IDFC Bank on Saturday announced that Capital First Ltd will merge with the bank to form a banking entity with combined assets under management of Rs 88,000 crore and a market capitalisation of over Rs 31,000 crore.
BusinessTCS expands deal with M&G Prudential; contract now worth over $1.2 billionJun 13 2018 11:44 AM | Tata Consultancy Services has expanded its deal with M&G Prudential that will take the deal value to over $1.2 billion in ten years. In January, TCS had announced a $690 million deal with the insurer to move the administration of 4 million customer policies to the IT company. The deal has been expanded to include an additional 1.8 million contracts and is worth an additional $668 million over the term of the contract.
BusinessIndian Traders have found a new way to trick e-way bill system Jun 12 2018 8:09 AM | GST Bill: After the rollout of e-way bill for transfer of goods, Indian traders have found a new a unique way to evade GST. The traders are now using horse-carts or manual carts to transport goods across states, as the e-way bill is applicable only for motorised vehicles. Under the latest rules, an e-way bill is not required if goods are transported by a non-motorised carriage such as horse-carts. Notably, while the e-way bill is optional only for goods less than Rs 50,000 in value, traders use non-motorised conveyance to transport goods beyond the exemption limit. No E-way Bill is required for movement of goods in non-motorised conveyance and also for certain class of goods like fruits, vegetables, fish and water. Read more..
BusinessDMart's Avenue Supermarts touches Rs 1 lakh crore mcapJun 12 2018 8:00 AM | Market capitalization the D-Mart owner Radhakishan Damani briefly surpassed Rs 1 lakh crore during the trade. However, the m-cap settled the day at Rs 99,466 crore.
Shares of Avenue Supermarts wiped off most of their day's gains after scaling fresh all-time of Rs 1,619.95 in morning trade on Monday. The scrip closed 0.05 per cent up at Rs 1,593.80.
Shares of the company have rallied over 18 per cent since May 21.
BusinessTo Manage Troubled Loans and NPAs of Public Sector Banks Govt May Create a Bad Bank Jun 9 2018 7:35 AM | MUMBAI: The concept of having a ‘bad bank’ to take over the troubled loans of public sector banks (PSBs) is being considered by the government to enable them to get back to business. Finance minister Piyush Goyal on Friday announced that a bankers’ panel would look at the feasibility of setting up a new asset reconstruction company (ARC) or asset management company (AMC) to take over bad loans of PSBs.
A committee headed by Punjab National Bank chairman Sunil Mehta would not only look at the need for an ARC or an AMC, but would also go into the modalities of setting up the same if felt necessary. Addressing newspersons after a meeting with bank chiefs from west and south India, Goyal said that another group of bankers led by Bank of Baroda MD P S Jayakumar will look at formulating a strategy regarding a consortium of PSBs taking over good loans of banks under the RBI’s Prompt Corrective Action (PCA).
BusinessTwo Day Nationawide Bank Strike called from 30th to 31st for 2% wage hiked failed; Impact ATM Service, Salary withdrawal affected May 29 2018 1:35 PM | Bank Strike 2018: All Indian Bank Employees Association called for a two-day nationwide bank strike from tomorrow as the negotiations on a nominal 2% wage hike failed to convince the bank unions. The bank employees’ strike will take place on May 30 and May 31 as they will be protesting the wage hike, which could impact ATM services along with some of the other banking operations. The bank unions have been pressing for various demands, including wage revision in the wake of the proposal for a 2% hike in their salary. ATM security guards will also participate in the strike, which could impact ATMs withdrawal. Read more..
BusinessPatanjali's FY 18 Sales Growth Slowed After-Effects of Demonetisation and GST May 22 2018 9:18 AM | Patanjali the FMCG company record slow growth and come down to the same level as last year, management has blamed the slowdown chiefly on the after-effects of demonetization and the goods and services tax (GST). That these moves were very disruptive is true, but then most FMCG companies recovered in the second half of FY18. GST changed how sales were accounted for because excise was earlier included in sales, whereas now sales are reported net of GST. That’s why Hindustan Unilever Ltd reported a 2% increase in reported sales in FY18, while its comparable sales growth was 11%.
BusinessAllahabad Bank CEO Usha Ananthasubramanian loses her executive powersMay 15 2018 8:12 PM | Allahabad Bank board has taken away all executive powers of the bank's chief executive officer Usha Ananthasubramanian, as directed by the government on Monday after the Central Bureau of Investigation named her in the Rs 13,700-crore Punjab National Bank-Nirav Modi fraud. Allahabad bank board has requested the government to make suitable arrangements for smooth functioning of the bank.
BusinessSoftbank CEO confirms Deal to sell Flipkart Majority Stake to Walmart May 9 2018 4:35 PM | Retail giant Walmart will buy a majority stake in India's largest e-commerce company Flipkart, according to the head of SoftBank, a major stakeholder in the Indian firm. "Last night, (they) reached a final agreement and it was decided that Flipkart will be sold to America's Walmart," said SoftBank CEO Masayoshi Son, whose firm owns a 20 percent stake in Flipkart.He said SoftBank's $2.5 billion (roughly Rs. 16,800 crores) stake in the company would be worth $4 billion (roughly Rs. 27,000 crores) with the acquisition.Read more..
BusinessReliance Jio Offer Broadband Services with Over 1.1 TB Data at 100 Mbps in Rs.4500 Refundable Deposits With Jio Fiber May 5 2018 9:41 PM | As per a report by The Hindu, Reliance Jio is expected to launch its Jio Fiber fixed-line broadband services soon. Reportedly in testing with since September 2016, and officially since last May with limited users in select cities, the company has been offering preview plans with free data to its fibre-to-the-home (FTTH) users. Now, a report claims the "initial plan" being offered to users now provides up to 1.1TB of data to users in refundable security deposits of Rs.4500. Jio Fiber FTTH broadband services are currently in testing select markets including Ahmedabad, Chennai, Jamnagar, Mumbai, and New Delhi. Read more..