Goyal now deals with financing, Smriti Irani without I & B
In a larger Cabinet Modi, Union Rail Minister Piyush Goyal will now transfer the additional responsibility for the Ministry of Finance until Arun Jaitley recovers from a Prime Minister's kidney transplant. Smriti Irani, who had paid extra for the Ministry of Information and Broadcasting, has been stripped and will now only look after the Ministry of Textile. Minister of Sport Rajyavardhan Singh Rathore was appointed as an independent Minister of State in the I & B Ministry. The Minister of State of the Union, S. Ahluwalia, was released from his allegation of the Ministry of Drinking Water and Sanitation and received the Ministry of Electronics and Information Technology as the successor to Alphons Kannanthanam, who continues to be Minister of State for Tourism.
Karnataka results are published today
The vote count in 222 constituencies in Karnataka on May 1
Resurgence of oil price by oil price
The state oil companies raised prices for gasoline and diesel once the vote in Karnataka was completed. Petrol and diesel prices have been increased by 17 paise and 21 paise, respectively, and the price revision has continued after a 19-day stop before the vote in Karnataka. In the international market, Brent crude LCOc1 rose 0.2% to $ 78.38 a barrel, close to $ 78.53, marking the 3½-year high on Monday. US crude oil futures CLc1 rose 0.15% to $ 71.07 a barrel, reaching $ 71.89, the highest since November 2014 on Thursday.
No units or offices in India, but the MNUs have struck taxes
The eagerness of the I-T Division to generate additional revenue continues. A US-based multinational without a subsidiary or representative office in India received a letter by mail asking it to file a tax return for the 2011/12 assessment year. Tax experts said many companies had received similar notifications because they had not filed tax returns. This could also lead to problems in meeting transfer pricing if the payer in India is a related party like a subsidiary. The recent budget change allows the authorities to initiate criminal proceedings because they do not file tax returns. This has worried many multinational companies.
RBI pays Deposit, Lending Curbs on Allahabad Bank
The Reserve Bank has imposed restrictions on Allahabad Bank's lending of risky assets and the introduction of high-cost deposits in the face of deteriorating financial health , The directive was issued within a few days after RBI imposed similar restrictions on another state-owned lender, Dena Bank, which is under the immediate corrective action of the Central Bank (PCA). Meanwhile, the government said it has taken action to remove Ulasha Bank CEO Usha Ananthasubramanian after the CBI published its first bill in the $ 2 billion PNBN case in which it carried out its role. Ananthasubramanian was the CEO of PNB until May 5 last year.
Indians Send Maximum Money Back Home
With migrant workers sending $ 69 billion home in 2017, India was the largest remittance recipient country in the world, according to a report "RemitSCOPE – Referral Markets and Opportunities." – Asia and the Pacific: India ($ 69 billion), China ($ 64 billion) and the Philippines ($ 33 billion) are the world's three largest remittance countries in 2017. Pakistan ($ 20 billion) and Vietnam ($ 14 billion Around 70% of remittances to Asia and the Pacific come from outside the region, in particular from the Gulf States (32%), North America (26%) and Europe (12%).
Metals to Boost Stability in Business Outlook for 2018-19: Ind-Ra
The improvement in last year's profitability, mainly in the metal sector, is expected to keep firms' prospects stable for the new budget, but broad The recovery could take much longer, India ratings said. A rating agency report also said that although 2018-1919 EBITDA growth could range between 8% and 11%, headwinds from rising oil prices, higher commodity prices, higher interest costs and a devaluation of the rupee could limit expected growth.
YOU NEED TO KNOW
Capex of Indian companies is slowly making its comeback as Tata Steel, Ambuja Cements, Eicher Motors, Hero MotoCorp, Asian Paints, CEAT, Apollo Tires and Jubilant FoodWorks have announced investments of Rs 50,000 crore over the past four months. Jubilant FoodWorks, which paused its business expansion in the previous fiscal year, plans to open 75 new stores in FY19 after six-year growth of 26.6% in the quarter of March 2018.
Manipal Continues Sweets on Fortis Deal
The Manipal TPG Corporation yesterday revised its bid for Fortis Healthcare by pledging to invest in the profitable company at Rs 180 per share. This raises the valuation to 9.403 billion rupees. After Manipil-TPG, which made an offer to Fortis Healthcare Ltd for the first time, following the Munjal-Burmans combination's failure last week, said that for the purposes of the merger, a value of Rs 9,403 crore will be attributed to the FHL as part of its overhaul Offer.
DoT Nod on Airtel-Telenor merger
The Telecom Institute has approved the merger of Telenor India with Bharti Airtel, which will make the subscriber base of the Sunil Mittal-led firm almost twice as large as new Reliance Jio. The mobile subscriber base of the resulting unit will reach approximately 334 million while Jio has approximately 177 million subscribers.
SFIO sample ordered for 3 votes
The government has arranged an investigation by the Serious Fraud Investigation Office (SFIO) against Ruchi Soya, Sterling Biotech and the Chennai-based jewelry chain Kanishk Gold's crackdown on companies that bank have influenced. Ruchi Soya is facing bankruptcy, Ramdevs Patanjali is considered a champion to take over the ailing company with an offer of Rs 4,000-4,500 crore. The company faces claims of Rs 12,000 crore. Sterling Biotech and Kanishk Gold were named by CBI in two cases. In January, SBI CBI sought help to investigate Kanishk Gold for an alleged loan fraud of approximately Rs 825 crore.
Mercedes-AMG E63 S Review
"Even Long-Term FIIs Now Leaving India"
Retail Inflation Rises to 4.58%: Two separate records released by the government on Monday showed inflation Retail In April, they rose from 4.28% to 4.58%, while wholesale price inflation rose to a four-month high of 3.18% in April, compared to a rise of 2.47% in March.
Rupee Down: The contested rupee fell by 18 Pa.-Saiden and ended with a new 16-month low of 67.51 against the US currency due to strong dollar purchases and continued outflows Shares.
Bonds Down: Government bonds (G-Secs) fell under selling pressure from banks and corporates. The 7.17% 10-year benchmark bond maturing in 2028 fell from Rs 96.2475 to Rs 95.60 while its yield rose from 7.73% to 7.83%. The 6.68% government security maturing in 2031 fell from Rs 89.67 to Rs 88.90, while its yield rose from 7.95% to 8.05%. The 6.84% government certainty that matured in 2022 weakened from Rs 96.3850 to Rs 96.05, while its yield rose from 7.79% to 7.88%. The 6.79% Government Assurance maturing in 2027, the 8.27% Government Security due in 2020 and the 8.15% Government Security maturing in 2022 were also lower at Rs 92.92, Rs 101.44 and Rs 101,00.
Call Rates Up: Overnight call rates were 6.05% higher on Monday than the last Friday's closing price of 5.80%. It rose again to 6.00%, moving in a range of 6.05% and 5.75%.
Liquidity: Under the Liquidity Adjustment Facility, the Reserve Bank of India purchased securities totaling Rs.27,557 crore in 12 overnight repo auctions at a fixed rate of 6% on Monday morning While it sold securities worth Rs 33,950 crore in 86 bids at the 3-day reverse repo auction at a fixed rate of 5.75% as on May 11th.