SBI Announces 150% Interim Dividend

The central board of State Bank of India (SBI) on Monday declared 150% interim dividend for financial year 2013–14. The amount calculated would be Rs. 15 per equity share of Rs. 10, SBI said in a filing to the BSE.

 

The date of payment of the interim dividend is fixed as 2 April and the dividend warrants will be payable at par at all branches of SBI, irrespective of the amount, it said. Shares of SBI closed at Rs. 1,518.50 apiece, down 0.86 percent on the BSE.

 

for more news at www.daily.bhaskar.com

Supreme Court to hear Nokia's tax evasion case

Nokia India is due to be heard by Supreme Court on Monday over the alleged tax evasion case. It is alleged that the Finnish handset company has TDS dues around Rs. 30 billion pending. Nokia had appealed SC on 12 February against Delhi High Court’s decision.

 

Delhi HC imposed new conditions stalling the deal in which Nokia was to transfer its India plant to Microsoft. The mobile major was in the process of selling its handset business to Microsoft. It is in Nokia’s contention that owing to the ruling by Delhi HC, jobs of 30,000 employees are at stake

 

for more news at www.daily.bhaskar.com

Divesting The Block Deal: EGoM To Price 10% IOC Shares To Be Sold

Empowered Group of Ministers (EGoM) shall on Saturday decide the price at which 10% shares of Indian Oil Corporation are to be divested. The panel of ministers shall be headed by Finance Minister P Chidambaram. ONGC and OIL shall each buy 5% stake in IOC.

 

The 10% shareholding in IOC to ONGC and OIL shall be offered at a discount of about 10% to the current price. ‘The EGoM on IOC disinvestment will meet tomorrow to decide on price of sale to ONGC and OIL’, an official said.

 

for more news at www.daily.bhaskar.com

Here is how Sahara Chief Subrata Roy can avoid arrest under non-bailable warrant

 

 

 

Subrata Roy is sailing amidst trouble waters and is now all set to be arrested under a non-bailable warrant issued by Supreme Court of India on Wednesday. The warrant was issued because Roy failed to appear as summoned in person before SC on Wednesday.

 

The Sahara India Chief has long evaded law by playing hide-and-seek. Patience of the apex court has come to a climax and SC came down heavily on him for nor refunding Rs. 24 crore to investors and SEBI. In such a situation, Roy has not many options at his behest to save himself.

 

 

 

Also read:

Here is all you want to know about Sahara Chief Subrata Roy and his scam

Subrata Roy summoned to appear in Supreme Court

 

Hyderabad Is Cheapest Office Space Market In The World: DTZ

 

The Silicon Valley of India has been thrashed brutally by the Telangana ruckus. The whole commotion took a toll on the commercial value of Hyderabad. The Indian city has become the world’s cheapest office location due to political instability coupled with depreciated Indian national Rupee (INR).

 

Other four Indian cities – Chennai, Pune, Bengaluru and Kolkata – have been included in the list of top 10 most affordable office space market in the world by global realty consultant DTZ. The city overtook Surabaya, Indonesia, as the least expensive market in 2013.

 

‘Devaluation of the Indian rupee in combination with declining rents led to Hyderabad overtaking Surabaya (Indonesia) as the least expensive market in 2013’, DTZ said in a report

 

for more news at www.daily.bhaskar.com

Online Shopping Getting Dearer! E-Commerce To Expand By Rs. 50,000 Crore: Crisil

Global analytical agency Crisil has crunched data to reveal that E-commerce or online retail shall prosper hitting Rs. 50,000 by 2016 by growing at a rate of 50–55% over the next 3 years. This shall be 30 times over the size at the end of FY’08 (financial year 2007–08).

 

The expansion shall be seen in both direct and indirect (market places) online retail. The fastest growing E-commerce industry’s revenues have grown from Rs. 1,500 crore in FY’08 to Rs. 13,900 crore in FY’13, a compound annual growth rate of 56%.

 

‘From around 8% share of the organised retail market in India now, online retailing will zoom to around 18% by 2016. But as a proportion of overall retail -- including the massive unorganised segment -- it will be just over 1% at the end of that year. Yet the potential is huge’, said Director – Industry Research – Rahul Prithiani.

 

for more news at www.daily.bhaskar.com

Super Summer Sale: SpiceJet Slashes Airfare By 75%, Book Your Flight Today

Since the last two attempts of SpiceJet to entice air travellers by offering heavy discounts on flight charges worked really well, the budget carrier in yet another bonanza at the onset of 2014 summer season has on Monday reduced its fares by up to a whopping 75% under a special offer.

 

The Kalanithi Maran promoted carrier has slashed fares to avail early summer bookings. The bookings under the 'super summer sale' offer will remain open till Wednesday mid-night, SpiceJet said in a release here on Monday.

 

‘Super summer sale offers up to 75% off base fare plus fuel surcharge relative to last minute fares, for travel between 1 April and 30 June, 2014’, the airline said.

 

The offer comes after the overwhelming success of the earlier two similar schemes and aimed at making those seats available to passengers at highly discounted advance purchase rates, which would otherwise go empty, the release said.

 

for more news at www.daily.bhaskar.com

Facebook-Whatsapp, Google-YouTube And Yahoo-Tumblr: 10 Deals That Consolidated Tech World

All ages are defined with particular behaviour in various niches. Till couple of years ago, technology world was expanding with different giants emerging in the market. However, lately the whole sector has undergone many mergers and acquisitions thus actually consolidating the sector

Leading computers manufacturer Hewlett-Packard bought Compaq in September 2001 after trusting its ‘compatibility and quality’ for $25 billion

for more details at www.daily.bhaskar.com 

Diageo To Outsource Its IT Infrastructure To Tata Consultancy Services

Diageo Plc has reached an agreement with Tata Consultancy services (TCS) to outsource its IT service to the Indian IT service provider, the company said on Thursday. Details of the contract are yet not disclosed by either of the sides.

 

TCS shall cater services to the leading liquor manufacturer by managing its IT infrastructure, data centres and servers and provide service desk support to Diageo employees, according to media reports.

 

‘Our partnership with Tata Consultancy Services is the latest milestone in our strategy to create a world-class IT service to support Diageo’s global strategy and deliver efficient growth’, said CEO Diageo Ivan Menezes.

 

‘Working together, I believe that we can make a significant step change in the way that IS supports our 36,000 employees around the world, giving them the freedom and agility to drive growth for Diageo in each of our markets’, Menezes added.

 

for more news at www.daily.bhaskar.com

Chidambaram Announces Interim Budget, Vote On Account, Sanctions For PSU Indian Banks

 

Finance Minister P Chidambaram on Monday projected while interim budget announcement to inject Rs. 11,200 crore in public sector banks to improve their assets in financial year 2014–15 (FY’15). The government had infused Rs. 14,000 crore in PSU banks during FY’14.

 

Banks are under strain due to rising non-performing assets (NPAs), said Union Finance Minister. However, ‘Bankers have assured (Chidambaram) that as the economy turns they will be able to contain the NPAs, recover more loans, and build healthier balance sheets’, he said.

 

‘In 2014–15, I propose to provide Rs. 11,200 crore for capital infusion in public sector banks. They have opened 5,207 branches so far, against the target of 8,023 branches, and are near the goal of installing an ATM at every branch’, he said in the vote on account speech in Parliament.

 

NPAs, or bad loans, of PSU banks rose 28.5% to Rs2.36 lakh crore in September 2013 from Rs. 1.83 lakh crore in March 2013. Total NPAs had gone up to Rs. 1.37 lakh crore in March 2012 from Rs. 94,121 crore in March 2011

 

for more details at www.daily.bhaskar

Now Withdraw Money From Your Relative's Account Through An ATM: RBI

 

The Reserve Bank of India (RBI) in a move to harness technology to facilitate remittances across India has employed a method to withdraw remittances from automated teller machine (ATMs) for those who do not have a bank account.

 

RBI governor Raghuram Rajan while speaking at inaugural session of Nasscom Leadership Forum in Mumbai said that through the innovative method a money sender can go to an ATM of a participating bank and authorise a relative for money withdrawal from his bank account.

 

‘Recently, we (RBI) approved setting up of a payment system, which will facilitate funds transfers from bank account holders to those without accounts through ATMs’, Rajan said on Wednesday.

 

for more news visit on www.daily.bhaskar.com

Remember these 6 points while buying your motorcycle insurance

Buying an insurance plan for your beloved two-wheeler is just as important as purchasing insurance for your car. Bad roads, rash drivers and bad weather conditions, among a host of other things, can lead to accidents at anytime – and accidents cost money.

                                                     

So, it pays to shore up your bank balance through the risk protection offered by a good two-wheeler insurance plan.Read more

Wrath of credit card charges

New Delhi: Rajat received a credit card from his company’s banking partner under a special corporate offer. He was quite happy about the proposed facilities. There was no processing or annual fee on the card. However, the very first statement of the card came as a shock to Rajat.

                                      

The first statement Rajat received unveiled many hidden charges. There were many fees on the name of due payment. He called up in the bank and got to know the fee and charge are associated with the card usage. Since, he had no other option; he paid the whole amount as was liable to.Read more

Auto Expo 2014: Bajaj’s concept car ‘U Car’ is a stunner Dailybhaskar.com

New Delhi: Bajaj’s unveiled its concept car ‘U Car’ at the 12TH Auto Expo today. Touted as the future Indian car, ‘U Car’ is powered with liquid cooled engine, 4-valve, triple spark with fuel injection transmission automatic with front wheel drive and scissor doors.
                                    
Click to see pictures.  

MGNREGA wage rate to be hiked and linked to minimum wage rate

New Delhi: Owing to steep rise in inflation, Union Minister for Rural Development Jairam Ramesh said that MGNREGA wage rate will be enhanced from 1 April 2014. The parliament will be notified in this regards in the session scheduled to commence this week.

                              

The CPI (consumer price index) inflation-linked MGNREGA wages shall be subjected to yearly revision, Ramesh said at the 9th MGNREGA divas. He said that MGNERGA requires amendment and that an Expert Committee is looking into the matter.Read more

 

7 interesting facts about 23rd RBI Governor Raghuram G Rajan on his 51st birthday

Amongst all central bankers India Inc has had, there is one name that will top all others when it goes down the history. Born to a Tamil Family, on 3 February 1963, in Bhopal, Madhya Pradesh, Raghuram Rajan’s father is a retired Senior Bureaucrat in Indian Government.
                                        

Rajan did his high-schooling from DPS, R K Puram, New Delhi, and graduated from IIT Delhi in electrical engineering in 1985. He did his MBA from IIM Ahmedabad in 1987 and received PhD in Management from MIT in 1991. His thesis submitted for PhD was titled ‘Essays on Banking’.Read more

SpiceJet sale is back: 30% discount on domestic flight tickets

New Delhi: SpiceJet on Friday protracted its 30% discount on tickets on domestic routes. The budget carrier announced that the special fare offer has been extended for a limited number of seats. The airline has offered the discount, the second time, to book tickets in 30-day-advance till 15 April.

                                    

 
The bookings under the ‘second chance’ offer will remain open from January 31 till Sunday midnight. Read more

RBI caught off-guard by Fed tapering monetary stimulus, fears Rupee depreciation?

New Delhi: The Reserve Bank of India (RBI) has been caused disquiet by the rollback of monthly bond-buying programme of US Federal Reserve. Emerging market economies (EMEs) across the globe have been caught off-guard by the gradual withdrawal of monetary stimulus as they fear depreciated currencies.

                                           

The rollback of the unconventional monetary policy by US is propelling exit of foreign investing institutions (FIIs) from India Inc. and other EMEs. The already slowed neighbouring Chinese economy is only to add troubles for India. EMEs have been swirled owing to the massive sell-off causing dollar outflow.Read more

How did Sensex lose over 1000 points in last 7 days

Washington: As expected US Federal Reserve continued hammering down its asset purchases on Wednesday. The central bank announced to taper the stimulus package by another $10 billion as it plans on winding up the unconventional monetary policy.

                               

Despite tapering the monthly bond buying programme, which was lowered by $10 billion in the last Fed meeting to $75 billion, Fed has maintained its stance on low interest rates. This means US central bank will not be pumping $65 billion every month into its economy to boost liquidity.Read more

He discontinued his education, today owns $1 billion company

Discontinued education in 1958 (Punjab)

Moved to Delhi with Rs. 10,000 in pocket

Acquired Havells in 1971

Acquired European firm Sylvania in 2007

Havells became $1.3 billion company

                                     

Noida: Havells has done many mergers and acquisitions in the past few decades and has grown exponentially. The company has firmed its grip in many countries world over. The credit of the Noida based company’s $1.3 billion net worth goes largely to CMD Qimat Rai Gupta.Read more

Hikes repo rate to 8%, adjusts reverse repo rate at 7%, holds CRR at 4% Dailybhaskar.com | Jan 28, 2014, 11:52AM IST

New Delhi: Hawkish Governor of the Reserve Bank of India (RBI) in his stern measure to tackle inflation has hiked repo rate yet again by 25 basis points (bps) to 8%. RBI has kept cash reserve ratio (CRR) unchanged at 4%, however, in its monetary policy review on Tuesday.

                                    

The change has been extended to reverse repo rate, which stands adjusted at 7%, while the marginal standing facility (MSF) has been increased as well along with the Bank Rate at 9%.Read more

 

RBI is troubling common man by withdrawing notes issued prior to 2005: BJP

New Delhi: Bharatiya Janta Pary (BJP) on Friday morning raised its voice against latest mandate by the Reserve Bank of India (RBI) to withdraw from circulation currency notes of Indian National Rupee (INR) issued before 2005.
                                        
RBI Governor, Reformist Raghuram Rajan, has waged a war against black money and counterfeits. Read more

How to identify currency notes, issued before 2005, RBI intends to withdraw from circulation by 31 March

In pic: Look in the red circle. The note was issued by the central bank before 2005. Thus, the note bears no year of issue.
                             

New Delhi: Reserve Bank of India (RBI) Governor, Reformist Raghuram Rajan, has waged war against black currency and counterfeits. In the regulation issued by the central bank on Wednesday, it is stated that currency notes issued prior to 2005 shall be withdrawn completely from circulation by RBI by 31 March 2014.Read more

 

DoT issues new helpline number to lodge telecom complaints following a glitch: 1063

New Delhi: Department of Telecommunications had announced in November last year that it will be launching a toll-free number for telecom subscribers across India to register their complaints. The special number ‘1037’ was supposed to be activated by 1 January 2014; however, DoT missed the date.

                                                                  

In its report published on Tuesday, a national daily has reported the cause of delay to be a glitch in the consumer helpline initiated by DoT. Read more

Is truce between AAP and Congress over FDI in retail in Delhi collapsing?

New Delhi: Commerce and Industry Minister Anand Sharma on Monday reacted bitterly to the letter written to the Department of Industrial Policy and Promotion (DIPP) by the Delhi Chief MinisterArvind Kejriwal earlier this month seeking withdrawal of support for Foreign Direct Investment (FDI) in retail.

                                                 

Absolutely annoyed at the Delhi’s AAP government reversal on the FDI, Sharma went ahead warning the state government, ‘States have the option to join. But it is not a revolving door. Policy has to have stability for investor confidence’.Read more

Global energy demand to grow and switch from oil to shale gas in future

New Delhi: Energy is the source of life. Energy in any form is essential for humans to keep running life. However, how many times during our life do we actually stop to contemplate that how much energy do we consume in a year or even in a day? A question worth pondering over is it not?

                                      

Our energy demand is ever growing and insatiable. A latest report by British Petroleum (BP) has estimated our growing energy demand and where it shall reach in a few years from now. Read more

Paying the price of sugar crisis: Sugar output slumps by 21% to 86 lakh tonnes

New Delhi: India's sugar production fell by 21% to 85.5 lakh tonnes till 15 January of the current marketing year 2013–14 (1 October–30 September) on account of delay in crushing operations because of the severe impasse over pricing of sugarcane between UP millers and government, according to industry data.

                                 

‘Sugar production in the country is in full swing. Till 15 January 2014, the country has produced 85.50 lakh tonnes of sugar with 484 mills under crushing operations’, Indian Sugar Mills Association (ISMA) said in a statement. Sugar output stood at 108 lakh tonnes for the same period a year ago.Read more

2G spectrum reallocation: Vodafone and Bharti Airtel first to apply

New Delhi: As auction date for spectrum allocation is approaching, Telecom Secretary M F Farooqui said on Wednesday that all issues will be resolved before auction. Uncertainty looms over a number of issues such as spectrum usage charge (SUC), merger and acquisition guidelines, spectrum sharing and its trading.
                                          
Country’s top telecom operators Vodafone and Bharti Airtel on Wednesday applied for taking part in the spectrum auction scheduled for 3 February. ‘Vodafone has filed the first application, followed by Airtel. We are expecting most of the companies to apply’, an official source said.Read more

No need to seek loans for oil import from IMF: Veerappa Moily

New Delhi: Minister of Oil and Natural Gas, M Veerappa Moily, on Tuesday dismissed reports that India may seek loans from International Monetary Fund (IMF) for oil imports. The ministry is confident about the significantly better outlook of India as compared to what it was in mid-2013.

                                  

Petroleum Secretary Vivek Rae said that though the situation owing to oil subsidies was a little concerning; however, it is not that bad that like in the past, India will be forced to take loans from IMF.Read more

December retail inflation hits 3-month-low at 9.87%: CPI

New Delhi: Some calmness was provided to the troubled retail market with the consumer price index (CPI) for the month of December 2013 settling 5-month-low at 9.87%, on year-on-year basis. November CPI inflation meanwhile is revised to 11.16% from earlier 11.24%.

                                                     

Inflation rates for rural and urban areas for December 2013 are 10.49% and 9.11%, respectively. While inflation rates for the two for November 2013 are 11.66% and 10.53, respectively. It is evident that inflation has been bothering rural areas slightly more than urban areas.Read more

'UNHAPPY' New Year: Oil Ministry to hike diesel price by R 2 and LPG by R 100!

New Delhi: Despite an expected receding of food inflation, households will have to worry about budget. In the ongoing deregulation of oil and gas prices, there is more to follow. Oil Ministry is to take a bigger bite once to induce the price deregulation of the subsidised oil and gas across the country.

                                   

Painful it may sound but the Ministry has one major push for price hike of LPG (liquefied petroleum gas) before per annual quota of LPG cylinders household is raised from 9 to 12. A steep price hike is expected in fuel (kitchen and auto) next 2–3months.Read more

 

No return to economic recovery: November IIP contracts horrifyingly at –2.1%

New Delhi: The return to economic recovery of India Inc seems a distant dream now with tragic factory output for the month of November as released by Ministry of Statistics and Programme Implementation on Friday. IIP for the month of November 2013 indicates industrial growth contraction at –2.1%.

                               

Index of Industrial production (IIP) indicates industrial or factory growth of a country for a particular month on year-on-year basis. The general Index for the month of November 2013 stands at 162.4, which is 2.1% less (–) than November 2012’s 165.8 factory output.Read more

How father-son duo of Narayan and Rohan Murthy turned around Infosys' dipping fortunes

New Delhi: Infosys surprised analysts on Friday as its sales for the third quarter of financial year 2013–14 (Q3 FY’14) posted higher than expected figures. In 7 months since is back the founder and mentor Narayan Murthy, 50% of the losses have been recovered and the stock’s volatility has been brought below 40%, which is its lowest in past several quarters.

                              

A 19.4% net profit compared to previous quarter, which is way above than the experts were expecting for the quarter of FY’14 ending in December, Infosys has proved that it is one of the most consistent performers across the Dalal Street. On year-on-year basis, the second largest IT service provider in India grossed a 21.4% growth profit.Read more