The government has shortlisted Cyril Amarchand Mangaldas for giving legal advice on upcoming mega IPO of India's largest insurance company LIC, an official said. Four law firms - Crawford Bayley, Cyril Amarchand Mangaldas, Link Legal and Shardul Amarchand Mangaldas & Co - had made presentations before the Department of Investment and Public Asset Management (DIPAM) on September 24. Following presentations, Cyril Amarchand Mangaldas has been selected as legal advisor for the initial public offering (IPO) of Life Insurance Corporation (LIC), the official told PTI.
Fear factors weights on markets, Sensex, Nifty struggle to keep pace.
The 30-share Sensex ended down 159 points at 27,425 and the 50-share Nifty closed down 24 points at 8,299.
Indian comic book character Chacha Chaudhary has been declared as the mascot of the government's Namami Gange Programme with an aim of bringing behavioural change among children towards the Ganga and other rivers.
Industry players believe the new DFI model will be initially risk capital, which will then be used to mobilise additional resources from development agencies such as World Bank.
According to a communication by the ministry to the heads of PSBs, it will be a bottom-up consultative process from the branch level onwards which will involve discussions at the branch or regional level, state level and national level.
Besides attending the SCO defence ministers' meeting, Singh will hold talks with his Russian counterpart Sergey Shoigu and several other top military officials with an aim to expedite the implementation of several defence procurement programmes, they said.
The government is mulling allowing foreign direct investment (FDI) in the country's largest insurer LIC, a move which would help overseas investors take part in the company's proposed mega IPO, sources said. The proposal is under discussion between the Department of Financial Services and Department of Investment and Public Asset Management (DIPAM). "Discussions have been going on for the proposal for the last few weeks. "It would also go for inter-ministerial discussions and would also require Cabinet nod," a source said.
'India has about 22,000 tonnes of private gold, held by individuals and temples.' 'Much of this is locked up in safes and vaults as a dead investment. If we can put the vast reserves of gold to use, it would boost the economy,' says V P Nandakumar, executive chairman, Manappuram Finance, India's first listed gold loan company.
The launch of e-RUPI, a person- and purpose-specific digital payment solution, by the government is expected to completely negate any pilferage and will ensure full benefit to intended beneficiaries, India Inc said on Monday. Prime Minister Narendra Modi has launched e-RUPI, which is aimed at improving transparency and targeted delivery of benefits. PHD Chamber of Commerce and Industry president Sanjay Aggarwal said that the move is a significant step to enhance the digitisation process of the country.
A group of retired army officers have come together to provide a home for girls who never had a home before.
The national carrier has started approaching Indian banks and public sector undertakings for disposal of these properties including floorspace in prime locations.
Internet users should be watchful for such attacks including phishing attempts and conduct cyber security audits of their IT systems, officials of Maharashtra Cyber, the state police's cyber wing, said.
The MEA said there has not been any change in India's position on the LAC and the mutual redeployment as a result of the disengagement process should not be misrepresented.
Building 6 conventional submarines is one of the Indian Navy's most important weapon construction programmes.
With the Russia-Ukraine war roiling financial markets globally, the government may defer the mega IPO of LIC and wait for an opportune time to get the maximum value of its holding in the state-owned insurance behemoth, sources said. "It's a full blown war now so we will have to assess the situation for going ahead with the LIC IPO," a government source said. Finance Minister Nirmala Sitharaman, too, had indicated review of the IPO in view of the evolving geopolitical situation.
'No matter how many government schemes there are for the poor, the system works more for the privileged, less for the little guy,' notes T N Ninan.
The inaugural Sangamam turned out to be a political Hindutva function than a gathering on the Hindu religion, observes N Sathiya Moorthy.
Ulhas Joshi, Head -- Sales, Rank MF, a mutual fund investment platform, answers your queries.
After staging a strong recovery from COVID-induced slowdown in 2021, India's exports are likely to extend the growth story to the New Year also on increased demand in the global markets, boost in domestic manufacturing due to production-linked incentive schemes and implementation of some interim trade pacts. Expectations of positive growth in the country's exports are also backed up by the outlook of the World Trade Organisation (WTO) which predicts a 4.7 per cent expansion in the global merchandise trade volume in 2022. Exporters believe that the outbound shipments would cross $400 billion mark in this fiscal going by the current momentum and may reach $475 billion in 2022-23.
The sources said the situation in eastern Ladakh remained 'tense' and that around 30-40 soldiers of China's People's Liberation Army (PLA) are holding up at a position close to an Indian post in the Rezang-La ridgeline in eastern Ladakh.
A look at how the teams stack up ahead of the mega auction.
The government is looking to sell shares of Reliance Industries (RIL) held through Specified Undertaking of the Unit Trust of India (SUUTI) and is soon going to appoint an intermediary to manage it. The plan is to sell about 8 lakh shares of RIL that will help the government garner around Rs 180 crore. The Department of Investment and Public Asset Management (DIPAM) will appoint an intermediary that will act as a custodian of these shares. The intermediary, based on its market analysis, will offload these shares at the best price, said an official. A final approval on the proposal is expected soon.
The Indian side forcefully pressed for early resolution of the standoff and particularly insisted on expeditious disengagement in Hot Springs and Gogra, a source said.
The report also revealed the parlous finances of the Vijay Mallya-owned team at the time they were taken into administration last July.
E-commerce companies managed to beat the odds by adopting a flexible approach in terms of transforming their business models and leveraging emerging technologies. They had to constantly align their objectives with evolving customer needs. With companies hiring thousands of temporary workers, expanding to smaller cities, and launching new products, e-commerce giants gird up to celebrate the peak festival season without Covid restrictions after a three-year time-out.
The Indian side also told the Chinese delegation that the talks on disengagement should include Depsang as well as all face-off sites, insisting that it should be a simultaneous process and not a selective one.
"Since 2014, I have never given him any appointment to meet me and the question of his having met me does not arise," Finance Minister Jaitley said in a Facebook post.
In the early part of 1800, a 30-acre plot next to Fort Gloster on the banks of river Hooghly in Howrah district of Bengal was the nerve centre of industrial activity; it housed India's first steam-powered cotton mill, Bowreah Mills, which was set up by a British merchant and went on to become a hub of factories - a rum distillery, foundry, cotton yarn factory, an oil mill and a paper mill, et al. Spearheaded by Dwarkanath Tagore, the industrialist grandfather of Rabindranath Tagore, the commercial complex was possibly the first of its kind in the country. Close to 200 years later, after much ebb and flow of history, the hub is set for a resurgence of sorts.
The new rules are aimed at providing a strong impetus to the industry and positioning India as one of the most competitive IT jurisdictions in the world.
He said there were no signs of an "overt collusion" between China and Pakistan during the Ladakh standoff but India also caters to a long term strategy for not a two, but a two-and-half front war. With the half front, he was referring to the internal security.
Indian economist Kalpana Kochhar, who heads the Human Resources Department of the International Monetary Fund, is leaving the organisation to join the Bill and Melinda Gates Foundation, the IMF announced on Wednesday. Kochhar, who served in various senior positions during her three decades at the IMF, will retire on July 30, it said.
Iraq is willing to double the credit period on crude sales to 60 days if Indian refiners buy more in 2014, the head of refineries at Hindustan Petroleum said. Iran has also sweetened the deal to expand its dwindling market share by offering free shipment and a nominal discount to Indian refiners, sources said last week.
The decisions were mentioned in a joint statement issued by the two armies late Tuesday, a day after the sixth round of Sino-India Corps commander-level talks that lasted for 14-hours.
ADB was urged to take up the Railways sector.
'The huge amount of investments being made by telcos in India for telecom gear, there is no way this demand could be met only by Europeans.' 'The Chinese are quick in installation and offer great value for money.'
Standard Chartered Bank is setting up an international banking unit primarily to look after Indian company requirements. The bank is looking for a $2-billion loan book in the first five years of business.
'If you behave like a nail, the adversary will behave like a hammer.'
Since 2014, many of Mohan Bhagwat's speeches have acted as cues for government policy.
'To set up a successful business, one must have a solution to an existing problem or a better way of addressing the current solution.'
