HDFC Standard Life files IPO papers with Sebi
New Delhi: HDFC Standard Life Insurance has filed draft papers with capital markets regulator Sebi to raise an estimated Rs 7,500 crore through an initial public offering.
The public issue comprises sale of 1,91,246,050 equity shares, amounting to 9.55 per cent stake, by HDFC Ltd and up to 1,08,581,768 scrips or 5.42 per cent holding by Standard Life Mauritius, according to the draft red herring prospectus (DRHP) filed with Sebi. Currently, HDFC owns 61.41 per cent stake in HDFC Standard Life and Standard Life has about 35 per cent, while the remaining is with employees and PremjiInvest.
According to sources, the initial public offer (IPO) is expected to be worth Rs 7,500 crore.
V-Mart posts two-fold rise in Q1 net profit at Rs 223 cr
New Delhi: Multi-brand retail chain V-Mart Retail today reported an over two-fold jump in its net profit at Rs 223.5 crore for the June quarter.
The company had posted a net profit of Rs 93.6 crore during the same period of the previous fiscal, V-Mart Retail said in a BSE filing.
Total income during the quarter under review stood at Rs 3,162.3 crore as against Rs 2,285.6 crore in the year-ago period, up 38.35 per cent.
Nestle partners Amazon for new range of Maggi noodles
New Delhi: FMCG major Nestle India today said it has tied up with e-commerce player Amazon for the launch of its new range of popular Maggi noodles.
The new range -- Nutri Licious -- will be available to consumers first on Amazon starting August 20, 2017, Nestle said in a statement.
The product will be subsequently rolled out across various retail outlets in India.
Kharif crop sown over 976 lakh hectares
New Delhi: The total area sown under kharif crop as on August 18 stood at 976.34 lakh hectares as against 984.57 lakh hectares at this time last year, the Agriculture Ministry said on Friday.
According to the Ministry, rice has been sown in 341.58 lakh hectares, pulses in 130.68 lakh hectares, coarse cereals in 171.75 lakh hectares, sugarcane in 49.78 lakh hectares, oils seeds in 157.36 lakh hectares, jute & mesta in 7.05 lakh hectares and cotton in 118.14 lakh hectares.
India and Egypt have robust bilateral ties: envoy
Cairo: India's ties with Egypt has blossomed into a multi-faceted relationship with robust cooperation in areas like defence, security and business, India's envoy here has said.
At a celebration of India's Independence Day, Ambassador Sanjay Bhattacharyya said, "We are celebrating the 70th anniversary of India's independence and also 70 years of diplomatic relations with Egypt."
"Our friendship has blossomed over these decades and our partnership has grown stronger and multi-faceted, especially in recent years," Bhattacharyya said.
SAT stays trading curbs on Inter Globe Fin,Sanco Industries
New Delhi: The Securities Appellate Tribunal has stayed trading restrictions imposed on Inter Globe Finance and Sanco Industries, which are among the 331 suspected shell companies identified by the government.
Sebi, on August 7, asked stock exchanges to restrict trading in shares of 331 "suspected shell companies", some of which have investments by several well-known domestic and foreign investors.
The move came after the watchdog received the list of such companies from the corporate affairs ministry and many of the 331 firms are under the scanner of the Serious Fraud Investigation Office (SFIO) and the Income Tax Department.
No inconsistency in number of tax payers: CBDT
New Delhi: The tax department today said the number of individuals filing income tax returns has jumped to 2.79 crore this year from 2.23 crore last year, matching with the 56 lakh new tax payer addition stated by Prime Minister Narendra Modi.
The statement by the tax department follows some doubting the numbers over different figures quoted at different points of time. "The Prime Minister's speech (on August 15) referred to the increase in number of e-filed Personal Income Tax Returns (ITRs) filed from April 1, 2017 to August 5, 2017 over the ITRs filed in corresponding period of earlier years.
"The data maintained by the Income Tax Department shows that during April 1, 2017 to August 5, 2017, 2.79 crore e- returns of individual taxpayers were received as against 2.23 crore e-returns received during April 1, 2016 to August 5, 2016. Thus, the additional ITRs received in 2017 works out to be 56 lakh," CBDT said.
Modi calls Nepalese PM, condoles loss of life in flood
New Delhi: PM Narendra Modi today made a telephonic call to his Nepal counterpart Sher Bahadur Deuba and offered all possible assistance from India to deal with the situation created by floods.
Widespread flooding and landslides in Nepal have killed 120 people and nearly 35 people are missing. Over six million people have been affected by the incessant rains across the country.
"The prime minister conveyed condolences at the loss of lives in Nepal due to recent widespread floods and expressed readiness to provide all possible relief assistance," the PMO said.
Union Bank revises savings bank deposit rates
Mumbai: State-run Union Bank of India today said it has reduced savings bank interest rates by 0.5 per cent to 3.5 per cent on deposits up to Rs 25 lakh.
For deposits above Rs 25 lakh, the rate has been left unchanged at 4 per cent per annum, the bank said in a statement. The new rate will be applicable from August 21.
Wall Street opens little changed
U.S. stocks opened little changed on Friday, a day after the S&P posted its biggest one-day percentage loss in about three months amid concerns over President Donald Trump's ability to legislate his pro-growth agenda.
The Dow Jones Industrial Average .DJI fell 12.56 points, or 0.06 percent, to 21,738.17. The S&P 500 .SPX lost 2.29 points, or 0.09 percent, to 2,427.72. The Nasdaq Composite .IXIC dropped 0.12 points, or -0 percent, to 6,221.79.
Anyone can nominate any person for Padma awards till Sept 15
New Delhi: Till September 15, anyone can nominate any person for the prestigious Padma Awards for the year 2018, with the government laying stress on honouring the unsung heroes.
The nominations or recommendations for the awards can be received online only on the portal www.Padmaawards.Gov.In designed by the Ministry of Home Affairs.
The Padma awards seek to recognise works of distinction and exceptional achievements in different fields and disciplines such as art, literature and education, sports, medicine, social work, science and engineering, public affairs, civil service, trade and industry.
US dollar rules steady against rupee
Mumbai: The US dollar ruled stable against the rupee at 64.15/16 but the pound sterling finished higher at Rs 82.59/61 at the close of the interbank foreign exchange (forex) market here today.
Futures flat amid growing concerns over Trump agenda
Bengaluru: U.S. stock index futures were little changed on Friday, a day after the S&P posted its biggest daily percentage loss in about three months, on mounting worries about President Donald Trump's ability to legislate his pro-growth agenda.
MOAMC aims to grow its AUM to Rs 50,000 cr in next three yrs
Mumbai: Motilal Oswal Asset Management Company (MOAMC), a private sector fund house, expects to grow its total assets under management (AUM) to nearly Rs 50,000 crore in the next three years, a top company official said.
The company manages equity mutual funds, portfolio management services (PMS) and alternative investment funds (AIFs).
"The company expects to grow closer to Rs 45-50,000 crore in next three years," managing director and chief executive, Motilal Oswal AMC, Aashish Somaiyaa told PTI here.
Canon India celebrates World Photography Day with workshops
New Delhi: In a bid to promote imaging culture, Canon India on Friday organised a series of activities and workshops across the country in celebration of 'World Photography Day' that falls on August 19.
The company organised a 'photo walk' at Infosys office in Bengaluru which was followed by photography quiz and contest for the employees. "This 'World Photography Day', we are further strengthening our outreach of customer connect with theme-based workshops and contests," said Kazutada Kobayashi, President and CEO, Canon India, in a statement.
The company organised a series of photography workshops and events in Canon Image Square (CIS) stores, clubs, corporate houses, schools, universities and other places in Bengaluru, Delhi, Chandigarh, Maharashtra, Goa and West Bengal.
Water level rises in major reservoirs
New Delhi: The water level in 91 major reservoirs in the country has risen to 75.694 billion cubic metres (BCM) or 48 per cent of their total storage capacity from 43 per cent two weeks ago, the government said today.
As on August 4, the stock was 67.683 BCM of the total storage capacity of the dams.
The water level in the reservoirs including in the Nagarjuna Sagar, Indira Sagar and Bhakra dams was for the week ending yesterday, 79 per cent of the storage reported during the corresponding period last year, the Union water resources ministry said.
Court allows NIA to quiz Kashmiri businessman for 10 days
New Delhi: A court here on Friday allowed the NIA to quiz Kashmiri businessman Zahoor Watali, arrested on charges of receiving funds from Pakistan to sponsor terror activities and stone-pelting in Kashmir, till August 28.
During the in-camera proceedings, District Judge Poonam Bamba remanded Watali to the National Investigation Agency's custody for 10 days. He was arrested on Thursday. Watali is known to be friends with Pakistani leaders as well as separatists, besides the mainstream politicians in Kashmir, the NIA said.
Sources said Watali, who has been under the NIA scanner for nearly two months, was called for repeated questioning at the agency's Delhi headquarters before his arrest.
Form to claim past credit under GST expected from tomorrow
New Delhi: GST tax portal is likely to offer from tomorrow forms to claim credit on sales made before the rollout of GST which the taxpayers have to file by August 28, a government official said today.
As GST return forms did not have a column for claiming transitional input credit, the government yesterday gave some breather to such taxpayers by giving them an extra week till August 28 to file returns.
These taxpayers will, however, have to pay taxes by August 20 on the portal of the GST Network (GSTN)- the IT infrastructure provider for the new indirect tax regime.
RBI sets rupee reference rate at 64.1048 against dollar
Mumbai: The Reserve Bank of India today fixed the reference rate of the rupee at 64.1048 against the US dollar and 75.2078 for the euro.
The corresponding rates were 64.2428 and 75.3761, as on Aug.16, 2017.
According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.6183 and 58.63 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee figure will be based on this rate, the statement added.
Soldier injured in accidental firing on Poonch LoC
Jammu: An Indian Army soldier was injured on Friday in accidental firing on the Line of Control in Jammu and Kashmir, official sources said.
Sepoy Sanjay Kumar was injured when his service rifle accidentally went off in Mankote area of Mendhar Sector on the LoC in Poonch district, the sources said. The soldier was hospitalised.
Dinakaran meets Sasikala in jail
Bengaluru: A leader of one of the factions in the AIADMK, T.T.V. Dinakaran, on Friday met his aunt and party General Secretary V.K. Sasikala in the jail here and greeted her on her 63rd birthday.
Dinakaran is also expected to have discussed the developments in the AIADMK. Dinakaran has been sacked as the AIADMK Deputy General Secretary by the ruling faction led by Chief Minister K. Palaniswami.
Sasikala was a confidante of Jayalalithaa for 33 years and lived with her. Meanwhile, AIADMK members supporting Sasikala held special prayers for her welfare in various temples in Tamil Nadu, a party leader said.
IndiGo grounds 13 planes after engine issues - TV channels
New Delhi: India's biggest airline, IndiGo, has been forced to ground 13 planes and cancel 84 flights because of issues with its Pratt and Whitney made engines on its Airbus (AIR.PA) A320 neo aircraft, Indian TV channels reported on Friday.
IndiGo and rival GoAir have been facing delays in receiving planes from Airbus due to ongoing problems with engines developed by Pratt and Whitney, owned by United Technologies (UTX.N).
IndiGo, which flies four in every 10 Indian air passengers, is owned by InterGlobe Aviation (INGL.NS) and operates hundreds of flights each day.
SC directs Karti Chidambaram to appear before CBI on Aug 23
New Delhi: The Supreme Court on Friday directed Karti Chidambaram, son of former Finance Minister P. Chidambaram, to appear before the CBI on August 23 in a matter relating to alleged irregularities in FIPB clearance to INX Media.
A bench of Chief Justice Jagdish Singh Khehar and Justice D.Y. Chandrachud said Karti Chidambaram will be accompanied by his advocate, "who will be sitting in the room adjoining the one" where Karti will be questioned.
The court posted the matter for next hearing on August 28.
No place for corruption, middlemen: PMO
New Delhi: The Prime Minister's Office (PMO) said on Friday "there is no place for corruption and middlemen" in the country.
It said the National Democratic Alliance (NDA) government's priority was to create a corruption-free India and that it had taken several initiatives for "uprooting corruption from the system".
"There is no place for corruption and middlemen. The NDA government's priority is a corruption free India. It is uprooting corruption from the system," the PMO tweeted.
Vishal Sikka resigns as Infosys CEO, MD
Bengaluru: Vishal Sikka on Friday resigned as Chief Executive Officer (CEO) and Managing Director (MD) of global software major Infosys Ltd, said the company.
"The Board of Directors has accepted the resignation of Vishal Sikka... with immediate effect at its meeting held on Friday," said the IT major in a statement here.
Enters ready to drink segment with green tea based drink
Plans to target youth with variants in Mango And Orange
Approves Invst of Rs 1931 Cr for HDVC Bipole Link
Investment in Western & Southern Regions
APCOTEX IND Q1
PAT Rs 5.2 Cr Vs Rs 8.3 Cr, down 37% (YoY)
Revenue from Ops Rs 134 Cr Vs Rs 120 Cr, up 11.7% (YoY)
Recommends Bonus Issue In Ratio Of 1:1
Buys 2.59% stake in Reliance Nippon Life AMC
TELECOM MIN OFFICIAL
Inter-Ministerial Panel meet deferred to Aug 22
Meet deferred as panel needs more clarity on some issues
Acquires Ansells 50% stake in Brand Kamasutra
Acquisition of Ansells Stake in a JV to be known as JK Ansell
Acquisition includes 100% of sexual wellness, personal care business under kamasutra
Sexual wellness business to remain under JK Ansell
JK Ansell: subsidiary of JK Investo Trade, a Raymond Grp Co
JKIT Sells stake in gloves Biz to pacific dunlop holdings (Singapore)
Hikes Petrol Price by 5 Paise/Ltr for Friday, Ex-Delhi
Cuts Diesel Price by 11 Paise/Ltr for Friday, Ex-Delhi
Cuts some savings deposit rates by 100 Bps
Cuts rate on savings accounts on balance under Rs 1 Lk Cr to 4%
PUNJAB NATIONAL BANK
Cuts rate for saving accounts upto Rs 5 Lk by 50 Bps from Aug 19