Category: BUSINESS

Washington, May 9 (DIN NEWS) The World Bank has denied as “incorrect” media reports in Pakistan that former prime minister Nawaz Sharif allegedly laundered USD 4.9 billion to India. Pakistan’s top anti-corruption body, National Accountability Bureau, yesterday ordered a probe against the embattled former prime minister and others after reports of his involvement in the money laundering emerged in the media. The World Bank in a statement said, “In the past day, there have been media reports citing the World Bank’s Remittances and Migration Report of 2016. These media reports…

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Mumbai, May 9 (DIN NEWS) The BSE Sensex pared its initial losses but still traded 23.52 points lower in late morning deals today, led by profit-booking in energy, utilities and power sectors. Global markets were mixed after President Donald Trump said the US will withdraw from the Iran nuclear deal, while crude oil surged to its highest level since late 2014 at USD 76 a barrel on supply worries. Buying interest was witnessed in IT, teck, metal, consumer durables and capital goods sectors. The 30-share index was trading lower at…

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The Prime Minister’s Office (PMO) was justified in denying information pertaining to the printing of currency notes post-demonetisation citing exemption clauses related to national and economic security in the RTI Act, Chief Information Commissioner RK Mathur has said. RTI applicant RL Kain had on November 15, 2016 filed an appeal seeking information on the printing of currency notes and other matters after the government had announced its decision of demonetisation. The PMO had denied him information citing Section 8(1)(a) of the RTI Act. Mr Mathur dismissed a complaint filed by…

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Walmart is likely to announce its much-anticipated deal to buy a controlling stake in e-commerce player Flipkart before the end of this week, two sources said, in what is likely to be the U.S. retail giant’s biggest acquisition of a business. Walmart and Google parent Alphabet Inc will buy up to 75 percent of Flipkart, the two sources familiar with the matter said, declining to be named as the talks are private. Bentonville, Arkansas-based Walmart will acquire a stake of about 60 percent in Flipkart, while Alphabet will get a…

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Shares were PC Jeweller were sharply up today, continuing their recovery from 52-week lows hit last week. PC Jeweller shares rose as much as 38 per cent to Rs. 240.30 at their day’s high today. Share prices of the jeweller hit a 52-week low of Rs. 95.05 during intra-day trade on May 3. The latest trigger for the rebound in PC Jeweller shares is the advancement of its board meeting to consider share buyback. In a communication to exchanges, PC Jeweller said a separate meeting of its board will be held on Thursday, May 10, to consider…

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Market benchmark Sensex surged over 146 points in opening trade today on fresh buying by domestic institutional investors amid a strengthening rupee. Asian markets were also trading in the green as weaker-than-expected US wage growth helped calm investor fears about rising interest rates and inflation. Meanwhile, investors digested last week’s trade talks between the US and China in Beijing, where consensus emerged on some issues. The 30-share Sensex rose by 146.18 points, or 0.41 per cent, to 35,061.56 in early trade. The gauge had lost 261.04 points in the previous…

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New Delhi, May 6 (DIN NEWS) Stocks of airlines have hit some air pockets, slumping up to 20 per cent in just three trading sessions this month amid rising fuel costs and weak quarterly earnings of InterGlobe Aviation impacting investor sentiment. Among the three-listed airlines, Jet Airways and SpiceJet are yet to announce their fourth quarter and full year results for 2017-18. On May 2, InterGlobe, which operates the country’s leading carrier IndiGo, reported 73 per cent decline in profit after tax (PAT) to Rs 117.64 crore for the March…

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New Delhi, May 6 (DIN NEWS) The telecom ministry is the competent authority to take the final call on Idea Cellular Ltd’s proposal for infusing 100 per cent foreign direct investment (FDI) in the company, Commerce and Industry Minister Suresh Prabhu has said. The Department of Telecom (DoT) has put some condition while seeking views of the Department of Industrial Policy and Promotion (DIPP) on the proposal. “The matter is completely in the domain of the line ministry. We have already clarified. No need of our approval,” Prabhu told PTI…

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The GST Council on Friday paved way for the single form GST return based on the recommendations of the GoM (group of ministers) on IT simplification. The GST return filing will now happen only once every month compared to the three returns a month followed earlier. Union Finance Secretary Hasmukh Adhia claimed that the newly introduce monthly return filing system will be effective in the next six months and the present system of filing of return through GSTR 3B and GSTR 1 forms would continue for not more than six months. Besides this, the GST council…

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Gold prices fell by Rs 20 to Rs 31,980 per 10 grams at the bullion market today on easing demand from local jewellers along with subdued global cues, extending its fall for the third straight day. However, silver recovered by Rs 100 to Rs 40,300 per kg on scattered enquiries from industrial units. Traders said, besides the fall in demand from local jewellers and retailers at the domestic spot market, a weak trend overseas on a firmer dollar, while investors focused on the US jobs data due later in the…

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