The Modi government’s booster dose for domestic banks and the infrastructure sector gave stocks a big lift on Wednesday, helping the benchmark Sensex its highest daily gain in five months in absolute terms, while the Nifty logged the best show in five months. Both the indices scaled new lifetime peaks – Sensex at 33,042.50 and Nifty at 10,295.35.
India’s economy will likely grow at its slowest pace in four years this fiscal year, a Reuters poll showed, as a currency ban and the new goods and services tax (GST) have disrupted business activity and dampened consumer demand. Asia’s third-largest economy will grow at 6.7 percent in the fiscal year ending March 2018
India’s pension system showing steady improvement: Report
India has been ranked 28 out of the 30 countries under review in the Melbourne Mercer Global Pension Index 2017, which was topped by Denmark for the sixth straight year. According to the index, India’s overall index value has increased from 43.4 in 2016 to 44.9 in 2017 and its pension system is found to be more sustainable than that of Poland, Germany, France, Japan, Italy, Austria, Brazil, China and Argentina.
5 exclusive tourism zones under PPP mode on cards
The Centre will soon set up five exclusive tourism zones in public-private partnership mode wherein the state governments will offer land in excess of 1,000 acres and also bring in private players for development. This is expected to alleviate the shortage of hotel rooms in the country, besides generating employment and boosting the economy.
Centre releases Rs 8,698 crore as GST compensation to states
The centre has released Rs 8,698 crore to states to compensate them for revenue loss following GST implementation. All states barring Rajasthan and Arunachal Pradesh, have been given compensation for the first two months (July-August) after Goods and Services Tax rollout
The massive Rs 2.11 lakh crore capital infusions in public sector banks may make the 3.2 per cent fiscal deficit target for 2017-18 difficult to achieve if two-thirds of the planned recapitalisation bonds are issued by the government
India and the UAE complement each other in areas of business growth and the private sectors are ready to support the two governments The UAE is the 10th largest FDI source market for India with cumulative FDI reaching USD 4.76 billion in the last 17 years from April 2000 till March 2017.
India’s black pepper exports could hit a five-year low in the current fiscal amid consistently higher prices that have forced buyers to shun Indian shipments in favour of those from Vietnam and Brazil. Exports shrunk 13% year-on-year to 3,900 tonnes in the quarter ended June. In FY17, pepper exports had plunged 37% to 17,600 tonnes.
The central government on Tuesday increased the Minimum Support Price (MSP) for Rabi crops for 2017-18 to encourage farmers to bring a major area under their cultivation.
Government to take action after ICAR probe on spurious cotton seeds
Agri-research body ICAR is looking into the matter of sale of spurious cotton seeds and action will be taken based on its report Sale of unapproved and fake cotton seeds has been reported from cotton growing states like Telangana, Andhra Pradesh, Karnataka and Maharashtra.
Vijay Mallya to step down from United Breweries board, name successor
Vijay Mallya has been persuaded to step down from the United Breweries Ltd BSE 5.04 % (UBL) board and he will propose a successor following a Securities and Exchange Board of India (Sebi) order that’s made him ineligible to be director of any listed company
The proposed merger of Shriram Capital and its associate companies with IDFC and its subsidiary IDFC Bank has got bogged down as the two sides have not been able to arrive at a mutually agreeable alternate structure following the dissatisfaction of the government and other IDFC shareholders over terms
Some foreign portfolio investors in Infosys BSE -0.01 % increased their stakes in the July-September quarter, the period during which Vishal Sikka quit as CEO and cofounder Nandan Nilekani returned as non-executive chairman. Infosys, which is due to report second-quarter results on Tuesday, is expected to cut its full-year growth guidance, analysts said. The company is also in the process of buying back shares worth Rs 13,000 crore as it looks to return cash to investors
India’s largest private sector lender ICICI Bank BSE 0.57 %’s net profit plunged 34% as bad loans rose and gains from stake sales at insurance subsidiary were muted compared with the year-ago quarter. While bad loans jumped in line with the industry trend, the bank said there was no divergence between its accounts and the Reserve Bank of India’s assessment.
Pratt & Whitney engine glitches may lead to cost overruns for IndiGo, GoAir
Glitches in Pratt & Whitney’s engines used by IndiGo and GoAir on their new Airbus A320neo planes have led to as many as 64 of them having to be removed for repair and replacement by the two airlines in the last year and a half on 32 aircraft, said people aware of the matter. That, according to experts, is more than six times the usual number, leading to hundreds of cancelled flights when the problem was at its height
The Indian tax office gained an upper hand in its six-year-long battle with Google India in a ruling that would set a precedence for some of the other multinational companies. The rift owes its origin to the arrangement and fund flow between Google India and the global giant’s office in Ireland — a jurisdiction known for its lax tax rules.
Some key Tata Group stocks have outperformed Sensex and Nifty in the one year since the ouster of Cyrus Mistry as the Tata Sons chief, underlining investor support for steps taken by the N Chandrasekaran-led team. Rising commodity prices, share buybacks and successful restructuring in Tata Teleservices and Tata Steel BSE -0.44 % have given investors’ confidence that the group may be able to put aside past troubles.
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Reliance Communications (RCom) is shutting major parts of its wireless business in the next 30 days to cut widening losses, blaming, among other factors, the “creative destruction” wrought by Reliance Jio’s free voice services. The shakeout in the sector has led to just three big non-state companies remaining in the fray, aside from the government-run telcos
Spain takes over Catalonia, fires defiant separatist leaders
Spain has taken direct control of Catalonia and sacked the region’s defiant separatist government by publishing special measures overnight in an official gazette online. Prime Minister Mariano Rajoy, who now replaces Catalan President Carles Puigdemont as the top decision-maker in the north eastern region, has dissolved the regional parliament and called a new regional election on December 21.
When President Xi Jinping was handed a second term at the helm of the Communist Party this week, he said China had entered a “new era”. But human rights activists expect the same old crackdowns. Xi has increasingly stifled civil society since taking office in 2012, targeting everyone from activists to human rights lawyers and teachers to celebrity gossip bloggers
Republicans powered a $4 trillion budget through the House on Thursday by a razor-thin margin, a close vote underscoring the difficulties that lie ahead in delivering President Donald Trump’s promise to cuts taxes.
Pakistani court issues arrest warrant for ex-premier Nawaz Sharif
A Pakistani judge has issued an arrest warrant for former Prime Minister Nawaz Sharif after he failed to appear in court to face corruption charges. Judge Mohammad Bashir on Thursday also rejected a request from Sharif’s lawyer that he be exempted from court appearances in order to remain in London where his ailing wife is getting medical treatment.
Myanmar’s Rohingya crisis ‘spinning out of control’ – aid officials
A combination of escalating violence, worsening health and poor access to conflict zones in Myanmar’s Rakhine state is fueling a humanitarian crisis that is “spinning out of control”, More than 600,000 Rohingya Muslims have crossed the border to neighbouring Bangladesh since Aug. 25, when coordinated Rohingya insurgent attacks on security posts sparked a ferocious counter-offensive by the Myanmar army.
|“Excellence is a continuous process”
-APJ Abdul Kalam
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Twitter says it will ban ads from Russia Today and Sputnik, two state-sponsored Russian news outlets that the U.S.