'Passenger vehicle retail sales jump 11% in Oct'
Automobile dealers' body FADA on Tuesday said retail sales of passenger vehicles in October increased 11 per cent to 2,48,036 units against the same period last year, driven by festive demand during the month. Two-wheeler sales increased 5% to 13,34,941 units last month. Commercial vehicle sales, however, declined 23%.
Man held for impersonating as pilot to fly for free
The Central Industrial Security Force (CISF) has handed over a person, impersonating as a Lufthansa pilot and fly for free from Delhi to Kolkata on AirAsia India, to the police. According to sources, the person was apprehended when he tried to fly I5-579 at 12:35 pm on Monday.
Companies Act panel wants penalties cut
The company law committee has recommended a fresh overhaul of the Companies Act to ease filing and compliance requirements while proposing decriminalisation of several provisions and lower penalties for small companies and startups. The government is looking to speed up amendments with the corporate affairs ministry expected to move a bill in the current Parliament session.
Mutual fund industry folio influx hits 3-month high in Oct; over 6 lakh accounts added
Amid an uptick in the equity market, the mutual fund industry has added more than 6 lakh investors' account in October, making it the highest addition in the last three months.
Should you exit debt mutual fund schemes with exposure to Vodafone-Idea papers?
Many debt mutual funds have exposure to the Vodafone-Idea papers. I believe it is all right unless your scheme has a high exposure, says SR Srinivasan
Airtel, Vodafone Idea to hike tariffs next month
Telecom tariffs for over 60 cr mobile customers will go up from next month with Vodafone-Idea and Bharti Airtel deciding to increase rates in view of losses, govt dues & mounting debt. Airtel carries a debt of Rs 1.16 lakh cr & has been ordered to pay Rs 21,682 cr in licence fee outstanding by SC. For Vodafone-Idea the debt is Rs 1.2 lakh cr and it has to pay Rs 28,309 cr.
Opec share of desi oil imports lowest since 2011
Opec’s share of India’s oil imports fell to 73% in October, its lowest monthly share since at least 2011, tanker data from sources showed, as refiners shipped in fuel from the United States and other suppliers.
RBI unions want govt to hike deposit insurance cover to Rs 10 lakh
The demand for increasing bank deposit insurance cover, which was last revised in May 1993, has come to the fore after the ongoing crisis at PMC Bank. Over the weekend,Nirmala Sitharaman had said govt would bring in a legislation during the ongoing Winter session to increase the deposit insurance cover from Rs 1, but did not specify a number.
Yes Bank acquires 20.6% in Tulip Star Hotels
Yes Bank has acquired 20.61% stake in Tulip Star Hotels by invoking a pledge on the company’s shares. The stake was pledged by Ezeego One Travel – a part of the Cox & Kings group which collapsed earlier this year. Tulip Star Hotels, owns a prime sea-facing five-star hotel property in Juhu, Mumbai of the same name.
A law in the making to guard ecommerce consumers
The ministry of consumer affairs is looking to add a section detailing penalties for ecomm firms.
Voda Idea, Airtel lose over 49 lakh users in Sep
Total wireless subscribers (GSM, CDMA and LTE) increased to 117.37 crore at the end of September 2019 from from 117.1 crore at the end of August, a monthly growth of 0.23 per cent, the Telecom Regulatory Authority of India (Trai) said.
Jio joins Airtel, Voda Idea in plans to raise mobile tariffs
Reliance Jio followed rivals Bharti Airtel and Vodafone Idea in plans to raise consumer tariffs, saying the move is necessitated by the need to make fresh network and technology investments. Jio, however, said the tariff hike will be done “in a manner that does not adversely impact data consumption or growth in digital adoption and sustains investments.”
Mobile call, data to cost more from December as Vodafone Idea, Airtel hike rates
Airtel & Voda Idea decided to hike tariffs from Dec 1 after they posted historic losses on account of AGR dues.
Why are mutual funds silent on dubious credit ratings?
Mutual funds and other institutional investors, who are the consumers of the rating agencies, have been strangely silent, despite having been let down in several egregious cases.
Tata Steel plans to cut up to 3,000 European jobs
Tata Steel plans to cut up to 3,000 jobs across its European operations, the company said on Monday, as the sector wrestles with excess supply, weak demand and high costs. Around two-thirds of the job losses are expected to be office-based roles. There will be no plant closures, the company clarified.
Reliance Capital Pension's registration under NPS cancelled: PFRDA
With this, the pension fund is no longer available for subscription under NPS. Earlier this year, Reliance Capital had surrendered its NPS licence. It was one of the 8 companies registered under NPS to manage funds from the private sector.
NPS partial withdrawal rules and how it is taxed
NPS offers two types of accounts for an individual - Tier-I and Tier -II. It is mandatory to open a Tier-1 account to invest in NPS. However, there are certain conditions that must be met to make partial withdrawals from a Tier-1 account.
Kotak World Gold Fund: Fund review
Exposure to gold to the tune of 8-11% of one’s portfolio is one of the ways to mitigate some of concerns surrounding the current uncertainties.
On AirAsia, flyers to Delhi to get pollution masks
AirAsia India Pvt Ltd will give pollution masks to passengers boarding flights to Delhi from other metros like Bengaluru, Hyderabad, Mumbai and Kolkata, till the month-end "to combat the deteriorating air quality in the capital". Delhi and NCR (National Capital Region) has had the most toxic air quality on earth in past few days.
Government plans to tweak highway auction norms
The government is likely to approve three proposals this week to improve NHAI’s fund flow for taking up highway stretches. While the proposal to tweak conditions for auctioning of completed highway stretches to make them attractive for investors and allowing NHAI to securitise the future flow of toll revenue of already operational stretches with banks and financial institutions to get upfront lump sum amount would be considered by the cabinet.
Myntra to focus on luxe brands, track your fitness
Myntra is working on a strategy to differentiate itself from players such as Amazon and parent Flipkart, by rolling out new initiatives such as stylists on call, an embedded fitness tracker Myntra Move and hyperlocal services through its acquisition, Pretr, while focusing more on bridge-toluxury, luxury and international brands, sources said.
Desi student population in US crosses 2 lakh-mark
The US continues to be a popular destination for Indian students, though fewer are flying out because of unfriendly visa and immigration policies. The Indian student population in the US went up by 2.9% in 2018-19, as compared to 5.4% in 2017-18. The slide is reflected in the fall in fresh enrolments.
No claimants for 10% of Jaypee Infratech flats
With no claimants for 2,500-3,000 flats in Jaypee Infratech projects so far, “ghost buyers” are providing the latest twist in the two-year-old insolvency resolution process for the high-profile real estate and roads company.
NSE facilitates primary subscription for retail investors in State Development Loan auctions
The interest on SDL is received at half-yearly intervals and the principal is repaid on the maturity date.
No intention to revise fiscal deficit target: Govt
The government on Tuesday said it does not intend to revise its fiscal deficit target of 3.3% of GDP for the current financial year notwithstanding slowdown in economic activities. Minister of state for finance Anurag Thakur further said expenditure of various ministries and departments of the government is as per the estimates approved by Parliament.
Don’t look at equities from one-month or one-year perspective, says Roshi Jain of Franklin Templeton Mutual Fund
Roshi Jain, who was speaking at the ET Wealth Investment Workshop held in Chennai on November 15, shared some rules for the novice investors to ride through the volatility easily.
PSBs reported frauds of over Rs 95,700cr in Apr-Sep
​​​"According to Reserve Bank of India (RBI), frauds as per year of reporting, as reported by Public Sector Banks (PSBs), during the period from April 1, 2019 to September 30, 2019 is 5,743 involving a total amount of Rs 95,760.49 crore," finance minister Nirmala Sitharaman said in the Rajya Sabha.
Top 10 banks' home loan interest rates
RBI has directed banks to link interest rate charged on retail loans, personal loans and MSME loans to an external benchmark rate. Most banks have opted to link it with the repo rate. Here are 10 banks offering lowest repo rate linked loans.
Voda Idea, Airtel shares zoom on rate hike move
Shares of Vodafone Idea and Bharti Airtel were in heavy demand on Tuesday, with the former rising sharply by up to 35 per cent after both the companies announced a hike in mobile phone call and data charges from December. The company's scrip zoomed 34.68 per cent to close at Rs 6.02 on the BSE. During the day, it advanced 42.95 per cent to Rs 6.39.
Maruti’s diesel models going out with a bang ahead of BS-VI launch
Huge discounts and extended warranty have attracted consumers looking for value buys.
PMC case: 'Depositors can approach RBI admin for emergency withdrawals'
In an affidavit filed in the HC in response to petitions challenging the fund withdrawal restrictions, the RBI has mentioned the withdrawal ceiling at Rs 50,000 for scenarios like marriage, education, livelihood and "other hardships". On Sept 23, the RBI had imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities.
Sensex rises 186 pts; RIL rallies 4% to all-time high
Market benchmark sensex rose by 186 points on Tuesday, tracking substantial gains in index heavyweights Reliance Industries (RIL) and Bharti Airtel amid positive cues from global equities. The 30-share index ended 185.51 points, or 0.46 per cent, higher at 40,469.70. It hit an intra-day high of 40,544.13 and a low of 40,290.21.
'Over 77,000 employees have opted for BSNL VRS'
Over 77,000 employees of state-owned BSNL have opted for the recently launched VRS so far, according to a source. Nearly one lakh BSNL employees are eligible for the voluntary retirement scheme (VRS) out of its total staff strength of about 1.50 lakh. The effective date of voluntary retirement under the present scheme is January 31, 2020.
Hope for regulatory stability in India: Jeff Bezos
Amazon is doing “extremely well” in India, its founder and CEO Jeff Bezos said while expressing hope for regulatory stability in the country. Responding to Amazon’s concerns over some Indian policies with regard to digitisation, he said — "Whatever the regulations are... they are stable in time and that’s one of the things we’re hoping will now be true. We’ll see."
More Indians flying overseas to shop for cheaper luxury goods
UK, France and NY top attractions as big brands offer huge discounts, logistical support. La Vallée Village in France, which is home to brands such as Armani, Jimmy Choo, Givenchy and Versace, has been organising trade events in India and saw visits by Indians increase 40% last year.