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Trading firm to import 11,000 tonnes onion from Turkey: Report Hindustan Times
State-owned trading firm MMTC, which is importing onion on the behalf of the Centre, has placed an order of 11,000 tonnes of edible bulb from Turkey as part of its efforts to boost domestic supply and ease soaring prices, sources said. This is the second import order placed by the MMTC. The public sector firm is already importing 6,090 tonnes from Egypt.
Reliance Jio likely to bag Reliance Infra's mobile tower, optical fibre for Rs 3,600 cr Money Control
Reliance Jio has emerged as the highest bidder for mobile tower and optical fibre assets of Reliance Infratel by placing bids of around Rs 3,600 crore, according to banking sources privy to the development. Bharti Airtel has placed a bid of around Rs 1,800 crore for the same, according to the sources.
Sebi refuses any interim relief to Karvy Stock Broking Ltd Jayshree P Upadhyay, Mint
Hours after the Securities Appellate Tribunal (SAT) directed markets regulator to examine Karvy Stock Broking Ltd (KSBL) request on limited use of Power of Attorney or PoA, Securities and Exchange Board of India (Sebi) rejected an interim relief.
Yes Bank claims of an investment offer worth $2 billion Anirudh Laskar, Mint
Fund-scouting private lender Yes Bank Ltd., on Friday late evening said after a board meeting that a number of investors have evinced interest to buy Yes Bank equities worth a total of $2 billion via a preferential allotment of shares.
GDP growth slows to six-year low of 4.5% Money Control
India's gross domestic product (GDP) slowed to 4.5 percent in the July-September quarter, the lowest since Q4 of 2012-13. The decline has confirmed fears of a deepening slowdown in the economy. The slowdown has been attributed to reduced household spending as demand is diminishing and companies aren't adding capacities or hiring employees.
AIIMS falls prey to banking fraud, loses over ₹12 crore; SBI issues alert to all its branches Payal Banerjee, Mint
India's premier medical institute AIIMS fell prey to a banking fraud as over ?12 crore has been stolen from its two bank accounts with the State Bank of India by allegedly using "cloned cheques" over the past one month, official sources said.
Tata Motors, Yes Bank, 2 others to move out of Sensex from 23 December Mint
Tata Motors, Tata Motors with differential voting right (DVR), Yes Bank and Vedanta will be dropped from the BSE’s benchmark Sensex from December 23. In their places, UltraTech Cement, Titan Co Ltd and Nestle India will be added in the index, Asia Index, a joint venture between S&P Dow Jones Indices and the BSE, said in a statement on Friday.
Bharti Airtel, Vodafone Idea file review petition at Supreme Court in AGR case Devansh Sharma, Mint
Bharti Airtel and Vodafone Idea on Friday filed a petition with the Supreme Court (SC) to review its 24 October judgement that ordered telecom companies to pay over Rs92,000 crore to the department of telecommunications (DoT) in penalties in a 14-year-long case. The matter pertained to the DoT claiming that telecom companies had under reported their revenues.
Under RTI Act, RBI Finally Discloses Details of Major Wilful Defaulters Kabir Agarwal & Anuj Srivas, Wire
Four years after the Supreme Court first directed the Reserve Bank of India (RBI) to disclose a list of India’s wilful defaulters, the central bank has finally complied. In response to a Right to Information (RTI) application filed by The Wire in May 2019, the RBI has released a list of 30 major wilful defaulters.
Centre told SBI to accept expired electoral Bonds: Report Wire
In the aftermath of the Karnataka assembly elections in 2018, the Ministry of Finance reportedly broke rules and allowed expired electoral bonds worth Rs 10 crore to be donated to an unidentified political party.
RBI mulling new rules on corporate governance; wants banks to disclose Economic Times
The Reserve Bank is looking at introducing new rules on corporate governance for banks in sync with global ones, and would also like lenders to disclose more, Deputy Governor N S Vishwanathan said on Friday. Vishwanathan also urged banks to recognise losses because of NPAs as early as possible and not to defer the same.
Walmart logs $290 million impairment for Jabong, sees strong growth from Flipkart, PhonePe Mint
Walmart took a non-cash impairment charge of$290 million for the value of the 'Jabong' trade name in the third quarter, even as the US retail giant continues to bet on the "significant opportunity for growth" presented by the Indian market.
Days after lowering outlook, Moody's cuts India's growth forecast Mint
Moody's Investors Service today cut India's economic growth forecast for current year to 5.6% from 5.8% estimated earlier, saying GDP slowdown is lasting longer than previously expected. "We have revised down our growth forecast for India. We now forecast slower real GDP growth of 5.6 per cent in 2019, from 7.4 per cent in 2018," it said.
Sensex rises 200 points; SBI, Bharti Airtel among top gainers Surajit Dasgupta, Mint
Indian markets opened higher today, tracking firm Asian markets. The Sensex was up over 200 points at 40,519 while Nifty was back above 11,900. SBI gained nearly 2% while Tata Motors, Yes Bank, Maruti and Yes Bank were among the other top gainers.
Vodafone Idea posts India’s biggest ever quarterly loss at Rs 50,921 crore on AGR hit Economic Times
Telecom firm Vodafone Idea on Thursday reported a record loss of Rs 50,921 crore for the September quarter, as it made a provision for the Supreme Court’s ruling on payment of average gross revenue (AGR) dues, even as ongoing brutal pricing war continued to hurt. The company had posted a loss of Rs 4,947 crore in the year ago period.
DoT tells telcos to clear AGR dues as per SC order Money Control
The Department of Telecom (DoT) has issued notice to telecom operators to pay their revenue share dues within three months as directed by the Supreme Court, according to an industry source. The DoT has given option to telecom operators to clear all the dues on self-assessment basis.
Sensex tepid, Nifty holds 11,800; Aurobindo Pharma shares slump Surajit Dasgupta, Mint
Indian markets opened flat today with Sensex up around 50 points at 40,174 in early trade. The broader Nifty was flat at 11,832. Infosys was up 1.5% while ICICI Bank rose 0.8% in early trade. Other gainers included Maruti Suzuki, Vedanta, ONGC and Yes Bank. Bharti Airtel, down 2.6%, was the top loser. HUL, SBI and IndusInd Bank fell between 1% and 2%.
Birlas may let Voda Idea go insolvent if government doesn't help Kala Vijayaraghavan, Devina Sengupta & Saikat Das, Economic Times
Aditya Birla Group will not infuse any fresh equity into Vodafone Idea Ltd, its telecom joint venture with Vodafone Group of UK, and let it opt for insolvency if the government does not provide substantial relief, including on the telco's adjusted gross revenue (AGR)-based dues, which could be over 39,000 crore, senior executives aware of the matter said.
Options before RBI as inflation firms up, economy teeters Gireesh Chandra Prasad, Mint
As India, Asia’s third largest economy heads for a winter of deep economic downturn, the prolonged monsoon season that played havoc with farm output and pushed up retail inflation has presented the Reserve Bank of India a dilemma ahead of its monetary policy review in December.
DoT tells telecom operators to start self-assessment of dues Navadha Pandey, Mint
The department of telecommunications has asked operators to conduct a self-assessment of dues after last month’s Supreme Court verdict upheld the government’s definition of adjusted gross revenue.
PM Modi at BRICS: India world's most open, investment friendly economy Mint
India is the world's most "open and investment friendly" economy, Prime Minister Narendra Modi said here on Thursday as he wooed the BRICS business leaders and urged them to invest in the country's infrastructure development.
Government eases norms for change of address on Aadhaar Mint
The government has allowed migrants to change address on Aadhaar by giving self declaration, a move aimed at helping them open bank account and promote financial inclusion. The changes were made by amending the Prevention of Money-laundering (Maintenance of Records) Rules, as per a gazette notification issued on Wednesday.
Over 80,000 employees of BSNL, MTNL apply for voluntary retirement Financial Express
Over 80,000 employees of BSNL and MTNL have already applied for the voluntary retirement scheme (VRS) notified by the companies last week. Going by the response, it seems that the firms are set to achieve their target of 94,000 employees.
Sensex struggles in early trade, Infosys top loser Surajit Dasgupta, Mint
Indian markets struggled in early trade today with Sensex up about 41 points while Nifty held above 11,900. Infosys was the top loser in the Sensex pack, down about 1%. Infosys has received another whistleblower complaint against chief executive Salil Parekh of misdemeanours, days after a similar letter prompted the company’s board to institute an independent probe.
Auto industry in reverse gear despite marginal rise in October passenger vehicle sales India Today
The ailing auto sector showed slight signs of improvement during festive sales but no enough to pull the sector out of a demand crisis. While experts believed that the festive season would help in mitigating losses caused to the auto industry due to the slowdown, there has been hardly any improvement with respect to October passenger vehicles' sales.
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