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Nifty breaches the 10,000-mark for the first time ever
short by Mansha Mahajan / on 25 Jul 2017,Tuesday
The Nifty 50-share index crossed the 10,000-mark for the first time in its 21-year history during intraday trade on Tuesday. The index completed the last 1,000 points in just 92 trading sessions but later retreated to close at 9,964.55. The BSE Sensex ended at 32,228.27. The surge follows encouraging quarterly earnings, with combined net incomes of 119 companies rising 11%.
short by Mansha Mahajan / 03:45 pm on 25 Jul
RBI stops printing ₹2,000 notes: Reports
short by Sumedha Sehra / on 26 Jul 2017,Wednesday
The Reserve Bank of India (RBI) had stopped printing the ₹2,000 currency notes about five months ago and has started printing the smaller denomination ₹200 notes, people familiar with the matter said. They also added that around a billion new ₹200 notes will be in circulation next month. Further, no more ₹2,000 notes will be printed this fiscal, they said.
short by Sumedha Sehra / 12:00 pm on 26 Jul
Michael Kors to buy Jimmy Choo for over ₹7,500 crore
short by Prashanti Moktan / on 25 Jul 2017,Tuesday
American brand Michael Kors is set to buy British luxury label Jimmy Choo for around $1.2 billion (over ₹7,500 core). Designer Michael Kors said, "We admire the glamorous style...of Jimmy Choo designs. We look forward to welcoming Jimmy Choo to our luxury group." Jimmy Choo's CEO Pierre Denis and creative director Sandra Choi will remain in charge of their business.
short by Prashanti Moktan / 04:54 pm on 25 Jul
ITC raises cigarette prices by up to ₹22 after hike in cess
short by Mansha Mahajan / on 25 Jul 2017,Tuesday
After government raised cess on cigarettes, ITC increased prices by 4-8% on 25 different pack sizes and variants, reports said. People will now have to pay more for brands like Classic, Gold Flake, and Navy Cut. Premium brands Classic and Gold Flake Kings have seen the sharpest hike, as 20-cigarette packs of these will now cost ₹300, against ₹278 earlier.
short by Mansha Mahajan / 06:57 pm on 25 Jul
PwC falsified accounts, evaded tax and flouted laws: Ex-CFO
short by Mansha Mahajan / on 25 Jul 2017,Tuesday
Sarvesh Mathur, ex-CFO of global consultant-auditor PwC's Indian arm, has filed a defamation suit accusing it of falsifying accounts, evading taxes, and breaking several laws. He further accused PwC of intimidating, cheating, and tarnishing his name when he refused to cover-up the crimes. Mathur alleged that PwC lied to government and made up expenses of ₹15 crore to evade taxes.
short by Mansha Mahajan / 05:53 pm on 25 Jul
Air India to serve wine, retrain chefs for 'Indian touch'
short by Aarushi Maheshwari / on 26 Jul 2017,Wednesday
Air India plans to serve a variety of wines, mocktails, and regional cuisines to its business and first class passengers on international flights, starting October. The airline also plans to offer passengers the food of their choice, and impart refresher training to chefs across 28 countries who have "lost their Indian touch." It will introduce new cutlery for premium passengers.
short by Aarushi Maheshwari / 11:19 am on 26 Jul
Doordarshan plans to replace its logo after 58 years
short by Mansha Mahajan / on 25 Jul 2017,Tuesday
State-owned broadcaster Doordarshan is planning to change its iconic logo and has issued an invitation asking for entries from the public for logo designs. Doordarshan will take new logo design entries till August 13, 2017 and the winner will be awarded a cash prize of ₹1 lakh. It has been sporting the current logo since 1959.
short by Mansha Mahajan / 10:06 pm on 25 Jul
Alphabet revenue jumps 21% despite record $2.7 billion fine
short by Vani Vivek / on 25 Jul 2017,Tuesday
Technology major Alphabet on Monday reported a 21% jump in revenue to over $26 billion for the quarter ended June, despite its largest subsidiary Google being handed a record $2.7 billion fine by European Commission. With its latest profits, Alphabet reported $15.7 billion in cash and cash equivalents, and another $79 billion in marketable securities.
short by Vani Vivek / 07:54 pm on 25 Jul
Probe on 30,000 cases where ITRs were revised post note ban
short by Mansha Mahajan / on 25 Jul 2017,Tuesday
The Income Tax Department is probing over 30,000 cases of alleged tax evasion wherein IT returns were revised after demonetisation. The income tax returns filed after November 8, 2016 were scrutinised against their earlier tax compliance following which these cases were detected. Notably, the government has been contacting people whose bank deposits seemed to be suspicious post note ban.
short by Mansha Mahajan / 04:16 pm on 25 Jul
Why is TRAI considering Bill and Keep model, asks Mittal
short by Mansha Mahajan / on 25 Jul 2017,Tuesday
Airtel Chairman Sunil Mittal has written to TRAI Chairman RS Sharma, saying he's "at a loss as to why TRAI should be considering Bill and Keep model". Mittal said IUC is built on fair settlements for work done by operators for carrying each other's calls. Notably, Reliance Jio is pressing for this model wherein IUC will effectively be scrapped.
short by Mansha Mahajan / 08:20 pm on 25 Jul
Can bring Infosys board and founders together: Co-chairman
short by Mansha Mahajan / on 25 Jul 2017,Tuesday
On being asked how big is the task to bring Infosys board and the founders together, Co-chairman Ravi Venkatesan said it is "doable". "I don’t know how to measure oneness, but a lot of it is still left," he stated. His comments come after a public dispute between some Co-founders, including Narayana Murthy, and the top management over corporate governance.
short by Mansha Mahajan / 09:47 pm on 25 Jul
Tanzania govt issues $190 billion tax bill to mining company
short by Krishna Veera Vanamali / on 25 Jul 2017,Tuesday
Tanzania government sent gold producer Acacia Mining a $40 billion tax bill and another $150 billion in interest and penalties. The bill is equal to almost two centuries worth of the company's revenue. The government alleged the company under-declared export revenues between 2000 and 2017. The company's disagreements with authorities has resulted in 57% decline in its stock this year.
short by Krishna Veera Vanamali / 10:27 pm on 25 Jul
Amrapali CEO arrested for not paying labour cess of ₹4 crore
short by Mansha Mahajan / on 25 Jul 2017,Tuesday
Amrapali's CEO Ritik Kumar Sinha and director Nishant Mukul were arrested over alleged fraud and not paying labour cess of ₹4.29 crore to Labour Department. Amrapali received a final recovery notice in March 2017 but when it failed to pay, police took action. The district administration said labour cess is charged for labour's welfare, which the group didn't pay.
short by Mansha Mahajan / 08:17 pm on 25 Jul
Vodafone-Idea merger gets nod from Competition Commission
short by Krishna Veera Vanamali / on 25 Jul 2017,Tuesday
The Competition Commission of India on Monday approved the merger of Vodafone India and Aditya Birla Group's Idea Cellular. The $23 billion transaction will create India's largest telecom company with a 35% customer and 41% revenue market share. Post the transaction, Vodafone will own 45.1% stake in the merged entity while Aditya Birla group will have 26% shareholding.
short by Krishna Veera Vanamali / 05:11 pm on 25 Jul
Idea shares jump 7% on CCI approval on merger with Vodafone
short by Krishna Veera Vanamali / on 25 Jul 2017,Tuesday
Shares of Idea Cellular jumped 7% on Tuesday after the Competition Commission of India (CCI) approved its merger with Vodafone India. The merger, which is a $23 billion deal, will create the country's largest telecom operator. Post the transaction, the merged entity will have almost 40 crore customers with 35% customer and 41% revenue market share.
short by Krishna Veera Vanamali / 05:50 pm on 25 Jul
Air India system glitch books 194 for flight with 144 seats
short by Mansha Mahajan / on 25 Jul 2017,Tuesday
A glitch in Air India's reservation system led to overbooking of a flight, which prompted protests among passengers in Kolkata. The flight had maximum capacity of 144 but 194 people showed up, leaving 50 passengers stranded. "We do have 2-3% overbookings but...it was 31% on the...flight. The passengers were justifiably furious and we didn't have any explanations," an official said.
short by Mansha Mahajan / 05:10 pm on 25 Jul
Barkha Dutt slams NDTV over use of brand name 'MoJo'
short by Mansha Mahajan / on 25 Jul 2017,Tuesday
Barkha Dutt has slammed her former employer NDTV for calling its new form of journalism 'MoJo' (mobile journalism), which she claimed, appropriates her brand's name. Dutt tweeted she launched Mojo after leaving NDTV and some events have already taken place under the banner. "Isn't it wrong to appropriate someone's brand name & new form of journalism as yours," she tweeted.
short by Mansha Mahajan / 07:25 pm on 25 Jul
IT firms should manage employee expectations: Ex-Infosys CEO
short by Krishna Veera Vanamali / on 25 Jul 2017,Tuesday
Former CEO of Infosys Kris Gopalakrishnan has said that Indian IT companies need to learn to manage expectations of their employees as the growth rate slows down. He said that as technology is transitioning, companies must invest in retraining employees and employees must invest time in learning. He also said that automation has impacted services like infrastructure management and maintenance.
short by Krishna Veera Vanamali / 07:30 pm on 25 Jul
Axis Bank denies reports of CEO Shikha Sharma moving to Tata
short by Mansha Mahajan / on 25 Jul 2017,Tuesday
Axis Bank has rubbished news reports that said CEO Shikha Sharma may join the Tata Group to lead its financial services vertical. "Your assertions are untrue and unfounded," it said, adding, "There's a laid down process that the board undertakes...but to conclude that there's going to be a change of leadership is entirely premature and speculative."
short by Mansha Mahajan / 11:54 pm on 25 Jul
Airtel profit plunges 75% to ₹367 crore in June quarter
short by Krishna Veera Vanamali / on 25 Jul 2017,Tuesday
Country's largest telecom operator Bharti Airtel on Tuesday reported 74.89% year-on-year decline in consolidated net profit at ₹367 crore for the quarter ended June. Total revenue of the company also slipped 14% to ₹21,958 crore. Bharti Airtel's CEO Gopal Vittal has said that pricing disruption caused by entry of a new operator created stress on the sector's profitability.
short by Krishna Veera Vanamali / 08:22 pm on 25 Jul
Niti Aayog cites 'fragile finances' for Air India sale
short by Aarushi Maheshwari / on 26 Jul 2017,Wednesday
Niti Aayog cited Air India's "fragile finances" as the main reason for recommending its disinvestment, Union Minister Jayant Sinha informed the Rajya Sabha on Tuesday. "Niti Aayog... says that further support to an unviable non-priority company in a matured and competitive aviation sector would not be the best use of scarce financial resources of the government," Sinha added.
short by Aarushi Maheshwari / 11:48 am on 26 Jul
3 US airlines fined ₹5.5 crore for violating consumer rules
short by Aarushi Maheshwari / on 25 Jul 2017,Tuesday
Frontier Airlines, American Airlines and Delta Air Lines have been collectively fined $850,000 (₹5.5 crore) for violating airline consumer protection rules. Frontier Airlines was fined $400,000 for violating oversales and disability rules and American Airlines was fined $250,000 for failing to make timely refunds to flyers. Delta Air Lines was fined $200,000 over inaccurate baggage reports.
short by Aarushi Maheshwari / 03:59 pm on 25 Jul
BMW denies reports of emissions manipulations
short by Shifa Naseer / on 25 Jul 2017,Tuesday
German carmaker BMW has rejected reports that it cheated emissions tests through illegal systems in its cars. The company also denied reports of plotting with Audi, Volkswagen, and Porsche on designs of diesel emissions treatment systems. Vehicle emissions came under scrutiny worldwide since Volkswagen admitted in 2015 to installing illegal software to cheat US emissions tests on diesel cars.
short by Shifa Naseer / 09:14 pm on 25 Jul
SC directs Subrata Roy to deposit ₹1500 crore by September 7
short by Krishna Veera Vanamali / on 25 Jul 2017,Tuesday
Supreme Court on Tuesday directed Sahara Group chief Subrata Roy to deposit ₹1,500 crore by September 7. It also said the process of auctioning the group's Aamby Valley shall start and next hearing in the case is on September 11. Supreme Court had ordered the auction over Sahara's alleged failure to deposit money for refunding its investors.
short by Krishna Veera Vanamali / 08:36 pm on 25 Jul
Overseas bank A/c details of NRIs needed only for tax refund
short by Krishna Veera Vanamali / on 25 Jul 2017,Tuesday
Central Board of Direct Taxes (CBDT) has clarified that non-residents are not required to provide foreign bank account details in tax returns unless they are seeking tax refund. CBDT said that NRIs with no bank accounts in India, were facing difficulties in getting refunds as earlier there was no provision for reporting foreign bank account details for this purpose.
short by Krishna Veera Vanamali / 08:06 pm on 25 Jul
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