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Amul hikes milk prices by up to Rs 2/litre in Delhi, Gujarat: Dairy major Amul said it will increase milk prices by up to Rs 2 per litre in Delhi and Gujarat. Other milk producers may also follow the suit. The new price will come into effect in Delhi market from Friday and in Ahmedabad and Saurashtra regions from June 4. With the price rise, Amul Gold milk will be available for Rs 50 per litre, while Amul Taaza, Shakti, and Trim and Slim will be available for Rs 38, Rs 46 and Rs 36 per litre, respectively, in Gujarat. In Delhi-NCR milk prices would be raised by Re 1 per pouch of both half litre and one litre. Amul Slim & Trim (double toned milk) 500 ml pouch will be available for Rs 18. Amul Taza (toned milk) will be Rs 20 for 500 ml pouch and Rs 39 for one litre, Amul Gold (full cream milk) will be available at Rs 25 for 500 ml pouch and Rs 49 for one litre. Amul Diamond (full cream premium milk) will cost Rs 26 for half a litre pouch. (Reuters)<br><a href="https://twitter.com/FinancialXpress" target="_blank">For more business news and analyses, follow us @FinancialXpress </a><br>
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Bad news for ecommerce companies in India: Private equity activity for ecommerce companies is expected to remain muted in the foreseeable future as fragile global recovery and recent amendment to the India-Mauritius tax treaty may keep global investors away from India, India Ratings and Research (Ind-Ra) said. E-retailers, which were flush with private equity funds till 2015 have had mixed fortunes this year, with muted deals during January-April 2016. "The funding concerns have arisen at a time when e-tailers are undergoing a structural transition in their business model, involving considerable capital expenditure," it added. (Thinstock)<br><a href="https://twitter.com/FinancialXpress" target="_blank">For more business news and analyses, follow us @FinancialXpress </a><br>
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Over 8 pct economic growth in India not difficult, says Suresh Prabhu: With the government policies like 'Make in India' and 'Digital India' being in place, crossing 8 per cent growth barrier should not be difficult, Railway Minister Suresh Prabhu said. "In the last quarter, India grew by close to 8 per cent… whatever actions taken in the last two years including fixing the balance sheet of the banks, helping the corporates to fix their own balance sheets all of that should add in achieving better numbers in the years to come," he said. "Therefore, crossing this 8 per cent psychological barrier should not be difficult,” he added. (PTI)
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Skill training to be scaled up to cover 1.5 cr people: Skill training in the country will be scaled up to cover 1.5 crore people during 2016-2017, the capacity of IITs will be enhanced by over six lakh and more than 5000 new ITIs will be created, according to decisions taken at a meeting chaired by Prime Minister Narendra Modi here. At the First Meeting of Governing Council of National Skill Development Mission, attended by three Chief Ministers and a number of union ministers, Modi stressed the need for proper skill mapping and identification of the future requirements for skills so that school-children and parents are well aware of the emerging trends in the job market. The major decisions taken at the meeting included scaling up of skill training to cover at least 1.5 crore people during 2016-2017, the statement said. (Reuters)<br><a href="https://twitter.com/FinancialXpress" target="_blank">For more business news and analyses, follow us @FinancialXpress </a><br>
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CBI may file multiple charge sheets against Vijay Mallya: CBI is planning to file multiple charge sheets against former liquor baron Vijay Mallaya as it has brought under its one FIR the cases of his alleged loan default, of now defunct Kingfisher Airlines, with various banks of over Rs 9,000 crore. CBI sources said the agency has registered the case of alleged loan default of Mallya with IDBI Bank which was about Rs 900 crore on the basis of source information cultivated by the agency as no affected bank had filed any complaint with it. They said any investigation agency is capable of filing such a case but it involves much more work in terms of collecting evidence which could have been made easy if any of the affected bank had filed an FIR against Mallya. (Express photo)
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UK retailer BHS collapses with loss of up to 11,000 jobs: British department store chain BHS is to close with the loss of up to 11,000 jobs, administrators said today after failing to find a buyer. The 88-year-old chain, which sells clothing, food and homeware, has failed to keep pace with traditional rivals such as Marks & Spencer and online giants like Amazon, resulting in a major loss of market share. "Philip Duffy and Benjamin Wiles, managing directors of Duff & Phelps (the administrators) have today announced the orderly wind down of the BHS business," read a statement. A total of 11,000 jobs are in peril, comprising 8,000 BHS staff who are "likely to go", plus another 3,000 non-BHS in-store employees also at risk. (Reuters)
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GoAir gets first A320 neo, fleet strength rises to 20: Wadia group-promoted budget carrier GoAir today became eligible for international operations with the induction of its 20th aircraft in the fleet with the arrival of its first Airbus A320 neo plane at the Indira Gandhi international Airport here this morning. GoAir has also became the second operator to have this latest fuel-efficient aircraft from the European aviation major, Airbus. "GoAir is delighted to welcome A320neo (new engine option) into its fleet. With the induction of the first of our 72 NEO aircraft on order, we have reached a fleet strength of 20 aircraft," GoAir Chief Executive Officer Wolfgang Prock-Schauer said in a statement. (Reuters)
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Monsoon, salary hike to boost auto demand, says Fitch: Prospects of a better monsoon, new product launches and salary hike to government employees will provide a one-time demand boost to all automobile segments in the country, according to global rating firm Fitch. With expectations of better monsoon rains in 2016-17 and new model launches intensifying competition in the passenger and two-wheeler segments Fitch believes replacement demand will increase supporting commercial vehicle demand, it added. "In addition, a 23.5 per cent salary hike for government employees, effective in 2016, will provide a one-time demand boost to all automobile segments," Fitch said in its report. (Reuters)
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Pakistan misses key economic target: Pakistan missed the key 5.1 per cent GDP growth target in the outgoing fiscal year ending on June 30, while the industrial sector performed well to surpass the targets. Finance Minister Ishaq Dar issued the Economic Survey 2015-16 ahead the next year budget which he would be presented in the parliament Friday. Dar said that the government achieved several milestones but it missed some important economic targets including the promised GDP growth of 5.1 per cent. "According to provisional estimates the GDP growth during 2015-16 remained at 4.71 per cent," he said. (Reuters)
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Jammu and Kashmir govt does U-turn on hike in levies on mobile phones, etc: Jammu and Kashmir government today rolled back the 9.5 per cent hike in the levies on mobile phones, readymade garments and hosiery items following criticism from opposition members and trade bodies. "Given the demands of the House, the VAT on readymade garments, hosiery and cell phones, which was increased from 5 percent to 14.5 percent, will be rolled back," Finance Minister Haseeb Drabu said. The hike in levies, besides some other budget proposals, had attracted the ire of trade bodies in Kashmir and Jammu regions and they had called for a strike on June 4 to protest against these. (Reuters)<br><a href="https://twitter.com/FinancialXpress" target="_blank">For more business news and analyses, follow us @FinancialXpress </a><br>
