IDBI Bank crafts turnaround plan; to focus on NPA recoveries

Friday, 26 May 2017 | PTI | MUMBAI

Hit by weak profitability and deteriorating asset quality, state-run IDBI Bank today said it has formulated a turnaround strategy focusing on augmenting capital base and recovery from bad loans. “We are looking at all avenues to improve our capital position and bring the bank on the recovery track,” the bank’s...

CCI OKs Tatas’ acquisition of Docomo stake in TTSL

Friday, 26 May 2017 | PTI | NEW DELHI

Fair trade regulator CCI has approved Tatas' purchase of 21.63 per cent stake in group firm Tata Teleservices from Japan’s NTT Docomo, taking the long- pending billion-dollar deal a step closer to completion. A joint filing was made with the Competition Commission of India (CCI) for acquisition of share amounting...

GST implementation may increase expense ratio of fund houses

Friday, 26 May 2017 | PTI | MUMBAI

With three per cent increase in service tax likely after the implementation of Goods and services Tax (GST) from July 1, the expense ratio of mutual fund houses across the country will also go up by 3 per cent. Expense ratio is the measure of the cost incurred by...

Videocon shares continue free fall, tank 48% in 4 days

Friday, 26 May 2017 | PNS | NEW DELHI

Investors continued to dump shares of Videocon Industries on reports of loan repayment worries, sending the stock plunging 48 per cent in last four trading sessions. The four-day decline has wiped out Rs1,601.42 crore from the company’s market valuation. Shares of the company today tumbled 9.94 per cent to Rs52.55...

‘Will request FM to reduce tax rate on hybrid vehicles’

Friday, 26 May 2017 | PTI | NEW DELHI

Union Minister Nitin Gadkari on Thursday said that he will urge Finance Minister Arun Jaitley to bring down GST rate on hybrid vehicles and other automobiles that run on alternate fuels. Under the GST rates announced last week, hybrid cars, which are considered eco-friendly, are slated to attract a 15...

Moody’s cuts China credit rating over rising debt

Thursday, 25 May 2017 | AP | Beijing

The Moody’s ratings agency on Wednesday cut China’s credit rating due to surging debt, prompting a protest by Beijing and highlighting challenges faced by Communist leaders as they overhaul a slowing economy. The downgrade adds to warnings about China’s reliance on credit to propel growth after the 2008 global crisis. Private...

More air routes under UDAN scheme by August

Thursday, 25 May 2017 | PNS | New Delhi

The Government is likely to award air routes under the second round of the regional connectivity scheme (RCS) by August, for which it has invited comments from stakeholders on certain changes it has proposed. The stakeholders, including airlines, send their views to the Government for the second part of bidding for...

Cabinet approves FIPB abolition

Thursday, 25 May 2017 | PNS | New Delhi

In a move to fast-track ease of doing business in the country, the Union Cabinet chaired by Prime Minister Narendra Modi, approved phasing out the 25-year-old Foreign Investment Promotion Board (FIPB) on Wednesday. The FIPB, which was earlier vetting foreign direct investment or FDI proposals and requiring Government approvals, will...

Govt looking at bond mkt to raise funds for long term finance: Sebi

Thursday, 25 May 2017 | PTI | Hyderabad

The Government is looking at promoting bond market for raising funds as banks are not the vehicles for long term finance, a SEBI official said on Wednesday. Addressing a national conference on Bond Market--’Meeting Investor Needs Through Fixed Income Markets’ organised by ASSOCHAM here, SEBI whole-time member G Mahalingam said, “The...

Sikka’s salary drops 67% in FY17, total payout down 7%

Thursday, 25 May 2017 | PTI | New Delhi

Infosys chief executive Vishal Sikka’s high salary, which had prompted the founder members to voice concerns, has dropped over 67 per cent in 2016-17 on lower bonus payout. According to the annual report of Infosys, the cash component of Sikka’s salary was Rs 16.01 crore, down from Rs 48.73 crore...


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Lynch protest: police fire in air, Sec 144 imposed in four areas

21 May 2017 | PTI | Jamshedpur

Protest against lynching of four persons intensified today and the police had to fire in the air to disperse a mob, while prohibitory orders under Section 144 were imposed in four areas here for tonight. Police fired in the air to disperse a mob that blocked roads in Mango area, demanding arrest of culprits involved in the lynching of four persons of a community at Rajnagar in Seraikela-Kharswan district on Thursday...

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CMDC’s Aridongri iron ore output for local units first

26 May 2017 | Staff Reporter | Raipur

The Chhattisgarh Mineral Development Corporation (CMDC) intends to sell iron ore produced from the proposed Aridongri mine in Kanker district of Bastar to steel / sponge iron units at Bhilai, Raipur and Raigarh on priority basis, officials informed. Efforts are being made to increase the production sothat sufficient quantity of iron ore is available for export after meeting the requirements of the expanding home market...

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