New Delhi, Jul 19: Reliance Jio, the newest entrant in the telecom sector, has piped Bharti Airtel to become the second largest mobile operator with 32.29 crore subscribers and 27.80 per cent market share in May, according to regulator Trai’s data. The move assumes significance as Reliance Jio stormed into the highly-competitive telecom sector in […]
New Delhi, Jul 19: Hospitality firm OYO on Friday said its founder Ritesh Agarwal has signed a deal to buy back shares worth $2 billion (nearly Rs 13,770 crore) from early investors through his Cayman islands-registered entity, RA Hospitality Holdings. Lightspeed Venture Partners and Sequoia India, OYO’s early supporters, are selling part of their holdings […]
New Delhi, Jul 18: Securities and Exchange Board of India (Sebi) Chairman Ajay Tyagi has written to the finance ministry, seeking a review of the Budget proposal that mandates transferring 75 per cent of the market regulator’s surplus funds to the central government, it is learnt. In a letter to the ministry on July 10, […]
New Delhi, Jul 18: The government has merged the Council of Trade Development and Promotion with the Board of Trade to bring greater coherence in consultation process with all stakeholders for promoting exports and imports. According to a notification of the directorate general of foreign trade (DGFT), the new forum will remain as Board of […]
New Delhi, Jul 18: Finance minister Nirmala Sitharaman on Thursday said seven legislations under indirect taxation are being amended to ensure greater simplicity, as she moved the Finance Bill in the Lok Sabha. She told the Lower House that amendments to laws are being made through the Finance Bill in five major categories, including in […]
Mumbai, Jul 18: Overseas investors have been on a selling spree this month. Month-to-date (MTD) they have pulled out Rs 5,673 crore from domestic equities, being net-sellers on 11 out of the 13 trading sessions. They have been on an unbroken selling streak since the Union Budget, spooked by increase in income-tax surcharge, taxes on […]
Mumbai, Jul 18: A recent update in the software utility that enables taxpayers to file their returns online has created hurdles for taxpayers who have earned long-term capital gains (LTCGs) on sale of securities. Extension of the date for issue of Form 16 from June 15 to July 10 meant that salaried taxpayers could […]
New Delhi, Jul 18: Asian Development Bank on Thursday lowered India’s GDP growth forecast to 7 per cent for the current year on the back of fiscal shortfall concerns. “India is expected to grow by 7 per cent in 2019 (FY20) and 7.2 per cent in 2020 (FY21), slightly slower than projected in April because […]
New Delhi, Jul 18: The government proposed seven amendments to the three-year-old Insolvency and Bankruptcy Code (IBC) to provide easier voting rules for resolution of vexed cases such as Jaypee Infratech, apart from prescribing a 330-day deadline for the process, including litigation and other judicial proceedings. The surprise moves are part of the IBC (Amendment) […]
New Delhi, Jul 18: India’s electronics production is estimated at Rs 4.58 lakh crore in 2018-19, which despite accelerated growth in recent years, still represents only 3.3 per cent share of the global market, Parliament was informed Thursday. The domestic electronics hardware manufacturing sector faces lack of level-playing field against competing nations on account of […]