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12 Jhunjhunwala stocks tanked 20% to 90% in Samvat 2075; others rallied up to 90% to make up Economic Times
Samvat 2075, the traditional Hindu accounting year which ends on Saturday, proved very disappointing for India’s biggest individual investor Rakesh Jhunjhunwala. Subdued performance of the equity market amid a crippling economic slowdown dealt a big blow to the Big Bull with about a dozen of his portfolio stocks eroding value in large proportions.
Age tells; maintenance costs mar IndiGo Q2 results, stock down 9% Pallavi Pengonda, Mint
InterGlobe Aviation Ltd’s reported loss of over Rs1,000 crore for the seasonally weak September quarter was way larger than what investors expected. One reason for this massive loss was because the airline had to make a provision worth Rs320 crore towards maintenance on its older A320ceo aircrafts, resulting in a sharp spike in maintenance costs.
After marathon Income Tax raid, godman Kalki Bhagwan faces ED heat MC Rajan, Hindustan Times
The Enforcement Directorate has registered a case against self-styled godman Kalki Bhagwan and his son NKV Krishna, and initiated a probe into the seizure of Rs 20 crore in dollars and purchase of assets abroad through hawala transactions, officials said Thursday.
Personal income tax relief likely; slabs, exemptions may change Vrishti Beniwal, Mint
India is considering tax relief for individuals as it looks at measures to accelerate consumer demand and boost economic growth, people with direct knowledge of the matter said. Prime Minister Narendra Modi’s government is mulling a proposal to hike the taxable income limits, especially the ?10 lakh slab, which attracts a 30% rate at present, the people said, asking not to be identified as the discussions are private.
Rupee rises 21 paise to 70.70 against USD in early trade Hindu
At the interbank foreign exchange the rupee opened at 70.79, then gained further and touched a high of 70.70, registering a rise of 21 paise over its previous close. The Indian rupee appreciated by 21 paise to 70.70 against the US dollar in early trade on Thursday as easing crude prices strengthened investor sentiments.
Bajaj Auto net profit surges to ₹1,402 crore, shares rise Surajit Dasgupta, Mint
Bajaj Auto today reported better-than-expected earnings for the quarter ended September 30, pushing its shares 2% higher in afternoon trade. Bajaj Auto shares were up 2% at ?3,186 as compared to a 0.44% rise in Sensex. The automaker's profit rose 22% to ?1,402 crore, aided by a tax expense reversal of ?182 crore due to the recent lowering of corporate tax rate.
Sensex surges in early trade, HCL Tech jumps on Q2 earnings Mint
India's stock markets jumped sharply in early trade today with Sensex surging over 250 points and Nifty rising to 11,670. With the counting on for the state assembles of Maharashtra and Haryana, early trends indicate that the BJP may be on course of returning to power in the two states.
Govt approves BSNL-MTNL merger, allocates 4G spectrum to the group India Today
The government has finally given a green signal to the merger of two ailing telecom companies--MTNL and BSNL-- along with the much-awaited 4G spectrum allocation to the two companies. The approval came on Wednesday from the union cabinet.
Infosys faces class action suit in US as regulators step up pressure Jochelle Mendonca & Anandi Chandrashekhar, Economic Times
A US law firm filed a lawsuit seeking damages on behalf of Infosys investors in a New York court on Wednesday, posing fresh challenges for the embattled IT company that is facing increased regulatory scrutiny on whistleblower charges of financial malfeasance by top executives.
Sebi probing huge derivatives position in Infosys before whistleblower complaint became public Jayshree P. Upadhyay, Mint
Markets regulator Securities and Exchange Board of India (Sebi) is probing the buildup of huge derivatives positions in Infosys stock before allegations of accounting malpractices went public, said two people with direct knowledge of the matter. Huge derivatives positions were built up and put positions were accumulated in the November series of Infosys.
Sensex wobbles in early trade; Axis Bank gains, Infosys under pressure Surajit Dasgupta, Mint
Indian markets wobbled in early trade with Sensex down about 40 points while Nifty was near 11,575. Banking stocks supported the market with Axis Bank shares up 2%. Infosys shares fell 3% in early trade, extending their Tuesday's 16% loss.
Govt launches BHIM 2.0 with new functionalities, additional language support Mint
The IT Ministry on Monday unveiled a slew of new initiatives and programmes, including BHIM 2.0 that packs-in new functionalities, supports additional languages and has increased transaction limits. Union Minister Ravi Shankar Prasad also launched a StartUp Hub portal and Indian Software Product Registry at IT Ministry's MeitY Start-up Summit.
Govt may provide kidney dialysis at home under PMNDP Neetu Chandra Sharma, Mint
The government may soon establish peritoneal dialysis services across states to provide door-step dialysis services for kidney patients, said a government official. The Union ministry of health and family welfare has set guidelines under the Pradhan Mantri National Dialysis Programme (PMNDP), asking states to include the services to implement the programme, he added.
Centre’s EPFO dues surge to ₹9,115 crore amid fiscal pressure Prashant K Nanda, Mint
The Union government’s statutory dues to the state-run retirement fund manager has ballooned to ?9,115 crore, reflecting the rising pressure on government finances. The cumulative arrears to the Employees’ Provident Fund Organisation (EPFO) are only till the end of March and have increased since then, a senior government official said on condition of anonymity.
Bank strike today: Several bank branches, ATMs could be shut as unions protest against mergers Nikhil Agarwal, Mint
Banking operations across India could be hit today as employees of two bank unions are sitting on a 24-hour bank strike from this morning and another bank officers union has extended full support to them. The unions are protesting against the Narendra Modi government's decision to merge ten public sector banks into four bigger banks.
Global energy giants line up for BPCL sale Kalpana Pathak, Mint
Saudi Aramco, Rosneft, Kuwait Petroleum, ExxonMobil, Shell, Total SA and Abu Dhabi National Oil Co. are among companies that have had conversations with the government on asset sales and are likely to bid for the government’s stake in Bharat Petroleum Corp. Ltd, two people aware of the matter said.
Make sure insurance ads are fair and not mislead: Irdai Deccan Herald
Regulator Irdai has asked insurers to ensure that advertisements of insurance products are clear and do not convey a fabricated sense of security to prospective customers. PTI, New Delhi, OCT 20 2019, 11:42AM IST UPDATED: OCT 20 2019, 11:42AM IST Photo for representation.
Infosys accused of ‘unethical’ practices to boost numbers: Report Money Control
A group of Infosys employees have anonymously written to the US Securities and Exchange Commission (SEC), alleging that the IT major took unethical measures to boost profits and short-term revenue. The group, who calls themselves 'ethical employees', have also sent the letter to the Infosys board, according to a report by The Economic Times.
Income tax department reveals 9 individuals earned more than ₹100 crore salary Nikhil Agarwal, Mint
Ever fancied getting a ?100 crore salary? According to the latest data released by the income tax department, there were only nine individuals in India who earned a whopping salary of more than ?100 crore in the financial year 2017-18. The ?500 crore salary club was vacant as nobody got paid more than ?500 crore that year.
Investors gain ₹6 lakh crore in six days as Sensex rallies 1,400 points Surajit Dasgupta, Mint
India's stock markets ended the week on a strong note, extending rally to the sixth day. The Sensex today ended 246 points higher at 39,298, logging a total gain of 1,417 points in six sessions - its longest winning streak since March. Apart from hopes of an economic recovery over the next few quarters, a positive global sentiment has also lifted Indian markets.
Sebi lays down stricter norms for statutory auditors Money Control
Regulator Sebi on October 18 put in place stricter norms for auditors, including prompt disclosures about reasons for their resignation and requirement to approach chairman of audit committee directly in case of any concerns with management of the firm concerned.
Retail, digital drive RIL's Q2 net profit to a record high of ₹11,262 crore Kalpana Pathak & Navadha Pandey, Mint
Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) on Friday reported 18.3% year-on-year increase in net profit for the September quarter to a record ?11,262 crore, backed by strong performances by retail and digital services businesses.
Indian public sector banks had 'worst phase' under Manmohan Singh, Raghuram Rajan:Sitharaman Pioneer
Finance Minister Nirmala Sitharaman has said that the Indian public sector banks had the "worst phase" under the combination of former Prime Minister Manmohan Singh and RBI Governor Raghuram Rajan.
Jio accuses Airtel, Vodafone Idea, BSNL of cheating; asks Trai to slap penalties Kalyan Parbat, Economic Times
Reliance Jio Infocomm has accused Bharti Airtel, Vodafone Idea and state-run Bharat Sanchar Nigam Ltd (BSNL) of ‘cheating’ by fraudulently masquerading landline numbers as mobile numbers to unfairly earn interconnect revenue. The charge was rejected by Airtel, which said the Mukesh Ambani-owned telco was trying to ‘misguide’ the telecom regulator amid the ongoing consultation process on interconnect usage charge (IUC), as the war of words over the contentious fee heated up further.
IMF slashes India's FY20 GDP growth forecast by 90 bps to 6.1% Asit Ranjan Mishra, Mint
The International Monetary Fund (IMF) on Tuesday slashed its economic growth forecast for India to 6.1% for the current fiscal from its July projection of 7%, citing weaker than expected outlook for domestic demand. IMF also lowered India's FY21 GDP growth forecast by 20 bps to 7.2%.
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