Laxaro

View the latest news and breaking news today

Business Standard

Read Latest News Article in Business Standard.



photo-finish: two opinion polls predict a hung assembly in karnataka

two opinion polls, which released their survey findings on monday, predicted a hung assembly in karnataka, with the bharatiya janata party (bjp) and congress headed for a photo-finish, and the janata dal (secular) set to emerge as the ‘king maker’. times now-vmr opini...




no objection if jessica killer manu sharma released from jail: sabrina lal

almost 20 years after model jessica lal was gunned down in a restaurant here, her sister sabrina lal, who fought a lengthy legal battle for justice, has said she has moved on and has no objection to the killer being released from jail. sidhartha vahishta, better known as manu sharma, is serving a life term in tihar jail here for the 1999 murder. lal said she had received a letter from the jail authorities regarding a victim compensation fund and sharma's release last month. "i replied to that letter and said i had no objection to his release. it's not so much about forgiveness but it's about letting go of a burden, something from which i have moved on. for me, it's about taking a load off me," she told pti. in her reply to the letter sen...




centre drops proposal to bar outsiders from leading trade unions

the union government has dropped a proposal to allow only employees working in factories becoming office-bearers of trade unions in those units. the government had proposed the move in the code on industrial relations bill, 2015, in an attempt to keeping a check on “politicisation of trade unions”. however, the central trade unions viewed this as an attack on the trade union movement and said the government should not interfere in composition of unions. “the provisions on restricting outsiders from becoming office-bearers in trade unions have been dropped following widespread consultations and studies on best international practices. all the countries that we studied have allowed outsiders to become part of the trade uni...




capital a constraint for subsidiaries, says standard chartered bank

standard chartered bank said on monday onerous capital requirements were preventing foreign lenders from converting themselves into wholly-owned subsidiaries (wos) for local operations. the bank, which has 100 branches in the country, was not looking to decrease its presence as many of its foreign bank peers had done, a top executive said. “it (converting into wos) is very capital-expensive. if you subsidiarise, the capital that is put into the country is dedicated from the tier-i capital of the parent,” the bank’s country chief executive, zarin daruwala, told reporters when asked about the impediments to conversion into wos. she said the government had made necessary changes to the taxation structure, which was long considered as ...




govt expects oil import bill to cross $100 billion mark after three years

rising crude oil prices could become a concern for the indian economy with the government expecting the oil import bill to rise by 20 per cent in the current year to $105 billion, up from $88 billion in 2017-18. crude oil imports would be crossing the $100-billion mark after three years, though it would be still lower than the $140 billion and more for three years continuously starting 2011-12. according to a report by the petroleum planning and analysis cell (ppac), the $108 billion is estimated at an average indian basket crude oil price of $65 a barrel, up from an average of $56.39 a barrel in 2017-18. on a cumulative basis, crude oil imports were 220.8 million tonne (mt), posting an increase of 3.2 per cent during 2017-18 as c...




apex court denies relief to binani cement operational creditors

the supreme court on monday declined any relief to operational creditors of binani cement, which is undergoing insolvency proceedings in the national company law tribunal (nclt) in kolkata. the operational creditors include coal...




no immediate changes in delhi airport user fees, rules tdsat

new delhi’s indira gandhi international airportan appellate tribunal has left user charges at delhi airport unchanged while directing the airport regulator to make adjustments for prior-period costs in its next tariff order. the telecom disputes settlement and appellate tribunal (tdsat) passed its judgment today on pleas against the delhi airport tariff order six years after appeals were made against 346 per cent increase in user charges.the appeals related to 2012 order. at present, the 2015 tariff order is in force. “except to the extent indicated, we find no good reason to interfere with the impugned tariff order. the appeals are disposed of accordingly,” said justice s k singh, b b srivastava and a k bhargava in their order.“we...




$12-bn flipkart-walmart deal: investors expect to strike rich

tiger global’s reward for being one of the oldest investors in e-commerce giant flipkart could be $4 billion. with walmart inc. being close to finalising a deal to buy a majority stake in the bengaluru-based e-commerce firm for at least $12 billion, investors are expecting to strike it rich. flipkart’s founders sachin bansal and binny bansal, if they sell a substantial part of their 11 per cent stake, could make close to $1 billion each. however, sources said the two might not exit the firm. the windfall would mark the biggest payout given to any investor of indian start-ups in the past 15 years. according to industry analysts, early-stage investors including tiger global, accel partners, and naspers are set to earn between $1.2 billion ...




naidu rejects cji impeachment notice; cong to move sc challenging decision

rajya sabha chairman m venkaiah naidu on monday rejected the impeachment notice given by 64 rajya sabha members of the congress and six other opposition parties against chief justice of india (cji) dipak misra. naidu said the impeachment notice lacked substantial merit. he said the allegations were neither “tenable nor admissible”, and could undermine the independence of the judiciary. naidu, who is also the vice-president, said the issues raised were an internal matter of the judiciary. “we will certainly move a petition in the supreme court to challenge this order, and we are confident that when we move the petition, the chief justice has nothing to do with it,” congress leader kapil sibal, who has spearheaded the campaign to fil...




it will be very hard to push jsw steel to number two: sajjan jindal

sajjan jindal, chairman of the $12-billion jsw group, talks to pavan lall on how he sees jsw steel’s future and the possibility of his company not being the number one steelmaker and why he simply refuses to go in for acquisitions at any price in the ongoing bankruptcy proceedings.jsw steel will lose its position as india’s largest steel maker after the tatas win the bid for bhushan steel, one of the biggest assets in the bankruptcy process. your comment. we have never worked on the proposition that we want to be number one, number two or number three. for us the driving factor has been growth, maintaining the integrity of our balance sheet, meeting demand, and international exports. steel is a global game and every facility of ours ...




'save the constitution' campaign: rahul gandhi, amit shah exchange barbs

congress president rahul gandhi on monday faulted prime minister narendra modi and his four-year-old government at the centre for remaining silent when atrocities are perpetrated on dalits and small girls are raped, which has brought disrepute to india on the world stage. speaking at the launch of his party’s ‘save the constitution’ campaign here at talkatora stadium, gandhi pointed to international monetary fund (imf) chief christine lagarde's appeal to the pm to ensure security of women in india. the congress president said the country had not suffered such embarrassment in the last 70-years — not when jawaharlal nehru, pv narasimha rao, atal bihari vajpayee or hd deve gowda, or others, were prime ministers. the meeting, organised ...




tcs market cap breaches $100 billion mark, ahead of rival accenture

as india’s largest software company tata consultancy services (tcs)’s market cap surpassed the $100 billion mark, the street is seeing value in the company’s organic growth plans. tcs saw its stock price soaring to a record high of rs 3,557 on monday on the bse following better than expected q4 results posted last week. although tcs’ market value on a closing basis slipped to $98.1 billion, it is still more valuable than its us-listed rival accenture, which, according to bloomberg, was valued at $98 billion. the only other indian company to breach that mark has been mukesh ambani-led reliance industries, which broke the $100 billion barrier in 2007. it is now valued at about $89 billion. while investors have spent a fe...




no objection if jessica killer manu sharma released from jail: sabrina lal

l-g to decide manu sharma's fate, not...




news digest: essar steel sale, flipkart-walmart deal, tcs m-cap, and more

essar steel sale: lenders may give time to arcelor, numetal to rectify bids the committee of creditors (coc) for essar steel will meet on tuesday to take a call on the bids after thursday’s order by the ahmedabad bench of the national company law tribunal (nclt). sources close to the development said, ahead of the coc meeting, major lenders of essar steel met on monday to thrash out a strategy for the meeting. read more...it will be very hard to push jsw steel to number two: sajjan jindal sajjan jindal, chairman of the $12-billion jsw group, talks to pavan lall on how he sees jsw steel’s future and the possibility of his company not being the number one steelmaker and why he simply refuses to go in for acquisitions at any price...




karnataka election: bjp workers protest against amit shah; top developments

the bjp on monday released the fourth list of seven candidates for the may 12 elections to the 224-member karnataka assembly. according to a list finalised by bjp's central election committee, g r pravin patil will contest from bhadravati while jaggesh will be party's candidate from yeshvanthapura. the party has fielded lallesh reddy from b t m. layout assembly constituency, h lilavathi from ramanagaram, nandini gowda kanakapura, h k suresh from belur and j preetham gow from hassan. with this, the bjp has announced 220 candidates leaving names of four candidates. earlier today, yeddyurappa at a rally in mysuru announced that his son will not be contesting from varuna seat against siddaramaiah's son yathendra, as projected earlier. ...




nclt asks bhushan steel creditors to consider liberty house bid

the national company law tribunal (nclt) on monday asked the lenders of bhushan power & steel, led by pnb, to consider the bid submitted by uk-based liberty house for the debt-ridden company. allowing the plea of liberty house, the tribunal has directed the committee of creditors (coc) to complete its resolution proceedings by june 23. a two-member nclt bench, headed by president justice m m kumar, said that liberty house bid cannot be disqualified only on the ground of being submitted after the deadline of the resolution professional (rp). "we hope that coc takes an appropriate commercial decision as per the insolvency and bankruptcy code (ibc)," said nclt. the tribunal's order came over a petition filed by liberty house, cha...




sheena bora murder case: fear for my life: indrani mukerjea tells cbi court

one of the prime accused in sheena bora murder case, indrani mukerjea on monday told the special central bureau of investigation (cbi) court that she fears for her life. "i fear for my life, i have not given my statement to ig prisons. i confirm that i have not spoken to anyone," mukerjea told the court. this statement from indrani comes two weeks after she was hospitalised in jj hospital for an alleged drug overdose.mukerjea has been lodged in mumbai's byculla jail for killing her daughter, sheena bora. 24-year-old sheena was abducted and killed on april 24, 2012, allegedly over a financi...




martin sorrell's exit from the ad industry sets off questions about future

it came as a shock to madison avenue in the late 1980s when a british financial whiz named martin sorrell came for two pre-eminent american advertising agencies, embarking on hostile takeovers of j walter thompson and the ogilvy group on his way to forging a global empire. almost three decades later, sorrell was again at the centre of another earthshaking moment for the industry. a little over a week ago, wpp announced that sorrell had abruptly resigned as chief executive, a position that, he told ken auletta of the new yorker last year, he intended to keep “until they shoot me.” sorrell’s exit would be a big deal in the ad and media worlds at any point—the bombastic 73-year-old known as sir martin was one of england’s...




cji dipak misra impeachment motion: vp venkaiah naidu begins consultation; top updates

rajya sabha chairman m venkaiah naidu on monday rejected the unprecedented notice by seven opposition parties led by the congress to impeach cji dipak misra on five grounds of "misbehaviour", saying the allegations were neither "tenable nor admissible". but the order by the vice president that came two days after the opposition parties launched the impeachment bid was slammed as "hasty" by the congress, sparking a war of words with the ruling bjp. the notice was dismissed at the preliminary stage of the multi-step impeachment process. the order, which said that the notice of motion does not deserve to be admitted, also drew a mixed response among the legal fraternity. it was given shortly before the supreme court reassembled after the w...




market borrowings by states decline 5.6% to rs 3.6 trillion in fy18

market borrowings by the state government fell by 5.6 per cent in 2017-18 to rs 3.61 trillion compared with rs 3.82 trillion in fy17 as the cost of borrowing shot up. maharashtra borrowed the most at rs 425 billion which was six per cent higher than what it borrowed in fy17. next to maharashtra was uttar pradesh (rs 386 billion) and tamil nadu (rs 360 billion). a report by care ratings says the cost of borrowings witnessed in fy18 as against the previous fiscal. the average yield on state development loans (sdl) stood at 7.6 per cent in fy18, six basis points higher than that of fy17. in march 2018, 25 states raised funds by way of sdls amounting to rs 412.6 billion. the amount was eight per cent lower than the previous month. aver...