Category: BUSINESS

Air India has called a meeting of its pilot unions in New Delhi next week to discuss about the proposed strategic disinvestment amid opposition from other employee unions. On April 5, Air India chairman and managing director Pradeep Singh Kharola had held a meeting with representatives of four employee unions on the proposed privatisation and their concerns. “Indian Pilots Guild (IPG) and Indian Commercial Pilots Association (ICPA) have been called by the Air India chairman and managing director next week to discuss about the proposed privatisation,” sources at the airline…

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Watch and accessories company, Titan today launched its first integrated format store housing watches, jewellery, eyewear and accessories under one roof in Banjara Hills here. A press release issued by the company said, the new retail format aims at providing its customers with an enhanced shopping experience. With an extensive retail network of World of Titan, Tanishq and Titan Eyeplus, the Banjara Hills store is the first integrated store in Telangana, the second after Vizag. The new Titan flagship store lets customers browse through over 5000+ products including watches, accessories,…

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The Institute of Chartered Accountants of India (ICAI) today said it is yet to receive information from Punjab National Bank on the nearly Rs 13,000 crore scam involving Nirav Modi. A high-level group constituted by the institute is studying specifically the systemic issues involved in the PNB fraud and would also suggest remedial measures for strengthening the banking system. Having failed to get any information from the bank, the group, set up in February, had sought government’s intervention to obtain details related to the fraud. “The Ministry of Corporate Affairs…

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The rupee today nosedived 32 paise to hit a fresh five-month low of 65.31 against the US dollar as surging crude oil prices and growing geopolitical uncertainties rattled forex market sentiment. This is the lowest closing for the home currency since November 14, 2017, when it had ended at 65.42 against the greenback. Brent crude, an international benchmark, is trading near a four-year peak of USD 71.70 a barrel in early Asian trade. A sense of volatility prevailed in the domestic currency market after a rapid surge in global crude…

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The government has not asked state-owned oil firms so far to avoid raising the retail price of petrol and diesel in view of next month’s elections in Karnataka, heads of IOC and HPCL said today. The government was said to have informally directed state-owned fuel retailers not to raise petrol and diesel prices in the run-up to the December 2017 assembly elections in Gujarat. By some accounts, as much as 45 paisa increase warranted in petrol and diesel rates was not passed on. This time around Indian Oil Corp (IOC),…

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Gold prices advanced by Rs 30 to Rs 31,500 per ten grams at the bullion market today on continued buying by local jewellers, shrugging-off a weak trend overseas. Silver followed suit and strengthened by Rs 50 to Rs 39,250 per kg due to increased offtake by industrial units and coin makers. Bullion traders said, steady inflow of buying by local jewellers at domestic spot market mainly kept gold prices higher but a weak trend overseas, capped the gains. Globally, gold fell 0.34 per cent to USD 1,328.80 an ounce and…

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The Special Investigation Team (SIT) on black money has asked probe agencies to check and curb the use of cryptocurrencies as it reviewed their operation and circulation in the country and links to shady offshore transactions. Officials said the SIT recently held a meeting in the national capital during which it was briefed about the overall scenario of the operations of this virtual currency in the country. The SIT, official sources said, called cryptrocurrencies like bitcoins “illegal” and asked probe agencies such as the Income Tax Department, the Enforcement Directorate…

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India and South Korea are set to boost bilateral ties in ports and shipping space and will sign pact to provide Indian seafarers employment on over 500 Korean ships, Union Minister Nitin Gadkari said today. Shipping, Road Transport & Highways, Water Resources, River Development & Ganga Rejuvenation Minister Gadkari, who will be on a four-day visit to Korea beginning tomorrow, said both the nations are also eyeing partnerships in shipbuilding, waterways and smart transportation, among others. “Both the nations will sign an undertaking for mutual recognition of certificate of competency…

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Gold prices bounced back by Rs 120 to Rs 31,470 per 10 grams at the bullion market today backed by firm global cues and pick-up in buying by local jewellers. Silver also gained Rs 150 to Rs 39,200 per kg due to increased offtake by industrial units and coin makers. Marketmen said, besides a firm trend overseas as the dollar weakened against other currencies, raising appeal for the precious metal as a safe haven and pick-up in buying activity by local jewellers at the domestic spot market, mainly led to…

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Markets regulator Sebi today imposed a penalty of Rs 27.50 lakh on Shree Sai Spaces Creations and its five directors for illegally launching a collective investment scheme (CIS). Shree Sai Spaces Creations Ltd (SSSCL) collected Rs 3.95 crore from 3,080 investors for the proposed development of a solar energy project. In an order, Sebi said SSSCL’s scheme satisfied all the ingredients of being a CIS and to carry on the same required necessary registration from the regulator. “SSSCL and its directors launched a CIS Scheme without obtaining certificate of registration…

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