RBI asks banks not to levy penalty on pre-payment of loans

Thursday, 08 May 2014 | PNS | Mumbai/ NEW DELHI

Providing relief to borrowers, Reserve Bank today on Wednesday directed banks not to levy any penalty on individual borrowers for pre-paying floating loans. "...It is advised that banks will not be permitted to charge foreclosure charges or pre-payment penalties on all floating rate term loans sanctioned to individual borrowers, with immediate...

FTIL calls meeting today to discuss Shah's arrest

Thursday, 08 May 2014 | PNS | New Delhi

In the aftermath of Financial Technologies India Ltd (FTIL) Chief Jignesh Shah's arrest on Wednesday, the company's board has called a meeting on Thursday to discuss the future course of action, even as it expressed shock over the development. "I am really shocked at Shah's arrest. The board meeting has been...

Sistema Shyam seeks FIPB nod to increase FDI over 74 %

Thursday, 08 May 2014 | PNS | New Delhi

Russian conglomerate Sistema JSFC controlled telecom operator Sistema Shyam Teleservices Ltd has sought the Government approval to raise foreign stake in the firm beyond the current 74 per cent. "We had submitted the application on March 3rd to FIPB and are waiting for the approval as of now," highly placed...

Lupin Q4 net up 35% at Rs 553 crore

Thursday, 08 May 2014 | PNS | New Delhi

Lupin on Wednesday reported 35.5 per cent rise in consolidated net profit at Rs 553 crore for the fourth quarter ended March 31, 2013-14, on the back of robust sales in various markets including the US, Europe and South Africa. The company had posted net profit of Rs 408.08 crore in...

MFs sell shares worth Rs 2,700 cr in April

Thursday, 08 May 2014 | PNS | New Delhi

As foreign institutional investors continue to invest in the Indian markets, Mutual funds (MF) continue their selling spree for the 8th month in a row. As per the latest data, MFs offloaded shares worth about Rs 2,700 crore in April on redemption pressure.On the other hand, they pumped in nearly...

Sensex tumbles by 185 pts to 3-week low

Thursday, 08 May 2014 | PNS | New Delhi

Heavy profit booking across most of the sectors on Wednesday pushed the benchmark Sensex slid by 185 points to three week low of 22,323.90. The broader index Nifty also fell by 62.75 points to 6,652.55. The rupee on the other hand, rose to above Rs 60 per dollar to Rs...

Cognizant profit rises 23%, forecasts Q2 revenue at $2.5 bn

Thursday, 08 May 2014 | PNS | New Delhi

Cognizant, information technology services major posted a 22.8 per cent jump in net profit to $ 348.9 million in the January-March quarter, driven by strong momentum in the European region and broad-based growth across businesses. The New Jersey-headquartered firm had registered a profit of $ 284.2 million in the first quarter...

OilMin mulls cess levy on OMCs to curb evaporation wastage of auto fuel

Wednesday, 07 May 2014 | Anchal Kakroo/Animesh Singh | New Delhi

Concerned about the fact that the actual quantum of loss entailed by oil marketing companies (OMCs) on evaporation wastage (of petrol and diesel) is actually not known, the Government is looking at possibilities of levying a cess on the companies in order to curb the wastage. In simpler terms, with the...

Merck to sell consumer care business to Bayer for $14.2 bn

Wednesday, 07 May 2014 | PTI | Washington

US pharma major Merck will sell its consumer care business to Bayer for $14.2 billion and announced a worldwide clinical development collaboration with the German firm. The two companies entered into a definitive agreement under which Bayer AG will acquire Merck’s over-the-counter business, including the global trademark and prescription rights for...

Sahara disappointed with SC verdict

Wednesday, 07 May 2014 | PTI | New Delhi

Sahara Group on Tuesday expressed disappointment over the Supreme Court judgement dismissing its chief Subrata Roy’s petition against the order jailing him. “We are still in the process of reading and understanding the judgement... We expect to return to the Court in the near future with further evidence of our compliance...


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‚ÄėAssault‚Äô on police driver: Action against Kerala ADGP

17 Jun 2018 | VR Jayaraj | Kochi

In a swift move intended at stemming the protests brewing in the State police force against certain top officials’ ‘feudalistic’ practice of persecuting policemen and camp followers by using them as house servants, the Kerala Government on Saturday removed ADGP Sudesh Kumar, whose daughter was the other day booked for assaulting and verbally abusing his official police driver, from the position of head of the Armed Police Battalion. The action against...

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Protest for shifting B’pur liquor shop held

18 Jun 2018 | PNS | BRAHMAPUR

A protest was held at Subarao Square here against a foreign liquor shop on Sunday. Residents held a meeting demanding shifting of the shop...

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