Front Page News
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Downward spiral: Rupee drifts to new record low
Tushar Goenka | August 31, 2018 5:22 AMHaving lost nearly 10% since January, it is the third-worst performing EM currency
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Annual General Meeting: ICICI Securities vote may favour Chanda Kochhar
FE Bureau | August 31, 2018 5:15 AMICICI Securities on Thursday said the results of the voting on the reappointment of ICICI Bank MD and CEO Chanda Kochhar as a director on the board would be announced within 48 hours even as media reports said the biggest shareholder ICICI Bank had voted in favour of Kochhar being reappointed.
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60% haircut: SBI offloads Bombay Rayon debt
Shritama Bose | August 31, 2018 11:22 AMState Bank of India (SBI) has completed the sale of its Rs 2,261-crore exposure to Bombay Rayon Fashions (BRFL) to JM Financial Asset Reconstruction Company (ARC) for Rs 900 crore, according to persons familiar with the development.
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GST returns: New system unlikely before next elections
Sumit Jha | August 31, 2018 4:57 AMThe roll-out of the new simplified return-filing system for the goods and services tax (GST), which was to kick in from January 2019, may get delayed further and, most probably, beyond the tenure of the current government.
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Flight of fancy: Indian among five countries shortlisted for Uber’s air mobility concept
Nandagopal Rajan | August 31, 2018 4:49 AMUber is envisioning for urban transport in the coming years with UberAir, its concept for urban air mobility.
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RBI Annual Report: Nearly all junked notes returned
FE Bureau | August 30, 2018 6:07 AMJunked Rs 500 and Rs 1,000 notes worth Rs 15.31 lakh crore, out of Rs 15.41 lakh crore in circulation as of November 8, 2016, when the government announced that these notes were no longer valid, found their way back to banks.
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Mumbai Power Business: Adani deal slashes R-Infra’s debt load
FE Bureau | August 30, 2018 5:45 AMReliance Infrastructure (R-Infra) on Wednesday said that it has cut its debt to about a third to just Rs 7,500 crore, following the sale of its Mumbai power distribution business to Adani Transmission in a deal valued at Rs 18,800 crore.
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Stressed power assets: Panel to discuss ARC, no fiat to RBI under Section 7
Banikinkar Pattanayak | August 30, 2018 5:38 AMThe empowered committee on power, in its crucial meeting on Friday, could discuss a proposal to set up an asset reconstruction company (ARC) to take over banks’ stressed power assets, among other options, official sources told FE.
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Tata Sons ouster: NCLAT admits Cyrus Mistry’s plea
Surya Sarathi Ray | August 30, 2018 5:28 AMThe National Company Law Appellate Tribunal (NCLAT) on Wednesday admitted a petition moved by ousted Tata Sons chairman Cyrus Mistry.
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4G Coverage: The new C-suite – Jio’s C category circles put it in a sweet AGR spot
FE Bureau | August 30, 2018 5:18 AMReliance Jio’s surging adjusted gross revenue (AGR) is on the back of its 4G coverage.
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E-commerce policy: ‘No plans to allow FDI in inventory model’
FE Bureau | August 29, 2018 6:08 AMThe government isn’t planning to ease rules to allow foreign direct investment (FDI) in business to consumer (B2C) e-commerce players holding the inventory of various goods, even if such products are locally-made.
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Spreading wings: Vistara to start flights to Phuket, Colombo
Manisha Singhal | August 29, 2018 6:02 AMFull-service carrier Vistara, a joint venture between Singapore Airlines and the Tata Group, is set to fly on international routes from October. Sources told FE that the airline’s international flights will be from New Delhi to Colombo in Sri Lanka and Phuket, an island off Thailand’s west coast.
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Regulatory delays: Power ministry asks CERC to speed up clearing dues
Anupam Chatterjee | August 29, 2018 5:57 AMRegulatory dues amounting to Rs 18,000 crore are yet to be paid to power companies. The ministry’s directive, if complied with, will help the resolution process and make some stressed units more attractive to potential buyers.
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Pay app: Google, banks team up for digital loans
FE Bureau | August 29, 2018 5:48 AMIn what appears to be a symbiotic relationship, Google’s India arm said on Tuesday it was teaming up with HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank to offer loans on its app Google Pay.
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RBI circular: Gencos to move SC after HC refuses to give relief
FE Bureau | August 29, 2018 5:38 AMIndependent Power Producers Association of India (IPPI) is likely to move the Supreme Court on Wednesday, challenging the Allahabad High Court’s order that denied any immediate relief to power companies against the Reserve Bank of India’s (RBI) February 12 circular on bad loans.
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Levy sugar for 2005-12: Ghost from the past – Govt asks mills to supply 1.7 lakh tonnes or pay up
Banikinkar Pattanayak | August 29, 2018 5:29 AMIndustry executives expect the demand to cost mills around Rs 125 crore for “pending obligations” for 2011-12 and another Rs 30-35 crore for earlier years. Never before was demand against pending levy obligation raised after the passage of so many years, said shocked mills.
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RBI’s February circular: Allahabad High Court refuses relief to power assets
Anupam Chatterjee | August 28, 2018 6:17 AMBanks say recast plan ready for 7-8 projects, insolvency route for some two dozen, up to 70% haircut seen.
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Sale of 5% stake: Government readies ONGC OFS
Prasanta Sahu | August 28, 2018 6:07 AMThe Centre will likely sell a 5% stake in the country’s largest oil explorer ONGC in what could be one of its largest disinvestment exercises in the current fiscal. At current prices (the ONGC stock closed Rs 176.20 on Monday), the stake sale may fetch the exchequer Rs 11,300 crore.
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Economic Activity: Growth to beat estimates, says Arun Jaitley
FE Bureau | August 28, 2018 5:59 AMInsolvency Code has redefined creditor-lender relationship. The need now is to expedite the process. The government’s ability to spend on infrastructure has improved due to increase in assessee base as well as tax collections— Arun Jaitley, Finance Minister
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June quarter: Jet Airways in Rs 1,323 crore loss
FE Bureau | August 28, 2018 6:00 AMJet Airways on Monday posted a huge Rs 1,323-crore loss for the June quarter against a profit of Rs 53.50 crore in Q1FY18. The private sector airline’s revenues grew just 6.4% year-on-year to Rs 6,010.46 crore with yields under pressure in the highly competitive market.
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Movies and more: Bharti’s Netflix tie-up shows entertainment is serious business
FE Bureau | August 28, 2018 6:00 AMThe country’s largest operator Bharti Airtel is building its arsenal to take on Reliance Jio, which currently has an edge in the entertainment segment.
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Weak macros may hit earnings in FY19, two-year growth data mediocre and raise concerns about economic recovery
FE Bureau | August 27, 2018 5:20 AMThe economy is expected to have clocked in a reasonably good 7.5-7.6% growth rate in the three months to June —
estimates vary between 7.4% and 7.8%. -
Modi government may raise a massive Rs 1.7 lakh crore to fund flagship schemes ahead of 2019 Lok Sabha polls
Prasanta Sahu | August 27, 2018 5:05 AMThe Centre’s fund mobilisation via EBRs this fiscal will be used to finance food subsidy arrears, Pradhan Manti Awas Yojana, electrification programme, higher education infrastructure, Swachh Bharat Mission and irrigation among a host of other such schemes.
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Royalty and technical fees paid out by a clutch of 30 MNCs in 2017-18 flat compared with the outgo in 2016-17
FE Bureau | August 27, 2018 4:51 AMRoyalty and technical fees paid out by a clutch of 30 multinational corporations (MNCs) in 2017-18 were flat compared with the outgo in 2016-17 while their profits before tax (PBT) grew 15%.
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Jobs in corporate India fell sharply over last decade, from around 5-6% per annum then to around 2-3% today
Yoosef KP | August 27, 2018 4:41 AMEmployment growth in corporate India has fallen off sharply over the last decade, from around 5-6% per annum then to around 2-3% today, Capitaline data show.
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UPI soars, clocks digital transactions at 43% of those by cards at retail outlets as compared to 4% last year
Shritama Bose | August 27, 2018 4:34 AMDuring June 2018, the UPI channel recorded 236 million transactions worth Rs 40,834 crore, as against 419 million card-based POS transactions worth Rs 94,199 crore.
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Cashing in on crops: Maharashtra shows the way to easier farm loans
FE Bureau | August 26, 2018 4:33 AMLoans being issued against warehouse receipts; traders given loans worth Rs 1,100 crore and farmers Rs 290 crore till July.
Horoscope: By Peter Vidal
SAGITTARIUS Your creative energy should now be at a peak, but not perhaps because the stars are all on your side. On the contrary, challenging romantic stars remind us of the cliché that all great art stems from… read more
