The Chennai-based company, which makes automotive components, has reported a six fold increase in its standalone net profit for the third quarter ended December 31, 2016Rs. 47.93 crore against Rs. 7.51 crore.
During the quarter, the company had made an investment of $1 million in one million equity shares of Sundaram Holding USA Inc., according to a BSE filing.
2. PSU banks to join BHIM by February-end
“The gap in the number of app downloads and the number of customers linking the app to their bank account has been because it is observed that most of these customers have downloaded BHIM without checking if their bank is active on the platform”.
3. ‘India economy could pip U.S. on PPP by 2040’
According to PwC, E7 economies comprising Brazil, China, India, Indonesia, Mexico, Russia and Turkey would grow at an annual average rate of almost 3.5% over the next 34 years, compared to just 1.6% for the advanced G7 nations of Canada, France, Germany, Italy, Japan, the U.K.
To become the world’s largest economy in Public-private partnership terms, while India currently stands in third place and is projected to overtake the U.S.
4. Japan eases permanent visa norms to draw global talent
The new ‘Japanese Green Card for Highly Skilled Foreign Professionals’ will substantially reduce the period of stay required before highly skilled foreign professionals can apply for permanent residence from the current five years to just one year in cases where the applicant secures the required points.
5. Rajiv Singh takes over as acting CEO of Prasar Bharati
Member (Finance) in Prasar Bharati Rajiv Singh today took over as the acting CEO of the countrys public service broadcaster.
Singh has taken over as per a resolution of the Prasar Bharati Boards Resolution taken on January 14 in a meeting in Hyderabad.
Suresh Panda, Member (Personnel), who was the acting CEO retired 5th Feb 2017.
6. Amend on bilateral taxation treaty, agreed by India and Austria
The protocol will broaden the scope of the existing framework of exchange of tax related information which will help curb tax evasion and tax avoidance between the India and Austria
It will also enable mutual assistance in collection of taxes, an official statement said.
1.A P Singh appointed interim head of India Post Payments Bank
The Union Government has appointed A P Singh as the interim Managing Director and CEO of India Post Payments Bank (IPPB), floated by the postal department.
He is a 1986 batch Indian Postal Service officer.
He was the joint secretary of the Department of Investment and Public Asset Management and has served as the deputy director general in charge of financial inclusion and payment systems in the founding team of UIDAI.
2.Cabinet approves Udaan scheme till 2019-20
• Udaan provides exposure to the youth of Jammu and Kashmir to the best of corporate India
• 67 leading corporates have partnered with National Skill Development Corporation (NSDC) under Udaan with a commitment to training youth from the state covering Organised Retail, Banking, Financial Services, IT, ITES, Infrastructure, Hospitality etc.
3.Alibaba’s financial arm acquires MoneyGram
• “The acquisition of MoneyGram is a significant milestone in our mission to bring inclusive financial services to users around the world.”
• Eric Jing, chief executive officer of Ant Financial Services Group in a statement last night.
4. Sebi cautions investors against unauthorised fundraising
• Sebi has cautioned investors against unlisted firms issuing securities without complying with the market norms.
• It advised investors to ensure that the companies seeking to raise funds have filed offer documents or applications with stock exchanges for listing.
5. Metal prices to climb in 2017: World Bank
• “Metal prices are projected to increase by 11 percent in 2017 due to tightening markets for most metals.
• “The largest gains are expected in zinc (27 percent) and lead (18 percent) due to mine supply constraints brought on by permanent and discretionary closures.
• Double-digit gains are also expected for copper, nickel, and tin.”
1. Investors brace for transaction tax hike, less friendly Budget
Negative impact by lowering corporate tax rates, mitigating note ban impact.
Investors in India are bracing for higher taxes and fewer incentives from the government’s annual Budget on February 1, as the focus shifts to wringing out revenues to finance giveaways and higher public investment.
General anti-avoidance rule (GAAR) is an anti-tax avoidance Rule of India.
2. US economic growth slows to 1.9% in Q4; weakest in 5 years
Steady consumer spending and rising business investment.
US economic growth slowed sharply in the fourth quarter as a plunge in shipments of soybeans weighed on exports, but steady consumer spending and rising business investment suggested the economy would continue to expand.
Accumulated inventories at this rate in the last quarter.
3. ‘Desh’ to set up India’s largest start-up incubator at Hubballi
Incubator in Hubballi will be sector-agnostic
The Deshpande Foundation, the philanthropy arm of Silicon Valley entrepreneur Gururaj ‘Desh’ Deshpande, will launch the country’s largest start-up incubation centre here (earlier Hubli), alongside the new campus of information technology giant Infosys.
To be opened this September and able to seat 1,200 people at any point.
4. L&T Q3 net up 39% at Rs 972 cr, co says note ban ‘a disruptor’
The infrastructure conglomerate’s total is Rs 26,286.98 crore.
Larsen & Toubro (L&T), has reported a 38.85 per cent jump in its consolidated net profit at Rs 972 crore for the December quarter.
The company has said that the government’s “cashless economy” efforts have caused .”disruption” and its impact on business is yet to be assessed.
Larsen & Toubro
Indian MNC that is into technology, engineering, construction, manufacturing and financial services.
5. Kyocera introduces new washable smartphone in Japan
Japan-based Kyocera has introduced a new “rafre”
Japan-based Kyocera has introduced a new “rafre” washable smartphone that features resistance to hot water and a touchscreen that be can be used even when the user’s hands are wet or when wearing gloves.
Tata Steel to buy Brahmani River Pellets for Rs. 900 crore
To reduce costs at its Kalinganagar steel unit in Odisha.
Tata Steel will acquire 100 per cent equity in Odisha-based Brahmani River Pellets (BRPL) for an enterprise value of Rs.900 crore in a bid to secure raw material and reduce costs at its Kalinganagar steel unit in Odisha.
The Kalinganagar plant started commercial production.
NSE to introduce new interest rate futures
(IRF) contracts from December 30 on six-year government bonds.
The exchange said in a circular that the National Stock Exchange (NSE) will introduce new interest rate futures (IRF) contracts from December 30 on six-year government bonds maturing in 2022.
Percentage of IRF new interest rate.
Japan drags India to WTO on steel imports issue
Disputes between India and Japan.
Japan has dragged India to the World Trade Organisation (WTO) against certain measures taken by New Delhi on imports of iron and steel products.
the WTO has said that Japan notified the WTO Secretariat that it had requested dispute consultations with India in the dispute ‘India—Certain Measures on Imports of Iron and Steel Products
Minimum import price (MIP)
India imposed MIP of 173 products for six months.
Centre rules out wheat imports
Tight supply of wheat in the domestic market
Amid tight supply of wheat in the domestic market, Food Minister Ram Vilas Paswan ruled out the possibility of import of the grain on government account saying there is adequate buffer stock to meet the requirement under the Public Distribution System (PDS).
Tonnes of foodgrains owned by Food Corporation of India.
Cipla’s inhaler Sereflo gets U.K. regulatory nod
Inhaler used to treat asthma
Pharmaceutical firm Cipla’s inhaler ‘Sereflo’, used for treatment of asthma, has received final approval from the U.K. Medicines and Healthcare products regulatory agency (UKMHRA)
The company’s metered dose inhaler product, Sereflo (Fluticasone and Salmeterol) has been given final approval by the U.K
Generic equivalent to GlaxoSmithKline’s Seretide inhaler.
ONGC to buy 80% in GSPC’s KG block for $995 mn
80% stake in debt-laden Gujarat State Petrochemicals Corporation’s KG
State-owned Oil and Natural Gas Corporation (ONGC) said it would acquire 80 per cent stake in debt-laden Gujarat State Petrochemicals Corporation’s KG basin gas block for $995.26 million.
Under the deal, ONGC will also acquire operatorship of the block KG-OSN-2001/3 in Krishna Godavari (KG) Basin offshore.
The Goods and Services Tax Council has moved closer to finalising the Central and State GST laws during the seventh meeting of the Council, even as the issue of cross empowerment will come up for discussion.
Remains a sticking point in the GST Council.
Grundfos to foray into new geographies in India
To introduce hot water re-circulation pump market
Denmark-based water pump maker Grundfos, as part of its growth plans in 2017, would foray into ‘new geographies in the domestic market’ and by introducing new products.
The company was also mulling growth by exploring opportunities in ‘hot water re-circulation pump market’ and also in the area of recycling sewage water.
Grundfos India Managing Director.
Zicom bags contract for securing 6,000 ATMs
(ATMs) with e-surveillance systems
Banks are securing their automated teller machines (ATMs) with e-surveillance systems, a shift from the practice of deploying guards, for enhanced safety, reliability as well as reduced costs.
In the first phase, 20,000 ATMs have been taken up by both private and public sector banks, including SBI, HDFC, Axis, ICICI and PNB.
Pramoud V Rao
Managing Director of Zicom Electronic Security Systems Ltd.
Tatas eye consolidation in infra, defence and financial sectors
Future growth platform are in focus.
Tata Sons, the $103 billion salt-to-software conglomerate is planning to consolidate many of its businesses to create power houses in the respective areas of infrastructure, defence, consumer services and financial services as future growth platforms.
Tripura to go for cashless payment system in public transactions
System comes to effect from from New Year
Tripura Government has decided to go for cashless payment system in all public transactions from New Year and the process has started for opening of bank accounts including RuPay cards for the estimated 20 per cent people who have no bank accounts so far.
Agartala government medical college & hospital
Indira Gandhi Memorial hospital
Tripura medical college and hospital
Trump calls on US to greatly strengthen and expand its nuclear arsenal
BSNL to start 1900 access points of WiFi hot spots in Assam
300 new mobile exchanges are being set up
The BSNL is planning to start 1900 access points of WiFi hot spots in Assam and 300 new mobile exchanges are being set up in the State. Chief General Manager of BSNL (Assam circle) MK Seth said that BSNL will also increase number of towers from 100 to 200 in Guwahati and 50 to 100 in Silchar.
BSNL Mobile App.
BSNL will also launch a mobile app with the SBI for cashless transaction.
Notes ban: I-T detects Rs 3,590 crore un-disclosed income
93 crore rupees in new notes have been seized country-wide.
The Income Tax Department has detected over 3,590 crore rupees of un-disclosed income while more than 93 crore rupees in new notes have been seized as part of its country-wide operations against black money hoarders post the demonetisation of two high value currencies by the government.
215 cases has been referred to the Enforcement Directorate
185 cases to the CBI.
Amul all set to invest in Bengal.
200Cr on ‘Centralised Milk Processing Plant’ at Sankrail Food Park.
Amul, a brand owned by Kaira District Cooperative Milk Producers’ Union is all set to invest in Bengal with a ‘Centralised Milk Processing Plant’ at Sankrail Food Park in Howrah.
The project is worth about 200 crore rupees. Work on the plant would start in 2017 and is expected to be completed by 2018 end.
Rank 1 in product around the world.
Income Tax dept identifies potential non-filers
67.54 lakh potential non-filers identified.
Income Tax Department has identified an additional 67.54 lakh potential non-filers who carried out high value transactions in 2014-15 but did not file return of income for assessment year 2015-16.
The Non-Filers Monitoring System (NMS) was initiated by CBDT, the policy making body of the Department, for identification of non-filers with potential tax liabilities.
Created e-filing portal for non-filers.
Income Tax Dept warns taxpayers :
Warning for sharing user ID, password
The Income Tax Department has warned taxpayers against sharing their user ID and password with any unauthorised person, saying they too will be liable to face consequences for misuse of their confidential information.
I-T Act change to help small firms move to e-payment
Reduce the rate of deemed profit from 8 to 6%.
The Centre will amend the Income Tax Act in Budget 2017 to reduce the rate of deemed profit from 8 to 6 per cent for small firms with a turnover of less than Rs.2 crore who receive their payments electronically.
Rate of deemed income in electronic form.
My fight is for governance, not position within the Tata Group
Decided to take the legal route in his fight
Mistry said that the court cases will be for making sure that at all levels, governance and rights of all the shareholders including minority are well protected.
He added he is looking at different forums for making sure that happens. But the legal forum is one of the largest forums.
Mistry and his family associated with Tata group.
Eliminate digital payment costs to sustain cashless push: TRAI chief
Costs associated with digital payments to be eliminated
Telecom Regulatory Authority of India (TRAI) Chairman Ram Sewak Sharma said that people will go back to cash payments unless costs associated with digital payments are eliminated and the present exemptions from charges on cashless payment are not continued beyond March 31.
Ram Sewak Sharma
Chairman of TRAI.
RBI sets one-time limit for big deposits of old notes
Explanation willbe sought for any cash deposit of over Rs. 5,000
Eleven days before the window to deposit the withdrawn Rs. 500 and Rs. 1,000 currency notes is to close, the Reserve Bank of India (RBI) has placed restrictions on deposits exceeding Rs. 5,000, using these notes.
Not Applicable for:
Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana.
Celebrating demonetisation with a ‘sari-for-a-rupee’ offer in Bidar
Police step in to regulate crowds flocking to the shop in the market
A small cloth shop owner in Bidar, Karnataka, claims to promote demonetisation with his own scheme: for two days he has sold saris at a rupee each, the only condition being that the payment has to be made with a Re. 1 note. No coins.
1 Rupee saree.
Payment has to be made with a Re. 1 note. No coins.
EPF rate slashed to 8.65 per cent, a seven-year low
It will impact about 17 crore workers
In a move that will impact about 17 crore workers, the Central Board of Trustees of the Employees Provident Fund Organisation (EPFO) reduced the interest rate payable on their PF savings for this financial year to 8.65 per cent, as against 8.8 per cent in 2015-2016.
Minister of State for Labour who chairs the EPF board.
Amazon, the world’s largest online retailer, unveiled in India its streaming video service that could give tough competition to Netflix and home-grown entertainment platforms like Hotstar.
It would also stream U.S. TV shows, kids programmes and Amazon Original Series such as “Transparent”, “Mozart in the Jungle” and “The Man in the High Castle.”
Amazon TV shows
Mozart in the Jungle
The Man in the High Castle
Majority of Indian corporates not disaster-ready
Lack of foresight and planning is major cause
Ninety-six per cent of the corporates in India agree that most the losses from a disaster occur as a direct result of damage to the built environment, lack of foresight and planning, according to a survey by real estate consulting firm CBRE.
Per cent of the respondents agreed for periodic audits.
Indians still fancy gold, land, says study
Gold accounted for 49.83 per cent share among physical assets
The total wealth held by individuals in India rose 8.5 per cent to Rs.304 lakh crore in the financial year and is expected to further increase over the next five years.
Gold accounted for 49.83 per cent share among physical assets.
Goods & Services Tax (GST).
Real Estate (Regulation and Development) Act.
2016 turns third ‘richest’ year for IPOs
The year 2016 was the third-best since 1989 for initial public offers (IPOs)
The year 2016 was the third-best since 1989 for initial public offers (IPOs) in terms of total funds raised, even though the number of public issues was far less compared with many of the earlier years.
2016 Financial year
Best year in total fund raising.
IRCTC to get back control over on-board catering
Railway board to handover catering policy
The Union government has proposed scrapping the catering policy of the previous government by giving back control over catering services in trains to the Indian Railway Catering and Tourism Corporation (IRCTC) from the railway board.
Operating catering services on 49 pairs of trains.
Railways mulls exclusive suburban tracks
New rail tracks for suburbs
Indian Railways may soon build exclusive rail tracks for suburban trains in a bid to ease congestion.
The Railways will partner states through a special purpose vehicle (SPV) for suburban train systems.
State will bear the cost of:
leasing of railway land
resettlement and rehabilitation.
Legislation on GST may miss Winter Session
Roll-out of the GST will not be tabled in the Winter Session
The four pieces of legislation required to be passed by Parliament for the roll-out of the Goods and Services Tax will not be tabled in the Winter Session as the sixth meeting of the Goods and Services Tax Council failed to reach a consensus while meeting has been shifted to December 22-23.
The sixth meeting of the Goods and Services Tax Council.
It is time to leave the history of coal behind
Natural gas is 50% cleaner on emissions than coal
Strict emission standards, an enabling regulatory framework, and a high price on carbon are some of the key ways India can boost its natural gas sector, according to the International Gas Union, a non-profit organisation comprising natural gas majors from around the world.
Coal mining in India
Began in 1774 when John Sumner and Suetonius Grant Heatly.
Urbanising India needs sustainable solutions: Otis
Otis Elevator Company, the world’s leading manufacturer of elevators
Otis India, the subsidiary of Otis Elevator Company, the world’s leading manufacturer of elevators, escalators and walkways, has entered the high-volume elevators market for affordable housing by introducing energy-efficient elevators in the Indian market.
Otis new order
I-T eyes more raids, to redeploy tax sleuths
DGs asked to allocate officers to the investigation wing
The Income Tax department is strengthening its investigation arm to probe into the unusual banking transactions and deposits witnessed in the last one month and to help ferret out unaccounted wealth including the new currency notes by conducting raids on suspected persons across the country.
December 30, 2016
The window for depositing old notes ends.
IT sector wants steps for ease of doing business, boosting industry
To boost domestic manufacturing
IT hardware and software industries sought measures to promote ease of doing business and incentives to boost domestic manufacturing.
During pre-budget consultations with Finance Minister Arun Jaitely, IT hardware manufacturers’ body MAIT sought extension of duty differential scheme for laptops, notebooks and servers as well as rebate for consumer buying made in India products to push local manufacturing.
IT hardware manufacturers’ body.
SBI sells SBI Life stake to KKR, Temasek
Sold 3.9 per cent stake in SBI Life for Rs.1,794 crore.
State Bank of India sold 3.9 per cent stake in SBI Life for Rs.1,794 crore to Singapore sovereign fund Temasek and global private equity major KKR, valuing the life insurance firm at Rs.46,000 crore ahead of its plans to go public within a couple of years.
Bharti Airtel unveils fresh packs to counter Jio heat
Airtel came out with two prepaid offerings
Days after Reliance Jio extended its free services, Bharti Airtel came out with two prepaid offerings, including a Rs.145 pack, that will offer free unlimited local and STD calls along with 4G data.
While Airtel’s Rs.145 pack offers 300 MB 4G data along with free unlimited Airtel-to-Airtel local/STD calls.
145 Pack – 300MG Data free Airtel to Airtel calls
345 Pack – 1GB unlimited local/std calls.
Cash woes hit vehicle sales, biggest slump in 43 months
Industry sees no change in sales estimates for the year
The total vehicle sales across categories has seen a decline of 5.48 per cent at 15.63 lakh units during the month.
It is the steepest decline in 43 months.
Motorcycle – 10.21 per cent to about 7.78 lakh units.
scooter – 1.85 per cent to more than 3.88 lakh units.
Simpler USSD for digital payments on the anvil
Committee formed to push digital payments
The Chief Ministers’ Committee formed to push digital payments will submit its interim report to the Centre in the next two-three days, Andhra Pradesh Chief Minister Chandrababu Naidu, who is also the Convener of the Committee.
13-member Committee formed.
Raymond to promote Khadi as fashion garment
(KVIC) has entered into an agreement with Raymond Ltd.
Khadi & Village Industries Commission (KVIC) has entered into an agreement with Raymond Ltd. to promote Khadi as a fashion garment in India and abroad.
In a first-of-its-kind initiative, Raymond will source Khadi fabric from artisans and market the products after value-addition.
Name given to khadi products by Raymond.
U.S. FDA makes observations on Sun’s Halol facility
U.S. health regulator made nine observations
Drug major Sun Pharmaceutical Industries on Thursday said that the U.S. health regulator made nine observations after completion of an inspection of its Halol facility in Gujarat.
The United States Food and Drug Administration (USFDA) inspected the Halol facility from November 17, 2016 through December 1, 2016, Sun Pharma said in a BSE filing.
Founder of Sun Pharmaceutical Industries.
Labour Ministry says kept in the dark .
EPF reform package for made-ups sector
The Union Cabinet’s decision to make employees’ contribution to Employees’ Provident Fund (EPF) optional in the made-ups sector took the Union labour ministry by surprise as officials said they had not been consulted on the matter.
Ten-fold rise in merchant demand for PoS devices, says Mastercard
POS sale risen.
The Centre’s decision to demonetise high value currency notes has increased merchant demand for Point of Sale (PoS) devices ten-fold, and has resulted in a significant change in consumer behaviour, according to Mastercard.
ATM’s and POS in India.
1.4 million PoS devices.
India, Russia eye reversing gas flow to China
India is in early talks with Russia to swap natural gas
India is in early talks with Russia to swap natural gas with China and Myanmar as an alternative to building the world’s most expensive pipeline costing close to $25 billion.
The two nations had in October signed an initial pact for building a 4,500 km to 6,000 km long pipeline from Siberia to the world’s third-biggest energy consuming nation.
Top 3 coal exporters
ED issues summons to AirAsia India for FEMA violations
Foreign Exchange Management Act
The Enforcement Directorate has registered a case against AirAsia India for alleged violations of the Foreign Exchange Management Act (FEMA) regulations and issued summons to officials of the airline.
The agency started a preliminary investigation after taking cognisance of the allegations made in a Deloitte report, corporate governance issues raised by Cyrus Mistry and an article written by BJP leader Subramanian Swamy.
Inflows into Jan Dhan slow
Decrease in the inflow of funds in Jan Dhan accounts.
The Centre has announced that there has been a considerable decrease in the inflow of funds in Jan Dhan accounts.
Between November 8 and 15, the total deposits received in Jan Dhan accounts was Rs.20,206 crore while in the second week, November 16 to 22, it declined to Rs.11,347 crore. The third week saw just Rs.4,867 crore being deposited into these accounts
The average per account deposit in Jan Dhan accounts.
Centre mulls licensing for ‘other tobacco items’
Tobacco related items under the ambit of compulsory
Commerce and Industry Minister Nirmala Sitharaman has said that the proposal to bring the manufacture of ‘other tobacco products’ such as khaini, tobacco blended pan masala, hookah or gooduku tobacco, zarda, bidis and other chewable/eatable tobacco related items under the ambit of compulsory licensing is under consideration to address public health issues.
Rural India hit most by cash crunch
On an average, a rural bank account received just Rs.350 of new notes
Rural India has been severely hit by the lack of cash in circulation since the government’s decision to demonetise high-value currency notes.
Illustrating this, Regional Rural Banks (RRBs) with 25 crore accounts across the country received just about Rs.8,000 crore of fresh currency from November 10 to November 30.
Withdrawal limit for farmers per week.
CM in mission mode for Haritha Keralam
CM ambitious about multi-dimensional development project
Chief Minister Pinarayi Vijayan appears to have got into mission mode to ensure the success of Haritha Keralam, his government’s first ambitious multi-dimensional development project to be launched since assuming power.