FE Bureau

India’s exports contract 9.7% in June, worst since January 2016

Goods trade deficit ballooned to $46 billion in the June quarter from almost $36 billion in the previous three months, threatening to reverse the benign current account deficit (CAD) level of 0.7% of GDP witnessed in the Marc

India, India export, india export data, india export import data, india export to china, india export today, economy news, current account deficit, CAD, IMF News

Tax on FPIs: Relief to less volatile investors not easy — here’s why

FPIs remained net buyers in most part of 2019, having bought shares and local papers worth $13.08 billion so far this year. This compares with last year’s sale of $4.6 billion in equity and $6.7 billion in bonds.

FPI surcharge, FPI, FPI Tax, volatile investor, economy news, post tax returns,  tax returns, FPI full form News

Three IL&FS entities enter into pact with secured lenders

The revised agreement includes certain concessions given by debtors, including release of cash flow from existing accounts to service financial and operational creditors, reduction in debt service coverage ratio requirement,

NCLAT, ilfs news, ilfs case, ilfs crisis, L&T Infrastructure Finance Company, L&T Finance, L&T Infra Debt Fund, L&T share News

Supreme Court questions Sebi on IL&FS fraud probe

Sebi has moved the apex court against SAT’s order claiming that it should not be asked to investigate the Rs 460-crore IL&FS Securities case as it is beyond its jurisdiction to annul trades.

Supreme Court, Sebi, IL&FS fraud probe, ilfs news, ilfs crisi, ilfs  case, industry news, NSE News

Aditya Birla Fashion to acquire 51% in Finesse International

ABFRL said the acquisition was intended to strengthen presence in the area of branded ethnic apparels and accessories, covering both bespoke ceremonial wear and pret lines.

Aditya Birla Fashion, Finesse International, Aditya Birla, Indian fashion market, Indian ethnic wear, industry news

Ashok Leyland’s Pantnagar plant production down due to weak sales

In a communication to the stock exchanges on Monday, the company stated that its plant situated at Pantnagar will remain closed from July 16 to July 24 (both days inclusive), owning to weak demand and outlook for the industry

Ashok Leyland, Pantnagar plant, SIAM, SIAM data, industry news, Ashok Leyland share, Ashok Leyland news

Shriram Transport Fin to raise Rs 10,000 crore via NCD issue

Options of investment tenors are 30 months with annual interest payment option and 42, 60 and 84 months, with monthly, annual & cumulative interest payment options.

Shriram Transport, Shriram Transport Fin, markets news, NCD, non-convertible debenture, CRISIL, market,  News

Consumer delinquencies at NBFCs higher than the industry

The FSR observed that the spike in delinquencies could be a fallout of the exponential growth seen in consumer credit over the last few years. Credit in all four segments grew at a compounded annual rate of above 20% between

NBFC, Consumer delinquency, industry, RBI, Reserve Bank of India, Financial Stability Report, FSR, market news, nbfc news

Supreme Court rejects PIL against LIC’s Jeevan Saral Policy

An aggrieved policyholder can approach a consumer court for any relief, he said, adding that the policy has been approved by the Insurance Regulatory Development Authority (IRDA).

Supreme Court, PIL, LIC, Jeevan Saral Policy, india news, LIC news

Captive coal production inches up 2.3% in April-May

Production in four captive coal mines—allocated to Hindalco Industries, Rajasthan Rajya Vidyut Utpadan Nigam (two blocks), Jaiprakash Power Ventures and NTPC — have actually dipped in these two months.

Captive coal, coal production, Rajasthan Rajya Vidyut Utpadan Nigam, NTPC, coal ministry, Supreme Court News

Vegetable oil imports surge 6% to 11.05 lakh tonne in June

During November 2018-June 2019, import of refined oil (RBD Palmolein) went up 39% to 1,825,663 tonne, against 1,315,256 tonne in the year-ago period.

vegetable oil, vegetable oil import, Indonesia, Malaysia, RBD Palmolein,  soy oil, oil import, oil export News

Telecom talks: Airtel loses rural subscribers, Jio sees a rise

Jio's rural base during the same period rose from 35.87% in December end to 37.92% in March end.

Telecom talks, Airtel, rural subscribers, Jio, industry news

Amazon, Flipkart not on Mukesh Ambani’s radar; Reliance Jio readies platform to wire kirana stores

From Jio Prime, not only will these merchants be able to source products cheaper than from normal suppliers and distributors but will also get cash backs and other discounts which would enable them to compete with bigger, org

E commerce, Reliance Jio, Amazon, Flipkart, kirana stores, industry news, B2B platform, kirana merchant News

Beware, new mobile malware on the prowl, 15 million devices in India affected

Agent Smith was originally downloaded from the widely-used third party app store, 9Apps, and targeted mostly Hindi, Arabic, Russian, Indonesian speaking users.

Beware, mobile malware, India, Mobile Threat Detection Research, mobile virus, malware, malware detection News

Shell Eco-marathon to be held in Bengaluru from November 19-22

Part of the event is Shell Eco-marathon—world’s longest-running competition in which students design, build and test fuel-efficient cars.

Shell, Eco marathon, Bengaluru, Shell Technology Centre Bangalore, STCB, education news

DHFL defaults again, this time to tune of Rs 48 crore

Gross non-performing assets (NPA) stood at 2.74% as on March 31 against 0.91% in the previous quarter and 0.96% in the corresponding quarter last year.

DHFL deferred the announcement of financial results for the March quarter to Saturday, which was earlier scheduled for June 29, citing the unavailability of the management concerned. News

Allahabad Bank reports Rs 1,775 crore fraud by Bhushan Power and Steel

Last week, PNB reported a fraud worth Rs 3,805.15 crore by the bankrupt steel company by misappropriating funds and manipulating its books of accounts.

Allahabad Bank also said it has been observed that the company has misappropriated bank funds and manipulated books of accounts to raise funds from consortium lender banks. News

How Artificial Intelligence is solving different business problems

Tech Mahindra has implemented an AI-based facial recognition to register the attendance of employees, thereby reducing the work load of an HR associate

Various businesses and companies are employing AI to handle business problems differently News

Kickstart your eco-friendly travel with these eight places

The lake in northern Italy known for its crystal clear water also boasts of one of country’s greenest hotels-Lefar Resort and Spa.

The beautiful lakeside town in the St Johann im Pongau district in the state of Salzburg in Austria is changing the face of sustainable tourism. News

Water a challenge for decades, work should have begun 20 years ago: Jal Shakti Minister

Jal Shakti Minister Gajendra Singh Shekhawat lays out government plan on revival, reuse of water through traditional water bodies, rainwater harvesting and treatment of sewage water, and calls for more interest from states a

Union Minister Gajendra Singh Shekhawat with Senior Assistant Editor Shalini Nair in The Indian Express newsroom (Image: Amit Mehra) News

Kalyani Rafael gets $100-million order for 1,000 Barak-8 MRSAM missile kits for Indian Army and IAF

Hyderabad-based KRAS is a 49:51 ratio joint venture between Isreal’s Rafael Advanced Systems and Kalyani Strategic Systems, with the Indian partner holding 51%

KRAS started its Hyderabad facility in 2017 with an investment of about Rs 70 crore and was the first to get single-largest FDI for defence manufacturing in the country. (Website image) News

Jet Airways insolvency: NCLAT to hear Dutch court administrator’s appeal

The NCLAT stayed a part of the order passed by the Mumbai bench of the NCLT, which had in June dismissed the Dutch administrator's plea saying that offshore proceedings are not maintainable.

Jet Airways is facing insolvency proceedings in the Netherlands and was declared bankrupt in response to a complaint filed by two European creditors. News

Essar Steel lenders move Supreme Court against NCLAT order

The CoC in its appeal before the apex court stated that it has power to deal with all commercial aspects of the resolution plan submitted by ArcelorMittal India.

The CoC said that this decision would discourage banks from initiating insolvency proceedings against any defaulting company. (File photo) News

Infosys net profit rises in Q1 — What worked for the second-largest IT firm

Changes capital allocation policy to distribute 80% free cash-flows to shareholders via dividends, buybacks over 5 years

Even geographically, the company reported double-digit growth across regions other than India. (Reuters File photo) News

World Cup 2019: Star set to reach its ad revenue mark despite India’s exit

Of the Rs 1,800 crore, about Rs 1,600 crore is expected to come from broadcast while Star India’s digital platform, Hotstar, is estimated to garner about Rs 200 crore in ad revenues, analysts said.

An incremental rate difference of 6 lakh and an incremental difference of 2,000 seconds of ad inventory would have made a difference of only about Rs 12 crore. News

Budget 2019: Govt hints at grandfathering of new tax on buyback of shares

Budget 2019 India: The idea behind the move is to discourage the practice of using buyback option to circumvent the dividend distribution tax (DDT) and encourage investments by firms.

Budget 2019-20: The hike in DDT rate in the 2016-17 Budget gave a leg-up to the trend. News

Greenko inks agreements for $329 million equity funding

Greenko has also issued warrants to its founders, which will bring in additional equity for the growth of the company when they are exercised over coming months.

Greenko’s innovative solutions have helped place us at the forefront of the clean energy sector. News