GN Bureau | September 29, 2015
State Bank of India, the country's largest lender, has reduced its benchmark lending rate by 40 basis points to 9.3 percent after RBI's rate cut. It is the second bank to cut base rate today, immediately after RBI move. Andhra Bank already slashed base rate by 25 basis points to 9.75 percent with effect from September 29.
Meanwhile, the market halved its gains in late trade with the Sensex rising 214.08 points to 25830.92 and the Nifty climbing 67.60 points to 7863.30 due to profit booking in rate sensitives. About 1250 shares have advanced, 1257 shares declined, and 113 shares are unchanged on the BSE. Bank Nifty trimmed gains to 200 points from more than 300 points as ICICI Bank and Axis Bank turned flat. SBI and HDFC Bank were off day's high. Reliance Industries and ITC, too, witnessed some profit booking.
Finance minister Arun Jaitley says will reassess GDP forecast
Finance Minister Arun Jaitley said on Tuesday he would reassess the official gross domestic product forecast for Asia's third-largest economy in the current fiscal year that ends next March. The government now forecasts that the economy would achieve real growth of around 8 percent in the 2015-16 fiscal year. The pace of growth slowed by more than expected to 7 percent in the quarter to June.
Chauhan to stay, Centre plans to appoint co-chair to placate FTII students
Gajendra Chauhan, viewed as close to the BJP, will remain as chairperson of the premier Film and Television Institute of India (FTII), and to placate protesting students, the government is planning to install a co-chairperson of the institute. the government is also planning to remove around five members from the governing council against whom the students had strong objections. Meanwhile, the information and broadcasting ministry is holding talks with students in Mumbai on Tuesday in the hope of persuading them to call off their three-month-old strike.
Sentencing in Mumbai train blast case likely tomorrow
Nine years after a series of bomb blasts in suburban trains rattled Mumbai killing 188 people, a special court here is likely to pronounce the quantum of punishment for 12 convicts in the case tomorrow. Special Judge Yatin D Shinde had last week concluded hearing arguments on the quantum of sentence when prosecution demanded death penalty for 8 of the 12 accused while it sought life imprisonment for the remaining four. On September 23, the Special MCOCA court had reserved its order on sentencing in the case for September 30. Earlier, on September 11, it had convicted 12 of the 13 accused, all allegedly having links with banned SIMI, while acquitting one.
Sahara strikes $6bn deal with Helvetica to bail out Roy
The Supreme Court has refused extension to Sahara Group over the re-payment of Rs 5,000 crore to Sebi as bank guarantee. The company had asked the Apex Court for time till October 15 for the repayment to Sebi saying that they had struck a USD 6 billion deal with Qatar-based investment group Helvitica Group. However, the court refused extention stating that it was unsure of the bonafides of the Helvitica Group.
Delta farmers held for rail roko bid over Cauvery water in Tamil Nadu
Hundreds of farmers were today detained in different parts of delta districts in Tamil Nadu, when they attempted to block trains demanding release of the Cauvery river water by Karnataka for agriculture operations. Police said the farmers were also pressing for immediate constitution of Cauvery River Water Management Board for effective implementation of the inter-state water dispute tribunal's final award apportioning the river water among the riparian states. The protesters owing allegiance to various farmers organisations had proposed to block trains in various places, including Tiruvarur, Mannargudi, Koradacheri, Peralam and Mayilathurai. But they were detained at different points even before they gathered at the place of protest, police said.
39 Indians taken as prisoners in Iraq by ISIS are alive, says MEA
The Ministry of External Affairs (MEA) on Tuesday confirmed that the 39 Indians, who have been taken as prisoners in Iraq, are still alive and said that the government would do the necessary to secure their release after gathering more information. Prime minister Narendra Modi in his meeting today with Palestinian President Mahmoud Abbas discussed about the condition of the Indians taken as prisoners in Iraq and Libya. "The Prime Minister asked the president to share with him any information he had regarding the condition of the Indians, to which the President replied saying that any information regarding this matter has constantly been transferred between India and Palestine and as soon as they receive any new information regarding the prisoners, they will let us know," MEA official spokesperson Vikas Swarup told the media
In order to resolve a tax-dispute between Indian Oil Corporation Limited (IOCL) and government of Odisha, a meeting was held between minister of state (I/C) for petroleum & natural gas Dharmendra Pradhan and Odisha chief minister Naveen Patnaik in New Delhi. During the meeting, Pradhan
Steel Authority of India Ltd. (SAIL) chairman, PK Singh, during his recent visit to SAIL’s Rourkela Steel Plant (RSP), laid emphasis on product differentiation and said the enterprise has to match the best in quality, variety and standards. “In the present circumstances, only th
Bharat Heavy Electricals Limited (BHEL) has added another feather to its cap by securing export orders from Chile and Estonia. This has helped BHEL to expand and consolidate its footprint in the international market. With maiden orders for transformer bushing from Niquel Electric Ltd, Chile
India uses a mix of two systems in elections. The first-past-the-post system is used in the elections to the Lok Sabha as well as the state assemblies, while proportional representation is used during Rajya Sabha and presidential polls. Now, an all-party Parliamentary panel
Martin Shkreli, a former hedge fund manager who is infamous for overnight spiking up the price of a lifesaving drug by 5,000 percent, was convicted on three counts of fraud in an American federal court on August 4. Shkreli is now staring at an incarceration period of up to 25 years. The order cheered up
The Comptroller and Auditor General (CAG) has noticed irregularities in the way the income tax department (ITD) carried out the assessment of Zero Tax Companies. Several companies that were having large profit from business and distributing substantial portion of the income