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.

 

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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

 

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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.

 

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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.

 

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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

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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.

 

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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

 

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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.

 

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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