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Top 10 business news today: From Anil Ambani’s jet drive, petrol price hike to Flipkart’s ‘No cost EMI’

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Wed June 01 2016, 10:22 am
  • anil ambani, flipkart, arun jaitley, GST, Arun jaitley news, Raghuram Rajan, Narendra Modi, Micromax, Micromax sales, FLipkart mo cost EMI, Petrol prices, petrol prices news, petrol prices hike

    Anil Ambani’s Reliance Defence enters aircraft manufacturing, signs agreement with Ukraine’s Antonov: ADA Group’s Reliance Defence has signed a strategic partnership agreement with Ukraine-based ANTONOV for assembly, manufacture and MRO of Antonov platforms in India for both commercial as well as military aircraft. Company sources said that the facility is being built at Mihan, Nagpur with an initial investment of Rs 6,500 crore. “The facility is being built over 289 acre of land and we have till date acquired around 104 acre of it, work has already commenced on the acquired land, we will be looking at manufacturing both military and small to medium sized commercial passenger aircrafts,” sources said. (Reuters)
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  • anil ambani, flipkart, arun jaitley, GST, Arun jaitley news, Raghuram Rajan, Narendra Modi, Micromax, Micromax sales, FLipkart mo cost EMI, Petrol prices, petrol prices news, petrol prices hike

    Petrol price hiked by Rs 2.58 per litre, diesel by Rs 2.26 per litre: Petrol prices were hiked by Rs 2.58 per litre and diesel by Rs 2.26 per litre by Oil marketing companies, with effect in Delhi from Tuesday midnight. This move is sure to pinch consumers’ budget. With this change, the price of petrol in the national capital will be Rs 65.60 per litre (including State levies), while one litre diesel will cost Rs 53.93. The prices will be revised correspondingly in other states as well. “The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” said Indian Oil Corp (IOC). (AP)

  • anil ambani, flipkart, arun jaitley, GST, Arun jaitley news, Raghuram Rajan, Narendra Modi, Micromax, Micromax sales, FLipkart mo cost EMI, Petrol prices, petrol prices news, petrol prices hike

    GDP grows at 7.9% in Q4, may record 8% growth this fiscal: Gaining momentum, economy grew by 7.9 per cent in March quarter to consolidate India's position as the fastest growing major economy with a five-year high growth rate of 7.6 per cent for the full fiscal on robust manufacturing growth. Enthused by the impressive numbers for 2015-16, as against 7.2 per cent in previous fiscal, the government said the growth rate can go up to 8 per cent in the current fiscal on the back of good monsoon. (Reuters)
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  • anil ambani, flipkart, arun jaitley, GST, Arun jaitley news, Raghuram Rajan, Narendra Modi, Micromax, Micromax sales, FLipkart mo cost EMI, Petrol prices, petrol prices news, petrol prices hike

    Flipkart introduces online ‘No Cost EMI’ option: E-commerce major Flipkart on Tuesday introduced “No Cost EMI” option to make online shopping affordable for high-end purchases through an attractive financing option of Equated Monthly Installments (EMI) where customers will not bear additional cost. Flipkart’s “No Cost EMI” entails zero processing fee, zero down payment and zero interest for customers. (Reuters)

  • anil ambani, flipkart, arun jaitley, GST, Arun jaitley news, Raghuram Rajan, Narendra Modi, Micromax, Micromax sales, FLipkart mo cost EMI, Petrol prices, petrol prices news, petrol prices hike

    Arun Jaitley hopeful of GST passage in monsoon session: Finance Minister Arun Jaitley on Tuesday expressed confidence that the much delayed Goods and Services Tax (GST) Bill will be passed in the monsoon session, saying "almost every political party" is supporting it. Speaking at 'The Future of Asia' Conference organised by Nikkei Inc, he said the GST Bill -- which creates a single national sales tax to replace several state and central levies -- has already been approved by the Lok Sabha or Lower House of Parliament and is slated to come up in the Upper House where the government doesn't have a majority. (AP)

  • anil ambani, flipkart, arun jaitley, GST, Arun jaitley news, Raghuram Rajan, Narendra Modi, Micromax, Micromax sales, FLipkart mo cost EMI, Petrol prices, petrol prices news, petrol prices hike

    RBI Governor Raghuram Rajan wins over Narendra Modi despite broad mistrust: In late 2014, the knives were out for Reserve Bank of India Governor Raghuram Rajan. Finance ministry officials were frustrated by his reluctance to cut interest rates to stimulate growth, and moves were afoot to ease him out of the job. Some were airing their reservations about Rajan’s hawkish stance in the media. Prime Minister Narendra Modi convened a meeting of senior finance ministry staff that December to hear their complaints, said a person who was present. At the end, the leader delivered a stern message: do not indulge in a public spat with the central bank. (PTI)

  • anil ambani, flipkart, arun jaitley, GST, Arun jaitley news, Raghuram Rajan, Narendra Modi, Micromax, Micromax sales, FLipkart mo cost EMI, Petrol prices, petrol prices news, petrol prices hike

    Westinghouse to get new site for Indian nuclear plant, say official: Toshiba Corporation's Westinghouse Electric will relocate a planned project to build six nuclear reactors in India, officials said, clearing a land acquisition hurdle and bringing the first deal stemming from a US.India civil nuclear accord struck more than a decade ago closer to reality. The six AP-1000 reactors would be built in the southern state of Andhra Pradesh, after the original site proposed for the multi-billion-dollar project, in Prime Minister Narendra Modi's home state of Gujarat, faced local opposition. (Reuters)
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  • anil ambani, flipkart, arun jaitley, GST, Arun jaitley news, Raghuram Rajan, Narendra Modi, Micromax, Micromax sales, FLipkart mo cost EMI, Petrol prices, petrol prices news, petrol prices hike

    Core sector growth soars to 4-yr high in April: Showing an impressive surge, infrastructure sectors grew at an over four-year high rate of 8.5 per cent in April, helped by double-digit expansion in refinery products and electricity generation. The eight core sectors - coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity - comprising nearly 38 per cent of India's total industrial production, had shrunk by (-) 0.2 per cent in April last year. The sectors, in April, logged the highest monthly production growth since February 2012, when the eight industrial segments had expanded by 8.6 per cent. (Reuters)

  • anil ambani, flipkart, arun jaitley, GST, Arun jaitley news, Raghuram Rajan, Narendra Modi, Micromax, Micromax sales, FLipkart mo cost EMI, Petrol prices, petrol prices news, petrol prices hike

    Big on offline, Yu sees 50% sales from brick-and-mortar stores: After almost a year of selling online, Micromax subsidiary Yu Televentures is now expanding its presence in the offline market and expects 50 per cent of its sales to come from the brick-and-mortar channel this year. In November last year, Yu had started selling its handsets offline in partnership with Reliance Retail. "We did a small trial with them (Reliance) and we received an overwhelming response. The online route has done well for us. But there is a huge market opportunity in the offline space and that is growing. That is why, we want to expand our presence in the offline market as well," Yu Televentures founder Rahul Sharma told PTI. (Reuters)

  • anil ambani, flipkart, arun jaitley, GST, Arun jaitley news, Raghuram Rajan, Narendra Modi, Micromax, Micromax sales, FLipkart mo cost EMI, Petrol prices, petrol prices news, petrol prices hike

    Cash purchase of gold jewellery above Rs 2 Lakh exempted from 1% tax according to reports: Payment in cash for buying goods and services worth more than Rs 2 lakh with the exception of jewellery will attract one per cent tax collected at source (TCS) from Wednesday. The existing TCS of one per cent on cash purchase of over Rs 5 lakh of jewellery and over Rs 2 lakh of bullion will continue, tax officials said. The Income Tax Department has been levying 1 per cent TCS on cash purchase of bullion in excess of Rs 2 lakh and jewellery in excess of Rs 5 lakh since July 1, 2012. (Express photo)
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