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BusinessToday.in
New Delhi, August 15, 2018
Modi says India is now the land of reform, perform and transformPrime minister Narendra Modi delivered his fifth Independence Day Speech as PM. Running parallel to the  Ayushman Bharat-National Health Protection Scheme would be the Jan Aarogya Abhiyan which would kick off on September 25, he announced. The healthcare schemes will ensure access to good quality healthcare for the poor and marginalised. Modi also said India used to be a 'sleeping elephant', but has started walking and running now'. He announced a manned mission to space by 2022. He also thanked the business community for the success of GST.Rupee has fallen due to external factors, nothing to worry says govtThe rupee fell to a record low of 70 against the dollar on Tuesday amid fears that the financial troubles faced by Turkey may spread to other emerging economies. The rupee ended trading on Tuesday at 69.89 per dollar.Attributing the fall in rupee value against the US dollar to 'external factors', economic affairs secretary Subhash Chandra Garg said that there was nothing to worry about as long as the depreciation was in line with other currencies.Rupee has given 'vote of no confidence' to Modi by crashing to historic low, says RahulWith rupee touching a fresh all-time low of 70.08 against dollar , Congress President Rahul Gandhi turned the heat on the Narendra Modi government over its failure to control the declining rupee. The Indian currency has seen nearly 10 per cent fall this year alone. Taking a jibe at Prime Minister's remarks of \"70-year misrule\" of various parties, including the Congress, the party said \"Modiji finally managed to do something that we couldn't do in 70 years\".RBI rejects Kotak Bank's promoter stake dilution plan, says it does not meet normsDays after private lender Kotak Mahindra Bank said it had used the preference share allotment route to reduce promoter Uday Kotak's shareholding in the bank, the RBI rejected it saying \"it does not meet their promoter holding dilution requirement\". In a regulatory filing on Tuesday, Kotak Mahindra Bank said it still believes that the bank's stake dilution plan meets the requirement, and assured to continue engaging with the central bank over the issue.India's richest women: Smitha Crishna, Roshni Nadar top listA survey, prepared by Kotak Wealth-Hurun, features Smitha Crishna, the third generation heir of the Godrej empire, as the wealthiest Indian woman with net worth of Rs 37,570 crore. The total wealth of each woman featured in the top 100 women exceeds Rs 1,000 crore, while their average income is around Rs 4,000 crore. Kiran Mazumdar-Shaw is the only richest self-made women -- with the total wealth of Rs 24,790 crore - who could make it to the top 100. Following Smitha is HCL CEO and Executive Director Roshni Nadar, whose net worth is around Rs 30,200 crore. On the third spot is Indu Jain of Bennett Coleman and Co Group, whose total wealth is estimated to be around Rs 26,240 crore.Twitter launches Twitter LiteMicro-blogging platform Twitter has launched Twitter Lite Android app in 21 more countries, including India, that will minimize data usage. It will load quickly on slower networks and take up less space on a mobile device. It's on the same lines as Facebook Lite and Youtube Go. The app, built for 2G and 3G networks which are still in use in several parts of India, helps a user save on data while using it.Reliance Jio's broadband service GigaFiber registrations to start todayRegistrations for Jio GigaFiber high-speed broadband are now officially open, allowing you to show your interest in the service. Jio GigaFiber was announced last month at the company's 41st Annual General Meeting, and will provide speeds to 1Gbps, according to the company. The company will give priority to areas with the highest interest for the rollout. The Jio broadband service was being tested out for the past two years.Cash-strapped Fortis Healthcare sees signs of improvementCash-strapped Indian hospital operator Fortis Healthcare Ltd said it was starting to see some signs of recovery, as it secured shareholder approval for its takeover by Malaysia's IHH Healthcare Bhd. Fortis which operates 30 private hospitals in India has been struggling with a cash crunch, rising debt and other problems. IHH will invest 40 billion rupees at 170 rupees per share in Fortis.


PTI
August 14, 2018
Jet Airways chairman Naresh Goyal met aviation secretary RN Choubey on Monday and apprised him of the ongoing crisis.


PTI
August 14, 2018
Air India's 19 aircraft which were on ground included wide-body Boeing 777s, which are used for ultra-long operations, as well as B787 Dreamliners, which caters to airline's European network


BusinessToday.In
August 14, 2018
The Life Insurance Corporation is in the process of buying 51 per cent stake in the debt-stressed IDBI Bank. The Union Cabinet gave its approval to the proposal on August 1.


BusinessToday.In
August 14, 2018
Given the record low of 70.08 per dollar that the rupee slipped to today, it's hard to imagine a time when it could hold its own against the US dollar.


Sandeep Bhardwaj
August 14, 2018
Essentially, the difference is quite simple. In a growth plan, the fund does not payout anything to the investors by way of regular payouts. All the profits of the fund are reinvested in the fund and therefore your wealth compounds. On the other hand, the dividend plan pays dividends out of profits earned and income generated.


BusinessToday.In
New Delhi, August 13, 2018
The first Gulf War (1990), which sent crude oil prices surging again, the downgrade by global credit rating agencies and the disintegration of the Soviet Union all brought on a massive balance of payment crisis in India.


BusinessToday.In
August 13, 2018
Facing financial headwinds, Jet Airways is reportedly planning to monetise JetPrivilege, its frequent flyer programme.


BusinessToday.In
New Delhi, August 13, 2018
Jet Airways, however, claimed that its account with SBI and all other banks is \"standard\" and it has not defaulted on any of its payment obligations.


BusinessToday.In
August 13, 2018
PM Modi may push financial inclusion drive in I-Day speechPrime Minister Narendra Modi is expected to announce benefits for about 32 crore Jan Dhan account holders in his Independence Day address this week to provide a boost to the government's financial inclusion drive, official sources said. There could be a doubling of overdraft facility to Rs 10,000 under the Pradhan Mantri Jan Dhan Yojana (PMJDY) account holders as part of the government's effort to fund the unfunded, they said.PVR to acquire 71.69% stake in Sathyam Cinemas for Rs 633 crMultiplex chain PVR Ltd today said it is acquiring 71.69 per cent stake in South India-based SPI Cinemas for about Rs 633 crore in an all cash deal. It said that the company's board has also approved the issuance of 1.6 million shares of PVR for the residual stake. PVR said that the board has approved the execution of a Share Purchase Agreement (SPA) in this regard. Sathyam Cinemas is one of the largest cinema exhibitors in South IndiaAir India grounds 19 aircrafts due to lack of spares: ICPADebt-laden Air India has grounded as many as 19 aircraft, including nine Airbus A321, due to want of spares, resulting in a significant loss of revenue to the carrier besides flight cancellations, one of its pilots' body has alleged. PM Modi hits out at opposition, says campaign of lack of jobs needs to stop nowPrime Minister Narendra Modi has said that more than one crore jobs have been created in the last one year. In an interview to ANI, he argued that when economy is growing at a faster pace, in fact fastest among the major economies, how will the jobs market not expand? Hence, the campaign of lack of jobs needs to stop now, he said while referring to opposition's constant attack.Microsoft boss Satya Nadella sells one-third of his shares for $35 millionMicrosoft's Indian-origin CEO Satya Nadella has netted over USD 35 million after selling almost one-third of his common shares in the software giant. Nadella sold 328,000 shares in multiple trades at prices ranging from $109.08 to $109.68 as the stock trades near a record price.India's economic growth to improve in coming quarters: CII-ASCONIndia's economic growth will improve further in the coming quarters due to recovery in domestic demand as also the investment cycle, according to the CII-ASCON Industry Survey. It said the demand and investment will be supported by better consumption patterns on account of favourable monsoon, moderation in inflation and the onset of festive season.Ayushman Bharat will create 2 lakh jobs in 5 years: Govt Nearly 2 lakh employment opportunities will be generated in five years time period with the implementation of Centre's flagship Ayushman Bharat program.This estimate has been made by the Union health ministry.These jobs will be created at various levels including hospitals, insurance companies, call centres and research section. Ayushman Bharat is a National Health Protection Scheme which will cover over 10 crore poor and vulnerable families


Mail Today Bureau
August 13, 2018
Taking the top management head-on, the pilots have questioned as to why the aircraft were being allowed to remain on the ground for so long as this is having a significant impact on the bottom-line of the national carrier.


BusinessToday.In
August 12, 2018
Senior officials at SBI mentioned that the embattled airline is part of its overall watchlist for stressed accounts and special mention category loans as on June 30, 2018. Jet. however, had a different story to tell.


Rajeev Dubey
August 11, 2018
'No' says Jet Airways emphatically. But with mounting losses, negative net worth of Rs 7,100 crore and liabilities well in excess of assets, it may be very, very close.


Aprajita Sharma
August 10, 2018
The airline on Thursday informed stock exchanges that the audit committee has refused to approve company's June quarter results.


PTI
August 10, 2018
The appellate tribunal also rejected the claims of engineering and construction major L&T, an operational creditor of Bhushan Steel Ltd, opposing Tata Steel's resolution plan seeking a higher priority in debt resettlement.


BusinessToday.in
New Delhi, August 10, 2018
Government is working on turnaround plan for Air India; audit panel rejects Jet accounts; board defers Q1 results; Samsung Galaxy Note 9 launched at Unpacked event in New York; Supreme Court sends Jaypee Infratech back to NCLT, bars promoters from bidding. Watch more in this episode of Business Wrap.


BusinessToday.in
New Delhi, August 10, 2018
Govt working on turnaround plan for Air India, may allow airlines to raise external commercial borrowingAs the Civil Aviation Ministry plans Rs 11,000-crore bailout package for ailing Air India, Aviation Secretary RN Choubey on Thursday confirmed that the centre is working on a turnaround plan to make the debt-ridden airline competitive. Also, the centre is working on ways to let all airlines raise external commercial borrowing to meet the rising operational costs. The decision seems to have been taken in wake of private airlines facing loss due to high fuel cost and falling rupee value.Audit panel rejects Jet accounts; board defers Q1 resultsJet Airways deferred announcing their June quarter numbers to an unspecified date. The development came after the company's AGM on Thursday. In a BSE filing late in the evening, the airline, which had its AGM earlier in the day, said the board of directors decided not to review the unaudited financial performance for the June quarter. Amid rising concerns over the airline's financial health and proposed salary cuts, a new committee will be set up to improve public perception and negative publicity about it. GoAir to start international operations in October; to connect Kerala's Kannur to Saudi Arabia's DammamTravelling abroad is going to become a little easier as the fifth Indian carrier is set to take Indian passengers abroad. Starting from October, GoAir is commencing its international operations. The airline has been given permission to start international operations from the new Kannur international airport to Dammam in Saudi Arabia, Civil aviation secretary RN Choubey told reporters. GoAir operates only domestic flights despite meeting the eligibility criteria for flying on international routes as it has a fleet of over 20 aircraft. Samsung Galaxy Note 9 launched at Unpacked event in New YorkThe Samsung Unpacked event in New York saw the launch of several new devices. Samsung launched the Galaxy Note 9, coupled with an improved S Pen, Samsung Galaxy Watch, Samsung Galaxy Home. Out of the amazing line-up Samsung had prepared for the evening, the Galaxy Note 9 remained the showstopper for the event. The new Samsung Galaxy Note 9 comes with diamond cut finish for cleaner design. It will come with 128GB or 512GB of internal storage, which can be further expanded to 1TB among other features.Supreme Court sends Jaypee Infratech back to NCLT, bars promoters from biddingA year after IDBI Bank dragged Jaypee Infratech Limited (JIL) to bankruptcy court for defaulting on Rs 526 crore loan - and after a protracted battle that made the rounds of the NCLAT and the Supreme Court - the ball is back in the National Company Law Tribunal's court. The top court today asked the Allahabad bench of the NCLT to deal with the insolvency proceedings against Jaypee Infratech, allowing a second round of bidding. Significantly, in a major setback to the Jaypee group, the Court barred parent firm Jaiprakash Associates Ltd (JAL) as well as the group's promoters from participating in it. The fresh Committee of Creditors (CoC) that will now have to be set up will include homebuyers. Carry driving license, RC on your phone! Govt validates digital copiesStates have been asked to accept driving licence, registration certificate or other documents in 'electronic form' presented through DigiLocker or mParivahan platforms, the government said today. It also said that impounding of documents will be reflected electronically through 'eChallan' system. This is in response to a number of grievances and RTI applications received in the ministry SFIO arrests Bhushan Steel's former MD Neeraj Singhal for siphoning off Rs 2,000 croreIn its first arrest, the Serious Fraud Investigation Office (SFIO) on Thursday took under its custody the former promoter and managing director of Bhushan Steel Limited, Neeraj Singhal, for siphoning off over Rs 2,000 crore through several loans availed by BSL from the public sector banks using its 80 associate companies. Neeraj Singhal was produced before the court, which sent him to judicial custody till August 14.


BusinessToday.In
New Delhi, August 9, 2018
In addition to Rs 11,000 crore bailout package, the govt may give the board of directors additional powers to take decisions on operational issues.


BusinessToday.In
New Delhi, August 9, 2018
Singhal has been sent to judicial custody till August 14. The SFIO has found that former promoters of BSL used multitude of complex, fraudulent manoeuvres to siphon off funds amounting to thousands of crores raised by then management of BSL.


Mudit Kapoor
New Delhi, August 9, 2018
The gap between total investments into FDs in comparison with other investment alternatives such as equities is sharply declining. So, should one move their deposit money into mutual funds to earn higher returns?


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