Business and Economy

Wednesday, February 21, 2018Rotomac owner, son being questioned in Delhi

New Delhi, Feb 21 : The CBI on Wednesday said Rotomac owner Vikram Kothari and his son Rahul were at its headquarters here and were still being questioned in connection with a Rs 3,695 crore loan default case.

A senior Central Bureau of Investigation (CBI) official told IANS: "Kothari and his son (Rahul) arrived in Delhi on their own. Thus they are being questioned here."

This was the third


Wednesday, February 21, 2018Markets open on in green on Wednesday

Mumbai, Feb 21 : The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade.

The Sensex of the BSE after opening at 33,813.83 points, touched a high of 33,91.36 points and a low of 33,813.33 points.

On Tuesday the Sensex closed at 33,703.59 points.

The Sensex is trading at 33,858.21 points up by 154.62 points or 0.46 per cent.


Wednesday, February 21, 2018CBI arrests PNB General Manager in $1.8 bn fraud case

Mumbai, Feb 21 : The CBI on Wednesday said that it has arrested a General Manager rank officer of the Punjab National Bank in connection with the Rs 11,300 crore fraud case.

"Rajesh Jindal, who was holding the charge of Brady House Branch Head between August 2009 and May 2011 was arrested on Tuesday night from Mumbai," a CBI official said.

It was during Jindal's tenure at the Brady House t


Tuesday, February 20, 2018Fitch places PNB on 'Rating Watch Negative', may downgrade

New Delhi, Feb 20 : Fitch Ratings has placed Punjab National Bank's (PNB) Viability Rating of 'bb' on Rating Watch Negative (RWN), following the $1.8 billion fraud detected in the bank, an official statement said here on Tuesday.

Fitch clarified that it would resolve the Rating Watch once more clarity emerges on the extent of control failures and the impact on PNB's financial position.



Tuesday, February 20, 2018SC to hear on bank top brass' role in PNB scam

New Delhi, Feb 20 : The Supreme Court will hear on Friday a plea for probe into the role of the top management of Punjab National Bank in the Rs 11,300 crore scam allegedly involving jeweller Nirav Modi and others.

A bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud on Tuesday agreed to hear the plea by lawyer Vineet Dhanda.

Dhanda also sought directio


Tuesday, February 20, 2018Key Indian equity indices open flat

Mumbai, Feb 20 : Key Indian equity indices traded on a flat note on Tuesday with marginal upward movement in both the indices.

The wider Nifty50 of the National Stock Exchange (NSE) traded at 10,392.90 points, up 14.50 points or 0.14 per cent from the previous close.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,913.94 points, traded at 33,843.41 points (9.2


Monday, February 19, 2018ED raids Gitanjali jewels outlets in Kolkata, seizes gems and jewelry worth over Rs 7 crore

Kolkata, Feb 19 : The Enforcement Directorate (ED), which is investigating Gitanjali Group promoter Mehul Chokshi's involvement in the Rs 11500 crore fraud in the PNB in Mumbai in connivance with Nirav Modi, has seized gems and jewellery worth over Rs 7 crores from different locations in this metropolis, official sources said today.

The ED sleuths in five/six groups fanned out at different par


Monday, February 19, 2018I should pay significantly higher taxes: Bill Gates

New York, Feb 19 : Microsoft founder and billionaire Bill Gates has said that he should paymore in taxes and that the government should require other super-wealthy people like him to contribute "significantly higher" amounts.

"I need to pay higher taxes," Gates, who is worth over $90 billion, said in a CNN interview on Sunday.

"I've paid more taxes, over $10 billion, than anyone else, but t


Monday, February 19, 2018PNB fraud fallout: CBI seals Brady House Branch in Mumbai

Mumbai, Feb 19 : The CBI on Monday sealed the Brady House Branch of the Punjab National Bank as multiple probe agencies continued with their probe into the Rs 11,515 crore fraud, according to officials.

The Central Bureau of Investigation pasted an official notice outside the branch in Fort -- the bank's flagship lending window in Mumbai and its second largest national outlet.

All have been


Monday, February 19, 2018Key Indian equity indices open lower

Mumbai, Feb 19 : Key Indian equity indices on Monday opened on a lower note as investors booked profits in metals, capital goods, oil and gas, and banking stocks.

At one point, the BSE Sensex dropped over 100 points.

Around 9.20 a.m., the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,053.95 points, traded at 33,919.33 points -- down 91.43 points or 0.27 per cent


Sunday, February 18, 2018Gujarat likely to hike excise duty on liquor by 50% to 100%

AHMEDABAD: Brace up for paying more for liquor in dry Gujarat. After tightening liquor laws, the state government has now trained its guns on hiking excise duty on liquor to discourage people from consuming alcohol.

Sources close to the development said that the Gujarat government is likely to increase excise duty on liquor sold from the official permitted shops by 50% to 100%.



Sunday, February 18, 2018PM Modi to inaugurate UP investors' meet on Feb 21

Lucknow, Feb 18: Focusing to change the image of the state and make it an investor-friendly destination, the BJP government in Uttar Pradesh would hold biggest-ever mega two-day event `UP Investors summit’ here to interact with the industrialists and investors from February 21.

Prime Minister Narendra Modi will inaugurate the event on February 21 morning and President Ram Nath Kovind will atte


Sunday, February 18, 2018Global cues, direction of funds to impact market movement

Mumbai, Feb 18:Apart from developments on the domestic front, the Indian equity markets would seek direction from global markets during the coming week, said market analysts.

"With the results season almost over, all the focus will continue to remain on the global cues," Arpit Jain, AVP at Arihant Capital Markets, told IANS.

"Last week, the Dow Jones increased by 4.5 per cent and recovere


Sunday, February 18, 2018Struggling LeEco plans smartphone with 18:9 aspect ratio: Report

Beijing, Feb 18: Troubled Chinese company LeEco is reportedly gearing up to launch a smartphone with a 18:9 aspect ratio design.

Images of LeEco's new full-screen device have been spotted on China's social media website Weibo.

"With a full-screen design, it is said to go by the name 'Le X'," tech website GizmoChina reported.

The device was also seen with curved edges at both the front an


Sunday, February 18, 2018PNB fraud: Assocham calls for privatising PSBs

New Delhi, Feb 18: In light of the massive Rs 11,300 crore ($1.8 billion) scam allegedly involving jeweller Nirav Modi that has hit state-run Punjab National Bank (PNB), industry chamber Assocham said on Sunday that the government should surrender its majority control of banks, which should be allowed to function like private sector lenders.

In a regulatory filing earlier this week, PNB said i


Saturday, February 17, 2018Double taxation avoidance agreement to give fillip to India, Iran trade

New Delhi, Feb 17 : Enforcement of the double taxation avoidance agreement and extension of preferential tariff would give a fillip to trade and investment between Iran and India , Masoud Karbasian, Minister of Economic Affairs and Finance, Iran said here on Saturday.

Karbasian was addressing an interactive meeting with Indian and Iranian business leaders, organised by the Federation of Indian


Saturday, February 17, 2018 JK spends Rs 2,000 cr annually on import of meat, poultry

Jammu, Feb 17 : Jammu and Kashmir is spending about Rs 2,000 crore annually to import meat and poultry, Governor N N Vohra has said and called for concerted efforts to make the state a net exporter of these products.

The states import bill for meat, poultry and eggs is approximately Rs 2,000 crore per annum and both the Sher-e-Kashmir University of Agricultural Sciences and Technology (SK


Friday, February 16, 2018Key Indian equity indices open in green

Mumbai, Feb 16 : Key Indian equity indices opened on a higher note on Friday.

The wider Nifty50 of the National Stock Exchange (NSE) traded higher by 45.75 points or 0.43 per cent at 10,591.25 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,411.24 points, traded at 34,463.39 points (9.28 a.m.) -- up 165.92 points or 0.48 per cent -- from its previous s