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<br>Snapdeal offers instant loan approval option on CapitalAssist</br> Ecommerce major Snapdeal today announced the launch of instant loan approval facility on its seller financing platform, Capital Assist. With this, Snapdeal sellers will be able to get approval for unsecured loans from financiers at the click of a button, in line with its mission of creating one million successful online entrepreneurs. (Reuters)
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The company had posted a net profit of Rs 31.53 crore in the corresponding period of the previous fiscal.
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<br>AskmeBazaar appoints Farhan Akhtar as brand ambassador</br> Internet company Askme has roped in Bollywood actor Farhan Akhtar as its new brand ambassador for its online marketplace, Askmebazaar.com. The actor will endorse the company's products and services through advertising campaigns, which will be unveiled soon, it said in a statement. (Reuters)
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<br>Growth still not felt on ground; govt needs more time:</br> Azim Premji A huge fall in oil and other commodity prices has helped the economy in a big way, but growth is still not felt on the ground, top industry leader Azim Premji said today. He, however, added that there is a need to give the government more time. Addressing the company's 69th Annual General Meeting here, the Wipro Chairman also said that the US economy has gained a lot of strength in the last year, while Europe is also seeing a lot of business traction. About Wipro, Premji said the company is making significant investment in its workforce to enhance digital skills. "We have a strong balance sheet and have an appetite" to make inorganic investments to increase growth, he added. In his letter to shareholders, published in the company's Annual Report 2014-15, Premji had earlier said that Wipro was investing significantly in re-skilling the workforce to take advantage of opportunities that arises from digital technologies. (Reuters)
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<br>PVR Q1 net up 7-fold at Rs 58 cr; plans to raise Rs 850 cr</br> Multiplex chain operator PVR Ltd today reported an over seven-fold jump in its consolidated net profit at Rs 58.05 crore for the quarter ended June 30, on account of good movie releases and increase in its food and beverages earnings. The company had reported a consolidated net profit of Rs 7.66 crore for the April-June quarter of the last fiscal. The net sales during the first quarter of 2015-16 fiscal stood at Rs 485.36 crore, up 34.09 per cent, PVR said in a regulatory filing. "The company delivered strong results as we have some good release which increased foot fall and collections. Revenue from F&B segment has also increased," PVR CFO Nitin Sood said. Films as Tanu Weds Manu, Fast & Furious, Piku, Avengers, ABCD, Jurassic World, Dil Dhadakne do, Gabbar have done successful performance at box office during April-June quarter, PVR said in a statement. (Reuters)
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<br>Sebi busts billion-dollar 'tax evasion shops' in stock market</br> Suspecting tax evasion of at least Rs 5,000-6,000 crore, regulator Sebi has clamped down on a large number of organised syndicates who had set up 'shops' to convert black money into legitimate-looking funds through the stock market platform. While more than 900 entities have been banned from capital markets by the Securities and Exchange Board of India (Sebi), it has also referred these cases to the Income Tax Department for further investigations. "We have banned more than 900 entities and my guess is that the tax avoidance that has happened in these cases is more than Rs 5000-6,000 crore," Sebi Chairman U K Sinha said. "We have given all the details to the CBDT (Central Board of Direct Taxes) and we have told them that they should probe them," Sinha told PTI in an interview here. (AP)
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<br>JSW Energy profits dips about 15% to Rs 277 cr</br> JSW Energy today reported 14.75 per cent decline in consolidated net profit to Rs 277.45 crore for the June quarter on lower generation and marginal fall in average realisation. The company had reported net profit of Rs 325.47 crore in the April-June quarter of last fiscal, 2014-15. Its total income for the first quarter of 2015-16 was Rs 2,106.99 crore, as against Rs 2,558.32 crore in the year-ago period – down 17.64 per cent. "The decline in profit is primarily due to lower generation and a marginal decline in average realisation," JSW said in a statement. (Reuters)
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<br>Apollo Tyres launches new passenger car tyre for domestic market</br> Apollo Tyres today launched a new passenger car tyre range — Apollo Amazer 4G Life — for the domestic market. The tyre has been developed jointly by the company's global R&D centres in Chennai and Enschede (the Netherlands), especially for the mileage conscious customers and promises to run up to 1,00,000 kms and beyond, Apollo Tyres said in a statement. (Reuters)
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<br>RS panel submits GST report; Congress, Left, AIADMK dissent</br> The Rajya Sabha Committee on GST today submitted its report recommending that one per cent additional tax by states should not be levied on goods for inter-company transfers and favoured compensation to states for five years but Congress, Left and AIADMK gave dissenting notes. The major recommendation of the 21-member committee was the one relating to Clause 9 as it felt the one per cent additional tax will lead to cascading of taxes. It wanted an explanation to be included in the provision that would make it clear that the one per cent would be on goods sold and not on inter-company inventory transfers. In its dissent, the Congress favoured a simple 18 per cent GST on all goods including petroleum products and alcohol and opposed states being given powers to levy one per cent additional tax. AIADMK and Left parties in its notes termed some of the provisions as impinging on the legislative sovereignty of both Parliament and state legislatures. AIADMK also sought keeping out petroleum products and tobacco out of the GST regime. (PTI)
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<br>Govt’s housing scheme can give Rs 15 trillion boost to GDP:</br> India Ratings The Centre’s housing for all project is expected to give the economy a Rs 15-trillion boost over the next 7 years, but its success will depend on ramping up existing urban infrastructure, fast tracking approval process and targeting the actual beneficiary, a study said. “The direct benefit of the housing for all scheme to the economy is estimated to be Rs 15 trillion in a seven-year timeframe (FY16-FY22),” according to a report prepared by India Ratings. Funding the sizeable investment through public-private partnerships and ramping up the supply of raw materials for construction, namely steel and cement, were cited as ‘big challenges’ for the execution of the scheme. (Reuters)
