May 26, 2018 03:25 IST New Delhi (India), May 26 (ANI): In order to promote new ideas and concepts for enhancements of Non-fare Revenue and improve passenger convenience on Indian Railways, Ministry of Railways has decided to introduce a New, Innovative Non-Fare Revenue Ideas (NINFRIS). The focus of this scheme will be on all new and innovative ideas and concepts that have not been tested before and have the potential to enhance NFR earnings.
The rupee and stock markets on Friday staged a strong comeback amid positive global cues and the decline in global crude oil prices. The domestic currency clocked its biggest single-session rally, surging by a whopping 56 paise to close at 67.78 against the US dollar. The 30-share BSE Sensex opened on a strong footing at 34,753.47 and maintained its upward trend to hit the day's high of 35,017.93.
Indian firms have lost on an average four per cent of their turnover to bribery and corruption, highest percentage across all regions globally according to a report on financial crime released by Thomson Reuters. This is significantly higher when compared to three per cent in Asia-pacific and 3.2 per cent globally.
The benchmark indices gained for a second day as investor sentiment improved following easing of the macro headwind. The Sensex rose 262 points, or 0.8 per cent, to 34,925, while the Nifty 50 index rose 91 points, or 0.9 per cent to 10,605. Short covering was broad-based across sectors, while some buying interest was seen in mid- and small-cap stock, Nair said. This, coupled with a further uptick in the US Treasury, has prompted investors to pull out from risky assets such as emerging markets.
Roads in Delhi are likely to be de-congested and its pollution problem might also get reduced with the opening of the Eastern Peripheral Expressway (EPE) and the first phase of Delhi-Meerut Expressway on Sunday by Prime Minister Narendra Modi. It was first conceptualised in 2006 to divert the outbound traffic, not destined for Delhi to de-congest and de-pollute the national capital, without entering Delhi. Commercial traffic passing through Delhi will get diverted to the EPE and thus it will help in substantial de-congestion.
Unhappy with projections for 2018-19 made by Punjab National Bank (PNB) in a presentation, the finance ministry has asked the fraud-hit lender to give another presentation with realistic numbers, sources said. Sources said the bank told the DFS it expected 15 per cent growth in credit in 2018-19. The bank also asked the ministry for a higher share of capital allocation under the second round of recapitalisation in 2018-19, sources said.
At a time when private and captive power producers are demanding an assured coal supply, the Centre has asked state-run Coal India Ltd (CIL) to make out-of-turn allotment of scarce coal to central and state electricity generation companies. This decision has been strongly opposed by captive power producers of private companies as they are already struggling with coal shortage. Private power generation companies are running on low plant load factors (PLFs) as compared with state-run generation companies.
Government-owned IDBI Bank's net loss widened to Rs 56.6 billion in the March quarter, on a sizable Rs 107.8 bn provision for bad loans. For the full year ended March 2018, the net loss is Rs 82.4 bn, against one of Rs 51.6 bn in 2016-17. Operating profit for the quarter more than doubled to Rs 23.6 bn, from Rs 10.4 bn in Q4 of 2016-17. Its provisioning for NPAs rose to Rs 107.7 bn, from Rs 60.5 bn in the same quarter of 2016-17.
State-run lender IDBI Bank reported loss for the sixth straight quarter even as the bank's management assured that most of the bad loans have been recognised and could turn to black after the second quarter of the current financial year. This is the second highest quarterly loss after Punjab National Bank, which posted 13,417 crore loss in the same quarter.
State-owned Bank of Baroda (BoB) on Friday reported a net loss of Rs 31.02 billion for the January-March quarter of 2017-18 due to higher provisioning for mounting bad loans. The lender had registered a net profit of Rs 1.5 billion in the corresponding quarter of 2016-17. For the year 2017-18, net loss was Rs 24.32 billion compared to net profit of Rs 13.83 billion in FY17.
Microfinance institutions (MFIs) have logged a nearly 40 per cent rise in equity investments during the last financial year. Data from Microfinance Institution Network (MFIN) shows that total equity funding for MFIs stood at Rs 96.31 billion in 2017-18 against Rs 68.85 billion in 2016-17. Foreign investors accounted for nearly 45 per cent equity funding in MFIs as on March 31, 2018. More recently, Fusion Microfinance raised Rs 800 million equity from existing shareholders.
Business Also in this section New Delhi: Toyota Motor Corporation and Suzuki Motor Corporation on Friday agreed to start discussing new joint projects in the fields of technological development, vehicle production, and market development mainly for sale in the Indian market through retail outlets of Maruti Suzuki India Ltd and Toyota Kirloskar Motors. After having concluded a memorandum of understanding toward business partnership on February 6, 2017, Toyota and Suzuki have been pursuing concrete forms of cooperation.
Business Also in this section New Delhi: Malaysian firm IHH Healthcare Berhard on Friday extended the acceptance period for its enhanced revised proposal for acquiring Fortis to June 30 in the wake of changes in the Board of Fortis. In order to enable the reconstituted Board to fully consider and evaluate our proposal, we now extend the acceptance period of the enhanced revised IHH proposal until 11.59 pm on June 30, IHH Healthcare said in a letter to the directors of Fortis.
Business Also in this section San Jose (US), May 25 A federal court jury on Friday ordered Samsung to pay Apple $533 million for copying iPhone design features in a patent case dating back seven years. Jurors tacked on an additional $5 million in damages for a pair of patented functions. The award appeared to be a bit of a victory for Apple, which had argued in court that design was essential to the iPhone.
The move comes at a time when discount brokerages such as Zerodha and Finvasia have witnessed an increase in their customer base. Kotak Securities recently announced the launch of 'Free Intra-day Trading' - an offering that gives self-directed investors freedom from brokerage on intra-day trades across cash and futures and options segments at an annual subscription of Rs 999. Further, investors get free access to the company's research and technology platform for seamless and secure execution of trade transactions.
Business Also in this section New Delhi: The government on Friday extended the last date for submission of comments on the recently published draft National Digital Communications Policy (NDCP), 2018, which seeks to change the digital scenario in the country. The Department of Telecom (DoT) said public and stakeholders can now give their comments till June 1, 2018 through the MyGov portal, where the draft Policy has been hosted for public comments. The earlier deadline was May 25.
Mr Vivek Bhat, Practicing Company Secretary appointed as a Secretarial Auditor of the company for the financial year ended 31st March, 2018. Mrs Asha A appointed as an Additional Director of the company (Non-executive & Independent. The Board also consider and approved the following; 1.
US government moves to negotiate steel import quotas with its allies in exchange for tariff exemptions could leave them worse off than countries who have to pay the levy. South Korea, for example, agreed to quotas restricting its steel sales to the United States by 30 percent, with different quotas for different products, some of which traders say are nearly full.
The government on Thursday directed coal companies to supply additional coal to state-owned power generating plants, leaving the private sector unhappy. Coal ministry joint secretary Rajesh Kumar Sinha told ET that there was no need for private power companies to panic about coal supply availability as Coal India will meet the contractual obligations. The phrase out-of-turn coal allotment means state power generating companies can take coal above the annual contracted quantity (ACQ), Sinha said over phone.