Category: BUSINESS

The Jammu and Kashmir Legislative Assembly today passed the Rs 95,666.97 crore budget for 2018- 19 with 20 per cent rise in the budget size over this year. The Jammu and Kashmir appropriation bill-2018 moved by the finance minister Haseeb Drabu in the house in this regard was passed with voice-vote. For the first time in state s legislative history, the finance minister has linked the appropriation bill with wide- ranging expenditure reforms to ensure checks and balances for efficient fiscal management and speed up spending to make productive use…

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Finance Minister Arun Jaitley today said all crypto currencies, which include bitcoins, are illegal and the government will take all measures to eliminate their use. He, however, said the government will explore use of blockchain technology proactively for ushering in the digital economy. Distributed ledger system or blockchain technology allows organisation of any chain of records or transactions without the need of intermediaries, he said in his Budget speech. “The government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets…

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The government expects to complete the privatisation of Air India by year-end and the winning bidder is likely to be known by the end of June, Union minister Jayant Sinha said today. The debt-laden carrier, which is staying afloat on taxpayers’ money, would be put up for sale as “four different entities”, while private players can have at least 51 per cent stake in the airline. The Minister of State for Civil Aviation said the information memorandum for the proposed strategic disinvestment of Air India would be issued in the…

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Benchmark Sensex plummeted 840 points on Friday — its biggest single-day fall in two-and-a-half years — while the NSE Nifty ended below the 10,800-mark as the post-Budget sell-off continued for the second straight day. The Budget 2018-19 presented on Thursday imposed long- term capital gains tax of 10 per cent on equities. Investors will also have to pay 10 per cent tax on distributed income from equity-oriented mutual funds. Market mood suffered another setback after Fitch Ratings on Friday said high debt burden of the government constrains India’s rating upgrade.…

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Finance Minister Arun Jaitley today said the world’s biggest health cover plan announced in the Budget will be cashless and not a reimbursement scheme, and promised more funds if required depending on the rollout later next financial year. The National Health Protection Scheme (NHPS) touted as ModiCare envisaged to provide medical cover of up to Rs 5 lakh to over 10 crore poor and vulnerable families, constituting 40 per cent of total population. “It takes care of hospitalisation, the secondary and tertiary care. Obviously, it will involve various state hospitals…

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State-run power giant NTPC’s standalone net profit dropped by 4.4 per cent to Rs 2,360.81 crore in the third quarter quarter ended December 31. The company’s standalone net profit was Rs 2,469.26 crore in the quarter ended December 31, 2016, NTPC said in a BSE filing today. Its total revenue increased to Rs 21,087.84 crore in the third quarter, as compared to Rs 19,646.09 crore in the year- ago period. Besides, approving the financial results the board of directors in its meeting held today also decided to pay interim dividend…

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The rupee finally broke out of its two-day consolidative trading range and managed to end higher by 2 paise at 63.58 against the US dollar ahead of the Union Budget. A broadly weaker greenback overseas along with sliding crude also provided a much needed support to the rupee. But, a caution ahead of release of macro-economic data — core sector growth and revised GDP data — kept the sentiment in check and saw the domestic currency falling to fresh one-week low of 63.75 in early trade before the recovery. Dollar…

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Gold gained Rs 120 at Rs 31,240 per 10 grams at the bullion market today, snapping a two-day losing streak on fresh buying by local jewellers to meet the ongoing wedding season demand. Silver however remained under selling pressure and eased further by Rs 400 to Rs 40,050 per kg. Traders said pick up in buying by local jewellers to meet wedding season demand at domestic spot market, mainly led to the recovery in gold prices but a weak trend overseas capped the gains. In Singapore, gold fell 0.34 per…

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The Delhi High Court today sought the Centre’s response on a plea by Sasan Power Ltd, a Reliance Power subsidiary, for permission to mine coal from its two coal blocks in excess of the 17 MTPA cap to enable it to run its 3,960 megawatt power project in Madhya Pradesh. The company has contended that if it was not allowed to mine another 2 MTPA, that is up to 19 MTPA, in this financial year, it will not be able to meet the requirements of its Sasan Ultra Mega Power…

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Child and maternal malnutrition continues to be the most challenging risk factor for health loss in India, the Economic Survey said on Monday. It listed air pollution, dietary risks, high blood pressure and diabetes as other key health risk factors facing the country. The Survey noted however that there has been significant improvement in the health status of the individual as life expectancy at birth has increased by approximately 10 years from 1990 to 2015. Limited affordability and access to quality medical services are however among the major challenges contributing…

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