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Tata Steel: Supporting colleagues at troubled British unit of Tata Steel Europe, workers at JLR on Tuesday warned Tata Group Chairman against a 'fire sale' of its UK steel business, saying "it wasn't the responsible thing to do". Representatives for thousands of car workers at Jaguar Land Rover (JLR) wrote to Mistry, demanding the conglomerate acts responsibly by selling Tata Steel UK as a whole entity and allowing time for a credible buyer to be found, Unite, Britain and Ireland's largest trade union which claims to have over 1.4 million members, said in a statement. (Reuters)
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Enforcement Directorate (ED) today issued the third and possibly the last summons to liquor baron Vijay Mallya to present himself before its investigators on April 9 in Mumbai in connection with money laundering probe in the over Rs 900 crore IDBI loan fraud case. (Reuters)
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Anil Ambani’s Reliance Defence forms JV with Rafael; to take up $10bn worth projects: Anil Ambani-led Reliance Defence has inked a pact with Israel’s Rafael Advanced Defence System to set up a JV in India for specialised areas including air- to-air missiles that will oversee projects worth USD 10 billion (over Rs 65,000 crore) in ten years. “In one of the biggest joint ventures between an Indian company with any original equipment manufacturer (OEM), Reliance Defence Ltd, a 100 per cent subsidiary of Reliance Infrastructure Ltd and Rafael Advanced Defence Systems Ltd have decided to set up a joint venture company in India in the highly specialised areas of air-to-air missiles, air defence systems and large aerostats,” the company said in a statement. (Reuters)
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Kansai Nerolac – Brigade Group completes Rs 535 cr land sale deal: Industrial paints maker Kansai Nerolac today said it has completed sale of its land in Chennai to realty firm Brigade Properties for over Rs 535 crore. Kansai Nerolac in a BSE filing said that the sale transaction completed today. The company sold land together with the buildings on it to Perungudi Real Estates Pvt Ltd., an SPV of Brigade Enterprises and Reco-Caspia, a GIC Singapore affiliate company for a consideration of Rs 537.86 crore, it added.
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Value added tax on textile, footwear to go, says Arvind Kejriwal: Following protests from several MLAs, Delhi Chief Minister Arvind Kejriwal today announced that his government has decided to roll back the proposed imposition of VAT on textile and low-cost shoes and urged the Centre to do the same on 1 per cent proposed hike on non-silver jewellery. Kejriwal said within 24 hours of tabling the budget, they reversed their decision to impose VAT on textile and shoes priced below Rs 500. (Reuters)
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Jewellers can settle the excise dues for the months March to May along with that of June by July 31, it added.(PTI)
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Regarding the domestic factors, the report said it is positive about domestic economic and earnings recovery over the next few quarters. (PTI)
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Federal Reserve chief Janet Yellen adds pressure on ECB, sends German yields closer to zero: Federal Reserve Chair Janet Yellen's call for caution on interest rate hikes has heaped pressure on the European Central Bank, driving long-term inflation expectations and German Bund yields closer to their record lows. Yellen said on Tuesday that inflation had not yet proven durable against the backdrop of looming global risks to the U.S. economy. Her remarks pushed down the dollar and sent the euro close to levels where ECB policymakers have in the past raised their dovish rhetoric by a notch. (Reuters)
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Hindustan Zinc to pay over Rs 10,000 cr as dividend in FY'16: Hindustan Zinc Ltd (HZL) today announced that it will pay Rs 10,141 crore as dividend, which includes Rs 3,000 crore to the government, to its shareholders for the 2015-16 fiscal, the highest by any private company. In 2002-03, the government sold its 64.92 per cent stake in HZL to mining baron Anil Agarwal-led Vednata Resources, while retaining 29.54 per cent. (Reuters)
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Ravi Shankar Prasad for fair and researched TV ratings: Expressing unhappiness over the current television rating system, Union IT Minister Ravi Shankar Prasad today said the media industry must devise a "fair and researched" methodology to correctly reflect the performance of various programmes. "Television ranking must become fair and researched. I don't know what happened now. Whatever alternative bodies have come in, I am not impressed by that. How can a few hundred boxes determine which programmes are better and which are not?" Prasad said in his inaugural address at the annual media and entertainment industry gathering Ficci Frames here. (Reuters)
