Category: BUSINESS

Indian Steel Association has raised concerns that the US move to raise import tariffs will encourage surplus nations to divert their steel exports to consuming nations like India affecting the local markets. ISA represents major public and private sector steel players in the country. US President Donald Trump said on March 1 that he would impose 25 per cent import tariff on steel and 10 per cent on aluminium to protect US producers. The apex industry body has raised concerns that imposition of steep tariffs on import by the US…

Read More

The nodal agency for central government’s advertisements, DAVP, had suspended the empanelment of 51 newspaper in September for two months, most of them for publishing paid news, Parliament was informed today. As many as 37 newspapers were suspended from September 13, 2017 to November 12, 2017 for indulging in paid news , according to a list provided by Minister of State for Information and Broadcasting Rajyavardhan Rathore in the Lok Sabha. The other reasons for suspension included publishing false news, obscene photograph and ‘inaccurate and disrespectful news reports’. The Directorate…

Read More

TVS Motor Company today rolled out the race edition of its Apache RTR 200 4V, priced up to Rs 1,08,985 (ex-showroom Delhi). Termed as race edition 2.0, the motorcycle’s A-RT slipper clutch technology accentuates its performance, with 22 per cent reduction in clutch force for quicker upshifts enabling better lap times, the company said in a statement. Powered by a 197.75cc single-cylinder motor mated to a 5-speed gearbox, the vehicle will be available in Carburetor, EFI as well as Carburetor with ABS variant. “The new TVS Apache RTR 200 4V…

Read More

Diamond trader Nirav Modi, accused of pulling off the country’s biggest bank fraud, is no longer a part of India’s billionaires club. Modi, who had featured in Forbes’ 2017 rich list with a fortune of USD 1.8 billion, could not make the cut in this year’s rankings. “Nirav Modi is among the drop-offs from this year’s the list, along with Papa John’s Pizza founder John Schnatter, Christoffel Wiese of South Africa, and Saudi Arabia s Prince Alwaleed Bin Talal Al Saud,” Forbes said. Forbes said India’s billionaire count has increased…

Read More

Snapping its four-day losing streak, the benchmark Sensex recovered over 300 points in early trade on Tuesday after metal stocks witnessed a rebound as concerns over a potential trade war faded, boosting global investor sentiment. Metal stocks surged up to 3.48 per cent, led by gains in Jindal Steel, Vedanta, JSW Steel, Tata Steel, NMDC, Nalco, SAIL, Hindalco and Hindustan Zinc. The 30-share index rose 313.35 points, or 0.92 per cent, to 34,060.13. The gauge had lost 698.97 points in the previous four sessions. All the sectoral indices were trading…

Read More

The CBI on Tuesday detained Vipul Chitalia, the vice president of Gitanjali Group of Companies, as a part of its probe into the multi-crore Punjab National Bank (PNB) fraud, an official said. Chitalia was apprehended at Mumbai airport and brought to the Central Bureau of Investigation (CBI) office at the Bandra-Kurla Complex here for questioning, he said, but did not divulge any other details about Chitalia’s alleged role in the PNB fraud. The INR 12,636-crore fraud was allegedly perpetrated by billionaire jeweller Nirav Modi and his uncle Mehul Choksi, the…

Read More

Gold prices moved up by 0.14 per cent to Rs 30,492 per 10 grams in futures trade today as speculators raised bets amid a firm trend overseas. At the Multi Commodity Exchange, gold for delivery in April rose by Rs 44, or 0.14 per cent, to Rs 30,492 per ten grams in business turnover of 292 lots. Likewise, the metal for delivery in June contracts was trading higher by Rs 36, or 0.12 per cent, to Rs 30,585 per ten grams in 14 lots. Analysts said widening of positions by…

Read More

Shares of Gitanjali Gems cracked another 5 per cent in morning trade on the bourses today after the CBI made four arrests in connection with the alleged Rs 12,636-crore fraud at Punjab National Bank (PNB) perpetrated by billionaire jewellers Nirav Modi and his uncle Mehul Choksi. The agency has also arrested two employees and an auditor of the Nirav Modi group of companies, while a director of the Gitanjali group of companies (owned by Choksi) has also been taken into custody. Reacting to the development, shares of Gitanjali Gems slumped…

Read More

Moving towards complete automation and digitisation, the transport department of Delhi government has made debit cards acceptable in all online transactions related to its services. Further, four motor licensing offices (MLO) will be fully online. The process of registration certificate(RC) will be completely online from March 7, Transport Commissioner Varsha Joshi said. “Delighted to inform everyone that debit cards will now be accepted for all online transactions in Transport Deptt offices, thanks to our persistent efforts in coordinating with Finance Deptt/ RBI/ SBI to make online happen in the true…

Read More

Among other things that emerged in the aftermath of the massive Punjab National Bank (PNB) scam is the active role of employees of the Public Sector Banks (PSBs) in multiple frauds over the years. TOI has accessed Reserve Bank of India data that reveals the number of cases involving staff across various states and the amount of loss reported. Overall, data from April 2013 to June 2016 shows that a total of Rs 2,450 crore was lost to 1,232 frauds of Rs 1 lakh and more where employees were involved. RBI is…

Read More