Ahead of the Union Budget 2026-27, Indian business houses have urged the government to make demergers tax-neutral, particularly in cases involving transfer of investments in associate companies with 25 per cent or more shareholding, under the new Income Tax Act. This may possibly help some companies planning to go public, according to a source.
Tension grips Malkangiri district in Odisha after a tribal woman was beheaded, leading to clashes and property damage. Internet services are suspended as authorities work to restore peace.
The last rites of veteran Congress leader and former Union minister Shivraj Patil were performed with full state honours in his home district, Latur, in Maharashtra on Saturday, with many top leaders in attendance.
Students at Tezpur University in Assam have shut down the institution, protesting against Vice Chancellor Shambhu Nath Singh over allegations of corruption and financial irregularities. The shutdown has led to the cancellation of end-term examinations and has garnered support from teachers and non-teaching staff.
Mint Road's proposals on banks' M&A funding are cautious even as entrants root for more elbow room, and weigh business models.
Opening up the corner office is fine, but will the government be able to attract talent without giving a market-rate salary?, asks Tamal Bandyopadhyay.
The Employees' Provident Fund Organisation (EPFO) board has approved liberalised part withdrawals for subscribers, allowing up to 100 per cent EPF withdrawal, and rolled out the 'Vishwas Scheme' to reduce litigation through rationalised penal damages.
'The heat shield technology for re-entry vehicles was first mastered in DRDO for the Agni missile.' 'This is why the Americans were so opposed to Agni in the 1980s, unlike other missiles -- it was a re-entry vehicle.'
The government has no say in where the country's refiners source oil from because these are commercial transactions.
Among the new entries, the largest by market capitalisation are LIC, Avenue Supermarts (DMart), Adani Green Energy, Zomato and Jio Financial Services.
The Trump trade shock is a chance to push long-overdue reforms, rather than tinker with tariffs to appease the US, suggests M Govinda Rao.
United States President Joe Biden on Monday issued pre-emptive pardons for General Mark Milley, Dr Anthony Fauci and members of Congress who served on the committee investigating the January 6, 2021, attack on the Capitol as a shield against possible retaliatory action against them by his incoming successor, CNN reported.
Sanjay Malhotra takes charge as the 26th RBI governor at a time when headline retail inflation has shot up to 6.2%.
Reform will be a priority with the new Congress. But where to start?
'If it doesn't, it will continue with measures to infuse liquidity, signalling a new cycle,' predicts Tamal Bandyopadhyay.
A BEST electric bus, traveling at a speed of 46 kmph, collided with a crowd in Kurla, Mumbai, killing seven people and injuring 42 others. The driver, Sanjay More, has been arrested for reckless driving. The accident has raised concerns about speed limits and training for drivers of automatic transmission buses.
Appearing before the US house financial services committee along with seven other top US CEOs of companies which received a bailout fund from the federal government, Citigroup CEO Vikram Pandit said, "My compensation for the year 2008 was my salary, which is $ 1 million. I received no bonus. And as I stated earlier, I plan to take a $ 1 a year in salary and no bonus until we return to profitability."
In a boost to the embattled Adani Group, Mauritian Financial Services Minister Mahen Kumar Seeruttun has told the nation's Parliament that Hindenburg Research's allegations of the presence of 'shell' companies in the Island nation are 'false and baseless' and that Mauritius was in compliance with OECD-mandated tax rules. US short seller Hindenburg on January 24 alleged that billionaire Gautam Adani used shell companies based in Mauritius to manipulate stock prices of his Indian-listed companies.
'GIFT City is now on a growth trajectory,' says Tapan Ray, MD and group CEO, GIFT City, 'The time has come for the GIFT City to take the big leap and emerge as the next financial hub of Asia.'
'Whether I am optimistic or pessimistic is not the issue; I am just going by the evidence available.' 'The Indian economy and financial sector are now well-placed and very resilient in dealing with any kind of spillover coming from the external world.'
The bad assets or gross NPAs of commercial banks fell to a 12-year low of 2.8 per cent in March 2024 and may go down further to 2.5 per cent by the end of the current fiscal, said the RBI's Financial Stability Report (FSR) released on Thursday. Scheduled Commercial Banks' (SCBs) gross non-performing assets (GNPA) ratio fell to 2.8 per cent, and the net non-performing assets (NNPA) ratio to 0.6 per cent at the end of March 2024. "The asset quality of SCBs recorded sustained improvement, and their GNPA ratio moderated to a 12-year low in March 2024. Their NNPA ratio too improved to a record low," said the June FSR.
The US House of Representatives averted a government shutdown on Thursday, narrowly passing a $1.1 trillion spending bill despite strenuous Democratic objections to controversial financial provisions.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
The Bharatiya Janata Party on Thursday released its manifesto for the October 5 Haryana assembly polls, promising a monthly assistance of Rs 2,100 for women, two lakh government jobs for the youth and guaranteed government job for Agniveers hailing from the state.
Describing the DAD as the "guardian of defence finance", he emphasised the need to bolster the internal vigilance mechanism so that any suspicious activity can be detected and reviewed immediately.
'It would be reasonable to assume that Modi 3.0 would be more focused on projects and schemes which do not require any legislative change or which have the support of its coalition partners,' asserts A K Bhattacharya.
Why did the company zero in on RBL Bank to understand the business of banking? While the M&M investors heaved a sigh of relief, one gentleman must have been all smiles after this, RBL Bank MD and CEO R Subramaniakumar, notes Tamal Bandyopadhyay.
While Ambani, 66, drew nil salary from the company since the 2020-21 fiscal year, other executive directors including his cousins Nikhil and Hital are paid a salary, perquisites, allowances and commission. His three children - twins Akash and Isha (both 31) and Anant (28 years) - will get only a sitting fee and a commission on the profit earned by the firm.
If the concerns over risking political capital are overcome, the long-term gains for the Indian economy will be immense, asserts A K Bhattacharya.
'Modi knows the people here are opposed to this project, but he is using the might of government to push this port down our throats.'
Shareholders have given approval to the appointment of Ambani scions Akash, Isha and Anant on board of Reliance Industries, the company said in a stock exchange filing.
India has allocated Rs 1.72 trillion, or 27.67 per cent of the total defence budget to cater to modernisation of the country's arsenal. Modern militaries spend up to 50 to 60 per cent of their total defence budget so that they go into combat with superior weaponry and equipment.
Among the Sensex firms, Bajaj Finserv, Tata Motors, Asian Paints, ITC, IndusInd Bank, State Bank of India, Tata Steel, Wipro, Infosys and Maruti were the major gainers. Tech Mahindra, HCL Technologies, Kotak Mahindra Bank, Titan and Larsen & Toubro were the major laggards.
The Reserve Bank has revoked the deposit-taking status of Dewan Housing Finance (DHFL), the first financial services firm to go for bankruptcy proceedings, and has reclassified it as a non-deposit taking housing finance company, before approving the Piramal group's bid to take over it towards the end of the resolution process. The revelation comes in the June 7 NCLT Mumbai order that has approved the Rs 35,250-crore bid for the once second largest mortage lender by Piramal Capital & Housing Finance, forcing over 65 per cent haircut on the creditors and just Re 1 to its NCD holders to whom it owes more than Rs 45,000-crore. On the 14th page of the 86-page NCLT order by HP Chaturvedi and Ravikumar Duraisamy, it says DHFL no longer is a deposit taking NBFC but a non-deposit taking one.
The Appointments Committee of Cabinet has named Ravneet Kaur, a Punjab cadre IAS officer of 1988 batch, as chairperson of the Competition Commission of India (CCI). Kaur will hold the post for five years or until attaining the age of 65. She is the second woman to serve in an 'economic regulator' role after Madhabi Puri Buch, who was appointed chairperson of the Securities and Exchange Board of India last year and the first woman to head the country's chief national competition regulator.
At the World Bank Banga will be replacing David Malpass, a former Trump treasury official, reports axios.com. Malpass had already announced that he will resign by July, months ahead of his term expired. "Ajay is uniquely equipped to lead the World Bank at this critical moment in history," President Biden said in a statement. Banga, 63, currently serves as vice chairman at General Atlantic.
As the triangular political contest in Telangana intensifies, many believe that for the regional major BRS, it is a battle for survival after being routed in the assembly polls held late last year. What is haunting the party this time is the scams, the 10-year anti-incumbency factor, and family dominance in the party.
The year 2014-15 could well go as one of long-pending financial sector reforms, expected to have a lasting impact.
These sweeping financial sanctions follow the action earlier this week to cut off Russia's frozen funds in the United States to make debt payments.
Of the total, the financial creditors - banks, bond holders and other financial institutions - have claimed Rs 86,892 crore.
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