Samsung Galaxy S8 and the sad state of smartphones 

Devices from the stables of Apple, Samsung, LG, HTC, among others sure make great companions, are they really the "innovations" as the companies dub them to be? After the exploding Galaxy Note 7 fiasco, Samsung needed a smartphone that could thrust it back into reckoning and inspire confidence in customers. The company's answer —  Samsung Galaxy S8 that was unveiled on Wednesday — marks the progression in smartphones, but isn't a technological marvel. Barring Bixby, Samsung's virtual assistant, the Galaxy S8 is just an upgrade. It may not necessarily mean that the smartphone wouldn't give you bang for the buck, but the Samsung Galaxy S8 is the latest indicator of a malaise that the smartphone industry is dealing with

Ericsson partners IIT Delhi for 5G technology in India

Telecom gear maker Ericsson has signed an agreement with IIT Delhi to jointly work on a programme for 5G technology development in India. Telecom gear maker Ericsson has signed an agreement with IIT Delhi to jointly work on a programme for 5G technology development in India "Ericsson and the Indian Institute of Technology Delhi (IIT Delhi) have signed a memorandum of understanding to jointly roll out a '5G for India' programme," Ericsson said in a statement. Under the agreement, Ericsson will set up a Centre of Excellence with a 5G test bed and incubation centre at IIT Delhi and use this facility to drive the development of the country's 5G ecosystem. The first series of tests under this programme are due to begin in the second half of 2017 and will place India on par with other developed countries in terms of 5G network and application deployment.

T-Fiber project to be completed by mid-2018:

 KTR Telangana Fiber Grid (T-Fiber) project, aimed at providing Internet connection to every household in Telangana, will be completed by mid-2018, state IT Minister K T Rama Rao said today. Fiber project to be completed by mid-2018: KTR" Telangana Fiber Grid (T-Fiber) project, aimed at providing Internet connection to every household in Telangana, will be completed by mid-2018, state IT Minister K T Rama Rao said today. "We are laying 47,000 kms of fiber optic network, (which is) in addition to BharatNet programme. We are laying optical fiber cables along with 'Mission Bhagiratha' pipelines to provide drinking water," Rao said at an event here. Telangana Fiber Grid (T-Fiber) is envisioned to establish a state-of-the-art network infrastructure to facilitate the realisation of 'Digital Telangana' objective by piggybacking on Drinking Water Project – Mission Bhagiratha.

Each one of us owes debt of Rs 54,000.

 Here's how According to a Finance Ministry report, per capita debt (calaculated on basis of Union Government debt) is at Rs 53,796 as on March 31, 2016, as against Rs 49,270 on March 31, 2015. Each one of us has a debt of Rs 54,000. Wondering how? Here’s the answer. The government borrows funds from external agencies for development purposes, which it divides by the total number of citizens to get the per capita debt. Since the funds borrowed are for the people and hence, the government calculates per person average cost. And this is the debt that comes on each person’s head. According to a Finance Ministry report, per capita debt (calculated on basis of Union Government debt) is at Rs 53,796 as on March 31, 2016, as against Rs 49,270 on March 31, 2015. Analysts expect that the debt figure will only rise each year as the country’s development model is based on borrowing. In a reply to a question asked in Parliament on March 10, Minister of State for Finance Arjun Ram Meghwal said that per capita debt has risen by 9.2 percent in per capita total debt (internal and external debt) as on 31st March 2016.

India may question its poor ranking in World Bank's ease of doing business index 

The government believes the methodology may not have truly reflected many reforms, particularly in tax rates and administration, hammering down the overall rankings and creating an impression that India continues to remains a dodgy place to do business in The government may contest some of the conclusions of the World Bank’s Ease of Doing Business rankings that places India at a lowly 130 among 190 countries. The government believes the methodology may not have truly reflected many reforms, particularly in tax rates and administration, hammering down the overall rankings and creating an impression that India continues to remain a dodgy place to do business in. For instance, the World Bank placed India at 172 in the “payment of taxes” parameter in the latest report released in October 2016, according to which Indian businesses are required to pay an average of 25 number of taxes. A survey-based report by the industry department, however, found that Indian businesses actually pay 9 (nine) number of taxes. Likewise, the World Bank has given India a score of 4.3 out of 100 for the indicator ‘post-filing index’, which is based on components such as the time to comply with VAT or GST, corporate income tax audit.

Samsung plans to sell refurbished Galaxy Note 7

 Samsung's Note 7s were permanently scrapped in October following a global recall, roughly two months from the launch of the near-$900 devices, after some phones self-combusted. Tech giant Samsung Electronics Co Ltd said late on Monday that it plans to sell refurbished versions of the Galaxy Note 7 smartphones, the model pulled from markets last year due to fire-prone batteries. Samsung's Note 7s were permanently scrapped in October following a global recall, roughly two months from the launch of the near-$900 devices, after some phones self-combusted. A subsequent probe found manufacturing problems in batteries supplied by two different companies - Samsung SDI Co Ltd and Amperex Technology Ltd. Analysis from Samsung and independent researchers found no other problems in the Note 7 devices except the batteries, raising speculation that Samsung will recoup some of its losses by selling refurbished Note 7s

Bitcoin faces 'civil war' that may split it into two, but it may be good for currency 

Andreas Antonopoulos said that an issue with the bitcoin block size does exist but it is being sensationalized and inflamed by those who want to establish some control over the decentralized network. Hardcore bitcoin watchers may have lately come across a major issue facing the digital currency: a 'hard fork' that threatens to split it into two. At the core is an argument that as technical as the currency itself: put simply, the digital currency's increasing popularity is putting load on its underlying infrastructure -- the blockchain -- that is slowing down transaction speeds and is in need of an upgrade. Developers, miners and technical experts of the cryptocurrency are locked in a heated debate -- a 'civil war' according to some reports -- on how to make the currency’s software protocol to allow it to meet the increased demand and handle more transactions

Relief for Lalit Modi, INTERPOL denies extradition request. Next up,

 Mallya's This means that INTERPOL will not arrest him in relation to Indian government’s request for extradition Former Indian Premier League (IPL) chairman Lalit Modi got a major relief when the International Criminal Police Organization or INTERPOL rejected India's request for issuing a red notice against him. This means that INTERPOL will not arrest him in relation to Indian government's request for extradition. Modi served the BCCI in capacity of vice president, Rajasthan Cricket Association (RCA) as its president and is also acknowledged as the founder and architect of the Indian Premier League (IPL). This has come as a major relief to Modi who has been living in London after serious charges of misconduct, indiscipline and financial irregularities were levelled against him in India. The Interpol letter - dated March 24, 2017 - reads, “As of today, Mr Lalit Kumar Modi, born 29 November 2963, is not subject to an INTERPOL Red notice or diffusion and not known in INTERPOL’s database.” It further reads, “INTERPOL is aware that in past the individual was subject of data recorded in INTERPOL’s database, yet the data was later cancelled. Later he posted an emotional message on Instagram thanking his family and friends.

Godrej Properties adds new housing project in Mumbai

 "Godrej Properties Ltd has entered into a development management agreement with Shivam Realty to develop a residential group housing project off the Akurli cross road at Hanuman Nagar, Kandivali East, Mumbai," the company said in a statement. GP11 Godrej Properties has entered into an agreement with Shivam Realty to develop a housing project in Mumbai. The 5-acre project will have a saleable area of one million square ft. "Godrej Properties Ltd has entered into a development management agreement with Shivam Realty to develop a residential group housing project off the Akurli cross road at Hanuman Nagar, Kandivali East, Mumbai," the company said in a statement.

Flipkart to go on hiring spree in FY18; may venture into furniture, groceries"

 As startups combat layoffs and lawsuits, Flipkart is aiming to buck the trend in FY18 with fresh hiring, according to a  Express The e-commerce unicorn is planning to hire more than 1,200 people for its engineering and technology teams. The company aims to increase hiring by 20-30 percent in 2017-2018, said Chief Operating Officer Nitin Seth. Flipkart, which is in a battle for the top spot with Amazon, is looking to increase its headcount in three areas. Firstly, the e-tailer plans to expand into new categories such as groceries, furniture and large appliances. Second, it wants to expand its supply chain, and, third, it wants more hands in its technology and engineering teams. The company currently employs 8,000 people on a permanent basis, while another 20,000 work on contract. 

Patanjali threat more sweet than sour; consumer healthcare will be our key focus: 

Dabur Dabur India CEO Sunil Duggal welcomes Patanjali's growing prominence in the Ayurveda segment, saying it will help open up the market. Before Patanjali gained prominence, Ayurveda was primarily the domain of Dabur India. "Think Ayurveda, think Dabur" was pretty much the unadvertised tagline of the Ghaziabad-headquartered company, run by a professional CEO with the oversight of the Burman family. You would assume the ever-expanding empire of Baba Ramdev might have rattled the Dabur boardroom. On the contrary, Dabur is quite happy about the market being opened up. "Even at a lower share, we may be better than a higher share of a small market," Sunil Duggal, Chief Executive Officer of Dabur India, told Moneycontrol. "He (Ramdev) is growing the whole market for Ayurvedic products and it will be a big benefit to us in the long-run. If we play our cards well we can also improve our standing in that area. So, we are not really too bothered about any loss of market share Patanjali."Consumer Healthcare He said Dabur's primary focus would now be consumer healthcare, rather than getting into commoditised businesses like selling ghee and atta.

India's monsoon likely to escape El Nino unscathed - 

 India is likely to emerge unscathed from the El Nino weather pattern as it is expected to set in only during the latter part of the four-month monsoon season, a top weather official said, indicating a timely arrival of crop-nourishing rains. Monsoon rains, the lifeblood for India's farm-dependent USD 2 trillion economy, arrive on the southern tip of Kerala state by around June 1 and retreat from the western state of Rajasthan by September. "We are not worried about El Nino at the moment because this weather pattern is likely to emerge only after July," KJ Ramesh, director general of the India Meteorological Department, told Reuters in an interview. The emergence of El Nino after July does not either indicate a weak start or deficient rains, as this weather pattern is only one of the many variables influencing the south-west monsoon, Ramesh said.

(SBI) today said it plans to dilute 10 percent of its stake in the life insurance venture

 SBI Life through public offer. The Executive Committee of Central Board in its meeting held today accorded in-principle approval for initial public offer (IPO), SBI said in a regulatory filing to stock exchanges. The board has given approval to "initiate process for offer for sale of 10 per cent of shares through initial public offer", it said SBI also said it is exploring the possibility of diluting 8 per cent stake sale of SBI Life through IPO out of 10 percent Offer for Sale. SBI Life Insurance is a joint venture between the bank and BNP Paribas Cardif. SBI owns 74 percent of the total capital and BNP the rest. BNP ruled out increasing its stake in SBI Life to 49 percent ahead of the proposed initial public offering slate

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Banking stocks gained momentum on better than expected 

The quarter ended December, demonetisation which increased the liquidity and reports of some reforms from the government which could reduce the proportion of bad loans in the banking sector which is a prerequisite to kick-starting the investment cycle “The earnings growth trajectory for India Inc. is improving and that was visible in December quarter results,” Harsha Upadhyaya, CIO-Equity, Kotak Mutual Fund told The fund house expects seeing a similar earnings trend in March as well. He prefers private sector financial companies in the banking space as issues regarding bad loans are not as big as PSU banks. The focus is on those with a stronghold on the retail side. Though there is a policy push to resolve non-performing assets (NPAs), nothing has materialised yet, he told the channel, adding that one must wait till there is further clarity on the issue. However, experts feel that we need some solid reforms and not a band-aid kind of approach. The momentum will fail if banks shift their bad loans from one category to another instead of cleaning up the “We need a resolution of the asset which confirms is it a bad debt or not a bad debt. Once you know it’s a bad debt you have to write it off.

Amazon won a more than $1.5 billion 

Tax dispute with the Internal Revenue Service over transactions involving a Luxembourg unit more than a decade ago Judge Albert Lauber of the U.S. Tax Court rejected a variety of IRS arguments, and found that on several occasions the agency abused its discretion, or acted arbitrarily or capriciously. Amazon's ultimate tax liability from the decision was not immediately clear. The world's largest online retailer has said the case involved transactions in 2005 and 2006, and could boost its federal tax bill by $1.5 billion plus interest. It also said a loss could add "significant" tax liabilities in later years. Amazon made just $2.37 billion of profit in 2016, four times what it made in the four prior years combined, on revenue of $136 billion. Lauber's decision "should shield Amazon from potentially significant tax obligations to the IRS covering years beyond the ones covered in the lawsuit," said Colin Sebastian, an analyst at Baird Equity Research. The IRS declined to comment.

Govt mulls cap on iron ore prices to aid steel makers, but miners worried"

 Is the government planning to put a cap on iron ore prices to support domestic steel industry? There are indications that the government may place a ceiling on iron prices within a month, as part of the government’s efforts to aid the domestic steel industry, to arrest the surge in imports and help local producers realise better prices and margins. The likely move, however, has got the iron ore industry worried. Iron ore miners say that a cap will severely dent the budding revival signs in the industry that has been plagued by plunging exports. There is a fierce price battle between Indian and Australian miners and that has led to steep discounts, especially in the low-grade market For ore with iron content below 58 percent, Indian miners have been forced to give discounts of as much as 40 percent to compete with Australian ores, which are being offered at a 25 percent discount for similar grades. the steel ministry is working on a plan to cut raw material costs by capping iron ore prices and making coking coal mines available under auction for steel metal. 

Yes Bank announces launch of $650 million QIP issue 

The country's fourth largest private lender set the floor price at Rs 1,498.95 per share.Qualified Insitutional Placement (QIP) issue with an option to upsize to USD 750 million The country's fourth largest private lender set the floor price at Rs 1,498.95 per share based on Securities and Exchange Board of India (SEBI)-calculated average, with an indicative price band of 1,455 - 1,500.00 per share. The price range reflects a discount of 1.22 percent to 4.19 percent to the stock's Thursday closing price of 1,518.60 rupees on the National Stock Exchange. The NSE filing was made after market hours on Thursday. "There will be appetite because of the pricing, " said Prakash Diwan of Altmount Capital Management said earlier in the day amid speculation of the announcement. 

RBI puts 4 public sector banks under watch on

 Asset quality concerns Sources said these lenders were on the RBI's radar as their financial health may not improve after the central bank's asset quality review (AQR) comes to an end on March 31. The Reserve Bank of India (RBI) has put four public sector lenders, including Indian Overseas Bank under watch and advised them to stay off risky assets so that their financial health is not stressed further. While UCO Bank also figures in the list, the name of the fourth lender could not be immediately ascertained Sources said these lenders were on the RBI's radar as their financial health may not improve after the central bank's asset quality review (AQR) comes to an end on March 31. These banks have been advised by both the Finance Ministry and the RBI to improve their financials, look for avenues for capital infusion and create a self-sustaining model by selling assets, they added. Queries sent to the RBI did not elicit any response, while no comments were available from the four lenders. RBI had embarked on the AQR exercise from December 2015 and asked banks to recognise some top defaulting accounts as non-performing assets (NPAs) and provide for them. 

Adityanath allocates portfolios, keeps Home ministry"

 Uttar Pradesh Chief Minister Yogi Adityanath today allocated portfolios to his cabinet colleagues keeping over three dozen departments including the Home ministry with himself. The chief minister also kept the Information, Housing and Urban planning, Food and Civil Supplies, Mining, Personnel, Institutional Finance, Estate and several other departments according to the the list released by Governor Ram Naik today Deputy CM Keshav Prasad Maurya has been given the Public Works Department (PWD), Food Processing, Entertainment Tax and Public Enterprises Department. The other Deputy CM, Dinesh Sharma was given Higher and Secondary Education, Science and Technology, Electronics and IT departments. The key Finance portfolio went to Rajesh Agarwal, while Sidhharth Nath Singh has got Medical and Health department.PM Narendra Modi just undertook a major political  Rs 150-crore Ram-Ramayana museum in Ayodhya coming soon 

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40,000 doctors go on indefinite strike in Maharashtra"

 Nearly 40,000 Maharashtra doctors decided today to go on an indefinite strike to support their colleagues agitating over the lack of security to them in the government hospitals. The 40,000-odd doctors, all members of the Maharashtra chapter of the Indian Medical Association, decided to shun work and join over 4,500 resident doctors in the state, who have been staying away from the duty for the last three days. "We are protesting the Maharashtra government's decision to ignore our demand. We are only seeking immediate deployment of the security personnels at all the government hospitals and restrict the entry of patients' relatives to only two (per patient).

UK Parliament attack: Five things we know so far

 The incident has taken place exactly a year after the Brussels terror attack, Four people were killed and 20 injured after an attack by an individual at the British Parliament on Wednesday, in what police said they were treating as a 'terrorist incident'. It appeared the incident may have unfolded in several locations, but details are still emerging. Here's what we know so far: 1.A man in a car mowed down several pedestrians as he drove across Westminster Bridge, where tourists gather to take pictures of Big Ben. After crashing the vehicles into the railings, he ran into the Palace of Westminster - the British Parliament building - and stabbed a police officer.

In future, only Aadhaar may be required for identification: 

FM" Aadhaar may become the only card required to identify a person, replacing Voter ID and PAN, Finance Minister Arun Jaitley said in the Lok Sabha today. Jaitley was replying to a debate on the Finance Bill and the accompanying 40 amendments to different laws including one making Aadhaar mandatory for filing of income tax return from July as well as for applying for permanent account number.The unique identification number Aadhaar may become the single identify card in future, he said. "A stage may come when unique identity card (aadhaar) may become the sole card. There are many countries where such a situation exists. There is a social security number in America and in India it (Aadhaar) could be the counterpart," he said. Explaining the rationale behind making Aadhaar mandatory for filing income tax returns, Jaitley said the move is aimed at curbing tax evasion. He said as many as 98 percent of adults or 108 crore people have Aadhaar number.

Xiaomi launches second manufacturing unit in India"

 Chinese smartphone maker Xiaomi on Monday announced its second manufacturing unit in India at Sri City, Andhra Pradesh in partnership with Foxconn. “With our second manufacturing plant running, we are extending Xiaomi’s commitment to being in India for the long haul and are generating more jobs in the country. I would like to thank our partner Foxconn for their incredible support in our India growth story,” said Manu Jain, vice president and managing director, Xiaomi India. With the new manufacturing plant, more than 95 percent of Xiaomi’s smartphones sold in India are now manufactured in India. The company claims, it will now have a combined production capacity of one phone per second. 

Apple cuts prices on lower-end iPads, releases red iPhones 

A much-speculated 10.5-inch iPad didn't materialize, nor did new versions of iPad Pros aimed at businesses and creative professionals. Apple cuts prices on lower-end iPads, releases red iPhones Apple is refreshing and cutting prices on two of its iPads, but held back on updating its higher-end tablets. A much-speculated 10.5-inch iPad didn't materialize, nor did new versions of iPad Pros aimed at businesses and creative professionals. Apple unveiled the new iPads through a press release rather than a staged , the opposite of the process reserved for bigger product releases, which typically are unveiled in September or October, in time for the holiday shopping season. 

US President Donald Trump would travel to Brussels on May 25 

On his first foreign trip to attend a meeting with leaders from the North Atlantic Treaty Organisation (NATO) countries, the White House said today. "The President looks forward to meeting with his NATO counterparts to reaffirm our strong commitment to NATO, and to discuss issues critical to the alliance, especially allied responsibility-sharing and NATO s role in the fight against terrorism," the White House said in a statement. Trump's trip to Brussels, Belgium for the MATO Summit would be his first overseas visit after he was sworn in as the 45th President of the United States on January 20. He has also committed himself to travel to Germany later this summer to attend the G-20 Summit which among others would be attended by Prime Minister Narendra Modi. Modi has been invited by Trump for a White House meeting this year. Modi has also extended Trump an invitation to visit India. 

HDFC plans to raise $750 mn via rupee denominated bonds" 

 Mortgage firm HDFC Ltd said it plans to raise about USD 750 million (around Rs 5,000 crore) through rupee denominated bonds to fund its business expansion. HDFC Ltd has established a medium term note programme for amount of up to USD 750 million. "...The Corporation is now contemplating subject to market conditions, undertaking an issuance of rupee denominated bonds under the said MTN programme to overseas investors," HDFC Ltd said in a regulatory filing to stock exchanges. The terms of the bonds, including issue size, pricing and tenure, are expected to be decided on March 24, it added. 

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India home to 101 billionaires, Mukesh Ambani tops list: Forbes 

The Forbes list of the 'World's Billionaires' 2017 consists of 2,043 of the richest people in the world who have a combined net worth of USD 7.67 trillion, a record 18-per cent increase over the past year. India home to 101 billionaires, Mukesh Ambani tops list: Forbes" India is home to world's fourth highest number of billionaires with Reliance Industries chief Mukesh Ambani leading the club of more than 100 super rich Indians, according to a new list released by Forbes magazine. The Forbes list of the 'World's Billionaires' 2017 consists of 2,043 of the richest people in the world who have a combined net worth of USD 7.67 trillion, a record 18-per cent increase over the past year. The list has been topped by Microsoft co-founder Bill Gates for the fourth year in a row. He has been the richest person in the world for 18 out of the past 23 years. Gates has a fortune of USD 86 billion, up from USD 75 billion last year, followed by Berkshire Hathaway chief Warren Buffet with a new worth of USD 75.6 billion. Amazon's Jeff Bezos added USD 27.6 billion to his fortune; now worth USD 72.8 billion, moving into the top three in the world for the first time, up from number five a year ago.

"Vijay Mallya's $20mn 'Sky Mansion' is ready, but will he get possession?

" It's a residence fit for a king and the erstwhile King of Good Times, Vijay Mallya, has got it readied -- except he may not be able to move in himself A 35-storey skyscraper in Bengaluru built under a joint venture between United Breweries Holdings Ltd and Prestige Estates Projects Ltd,has a 40,000 square feet penthouse atop it, complete with a helipad and surrounding with a 360-degree view platform, The rough value of the 'Sky Mansion' is around USD 20 million but the embattled industrialist -- whose Kingfisher Airlines defaulted on a huge loan and who has been staying out of the country despite directives -- may lose the apartment. In the legal battle that has ensued since Kingfisher's default, the debt recovery tribunal in Bengaluru ruled in favour ofSBI the airline's largest lender, and allowed banks to start the process of recovering the Rs 6,203.35 crore owed by the carrier. The liquor baron and his companies --

"UPI, BHIM apps hacked? Banks are

 The government-launched payments apps UPI and BHIM may be vulnerable to security glitches and banks have witnessed instances of fake transactions, They say that the apps, launched with much fanfare amid the government's drive to promote cashless payments, have witnessed"fake transactions" -- most of which, however, are of low value. "The loss isn’t big yet,” said a person aware of the development, adding that most banks are not reporting such cases.Bank of Maharashtra has reported it, the private banks who have been victims have not reported about it,” the person said, adding that gaps were likely to be at the software company level which may have developed the application for the respective banks. United Payments Interface and Bharat Interface for Money or UPI and BHIM are mobile applications developed by the National Payments Corporation of India (NPCI) to facilitate bank-to-bank fund transfers on smartphones, using phone numbers linked to banks. 

Apple's next iPhone will lead to a big 'paradigm shift,' said VC"

 Apple's the next version of the iPhone will lead to a "paradigm shift," with augmented reality as its foundation, said Gene Munster, managing partner at VC firm Loop Ventures. Augmented reality — which differs from virtual reality in that it is not completely immersive — will be the key to not just Apple's future but the future of tech. And while it may not impact the company's sales in the short-term, Muster says it will "lay the foundation of the next computing paradigm." That shift will ultimately be good for Apple's stock, he said. "You start to get more comfortable when you put together the services side of the business on top of the augmented reality side," Munster said. Apple is investing heavily in augmented reality, though both acquisitions and hiring new talent, according to a report in Bloomberg. 

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"I-T dept makes public list of defaulters owing Rs 448 cr" 

The Income Tax department today released a list of 29 entities owing Rs 448.02 crore in taxes as part of its strategy to name and shame large defaulters. In advertisements issued in leading national dailies, the department brought out the list of defaulters of income tax and corporate tax even as it advised them to pay their "tax arrears immediately". The department has carried out this exercise earlier too and had named at least 67 such entities which have huge tax liabilities on them but have either gone non-traceable or have shown no assets for recovery. 

Government approves second tranche of capital infusion in PSU 

The government has approved the second tranche of capital infusion in public sector banks to enhance their capital base. In a regulatory filing to the stock exchanges, Dena Bank said it "has received a communication from Government of India vide its letter dated March 16, 2017 informing inter alia capital allocation of Rs 600 crore as part of turnaround linked infusion plan." United Bank of India too said it has received a communication from the central government regarding capital allocation of Rs 418 crore as part of turnaround linked capital infusion plan. The proposal for allotment of equity shares of face value of Rs 10 each at premium to the President of India acting on behalf of the central government by way of preferential allotment will be taken up at the board meeting at March 27, the bank said. Dena Bank said "the board approval for raising of capital of the bank through issue of equity shares to Government of India, LIC of India and GIC of India on preferential basis, is being obtained.

"McDonald's rejects charges of leak in customers' bank account data"

 Fast-food major McDonald's on Saturday assuraed its customers that its website and app does not store the bank account related data after an independent blog claimed that the company is leaking personal data of more than 2.2 million users. "We would like to inform our users that our website and app does not store any sensitive financial data of the users like credit card details, wallets passwords or bank account information," an official spokesperson of McDonald's India (West & South) said in a statement. The quick service restaurant's statement came after a post on independent blogpost hackernoon claimed that McDonald's India is leaking data of 2.2 million users. 

Sole mission & motive is UP's development: PM on Yogi government"

 As the Yogi Adityanath-led government took over in Uttar Pradesh, Prime Minister Narendra Modi today said the "sole mission and motive is development" of the state, in an apparent bid to allay apprehensions over the hardline Hindutva mascot becoming the Chief Minister. Modi, while noting that BJP had formed the government in four out of five states that went to the polls recently, said, "Our unwavering efforts to create a 'Bhavya' (great) & 'Divya' (brilliant) Bharat (India) continue. India's Jan Shakti is powering the rise of a new & transformed India. In a series of tweets just after attending the swearing-in ceremony of Adityanath and his council of ministers in Lucknow, the Prime Minister expressed confidence that the new government will work for "record development" for Uttar Pradesh. "Congratulations to Yogi Adityanath Ji, Keshav Prasad Maurya Ji, Dinesh Sharma Ji & all those who took oath today. Best wishes for serving UP," he wrote. "Our sole mission & motive is development. 

Trade body hails GST council decision on SEZs

 Export Promotion Council for SEZ and EoUs (EPCES) said that earlier the supply of goods or services, to an SEZ developer and SEZ units were defined as 'zero rated supply' under IGST, and it mandated the developers and units receiving such supplies were required to take refund of the IGST. Trade body hails GST council decision on SEZs" The Export Promotion Council for SEZ and EoUs has welcomed the GST Council's decision to treat supplies to special economic zones at par with exports Export Promotion Council for SEZ and EoUs (EPCES) said that earlier the supply of goods or services, to an SEZ developer and SEZ units were defined as 'zero rated supply' under IGST, and it mandated the developers and units receiving such supplies were required to take refund of the IGST. The taxes were required to be paid at first place and then take refund, it said in a statement. Exports from SEZs and export oriented units (EOUs) sector contributed about 33 per cent in the country's total shipments.

GST peak rates revised: You may now pay up to 43% tax for aerated drinks, luxury good 

The 15 per cent cess cap would apply on luxury cars and aerated drinks. On pan masala, the cess has been capped at 135 per cent ad valorem.GST peak rates revised: You may now pay up to 43% tax for aerated drinks, luxury goods" A maximum of 15 per cent cess on top of the peak GST rate of 28 per cent will be levied on luxury goods and aerated drinks after the GST Council today approved a cap on cess along with supporting legislations. The actual cess on demerit goods, which will help create a corpus for compensating states for any loss of revenue from GST implementation in the first five years, may be lower than the cap as the Council has kept a "little headroom" for future exigencies, Finance Minister Arun Jaitley said.

Paytm expands to Canada, launches utility payments app 

With its Canada launch, Paytm joins the league of startups such as Zomato and Practo which have launched consumer internet apps on foreign shores Spreading its wings to foreign shores, e-wallet firm Paytm today announced the expansion of its bill payment services in Canada. Paytm will not be the first Indian startup to touch foreign shores. Other Indian startups such as FreshDesk, ChargeBee, Capillary Technologies, Practo, Druva, and Zomato have large overseas presence. In a recent conference, Paytm CEO Vijay Shekhar Sharma had said that his aim is to see a 'Paytm' signboard in a US and UK, sometime in future. Speaking on the launch, Harinder Takhar, CEO – Paytm Labs said

RBI seen cutting rates, but it will be a close call" 

India's falling inflation rate gives the Reserve Bank of India (RBI) room to cut its policy rate to a more than six-year low to help an economy hit by a crackdown on cash. The question is whether the RBI will pull the trigger on Wednesday or wait until April. A Reuters poll last week, conducted before the government presented its annual Budget, showed 28 of 46 participants expected the RBI on Wednesday to cut the repo rate by 25 basis points to 6.0 percent, its lowest since November 2010.

Gujarat Fluorochemicals surges 4% on buzz of restructuring plans"  

On buzz of the company undergoing a rejig to enhance shareholder value. The company plans to make the company’s structure a simpler one.The focus will be on restructuring the chemical business and remove the holding company discount. As part of the strategy, the firm will demerge its chemicals business into a separate entity. Currently, the company has four verticals—chemicals, wind turbine manufacturing, wind farm, film exhibitionOn the financial front, the company’s standalone specialty chemical business is valued at Rs 5,000 crore, while its market capitalisation is seen at Rs 6,500 crore. 

Lacklustre! India's grand gold recycling plan fails to tempt households"

 India's ambitious plan to recycle thousands of tonnes of gold lying idle in temples and households looks to have foundered on concerns over high costs and slight returns, in a blow to government hopes of cutting imports of the metal. After 16 months, temples and households have turned over just seven tonnes of gold out of the 24,000 tonnes believed to be in private hands, two industry sources and a government official said, with almost all the gold coming from temples. Families that hold about 80 percent of the idle gold have largely shunned the scheme, with some four dozen government-approved centres that opened to test purity still to process a single gram of household gold, said Harshad Ajmera, president of the Indian Association of Hallmarking Centres. "You hardly earn anything but you have to do so many things to deposit gold under the scheme. Why should I take all this pain?" said 54-year-old clerk Ganpat Shelke, who considered depositing 50 grams of gold. The struggling scheme was launched with much fanfare by Prime Minister Narendra Modi in November 2015, with India seeking ways to stem the spending of billions of dollars on a non-essential commodity that accounted for 27 percent of its trade deficit in the year The country is the world's second-biggest gold importer behind China, buying about 800 tonnes a year for wedding gifts, religious donations and as an investment. The plan was for holders of idle gold to lodge it with banks in return for interest and cash at redemption.

Gitanjali Gems arm Nakshatra World files

 IPO papers with SEBI Nakshatra World, a subsidiary of Gitanjali Gems, has filed its draft red herring prospectus (DRHP) with the capital market regulator for initial public offering. In a notification to the exchanges on Friday, the company informed about the filing of the prospectus to the Securities and Exchange Board of India (SEBI) as well as both the exchanges  outlined its plan to raise close to Rs 650 crore, subject to regulatory approvals. The board of directors of the company had also approved the proposal of public offering of equity shares of Nakshatra World and dilution of its stake consequent to initial public offer. Nakshatra World is a firm in the organised jewellery and luxury space in India.

Inflation under control, GDP unhurt by note ban:

 Modi Prime Minister Narendra Modi today said his government has been able to tame inflation which had gone out of control before 2014 and no political party could raise the issue during the polls in five states. Inflation under control, GDP unhurt by note ban: Modi Prime Minister Narendra Modi today said his government has been able to tame inflation which had gone out of control before 2014 and no political party could raise the issue during the polls in five states. Modi also said that after the decision to demonetise high value currency notes, "many lies were hurled, rumours were created" that the economy would disintegrate, but the GDP figures of the last quarter have proved that the country is on the path of "fast-paced development". The Prime Minister was speaking at an industry meet organised at ONGC Petro Additions Ltd's complex here. "We all know what were the economic challenges faced by the country before the 2014 elections. Inflation had gone out of control," Modi said. "You must have witnessed that in the elections held in five states all the political parties hurled whatever allegations they could at us. But during the entire campaign, no accusation was levelled against us on the issue of inflation," Modi said. "Such things do not become news as there are no takers to it. But it is a very big thing that in such huge elections, no opponent discussed inflation.

RBI says note-ban impact on GDP over; warns of inflation spike 

Post-demonetisation, the RBI today warned of a possible spike in inflation and stressed the need to make digital payments "safe and secure", even as it felt that the adverse and transient impact on the economy has "by and large" dissipated already. RBI says note-ban impact on GDP over; warns of inflation spikePost-demonetisation, the RBI today warned of a possible spike in inflation and stressed the need to make digital payments "safe and secure", even as it felt that the adverse and transient impact on the economy has "by and large" dissipated already. In a preliminary assessment report on 'Macroeconomic Impact of Demonetisation', an RBI paper said Rs 1000/500 notes valued at Rs 15.6 trillion were demonetised, but the precise estimate of currency that returned to the banking system is not yet available as the reconciliation process is still on. "Hence, the adverse wealth effect on account of SBNs (specified bank notes of Rs 1000/500) not returning to the banking system could be assessed only after the reconciliation exercise is complete," it said, while adding that the total net currency in circulation has gone up by about Rs 2.6 lakh crore between December-end and early March.

Wall Street ends up; jobs data points to economic strength 

US stocks rose on Friday after a solid jobs report pointed to strength in the domestic economy and supported expectations the Federal Reserve will raise interest rates next week. Wall Street ends up; jobs data points to economic strength US stocks rose on Friday after a solid jobs report pointed to strength in the domestic economy and supported expectations the Federal Reserve will raise interest rates next week. Indexes ended lower for the week, however, with the S&P 500 and Nasdaq breaking a six-week streak of gains. Government data showed 235,000 jobs were added in the public and private sectors in February, far exceeding economists' average estimate of 190,000. Fed Chair Janet Yellen signalled last week the US central bank is set to raise rates this month if employment and other economic data hold up. The Fed meets March 14-15. With inflation edging up closer to the Fed's 2 percent target, traders were pricing in a 92 percent chance of a rate increase at the Federal Open Market Committee's meeting next week, up from 85 percent before the data. Gains were broad-based, though the utilities index , which fell sharply earlier in the week and lost 1.2 percent for the period, was the day's best-performing sector, ending up 0.8 percent. At the same time, the S&P financial index , which has risen sharply on prospects of further rate hikes, ended flat, and strategists said the market has likely already priced in a March rate move. 

MCX to launch 6-9 commodities futures in FY18

 MCX's partnership with Singapore Diamond Investment Exchange. MCX to launch 6-9 commodities futures in FY18The Multi Commodity Exchange of India ( MCX ) is keen on exploring new product launch avenues in fiscal year 2017-18. that some of the commodities being looked at include pepper, palmolein, groundnut, brass and diamond. Paranjape says there is definitely a market for diamond in the futures space and is betting Indian jewellery consumption and MCX's partnership with Singapore Diamond Investment Exchange. About 18 months after the merger of Forward Markets Commission with Securities Exchange Board of India (SEBI), do you think the market’s expectations have been fulfilled? There were 3-4 areas of expectations from the FMC-SEBI merger. First, in terms of much more standardisation and rationalisation of practices of rules of regulations across the two segments. The second was that with a new regulator — with the inter-linkages with the other financial sectors — we would see both, an increase in the number of products and participants or the type of products and participants. The market feels that if stock exchanges get the licence of issuing commodity exchange, MCX will have a major impact because everybody wants to come out in non-agri segment. How do you see the challenge? For MCX, it means an opportunity.

Another ATM in Delhi dispenses fake Rs 2,000 note 

The fake bank note of Rs 2,000 denomination was dispensed from a private bank ATM in front of Sheetla Mata Mandir yesterday. Another ATM in Delhi dispenses fake Rs 2,000 note In yet another case in a month, an automated teller machine in south Delhi's Amar colony area dispensed a fake Rs 2,000 currency note with "Children Bank of India" printed on it, police said. The fake bank note of Rs 2,000 denomination was dispensed from a private bank ATM in front of Sheetla Mata Mandir yesterday. "The complainant, Chandan reported the matter through a PCR call. The fake Rs 2000 note bore prints of 'Children Bank of India' and 'Manoranjan Bank' on it," said DCP(south east) Romil Baaniya. A case has been registered under Sections 489 B (using as genuine, forged or counterfeit currency or bank-notes), 489 E (Making or using documents resembling currency or bank- notes) of IPC at Amar Colony police station. A senior Delhi Police officer said that the case has been transferred to the Crime Branch for indepth probe in view of recovery of fake notes from south-east Delhi in the past. In a similar case, a Sangam Vihar resident Rohit Kumar had been dispensed four fake notes of Rs 2,000 denomination, bearing "Churan label" and "Children Bank of India" printed on it, from an SBI ATM in Sangam Vihar in south east Delhi, on February 6.

Tusk gets 2nd term for top EU job despite Polish objections 

Poland refused to approve some summit texts, raising unease at a time when the EU is looking for unity as the crisis-prone bloc is faced with the painful departure of Britain. Tusk gets 2nd term for top EU job despite Polish objections European Union leaders confirmed Donald Tusk for a second term as council president, overcoming weeks of strong opposition from his native Poland, which immediately retorted by seeking to hold up proceedings at their joint summit. Poland refused to approve some summit texts, raising unease at a time when the EU is looking for unity as the crisis-prone bloc is faced with the painful departure of Britain. "I will do my best to make EU better," Tusk said in a tweet. Prime Minister Joseph Muscat of Malta, which holds the EU rotating presidency, said Poland decided that "politically irrespective of the contents of the conclusions, to veto, or at least not agree with any of the conclusions." Poland had argued that the decision should be delayed because of its displeasure with Tusk, a bitter political rival. But Warsaw's government was totally isolated at the vote, a meeting participant said.

Polluted environment kills 1.7 million children each year:

WHO Every year, environmental risks - such as indoor and outdoor air pollution, second-hand smoke, unsafe water, lack of sanitation and inadequate hygiene - take the lives of 1.7 million children under five years, the report said Polluted environment kills 1.7 million children each year: WHO Over one in four or an estimated 1.7 million global deaths of children under five years of age each year are due to polluted or unhealthy environments, the World Health Organisation said in a new report today. Every year, environmental risks - such as indoor and outdoor air pollution, second-hand smoke, unsafe water, lack of sanitation and inadequate hygiene - take the lives of 1.7 million children under five years, the report said. The report reveals that a large portion of the most common causes of death among children aged one month to five years diarrhoea, malaria and pneumonia are preventable by interventions known to reduce environmental risks, such as access to safe water and clean cooking fuels. "A polluted environment is a deadly one - particularly for young children,"

Mistry cos urge NCLT to waive filing plea criteria against Tatas 

Two Cyrus Mistry family companies today urged the National Company Law Tribunal (NCLT) to use its discretion in waiving the eligibility criteria of 10 per cent shareholding required under the Companies Act for moving the Tribunal to challenge Mistry's ouster from Tata Sons. Error loading player: No playable sources found Two Cyrus Mistry family companies today urged the National Company Law Tribunal (NCLT) to use its discretion in waiving the eligibility criteria of 10 percent shareholding required under the Companies Act for moving the Tribunal to challenge Mistry's ouster from Tata Sons. The Mistry Companies had filed petitions challenging his removal from Tata Sons but NCLT had yesterday held their plea 'not maintainable' as both the firms did not fulfil the eligibility criteria of 10 percent shareholding to move NCLT. The petitioners had alleged 'mismanagement' at Tata Sons and 'oppression of minority shareholders' and argued that the removal of Mistry from Tata Sons was not proper. 

Tata Steel UK closes pension scheme to new accrual 

The Tata Steel arm said that it has completed the consultation process with employees to close the British Steel Pension Scheme to future accrual. Tata Steel UK closes pension scheme to new accrual Tata Steel UK said it will close the British Steel Pension Scheme to future accrual from March 31 and employees will get a new contributory scheme for their retirement savings thereafter. The Tata Steel arm said that it has completed the consultation process with employees to close the British Steel Pension Scheme to future accrual. "From 1 April 2017, employees will save for their retirement through a new and competitive defined contribution pension scheme," Tata Steel said in a filing to BSE. "After carefully considering all the responses received and sharing the review with the trade unions, Tata Steel UK has informed employees it will close the British Steel Pension Scheme to future accrual with effect from 31 March 2017," Tata Steel said. Tata Steel UK continues to be deeply engaged with the pension scheme trustee, the trade unions and relevant regulatory and government bodies to identify the best prospects for the future sustainability of its UK operations and a fair and practical outcome for the members of the Birtish Steel Pension Scheme, it said. 

Sebi permits FPIs to invest in unlisted corporate bonds

 In a bid to deepen capital markets, Sebi today notified new norms allowing Foreign Portfolio Investors (FPIs) to invest in unlisted corporate debt securities and securitised debt instruments. Sebi permits FPIs to invest in unlisted corporate bonds In a bid to deepen capital markets, Sebi today notified new norms allowing Foreign Portfolio Investors (FPIs) to invest in unlisted corporate debt securities and securitised debt instruments. The decision follows the board of Securities and Exchange Board of India (Sebi) approving a proposal last November in this regard. In a notification, the regulator said it has amended FPI regulations to allow overseas investors to invest in unlisted non-convertible debentures and securities debt instruments. The Reserve Bank too relaxed its rules recently for allowing such investments by FPIs. Earlier, investment in unlisted debt securities was permitted only in the case of companies in the infrastructure sector. Further, investment by FPIs in securitised debt instruments was not permitted. The Sebi move is aimed at enhancing investor base in unlisted debt securities and securitised debt instruments. 

Banks meet RBI to help cut losses from falling bond prices

 In the third quarter of current fiscal, bond prices fell sharply after RBI changed its monetary policy stance. Error loading player: No playable sources found Bankers have approached the Reserve Bank of India (RBI) to help them cut the losses on their bond portfolios, people privy to the developments 

India announces new hydrocarbon exploration licensing policy

 Christened "Hydrocarbon Exploration Licensing Policy" or HELP, the new policy also gives the investors the much needed freedom in pricing and marketing for crude oil and natural gas. India has announced a new hydrocarbon exploration licensing policy which offers single license to explore conventional and unconventional oil and gas resources, as the country seeks to propel investment in the energy sector. Christened "Hydrocarbon Exploration Licensing Policy" or HELP, the new policy also gives the investors the much needed freedom in pricing and marketing for crude oil and natural gas. The new policy is part of the strategy to make India a business and investor friendly destination and achieve the plan to double India's existing oil production from current 80 million metric tons to about 150-155 million metric tons by 2022, said the Union Petroleum and Natural Gas Minister Dharmendra Pradhan Pradhan is leading a high-powered delegation to Houston to attend CERAWeek 2017 an international meeting of top leaders from the oil, energy and natural gas industry. In addition to the Canadian Prime Minister, the week-long meeting is being attended by oil and energy ministers from countries like Russia, Saudi Arabia and United Arab Emirates 

Jio avg download speed doubles in Jan: Trai 

The average peak download speed on Reliance Jio network more than doubled to 17.42 megabit per second at the end of January, according to data by telecom regulator Trai. Jio avg download speed doubles in Jan: Trai The average peak download speed on Reliance Jio network more than doubled to 17.42 megabit per second at the end of January, according to data by telecom regulator Trai. The monthly average mobile broadband speed published by the Telecom Regulatory Authority of India (Trai) showed that the download speed on Jio network reached 17.42 mbps in January from 8.34 mbps at the end of December. At this speed, a user can download a movie in less than three minutes. In the second place was Idea at 8.53 mbps, up from 6.6 mbps at the end of December.

Moneycontrol's Election Analytics Centre:

Track assembly polls In particular, all eyes are on UP and Punjab, two key states in which the BJP faces a tough battle; the outcome could have a bearing on policy-making and economic reforms at the Centre. Moneycontrol News The assembly elections currently underway are being seen as a referendum on the Modi government, coming as they do early in the second half of the NDA’s 5-year term. In particular, all eyes are on UP and Punjab, two key states in which the BJP faces a tough battle; the outcome could have a bearing on policy-making and economic reforms at the Centre. Moneycontrol has tied up with data analytics firm Gramener and political commentators to bring you a wealth of data and analysis on the elections, both in the run-up to counting day, and on the day of the verdict (Saturday, March 11). .

Elections & loan waiver rumours hit Bharat Fin's collections

 Rumours of a potential loan waiver has impacted collections of Bharat Financial Inclusion, a micro finance company, in Uttar Pradesh and Maharashtra Rumours of a potential loan waiver has impacted collections of Bharat Financial Inclusion , a micro finance company, in Uttar Pradesh and Maharashtra. The company in an analyst call on Monday evening said collections, which took a hit after demonetization, deteriorated further in February ahead of elections in Uttar Pradesh and Maharashtra. So far, outstanding loans to the tune of Rs 306 crore have seen no recovery in the last two months. The company’s managing director and CEO of Bharat Financial MR Rao said given that elections were in its last leg, the intensity of the campaign for loan waivers had come down. 

Rs 70,000 cr black money detected so far: 

Justice Pasayat Deputy Chairman of the Supreme Court- appointed SIT on black money, Justice Arijit Pasayat, today said Rs 70,000 crore of black money has been unearthed so far and the sixth report on it will be submitted to the apex court in April. Rs 70,000 cr black money detected so far: Justice Pasayat Deputy Chairman of the Supreme Court- appointed SIT on black money, Justice Arijit Pasayat, today said Rs 70,000 crore of black money has been unearthed so far and the sixth report on it will be submitted to the apex court in April. He said Rs 70,000 crore of black money, including more than Rs 16,000 crore detected after probe launched into global leaks about Indians stashing funds abroad, has been unearthed through different schemes of the government. After a meeting with officers of several government agencies dealing with economic and financial affairs here, Justice Pasayat informed that the SIT will submit its sixth interim report to the Supreme Court in the first week of April. He said the SIT made several recommendations in the past two years through its interim reports to check generation of black money. "While most of our recommendations have been accepted by the government, some are under active consideration to clampdown on black money," he said. "One of our proposals, on cash holding of Rs 15 lakh or more to be presumed as undisclosed, is under serious consideration of the central government,"

Indian economy like well-behaved Miss World contestant: 

Minister Arjun Ram Meghwal, Union Minister of State for Finance, said that the 21st century belongs to Asia and India will lead the race if it excels in social banking. The 21st century belongs to Asia and India will lead the race if it excels in social banking, according to Arjun Meghwal, Union Minister of State for Finance. Tracing history, Meghwal said that after the 18th and 19th centuries belonged to Europe and America, the 21st century belongs to Asia "as predicted by [former Prime Minister] Atal Bihari Vajpayee". "If social banking performs well, no one can stop India from being the leader of Asia in 21st century," he said. Meghwal used the analogy of a beauty pageant to make his point. "Sometimes you think that some woman will win in the finals of Miss World but the other one wins.

Voting begins for first phase of polls in Manipur 

Voting for the first phase of polling in Manipur covering 38 constituencies began today amidst tight security. Voting begins for first phase of polls in Manipur Voting for the first phase of polling in Manipur covering 38 constituencies began today amidst tight security. Polling began at 7 am and will end at 3 pm, the Election Commission (EC) said. An electorate of 19,02,562 comprising 9,28,573 male and 9,73,989 female voters will decide the fate of 168 candidates. The number of new voters is 45,642. Of the total 1,643 polling station where polling is being held, the EC has identified 837 polling stations as hyper sensitive and 529 as sensitive. For maintaining peaceful polling 280 companies of central paramilitary forces and armed police of other states have been deployed.

Road to GST: Jaitley-headed council to approve four draft bills .

The Council will also discuss raising the peak rate in the model GST Bill to 40 percent (20 percent central and 20 percent state). This would be only an enabling provision to ensure that Parliamentary ratification is not required if the highest rate need to be increased in the future. The effective peak rate will continue to remain at 28 percent The Goods and Services Tax (GST) Council headed by Finance Minister Arun Jaitley is expected to approve four crucial bills on Saturday paving the way towards the roll-out of India's biggest tax reform from July 1. The legally vetted draft laws for all important bills — Central GST (CGST), State GST (SGST), Integrated GST (IGST) and Union Territory GST (UTGST) — will likely be cleared by the Council in its eleventh meeting in New Delhi. 

Post-demonetisation, India slowly returning to 'normalcy':

 SBI "When we found out that 86 percent of the currency had been demonetized, … the sheer size of the task was intimidating. On top of that, remember we had no arrangements ahead of time," Arundhati Bhattacharya, chairwoman of the State Bank of India (SBI), told CNBC's "Managing Asia." India's largest bank was blindsided by Indian Prime Minister Narendra Modi's demonetization drive with daily business severely disrupted, the head of the lender said, but the outcome sees economy returning to "normalcy," and a surge in deposits from the cash swap has given more room on lending. "When we found out that 86 percent of the currency had been demonetized, … the sheer size of the task was intimidating. On top of that, remember we had no arrangements ahead of time," Arundhati Bhattacharya, chairwoman of the State Bank of India (SBI), told CNBC's "Managing Asia." On Nov. 8 last year, India implemented a shock currency swap that required all 500 and 1,000 rupee notes be exchanged for new tender in 500 and 2,000 rupee denominations by the end of 2016. Nearly all transactions were handled through the banking system to meet the deadline. That put the spotlight on state-owned SBI as the top lender and with a footprint that stands to become even larger if it succeeds in a planned merger with five of its associate banks.

Wall St not in bubble territory, but pullback likely:PortShelter 

The US markets aren’t at stratospheric levels and definitely not in a “bubble territory”, Richard Harris told . The founder of the investment consulting firm said that the US market is in a substantial bull run but there is a likelihood of a pull back after the recent rally. Richard Harris (more) Founder, Port Shelter | Error loading player: No playable sources found The Wall Street closed lower on Thursday after a nearly 12-day-long run as financials lagged on the back of the talk of a potential rate hike by the US Federal Reserve. Port Shelter Investment Management believes going forward a rate hike will not have a significant impact on the US markets. The US markets aren’t at stratospheric levels and definitely not in a “bubble territory”, Richard Harris told

States' fiscal deficit will rise to 3.3% in 2017-18: Ind-Ra 

 "The aggregate fiscal deficit of Indian states is expected to increase marginally to 3.3 percent of gross domestic product (GDP) in FY18 from the forecast of 3.2 percent for FY17," it said in a note. States fiscal deficit will rise to 3.3% in 2017-18: Ind-Ra The states' fiscal deficit will rise only marginally to 3.3 percent in fiscal year 2017-18 from the expected 3.2 percent in 2016-17, domestic ratings agency India Ratings and Research (Ind-Ra) said today. "The aggregate fiscal deficit of Indian states is expected to increase marginally to 3.3 percent of gross domestic product (GDP) in FY18 from the forecast of 3.2 percent for FY17," it said in a note. The aggregate states' GDP to debt ratio will also go up marginally to 24.3 percent in FY18 from 24 percent in FY17, it said. Market borrowings of the states will increase to Rs 3.7 trillion from the 3.5 trillion in the ongoing fiscal 2016-17, it said. However, as a percentage of GDP, states' net market borrowings is likely to moderate to 2.2 percent in FY18 from the forecast 2.3 percent for FY17.