flight in a day,” the official said. Earlier, the carrier had planned to retire these planes by March this year. The Indian Commercial Pilots Association (ICPA) &mdash..
                 

April exports rise 5.17% to $25.91 billion

11 days ago  
News / Tribune/ Business  
New Delhi: Exports grew by 5.17% to $25.91 billion in April compared to the same month last year on account of healthy performance by engineering, chemicals and pharmaceutical segments, according to the Commerce Ministry data. Imports too grew by 4.60% to $39.63 billion in the month on yearly basis, leaving a trade deficit of $13.72 billion. PTI New Delhi Atal Pension Yojana crosses 1-crore mark Atal Pension Yojana (APY) has added over 1 crore subscribers since its launch in May 2015, the Pension Fund Regulatory and Development Authority (PFRDA) said on Tuesday. APY was launched in May 2015 and current number of subscriber stands at 1.10 crore,  the PFRDA said. TNS New Delhi Nalco sets target of Rs 9,350-crore revenue Aluminium major National Aluminium Company Limited (Nalco) has set the highest- ever target of Rs 9,350-crore revenue from operations, 15% higher than previous year, for FY 2018-19. It has signed an MoU with the Ministry of Mines for the same.  ..
                 

NCLT approves Tata Steel bid for debt-ridden Bhushan Steel

11 days ago  
News / Tribune/ Business  
Plea of Bhushan employees dismissed- The tribunal also dismissed a plea filed by the employees of Bhushan Steel opposing Tata Steel’s bid and imposed a fine of Rs1 lakh- The NCLT also dismissed the plea of engineering major L&T seeking higher priority in recovery of loan and imposed a fine of Rs1 lakh- It also rejected Bhushan Energy’s plea to continue its power purchase agreement with Bhushan SteelNew Delhi, May 15 The National Company Law Tribunal (NCLT) on Tuesday approved Tata Steel’s bid for debt-ridden Bhushan Steel. The tribunal also dismissed a plea filed by the employees of Bhushan Steel opposing Tata Steel’s bid and imposed a fine of Rs 1 lakh.The Bench comprising NCLT president Justice MM Kumar and SK Mohapatra also dismissed the plea of engineering and construction major L&T seeking higher priority in recovery of loan and imposed a fine of Rs 1 lakh.L&T, which is an operational creditor of Bhushan Steel, had sought higher priority in recovery of debt in the resolution proce..
                 

Fraud hit PNB posts biggest quarterly loss of Rs 13,417 crore in Q4

11 days ago  
News / Tribune/ Business  
New Delhi, May 15 Scam-hit Punjab National Bank on Tuesday posted loss of Rs 13,416.91 crore for the January-March period, the biggest ever by any domestic lender, as bad loans surged. The state-owned bank had reported standalone profit of Rs 261.90 crore in the fourth quarter of the preceding fiscal, 2016-17. With regards to provision made for the loss incurred on account of Nirav Modi fraud, the bank said it provided for Rs 7,178 crore, 50 per cent of the total amount of Rs 14,356 crore in the fourth quarter of 2017-18. The remaining amount will be covered in the three quarters of the current fiscal year. PNB further said it has paid Rs 6,586.11 crore to other banks to discharge its liabilities towards Letter of Undertakings (LoUs) and Foreign Letter of Credits (FLCs) issued fraudulently and in unauthorised manner to certain overseas branches of Indian banks through the misuse of SWIFT system of the bank, which was then not integrated with CBS (core banking solutions). Modi and ..
                 

Expectations of BJP victory in Karnataka lift equity indices

12 days ago  
News / Tribune/ Business  
Mumbai, May 15 MUMBAI: Expectations of a BJP victory in Karnataka assembly election lifted the key Indian equity indices during the mid-morning trade session on Tuesday. According to market observers, broadly subdued Asian indices, and disappointing macro-economic inflation data points released on Monday capped some gains. Sector-wise, healthy buying was witnessed in banking, capital goods, metals, consumer durables and automobile stocks. Around 10.25 a.m., the broader Nifty50 of the National Stock Exchange (NSE) traded at 10,921.80 points -- up 115.20 points or 1.07 per cent -- from its previous close. The barometer 30-scrip Sensitive Index (Sensex), which opened at 35,537.85 points, traded at 35,966.64 points -- up 409.93 points or 1.15 per cent -- from its previous session's close of 35,556.71 points. Sensex has so far touched a high of 35,993.53 points and a low of 35,498.83 points during the intra-day trade. "Early trend shows that the possibility of hung assembly has ..
                 

Rising fuel prices push up wholesale, retail inflation

12 days ago  
News / Tribune/ Business  
Tribune News Service/PTI New Delhi, May 14  Inflation based on wholesale prices touched a four-month high of 3.18% in April on increasing prices of petrol and diesel as well as fruits and vegetables. The Wholesale Price Index (WPI) based inflation stood at 2.47% in March and 3.85% in April last year. WPI inflation, which was on a declining trend since December 2017, accelerated in April due to an unfavourable base effect, a seasonal uptick in food prices and the pass through of rising global crude oil prices. Inflation in December was 3.58%. According to government data released on Monday, inflation in food articles was at 0.87% in April 2018, as against a deflation of 0.29% in the preceding month. Inflation in fruits was in double digits at 19.47% in April, up from 9.26% in March. In the ‘fuel and power’ basket in WPI, petrol inflation spiked to 9.45% in April from 2.55% in March while in case of diesel, it jumped to 13.01% from 6.12% in the previous month. Mean..
                 

HUL Q4 net profit up 14% to Rs1,351 crore

12 days ago  
News / Tribune/ Business  
New Delhi: FMCG major Hindustan Unilever Ltd (HUL) on Monday reported 14.2% increase in its standalone net profit to Rs 1,351 crore for the fourth quarter ended March 31, mainly on the back of volume growth. Net sales during the quarter under review stood at Rs 9,003 crore, up 2.62%, as against Rs 8,773 crore in the corresponding period of the last fiscal. PTI Chandigarh Automated fueling facility at HR Kalka Depot Dhanpat Singh, Additional Chief Secretary (Transport), Haryana, has inaugurated automated fueling facility at Haryana Roadways, Kalka Depot. The facility has been developed by Indian Oil Corporation. It will help in monitoring the diesel issued to buses on a real-time basis. This will help is controlling the diesel expenditure of Haryana Roadways with improved monitoring. TNS Chandigarh Bajaj Auto opens dealership in Panchkula Bajaj Auto has announced the launch of its new dealership, Panchkula Bajaj, in Industrial Area, Panchkula. The 6,000-sq ft facility also ho..
                 

Chinese bank launches India-dedicated investment fund

13 days ago  
News / Tribune/ Business  
Beijing, May 14 A state-run Chinese bank has launched the country’s first India-dedicated publicly offered investment fund, saying the Indian market offers the best opportunity for Chinese investors due to the prospects of double-digit growth. The fund, named the Industrial and Commercial Bank of China (ICBC) Credit Suisse India Market Fund, will “invest in exchange-traded funds listed on more than 20 exchanges in Europe and the US that are based on the Indian market”.  It is China’s first publicly offered fund for investing in India, state-run Global Times reported. The fund will invest in the future of the Indian economy and track the distribution of the industrial structure across the Indian market, the report quoted a fund manager as saying. The move, regarded as significant by observers to boost investments in India comes just about a fortnight after the first-ever informal summit between Prime Minister Narendra Modi and Chinese President Xi Jinp..
                 

Flipkart could go public in as early as 4 years: Walmart

14 days ago  
News / Tribune/ Business  
New Delhi, May 12 US retail giant Walmart Inc may come up with an initial public offer (IPO) of Flipkart, in which it is buying roughly 77 per cent stake, in as early as four years. Last week, Walmart Inc announced acquisition of 77 per cent stake in Flipkart for about USD 16 billion (Rs 1.05 lakh crore) in the largest e-commerce deal which will give the US retailer access to the Indian online market that is estimated to grow to USD 200 billion within a decade. “Pursuant to a Registration Rights Agreement to be entered into concurrently with the shareholders agreement, holders of 60 per cent of the Flipkart shares held by the minority shareholders, acting together, may require Flipkart to effect an initial public offering following the fourth anniversary of closing of the transactions,” Walmart Inc said in a regulatory filing with the US Securities and Exchange Commission. Walmart said the IPO will be at “a valuation no less than that paid by Walmart under the sha..
                 

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3 days ago  
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Healthy food trend sees shift in bread preferences

2 days ago  
News / Tribune/ Business  
Demand for wheat loaves grows over 100% annually Vijay C Roy Tribune News Service Chandigarh, May 24 Pegged at Rs 2,500 crore, the Indian bread market is in transition phase, with consumer preferences shifting from white bread to wheat (whole-grain) bread because of increased awareness as consumers can get their nutrients, including fibre, without having to prepare a meal. The best-selling breads are promoting credentials like “whole grain” and “natural” and are priced higher than white bread. According to industry sources, the market for wheat bread is growing at over 100% year-over-year basis while white bread is growing at 10% per annum. “Around a year ago, the health category bread used to contribute 10-12% of the total Indian bread market. Now, its share is 25%. The significant growth is attributed to growing awareness about benefits of fibre content in bread,” said Amrinder Singh, director of Ludhiana-based Bonn Group of Industries. The..
                 

Fortis: Manipal-TPG extends validity of revised offer

2 days ago  
News / Tribune/ Business  
New Delhi, May 24 Manipal-TPG combine has said it has extended the validity of its modified offer for Fortis Healthcare to June 6, 2018. On May 17, Malaysian firm IHH Healthcare Berhard had extended the acceptance period of its enhanced revised proposal for Fortis to May 29. In a letter to the directors of Fortis Healthcare Ltd (FHL), Manipal-TPG combine said it understands that the FHL board is still in the process of considering the modified new offer. “As you are aware, our modified new offer is valid till May 29, 2018 and in order to provide the FHL board with sufficient time to consider our modified new offer, we propose to extend the validity of our modified new offer...,” the letter added. The modified new offer shall remain valid and binding in its entirety until June 6, 2018, for acceptance by FHL Board and for recommendation to the shareholders of FHL, Manipal-TPG combine said. The offer shall stand automatically revoked and terminated if it is not accepted by the FHL Board ..
                 

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Tech stocks spur market rebound; Sensex soars 318 points

3 days ago  
News / Tribune/ Business  
Mumbai, May 24 Benchmarks clawed back lost ground on Thursday as a weak rupee buoyed the appeal of technology shares amid a mixed trend overseas. The BSE Sensex surged over 318 points to close at 34,663.11, just a day after it had tumbled 306 points following a late-session sell-off. This is the benchmark’s biggest single session gain since April 5, when it had surged 577.73 points. The broader NSE Nifty too reclaimed the crucial 10,500-mark. Bargain hunting by investors following the recent market declines and unabated buying by domestic institutional investors (DIIs) supported the upmove, analysts said. TCS, Infosys, Wipro, HCL Technologies and L&T Infotech spurted up to 5.85 per cent as a weak rupee brightened the earnings outlook of Indian IT outsourcers. Global cues were mixed amid caution over US-China trade relations, with the US launching a national security probe into auto imports that could lead to new tariffs. However, minutes from the Federal Reserve’..
                 

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Yes Bank recovers 66% of claim filed for Bhushan Steel

3 days ago  
News / Tribune/ Business  
New Delhi, May 23 Private sector lender Yes Bank has recovered 66% of the original claim filed for Rs 325 crore after the sale of Bhushan Steel to Tata Steel under the insolvency resolution process. "Yes Bank has recovered an amount of Rs 184 crore against an original claim filed for Rs 325 crore pursuant to the sale of Bhushan Steel to Tata Steel Limited under the recently concluded NCLT/Insolvency and Bankruptcy Code (IBC) proceedings," Yes Bank said in a BSE filing. Yes Bank said with this recovery, it now has an exposure to only one account, aggregating to only Rs 23.4 crore (with 50% provision) as on March 31, 2018, from borrowers referenced in the first list of the RBI IBC NCLT process. Earlier, it had recovered Rs 32 crore through sale of pledged shares. Total recoveries (against claims of Rs 325 crore) is Rs 216 crore (66%), it said. Yes Bank said write back of provisions consequent to the above recoveries were Rs 36 crore. Tata Steel had won the bid to acquire deb..
                 

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Fortis removes Board member BrianTempest

3 days ago  
News / Tribune/ Business  
New Delhi, May 23 Fortis Healthcare on Wednesday said its shareholders have voted in favour of removal of Brian Tempest from the Board of Directors in the company’s extraordinary general meeting (EGM) held on Tuesday. Tempest is among the four directors of cash-strapped healthcare chain whose removals were sought by two institutional investors. Three directors — Harpal Singh, Sabina Vaisoha and Tejinder Singh Shergill — had already resigned before the EGM. The development has cast a shadow over the ongoing attempt to sell Fortis as these four directors were among the five who had voted in favour of Munjals-Burmans’ Rs 1,800-crore bid for the healthcare firm. The Board of Fortis on May 10 in a 5-3 decision opted to go with the offer from Munjals-Burmans combine. In a regulatory filing, Fortis said the resolution for removal of Tempest as director of the company was passed with requisite majority with 87.91% votes in favour. Tempest has been a long time asso..
                 

Bad loans drag SBI down, Q4 net loss at Rs7,718 crore

4 days ago  
News / Tribune/ Business  
New Delhi, May 22 The country’s largest lender SBI on Tuesday reported a record standalone net loss of Rs 7,718 crore in the fourth quarter ended March, mainly due to a sharp rise in provisioning for bad loans. Besides, a lower investment income as well as higher provisioning for wage revision also dented the profits of the state-owned lender, the SBI said. The bank had registered a net profit of Rs 2,815 crore in the corresponding quarter of the preceding fiscal ended March 2017. Compared sequentially, the loss in the March quarter widened from Rs 2,416 crore net loss in the December quarter. For the full year, the bank has reported a net loss of Rs 6,547 crore, while there was a net profit of Rs 10,484 crore in 2016-17. “Due to an increase in provisions for non-performing assets (NPAs) and mark-to-market on investment portfolio, the bank incurred a net loss of Rs 6,547 crore in 2017-18,” it said. In the March quarter, the bank’s provisions for NPAs jumped..
                 

39L jobs created in 7 mths: EPFO

4 days ago  
News / Tribune/ Business  
                 

Powergrid provides mechanised sanitation vehicle to MCF

5 days ago  
News / Tribune/ Business  
Under CSR initiative, Powergrid (NR-1) has decided to provide a truck-mounted sweeping machine with vacuum cleaner to the Municipal Corporation, Faridabad (MCF). An agreement to this effect was signed between Powergrid and the MCF in the presence of HK Mallick, Executive Director, Powergrid (NR-1), Municipal Commissioner, Faridabad, and other dignitaries at Faridabad on May 11. The truck was flagged off by Krishan Pal Gurjar, MoS, Ministry of Social Welfare and Empowerment, Government of India. NMDC bags S&P PLATTS Global Metals Award 2018  NMDC Limited has bagged the prestigious S&P PLATTS Global Metals Award 2018 in corporate social responsibility category at a ceremony held in London on May 17. N. Baijendra Kumar, CMD, and Sandeep Tula, Director (Personnel), NMDC, received the award. This is the first time that since the inception of this award, an Indian company has bagged an award in this category. S&P Global Platts is the leading independent provider of in..
                 

Two more Fortis directors resign

5 days ago  
News / Tribune/ Business  
                 

Fuel prices sky rocket; Chambers tell government to cut excise duties

5 days ago  
News / Tribune/ Business  
..
                 

NRI’s salary income not taxable in India

6 days ago  
News / Tribune/ Business  
SC Vasudeva Q. My son is an officer in Merchant Navy sailing in foreign waters on a foreign flagship company whose head office is in Singapore. He has his NRE account in India in a nationalised bank and getting his salary amount (remittance) in US dollars in this bank. He has no income from any source in India. My queries are as below: 1. What are the conditions for a Merchant Navy officer to become an NRI for income tax calculation purpose? 2. As he has no income from Indian sources, is it necessary for him to file I-T return every year? 3. Is Section 2(V) & 2w of the FEMA Act, 1999 also applicable to him while calculating income tax? — SK Sharma A. In case your son has not been in India for a period of 180 days or more in the previous year, his salary income would not be taxable in India. In case he does not have any income in India, he need not file an income-tax return. The provisions of Foreign Exchange Management Act, 1999 do not override the provisions of the Act..
                 

‘North-south divide’ debate unfounded: Finance panel

8 days ago  
News / Tribune/ Business  
New Delhi, May 18 Amid reports of existence of a “north-south divide” in it, the Finance Commission on Friday ruled out injustice to any state in the allocation of divisible pool of central revenue and asserted such a debate was unfounded, sources said. Vice-President M Venkaiah Naidu met members of the commission and sought an explanation into the matter, sources in the Rajya Sabha Secretariat said. “During the meeting, the commission ruled out any injustice to any state in the allocation of divisible pool of central revenue and asserted that the north-south debate being sought to be raised in the matter is unfounded,” a source said. The finance ministers of six Opposition-ruled states and Union Territories met President Ram Nath Kovind on Thursday and sought amendments to the “unfair” terms of reference of the 15th Finance Commission. “The commission’s stand in this regard was stated at a meeting of its chairman and members with th..
                 

ED summons Nirav Modi’s father, sister

8 days ago  
News / Tribune/ Business  
New Delhi, May 18 The Enforcement Directorate (ED) has issued summons to absconding diamantaire Nirav Modi’s father Deepak Modi, sister Purvi Mehta and her husband Mayank Mehta as part of its probe in the multi-crore Punjab National Bank (PNB) fraud, an official said here on Friday. Deepak, Purvi and Mayank have been asked to appear before ED investigators at its Mumbai office to record their statements in the case as the agency is in the process of filing chargesheet in a special Prevention of Money Laundering Act (PMLA) court in Mumbai, expectedly by the next week.  ED investigators said Nirav Modi’s relatives were summoned in the first week of this month and were given 15 days to appear before it in the ongoing money-laundering probe of over Rs 13,000 crore.  An ED official said further notices would be issued to the three in case they fail to respond to the first summons, an ED official said.  Deepak is reportedly based in Antwerp, Belgium, while Purv..
                 

Oil hits $80 for first time since late 2014

9 days ago  
News / Tribune/ Business  
London: Benchmark oil contract Brent North Sea hit $80 a barrel on Thursday for the first time since late 2014, extending a recent run higher fuelled by tight supply concerns. Shortly before 1000 GMT, Brent North Sea crude for delivery in July jumped to $80.18 a barrel — highest level since November 2014. Around 1010 GMT, it pulled back to $79.79, still 51 cents higher than Wednesday. Global oil supplies could be hit by President Donald Trump’s decision to pull the US out of the Iran nuclear deal, and also by falling production in crisis-hit Venezuela, the International Energy Agency said on Wednesday. Prior to Thursday’s peak oil prices had already been rising thanks to steady demand growth and a landmark deal by oil producing countries, both inside and outside the OPEC cartel, to lower output. — AFP..
                 

Rs 4 a litre hike in petrol, diesel prices in offing

10 days ago  
News / Tribune/ Business  
New Delhi, May 17 A Rs 4 per litre increase in petrol and diesel prices is in the offing if state-owned fuel retailers are to return to pre-Karnataka poll hiatus margin levels, brokerage firms said. No sooner had Karnataka polled to elect a new state government, state-owned Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) on Monday ended a 19-day hiatus in revising petrol and diesel prices and reverted to the practices of changing rates on a daily basis. Since then petrol price has risen by 69 paisa a litre, including a 22 paisa hike effected today that took rate in Delhi to Rs 75.32, the highest in almost five years. Diesel prices have gone up by 86 paisa a litre, including 22 paisa increase today that took the rate to their highest ever of Rs 66.79 a litre in Delhi. "Our computation suggests that downstream oil marketing companies (OMCs) are required to increase retail prices of diesel by a steep Rs 3.5-4 a litre and gasoline ..
                 

Hindalco Q4 profit slips 25% to Rs 377 crore

10 days ago  
News / Tribune/ Business  
New Delhi Hindalco Industries on Wednesday reported 24.98% decline in its standalone net profit to Rs 376.97 crore for the fourth quarter ended March 31. The company’s total standalone income dipped marginally to Rs 11,886.02 crore in the January-March quarter of 2017-18 fiscal, compared to Rs 11,969.66 crore in the same period in 2016-17. PTI New Delhi Tata Steel Q4 net profit rises to Rs 14,688 cr Tata Steel on Wednesday reported consolidated net profit of Rs 14,688.02 crore for the fourth quarter ended March 31, 2018. The total consolidated income of the company increased to Rs 36,407.19 crore in January-March 2018, from Rs 35,457.06 crore in the same quarter of FY17. PTI New Delhi ITC Q4 profit up 9.8% to Rs 2,933 crore Diversified ITC Ltd on Wednesday reported a 9.86% increase in standalone net profit at Rs 2,932.71 crore for the fourth quarter ended March 31, 2018. Net sales during the quarter under review stood at Rs 10,705.75 crore. PTI Chandigarh Lemon Tree H..
                 

RCom shares tank nearly 16% on NCLT move

10 days ago  
News / Tribune/ Business  
New Delhi, May 16 Shares of Reliance Communications plunged nearly 16 per cent a day after NCLT admitted an insolvency petition filed by Ericsson against the company and two of its subsidiaries. The stock fell sharply by 15.26 per cent to end at Rs 10.55 on BSE. Intra-day, it dropped 20 per cent to Rs 9.95. On NSE, shares of the company slumped 15.72 per cent to close the day at Rs 10.45. The company’s market valuation declined Rs 525.36 crore to Rs 2,917.64 crore. In terms of equity volume, 231.68 lakh shares of the company were traded on BSE and over 20 crore shares changed hands on NSE during the trade. Weakness was also seen in other group stocks, with Reliance Naval and Engineering falling by 6.96 per cent, Reliance Nippon Life Asset Management 2.46 per cent, Reliance Power 0.45 per cent and Reliance Infrastructure 0.45 per cent on BSE. The National Company Law Tribunal (NCLT) yesterday admitted an insolvency petition filed by Swedish communications equipment major Er..
                 

Vodafone Group CEO quits; Indian arm posts Rs 9,800-crore profit

11 days ago  
News / Tribune/ Business  
Tribune News ServiceNew Delhi, May 15Vodafone, the world’s second largest mobile operator, on Tuesday announced that its chief executive Vittorio Colao will step down in October after 10 years in charge even as its Indian arm posted operating profit of Rs 9,805 crore for the financial year 2017-18, ended March 31.In an announcement made in London, Vodafone said Colao would be succeeded by Finance Director Nick Read.During his time at Vodafone, Colao transformed the British company and in India agreed to merge its operations with Idea Cellular, which makes the joint venture the largest telecom operator in the country.Colao said at a web conference that both the companies have already starting branding exercise for the new entity.Vodafone India had last year reported a loss of around Rs 30,690 crore on account of the UK-based Vodafone group cutting down valuation of Indian unit by taking gross impairment charge of 4.5 billion euros...
                 

PNB posts biggest ever quarterly loss of Rs 13,417 cr in Q4

11 days ago  
News / Tribune/ Business  
                 

PNB misrepresented facts to RBI, says CBI chargesheet

12 days ago  
News / Tribune/ Business  
New Delhi, May 14  Top honchos of PNB “misrepresented” the factual position on letters of understanding (LoUs) to the RBI and ignored its warnings when credit facilities worth over $2 billion were fraudulently cleared by its branch in Mumbai, according to the CBI, which filed its chargesheet in the Nirav Modi scam on Monday. The agency said the then PNB MD and CEO Usha Ananthasubramanian and her top officials also failed to prevent the fraud despite having knowledge of the modus operandi, according to sources. Diamond merchants Nirav Modi and his uncle Mehul Choksi allegedly cheated PNB by availing credits worth over $2 billion from overseas banks, on the basis of fraudulent LoUs issued by PNB staff, which were siphoned off by them. Ananthasubramanian, who is currently the MD and CEO of Allahabad Bank, Executive Directors of PNB, KV Brahmaji Rao and Sanjiv Sharan, and General Manager (International Banking) Nehal Ahad are four senior bank executives who have been c..