Page 2760 - Business Finance
Government to meet fiscal deficit target: Official
The Central government is likely to meet its fiscal deficit target on the back of robust economic growth, along with higher tax compliance and "zero" revenue loss in Goods and Services Tax (GST), a senior Finance Ministry official said on Tuesday.
Rupee depreciation will not cause inflation: NITI Aayog
Rajiv Kumar, the vice chairman of NITI Aayog, on Tuesday said depreciation of the Indian Rupee will not result in inflation of prices and that it does not symbolise a slump in India's reputation in international markets."It is wrong to say that a fall in rupee value symbolises depreciating reputation in the market. Value of a country falls or rises depending on the success rate of the country, number of poor people and the growth of employment in the country," Kumar said."Value of rupee is like temperature in thermometer that falls and rises based on certain parameters. It's wrong to say that a fall in rupee value will lead to inflation. Value of rupee is just a price, depending on supply and demand," he added.Meanwhile, informed sources in the Finance Ministry said that the Rupee is on the same level as was in 2013, adding that it has not depreciation in the last four year."Look at all the emerging market currency in 2013 and 2018, you will find the difference. All the currencies ...
Flipkart acquires speech recognition start-up Liv.ai
India's leading e-tailer Flipkart on Tuesday said it had acquired artificial intelligence (AI)-led speech recognition start-up Liv.ai to solve the language-barrier problem for its customers across the country.
Rawat meets Karnataka business leaders
Chief Minister Trivendra Singh Rawat today met Karnataka business leaders in Bengaluru ahead of a roadshow to be held there tomorrow to project Uttarakhand as an investment destination. The exercise is being carried out in the run up to the investors summit slated to be held here in October. 'Destination Uttarakhand: Investors Summit' the first-of-its-kind being held here between October 7 and 8 would be inaugurated by Prime Minister Narendra Modi. The chief minister met various business leaders and informed them about investment opportunities in the state, an official release here said. The key agenda of the roadshow tomorrow is to share information about investment opportunities in Uttarakhand and to seek active participation of Karnataka business leaders in the investors summit, it said.
Foreign cigarettes worth Rs 1 crore seized in DRI raids
The Directorate of Revenue Intelligence (DRI) arrested two persons here today and seized smuggled foregin cigarettes worth over Rs one crore and foreign currency notes worth Rs 2.31 crore, it said. Over seven lakh sticks of high-end foreign cigarettes of brands such as Marlboro, Benson & Hedges, Rothmans, Gunang Garam with market value of Rs 1.07 crore were seized in raids at various places in the city, the DRI said in a statement. Two Delhi-based persons were running this racket of smuggling and sale of foreign cigarettes, with Mumbai being their hub of distribution, the DRI said. Both were arrested. Their identities were not disclosed. The accused had warehouses in Musafirkhana area of south Mumbai which were raided by DRI teams, the DRI said. Apart from cigarettes, Rs 2.31 crore in foreign currencies were also seized from the warehouses, it said.
Oil touches one-week high as Iran-driven rally gathers pace
NEW YORK (Reuters) - Oil rose to its highest in a week on Tuesday, buoyed by the prospect of price support from U.S. sanctions on Iran, although the trade dispute between Washington and Beijing kept traders and analysts cautious.
Global Markets: Dollar falls, emerging markets rally after Trump's Fed attack
NEW YORK (Reuters) - The dollar weakened on Tuesday after U.S. President Donald Trump slammed the Federal Reserve for raising interest rates, while global equity markets rose as strong economic and earnings growth favored stocks in a relatively benign environment.
S&P hits record, equals longest bull-run
(Reuters) - The benchmark S&P 500 hit an all-time intraday high on Tuesday, the same day it equaled its longest-ever bull-market run, as U.S. stocks rose on encouraging earnings reports and hopes that the United States and China could resolve their tariff dispute.
Ultratech gets CCI nod to acquire Century cement biz
Aditya Birla Group firm UltraTech today said it has received an approval from the fair trade regulator Competition Commission for the acquisition of the cement business of Century Textiles and Industries. The company said the CCI has given its approval for the share swap deal between the companies, Ultratech said in a regulatory filing. On May 20, UltraTech said it would acquire the cement business of BK Birla Group company Century Textiles and Industries through a share swap deal, a move which would further consolidate its position as market leader in the segment. "...the Competition Commission of India (CCI) has by its letter dated August 21, 2018 informed the company that it has approved the proposed combination under sub-section (1) of section 31 of the Competition Act, 2012," Ultratech said. However, the copy of the CCI order is awaited, it added. The board of directors of UltraTech Cement on May 20, 2018 approved a scheme of arrangement amongst Century Textiles and Industries ...
USISPF adds three prominent executives to its board
The US-India Strategic Partnership Forum (USISPF) has inducted three prominent executives to its board, continuing its goal to strengthen business ties across the two nations at the highest level. XCoal Founder and CEO Ernie Thrasher, Bank of the West CEO Nandita Bakhshi and Varian Medical Systems President and CEO Dow Wilson will be the three new board members at USISPF. "With the addition of these three business leaders, USISPF continues its goal to strengthen business ties across the two nations at the highest level by attracting high caliber board members. USISPF's board members are prominent business leaders and global influencers who possess an ability to impact international relations and corporate affairs worldwide," the organisation said. Welcoming the new board members, USISPF President Mukesh Aghi said the three leaders have already made a tremendous impact on US-India relations. "Their knowledgeable backgrounds and distinct interests bring even greater value to the strong .
Huawei 'nova 3i' sold out in 5 minutes
Huawei Consumer Business Group (CBG) on Tuesday announced that the "nova 3i" smartphone was sold out in just five minutes in a flash sale.
Selling directors' properties only way to secure Rs 5,112 cr from Amrapali: SC
The Supreme Court on Tuesday said that the only way to secure over Rs 5,112 crore from real estate major Amrapali Group for construction of pending projects by the NBCC (India) Ltd is to sell the individual properties of the directors of the company.
Govt considering subsidy for e-vehicle charging infrastructure, says A K Bhalla
Power Secretary A K Bhalla today said the government is considering providing subsidy for encouraging setting up of e-vehicle charging infrastructure under a policy, to be unveiled in coming days. Bhalla was of the view that it is a chicken and egg story because charging stations would not be set up without enough e-vehicles and e-vehicles sales would not pick up unless there is enough facility to charge these vehicles. "We are bringing a policy in consultation with heavy industries ministry that how these chargers can be established. Whether we need to support that with subsidy to begin with," he said speaking at the launch of "#InnovateToINSPIRE: Creating Future Energy Solutions" by the World Bank, World Resources Institute (WRI), and Energy Efficiency Services Ltd (EESL). He further said, "E-mobility is an area where government has been working. We have clarified that for (setting up) charging infra does not need a licence as it is service oriented activity. In draft tariff ...
Wall Street up on trade hopes, S&P equals longest bull run
(Reuters) - The benchmark S&P 500 edged closer to a record high on Tuesday, matching its longest-ever bull-market run, as U.S. stocks rose after some encouraging earnings reports and on hopes that the United States and China could resolve their tariff dispute.
Shell companies: ED attaches Rs 6.8 cr assets of 2 businessmen in Delhi
Assets worth Rs 6.8 crore of two Delhi-based businessmen, under probe for allegedly operating shell firms and generating slush funds, has been attached by the ED in connection with its investigation into a Rs 8,000 crore money-laundering and black money racket. The Enforcement Directorate (ED), in a statement, said today it has issued an order for provisional attachment of assets of Ms Utsav Securities Private Limited, Ms Avail Financial Services Ltd and Ms Sital Leasing and Finance Ltd, which are "controlled" by brothers Virendra Kumar Jain and Virendra Jain. The central probe agency had claimed in the past that the brothers were instrumental in laundering funds for the family members of former Bihar chief minister Lalu Prasad (his daughter Misha Bharti and son-in-law Shailesh Kumar) as part of their purported hawala operations. It had arrested the brothers in the past under the Prevention of Money Laundering Act (PMLA). "The modus operandi of the Jain brothers was to launder the ...
Toll Brothers profit beats on robust demand for luxury homes
(Reuters) - Toll Brothers Inc topped estimates for quarterly profit and revenue on strong demand for its luxury homes, sending its shares up 12 percent in early trading and pushing other homebuilder stocks higher.
ED attaches Rs 6.8 crore assets of Jain Brothers under PMLA
The Enforcement Directorate (ED) has attached properties worth Rs. 6.875 crore of Jain Brothers under the provision of Prevention of Money Laundering Act (PMLA), 2002.These properties belong to the companies, M/s Utsav Securities Pvt Ltd, M/s Avail Financial Services Ltd and M/s Sital Leasing and Finance Ltd., all controlled by Jain Brothers.Earlier, Serious Fraud Investigating Office (SFIO) had filed a criminal complaint against Jain Brothers and others in a Delhi court in connection with the case.The SFIO investigated the affairs of M/s NKS Holdings Pvt. Ltd. and other 10 group of companies, controlled by Jain Brothers and found that in eight of these companies, approximately, an amount of Rs. 8000 crore was created as credits in the bank accounts through a rotational transfer of funds amongst these companies, which was eventually used for inflating the balance sheet.Thus, huge accumulations of credits and debits have been achieved in these accounts with the help of rotation of ...
Rising costs, trade worries tarnish BHP profit jump, record dividend
MELBOURNE/LONDON (Reuters) - Concerns about rising costs and the impact of trade tensions between the United States and China weighed on shares of leading miner BHP on Tuesday after a 33 percent jump in annual underlying profit still missed forecasts.
Zero depreciation in Indian rupee between 2013 and 2018: Official
Repayment of funds, which was raised from overseas market in 2013, has been a main reason for rupee depreciation in the past few months, a senior Finance Ministry official said on Tuesday.
PM Modi to launch India Post Payments Bank on Sept 1
Prime Minister Narendra Modi on September 1 will launch long-awaited India Post Payments Bank (IPPB) that will have at least one branch in every district and focus on financial services in rural areas, a senior official said. "The launch of India Post Payments Bank has been rescheduled for September 1. The Prime Minister will launch," a senior government official told PTI. The launch of India Post Payments Bank (IPPB) was recently rescheduled in the wake of seven-day national mourning declared after the demise of former Prime Minister Atal Bihari Vajpayee. Prime Minister Narendra Modi was to launch IPPB on August 21. IPPB will leverage reach of 1.55 lakh post office branches to provide banking and financial service to people in rural areas. "Government is trying to link all the 1.55 lakh post office branches with IPPB services by the end of this year," the official said. This will create the country's largest banking network with direct presence at village level. IPPB CEO Suresh Sethi