The Planning Commission has fully supported telecom regulator Trai’s recommendations on 2G spectrum auction, including proposal of slashing the reserve price of the spectrum by 60 per cent.
The list of Trai’s recommendations for the 2G spectrum includes slashing of the reserve price for 2G spectrum by 60 per cent, a flat spectrum usage charge, trading of spectrum and a provision to withhold spectrum in the 800MHz band for deliberation as an extended GSM band.
Indian banking sector would offer a package of cheaper loans for retail investors during the imminent festive season, Reserve Bank of India (RBI) Governor Raghuram Rajan said.
Mr. Rajan said the government was pursuing talks with the central bank to decide the package for retail investors for the upcoming festive season. He added that the package would be announced soon.
Indian banks are expected to offer cheaper loans to customers to provide a much-needed boost to demand for consumer durables.
After weeks of hyped anticipation, widely popular micro-blogging site Twitter on Thursday unveiled its planned stock market debut.
Outlining its plans in a filing with the Securities & Exchange Commission (SEC), Twitter said it expected to raise $1 billion from its initial public offering (IPO).
The company also revealed that it generated $317 million in revenue during 2012, while the number of its active users jumped 44 per cent year-on-year to more than 218 million in the second quarter of this year.
The proposed Jet-Etihad deal on Thursday moved a step closer to become a reality after it gained green signal from the Cabinet Committee on Economic Affairs (CCEA).
Abu Dhabi-based Etihad has proposed to buy 24 per cent stake in Indian carrier Jet Airways for Rs 2,058 crore.
The CCEA approved the deal without any conditions; nearly six months after the two airlines first announced the deal.
Consumers in five Indian metro cities will be able to purchase small cooking (LPG) cylinders direct from their near petrol pumps starting October 5.
The ministry of petroleum & natural gas has confirmed in statement that it has authorized oil marketing companies (OMCs) to sell 5kg LPG cylinders at their petrol pumps in Delhi, Mumbai, Kolkata, Chennai and Banglore.
These small LPG cylinders will be made available at market rate, but it will be of a great help to migratory population as such people will be able to buy cylinders and get them refilled at a time of their choice.
Telecom giants in India are likely to have had a tougher second quarter ended September 30 this year, according to analysts' estimates.
Analysts are of the view that telecom firms like Bharti Airtel, Idea Cellular and Reliance Communications most likely have suffered tougher second quarter as modest sequential revenue per minute growth, decline in average revenue per minute and a fall in call traffic might have likely made the seasonally weak September quarter ever weaker.
India’s auto major, Maruti Suzuki India Limited has said that its sales have risen 11.7 per cent during the month of September 2013.
The company said that it sold 104,964 units during the month of September 2013 compared to 93,988 units sold during the month of September 2012. The company said that it exported 14,565 units during the month. MSI has said that it reported 14.5 per cent in sales of Passenger Cars during the month to 78975 units compared to 68957 units in September 2012.
Paving the way for one of the biggest US acquisitions by an Indian firm, shareholders of Cooper Tire & Rubber Co. on Monday approved the proposed $2.5-billion sale of the Ohio-based firm to Apollo Tyres Ltd.
However, Apollo Tyres still have to seek green signals from the sides of the United Steelworkers union as well as the US firm's Chinese partner.
For acquiring Findlay, Ohio-based Cooper Tire at a premium of 43 per cent, Apollo Tyres will issue 7-8-year bonds backed by Cooper Tire assets. The Indian firm has plans to take on as much as $450 million in new debt.
Nokia claimed on Monday that the freeze of its assets by Indian authorities would not affect its deal with Microsoft as it has sufficient assets in the Asian country to meet its tax obligations.
In early September, beleaguered Finnish handset maker hit a deal to sell its phone business to Redmond-based tech giant Microsoft. But, the Indian tax authorities' last week's move of freezing Nokia's assets prompted many to predict that it would prevent transfer assets to a new owner.
Temple authorities as well as devotees in India are resisting revealing their gold reserves, as requested by the government.
As the government is struggling to arrest the widening current account deficit (CAD), Indians' craze for gold continues soaring. Despite the government's several steps to arrest demand for gold, Indian still are buying as much as 2.3 tonnes of gold, on average, per day.
While taking a loan to buy a home is a necessity for some people, many are now taking home loans even as they can afford to buy a new home outright.
Even experts believe that taking a loan from a bank or a financial institution for buying a house/flat offers some hidden benefits.
Opting for buying a home on EMIs will allow you to invest the money in hand with some good-reputation investment vehicle that can give you a financial yield on your money that would easily set off EMIs for your home loan.
Tony Fernandes, the chief executive officer of Malaysia-based low fare airline AirAsia Group has said that the company's India's joint venture with Tata Sons Ltd will be profitable from the first year.
Reliance Power Ltd, a subsidiary of Anil Ambani group, has confirmed that its long-serving Chief Executive Officer (CEO) J P Chalasani has stepped down from the top post.
In a filing with the Bombay Stock Exchange (BSE), the company said Chalasani would leave the firm towards the end of this year to re-locate overseas and follow his entrepreneurial ambitions.
Following Supreme Court’s recent ruling value-added-tax (VAT) on construction projects in Maharashtra, developers said the additional burden would eventually have to be borne by buyers/consumers.
The apex court on Friday upheld a Bombay High Court ruling directing builders to pay government a levy of 5 per cent VAT on sale of houses constructed between 2006 and 2010 in the state.
The Securities & Exchange Board of India (Sebi) has finally approved Gillette India's proposal to partly reclassify its Indian promoters as non-promoter as part of its efforts to comply with the government's minimum public shareholding (MPS) rules.
Gillette India, the company behind the widely-popular shaving products, has confirmed that that the capital market regulator accepted its revised proposal to reclassify its shareholder Saroj Kumar Poddar as non-promoter.
The government on Thursday notified the General Anti-Avoidance Rules (GAAR), which were first introduced in Budget of FY2012-13 to check tax avoidance.
The anti-avoidance tax rules will take effect from April 2016 and apply to companies availing tax benefits of at least Rs 3 crore in the relevant year.
The Cellular Operators Association of India (COAI) has announced its support for the Telecom Regulatory Authority of India's (Trai's) newly made recommendation that Mobile Number Portability should be implemented throughout the country within six months.
COAI Director General Rajan S Mathews said that the GSM industry body supported the objectives and was committed to work with the telecom regulator on implementing the recommendations.
A Gujarat-based group has launched two mobile phones named after BJP prime minister candidate and Gujarat CM Narendra Modi, dubbed SmartNamo Saffron One and SmartNamo Saffron Two. Namo is the short form for Narendra Modi.
Available at e-commerce portal Snapdeal, SmartNamo Saffron One comes in 16GB and 32GB versions with a price tag of Rs 18,000 and Rs 23,000, respectively.
The oil ministry is concerned about state-owned oil companies' widening under-recoveries but it hasn't made any proposal to the Cabinet for hiking diesel prices beyond the ongoing 40-50 paise per litre monthly rise, Oil Minister M Veerappa Moily said.
Moily said the ministry would take a decision objectively, keeping the interest of consumers in mind. He said his ministry was working on other alternatives to cut oil companies' under-recoveries.
Coal India Ltd (CIL) Chairman Narsing Rao argued that the miner's coal reserves would not get depleted within the coming 17 years as predicted by Greenpeace.
Greenpeace, the renowned green activist body, on Monday predicted that CIL's slightly more than 18 billion tones of extractable coal reserves would likely come to an end in 17 years from now.
Disapproving green activist body's estimates, Mr. Rao added that the miner's reserves would increase to 25 billion tonnes in three years.
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