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Canara Bank plans to hire bankers for up to Rs3,500 crore QIP
State-owned Canara Bank Ltd plans to raise capital by selling shares to financial institutions and is looking to hire merchant bankers for the same. The bank is planning to raise up to Rs3,500 crore through qualified institutional placement (QIP). According to analysts, Canara Bank is among the state-owned banks in which the government may infuse capital early. With a capital adequacy ratio of 12.45% at the end of September, Canara Bank's capital position is well above the regulatory requirement 10.25%.
More people are searching for houses but the deals are still few
Giving fillip to this search for houses is the buzz that property prices have bottomed out, and that many aspiring homebuyers are looking for good deals. The increased online house hunting is not translating into actual sales, and the real estate transactions on ground are still quite low. Let's read on to know why house sales are low despite more people going out to enquire about them. In the past few years, property prices have been either stagnant or have even corrected in some locations.
After Rs 76.5/cylinder hike, oil cos skip LPG price revision
Asked if the government had asked the oil companies to skip the monthly revision, the official refused comments. The price of subsidised LPG was last raised by Rs 4.50 per cylinder on November 1 to Rs 495.69, according to a price notification issued by state-owned firms. Initially, the hike in LPG rate was Rs 2 per month which was raised to Rs 3 from May this year.
Take a look at some of the macro mess-ups that drove companies to bankruptcy
It's commonplace to blame the promoters of bankrupt companies of gaming the system for years by diverting funds, wilful defaults, perpetrating fraud and indulging in malfeasance. In many cases, their businesses caved in due to lax government response, policy perversions, harsh judicial interventions or even wrong incentives. Rakhi Mazumdar & Rachita Prasad get behind those macro mess-ups. De-allocation of Electrosteel Castings' North Dhadu coal block in Jharkhand hurt three 60MW power plants & a sponge iron unit.
Indian shippers want IOC to ease tanker hire condition
To increase their chances in the latest tender floated by state-run Indian Oil Corporation (IOC) for hiring of tankers, domestic shipping companies are asking for an easing of the vessel-age criteria. Early this month, separate tenders were floated by two state-owned oil refiner-marketer companies, IOC and Bharat Petroleum Corporation (BPC). They want to hire a VLCC and a Suezmax tanker, respectively, for a contract period of five years.
Raking up Bansal pay issue again helps no one: Mazumdar-Shaw
It helps no one, Mazumdar-Shaw wrote on the microblogging platform, Twitter, responding to Pai who called the lapse a substantial matter. It forced the board, former employees and other founders of Infosys to bring back a reluctant Nilekani as the chairman. Mazumdar-Shaw on Saturday said Infosys had admitted to procedural lapses and the move to file a settlement plea with Sebi was to pay a fine for that.
Mega bitcoin gains come with megabyte tax
Experts said returns from bitcoins could attract 20-30% tax, depending on whether they are categorised as business income or capital gains. There is no specific amendment to income tax law required to determine bitcoin taxability, he said. Alternatively, revenue officers could levy long-term or short-term capital gains tax on bitcoin returns. Long-term capital gains tax at 20% would be levied if bitcoins were held for at least 36 months.
Ad spends to revive in India in 2018
GroupM had said last week that India would be among six countries driving up ad spends in 2018, while Dentsu had forecast an ad growth of 12.2 per cent for 2018. Magna, however, also said that India's 2018 adex growth would continue till 2022 by which time the domestic ad market would touch Rs 1.08 lakh crore in size, pushing India up the pecking order of global ad markets.
Airtel, Jio in race to provide cloud services to govt
Bharti Airtel and Reliance Jio are set for another bout after the fight in the telecom space. This time, the telcos are pitching against each other to grab a larger pie of the country's cloud services market and are in the running to become government-empanelled cloud service provider. The government would give empanelment to 15 firms for providing cloud services to Central, state, and local governments, and public sector bodies in India. Jio and Airtel have already build infrastructure to provide cloud services.
Taxman pressing ahead with prosecution notices
As tax officials chase to meet stiff revenue targets amid sluggish growth, there is a sudden surge in prosecution notices slapped by the income tax (I-T) department. Now, prosecution proceedings are being initiated for not filing tax returns or for short or even delayed remittance of tax deducted at source by business entities. A prosecution notice can be unnerving to most tax payers, particularly ones with limited resources and legal assistance.
Reliance retail plans to expand business-to-business play
Reliance Retail wants to expand its business-to-business play by foraying into distribution of apparel, FMCG and white goods directly to neighbourhood and kirana outlets since it wants to tap a larger pie of the market considering scope of exponential growth in organised retail, currently limited to 8% of the total market. While initially Reliance Retail would start with distribution of their private brands, subsequently it will be expanded into the mainstream brands as well, the executives said.
Promoter bidding under IBC: Moral hazard issue is a serious one, says panel
Former State Bank of India (SBI) chairman Arundhati Bhattacharya has said the issue of moral hazard was an important issue in the context of the resolution under the IBC, recently amended to bar promoters from bidding for their assets. The hazard is that others, who may not have the problem, would deliberately do things so that they can pare their debt and come back.
High inflow of retail money: Top six fund houses net 22% rise in profit in FY17
A sharp rise in assets under management of mutual funds, primarily driven by inflow of retail money over the last couple of years has significantly lifted the profitability of fund houses focusing on retail AUM. In the financial year 2016-17, the top six fund houses saw their net profit jump 22 per cent from an aggregate of Rs 1,778 crore in FY16 to Rs 2,171 crore in FY17.
B.M. Khaitan, G.P. Goenka exit ends Jay Shree Tea's unique experiment
Back in the day, when Goenka joined the board of Jay Shree in 1984, his Duncans group was one of the leaders in the plantation business. Our chairman invited them to join our board out of friendship, mutual trust and admiration, said DP Maheswari, Jay Shree Tea's managing director. I have not been able to attend any board meeting of Jay Shree in the past two years.
Retailers up the ante against revised merchant discount rates
After hitting out at the government on social media, retailers are gearing up to protest against revised merchant discount rates (MDRs) for debit card transactions. MDR is the rate charged to a merchant by a bank for providing debit card transaction service. This is going one step forward and two steps backward, said Anand Agarwal, chief financial officer, V-Mart Retail. While brick-and-mortar retailers have been the most vocal in their protests, e-tailers do not seem to be in a hurry.
Future Group taps start-ups to unlock consumer data
Future Group is looking to unlock data of around 500-million consumers who have shopped on its offline stores across 255 cities in the country, offering technology start-ups to build models and solutions to increase engagement with them. Our first goal is to build a data lake and understand the customer profile. Future Group has also partnered with tech giants Facebook and Google to provide a host of analytical help.
No easier rules for foreigners, say home retailers
India-based multi-brand retail giants are questioning any demarcation in labelling rules between them and single-brand retailers. This has been a major demand of a host of global entities, including furnishing giant Ikea and infotech major Apple. We work with some of the international retailers and relabelling that has to happen when the products enter India is a concern, he had said.
Suzuki's electric vehicle tie-ups aim to aid Maruti, without the risks
Suzuki Motor Corp. is trying to insulate its Indian unit from the risks involved in developing electric vehicles even as the outcome of such efforts will benefit Maruti Suzuki India Ltd directly. The role of Maruti in these partnerships may best be limited to that of a procurer of lithium ion battery packs and of electric vehicle platforms from the Toyota-Suzuki partnership. It will, of course, sell those to Indian customers if the electric vehicle market takes off in the country.

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