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Airtel Payments Bank gets RBI approval for on-boarding new customers
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Board of Vitesse Agro approves change in directorate
With effect from 12 July 2018
Govt asks agro-chem cos to bring innovative products to check new pest attacks
The government today asked agro-chemicals industry to come up with innovation solutions to deal with new pest attacks on crops that affects yields. Addressing a Ficci event, Chemical and Petro-chemical Secretary P Raghavendra Rao said the government will focus on protecting the data of new molecules. He also stressed on increasing awareness among farmers to help them identify spurious insecticides and pesticides sold in the market. "I feel that all stakeholder should put brains together to come out with solutions to the new pest attack that are occurring. We must come up with innovative solutions," Rao said at the event. On the concern raised by the industry on data protection of new molecules, the secretary said, "Perhaps you are right in saying that we need data protection as you invest so much and introduce a new product". There is a need to protect the data of new molecule so that no one copies it. "Yes, I do agree. Definitely, we will focus on this important issue," he said. He ..
Domestic crude oil imports soaring, output lags
The global crude oil prices corrected sharply yesterday and a continued decline in the prices would serve well from India's point of view given the massive surge in domestic crude oil imports in recent quarters. Brent Crude oil futures cracked lower yesterday, extending a drop from a four year high as recent choppiness gave way to a full blown correction amid global trade concerns and rising OPEC output. Selling pressure in other key commodities like Copper also hurt sentiments for crude. Global equities tumbled after the Trump administration announced it plans to slap tariffs on a further $200 billion of Chinese imports. Brent prices are now down around 6-7% from $80 per barrel.
Papa John's founder resigns as chairman for using racial slur
John Schnatter, the founder and public face of popular American pizza chain Papa John's, has resigned as the company's chairman, hours after apologising for using a racial remark during a conference call, US media reports said today. Schnatter, a Trump donor, had stepped down as the pizza corporation's chief executive in January after he said that National Football League player protests of racial injustice were hurting the company's pizza sales. According to a report in the 'Forbes', Schnatter, 56, had used the N-word while participating in a role-playing exercise designed to prevent public relations crises with a marketing agency. Schnatter confirmed the allegation in his apology. "News reports attributing the use of inappropriate and hurtful language to me during a media training session regarding race are true. Regardless of the context, I apologise. Simply stated, racism has no place in our society," CNN reported, quoting the company's statement. The company have accepted the ...
Centre to withdraw Rs.6,000-cr worth tax cases
Following an increase in threshold limit for filing appeals in tribunals, Union Finance Minister Piyush Goyal on Thursday said the government hopes to cut 41 percent of tax cases.Briefing the media on steps taken for reducing tax litigation, Goyal said, "The government hopes to cut 41 percent of tax cases after raising threshold limit for filing appeals in tribunals and courts."He added the income-tax refunds worth over Rs 70,000 crore have been issued to the taxpayers."Income-tax refunds worth over Rs 70,000 crore have been issued to the taxpayers. Tax cases worth Rs 5 lakh crore stuck in litigation; new thresholds will lead to a reduction of 18 percent in tax cases," he said.The Union Minister further stated that the government is constantly making changes in the interest of honest taxpayers.In order to reduce the long pending grievances of taxpayers and to minimise litigations pertaining to tax matters and facilitate the Ease of Doing Business, the Centre decided to increase the ...
NIIT aims to train 1 lakh students in next 3 yrs
Skill and talent development firm NIIT is targeting to train one lakh students in the next three years from IT and BFSI sectors, a top official said today. The company, which focuses on corporate training wherein it imparts skills to freshers as well as re-skills the existing staff, will be catering to 15,000 students in the current year, NIIT chief executive officer Sapnesh Lalla told reporters here. "We will be training one lakh students in the next three years. We are focusing on the banking, finance and insurance, and the information technology sectors," he said. When asked about the revenue accretion because of the increased numbers, Lalla declined to comment citing the pre-results 'silent period' the company is in at present, but said that there will be "material changes" in revenues in the next six to nine months. The company counts on India, China, the US and Canada as its key markets and will continue to focus on the same, he said, adding that it is open for ...
Beijing urges U.S. firms in China to lobby Washington over trade war
BEIJING/SEOUL (Reuters) - China on Thursday said foreign firms operating in China would suffer in a trade war, urging U.S. companies to lobby their government to protect their interests, and said no talks to end the impasse were currently under way.
EaseMytrip registers growth; to scale product offerings
Travel portal EaseMyTrip on Thursday announced registering profit worth Rs.30 crore in the previous financial year, despite expanding rapidly in terms of infrastructure, revenue and product offerings.The company recently completed its 10 years of operations, clocking a turnover worth Rs. 2000 crores."We are grateful to our trade partners and our customers who have made our success possible. Our offerings are just a way to express our love and gratitude to our loyal customer base. With their support we aim to grow exponentially in the years to come and we look forward to providing more and more lucrative sales and offers as a token of our thanks," said CEO and co-founder at EaseMyTrip.com, Nishant Pitti.Further focusing on its operations, EaseMyTrip plans to ramp up its product offerings to sell to its massive captive and loyal customer base."Customer loyalty has been overwhelming and we will continuously strive to further strengthen these relations. Our 10th anniversary sale is an ...
Intex's Greater Noida facility to start production in 2 months
Home-grown consumer electronics manufacturer Intex expects to start operations of its newly built Greater Noida plant in the next two months, a senior official of Intex Technologies said today. The production in the existing three facilities which are in a rented premises will be shifted to the new plant which will have additional production lines for some of the consumer durables such as washing machines and air conditioners, Intex product head (mobile), Ishita Bansal, said at a press conference. "The new facility is coming up in 20 acres of land in Greater Noida. Buildings have already come up. We expect the production to start in the next two months. The production the existing three facilities will be shifted there besides we will add new production lines," Bansal said. Intex has facilities in Jammu and Baddi (Himachal Pradesh) also. A senior official of the mobile phone maker said the current capacity of plants is 112 million units including 55 million mobile ...
Palmolein remains weak on sluggish demand
In restricted activity, palmolein oil prices declined further by Rs 50 per quintal at the wholesale oils and oilseeds market today on easing demand. Castor oil in the non-edible section, also eased on reduced offtake by consuming industries. Traders said subdued demand from retailers weighed on palmolein oil prices. In the national capital, palmolein (RBD) and palmolein (Kandla) oils fell by Rs 50 each to Rs 6,900 and Rs 6,950 per quintal, respectively. Among non-edible, castor oil drifted down by Rs 200 to Rs 7,400-7,500 per quintal. Following are today's quotations (in Rs per quintal): Oilseeds: Mustard seed Rs 2,950-3,050 and Groundnut seed Rs 2,150-2,900, Vanaspati Ghee (15-litre tin) Rs 800-1,000. Edible oils: Groundnut mill delivery (Gujarat) Rs 8,350, Groundnut Solvent Refined (per tin) Rs 1,730-1,830, Mustard expeller (Dadri) Rs 7,900, Mustard Pakki Ghani (per tin) Rs 1,285-1,330, Mustard Kachi Ghani (per tin) Rs 1,335-1,435, Sesame Mill delivery Rs 9,800, Soybean Refined
Adani Power Ltd leads losers in 'A' group
Delta Corp Ltd, Vakrangee Ltd, Radico Khaitan Ltd and Kwality Ltd are among the other losers in the BSE's 'A' group today, 12 July 2018.
M M Forgings gains after shareholders OK bonus issue
M M Forgings rose 2.35% to Rs 1,427 at 14:43 IST on BSE after the company said its shareholders approved the proposed bonus issue of shares at the annual general meeting on 11 July 2018.
Solara Active Pharma Sciences Ltd leads losers in 'B' group
Starlit Power Systems Ltd, Provogue (India) Ltd, Zodiac-JRD-MKJ Ltd and 8K Miles Software Services Ltd are among the other losers in the BSE's 'B' group today, 12 July 2018.
Volumes spurt at Coffee Day Enterprises Ltd counter
Coffee Day Enterprises Ltd notched up volume of 20 lakh shares by 14:14 IST on NSE, a 10.5 fold spurt over two-week average daily volume of 1.90 lakh shares
U.S. firms doing business in China mostly oppose tariffs, survey shows
SHANGHAI (Reuters) - Most U.S. businesses operating in China oppose the use of tariffs in retaliation for the challenges they face, from an uneven playing field to poor protection of intellectual property rights, a survey showed on Thursday.
Mutual fund inflow rises 43% to Rs 1.4 lakh cr in Q1: Amfi
Investors have pumped Rs 1.4 lakh crore into mutual fund (MF) schemes in April-June quarter this fiscal, a surge of 43 per cent from the year-ago period, driven by strong participation from retail investors. According to Association of Mutual Funds of India (Amfi) data, the inflow has also helped in pushing the assets base of the 42-player MF industry to Rs 23.40 lakh crore at the end of June this year, an increase of 20 per cent from Rs 20.40 lakh crore in June-end 2017. The investor awareness campaign, 'Mutual Funds Sahi Hai', being run by Amfi under Sebi guidance, has generated a lot of interest among potential investors, who are now looking at MFs as a preferred investment option, Amfi Chief Executive NS Venkatesh said. He further said, "MFs will continue to see strong inflows, despite the recent volatility. Inflows through systematic investment plan (SIP) from retail investors and flows from B30 (small) cities continue to remain robust". According to the data, investors poured in
Freight rates for some centres drop on excess position of trucks
Freight rates for nine-tonne pay load section for Mumbai, Kochi and Kolkata fell by Rs 1,000 at the local truck transport market in the national capital today following huge availability of trucks amid slowdown in cargo movements. Transporters said besides restricted cargo movements, heavy position of trucks in the markets mainly pulled down freight rates of some of the centres. Delhi to Mumbai, Kolkata and Kochi freight rates dropped by Rs 1,000 each to Rs 30,000, Rs 32,000 and Rs 78,000, respectively. Rates for all other centres continued to be enquired at overnight levels on some support.
LPG subsidy jumps 60% as govt maintains prices to help consumers
Cooking gas (LPG) subsidy has jumped by over 60 per cent in last two months as the government maintains price line despite rising international rates, Indian Oil Corp (IOC) Chairman Sanjiv Singh said. All LPG consumers have to buy fuel at market price. The government, however, subsidises 12 cylinders of 14.2-kg each per households in a year by providing the subsidy amount directly in bank accounts of users. "Subsidy amount (transferred in bank accounts) was Rs 159.29 per cylinder in May and it was raised to Rs 204.95 in June and to Rs 257.74 per cylinder this month," he said. The higher subsidy was meant to keep rates of subsidised LPG in check, Singh added. International rates of LPG, which was used as a benchmark for pricing of domestic fuel, have been on the run since June. Non-subsidised or market priced LPG price was Rs 653.50 per 14.2-kg bottle in the national capital in May, which rose to Rs 698.50 (Rs 48 pr cylinder) in June. This month price has further risen by Rs 55.50 to ..
Market breadth turns negative
After an intraday rally, stocks trimmed gains in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex, was up 301.83 points or 0.83% at 36,567.76. The Nifty 50 index was up 85.95 points or 0.79% at 11,034.25. Realty stocks declined. An overnight slump in crude oil prices and positive global stocks boosted sentiment on the domestic bourses.