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Stock market investors become poorer by Rs 1.50 lakh crore </br><br> Massive selling in the stock market wiped out Rs 1.50 lakh crore from total investor wealth at the BSE on Monday as sentiments turned bearish on worries that the stricter norms for participatory notes may hit foreign investments. Besides, a sharp 8 per cent decline in Chinese stocks on worries that their economy is heading for a sharp slowdown added to the sell-off in domestic equities. Total investor wealth of BSE-listed companies plummeted by Rs 1,50,994.8 crore to Rs 1,02,62,579 crore. (Express Photo)
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MMTC has been asked to float tender after tender till the onion supply improves and prices come down. (Reuters)
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Changes announced in pattern of CAT 2015, to be held on Nov 29 </br><br> The pattern of the Common Admission Test (CAT) 2015 to be held on November 29 for admissions to prestigious B-schools has been changed to provide an "even" field to candidates from divergent streams and for a better assessment of data interpretation ability. As against two sections last year, there would be three sections in the exam to be held, namely, Quantitative Aptitude (QA), Data Interpretation and Logical Reasoning (DILR) and Verbal and Reading Comprehension (VRC). The test will be held in two sessions on November 29 and results will be announced in the second week of January 2016.
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Rs 200-crore illegal gratification transferred to Kalaignar TV: ED to court</br><br> ED told a special court that Rs 200 crore illegal gratification was transferred to DMK-run Kalaignar TV by DB group firm through a circuitous route in return for grant of 2G telecom spectrum to Swan Telecom by former Telecom Minister A Raja. Advancing the ongoing final arguments in the case, Special Public Prosecutor Anand Grover said the money was transferred back to DB group firm by Kalaignar TV (KTV) once Raja was about to be called for questioning by CBI in connection with the 2G spectrum allocation case.
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Free Basics, for which Facebook had tied up with Reliance Communications, is an app that promises free access to the Internet for a host of basic services on topics like news, health, travel, sports, jobs and communication. As the watchdog was examining the issue of Net neutrality, Reliance Communications had kept the free basic service offering on hold. Reacting to the TRAI order, Facebook said it was "disappointed with the outcome" but will continue its "efforts to eliminate barriers and give the unconnected an easier path to the Internet". (Reuters)
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83 pct monsoon rainfall in July; situation grim in central, southern India: IMD </br><br> The country has received only 83 per cent of rainfall in July with the situation in parts of central and southern India remaining particularly grim, even as the weatherman predicted an improvement in the situation in coming days. "Until now, July has witnessed minus 17 per cent of rainfall," India Meteorological Department (IMD) Director General Laxman Singh Rathore said. He, however, said that there was no need to panic as far as overall agriculture is concerned. (Reuters)
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Axis Bank cuts bulk deposit rates by 25 bps</br><br> Axis Bank on Monday announced a rate cut of up to 0.25 per cent on its bulk deposits across three different maturities. The revision, which comes amid a trend of downward movement in interest rates in the system, is applicable only on bulk deposits of over Rs 5 crore, the bank said. A bank spokesperson said the rate offering in deposits for over six-months but under nine months has been revised down by 0.25 per cent to 7.50 per cent, while the same for over one-year but under two-years has been cut 0.15 per cent to 8 per cent. In its recently announced results, the bank had said bulk deposits account for 21 per cent of its deposit base, saying the retail term and demand deposits are at 79 per cent. (Reuters)
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Indian rupee to remain under pressure till end 2016: Nomura </br><br> "India is recognised as a positive medium-term story, however consensus expects the rupee to gradually depreciate until end-2016. This view is driven by expectations of dollar strength and the belief that the Reserve Bank will continue to intervene aggressively (buying US dollars) in the forex market," Japanese brokerage Nomura said in a note. It expects spot dollar/rupee at 63.2 by end of the third quarter of 2016. (Reuters)
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Discoms oppose AAP govt's move to impose penalty for outages</br><br> Delhi's private power distribution companies have opposed AAP government's move to penalise them for unscheduled load shedding, saying investment to the tune of thousands of crores would be required to capture exact duration of outage which would require major hike in tariff. In its communication to Delhi Electricity Regulatory Commission (DERC), Reliance Infra-backed BSES discoms have even questioned "legality" of such a move and said there will be serious difficulties in enforcing penalties on discoms for load shedding. Delhi Government had last month decided to impose financial penalty on the discoms for unscheduled load shedding and asked the DERC to put in place a system immediately for it. (Reuters)
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Tech Mahindra Q1 net up 7.2% to Rs 676.07 crore</br><br> IT major Tech Mahindra on Monday posted a 7.2 per cent rise in net profit at Rs 676.07 crore for the quarter ended June 30, 2015. This is against a net profit of Rs 630.72 crore in the year-ago period. The company's revenues grew 22.9 per cent to Rs 6,293.8 crore in the quarter under review from Rs 5,121.50 crore in the same period last year. (Reuters)
Govt extended ITR AY 2025-26 deadline, but only 4.56 crore returns filed so far
