Storage solutions provider EMC has announced that it will invest $1.5 billion (approximately Rs 7,500 crore) in India over the next five years. This is a three-fold increase when compared with the investment made by the company over the last five years, thus taking the cumulative investment in India to $2 billion, Executive Vice-President and Chief Financial Officer David Goulden said in Bangalore.
Jarange, who was earlier on a hunger strike in the village over his demand for reservation for the Maratha community under the OBC category, had ended his fast on September 14 on the 17th day after Chief Minister Eknath Shinde met him and assured to fulfil his demand.
In the coming days, more properties of the Sisamau MLA will be seized, they said.
A portion of the proposed funding -- to the tune of Rs 3,450 crore -- will be borne by the central government. Another part of the cost will be met by drawing resources from ongoing central programmes in these two states. Nodal agencies like the National Rainfed Area Authority, the Planning Commission and state chief secretaries will monitor the project's progress.
The Reserve Bank of India's latest order prohibiting Bajaj Finance from sanctioning and disbursing loans under its 'eCOM' and 'Insta EMI Card' products may not have serious implications on the non-banking finance company's profitability, provided the ban is lifted within six to eight weeks, analysts said. "In a surprise move, the RBI has asked Bajaj Finance to stop sanction and disbursal under two of its digital lending products. "While the move is negative, the speed of correction will be key to reinstate products," global brokerage Jefferies said in a report.
The Enforcement Directorate on Friday slapped Rs 7,000 crore (Rs 70 billion) penalty on telecom firm Etisalat DB on various charges of FEMA violations in the 2G spectrum allocation scam.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
Heavy rains have battered Himachal Pradesh since Sunday, triggering landslides in Shimla's Summer Hill, Krishna Nagar and Fagli.
Around 25 buses carrying Trinamool Congress volunteers set out from Kolkata on Saturday for the planned protest programme in Delhi on October 3 against the alleged withholding of funds by the Centre, party leaders said.
ICICI Bank is likely to disburse Rs 7,000 crore (Rs 70 billion) as agricultural lending in 2004-05 as against Rs 4,000 crore (Rs 40 billion) in the last fiscal.
Agriculture credit is likely to exceed the target of Rs 7,00,000 crore while farm exports are expected to increase to over $45 billion in the current fiscal, Finance Minister P Chidambaram said today.
Manappuram declared consolidated assets under management (AUM) growth of 27 per cent year-on-year (Y-o-Y) (5.1 per cent quarter-on-quarter or Q-o-Q) to Rs 38,950 crore. Net interest income (NII) saw a margin expansion of 24 basis points (bps) Q-o-Q to 15.44 per cent.
Funds raised were to support financing activities and meet working capital needs.
Investor wealth too fell by nearly Rs 7 lakh crore during 2015-16 or over Rs 2,700 crore per trading session.
The Union government's recent approval to the insurance Bill, which proposes, among other things, to raise the cap on foreign direct investment to 49 per cent from 26 per cent for private sector insurance companies, is expected to bring around Rs 7,000 crore (Rs 70 billion) into the industry, according to industry representatives. However, the Bill is yet to be introduced in Parliament.
Petrol pumps in many cities witnessed long queues on Tuesday as people came to fill up their vehicle tanks fearing shortage of fuel amid the protest by truck drivers against a provision in the new penal law on hit-and-run accident cases involving motorists.
The Ducati Monster 796 is now available in India. It is priced at Rs 7.99 lakh (ex-showroom, Gurgaon) and Rs 8.25 lakh (ex-showroom, Mumbai) and is available at all Ducati showrooms across India.
Indian travellers have spent on an average Rs. 7,500 on excess baggage fees per person.
The country's largest bank SBI on Thursday reported an 83 per cent jump in net profit at Rs 16,694.51 crore for the fourth quarter of 2022-23 fiscal on higher interest income and low provisioning. In the January-March quarter of 2021-22 financial year, State Bank of India's net profit on standalone basis was Rs 9,113.53 crore. During the March quarter of 2022-23 fiscal, the bank's interest income rose 31 per cent to Rs 92,951 crore, SBI said in a regulatory filing.
rediffGURU Mihir Tanna answers your income tax queries.
The top court said that a sum of Rs 50 crore lying with the RBI for the victims shall be utilised by the Union of India to satisfy pending claims of victims.
The government has cut the windfall profit tax on crude oil produced in the country while the levy on exports of diesel and ATF has been hiked, an official notification said. The tax, levied in the form of special additional excise duty or SAED, on domestically produced crude oil was reduced to Rs 6,700 per tonne from Rs 7,100 a tonne. SAED on the export of diesel was increased to Rs 6 per litre from Rs 5.50 a litre and on jet fuel or ATF to Rs 4 per litre from Rs 2, the notification said.
Investors are increasingly turning optimistic about shares of new-age companies. From broad-based 'sell' calls, analysts are giving thumbs up to Zomato, Paytm, and FSN e-Commerce Ventures-owned Nykaa as these companies have shifted focus to sustainable profits. The shares of Zomato hit a fresh 52-week high of Rs 126 apiece on the BSE on November 7, having rallied 15.4 per cent in one week.
The country's largest car-maker Maruti Suzuki India on Tuesday launched a diesel variant of its SX4 sedan at an introductory price of Rs 7.74-8.62 lakh (ex-showroom, Delhi).
Data compiled by NPAsource.com, a portal that focuses on resolution of stressed assets, shows that there are around 2,200 units in the commercial category and nearly 11,000 units in the residential segment funded by banks and other financial institutions and valued at over Rs 7,700 crore, which have turned NPAs and are on the block.
The issue has a AAA rating from India Ratings, the domestic services of Fitch, reflecting the unconditional guarantee extended by the government.
The information and technology (IT) sector, which has been going through a rough patch lately, was among the top draws for equity mutual funds (MFs) in July. MF schemes together invested a net of Rs 1,800 crores in IT stocks last month after pulling out around Rs 700 crore from the sector in June, according to a report by ICICI Securities.
We do not expect any major price action at SBI counter as the swap ratio being largely neutral
The CBI has lodged an FIR against three persons and unidentified officials of the Central Board of Film Certification (CBFC) over the allegations of actor Vishal that he had to pay Rs 6.5 lakh to get a certificate for his film Mark Antony, officials said on Thursday.
He also launched a strident attack on Prime Minister Narendra Modi, saying he was 'globe-trotting', afraid of facing questions over the Manipur violence.
With Tiger 3, Salman Khan has scored yet another movie in the Rs 100 Crore Club (Rs 1 billion).
The list of drought-hit taluks will be notified, following Chief Minister Siddaramaiah's approval.
The Orissa government has approved four projects in the steel and power sector involving investment worth Rs 7,225 crore.
State Bank of India's earnings growth may turn lacklustre in the near-term, warn analysts. This, they said, could be due to margin compression and likely lower fee income over the next one year. "While the cost of deposits is repricing sharply across the system, there will be relatively lower yield expansion going ahead as most of the back-book has been repriced and there is a high competitive pressure on yields.
'Later, I asked Hrithik how he could have remained so calm in the circumstances. He told me simply, "What could have happened? At the most, they would have killed me".'
Mutual funds recorded Rs 7,600 crore net inflows into active equity schemes in July even as redemptions surged to a 30-month high of Rs 30,400 crore owing to profit booking, reveals data from the Association of Mutual Funds in India (Amfi). Equity net inflows were 13 per cent lower compared to the preceding month's tally. The inflows were supported by a strong flow from retail investors through the systematic investment plan (SIP) route.
Capital expenditure (capex) by 54 large central public sector enterprises (CPSEs) and five departmental arms with an annual capex target of Rs 100 crore and above has reached around 42.5 per cent of their annual target of about Rs 7.33 trillion in this financial year so far, a senior official from the Ministry of Finance told Business Standard. "The Centre is pushing the big public undertakings in the infrastructure and refinery sector to achieve 90 per cent of their target by the end of the third quarter," he said. The capex by this group of CPSEs stands at around Rs 3.1 trillion in the April-August period so far.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
Foreign flows into Indian equities are expected to pause in the short to medium term, say analysts. The outlook is influenced by multiple factors, including rising oil prices, actions from global central banks, climbing bond yields, and the dollar index gaining prominence. "Valuations appear rich with the markets at record highs.
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