fotonews: August 2014

The head of the International Monetary Fund faced a fourth round of questioning Tuesday over a multi-million-euro corruption case relating to her time as French finance minister in 2008.

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Citi, HSBC, UBS among 5 bankers to manage ONGC share sale

The government had last sold 5 percent stake in ONGC in 2012 for Rs 14,000 crore.

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TVS Motor Co eyes 18% market share in two-wheeler segment by 2018

The Indian two-wheeler industry stood at over 50 lakh units in the April-July period of this fiscal.

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NOFN will lead to e-commerce explosion in India: IT Minister

The ambitious project worth around Rs 35,000 crore aims to provide high-speed broadband connectivity to 2.50 lakh gram panchayats in India by March 2017.

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Swiss private bank releases first-ever results

Bank Pictet broke with a 209-year-old tradition of keeping its accounts under wraps.

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FM hopeful of Parliament nod on Insurance Bill by year-end

Finance Minister Arun Jaitley on Tuesday expressed hope that long-pending Insurance Bill seeking to hike FDI cap to 49 percent will be passed by Parliament by the end of this year.

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Payment default case: Kingfisher moves HC against PNB notice

KFA moved the Delhi High Court against PNB's notice alleging the carrier has wilfully defaulted in payment of outstanding dues of over Rs 770 crore.

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Tech Mahindra in talks to acquire more firms: Anand Mahindra

Tech Mahindra has acquired seven firms, including Satyam Computer Services, Hutchison Global Services and Comviva Technologies.

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Gold snaps 9-day losing steak; gains Rs 230 to Rs 28,260 per 10 grams

Snapping its nine-day losing streak, gold prices recovered by Rs 230 to Rs 28,260 per 10 grams in the national capital Tuesday on a firming trend overseas and emergence of buying by jewellers and retailers at existing levels.

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CCI fines car makers $420 million for anti-competitive practices

Local carmaker Tata Motors Ltd was handed the highest penalty of 13.46 billion rupees.

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PowerMin moves Cabinet note to ensure coal supply for plants

The Power Ministry has moved a draft Cabinet note to ensure coal linkages for power projects which are already commissioned or are likely to be commissioned by March.

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Xiaomi Redmi 1S launched at Rs 5,999; to be available from next week

The Redmi 1S has been affordably priced at Rs 5,999 and will go on sale starting September 2.

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MFs rope in KPMG to comply with new US tax law

Indian mutual funds have roped in global consultant KPMG to help them prepare for the Foreign Account Tax Compliance Act (FATCA) - a new law enacted by the US to help combat tax evasion by Americans through overseas entities including in India.

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Auto stocks down after CCI penalty on 14 car makers

Auto stocks on Tuesday fell by as much as 3 percent following the Competition Commission imposing a penalty of Rs 2,545 crore on 14 car makers for violating trade norms in the spare parts and after services market.

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European stock markets mixed at open

Europe`s main stock markets diverged at the start of trading on Tuesday, as London reopened following a long holiday weekend and before France announces a new government.

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E-comm logistic firm Holisol gets 1st venture capital funding

Holisol Logistics, a leading back-end logistic provider to e-commerce players, including Jabong, has got its first venture capital funding as it expands operations.

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MFs rope in KPMG to comply with new US tax law

FATCA, which took effect from July 1, may have significant implications for Indians residing in the US and investing in products offered by the Rs 10 trillion Indian mutual fund industry.

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Mumbai's King's Circle Ganapati idol insured for over Rs 51 crore per day

The GSB Seva Mandal Ganapati idol has fetched a whopping insurance worth Rs 259 crore outmatching Mumbai's popular Ganesh idol known as Lalbaugcha Raja.

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Reliance Power commissions 5th unit of its Sasan UMPP

With this, the total operational capacity of the Sasan plant in Madhya Pradesh has reached 3,300 MW, Reliance Power said in a release.

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Supreme Court's coal block ruling may have wider economic impact

A mass cancellation of coal blocks awarded since 1993 could cost the country up to $3 billion in additional imports.

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Monday, 25 August 2014

Sensex recovers from initial losses, edges up 7 points

The S&P BSE benchmark Sensex recovered from initial losses and was quoted higher by 7 points in the late morning trade on fresh buying mainly in FMCG and healthcare sectors.

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Asian shares firm, euro wilts as ECB seen on cusp of QE

Markets were still coming to terms with comments from ECB chief Mario Draghi late last week that the central bank was prepared to respond with all its "available" tools should inflation drop further.

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Buffett to help finance Burger King's acquisition of Tim Hortons: Report

Berkshire Hathaway Inc chairman and CEO, Warren Buffett, is helping finance Burger King Worldwide Inc's take over of Canadian chain Tim Hortons Inc

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Indian economy likely grew faster in June quarter

Asia`s third largest economy likely grew 5.3 percent in the first quarter of this fiscal year (April-March), up from 4.6 percent in January-March.

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Rupee up 4 paise to 60.52 against dollar in early trade

The local currency had lost 9 paise to close at 60.56 per dollar yesterday.

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Sensex off record highs, down 105 points in early trade

The 30-share barometer fell by 105.19, or 0.39 percent, to 26,331.83.

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Ambani, Adani, Kochar part of PM's biz delegation to Japan

In 2012-13, Japan-India bilateral trade reached USD 18.61 billion, marginally higher than USD 18.43 billion in the previous year.

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EPFO trustees may defer decision on interest rate today

Retirement fund body EPFO's trustees are likely to defer Tuesday the decision on interest rate on PF deposits for 2014-15.

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AirAsia India offers promotional fares starting at Rs 600

You can avail this offer for travel between October 26, 2014 and October 24, 2015 for which the bookings should be made till August 31, 2014.

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Australia's Qantas, Virgin allow smartphones throughout flights

The airlines said said passengers can use smartphones and tablets throughout flights from Tuesday after a regulator relaxed a ban on electronic devices on planes.

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Asian shares firm, euro languishes on ECB easing hopes

Asian shares inched higher on Tuesday as investors increasingly expect the European Central Bank to expand liquidity as soon as next week to boost the sagging euro zone economy - just as the U.S. Federal Reserve plans to end its bond-buying drive.

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Gold little changed near 2-month low on firm dollar, equities

Gold was barely changed on Tuesday and held near its weakest level in two months as a firmer U.S. dollar and rallies in equities undermined the metal`s appeal as an alternative investment.

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Amazon snaps up live video startup Twitch for $970 million cash

The deal is expected to close in the second half of the year, Amazon said in a statement.

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Karbonn Mobiles expects to go public by 2016

Karbonn Mobiles expects to go public by 2016

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Hinduja plans to invest $10 billion in India

Britain-based Indian industrialist G.P. Hinduja Monday revelled plans to invest up to USD10 billion in India to finance and complete the construction of major infrastructure projects.

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Indian agrochemical industry to reach USD7.5 bn by FY19: Report

Indian agrochemical industry is estimated at USD 4.25 billion in FY14 and is expected to grow at 12-13 percent per annum to reach USD 7.5 billion by FY'19, says a report.

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PM emails bank officers: Account for each household national priority

In an email to all bank officers referring to his financial inclusion scheme Pradhan Mantri Jan Dhan Yojana, Prime Minister Narendra Modi has described the task of achieving a bank account for each household as a national priority, the Prime Minister`s Office (PMO) said on Monday.

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Bajaj Auto hopes for better days from September

Bajaj Auto is bullish on its two new 150cc bikes and is aiming to regain lost ground in the second half of the FY15.

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'28,000 MW power capacity may be affected due to SC judgement'

As much as 28,000 MW of power generation capacity may be affected if the Supreme Court were to cancel coal mines that it has declared illegally allocated between 1993-2010, according to Debasish Mishra, Senior Director (Consulting), Deloitte.

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IOC to remove four independent directors?

State-owned Indian Oil Corp (IOC) will hold its annual shareholders meeting on Wednesday in Mumbai amid speculation that it may seek to remove four independent directors appointed by the previous UPA government.

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IRDA cautions public against spurious calls

Insurance regulator IRDA on Monday cautioned the public against falling prey to spurious calls being made in the name of regulator to sell policies.

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Property developer PACL says will appeal order to refund $8.1 billion

Property developer PACL said it would appeal a regulator`s order to return at least USD8.1 billion to investors in a land-for-funds scheme, as depositors went to the company`s New Delhi office to demand their money back.

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FDI in defence is wise decision, should be welcomed: Venkaiah

In order to reduce the dependence on import of defence equipment, the government decided to allow foreign direct investment in defence sector, Urban Development Minister M Venkaiah Naidu on Monday said here.

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Suzlon to rebalance capital structure by March

Wind turbine maker Suzlon Energy plans to partially replace high cost rupee debt worth about Rs 9,000 crore with less expensive foreign funds in the current fiscal to rebalance its capital structure.

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Govt asks FCI to automate depot operations to check grain loss

In order to minimise storage losses of foodgrains, the government has asked state-run Food Corporation of India (FCI) to automate the operations at 2,000-odd depots in the country.

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RBI to redefine deposits as ponzi scams mount

In the wake of unearthing of multiple unauthorised deposit raising schemes and scams such as Saradha and PACL, RBI Deputy Governor R Gandhi on Monday said the Reserve Bank is working with the government on redefining as to what constitutes a deposit.

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Rodent menace rattles New Delhi-London Air India flight

In yet another incident of rodent menace onboard flights, a rat briefly distracted the attention of a pilot of an Air India flight enrouted to London from New Delhi. The unprecedented incident reportedly took place when the pilot of the flight spotted a rat under the rudder pedal in the cockpit.

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Mumbai-Lonavala seaplane service takes off

City-based private operator Maritime Energy Heli Air Services Pvt Ltd (Mehair), in association with MTDC, Monday launched maiden seaplane service to Lonavala from here, marking its first operation from the mainland.

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PM Jan Dhan Yojana to be launched on Aug 28 by Modi

The 'Pradhan Mantri Jan Dhan Yojana', an ambitious financial inclusion scheme under which the government intends to provide every household with a bank account and insurance cover, will be launched on August 28 by Prime Minister Narendra Modi.

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All coal block allocations since 1993 done in illegal manner: SC

The Supreme Court on Monday held that all coal block allocations made since 1993 till 2010 before pre-auction era during previous NDA and UPA regimes have been done in an illegal manner by an "ad-hoc and casual" approach "without application of mind".

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Land Rover to develop intelligent self-learning car

Researchers at Tata group's flagship Jaguar Land Rover (JLR) are pioneering a cutting-edge technology to develop an intelligent self-learning vehicle that will offer a personalised driving experience and help prevent accidents by reducing driver distraction.

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All coal block allocations since 1993 illegal: Supreme Court

The Supreme Court on Monday said the allocation of coal blocks carried out by the screening committee post 1993 were not fair nor transparent and termed it illegal.

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Bhushan Steel independent director V K Mehrotra resigns

Independent non-executive director on the Board of Bhushan Steel V K Mehrotra has resigned from the company citing "falling health".

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Coal scam: Ready to act once final decision is taken, says Piyush Goyal

The apex court of the country on Monday passed its judgement in the coal block allocation scam and termed it as illegal as the process followed by the screening committee between 1990-2010 were not fair nor transparent and suffered from vice of arbitrariness.

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SSTL Q2 net loss narrows to Rs 402.5 crore

Sistema Shyam Teleservices (SSTL) Monday reported a narrowed down net loss of Rs 402.5 crore for the second quarter ended June 30 on account of cost optimisation and operational efficiencies.

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India's GY15 GDP to grow at 6%, not 5%: Nomura

Global financial services major Nomura Monday revised upwards India's GDP growth forecast for this fiscal to 6 percent from 5 percent earlier amid a pick-up in private consumption, investment and export demand.

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Pharma sector to continue growth in double digits: Moody's

The Indian pharmaceutical market will continue to grow in the double digits, representing a better growth opportunity than many other geographic markets, Moody's Investors Service says.

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New grades of Honda Mobilio launched, tagged up to Rs11.55 lakh

Honda Cars India Ltd (HCIL) Monday introduced two new grades of its newly launched multi-purpose vehicle Mobilio priced between Rs 9.46 lakh and Rs 11.55 lakh (ex-showroom Delhi).

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Coal scam: Timeline of allocations and probe

The Supreme Court on Monday said all coal blocks allocated from 1993 to 2010 were illegal as the process of allocation by the screening committee was illegal, unfair and suffered from vice of arbitrariness.

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FinMin mulls splitting CMD post for PSU banks

Finance Ministry Monday said it is considering bifurcation of the post of Chairman and Managing Director in public sector banks to strengthen corporate governance in the light of recent cases of corruption.

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EPFO trustees may defer decision on interest rate Tuesday

Retirement fund body EPFO's trustees are likely to defer Tuesday the decision on interest rate on PF deposits for 2014-15, as the proposed 8.7 percent may not be acceptable to union representatives.

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UK Dy PM meets Jaitley, discusses retro tax issue

UK Deputy Prime Minister Nick Clegg Monday met Finance Minister Arun Jaitley and discussed various matters of mutual interest, including the retrospective tax amendment issue.

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Mahindra bullish on e-commerce, plans retail expansion

Bullish on e-commerce potential in India, Mahindra group is set to expand in the segment with its specialty retail venture Mom & Me and also gearing up to adopt franchise model for the next stage of expansion.

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SpiceJet offers fares as low as Rs 1,888

Rolling out yet another limited- period special fares offer, no-frill carrier SpiceJet Monday announced discounts on one-way all-inclusive fares starting as low as Rs 1,888.

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Seaplane service to begin between Mumbai-Lonavala

The first commercial flight of the much-awaited seaplane services will take off for Pawana dam in Lonavala from Mumbai.

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Coal scam: CBI to close case against Birla and Parakh this week

CBI Monday said it will close this week the case against industrialist Kumar Mangalam Birla and former Coal Secretary P C Parakh in connection with alleged irregularities in the allocation of Talabira-II coal block.

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All coal block allocations post 1993 illegal: Supreme Court

SpiceJet offers 'festive season' fares for as low as Rs 1,888

Taking advantage of the upcoming festive season and planning to bank of it, budget-carrier SpiceJet is offering fares for as low as Rs 1,888.

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CBI to drop coal scam case against Kumar Mangalam Birla

The Central Bureau of Investigation (CBI) said on Monday it would close a coal scam case against billionaire Kumar Mangalam Birla and a former top bureaucrat that surfaced in 2012 after a government auditor`s report.

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SEBI for stronger action in high-profile insider trading cases

To send across a strong message to manipulators, capital market regulator SEBI is mulling over ways for more stringent enforcement actions in cases of high- profile and glaring violations of insider trading norms.

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Sunday, 24 August 2014

SpiceJet offers 'festive season' fare for as low as Rs 1,888

Rupee recovers after initial losses against dollar

The rupee recovered after initial losses against the American currency and was quoted at 60.46 per dollar in morning trade on fresh selling of dollars by banks and exporters in view of a strong equity market.

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Gautam Adani to invest $2 billion in Odisha power plant

Billionaire Gautam Adani plans to invest USD 2 billion to build a 2,500 megawatt power plant in Odisha, which would raise group capacity by a quarter and boost supply in a country where a third of the population still goes without power.

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China plans own desktop operating system

China may launch its homegrown operating system (OS) by October after concerns about the US surveillance and a monopoly probe of Microsoft, Xinhua reported.

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ASEAN economic ministers meet in Myanmar

Economic ministers of the ASEAN gathered Monday in this Myanmar capital to discuss issues related to their economic community.

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Sensex hits new record high of 26,582.27; Nifty at 7,957.70

Sensex and the NSE Nifty soared to hit new all-time high of 26,582.27 and 7,957.70 points in early trade Monday with stocks of healthcare, banking and oil & gas leading the rally on sustained fund inflows amidst a mixed Asian trend.

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Rupee down 5 paise against dollar in early trade

The rupee fell marginally by five paise to 60.52 against the US dollar in early trade Monday at the Interbank Foreign Exchange market due to increased demand for the US currency from importers.

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Sensex, Nifty rise to a new record high in trade

Markets continued the confidence from the previous and hit new record high in opening trade on Monday with the benchmark BSE Sensex gaining 131 points to an all time high of 26,540.51 points while the Nifty hit a new peak of 7,938.

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Coal scam: SC likely to pronounce verdict today

The coal blocks were alloted in Jharkhand, Chattisgarh, Maharashtra, West Bengal, Odisha and Madhya Pradesh to private companies and parties bewteen 2004 to March 2011.

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Digital India: Govt to ensure a smartphone for every Indian by 2019

The government is planning to ensure that every Indian has a smartphone by the year 2019 which will be the main mechanism for delivery of government services.

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Sony PlayStation Network taken down by attack

The company said in a posting on its PlayStation blog that no personal information of the network was accessed in the attack, which overwhelmed the system with heavy traffic.

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Gas price: Formula review panel to meet Monday

With September 30 as the deadline to announce the new gas price, a four-member committee of secretaries (CoS) will meet with stakeholders on Monday to review that gas-pricing formula.

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Coal scam: SC likely to pronounce verdict Monday

Roche to buy U.S. biotech firm InterMune for $8.3 billion

Roche Holding AG has agreed to buy U.S. biotech company InterMune Inc for USD8.3 billion in cash, marking the latest multibillion-dollar deal in a consolidating pharmaceutical sector.

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Jaitley questions Mamata's Singapore trip

Defence Minister Arun Jaitley on Sunday questioned the inconsistency between West Bengal Chief Minister Mamata Banerjee's opposition to FDI in defence and her trip to Singapore to seek foreign investment.

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Jaitley sees immense opportunity for corporates

There would be huge opportunities for the corporate sector to invest once the country reached the take-off stage of economic advancement, Union Finance Minister Arun Jaitley said on Sunday.

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Sharp fall in India's foreign equity inflows

Foreign direct investment inflows into India have fallen sharply from USD23.47 billion in 2011-12 to USD18.29 billion in 2012-13 and further to USD16.05 billion in 2013-14, latest Reserve Bank of India data shows.

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Bombardier's Savli facility to be export hub

Created at an investment of Rs.230 crore Bombardier Transportation will develop its Savli facility near Vadodra in Gujarat as an export hub to service orders of USD2.7 billion for commuter cars and bogies from various parts of the world, including Australia and Brazil, the company has said.

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Hero acquires 60% stake in German bicycle company MIFA

Hero Cycles, the world's largest cycle manufacturer, has acquired 60 percent stake in German bicycle company MIFA for 15 million Euros.

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Aeroflot defies sanctions to create new low-cost airline

Russian flag carrier Aeroflot will create a new low-cost unit after Western sanctions grounded its first effort to enter the market, the airline`s chief executive said on Sunday.

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India needs high quality governance: Jaitley

Observing that India needs to learn from international best practices in governance, Finance Minister Arun Jaitley on Sunday called the corporate sector to utilise opportunities that beckon India`s economy.

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Tata Group warns UK over harsh business tax regime

The Tata Group, one of Britain's largest employers in the manufacturing sector, has warned the government over its commercial tax rates system, saying it is making Britain less attractive for the industry.

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New gas price review panel to meet Monday

A four-member committee of secretaries (CoS) set up by the government to review the gas-pricing formula will on Monday hold its first meeting with stakeholders, a petroleum ministry source said.

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Pakistan resumes crude oil export after a decade

After a gap of 10 years, Pakistan has resumed export of crude oil with the output touching an all-time high, a report said on Sunday.

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Govt begins work on four new ultra mega power projects

Government has started the process for setting up four new ultra mega power projects in Bihar, Jharkhand and Odisha, which will together add 16,000 MW capacity to the country's power generation.

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China urges more private investment in troubled railways

Chinese Premier Li Keqiang urged the heavily scrutinised railway sector to seek more private investment and rely less on state support as a key plank of its reform, the government website said on Sunday.

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Lukewarm interest for coal imports from CIL

Several coal consumers who previously expressed interest in receiving imported coal from Coal India have gradually pulled out, sources said.

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Steel players may benefit from low coking coal prices: Icra

The domestic steel players producing steel through the blast furnace route stand to benefit from the continuing weakness in the international coking coal prices, but iron ore continues to play spoilsport for the Indian steel industry, rating agency ICRA has said.

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Listed companies gear up for mandatory whistle-blower policy

As listed companies gear up to put in place a whistle-blower policy with effect from October 1, similar systems may be put in place soon for all market intermediaries as also for the regulator Sebi.

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Jet Airways executives to meet Icra following downgrade

Jet Airways executives are expected to meet the domestic rating agency Icra tomorrow following a downgrade of its debt rating after the airline failed to meet loan repayment schedule.

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Black money: India get Swiss banks' data of hoarders

Tax investigators pursuing instances of black money stashed abroad by Indians have finally been able to circumvent the Swiss secrecy code by asking over 100 such account holders to submit on their own details of personal balances in these banks, brought under the tax net recently, for lesser penal action for evasion.

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DIAL faces alleged service tax evasion charge

The Delhi International Airport Private Limited (DIAL) has come under the scanner of central revenue department officials for allegedly evading service tax of about Rs 60 crore.

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Europe fears deflation as Ukraine stays centre-stage

The euro zone`s growing fears of deflation will be stirred again on Friday when preliminary consumer price data for August is issued, with signs the European Central Bank could be looking at bolder steps to help the region`s stagnant economy.

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Idea Cellular launches mobile money service

Idea Cellular has launched a mobile wallet service Idea Money which allows customers to conduct transactions like prepaid mobile recharges, DTH recharges, utility bill payments and money transfers.

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Motorola plans more launches as Moto G's bet on e-commerce worked

Tech giant Motorola Sunday said its strategy of using only the e-commerce route, instead of the traditional brick-and-mortar stores, has worked in its favour as validated by competitors who are now adopting similar ways to sell their devices online.

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Time for RBI to cut interest rate: Anand Mahindra

Lauding RBI for doing a "brilliant job" with controlling inflation and stabilising the rupee, leading industrialist Anand Mahindra Sunday hoped the central bank will cut interest rate as the economy has stabilised.

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GAIL's subsidiary BCPL seeks over Rs 12,000 crore subsidy

GAIL-promoted BCPL, which is setting up a petrochemical project 'Assam Gas Cracker Project', has sought subsidy of more than Rs 12,000 crore on account of feedstock and revenue for a period of more than 10 years after it starts operating.

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Small process changes matter, not big bang reforms: Mahindra

Giving a thumbs up to the BJP government, leading industrialist Anand Mahindra says Prime Minister Narendra Modi's focus on setting processes right is more important than big bang reforms.

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Tax fraud drains potential from Romanian economy: Analysts

Tax evasion is eating away at the heart of Romania and holding back the country, among the poorest in the European Union, in its efforts to catch up, analysts warn.

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Govt mulling strategy to boost performance of airlines: Raju

Concerned over "unsatisfactory performance" of Indian airlines in taking on foreign competition, the government is considering a new strategy to motivate them to perform and take away overseas flying rights of those who fail to do so.

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GDP to be at two-year high of 5.6%: Deutsche

Ahead of the official release of the first quarter GDP readings later this week, German brokerage Deutsche Bank Markets Research has pegged the final print at an eight quarters high of 5.6 percent saying a cyclical recovery has begun.

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Google aims to store all human knowledge

Google is building the largest store of information in human history - a knowledge base that autonomously gathers and merges data from across the web to provide unprecedented access to all facts about the world.

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Two Air India unions seek CBI probe into airline's losses

Taking their fight against the airline's management to Prime Minister Narendra Modi's door, two Air India unions have sought a CBI probe into the state-run carrier's losses and bringing those responsible to book.

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CBI closes case against Bhave; recommends departmental action

The CBI has decided to close a case against former SEBI chairman C B Bhave and another ex-member in connection with grant of sanction to MCX-SX to function as a full-fledged private stock exchange but recommended "departmental action" against him.

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IndiGo losing senior pilots; 40 commanders quit in 1 year

Low-cost carrier IndiGo, which lost its market share by a percent in July to 30.7 percent, has also lost as many as 40 commanders or senior pilots mainly to Gulf carriers in the last one year.

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RBI says 36% of total bad loans from six key sectors

The Reserve Bank has said about 36 percent of the overall 4.1 percent bad assets in the system have been created by six sectors of the economy - infrastructure, metals, textiles, chemicals, engineering and mining.

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78% Indian employees feel they should save more for retirement

Even as Indian employees are expecting to retire around 60 years, 78 percent believe that they will need to save more for retirement, according to a recent survey.

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'RBI just taking baby steps on customer rights'

Customers expected the Reserve Bank of India (RBI) to leap forward with a strong regulation for consumer protection than taking baby steps with its draft charter on customer rights, a consumer activist said.

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Not stalling trial in 2G case: CBI

The CBI has dismissed the charge that it was stalling trial in the 2G case as alleged by an NGO and maintained that it has done everything to ensure smooth progress in the hearing.

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SEBI sets Sept 30 deadline for Sahara investors to apply for refund

Those having invested in various bonds issued by two Sahara firms, Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL), have been asked by SEBI to submit their refund applications along with necessary documentary proof by September 30, 2014.

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ITC replaces TCS as India's most admired company

In the latest list for the year 2014, ITC is followed by engineering and infrastructure major Larsen and Toubro (L&T), another FMCG giant Hindustan Unilever, carmaker Maruti Suzuki and public sector bank SBI among the top five most admired companies in India.

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Centre mulls giving freedom to states to fix PDS rate of sugar

Amid demands from various states, the Food Ministry is mulling giving flexibility to state governments to fix the PDS rate of sugar, which has been kept unchanged at Rs 13.50 per kg since 2002.

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Saturday, 23 August 2014

Experts favour PPP projects to arrest rise in cyber crimes

Raising concerns over rising cyber crime cases, industry experts have suggested public-private partnership (PPP) projects to prevent data theft.

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Markets may remain volatile amid derivatives expiry

Besides, trend in investment by overseas investors, global cues, movement of rupee against the dollar and crude oil price will be important triggers for the markets.

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MFs equity folio count rises by over 48,000 in July

Equity mutual funds witnessed an addition of more than 48,000 investor accounts, or folios, in July helped mainly by a sharp rise in stock market.

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Bond trading gains traction; logs over Rs 83K cr turnover in July

Trading in corporate bonds at the nation's top stock exchanges -- BSE and NSE -- picked up by 22.3 percent at about Rs 83,612 crore in July over the preceding month, latest data by market regulator Sebi showed.

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FDI in services sector drops 22% during Apr-June

Foreign direct investment (FDI) in services sector declined about 22 percent year-on-year to USD 738 million during April-June period of the ongoing fiscal.

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FIIs pour in Rs 13,000 cr in Indian bond market in Aug

Foreign investors were gross buyers of debt securities worth Rs 31,639 crore till August 22, and sellers to the tune of Rs 18,649 crore - a net inflow of Rs 12,990 crore (USD 2.14 billion), as per latest data.

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Panel of third party samplers of coal constituted

The Central Electricity Authority has constituted a panel of third party samplers of coal, including Mineral Exploration Corp, amid charges that stones are being despatched by CIL even after the introduction of the mechanism to assess the quality of the dry fuel.

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LIC to invest Rs 50,000 cr in equity market this fiscal: Roy

Country's largest insurer Life Insurance Corporation plans to pump in about Rs 50,000 crore in the equity market, taking its total investment including in bonds to Rs 3 lakh crore during the current fiscal.

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Indian exports to ASEAN to touch $280 bn in 10 yrs: StanChart

Indian exports to the 10-nation ASEAN bloc is expected to reach USD 280 billion in the next 10 years, says a Standard Chartered research report.

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Energy firms warn against cost-plus pricing for gas

The Association of Oil and Gas Operators, which is made up for over two-dozen members including the likes of Reliance Industries, ONGC, Cairn, BP, BG, BHP and Essar, on August 18 wrote to Oil Minister Dharmendra Pradhan listing out pricing challenges and how a market driven pricing will boost output.

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Digital India: Prasad to meet state IT Ministers on Aug 26

Communications and IT Minister Ravi Shankar Prasad will meet IT ministers from the states on August 26 to discuss the road-map for implementing government's over Rs 1 lakh crore 'Digital India' programme.

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Top six Sensex cos add Rs 47,825.79 cr in market valuation

Six of the top-10 most valued Indian companies together added Rs 47,825.79 crore in market valuation, with ONGC and SBI emerging as the biggest gainers.

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EPFO likely to announce PF interest rate for FY'15 on Tuesday

Retirement fund body EPFO is likely to announce the rate of interest on PF deposits for 2014-15 to its over 5 crore subscribers at its trustees meet on August 26.

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Xiaomi Redmi 1S to be launched in India on August 26

Following the mega success of Xiaomi Mi3, the Chinese smartphone company plans to launch another entry-level smartphone, the Redmi 1S in the Indian smartphone market before the end of August.

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Apple replacing batteries of some iPhone 5 for free

If you have been frequently charging your iPhone 5 due to battery problem, this news should come as a piece of cake - Apple is replacing batteries of some selected units of the phone that have battery problem.

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Govt considering extending deadline of digitisation drive

In a bid to allow more time to domestic manufacturers of Set Top Boxes (STB) to meet the demands of digitisation of cable television systems, the government is considering extending the deadline of the drive.

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SEZs to get fresh fillip under Modi government, says Minister

Special Economic Zones have not performed to their full potential in the past ten years and so the NDA government is planning to tweak policies to make them more productive and viable, said Union Minister of State for Commerce and Industry Nirmala Sitharaman on Saturday.

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Govt aware of alternate tax issues: Sitharaman

Union Commerce and Industry Minister Nirmala Sitharaman on Saturday said that the government was aware that inventors in SEZs were facing issues related to minimum alternate tax and dividend distribution tax, and it was planing to usher in some curative policies.

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Saradha scam: CBI now nabs Kolkata businessman

The Central Bureau of Investigation (CBI) on Saturday arrested Kolkata businessman Sandhir Agarwal in connection with the multi-crore rupee Saradha scam, an official said.

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Get ready for 2 tier authentication while using credit cards

The Reserve Bank of India (RBI) said that all transactions involving domestic credit cards must follow rules requiring additional verification, a stance that could impact companies such as Uber Technologies Inc that provide more simple app-based purchases.

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RBI mandates 2 step verification process for credit card payments

RBI warns against evading validation in CNP payments

The Reserve Bank has clamped down on the entities evading the mandatory additional authentication process where payments are made by customers for a service via 'Card Not Present' (CNP) transactions.

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SC to pronounce verdict on Coal block allocation on Monday

The Supreme Court is likely to pronounce on Monday its judgement on a batch of petitions seeking quashing of coal blocks allocation during the previous UPA regime.

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Gas price formula review panel to meet Monday

A four-member committee of secretaries (CoS) set up by the government to review the gas-pricing formula will hold its first meeting with stakeholders on Monday, a petroleum ministry source said.

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RBI to lower ceiling on bank loans to a single corporate group

Currently, banks are allowed to lend up to 40 percent of their core capital to a single corporate group.

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France's economy minister slams German austerity measures

French Economy Minister Arnaud Montebourg on Saturday criticised German austerity measures and warned France would no longer "be pushed around" by the EU`s economic powerhouse.

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Gold price falls Rs 600 this week; ends at 1-month low

Gold prices dropped to hit almost one-month low of Rs 28,100 per 10 grams at the bullion market during the week on selling by stockists amid weak cues from global markets.

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RBI says all companies must apply 2-step payments for credit cards

Rupee rises for 3rd straight week; ends at 60.47 Vs USD

In straight three weeks, rupee has gained 71 paise or 1.16 percent.

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Monkey selfie can't be copyrighted: US regulator

Embroiled in a case of copyright violation, Wikipedia has reportedly refused to take down the picture of a monkey which was clicked using the camera of a British wildlife photographer.

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Gold price falls for 8th session; ends the week at Rs 28,100 per 10 grams

Continuing its losing streak for the eight straight session, gold prices shed Rs 40 to close at almost one-month low of Rs 28,100 per 10 grams in the national capital Saturday.

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Weekly review: Sensex, Nifty hit new highs on slew of positive factors

The NSE 50-share Nifty gained 121.50 points, or 1.56 percent to log its record closing high of 7,913.20. It registered an intra-day new peak of 7,929.05.

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Mahindra First Choice Wheels sees big potential in Punjab market

It is targeting adding 100 outlets this fiscal across the country, riding on the back of huge demand in the used car sector.

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Gold price logs biggest weekly loss since mid-July, ends near 2-month low

Gold is down 1.9 percent for the week, the biggest drop since the week ended July 18.

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DDA housing scheme 2014: 10 facts you need to know

DDA new 'Housing Scheme 2014 would be open to applicants from September 1 and the last date to receive the application is October 9.

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Xiaomi Mi 3: Five interesting things about the smartphone

Let's have a look at five interesting features of the phone which has seen so much frenzy by the tech lovers.

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US stocks end mostly down on Fed speech, Ukraine fears

Wall Street stocks Friday finished mostly lower followed a cautious appraisal of the US jobs market by Fed Chair Janet Yellen and a sharpening of tensions over Ukraine.

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Xiaomi Mi 5200mAh, 10400mAh Power Bank up for pre-order on Flipkart

The powerbanks--10400mAh and 5200mAh are available for Rs 999 and Rs 799 respectively.

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Friday, 22 August 2014

Goldman in deal worth $1.2 bn over US bond claims

New York-based Goldman Sachs sold the securities to the companies between 2005 and 2007.

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Amazon developing own online advertising software: Report

The new system could challenge Google and Microsoft Corp`s advertising business in the future.

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New institution to replace Planning Commission likely to have 8 members

Members of the new Institution will be from renowned economic, government, industry, academics and social background.

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Spice lauches Fire One Mi â€“ FX 1 Firefox powered smartphone at Rs 2,299

This Firefox OS smartphone is the first device powered completely by Web technologies.

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US steel producers win anti-dumping case against cheap imports

The US International Trade Commission on Friday voted to impose anti-dumping duties against steel pipe imports from six countries, exempting two, handing a victory to domestic producers who had complained that the cheap imports were undercutting their prices.

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Oil ministry to seek Cabinet nod on diesel deregulation: sources

Oil Ministry will approach Cabinet regarding the possible deregulation of domestic diesel pricing as local prices could soon reach parity with global levels, two ministry sources have said.

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PACL to move Tribunal against Sebi order

Facing a Sebi order with charges of running an illicit money pooling scheme worth about Rs 50,000 crore, PACL Ltd on Friday said that it will approach the Securities Appellate Tribunal against the directive of the capital markets regulator.

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We invite MPs from all parties for farm show: Monsanto

Global seed giant Monsanto today said that it has invited a delegation comprising media, farmers, industry representatives and Parliamentarians across political parties to attend a farm show in the US.

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Foreign investors submit bids worth Rs 3,640 crore for govt bonds

Showing robust interest among foreign investors, an auction of government bonds on Friday attracted bids worth Rs 3,640 crore, higher than the amount of such securities on offer at Rs 3,208 crore.

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SEBI relaxes norms for FTIL to divest stake in MCX

Commodity bourse MCX on Friday said that the capital markets regulator Securities and Exchange Board of India (Sebi) has relaxed norms to allow FTIL to bring down its stake to 1.99 percent in the commodity bourse.

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Infosys gives 22,794 restricted stock units to CEO Sikka

Country's second largest software firm Infosys has granted close to 22,800 restricted stock units (RSUs) -- worth over Rs 8.2 crore in shares -- to its new CEO and Managing Director Vishal Sikka.

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US not against India's stand on WTO: Nirmala

India on Friday said that the US was not totally averse to its stand on giving food subsidies but was willing to convince the WTO members on the issue.

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US labor market has yet to fully recover: Yellen

Federal Reserve chief Janet Yellen said on Friday that the US jobs market has not yet fully recovered, but acknowledged that data is sending mixed signals, spurring debate over inflationary pressures.

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G20 to press for 'rapid timeline' for exchange of tax information

G-20, a group of developed and developing nations, is likely to press for adoption of "rapid timelines" by different countries for automatic sharing of information with a view to curb tax evasion.

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Govt to spend about Rs 69,500 crore on IT, Telecom infra by 2019

Government will initially spend Rs 69,524 crore on various IT and telecom projects under the 'Digital India' programme.

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Sebi clamps down on Rs 50,000 crore money-pooling scheme run by PACL

In its biggest-ever crackdown on a large-scale illicit money pooling scheme estimated at nearly Rs 50,000 crore, regulator Sebi on Friday ordered immediate closure of unauthorised collective investment schemes run by PACL Ltd and refund of investors' money within three months.

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DDA Housing Scheme 2014 to open from Sept 1

DDA for the first time has also introduced a 5-year lock-in period for ownership of the flats.

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Coke shelves Varanasi plant expansion due to delay in NOC

Beverages giant Coca Cola has shelved the plan to expand its bottling plant at Varanasi citing "inordinate delay" in receiving clearance for the project from Central Ground Water Authority (CGWA).

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BSNL gets Rs 6,234 crore demand notice from Income Tax Dept

The Income Tax Department has served a demand notice of Rs 6,234 crore to state-run BSNL for allegedly under reporting income in assessment year 2011-12.

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LIC launches pilot project with repositories for digitisation

The insurance behemoth LIC said here on Friday that it has launched a two-month pilot project in the city to digitise policies.

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RBI notifies increased PPF deposit limit of Rs 1.5 lakh/year

The Reserve Bank on Friday notified the increase in deposit money under Public Provident Fund (PPF) to Rs 1.5 lakh from Rs 1 lakh earlier.

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Gold price set for biggest weekly drop since mid-July on rate speculation

Gold is down almost 2 percent for the week, the biggest drop since the week ended July 18.

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Depositors of a Maha co-op bank can withdraw only Rs 1,000:RBI

Depositors of Shatabdi Mahila Sahakari Bank of Thane in Maharashtra can withdraw only Rs 1,000 of their total balance, as per RBI's directions in view of the financial position of the bank.

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Syndicate Bank case: Court orders proclamation proceedings

A special CBI court on Friday ordered issuance of process for the presence in court of alleged middleman Purushotam Totlani, who is evading arrest in connection with the Syndicate bank bribery case.

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Forex reserves rise by $43.3 million to $319.39 billion

After falling for two consecutive weeks, foreign exchange reserves marginally rose to USD 319.39 billion, up by USD 43.3 million, for the week, driven by an increase in foreign currency assets.

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DoT extends permit to sell international SIM cards to 3 years

The Department of Telecom has extended permit period to sell international SIM cards to three years from one year earlier.

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Hindrance can be removed by changing companies act: Nirmala

In its bid to ensure a sustainable growth rate in India, the Centre on Friday said it was in the process of amending certain provisions of the Companies Act, 2013 in order to overcome hurdles affecting hassle-free industrialisation.

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Sebi clamps down on Rs 50,000 crore money-pooling scheme

Undisclosed income of Rs 90,000 crore detected in 2013-14

Undisclosed income to the tune of Rs 90,000 crore was detected during 2013-14 in various searches and surveys conducted by the Income Tax department, a top official from the Central Board of Direct Taxes (CBDT) said here on Friday.

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HC grants bail to FTIL's Jignesh Shah in NSEL scam case

The Bombay High Court on Friday granted conditional bail to FTIL founder Jignesh Shah in the Rs 5000 crore NSEL scam over three months after he was arrested in the case.

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Odisha to be biggest beneficiary of royalty revision

Mineral-rich Odisha will be the biggest beneficiary of the revision of royalty rates on iron ore and other minerals with its annual collection estimated to go up by 50.27 percent to Rs 4,880 crore.

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Rupee rebounds 20 paise to end over 3-week high Vs USD at 60.47

The Indian rupee on Friday rebounded 20 paise to end at over three-week high of 60.47 against the Greenback following strong local equities and capital inflows.

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Milacron to invest $30 million to expand production capacity

Milacron LLC, a leading high precision plastic processing technologies and control systems player, on Friday announced its plans to further invest USD 30 million in its India operations.

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Secretaries panel to review gas price formula

Nearly two months after it put off a steep gas price revision, the government has constituted a four-member committee of secretaries to hold consultations with stakeholders before deciding on the quantum of hike.

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Successful policy implementation to make India $4.5 trillion economy

According to the global business information, knowledge and insight provider, India is likely to achieve an average growth rate of around 7.5 percent during FY15-FY20.

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Planning Commission veterans to deliberate on it replacement on Aug 26

The Planning Commission has called a meeting of its former Deputy Chief and members on Tuesday to deliberate on the structure of the new body which will replace the 64-year-old institution.

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Govt hikes import duty on sugar to 25%; may impact prices

In a move that could lead to increase in sugar prices, the government on Friday hiked the import duty on both raw and refined sugar to 25 per cent from the existing 15 percent.

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Nifty ends above 7,900-mark for 1st time; Sensex up 59 points

The Nifty also hit a new all-time intra-day peak of 7,929.05, surpassing its previous record of 7,922.70 hit on August 20.

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Gold price declines for 7th day, closes at Rs 28,140 per 10 grams

Extending losses for the seventh straight session, gold prices fell by Rs 140 to Rs 28,140 per 10 grams in the national capital Friday on weak cues from the global markets amidst subdued demand from jewellers.

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Nifty logs new closing peak of 7,913.20; Sensex ends at 26,419.55

The benchmark BSE Sensex rose 59 points to end at 26,419.55.

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Thursday, 21 August 2014

Rupee gains 15 paise to 60.52 against dollar in early trade

Increased selling of the American currency by banks and exporters amid sustained inflows of foreign funds supported the rupee.

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Domestic flyers may soon board flight through e-boarding card

These e-boarding cards will be bar-coded leaflets which will allow passage to the plane.

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BSE to auction govt bonds worth Rs 3,208 crore today

Leading stock exchange BSE will auction Friday government debt securities worth Rs 3,208 crore for overseas investors.

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Gap raises forecast; to open 40 stores in India

Gap has been looking to reduce its dependence on the North American market, which generates more than three-quarters of its sales.

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Banks' single group exposure cap high; review in 2014-15: RBI

Hinting at tightening banks' single group exposure cap from current 40 percent, RBI Thursday said it will be reviewing this credit limit to gradually align it with the global group exposure practices and mitigate risks.

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Axis Bank to raise Rs 6,000 cr from bonds

Private sector player Axis Bank Thursday said it proposes to raise Rs 6,000 crore from bonds to fund its business growth.

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Mercedes to supply 120 C-Class sedans to Carzonrent

Luxury carmaker Mercedes-Benz has bagged its single largest fleet order in India so far, comprising 120 C-Class sedans, from car rental firm Carzonrent.

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