ECONOMY & NATION


The Central Bureau of Investigation (CBI), which is probing the multi-crore rupee Saradha scam, has sent a notice to the Kolkata Municipal Corporation (KMC) seeking details about the licenses it issued to the tainted group.   Addressed to KMC's chief manager (licensing), the notice...

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The Sahara Group has been trying to raise funds through monetisation of its various assets, including these three overseas hotels to secure the release of chairman Subrata Roy, currently lodged in Tihar Jail in New Delhi for over a year   In a relief for the crisis-hit Sahara Group,...

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Odisha Police later handed over Iyer, who was on the run, to the Central Bureau of Investigation (CBI), a police officer said   PK Iyer, vice chairman of the Deccan Chronicle Holdings Ltd. (DCHL), was arrested from a hotel here on Saturday in connection with an alleged loan...

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Railway Minister Suresh Prabhu said on Saturday his department has signed initial agreements with 20 states to jointly develop a company aimed at boosting railway infrastructure.   "We have signed MoUs with 20 states. Under the agreement, there will be a company jointly owned by the...

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Indian IT bellwether Infosys Ltd on Friday announced Ramaswami Seshasayee has been appointed as its non-executive chairman in place of K.V Kamath, who stepped down from the post following his nomination as president of the $50 billion BRICS' development bank.   "The company's board...

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Announcing the withdrawal of Maggi noodles across India after charges of more-than-permissible levels of some substances, Nestle's global chief executive Paul Bulcke on Friday asserted the popular snack was safe, passing every independent test ordered by the company.   "The product,...

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The CBI, probing the multi-crore-rupee chit fund scam in Odisha, on Thursday raided six locations of Jana Mangala Agro Care in the state, an official said.   "In the Odisha chit fund scam, searches were conducted by the CBI today (Thursday) against Jana Mangala Agro Care. All...

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India is an original Member of the WTO and provides most favoured nation (MFN) treatment to all members and other trading partners   Despite India raising foreign ownership limits in some sectors, structural bottlenecks remain a barrier in achieving higher growth, the World Trade...

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Even in a closed network like Indian Railways, food is now served and sold without receipts, or if you get receipts, then you do not know where the service tax collected is going   An otherwise modest increase in service tax from 12.36% to 14% on an all-India basis would have gone...

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India's agriculture growth dropped to 0.02% in the last quarter of 2014-15, according to the latest government data, compounding predictions of a bad monsoon ahead.     The meteorological department on June 2, 2015, lowered its rainfall projections, saying the monsoon rainfall...

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In his latest personal investment, Ratan Tata, chairman emeritus of the Tata Group, has invested in Kaaryah, a technology enabled women's wear portal, its founder Nidhi Agarwal said on Wednesday.   "Yes, he (Tata) has invested in brand Kaaryah," said Agarwal, confirming Tata's latest...

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After inaugurating a newly-minted facility to make special paper for currency notes at Hoshangabad in Madhya Pradesh a day before, Finance Minister Arun Jaitley on Tuesday pushed for greater use of plastic money.   "The developed world has moved substantially to plastic currency and...

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Avishek Rakshit (IANS) 02 June 2015
The air-conditioner (AC) segment this summer saw nearly flat growth until April-end. However, sales picked up from May as the temperatures across India soared   With air-conditioner sales adversely hit this year by an erratic and late summer, consumer electronic companies are now...

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The first set of new banking licences will be issued by August, taking the number of such private financial institutions operating in the country to more than 12.   "I hope to announce at least one set of bank licence by August end," Reserve Bank of India (RBI) Governor Raghuram...

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Moneylife Digital Team 02 June 2015
Large IT companies have lost their growth momentum   From their peak y-o-y growth in operating profit and net profit in the quarter ended March 2014, large IT companies have lost all their growth momentum. Even operating profit margins have declined to 24% from the peak 31% realised...

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Moneylife Digital Team 02 June 2015
While cutting the repo rate at which RBI lends money to banks by 25 basis points, the central bank said with low domestic capacity utilisation, still mixed indicators of recovery, and subdued investment and credit growth, there is a case for a cut in the policy rate    The Reserve...

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To make the idea work, the PMO should act as single window for a few big projects   It is no secret that India lost the manufacturing space to China long ago. We made no attempt to make manufacturing a priority for the nation. Opening up borders for foreigners’ goods and services took...

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It is the second consecutive month it has fallen. The ECI index registered a negative at 0.1 percent in March 2015   The Eight Core Industries (ECI) which comprise 37.91 percent of the total weight of items included in the Index of Industrial Production (IIP) fell by 0.4 percent in...

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According to the company, Reliance Holding USA, a subsidiary of Reliance Industries, has entered into a definitive agreements for the sale of its entire holding of 49.9 percent interest in EFS Midstream to an affiliate of Enterprise Products Partners   Oil refiner-to-retail major...

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Sales of India's largest passenger car manufacturer Maruti Suzuki grew by 13.8 percent in its total sales for May which stood at 114,825 units, up from 100,925 units sold in the corresponding month of 2014   Recovering from high fuel and interest costs, automobile manufacturers showed...

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