'LPG subsidy to high-income group costs Rs 500cr'
PTI | | The move to stop LPG subsidies to high-income consumers with a taxable income of above Rs 10 lakh a year may result in a saving of up to Rs 500 crore for the government, ICRA estimates. Further, it may not have an adverse monetary impact for consumers as the current subsidy levels have been low.Mumbai airport Customs seizes gold worth Rs 1.34cr
PTI | | The Air Intelligence Unit of Mumbai Customs today apprehended two persons at the Mumbai international airport and recovered 57.40kg of gold valued at around Rs 1.34 crore, from them.SpiceJet to raise funds worth up to Rs 5,000cr
PTI | | Low-cost air carrier SpiceJet on Tuesday said its shareholders have approved a proposal to raise funds worth up to Rs 5,000 crore.MORE BUSINESS NEWS
- Sensex climbs for 2nd day on global cuesMarkets chalked up gains for the second consecutive session today as the benchmark Sensex spurted over 45 points to close at 26,079.48. Today's trade was marked by a series of ups and downs, with auto and banking stocks driving the upside amid a positive global trend.
- HDFC Bank cuts lending rate by 0.05%Following SBI, country's second largest private sector lender HDFC Bank has reduced base rate or the minimum lending rate by 0.05 per cent to 9.30 per cent.
- Rupee snaps 8-day run, ends 21 paise downSnapping its eight-day long winning streak against the American currency, the rupee dropped by 21 paise to 66.40 on month-end dollar demand from importers and some banks. The rupee had gained by 90 paise or 1.34 per cent in previous eight trading days.
- Sensex ticks up 100 points on positive Asian cuesThe covering-up of short positions by speculators ahead of the monthly expiry in the derivatives segment on Thursday supported the upside.
- Rupee down 13 paise vs US dollar in early tradeHalting its 8-day rising streak, the rupee traded lower by 13 paise at 66.32 against the dollar in early trade at the Interbank Foreign Exchange on month-end demand for the US currency from importers amid capital outflows.
- Govt readies nat'l infra investment fund of Rs 40k crThe government is ready to launch the National Infrastructure Investment Fund (NIFF) — with an initial corpus of at least Rs 40,000 crore — with two two large overseas funds expected to sign up commitments of at least $1billion (around Rs 6,700 crore) each next month, a top government official said.
- Essar Oil’s delisting to be biggest in IndiaEssar Oil’s move to delist its shares from stock exchanges, for which the company recently got a nod from market regulator Sebi, is set to be the largest such offering in India in terms of payouts to investors.
- PMO official on search panel for Sebi chiefAs the search continues for next chief of the markets regulator Sebi, the government has reconstituted the search-cum-selection panel which would now include a representative from the Prime Minister’s Office.
- L&T; Infotech plans to raise over Rs 2,000cr via IPOL&T Infotech is looking to raise over Rs 2,000 crore through IPO in the fourth quarter of the current fiscal to fund its expansion plans.
Saudi economic plan shows it is ready for cheap oil
Reuters | | Saudi's planned cuts in spending and energy subsidies signal that the world's largest crude exporter is bracing for a prolonged period of low oil prices.Plans afoot to hike minimum wages, expand social security net: Government
PTI | | The NDA government is seeking to significantly boost incomes of the country's lowest paid workers by substantially raising the minimum wages.Navy test-fires Barak 8 long-range surface-to-air missile developed with Israel
IANS | | The system is to be deployed as the major missile system on the largest indigenously-built warship, INS Kolkata, which was inducted last year.SPOTLIGHT
Market musings
Here's why tax-free bonds are the new market Bonds
Tax-free bonds that hit the market during the financial year 2013-14 have already generated fabulous returns for the investors, which makes them hot picks.
Slideshows
Saab offers Gripen fighter jets under 'Make in India'
Swedish defence major Saab has offered to manufacture its fifth generation Gripen fighter aircraft in India with technology transfer to the country.
Railways
Fair enough! Railways to get independent body for fares
The landmark reform being planned for the railways will in essence see power to fix fares being transferred from politicians to technocrats.
India-Pak dynamics
PM's Lahore surprise came after Pak security promise
Pak got back to the Indian side promising foolproof security at Lahore airport and assured a PAF chopper would fly both PMs to Raiwind and back.
India reboot
A blueprint in the works to put stuck PPP plans on track
The proposals mooted include rovision for monetisation, revamp of the model concession agreement and creation of a new institutional system.
Banking on trust
Payment banks to see new name in 2017 in India Post
Govt says several financial institutions such as the World Bank and Deutsche Bank have approached the state-owned postal department for a tie-up.
New signs
Planning a job switch in 2016? Here's what is on offer
With IT companies ramping up their offerings and startups mushrooming in several sectors, product developers are expected to be in high demand.
Party spoiler
Chicken lovers will have to shell out more this New Year
Broiler chicken prices have jumped by close to 40% in past 10 days, fuelled by higher demand due to Christmas and upcoming New Year festivities.
Boardroom buzz
Vadilal, India's oldest ice cream brand, facing a meltdown
Gandhis who own the brand, which also has second-largest share of the national market, are caught in a battle for control in the firm's law board.
Inside the wallet
This crack team in Toronto guards Paytm's biz in Noida
A lab in Toronto manages critical pieces of Paytm business such as fraud detection, app improvements, user interface and customised advertising.
Startups
Modi govt plans a big jumpstart for startups in India
Plans on to establish a high-level panel that will act as the fulcrum of the initiative to create an ecosystem to nurture innovation.
Housing
Revamped Indira Awaas Yojana to see bigger, costly homes
Plan to be renamed as Pradhan Mantri Awaas Yojana. Cornerstone of govt’s housing-for-all initiative, this is meant to mark start of an overhaul.
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VIDEOS
Luxury car sales grow 8-fold since 2007
TCS crosses Rs 5 lakh crore
Flipkart raises Rs 6,000 crore
Honda set to topple M&M as third biggest car maker
Rajat Gupta goes to prison
SpiceJet, IndiGo bring in flash sale
Rupee weakens to one-month low
Vishal Sikka to be Infosys CEO
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Rupee hits 11-month high
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