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India ranks ninth in crony-capitalism index reports The Economist: India is ranked at ninth position in crony-capitalism with crony sector wealth accounting for 3.4 per cent of the gross domestic product (GDP), according to a new study by The Economist. In India, the non-crony sector wealth amounts to 8.3 per cent of the GDP, as per the latest crony-capitalism index. In 2014 ranking also, India stood at the ninth place. Using data from a list of the world’s billionaires and their worth published by Forbes, each individual is labelled as crony or not based on the source of their wealth.(PTI)
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The FMCG major registered an increase of 7.02 per cent in standalone net profit at Rs 1,089.59 crore for the fourth quarter ended March 31, 2016.(Reuters)
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Akshaya Tritiya: High prices, drought keep gold buyers away- People bought a third less gold than last year during Akshaya Tritiya on Monday, industry officials estimate, as droughts have hit the earnings of millions of farmers and the metal’s price rallied. Weaker demand from the world’s second-biggest consumer could limit a rally in global prices, which are up around a fifth this year. Indian prices were around 30,000 rupees per 10 grams on Monday, up nearly 10 percent from a year ago. Akshaya Tritiya is the second-biggest gold-buying festival in India after Dhanteras around October-November, but jewellers failed to draw buyers despite spending heavily on print and television advertisements and offering discounts on design fees.(Reuters)
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April passenger car sales jump 1.87%: Snapping a three-month declining streak, passenger car sales rose 1.87% in April on popular new models like the Maruti Baleno and Renault Kwid. According to data released by the Society of Indian Automobile Manufacturers (Siam), domestic passenger car sales stood at 1,62,566 units in April against 1,59,588 units in the same month last year. Other segments like passenger vehicles, commercial vehicles as well as two-wheelers also posted strong growth in domestic sales during the month. Passenger vehicle sales grew 11%, highest in five months. The growth was aided by the strong volumes for utility vehicles which grew at a rate of 43% year-on-year, which is fastest pace for the segment since November 2012, when it grew 70%. (Reuters)
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Malaysia’s largest power utility Tenaga to buy debt laden GMR Energy assets: Debt-laden GMR Infrastructure on Monday said that Tenaga Nasional, the largest power utility in Malaysia, has agreed to invest $300 million (approximately Rs 2,000 crore) for a 30% stake in selected generation assets of its subsidiary company GMR Energy (GEL). The proceeds from the stake sale would be used for repayment of corporate debt, the company added.With this deal, GMR Infra would be able to reduce it corporate debt to Rs 4,300 crore from the current Rs 6,300 crore. “This would lead to a reduction in GMR Infra’s consolidated corporate debt and will result in a stronger balance sheet,” the statement said.(Reuters)
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Facebook beverages won't be a thing in China after rare trademark win: Chinese people won't be able to quench their thirst with a refreshing "face book" beverage, after the U.S. social networking company won a rare trademark victory against a local firm in China. By contrast, Apple Inc last month lost its battle to prevent a domestic company from using the "iPhone" trademark on leather goods in China. China's intellectual property protections are often perceived as quite lax but they are steadily improving, lawyers say. The victory may offer a glimmer of hope for Facebook Inc in China, where its social network is not accessible and its business is mainly selling overseas advertising for Chinese companies.(Reuters)
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Vodafone challenges special audit order: HC seeks IT reply: Delhi High Court today sought the Income Tax department's response on Vodafone's plea challenging an order directing special audit of its accounts for assessment year 2012-13. A bench of Justices S Muralidhar and Vibhu Bakhru issued notice to the IT department and asked it to file its reply by July 28 on Vodafone's plea.(Reuters)
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Plans to launch 500 courses in 10 languages, says Smriti Irani: The government on Monday said there are plans to introduce as many as 500 free courses in ten languages through open and distance learning mode this year. The government along with the University Grants Commission (UGC) are also examining the regulations pertaining to Open and Distance Learning (ODL), HRD Minister Smriti Irani said during Question Hour in the Lok Sabha.The major streams offered in ODL education include humanities, social sciences and general science.(PTI)
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Petrol prices slashed 32 times, hiked 21 times since 2013: Prices of petrol were reduced 32 times and increased 21 times while diesel prices were slashed 19 times and raised 28 times since 2013, Commerce Minister Nirmala Sitharaman said on Monday. The prices of ATF, petrol and diesel have been made market determined by the government since April, 2001, June 26, 2010 and October 19, 2014 respectively, Sitharaman said, replying on behalf of Petroleum Minister Dharmendra Pradhan, in Lok Sabha.(PTI)
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Zomato refutes HSBC report; says investors back co's valuation: Hitting back at HSBC analysts for marking down its valuation by half at $500 million, online restaurant guide and food ordering firm Zomato said on Monday the investors have backed the current valuation. In a mail to the company's 2,100 employees, Zomato Founder and CEO Deepinder Goyal hit out at the HSBC report and said the "assumptions and statements" make it look like "they're coming from someone who doesn't – and hasn't bothered to – understand the space well".(Reuters)
