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Walmart is likely to announce its much-anticipated deal to buy a controlling stake in Indian e-commerce player Flipkart before the end of this week, two sources said, in what is likely to be the US&nbsp;retail giant's biggest acquisition of a business.

Walmart and Google parent Alphabet Inc will buy up to 75 percent of Flipkart, the two sources familiar with the matter said, declining to be named as the talks are private.

Bentonville, Arkansas-based Walmart will acquire about a 60 percent stake in Flipkart, while Alphabet will get a roughly 15 percent stake in the online marketplace for about $3 billion, one of the sources said.

Reuters previously reported that Walmart was in advanced talks to acquire 51 percent or more of the e-commerce player for $10 billion to $12 billion, valuing Flipkart at some $18 billion to $20 billion.

Both sources said that Flipkart Group Chief Executive Binny Bansal held a closed-door meeting with the firm's top leadership at its Bengaluru headquarters on Monday, and one added that Bansal said that Flipkart co-founder Sachin Bansal would exit after the Walmart deal is sealed.

Flipkart last year named Kalyan Krishnamurthy, a former executive of investor US&nbsp;hedge fund Tiger Global Management, as the head of its core business, while Binny Bansal took the broader strategic role of group CEO. Sachin Bansal remained as executive chairman.

The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart.

Sachin and Binny Bansal, both former Amazon.com Inc employees, founded Flipkart in 2007, and like their US&nbsp;rival, began by selling books.

Walmart is expected to get three board seats at Flipkart and will also have a say in the appointments of the group's finance, legal and compliance heads, one of the sources said.

Krishnamurthy and Binny Bansal will remain in their current roles after the deal, the two sources said.

Early Flipkart investors Tiger Global and venture fund Accel will sell a majority of their stakes, one of the sources said.

Japan's SoftBank Group, which owns roughly a fifth of Flipkart through its Vision Fund, is expected to completely exit, Reuters has previously reported.

The Vision Fund had invested close to $2.5 billion in Flipkart via primary and secondary share purchases last year.

Flipkart will hold a townhall for employees on Friday, with Walmart CEO Doug McMillon likely to attend, one of the sources said. Other top Walmart executives will also be in India for the announcement, the other source added.

A third source said Flipkart had scheduled multiple batches of townhall meetings with employees on Friday, sparking chatter within the ranks that a deal is likely imminent.

Walmart declined to comment. Flipkart, Alphabet, Tiger Global and Accel did not immediately respond to requests for comment.

Walmart declined to comment. Flipkart, Alphabet, Tiger Global and Accel did not immediately respond to requests for comment

Walmart is likely to announce its much-anticipated deal to buy a controlling stake in Indian e-commerce player Flipkart before the end of this week, two sources said, in what is likely to be the US retail giant's biggest acquisition of a business. Walmart and Google parent Alphabet Inc will buy up to 75 percent of Flipkart, the two sources familiar with the matter said, declining to be named as the talks are private. Bentonville, Arkansas-based Walmart will acquire about a 60 percent stake in Flipkart, while Alphabet will get a roughly 15 percent stake in the online marketplace for about $3 billion, one of the sources said. Reuters previously reported that Walmart was in advanced talks to acquire 51 percent or more of the e-commerce player for $10 billion to $12 billion, valuing Flipkart at some $18 billion to $20 billion. Both sources said that Flipkart Group Chief Executive Binny Bansal held a closed-door meeting with the firm's top leadership at its Bengaluru headquarters on Monday, and one added that Bansal said that Flipkart co-founder Sachin Bansal would exit after the Walmart deal is sealed. Flipkart last year named Kalyan Krishnamurthy, a former executive of investor US hedge fund Tiger Global Management, as the head of its core business, while Binny Bansal took the broader strategic role of group CEO. Sachin Bansal remained as executive chairman. The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart. Sachin and Binny Bansal, both former Amazon.com Inc employees, founded Flipkart in 2007, and like their US rival, began by selling books. Walmart is expected to get three board seats at Flipkart and will also have a say in the appointments of the group's finance, legal and compliance heads, one of the sources said. Krishnamurthy and Binny Bansal will remain in their current roles after the deal, the two sources said. Early Flipkart investors Tiger Global and venture fund Accel will sell a majority of their stakes, one of the sources said. Japan's SoftBank Group, which owns roughly a fifth of Flipkart through its Vision Fund, is expected to completely exit, Reuters has previously reported. The Vision Fund had invested close to $2.5 billion in Flipkart via primary and secondary share purchases last year. Flipkart will hold a townhall for employees on Friday, with Walmart CEO Doug McMillon likely to attend, one of the sources said. Other top Walmart executives will also be in India for the announcement, the other source added. A third source said Flipkart had scheduled multiple batches of townhall meetings with employees on Friday, sparking chatter within the ranks that a deal is likely imminent. Walmart declined to comment. Flipkart, Alphabet, Tiger Global and Accel did not immediately respond to requests for comment.

Walmart likely to announce Flipkart deal before end of week

With business sentiment at the "weakest" in four years, India slipped to the 6th position globally in the business optimism index for the first quarter of this year, says a survey.

Business optimism is however at an "all-time high" globally with the index at net 61 per cent, the highest figure recorded in 15 years of research, as per Grant Thornton's quarterly global business survey released today.

Noting that business sentiment in India has been the weakest since 2014 in the first quarter, the advisory firm said the confidence has been shaken since the third quarter of 2017 with weakening currency and a surge in oil prices.

Also read: <a href="http://www.wionews.com/business-economy/ease-of-doing-business-indias-rankings-zooms-to-100-in-world-bank-report-up-30-places-23243">India's ranking&nbsp;zooms to 100 in Ease of Doing&nbsp;Business index, up 30 places</a>

"While entering the last year of the current regime, the business optimism in India has deteriorated with the country ranking 6th globally on the optimism index in the first quarter of 2018... India has been topping the chart since the new government came into power in 2014," Grant Thornton's International Business Report said.

With a score of 89, India is at the sixth place in the index. The top five nations are Austria, Finland, Indonesia, the Netherlands and the US.

The conclusions are based on a quarterly global business survey of 2,500 businesses in 37 economies.

With regard to India, Grant Thornton said the underlying pessimism is reflected in other parameters as well including revenue, selling prices, profitability, employment and exports expectations.

Indian businesses have been citing regulations and red tape, availability of skilled workforce, lack of ICT infrastructure and shortage of finance as the biggest growth constraints.

Even after India's significant jump in World Bank's Ease of Doing Business ranking, the country still continues to rank 1st or 2nd in quoting these reasons as the key hurdles for growth, it noted.

Prime Minister Narendra Modi-led NDA government came to power in May 2014.

Grant Thornton India LLP CEO Vishesh C Chandiok said the reversal in sentiment amongst mid- sized business in India in the last three quarters is startling and hoped that policy makers would sit up and take note.

"With oil climbing, and India firmly in an election year, we ought to brace for a volatile economic environment in the days ahead. Export oriented businesses should see better days, finally," he added. PTI

Business optimism however is at an 'all-time high' globally. The index is at a net 61 per cent, the highest figure recorded in 15 years of research.

With business sentiment at the "weakest" in four years, India slipped to the 6th position globally in the business optimism index for the first quarter of this year, says a survey. Business optimism is however at an "all-time high" globally with the index at net 61 per cent, the highest figure recorded in 15 years of research, as per Grant Thornton's quarterly global business survey released today. Noting that business sentiment in India has been the weakest since 2014 in the first quarter, the advisory firm said the confidence has been shaken since the third quarter of 2017 with weakening currency and a surge in oil prices. Also read: India's ranking zooms to 100 in Ease of Doing Business index, up 30 places "While entering the last year of the current regime, the business optimism in India has deteriorated with the country ranking 6th globally on the optimism index in the first quarter of 2018... India has been topping the chart since the new government came into power in 2014," Grant Thornton's International Business Report said. With a score of 89, India is at the sixth place in the index. The top five nations are Austria, Finland, Indonesia, the Netherlands and the US. The conclusions are based on a quarterly global business survey of 2,500 businesses in 37 economies. With regard to India, Grant Thornton said the underlying pessimism is reflected in other parameters as well including revenue, selling prices, profitability, employment and exports expectations. Indian businesses have been citing regulations and red tape, availability of skilled workforce, lack of ICT infrastructure and shortage of finance as the biggest growth constraints. Even after India's significant jump in World Bank's Ease of Doing Business ranking, the country still continues to rank 1st or 2nd in quoting these reasons as the key hurdles for growth, it noted. Prime Minister Narendra Modi-led NDA government came to power in May 2014. Grant Thornton India LLP CEO Vishesh C Chandiok said the reversal in sentiment amongst mid- sized business in India in the last three quarters is startling and hoped that policy makers would sit up and take note. "With oil climbing, and India firmly in an election year, we ought to brace for a volatile economic environment in the days ahead. Export oriented businesses should see better days, finally," he added. PTI

India slips to 6th spot on business optimism index, sentiment weakest since 2014

Stocks weathered yet another choppy session today to end with modest gains as participants chose to book profits amid elevated global crude oil prices and geopolitical uncertainties.

ICICI Bank was the star performer in today's session, comfortably topping the gainers' list by surging nearly 7 per cent.

The private sector lender on Monday reported a 45 per cent drop in March quarter net profit following a spike in bad loans due to changes in asset classification norms.

However, investors took heart from the management's commentary that the bulk of the bad loans problem is behind it and the focus now shifts to recoveries and resolution, brokers said.&nbsp

Global crude oil prices hovered above the USD 75 per barrel mark on uncertainties over the US re-imposing sanctions on Iran, fanning fears of a supply disruption.

The 30-share Sensex opened positive and advanced to the session's high of 35,388.87. However, profit-booking by investors ahead of Karnataka elections this week trimmed the gains, with the gauge sinking to the day's low of 35,136.01.

It finally settled 8.18 points or 0.02 per cent higher at 35,216.32. 
 
The NSE Nifty, after hitting a high of 10,758.55, closed at 10,717.80, up just 2.30 points, or 0.02 per cent. It touched a low of 10,689.40 intra-day.

Meanwhile, domestic institutional investors (DIIs) net bought shares worth Rs 1,037.23 crore, while foreign portfolio investors (FPIs) sold equities worth Rs 635.24 crore yesterday, provisional data showed.

"Market turned volatile as investors are concerned on the movement of rupee and surge in oil price which could eventually lead to tight monetary policy.&nbsp

"Albeit, banks outperformed as sentiment improved on account of early recognition of stressed assets. Continued outflow of foreign money will keep rupee on tenterhook while increasing GST collection and RBIs open market operation may soften the volatility," said Vinod Nair, Head of Research, Geojit Financial Services.

In the Sensex pack, ICICI Bank emerged on top with a rise of 6.86 per cent, followed by SBI 1.42 per cent and Axis Bank 1.18 per cent.

Other winners were Power Grid 1.14 per cent, Bharti Airtel 0.69 per cent, NTPC 0.47 per cent, TCS 0.39 per cent, Maruti Suzuki 0.37 per cent, Coal India 0.34 per cent, Adani Port 0.29 per cent, ITC 0.16 per cent, Dr

Reddy's 0.15 per cent and HUL 0.13 per cent.

On the other hand, M&M fell 2.26 per cent, IndusInd Bank 1.78 per cent, L&T 1.70 per cent, Infosys 1.52 per cent, Yes Bank 1.19 per cent, Tata Motors 0.88 per cent, Bajaj Auto 0.87 per cent, HDFC Bank 0.75 per cent,

Wipro 0.67 per cent, Asian Paints 0.60 per cent, HDFC 0.48 per cent, RIL 0.43 per cent, Sun Pharma O.40 per cent, ONGC 0.35 per cent and Kotak Mahindra Bank 0.25 per cent.

Sector-wise, bankex index spurted 1.32 per cent, followed by realty 1.06 per cent, PSU by 0.80 per cent, oil and gas 0.36 per cent, FMCG 0.19 per cent and Power 0.17 per cent.

However, capital goods slipped 0.85 per cent, consumer durables 0.81 per cent, teck 0.57 per cent, IT 0.53 per cent, auto 0.42 per cent, infrastructure 0.19 per cent, healthcare 0.18 per cent and metal 0.16 per cent.

Broader markets showed a mixed trend. The S&P BSE Small-Cap index inched up 0.10 per cent while the mid-cap index shed 0.10 per cent.

Asian markets closed mostly higher following firm leads from Wall Street overnight.

However, European shares opened broadly flat as investors prepared for President Donald Trump's decision on whether to withdraw the US from the Iran nuclear deal.

Brent crude futures, the international benchmark for oil prices, shed 0.85 per cent to USD 75.52 a barrel.

Hong Kong's Hang Seng rose 1.36 per cent, Shanghai Composite Index gained 0.79 per cent and Japan's Nikkei ended 0.18 per cent higher.

In Europe, Paris CAC declined 0.42 per cent, while Frankfurt's DAX traded lower by 0.44 per cent in early deals. London's FTSE, however, was up 0.08 per cent. PTI

ICICI Bank was the star performer in today's session, comfortably topping the gainers' list by surging nearly 7 per cent, despite announcing a 45% drop in Q4 profits on Monday

Stocks weathered yet another choppy session today to end with modest gains as participants chose to book profits amid elevated global crude oil prices and geopolitical uncertainties. ICICI Bank was the star performer in today's session, comfortably topping the gainers' list by surging nearly 7 per cent. The private sector lender on Monday reported a 45 per cent drop in March quarter net profit following a spike in bad loans due to changes in asset classification norms. However, investors took heart from the management's commentary that the bulk of the bad loans problem is behind it and the focus now shifts to recoveries and resolution, brokers said. Global crude oil prices hovered above the USD 75 per barrel mark on uncertainties over the US re-imposing sanctions on Iran, fanning fears of a supply disruption. The 30-share Sensex opened positive and advanced to the session's high of 35,388.87. However, profit-booking by investors ahead of Karnataka elections this week trimmed the gains, with the gauge sinking to the day's low of 35,136.01. It finally settled 8.18 points or 0.02 per cent higher at 35,216.32. The NSE Nifty, after hitting a high of 10,758.55, closed at 10,717.80, up just 2.30 points, or 0.02 per cent. It touched a low of 10,689.40 intra-day. Meanwhile, domestic institutional investors (DIIs) net bought shares worth Rs 1,037.23 crore, while foreign portfolio investors (FPIs) sold equities worth Rs 635.24 crore yesterday, provisional data showed. "Market turned volatile as investors are concerned on the movement of rupee and surge in oil price which could eventually lead to tight monetary policy. "Albeit, banks outperformed as sentiment improved on account of early recognition of stressed assets. Continued outflow of foreign money will keep rupee on tenterhook while increasing GST collection and RBIs open market operation may soften the volatility," said Vinod Nair, Head of Research, Geojit Financial Services. In the Sensex pack, ICICI Bank emerged on top with a rise of 6.86 per cent, followed by SBI 1.42 per cent and Axis Bank 1.18 per cent. Other winners were Power Grid 1.14 per cent, Bharti Airtel 0.69 per cent, NTPC 0.47 per cent, TCS 0.39 per cent, Maruti Suzuki 0.37 per cent, Coal India 0.34 per cent, Adani Port 0.29 per cent, ITC 0.16 per cent, Dr Reddy's 0.15 per cent and HUL 0.13 per cent. On the other hand, M&M fell 2.26 per cent, IndusInd Bank 1.78 per cent, L&T 1.70 per cent, Infosys 1.52 per cent, Yes Bank 1.19 per cent, Tata Motors 0.88 per cent, Bajaj Auto 0.87 per cent, HDFC Bank 0.75 per cent, Wipro 0.67 per cent, Asian Paints 0.60 per cent, HDFC 0.48 per cent, RIL 0.43 per cent, Sun Pharma O.40 per cent, ONGC 0.35 per cent and Kotak Mahindra Bank 0.25 per cent. Sector-wise, bankex index spurted 1.32 per cent, followed by realty 1.06 per cent, PSU by 0.80 per cent, oil and gas 0.36 per cent, FMCG 0.19 per cent and Power 0.17 per cent. However, capital goods slipped 0.85 per cent, consumer durables 0.81 per cent, teck 0.57 per cent, IT 0.53 per cent, auto 0.42 per cent, infrastructure 0.19 per cent, healthcare 0.18 per cent and metal 0.16 per cent. Broader markets showed a mixed trend. The S&P BSE Small-Cap index inched up 0.10 per cent while the mid-cap index shed 0.10 per cent. Asian markets closed mostly higher following firm leads from Wall Street overnight. However, European shares opened broadly flat as investors prepared for President Donald Trump's decision on whether to withdraw the US from the Iran nuclear deal. Brent crude futures, the international benchmark for oil prices, shed 0.85 per cent to USD 75.52 a barrel. Hong Kong's Hang Seng rose 1.36 per cent, Shanghai Composite Index gained 0.79 per cent and Japan's Nikkei ended 0.18 per cent higher. In Europe, Paris CAC declined 0.42 per cent, while Frankfurt's DAX traded lower by 0.44 per cent in early deals. London's FTSE, however, was up 0.08 per cent. PTI

Markets end flat as investors pocket gains; ICICI Bank shines

As the world waits for US President Donald Trump’s decision on the Iran nuclear deal, the Gulf oil diplomacy is in full play.

Reports say the Saudi Arabia is backing sanctions on Iran as it wants to push crude prices to around $100 a barrel.

Analysts believe Saudi Arabia aims to see much higher oil prices to overcome its domestic financial difficulties and raise the valuation of state oil giant Aramco ahead of a planned five-per cent IPO.

Rising crude will give a high valuation to Aramco, thereby giving more money to Saudi government. Saudi Aramco had net income of $33.8 billion in the first six months of 2017 and cash flows of $52.1 billion. Crown Prince Mohammed bin Salman, who has made the Aramco IPO a cornerstone of Saudi economic 2030 reform, wants to raise a record $100 billion by selling a five per cent stake in the company on local and foreign exchanges.

It would give Aramco a market capitalisation of $2 trillion, the biggest achieved by any company and dwarfing peers such as Exxon Mobil and Royal Dutch Shell.

After prices hit $70 a barrel, the kingdom "is thought to be unofficially gunning for $80 a barrel, with some even suggesting that it favours a return to $100 (a barrel) oil", Stephen Brennock of PVM Oil Associates said.

"As well as helping to reduce the Saudi government balance sheet, a further spike in prices would act as a boon for the impending Aramco IPO," Brennock said.

"This is why Saudi Arabia is intentionally keeping the supply of oil tight," German banking and financial services company Commerzbank said.

Iran, on the other hand, does not support the relentless rise in crude prices and has already signalled a sharp split with regional foe Saudi Arabia that wants high crude prices.

Iran believes that $60 to $65 a barrel constitutes a “suitable price” for oil. But its outlook contrasts sharply with the Saudi-led organization of the petroleum exporting countries or OPEC, which is targeting prices closer to $80 a barrel.

The OPEC, however, does not have a price target for oil. "We never have a price target ... Prices are determined by the market," said Saudi Energy Minister Khaled al-Faleh who warned against the danger of price fluctuations, saying "volatility is our enemy."

OPEC and non-OPEC producers struck a deal in late 2016 to trim production by 1.8 million barrels per day to reduce a global glut that sent prices crashing.

The deal, which is due to run out at the end of this year, has helped boost oil prices to above $70 a barrel from below $30 in early 2016.

Iran does not support the relentless rise in crude prices.

As the world waits for US President Donald Trump’s decision on the Iran nuclear deal, the Gulf oil diplomacy is in full play. Reports say the Saudi Arabia is backing sanctions on Iran as it wants to push crude prices to around $100 a barrel. Analysts believe Saudi Arabia aims to see much higher oil prices to overcome its domestic financial difficulties and raise the valuation of state oil giant Aramco ahead of a planned five-per cent IPO. Rising crude will give a high valuation to Aramco, thereby giving more money to Saudi government. Saudi Aramco had net income of $33.8 billion in the first six months of 2017 and cash flows of $52.1 billion. Crown Prince Mohammed bin Salman, who has made the Aramco IPO a cornerstone of Saudi economic 2030 reform, wants to raise a record $100 billion by selling a five per cent stake in the company on local and foreign exchanges. It would give Aramco a market capitalisation of $2 trillion, the biggest achieved by any company and dwarfing peers such as Exxon Mobil and Royal Dutch Shell. After prices hit $70 a barrel, the kingdom "is thought to be unofficially gunning for $80 a barrel, with some even suggesting that it favours a return to $100 (a barrel) oil", Stephen Brennock of PVM Oil Associates said. "As well as helping to reduce the Saudi government balance sheet, a further spike in prices would act as a boon for the impending Aramco IPO," Brennock said. "This is why Saudi Arabia is intentionally keeping the supply of oil tight," German banking and financial services company Commerzbank said. Iran, on the other hand, does not support the relentless rise in crude prices and has already signalled a sharp split with regional foe Saudi Arabia that wants high crude prices. Iran believes that $60 to $65 a barrel constitutes a “suitable price” for oil. But its outlook contrasts sharply with the Saudi-led organization of the petroleum exporting countries or OPEC, which is targeting prices closer to $80 a barrel. The OPEC, however, does not have a price target for oil. "We never have a price target ... Prices are determined by the market," said Saudi Energy Minister Khaled al-Faleh who warned against the danger of price fluctuations, saying "volatility is our enemy." OPEC and non-OPEC producers struck a deal in late 2016 to trim production by 1.8 million barrels per day to reduce a global glut that sent prices crashing. The deal, which is due to run out at the end of this year, has helped boost oil prices to above $70 a barrel from below $30 in early 2016.

Ahead of US decision on Iran deal, a look at Gulf oil diplomacy

Leading stock exchange BSE will launch trading in the commodity derivatives segment from October, and will focus on non-agri products to start with, a senior official said. Markets watchdog Securities and Exchange Board of India (Sebi) on 28 December last year had announced that from coming October, the country would have a unified exchange regime wherein stock exchanges would be allowed to offer trading in commodities derivatives.

“The BSE will begin commodity exchange from October 1,” its managing director and chief executive Ashish Chauhan today said, adding, “We will start with non-agriculture commodities like metals, energy and base metals. We have applied (to Sebi) for non-agri commodities.” Talking to reporters at the launch event of Kotak Securities’ ‘Free Intraday Trading’, an offering for self-directed investors for intra-day trades across cash, futures, and options segments, Chauhan said intra-day traders have played a crucial role in increasing trade volume.

“The first framework was automation, which took volumes by 20-100 times. Then came algorithm trading, then came derivatives – equities, commodities, currencies. Put together, internationally, volumes have increased somewhere between 5,000 and 20,000 times in the last 25 years, with most of them coming from intra-day traders,” he said.

Chauhan added that “robo advisory” will take off with softwares automatically deciding things, placing orders, etc. “It might take off as smaller brokers are not making good money from trading businesses, so they are trying to shift into other areas with more margins like mutual funds, brokering for properties, insurance,” he said.

Kotak Securities’ FIT, available at an annual subscription fee of Rs 999, is expected to double its customer base in 18 months, according to its managing director and chief executive officer Kamlesh Rao. It will also offer BSE StAR MF platform for retail investors to directly invest in mutual fund schemes.

Leading stock exchange BSE will launch trading in the commodity derivatives segment from October, and will focus on non-agri products to start with, a senior official said.

Leading stock exchange BSE will launch trading in the commodity derivatives segment from October, and will focus on non-agri products to start with, a senior official said. Markets watchdog Securities and Exchange Board of India (Sebi) on 28 December last year had announced that from coming October, the country would have a unified exchange regime wherein stock exchanges would be allowed to offer trading in commodities derivatives. “The BSE will begin commodity exchange from October 1,” its managing director and chief executive Ashish Chauhan today said, adding, “We will start with non-agriculture commodities like metals, energy and base metals. We have applied (to Sebi) for non-agri commodities.” Talking to reporters at the launch event of Kotak Securities’ ‘Free Intraday Trading’, an offering for self-directed investors for intra-day trades across cash, futures, and options segments, Chauhan said intra-day traders have played a crucial role in increasing trade volume. “The first framework was automation, which took volumes by 20-100 times. Then came algorithm trading, then came derivatives – equities, commodities, currencies. Put together, internationally, volumes have increased somewhere between 5,000 and 20,000 times in the last 25 years, with most of them coming from intra-day traders,” he said. Chauhan added that “robo advisory” will take off with softwares automatically deciding things, placing orders, etc. “It might take off as smaller brokers are not making good money from trading businesses, so they are trying to shift into other areas with more margins like mutual funds, brokering for properties, insurance,” he said. Kotak Securities’ FIT, available at an annual subscription fee of Rs 999, is expected to double its customer base in 18 months, according to its managing director and chief executive officer Kamlesh Rao. It will also offer BSE StAR MF platform for retail investors to directly invest in mutual fund schemes.

BSE to launch commodity derivatives trading from 1 October

India emerges at the fourth spot on an index that accessed nearly 25 Asia Pacific countries and territories on their overall standing of power.

According to a report by the Lowy Institute, India has the potential to be the 'giant of the future' but needs improvement in areas like defence networks and economic relationships.&nbsp;

Each country was accessed on parameters across eight measures of power - economic resources, military capability, resilience, future trends, diplomatic influence, economic relationships, defence networks and cultural influence.&nbsp;

Russia, Australia, South Korea, Singapore, Malaysia, Indonesia, Thailand, New Zealand, Vietnam, Pakistan, Taiwan, Philippines and North Korea are ranked as "middle powers" while Bangladesh, Brunei, Myanmar, Sri Lanka, Cambodia, Mongolia, Laos and Nepal as "minor powers."&nbsp;

The study also reached far into the Pacific region to include countries like Australia and the United States in the report.&nbsp;

"Three of the world's four largest economies are in Asia, and the fourth, the United States, is a Pacific power. By 2025, two-thirds of the world's population will live in Asia, compared with just over a tenth in the West," the report noted.&nbsp;

The report suggests India scores well on cultural influence and future trends, ranking third in both. The country was also projected to become the fastest-growing economy in the region, predicted to grow 169 per cent between 2016 and 2030.&nbsp;

(With inputs from PTI)

The study also reached far into the Pacific region to include countries like Australia and the United States in the report

India emerges at the fourth spot on an index that accessed nearly 25 Asia Pacific countries and territories on their overall standing of power. According to a report by the Lowy Institute, India has the potential to be the 'giant of the future' but needs improvement in areas like defence networks and economic relationships. Each country was accessed on parameters across eight measures of power - economic resources, military capability, resilience, future trends, diplomatic influence, economic relationships, defence networks and cultural influence. Russia, Australia, South Korea, Singapore, Malaysia, Indonesia, Thailand, New Zealand, Vietnam, Pakistan, Taiwan, Philippines and North Korea are ranked as "middle powers" while Bangladesh, Brunei, Myanmar, Sri Lanka, Cambodia, Mongolia, Laos and Nepal as "minor powers." The study also reached far into the Pacific region to include countries like Australia and the United States in the report. "Three of the world's four largest economies are in Asia, and the fourth, the United States, is a Pacific power. By 2025, two-thirds of the world's population will live in Asia, compared with just over a tenth in the West," the report noted. The report suggests India scores well on cultural influence and future trends, ranking third in both. The country was also projected to become the fastest-growing economy in the region, predicted to grow 169 per cent between 2016 and 2030. (With inputs from PTI)

India 4th most 'powerful' country in Asia Pacific: Report

India is projected to have a skilled labour surplus of 245 million workers by 2030, mainly on the back of “vast supply of working age citizens”, even as most of the developed and developing economies are expected to grapple with talent crunch at that time, says a study.&nbsp;

Organisational consulting firm Korn Ferry today said there is likely to be a “talent deficit of 85.2 million workers” by 2030 across the 20 major developed and developing economies that were covered in the study.

“This global skills shortage could result in USD 8.452 trillion in unrealised annual revenue by 2030 – equivalent to the combined GDP of Germany and Japan,” the study said. According to the study, India is the only country expected to have a surplus of highly skilled financial and business services labour by 2030. “India is projected to have a skilled-labour surplus of around 245.3 million workers by 2030, the only country in our study expected to have a surplus, owing mainly to its vast supply of working-age citizens and government programmes to boost workers’ skills,” it noted.

While noting that India is expected to overtake China to become the world’s most populous country in the next six years, the study said India’s median age is predicted to be just over 31 by 2030, meaning it has a vast supply of working-age citizens. The government has also been announcing programmes to boost workers’ skills and capacities, it added. “Industries, where the talent surplus will be the most visible in India, include the financial services with a surplus of 1.1 million, technology, media, telecommunications (TMT) at 1.3 million and manufacturing at 2.44 million of extra manpower in 12 years,” the study said. It also noted that by 2030, all countries except India would be gripped by TMT talent deficits.

Bhavna Sud, Client Partner at Korn Ferry India said that while India has a surplus of talent, the twin challenges of employability and job creation should be dealt with. “The government, as well as industry, have made significant efforts to address both issues through programmes like ‘Skill India’, but we will have to do more to create a competitive advantage of the surplus manpower we have. If left unchecked, the talent surplus will add to our woes of jobless growth and unemployment,” Sud noted.

Regarding the global trend, Korn Ferry said the impact of the talent crunch is so significant that the continued predominance of sector powerhouses is in question, from London as a global financial services centre to the US as a technology leader to China as a key manufacturing base. “As a result, organisations may be prompted to relocate their headquarters and operational centres to places where the talent supply is more plentiful. Governments will be forced to invest in improving their people’s skills to avert corporate flight and to defend their nations’ income and status,” the study said.

Another finding was that global growth, demographic trends, under-skilled workforces, and tightening immigration mean that even significant productivity leaps enabled by technological advances would be insufficient to prevent the talent crunch. Besides India, 19 other major developing and developed economies were covered in the study. They are Brazil, Mexico, the US, France, Germany, the Netherlands, Russia, Saudi Arabia, South Africa, UAE, the UK, Australia, China, Hong Kong, Indonesia, Japan, Malaysia, Singapore and Thailand.

Most of the developed and developing economies are expected to grapple with talent crunch at that time

India is projected to have a skilled labour surplus of 245 million workers by 2030, mainly on the back of “vast supply of working age citizens”, even as most of the developed and developing economies are expected to grapple with talent crunch at that time, says a study. Organisational consulting firm Korn Ferry today said there is likely to be a “talent deficit of 85.2 million workers” by 2030 across the 20 major developed and developing economies that were covered in the study. “This global skills shortage could result in USD 8.452 trillion in unrealised annual revenue by 2030 – equivalent to the combined GDP of Germany and Japan,” the study said. According to the study, India is the only country expected to have a surplus of highly skilled financial and business services labour by 2030. “India is projected to have a skilled-labour surplus of around 245.3 million workers by 2030, the only country in our study expected to have a surplus, owing mainly to its vast supply of working-age citizens and government programmes to boost workers’ skills,” it noted. While noting that India is expected to overtake China to become the world’s most populous country in the next six years, the study said India’s median age is predicted to be just over 31 by 2030, meaning it has a vast supply of working-age citizens. The government has also been announcing programmes to boost workers’ skills and capacities, it added. “Industries, where the talent surplus will be the most visible in India, include the financial services with a surplus of 1.1 million, technology, media, telecommunications (TMT) at 1.3 million and manufacturing at 2.44 million of extra manpower in 12 years,” the study said. It also noted that by 2030, all countries except India would be gripped by TMT talent deficits. Bhavna Sud, Client Partner at Korn Ferry India said that while India has a surplus of talent, the twin challenges of employability and job creation should be dealt with. “The government, as well as industry, have made significant efforts to address both issues through programmes like ‘Skill India’, but we will have to do more to create a competitive advantage of the surplus manpower we have. If left unchecked, the talent surplus will add to our woes of jobless growth and unemployment,” Sud noted. Regarding the global trend, Korn Ferry said the impact of the talent crunch is so significant that the continued predominance of sector powerhouses is in question, from London as a global financial services centre to the US as a technology leader to China as a key manufacturing base. “As a result, organisations may be prompted to relocate their headquarters and operational centres to places where the talent supply is more plentiful. Governments will be forced to invest in improving their people’s skills to avert corporate flight and to defend their nations’ income and status,” the study said. Another finding was that global growth, demographic trends, under-skilled workforces, and tightening immigration mean that even significant productivity leaps enabled by technological advances would be insufficient to prevent the talent crunch. Besides India, 19 other major developing and developed economies were covered in the study. They are Brazil, Mexico, the US, France, Germany, the Netherlands, Russia, Saudi Arabia, South Africa, UAE, the UK, Australia, China, Hong Kong, Indonesia, Japan, Malaysia, Singapore and Thailand.

India to have talent surplus of 245 million workers by 2030, says study

Shares of ICICI Bank surged nearly 9 per cent today even as the company posted 45 per cent decline in consolidated net profit for March quarter.

The stock shrugged off the disappointing numbers to open the day on a positive note and further soared 8.67 per cent to Rs 314.50 as the trade progressed on BSE.

At NSE, shares of the company jumped 8.52 per cent to Rs 314.50. 
The stock was the biggest gainer on both Sensex and Nifty during the morning trade.

ICICI Bank yesterday posted 45 per cent decline in consolidated net profit to Rs 1,142 crore for three months to March as bad loans surged.

The leading private sector lender had a consolidated profit of Rs 2,083 crore in January-March, 2016-17.

Total income on a consolidated basis rose to Rs 33,760 crore as against Rs 28,603 crore.

On the standalone basis, the bank recorded 50 per cent fall in net profit at Rs 1,020 crore in the reported quarter. In the year-ago period, the same stood at Rs 2,025 crore.

Gross non-performing assets (NPA) of the bank rose to 8.84 per cent as a percentage of gross advances at the end of March, compared to 7.89 per cent a year ago.&nbsp

ICICI Bank yesterday posted 45 per cent decline in consolidated net profit to Rs 1,142 crore for three months to March as bad loans surged.

Shares of ICICI Bank surged nearly 9 per cent today even as the company posted 45 per cent decline in consolidated net profit for March quarter. The stock shrugged off the disappointing numbers to open the day on a positive note and further soared 8.67 per cent to Rs 314.50 as the trade progressed on BSE. At NSE, shares of the company jumped 8.52 per cent to Rs 314.50. The stock was the biggest gainer on both Sensex and Nifty during the morning trade. ICICI Bank yesterday posted 45 per cent decline in consolidated net profit to Rs 1,142 crore for three months to March as bad loans surged. The leading private sector lender had a consolidated profit of Rs 2,083 crore in January-March, 2016-17. Total income on a consolidated basis rose to Rs 33,760 crore as against Rs 28,603 crore. On the standalone basis, the bank recorded 50 per cent fall in net profit at Rs 1,020 crore in the reported quarter. In the year-ago period, the same stood at Rs 2,025 crore. Gross non-performing assets (NPA) of the bank rose to 8.84 per cent as a percentage of gross advances at the end of March, compared to 7.89 per cent a year ago.

ICICI Bank shares soar nearly 9% post Q4 results

Nestle will pay Starbucks $7.15 billion as part of a global coffee alliance in which the Swiss-based food giant is getting the rights to market the US&nbsp;coffee company's products around the world outside Starbucks' coffee shops.

Starbucks said on Monday it will use proceeds to speed-up share buybacks and the deal would add to earnings per share (EPS) by 2021 at the latest. Nestle saw the deal adding to earnings by 2019.

Nestle and Starbucks are joining forces in a highly fragmented consumer drinks category that has seen a string of deals lately.

JAB Holdings, the private investment firm of Europe's billionaire Reimann family, has fueled the consolidation wave with a series of deals including Douwe Egberts, Peet's Coffee & Tea and Keurig Green Mountain, narrowing the gap with Nestle.

"This global coffee alliance will bring the Starbucks experience to the homes of millions more around the world through the reach and reputation of Nestle," said Starbucks Chief Executive Kevin Johnson.

Coffee is popular with millennials who have grown up with Starbucks and often seek out smaller brands. A willingness to pay up for exotic beans and specialty drinks means companies can brew up richer profit margins than in mainstream packaged food.

Starbucks plans to use the proceeds to accelerate share buybacks and now expects to return approximately $20 billion in cash to shareholders in the form of share buybacks and dividends through fiscal year 2020, it said.

It said the transaction was expected to add to earnings per share by the end of fiscal year 2021 or sooner, with no change to the company's currently stated long-term financial targets.

In a separate statement, Nestle said it expected the business to contribute positively to its earnings per share and organic growth targets from 2019.

Nestle, which will take on about 500 Starbucks employees as part of the deal, says its ongoing share buyback program would remain unchanged.

Starbucks said on Monday it will use proceeds to speed-up share buybacks and the deal would add to earnings per share (EPS) by 2021 at the latest. Nestle saw the deal adding to earnings by 2019

Nestle will pay Starbucks $7.15 billion as part of a global coffee alliance in which the Swiss-based food giant is getting the rights to market the US coffee company's products around the world outside Starbucks' coffee shops. Starbucks said on Monday it will use proceeds to speed-up share buybacks and the deal would add to earnings per share (EPS) by 2021 at the latest. Nestle saw the deal adding to earnings by 2019. Nestle and Starbucks are joining forces in a highly fragmented consumer drinks category that has seen a string of deals lately. JAB Holdings, the private investment firm of Europe's billionaire Reimann family, has fueled the consolidation wave with a series of deals including Douwe Egberts, Peet's Coffee & Tea and Keurig Green Mountain, narrowing the gap with Nestle. "This global coffee alliance will bring the Starbucks experience to the homes of millions more around the world through the reach and reputation of Nestle," said Starbucks Chief Executive Kevin Johnson. Coffee is popular with millennials who have grown up with Starbucks and often seek out smaller brands. A willingness to pay up for exotic beans and specialty drinks means companies can brew up richer profit margins than in mainstream packaged food. Starbucks plans to use the proceeds to accelerate share buybacks and now expects to return approximately $20 billion in cash to shareholders in the form of share buybacks and dividends through fiscal year 2020, it said. It said the transaction was expected to add to earnings per share by the end of fiscal year 2021 or sooner, with no change to the company's currently stated long-term financial targets. In a separate statement, Nestle said it expected the business to contribute positively to its earnings per share and organic growth targets from 2019. Nestle, which will take on about 500 Starbucks employees as part of the deal, says its ongoing share buyback program would remain unchanged.

Nestle to pay $7.15 billion to Starbucks in coffee tie-up

Billionaire investor Warren Buffett on Monday said buyers of bitcoin, which he has characterized as "rat poison squared," thrive on the hope they'll find other people who will pay more for it.

Likening bitcoin demand to the tulip bulb mania in 17th century Holland, Buffett, the chairman and chief executive of Berkshire Hathaway Inc, said the mystique behind the cryptocurrency has caused its price to surge.

"If you don't understand it, you get much more excited," Buffett said on CNBC television. "People like to speculate, they like to gamble."

He said investors now are much better off owning US&nbsp;stocks, whose prices are elevated but not in a "bubble," and it would take a "nanosecond" for him to choose stocks over 10- or 30-year U.S. government bonds now yielding around 3 percent.

Charlie Munger, Buffett's longtime business partner and a Berkshire vice chairman, is also no bitcoin fan, describing it as "worthless artificial gold." He likened it to Oscar Wilde's definition of fox hunting, calling it "the pursuit of the uneatable by the unspeakable."

Buffett, 87, and Munger, 94, spoke two days after they presided at Berkshire's annual shareholder meeting in Omaha, Nebraska, which was expected to have drawn more than 40,000 people.

It was the first meeting since Berkshire elevated longtime executives Greg Abel and Ajit Jain to vice chairmen, making them top contenders to replace Buffett as chief executive.

Buffett said their promotions have been "very, very good" for the company.

Berkshire has said its board knows who would become chief executive if the need arose.

One of its members, Microsoft Corp co-founder Bill Gates, said on CNBC "it's not a horse race" between Abel and Jain.

Buffett renewed his desire to spend some of Berkshire’s low-yielding cash on a major acquisition. He said he would be happier if Berkshire had $30 billion of cash and equivalents, not the $108.6 billion it reported holding at the end of March.

"If a $100 billion deal came along that Charlie and I really liked, we’d get it done," he said.

Buffett revealed last week Berkshire had bought about 75 million additional Apple Inc shares in the first quarter, adding to the 165.3 million it already owns. It now has a 5 percent stake in the iPhone maker, trailing only Vanguard Group and BlackRock Inc.

Buffett said he would be happy to see the Apple share price fall if it would spur repurchases.

Munger, meanwhile, said Berkshire may have been "a little too restrained" in buying Apple, saying "it's reasonably priced and strong." He added: "I wished we owned more of it."

Buffett also said the list of CEO candidates has been "narrowed down" for the healthcare venture between Berkshire, Amazon.com and JPMorgan Chase. He said choosing the CEO will be "by far the most difficult decision we will make."

Likening bitcoin demand to the tulip bulb mania in 17th century Holland, Buffett, the chairman and chief executive of Berkshire Hathaway Inc, said the mystique behind the cryptocurrency has caused its price to surge

Billionaire investor Warren Buffett on Monday said buyers of bitcoin, which he has characterized as "rat poison squared," thrive on the hope they'll find other people who will pay more for it. Likening bitcoin demand to the tulip bulb mania in 17th century Holland, Buffett, the chairman and chief executive of Berkshire Hathaway Inc, said the mystique behind the cryptocurrency has caused its price to surge. "If you don't understand it, you get much more excited," Buffett said on CNBC television. "People like to speculate, they like to gamble." He said investors now are much better off owning US stocks, whose prices are elevated but not in a "bubble," and it would take a "nanosecond" for him to choose stocks over 10- or 30-year U.S. government bonds now yielding around 3 percent. Charlie Munger, Buffett's longtime business partner and a Berkshire vice chairman, is also no bitcoin fan, describing it as "worthless artificial gold." He likened it to Oscar Wilde's definition of fox hunting, calling it "the pursuit of the uneatable by the unspeakable." Buffett, 87, and Munger, 94, spoke two days after they presided at Berkshire's annual shareholder meeting in Omaha, Nebraska, which was expected to have drawn more than 40,000 people. It was the first meeting since Berkshire elevated longtime executives Greg Abel and Ajit Jain to vice chairmen, making them top contenders to replace Buffett as chief executive. Buffett said their promotions have been "very, very good" for the company. Berkshire has said its board knows who would become chief executive if the need arose. One of its members, Microsoft Corp co-founder Bill Gates, said on CNBC "it's not a horse race" between Abel and Jain. Buffett renewed his desire to spend some of Berkshire’s low-yielding cash on a major acquisition. He said he would be happier if Berkshire had $30 billion of cash and equivalents, not the $108.6 billion it reported holding at the end of March. "If a $100 billion deal came along that Charlie and I really liked, we’d get it done," he said. Buffett revealed last week Berkshire had bought about 75 million additional Apple Inc shares in the first quarter, adding to the 165.3 million it already owns. It now has a 5 percent stake in the iPhone maker, trailing only Vanguard Group and BlackRock Inc. Buffett said he would be happy to see the Apple share price fall if it would spur repurchases. Munger, meanwhile, said Berkshire may have been "a little too restrained" in buying Apple, saying "it's reasonably priced and strong." He added: "I wished we owned more of it." Buffett also said the list of CEO candidates has been "narrowed down" for the healthcare venture between Berkshire, Amazon.com and JPMorgan Chase. He said choosing the CEO will be "by far the most difficult decision we will make."

Warren Buffett bashes bitcoin, says stocks are better

ICICI Bank Ltd, India's third-largest lender by assets, said its fourth-quarter net profit almost halved, missing expectations, as provisions for bad loans surged.

Gross bad loans as a percentage of total loans stood at 8.84 per cent at the end of March compared with 7.82 per cent at the end of the previous quarter and 7.89 per cent a year earlier.

Net profit for the three months to March 31 fell to 10.20 billion rupees on Monday.&nbsp;&nbsp;

That compared with the average 10.77 billion rupees forecast of 12 analysts, according to Thomson Reuters data.

Net interest income for the quarter was up 1 per cent on the year to 60.22 billion rupees, while net interest margin was at 3.24 per cent.

Shares of the Mumbai-based lender, which started trading in 1998, ended 2.5 per cent higher ahead of the results, outperforming a slightly higher main market.&nbsp;

The results come against the backdrop of a series of allegations of impropriety in ICICI Bank's extending loans to some companies and enjoying reciprocal benefits by the family members of the bank's CEO Chanda Kochhar.&nbsp;

Gross bad loans as a percentage of total loans stood at 8.84 per cent at the end of March compared with 7.82 per cent at the end of the previous quarter and 7.89 per cent a year earlier

ICICI Bank Ltd, India's third-largest lender by assets, said its fourth-quarter net profit almost halved, missing expectations, as provisions for bad loans surged. Gross bad loans as a percentage of total loans stood at 8.84 per cent at the end of March compared with 7.82 per cent at the end of the previous quarter and 7.89 per cent a year earlier. Net profit for the three months to March 31 fell to 10.20 billion rupees on Monday. That compared with the average 10.77 billion rupees forecast of 12 analysts, according to Thomson Reuters data. Net interest income for the quarter was up 1 per cent on the year to 60.22 billion rupees, while net interest margin was at 3.24 per cent. Shares of the Mumbai-based lender, which started trading in 1998, ended 2.5 per cent higher ahead of the results, outperforming a slightly higher main market. The results come against the backdrop of a series of allegations of impropriety in ICICI Bank's extending loans to some companies and enjoying reciprocal benefits by the family members of the bank's CEO Chanda Kochhar.

ICICI Bank's Q4 profit drops by close to half as bad loans rise

The BSE Sensex surged 293 points today to close at an over three-month high of 35,208.14 while the broader Nifty recaptured the 10,700-mark as investors piled into recently-battered metal, energy, realty and banking stocks amid mixed global cues.

Fresh buying by domestic institutional investors added to the momentum.&nbsp

The BSE benchmark Sensex opened higher at 34,983.59 and hovered in a range of 35,259.81 to 34,977.74 before finishing at 35,208.14, showing a gain of 292.76 points or 0.84 per cent.&nbsp

This is its highest closing since February 1, 2018, when it had finished at 35,906.66.

The gauge had lost 261.04 points in the previous two sessions.

The NSE 50-share Nifty also gained 97.25 points, or 0.92 per cent, to 10,715.50 after shuttling between 10,725.65 and 10,635.65.

Meanwhile, domestic institutional investors bought shares worth a net Rs 1,084.09 crore, while foreign portfolio investors sold shares worth Rs 1,628.23 crore on Friday, provisional data showed.

Asian markets ended mixed despite a strong closing on Wall Street as investors digested last week's trade talks between the US and China, while US jobs data eased fears of faster rate hike by the Federal Reserve.

However, US crude topped the USD 75 mark for the first time since 2014. Crude oil prices rose by 0.75 per cent to USD 75.43 a barrel.&nbsp

The Nifty closed over the 10,700 mark. Fresh buying by domestic institutional investors added to the momentum

The BSE Sensex surged 293 points today to close at an over three-month high of 35,208.14 while the broader Nifty recaptured the 10,700-mark as investors piled into recently-battered metal, energy, realty and banking stocks amid mixed global cues. Fresh buying by domestic institutional investors added to the momentum. The BSE benchmark Sensex opened higher at 34,983.59 and hovered in a range of 35,259.81 to 34,977.74 before finishing at 35,208.14, showing a gain of 292.76 points or 0.84 per cent. This is its highest closing since February 1, 2018, when it had finished at 35,906.66. The gauge had lost 261.04 points in the previous two sessions. The NSE 50-share Nifty also gained 97.25 points, or 0.92 per cent, to 10,715.50 after shuttling between 10,725.65 and 10,635.65. Meanwhile, domestic institutional investors bought shares worth a net Rs 1,084.09 crore, while foreign portfolio investors sold shares worth Rs 1,628.23 crore on Friday, provisional data showed. Asian markets ended mixed despite a strong closing on Wall Street as investors digested last week's trade talks between the US and China, while US jobs data eased fears of faster rate hike by the Federal Reserve. However, US crude topped the USD 75 mark for the first time since 2014. Crude oil prices rose by 0.75 per cent to USD 75.43 a barrel.

Sensex surges 293 points, closes over 35,000 mark

Key crude oil prices rose by 1 percent to their highest levels since late-2014 on Monday, pushed up by a deepening economic crisis in Venezuela and a looming decision on whether the United States will re-impose sanctions against Iran.

Brent crude oil futures were at $75.57 per barrel at 0650 GMT, up 70 cents, or 0.9 percent, from their last close. Earlier in the session, they touched their highest since November 2014 at $75.89 a barrel.

US&nbsp;West Texas Intermediate (WTI) crude futures rose 70 cents, or 1 percent, to $70.42 per barrel. Monday was the first time since November 2014 that WTI had climbed above $70 per barrel.

Meanwhile, China’s Shanghai crude oil futures, launched in March, broke their dollar-converted record-high of $71.32 per barrel by rising as far as $72.54 on Monday.

Open interest and traded volumes for Shanghai crude also hit a fresh record on Monday.

Analysts warned that the deepening economic crisis in major oil exporter Venezuela threatened to further crimp its production and exports.

Shannon Rivkin, investment director of Australia’s Rivkin Securities, said that oil prices had been driven up due to “growing concerns over the economic collapse of Venezuela and its oil industry, plus possible new sanctions against Iran from the Trump administration”.

US&nbsp;oil firm ConocoPhillips has moved to take key Caribbean assets of Venezuela’s state-run PDVSA to enforce a $2 billion arbitration award, actions that could further impair PDVSA’s declining oil production and exports.

Venezuela’s oil output has halved since the early 2000s to just 1.5 million barrels per day (bpd), as the South American country has failed to invest enough to maintain its petroleum industry.

Beyond Venezuela’s woes, Greg McKenna,&nbsp;chief&nbsp;market strategist at futures brokerage AxiTrader, said “the big story this week is going to be about oil and the Iran Nuclear deal”. Most market participants expect Trump to withdraw from the pact, he said.

Iran re-emerged as a major oil exporter in 2016 after international sanctions against it were lifted in return for curbs on Iran’s nuclear program.

Expressing doubts over Iran’s sincerity, Trump has threatened to walk away from the 2015 agreement by not extending sanctions waivers when they expire on May 12, which would likely result in a reduction of Iran’s oil exports.

Looming over markets, however, is surging U.S. output, which has soared by more than a quarter in the last two years, to 10.62 million bpd.

US&nbsp;output will likely rise further this year, towards or past Russia’s 11 million bpd, as its energy firms keep drilling for more.

US&nbsp;energy companies added nine oil rigs looking for new production in the week to May 4, bringing the total count to 834, the highest level since March 2015, energy services firm Baker Hughes said last Friday.

Analysts warned that the deepening economic crisis in major oil exporter Venezuela threatened to further crimp its production and exports.

Key crude oil prices rose by 1 percent to their highest levels since late-2014 on Monday, pushed up by a deepening economic crisis in Venezuela and a looming decision on whether the United States will re-impose sanctions against Iran. Brent crude oil futures were at $75.57 per barrel at 0650 GMT, up 70 cents, or 0.9 percent, from their last close. Earlier in the session, they touched their highest since November 2014 at $75.89 a barrel. US West Texas Intermediate (WTI) crude futures rose 70 cents, or 1 percent, to $70.42 per barrel. Monday was the first time since November 2014 that WTI had climbed above $70 per barrel. Meanwhile, China’s Shanghai crude oil futures, launched in March, broke their dollar-converted record-high of $71.32 per barrel by rising as far as $72.54 on Monday. Open interest and traded volumes for Shanghai crude also hit a fresh record on Monday. Analysts warned that the deepening economic crisis in major oil exporter Venezuela threatened to further crimp its production and exports. Shannon Rivkin, investment director of Australia’s Rivkin Securities, said that oil prices had been driven up due to “growing concerns over the economic collapse of Venezuela and its oil industry, plus possible new sanctions against Iran from the Trump administration”. US oil firm ConocoPhillips has moved to take key Caribbean assets of Venezuela’s state-run PDVSA to enforce a $2 billion arbitration award, actions that could further impair PDVSA’s declining oil production and exports. Venezuela’s oil output has halved since the early 2000s to just 1.5 million barrels per day (bpd), as the South American country has failed to invest enough to maintain its petroleum industry. Beyond Venezuela’s woes, Greg McKenna, chief market strategist at futures brokerage AxiTrader, said “the big story this week is going to be about oil and the Iran Nuclear deal”. Most market participants expect Trump to withdraw from the pact, he said. Iran re-emerged as a major oil exporter in 2016 after international sanctions against it were lifted in return for curbs on Iran’s nuclear program. Expressing doubts over Iran’s sincerity, Trump has threatened to walk away from the 2015 agreement by not extending sanctions waivers when they expire on May 12, which would likely result in a reduction of Iran’s oil exports. Looming over markets, however, is surging U.S. output, which has soared by more than a quarter in the last two years, to 10.62 million bpd. US output will likely rise further this year, towards or past Russia’s 11 million bpd, as its energy firms keep drilling for more. US energy companies added nine oil rigs looking for new production in the week to May 4, bringing the total count to 834, the highest level since March 2015, energy services firm Baker Hughes said last Friday.

Oil prices reach highest since November 2014 on Venezuela, Iran worries

In the wake of global retail giant Walmart eyeing a majority stake in Flipkart, co-owner Sachin Bansal may exit the Indian e-commerce venture, reports suggest.

Bansal, along with Binny Bansal, started Flipkart almost over a decade ago in 2007.&nbsp;

The final word on Sachin’s exit will be announced in the coming week after the company decides the course of action with respect to the Walmart deal.&nbsp;

According to reports, the Bansal duo is desired to stay back in the top management rung by Walmart. Sachin had been the longest-serving CEO of the company until 2016.&nbsp;

Meanwhile, global e-commerce giant Amazon Inc has also made a formal offer to buy a 60 per cent stake in Flipkart, a move that threatens to complicate Walmart Inc's bid.

Walmart was likely to reach with a deal to buy a majority stake in Flipkart by the end of June this year. The deal, if materialises, would be Walmart's biggest acquisition of an online business.

The acquisition will put Walmart and Amazon -- two multinational e-commerce giants -- at loggerheads in the Indian&nbsp;e-commerce space that is estimated to worth $200 billion a year within a decade.

The deal will also translate into a cornered and more diluted Indian hold on the majority of e-commerce business in the country.&nbsp;

With the deal likely to be signed as early as next week, the Walmart-Flipkart deal will most likely involve the former buying a controlling stake of around 55 per cent in the Bengaluru-based company.

Walmart has been on an acquisition spree to strengthen its online presence. It bought Amazon's competitor Jet.com for $3.3 billion in 2016.

&nbsp;

Walmart has been on an acquisition spree to strengthen its online presence. It bought Amazon's competitor Jet.com for $3.3 billion in 2016

In the wake of global retail giant Walmart eyeing a majority stake in Flipkart, co-owner Sachin Bansal may exit the Indian e-commerce venture, reports suggest. Bansal, along with Binny Bansal, started Flipkart almost over a decade ago in 2007. The final word on Sachin’s exit will be announced in the coming week after the company decides the course of action with respect to the Walmart deal. According to reports, the Bansal duo is desired to stay back in the top management rung by Walmart. Sachin had been the longest-serving CEO of the company until 2016. Meanwhile, global e-commerce giant Amazon Inc has also made a formal offer to buy a 60 per cent stake in Flipkart, a move that threatens to complicate Walmart Inc's bid. Walmart was likely to reach with a deal to buy a majority stake in Flipkart by the end of June this year. The deal, if materialises, would be Walmart's biggest acquisition of an online business. The acquisition will put Walmart and Amazon -- two multinational e-commerce giants -- at loggerheads in the Indian e-commerce space that is estimated to worth $200 billion a year within a decade. The deal will also translate into a cornered and more diluted Indian hold on the majority of e-commerce business in the country. With the deal likely to be signed as early as next week, the Walmart-Flipkart deal will most likely involve the former buying a controlling stake of around 55 per cent in the Bengaluru-based company. Walmart has been on an acquisition spree to strengthen its online presence. It bought Amazon's competitor Jet.com for $3.3 billion in 2016.

Flipkart co-founder Sachin Bansal may quit as Walmart warms up to takeover

After starting on a positive note, the benchmark BSE Sensex fell over 100 points today on weak global cues as investors eyed the outcome of US-China trade talks, ahead of the US jobs report.

The 30-share index, after opening 103.41 points higher, turned negative on profit-booking to quote 118.75 points, or 0.34 per cent, lower at 34,984.39.

The gauge had lost 73.28 points in the previous session.

The 50-share NSE Nifty also turned negative and shed 33.06 points, or 0.31 per cent, to 10,646.05 after a higher opening at 10,700.45.

Top laggards were Asian Paints, Infosys, Wipro, Sun Pharma, Coal India, Bajaj Auto, RIL, NTPC, Axis Bank, Maruti Suzuki, ICICI Bank, Kotak Bank, Tata Steel and HDFC, falling up to 2 per cent.

Top gainers included Bharti Airtel, Adani Ports, HUL, ONGC, IndusInd Bank, Dr Reddy's, HDFC Bank, Yes Bank, SBI, TCS and L&T, rising up to 2.45 per cent.

Brokers said, a weak trend in other Asian bourses as investors watched the outcome of trade talks between the US and China, ahead of the April employment data, to be released later in the day, influenced sentiments here.

Market participants booked profits at higher levels in opening trade, they added.&nbsp

Meanwhile, on a net basis, foreign institutional investors (FIIs) sold shares worth Rs 148.42 crore and domestic institutional investors (DIIs) sold shares worth Rs 578.92 crore in yesterday's trade, provisional data showed.

Among other Asian markets, Hong Kong's Hang Seng shed 0.74 per cent, while Shanghai Composite Index lost 0.26 per cent in early trade today. Financial markets in Japan are closed for a four-day holiday weekend.

The US Dow Jones Industrial Average closed 0.02 per cent higher in yesterday's trade.

The 50-share NSE Nifty also turned negative and shed 33.06 points

After starting on a positive note, the benchmark BSE Sensex fell over 100 points today on weak global cues as investors eyed the outcome of US-China trade talks, ahead of the US jobs report. The 30-share index, after opening 103.41 points higher, turned negative on profit-booking to quote 118.75 points, or 0.34 per cent, lower at 34,984.39. The gauge had lost 73.28 points in the previous session. The 50-share NSE Nifty also turned negative and shed 33.06 points, or 0.31 per cent, to 10,646.05 after a higher opening at 10,700.45. Top laggards were Asian Paints, Infosys, Wipro, Sun Pharma, Coal India, Bajaj Auto, RIL, NTPC, Axis Bank, Maruti Suzuki, ICICI Bank, Kotak Bank, Tata Steel and HDFC, falling up to 2 per cent. Top gainers included Bharti Airtel, Adani Ports, HUL, ONGC, IndusInd Bank, Dr Reddy's, HDFC Bank, Yes Bank, SBI, TCS and L&T, rising up to 2.45 per cent. Brokers said, a weak trend in other Asian bourses as investors watched the outcome of trade talks between the US and China, ahead of the April employment data, to be released later in the day, influenced sentiments here. Market participants booked profits at higher levels in opening trade, they added. Meanwhile, on a net basis, foreign institutional investors (FIIs) sold shares worth Rs 148.42 crore and domestic institutional investors (DIIs) sold shares worth Rs 578.92 crore in yesterday's trade, provisional data showed. Among other Asian markets, Hong Kong's Hang Seng shed 0.74 per cent, while Shanghai Composite Index lost 0.26 per cent in early trade today. Financial markets in Japan are closed for a four-day holiday weekend. The US Dow Jones Industrial Average closed 0.02 per cent higher in yesterday's trade.

Sensex falls over 100 points on weak global cues

Oil prices held steady on Friday after shedding earlier gains, as market jitters kicked in over the prospect of geopolitical risks from possible new US&nbspsanctions against Iran.

US&nbspWest Texas Intermediate (WTI) crude futures were trading 1 cent lower at $68.42 per barrel by 0258 GMT.

Brent crude oil futures were at $73.59 per barrel, down 3 cents, or 0.04 percent, from their last close after touching a intraday high of $73.80 per barrel in early morning trading.

Technical analysis from Reuters' Wang Tao showed the market may retest a price support level at $72.39 per barrel after peaking around a resistance at $75.45.

Friday morning's fluctuations came as investors sifted through the upcoming Iran sanction decision and an increasing US&nbspcrude inventory build for clues.

Iran's foreign minister said on Thursday US&nbspdemands to change its 2015 nuclear agreement with world powers were unacceptable, as a deadline set by President Donald Trump for Europeans to "fix" the deal loomed.

"Current prices reflect a premium for Iran uncertainties. Investors are worried about supplies after Iran took a tough stance in its response to the United States," Wang Xiao, Head of Crude Research with Guotai Junan Futures said, adding prices may fall if expectations for new sanctions ease.

European powers still want to hand Trump a plan to save the Iran nuclear deal next week. But they have also started work on protecting EU-Iranian business ties if the US&nbsppresident makes good on a threat to withdraw, six sources told Reuters.

Markets will remain skittish as the May 12 deadline to rectify the deal approaches, ANZ Research said in note.

Iran resumed its role as a major oil exporter in January 2016 when international sanctions against Tehran were lifted in return for curbs on Iran's nuclear program.

Aside from security concerns, growing US&nbspcrude supplies are capping price gains.

West Texas Intermediate crude for delivery in Midland slid for a fourth day on Thursday to hit its lowest in more than three-and-a-half years. WTI at Midland WTC-WTM traded as much as $14 a barrel below benchmark futures.

Surging production in the Permian basin has continued to outpace pipeline capacity, while local refining issues have exacerbated oversupply in the region, dealers told Reuters.

Multi-year low spot market prices followed US&nbspgovernment data that showed a 6.2-million-barrel jump in crude inventories last week.

The United States now produces more crude oil than top exporter Saudi Arabia.

Friday morning's fluctuations came as investors sifted through the upcoming Iran sanction decision and an increasing US crude inventory build for clues

Oil prices held steady on Friday after shedding earlier gains, as market jitters kicked in over the prospect of geopolitical risks from possible new US&nbspsanctions against Iran. US&nbspWest Texas Intermediate (WTI) crude futures were trading 1 cent lower at $68.42 per barrel by 0258 GMT. Brent crude oil futures were at $73.59 per barrel, down 3 cents, or 0.04 percent, from their last close after touching a intraday high of $73.80 per barrel in early morning trading. Technical analysis from Reuters' Wang Tao showed the market may retest a price support level at $72.39 per barrel after peaking around a resistance at $75.45. Friday morning's fluctuations came as investors sifted through the upcoming Iran sanction decision and an increasing US&nbspcrude inventory build for clues. Iran's foreign minister said on Thursday US&nbspdemands to change its 2015 nuclear agreement with world powers were unacceptable, as a deadline set by President Donald Trump for Europeans to "fix" the deal loomed. "Current prices reflect a premium for Iran uncertainties. Investors are worried about supplies after Iran took a tough stance in its response to the United States," Wang Xiao, Head of Crude Research with Guotai Junan Futures said, adding prices may fall if expectations for new sanctions ease. European powers still want to hand Trump a plan to save the Iran nuclear deal next week. But they have also started work on protecting EU-Iranian business ties if the US&nbsppresident makes good on a threat to withdraw, six sources told Reuters. Markets will remain skittish as the May 12 deadline to rectify the deal approaches, ANZ Research said in note. Iran resumed its role as a major oil exporter in January 2016 when international sanctions against Tehran were lifted in return for curbs on Iran's nuclear program. Aside from security concerns, growing US&nbspcrude supplies are capping price gains. West Texas Intermediate crude for delivery in Midland slid for a fourth day on Thursday to hit its lowest in more than three-and-a-half years. WTI at Midland WTC-WTM traded as much as $14 a barrel below benchmark futures. Surging production in the Permian basin has continued to outpace pipeline capacity, while local refining issues have exacerbated oversupply in the region, dealers told Reuters. Multi-year low spot market prices followed US&nbspgovernment data that showed a 6.2-million-barrel jump in crude inventories last week. The United States now produces more crude oil than top exporter Saudi Arabia.

Oil prices hold steady as US decision on Iran sanctions looms 

Business models and gaming online platforms are paying for reviews on their portals which misleads a buyer before purchasing any goods. Watch this video to spot the fake reviews on the online platforms.

Fake reviews: Watch how paid reviews fool customers

Amazon.com Inc has made a formal offer to buy a 60 per cent stake in Indian online retailer Flipkart, CNBC-TV18 reported on Wednesday, threatening to complicate Walmart Inc's bid to buy a majority stake in the Indian e-commerce player.

Walmart was likely to reach a deal to buy a majority stake in Flipkart,&nbsp;Amazon's biggest competitor in India, by the end of June for US $10 billion to US&nbsp;$12 billion.&nbsp;As part of the proposal, Amazon is seeking a non-compete agreement from Flipkart's founders, reports said.&nbsp;

The deal would be the US&nbsp;retail giant's biggest acquisition of an online business and would kick off a battle with&nbsp;Amazon&nbsp;in an Indian e-commerce market that analysts forecast will be worth US $200 billion a year within a decade.

CNBC-TV18 reported&nbsp;that&nbsp;Amazon&nbsp;had offered Flipkart a breakup fee of US $2 billion to convince it to discuss an offer which analysts say would bring with it substantial antitrust challenges, as Flipkart and&nbsp;Amazon&nbsp;dominate the online shopping space in Asia's third-largest economy.

Two sources close to the matter, asking not to be named, confirmed to Reuters that&nbsp;Amazon&nbsp;was interested in buying Flipkart, but declined to give further details.

One of the sources said that Flipkart had vetoed an approach from&nbsp;Amazon&nbsp;for a 51 to 55 per cent in the company two years ago, judging its offered price as far too low at the time.

"Now with Walmart in the mix things are different," the source said. "To the best of my knowledge no decision has been made yet. There is no deadline per se."

CNBC-TV18, citing unnamed sources, said&nbsp;Amazon's new bid was likely to be on a par with Walmart's, but that Flipkart's investors and founders continue to favor the deal with Walmart, with founder Sachin Bansal overseeing final negotiations.

US retail giant Walmart is widely expected to make an offer to buy a majority stake in Flipkart, with the deal likely to be signed as early as next week.&nbsp;The deal will most likely involve Walmart buying a controlling stake of around 55 per cent in the Bengaluru-based company.

Walmart has been on an acquisition spree to strengthen its online presence after it bought Amazon's competitor Jet.com for US $3.3 billion in 2016.

Representatives at Amazon, Flipkart and Walmart were not immediately available for comment.

(With inputs from Reuters)

Walmart was likely to reach a deal to buy a majority stake in Flipkart, Amazon's biggest competitor in India, by the end of June for $10 billion to $12 billion

Amazon.com Inc has made a formal offer to buy a 60 per cent stake in Indian online retailer Flipkart, CNBC-TV18 reported on Wednesday, threatening to complicate Walmart Inc's bid to buy a majority stake in the Indian e-commerce player. Walmart was likely to reach a deal to buy a majority stake in Flipkart, Amazon's biggest competitor in India, by the end of June for US $10 billion to US $12 billion. As part of the proposal, Amazon is seeking a non-compete agreement from Flipkart's founders, reports said. The deal would be the US retail giant's biggest acquisition of an online business and would kick off a battle with Amazon in an Indian e-commerce market that analysts forecast will be worth US $200 billion a year within a decade. CNBC-TV18 reported that Amazon had offered Flipkart a breakup fee of US $2 billion to convince it to discuss an offer which analysts say would bring with it substantial antitrust challenges, as Flipkart and Amazon dominate the online shopping space in Asia's third-largest economy. Two sources close to the matter, asking not to be named, confirmed to Reuters that Amazon was interested in buying Flipkart, but declined to give further details. One of the sources said that Flipkart had vetoed an approach from Amazon for a 51 to 55 per cent in the company two years ago, judging its offered price as far too low at the time. "Now with Walmart in the mix things are different," the source said. "To the best of my knowledge no decision has been made yet. There is no deadline per se." CNBC-TV18, citing unnamed sources, said Amazon's new bid was likely to be on a par with Walmart's, but that Flipkart's investors and founders continue to favor the deal with Walmart, with founder Sachin Bansal overseeing final negotiations. US retail giant Walmart is widely expected to make an offer to buy a majority stake in Flipkart, with the deal likely to be signed as early as next week. The deal will most likely involve Walmart buying a controlling stake of around 55 per cent in the Bengaluru-based company. Walmart has been on an acquisition spree to strengthen its online presence after it bought Amazon's competitor Jet.com for US $3.3 billion in 2016. Representatives at Amazon, Flipkart and Walmart were not immediately available for comment. (With inputs from Reuters)

Amazon offers to buy 60 per cent stake in Flipkart

IT stocks outperformed the benchmark index Sensex in April driven by the sharp jump in TCS, and going forward the outlook for the tech sector looks bullish owing to a weak rupee and increasing adoption of digital platforms.

On BSE, the IT index ended the month of April with 10.71 per cent gain, while for the 30-share index the gain was 6.64 per cent.

S&P BSE Information Technology index was quoted at 13,567.69 on April 30, significantly higher than its April 2 value of 12,254.92 points.

The latest gains were led by Tata Consultancy Services (TCS) whose shares marked new heights during April. Shares of TCS - the most valued company in the country - jumped as much as 24 per cent and also scaled the USD 100 billion landmark market capitalisation mark during the month.

Other blue-chip IT companies also ended the month on a strong note. Infosys, India's second-largest software services firm soared 5.72 per cent, HCL Technologies (8.44 per cent), Tech Mahindra (5.20 per cent).

IT stocks have the second biggest sectoral weight in the benchmark indices, after banking. The strong performance of tech stocks during April helped Sensex gain 6.64 per cent during the month.

Given that the weak rupee augurs well for the IT pack, brokerages are upbeat on the IT sector.

According to a Nomura report, the rupee has started to depreciate since the start of 2018 by near 4 per cent so far this year.

"IT has already materially outperformed Nifty in this period of rupee depreciation," Nomura said adding that "theoretically, companies with lower margin profiles and higher offshore components are likely to benefit from rupee depreciation".

Edelweiss Research in a note on IT earnings said: "Our analysis reveals that with acceleration in revenue and digital gaining scale, double-digit earnings growth will soon become a reality".

It further said: "We reiterate our structural bullish call on sector led by falling proportion of low-growth business being replaced by high-growth digital business".

Meanwhile, Elara Capital in a report said large-scale mutual fund allocations moved into the financial sector post-2014 while MF ownership in IT remains closer to the two-decade low.

"Now the AUM ratio has reached close to 2008 highs from where reversal has begun. Any large reversals will significantly benefit IT, which remains the largest under-allocated sector among local MF. In the past, the reversal from such high zone has brought about a big round of outperformance in IT," Elara Capital said.

S&P BSE Information Technology index was quoted at 13,567.69 on April 30, significantly higher than its April 2 value of 12,254.92 points.

IT stocks outperformed the benchmark index Sensex in April driven by the sharp jump in TCS, and going forward the outlook for the tech sector looks bullish owing to a weak rupee and increasing adoption of digital platforms. On BSE, the IT index ended the month of April with 10.71 per cent gain, while for the 30-share index the gain was 6.64 per cent. S&P BSE Information Technology index was quoted at 13,567.69 on April 30, significantly higher than its April 2 value of 12,254.92 points. The latest gains were led by Tata Consultancy Services (TCS) whose shares marked new heights during April. Shares of TCS - the most valued company in the country - jumped as much as 24 per cent and also scaled the USD 100 billion landmark market capitalisation mark during the month. Other blue-chip IT companies also ended the month on a strong note. Infosys, India's second-largest software services firm soared 5.72 per cent, HCL Technologies (8.44 per cent), Tech Mahindra (5.20 per cent). IT stocks have the second biggest sectoral weight in the benchmark indices, after banking. The strong performance of tech stocks during April helped Sensex gain 6.64 per cent during the month. Given that the weak rupee augurs well for the IT pack, brokerages are upbeat on the IT sector. According to a Nomura report, the rupee has started to depreciate since the start of 2018 by near 4 per cent so far this year. "IT has already materially outperformed Nifty in this period of rupee depreciation," Nomura said adding that "theoretically, companies with lower margin profiles and higher offshore components are likely to benefit from rupee depreciation". Edelweiss Research in a note on IT earnings said: "Our analysis reveals that with acceleration in revenue and digital gaining scale, double-digit earnings growth will soon become a reality". It further said: "We reiterate our structural bullish call on sector led by falling proportion of low-growth business being replaced by high-growth digital business". Meanwhile, Elara Capital in a report said large-scale mutual fund allocations moved into the financial sector post-2014 while MF ownership in IT remains closer to the two-decade low. "Now the AUM ratio has reached close to 2008 highs from where reversal has begun. Any large reversals will significantly benefit IT, which remains the largest under-allocated sector among local MF. In the past, the reversal from such high zone has brought about a big round of outperformance in IT," Elara Capital said.

IT stocks outperform Sensex in April; TCS jumps 24%

Volkswagen AG, the world's biggest automaker, is in talks to form a joint venture with China's Didi Chuxing to manage part of the ride-hailing company's fleet of cars and help develop "purpose-built" vehicles for Didi's services.

As part of the deal between Volkswagen and China's biggest ride-hailing service, expected to be signed early next month, the German automaker will initially manage a fleet of about 100,000 new vehicles for Didi, of which two-thirds will be Volkswagen Group cars, said a senior executive at the carmaker.

Volkswagen will also jointly buy some new cars with Didi to allow the Chinese company to expand its fleet. The two eventually plan to collaborate to design and develop dedicated vehicles, he said, speaking on condition of anonymity as the details are still private.

The executive did not give financial details of the deal but said that Volkswagen will get a slice of the revenue once the venture develops.

The growing popularity of ride-hailing services for commuting and running errands in congested cities such as Beijing and Shanghai is showing early signs of reducing private car ownership. This could have serious consequences for existing carmakers and is forcing companies like Volkswagen to reinvent their businesses and seek out future revenue streams.

"To succeed as a car company in this new ecosystem, we need to know who our customer is, what their journey is and what our strategy should be," the executive said.

He added that this deal will eventually give Volkswagen access to some of Didi's massive trove of data on customer behaviour collected through the 3 million rides Didi provides in China each day.

The ultimate goal is the production and use of autonomous cars, the Volkswagen executive said.

Volkswagen's partnership with Didi is the first known project Didi has begun pursuing as part of a broad alliance the Chinese company recently formed with 31 automakers and parts suppliers.

Didi has said it formed the alliance to collaborate on, among other things, eventually developing cars purpose-built for its services.

For instance, as many as 80 percent of Didi customers ride alone and don't need a big four-seater car, the Volkswagen executive said.

And current vehicles have engines and other technology that allow them to go as fast as 150 mph (250 kmph). Dedicated ride-sharing vehicles would always travel much slower, so they would not need to be aerodynamic or have a powerful engine. That could allow for fewer seats and more room for luggage.

Didi has also predicted much of its future fleet would be electric. The company has begun working with Chinese carmakers GAC Motor and CHJ Automotive to design electric vehicles, sources have told Reuters.

Three Didi officials said the ultimate shape of a new ride-sharing market is still unclear and no one knows what role car manufacturers and Didi itself will play in it.

Open questions for Didi are how to repair, maintain and direct a fleet of autonomous vehicles, one of the officials said.

"Our understanding right now is that probably automakers don't know 100 percent how to do all that. Didi also doesn't know either," the official said.

A spokesperson for Didi said both sides were still working out the details of how the partnership would look.

"Potentially, both parties will focus on building together a fleet operation business, and look into other potential areas such as designing new car models for ride-hailing," the spokesperson said.

The Didi officials did not want to be named because they are not authorised to talk to reporters.

After years of resistance and efforts to keep technology-based ride companies at arm's length and vowing never to be like contract manufacturers are to the mobile phone sellers, carmakers are becoming more flexible.

The car industry fears becoming like Taipei-headquartered electronics company Foxconn, which manufactures millions of phones for the likes of Apple Inc but only gets a slim share of the profits in return.

This year, automakers like Fiat, Jaguar Land Rover and Honda Motor entered into an agreement to provide thousands of cars to Alphabet Inc's self-driving unit, Waymo. Last year Volvo and Daimler AG said they would supply cars to Uber.

Volkswagen lags its rivals Daimler and BMW in embracing the transformation but has recently stepped up its efforts.

It has created a war chest of 15 billion euros ($18.2 billion), which it plans to use for investments in ride-hailing, autonomous driving, digitalisation, electric mobility and other services in China by 2022.

It has already invested in an artificial intelligence firm called Mobvoi, a car-sharing company Shouqi and a second-hand car buying company. Volkswagen is also in talks to invest in a luxury ride-hailing company and an electric car charging business, the executive said.

Once Volkswagen has access to customer data, it will be able to make better-informed decisions on future businesses and products.

"We will explore additional business models with Didi," the executive said, adding that these may not necessarily be focused only on China. Volkswagen is internally discussing bus and truck sharing.

"We don't need to have all the answers. The money we plan to put into the first phase should help us find some," he said.

The executive did not say whether the new cars provided by Volkswagen would be electric, hybrid or gasoline.

The executive did not give financial details of the deal but said that Volkswagen will get a slice of the revenue once the venture develops

Volkswagen AG, the world's biggest automaker, is in talks to form a joint venture with China's Didi Chuxing to manage part of the ride-hailing company's fleet of cars and help develop "purpose-built" vehicles for Didi's services. As part of the deal between Volkswagen and China's biggest ride-hailing service, expected to be signed early next month, the German automaker will initially manage a fleet of about 100,000 new vehicles for Didi, of which two-thirds will be Volkswagen Group cars, said a senior executive at the carmaker. Volkswagen will also jointly buy some new cars with Didi to allow the Chinese company to expand its fleet. The two eventually plan to collaborate to design and develop dedicated vehicles, he said, speaking on condition of anonymity as the details are still private. The executive did not give financial details of the deal but said that Volkswagen will get a slice of the revenue once the venture develops. The growing popularity of ride-hailing services for commuting and running errands in congested cities such as Beijing and Shanghai is showing early signs of reducing private car ownership. This could have serious consequences for existing carmakers and is forcing companies like Volkswagen to reinvent their businesses and seek out future revenue streams. "To succeed as a car company in this new ecosystem, we need to know who our customer is, what their journey is and what our strategy should be," the executive said. He added that this deal will eventually give Volkswagen access to some of Didi's massive trove of data on customer behaviour collected through the 3 million rides Didi provides in China each day. The ultimate goal is the production and use of autonomous cars, the Volkswagen executive said. Volkswagen's partnership with Didi is the first known project Didi has begun pursuing as part of a broad alliance the Chinese company recently formed with 31 automakers and parts suppliers. Didi has said it formed the alliance to collaborate on, among other things, eventually developing cars purpose-built for its services. For instance, as many as 80 percent of Didi customers ride alone and don't need a big four-seater car, the Volkswagen executive said. And current vehicles have engines and other technology that allow them to go as fast as 150 mph (250 kmph). Dedicated ride-sharing vehicles would always travel much slower, so they would not need to be aerodynamic or have a powerful engine. That could allow for fewer seats and more room for luggage. Didi has also predicted much of its future fleet would be electric. The company has begun working with Chinese carmakers GAC Motor and CHJ Automotive to design electric vehicles, sources have told Reuters. Three Didi officials said the ultimate shape of a new ride-sharing market is still unclear and no one knows what role car manufacturers and Didi itself will play in it. Open questions for Didi are how to repair, maintain and direct a fleet of autonomous vehicles, one of the officials said. "Our understanding right now is that probably automakers don't know 100 percent how to do all that. Didi also doesn't know either," the official said. A spokesperson for Didi said both sides were still working out the details of how the partnership would look. "Potentially, both parties will focus on building together a fleet operation business, and look into other potential areas such as designing new car models for ride-hailing," the spokesperson said. The Didi officials did not want to be named because they are not authorised to talk to reporters. After years of resistance and efforts to keep technology-based ride companies at arm's length and vowing never to be like contract manufacturers are to the mobile phone sellers, carmakers are becoming more flexible. The car industry fears becoming like Taipei-headquartered electronics company Foxconn, which manufactures millions of phones for the likes of Apple Inc but only gets a slim share of the profits in return. This year, automakers like Fiat, Jaguar Land Rover and Honda Motor entered into an agreement to provide thousands of cars to Alphabet Inc's self-driving unit, Waymo. Last year Volvo and Daimler AG said they would supply cars to Uber. Volkswagen lags its rivals Daimler and BMW in embracing the transformation but has recently stepped up its efforts. It has created a war chest of 15 billion euros ($18.2 billion), which it plans to use for investments in ride-hailing, autonomous driving, digitalisation, electric mobility and other services in China by 2022. It has already invested in an artificial intelligence firm called Mobvoi, a car-sharing company Shouqi and a second-hand car buying company. Volkswagen is also in talks to invest in a luxury ride-hailing company and an electric car charging business, the executive said. Once Volkswagen has access to customer data, it will be able to make better-informed decisions on future businesses and products. "We will explore additional business models with Didi," the executive said, adding that these may not necessarily be focused only on China. Volkswagen is internally discussing bus and truck sharing. "We don't need to have all the answers. The money we plan to put into the first phase should help us find some," he said. The executive did not say whether the new cars provided by Volkswagen would be electric, hybrid or gasoline.

Volkswagen in talks to manage Didi fleet, co-develop self-driving cars

E-commerce firm Snapdeal saw its losses mounting to Rs 4,647 crore for the fiscal ending March 2017, impacted by a provision for "impairment of goodwill" of Rs 1,797 crore.

According to regulatory filing to the corporate affairs ministry by Jasper Infotech, which runs Snapdeal, had registered a net loss of Rs 3,340 crore in 2015-16.

The company's total income also declined by 12.6 per cent to Rs 1,291.3 crore in FY2017 from Rs 1,478.2 crore in the previous year.

When contacted, Snapdeal spokesperson said the financial statement for the year 2016-17 "reflects the first stage of Snapdeal's focus on unit economics and business efficiencies".

"Key highlights in this regard are the reduction in fulfilment cost by more than 20 per cent (as a percentage of operating revenue) and reduction in operational losses by nearly 25 per cent (excluding non-recurring cost on account of impairment of assets)," the spokesperson said.

He added that the company continues to make "rapid progress in driving profitable growth, which will be reflected in the results for the financial year 2017-18".

Snapdeal has seen its business being impacted severely by the intense competition in the e-commerce segment. While players, including the likes of Amazon and Flipkart, have pumped in billions of dollars in investments, they continue to operate in losses. Analysts are of the view that it will be a couple of years before these players can hit profitability.

Last year, Snapdeal dumped the USD 950-million takeover offer from Flipkart with Snapdeal founders Kunal Bahl and Rohit Bansal saying the company will pursue a fresh strategy in the Indian market.

Last year, Snapdeal sold its payment services unit, Freecharge to Axis Bank for Rs 385 crore, almost 90 per cent lower than what it had paid for the firm in 2015.

In January this year, its logistics arm -- Vulcan Express -- was acquired by Kishore Biyani's Future Supply Chain Solutions in an all-cash deal valued at Rs 35 crore.

Snapdeal has also significantly reduced its headcount to rein in costs.

According to regulatory filing to the corporate affairs ministry by Jasper Infotech, which runs Snapdeal, had registered a net loss of Rs 3,340 crore in 2015-16

E-commerce firm Snapdeal saw its losses mounting to Rs 4,647 crore for the fiscal ending March 2017, impacted by a provision for "impairment of goodwill" of Rs 1,797 crore. According to regulatory filing to the corporate affairs ministry by Jasper Infotech, which runs Snapdeal, had registered a net loss of Rs 3,340 crore in 2015-16. The company's total income also declined by 12.6 per cent to Rs 1,291.3 crore in FY2017 from Rs 1,478.2 crore in the previous year. When contacted, Snapdeal spokesperson said the financial statement for the year 2016-17 "reflects the first stage of Snapdeal's focus on unit economics and business efficiencies". "Key highlights in this regard are the reduction in fulfilment cost by more than 20 per cent (as a percentage of operating revenue) and reduction in operational losses by nearly 25 per cent (excluding non-recurring cost on account of impairment of assets)," the spokesperson said. He added that the company continues to make "rapid progress in driving profitable growth, which will be reflected in the results for the financial year 2017-18". Snapdeal has seen its business being impacted severely by the intense competition in the e-commerce segment. While players, including the likes of Amazon and Flipkart, have pumped in billions of dollars in investments, they continue to operate in losses. Analysts are of the view that it will be a couple of years before these players can hit profitability. Last year, Snapdeal dumped the USD 950-million takeover offer from Flipkart with Snapdeal founders Kunal Bahl and Rohit Bansal saying the company will pursue a fresh strategy in the Indian market. Last year, Snapdeal sold its payment services unit, Freecharge to Axis Bank for Rs 385 crore, almost 90 per cent lower than what it had paid for the firm in 2015. In January this year, its logistics arm -- Vulcan Express -- was acquired by Kishore Biyani's Future Supply Chain Solutions in an all-cash deal valued at Rs 35 crore. Snapdeal has also significantly reduced its headcount to rein in costs.

Snapdeal posts Rs 4,647 crore net loss in 2016-17

Telecom operator Idea Cellular continued to bleed in the sixth straight quarter as its consolidated loss widened to Rs 930.6 crore in the three-month period ended March 31, mainly on account of continued hyper competition and regulatory headwinds.

The company had posted a loss of Rs 325.6 crore in the same period previous fiscal.

Idea had reported first ever consolidated loss of Rs 383.87 crore in the October-December 2016 period.

The operating revenue dropped 24.47 per cent to Rs 6,137.3 crore in the March quarter of FY18.

The performance of the company, however, improved on sequential quarter basis. Idea registered a loss of Rs 1,285.6 crore in October-December 2017.

The loss for the full fiscal swelled to Rs 4,139.9 crore from Rs 404 crore in 2016-17. Revenue from operations came in at Rs 28,278.9 crore in 2017-18 from Rs 36,676.8 crore in the previous fiscal.

The company blamed hyper competition and high regulatory headwinds for aggravating the industry's financial stress.

"The Trai led regulation changes including reduction of domestic Mobile Termination Charge from 14 paisa to 6 paisa per minute and International mobile termination' settlement charges from 53 paisa to 30 paisa per minute further aggravated the financial stress for the existing industry operators," Idea Cellular said in a post-earnings statement. Despite increase in voice and data traffic on its network, Idea recorded 26 per cent dip in average revenue per user to Rs 105 in the reported quarter from Rs 142 a year ago.

Idea registered rise in voice usage per subscriber to 577 minutes, broadband data usage per subscriber to 7 GB from 1.4 GB on year-on-year basis. The company saw record wireless broadband data subscriber addition of 15.1 million in 2017-18.

The net debt of the company as on March 31, 2018 stood at Rs 52,330 crore. The company expects the debt to reduce significantly with monetisation of its stake in Indus Towers and completion of sale of its standalone mobile towers to America Tower Corporations.

Giving an update on its merger with Vodafone, Idea Cellular said the process is in the final stages and is expected to be completed by June 2018.

"The merger of Idea and Vodafone India is in the final leg of regulatory approvals and is expected to complete in H1CY18," it said.

Established operators like Bharti Airtel, Vodafone and Idea Cellular are in the midst of a bruising tariff war following the entry of Reliance Jio backed by India's richest businessman Mukesh Ambani.

Reliance Jio's free voice and dirt-cheap data offering have dented the financial metrics of incumbent operators, deepening the impact of regulatory decisions like cut in termination charges.

The company had posted a loss of Rs 325.6 crore in the same period previous fiscal

Telecom operator Idea Cellular continued to bleed in the sixth straight quarter as its consolidated loss widened to Rs 930.6 crore in the three-month period ended March 31, mainly on account of continued hyper competition and regulatory headwinds. The company had posted a loss of Rs 325.6 crore in the same period previous fiscal. Idea had reported first ever consolidated loss of Rs 383.87 crore in the October-December 2016 period. The operating revenue dropped 24.47 per cent to Rs 6,137.3 crore in the March quarter of FY18. The performance of the company, however, improved on sequential quarter basis. Idea registered a loss of Rs 1,285.6 crore in October-December 2017. The loss for the full fiscal swelled to Rs 4,139.9 crore from Rs 404 crore in 2016-17. Revenue from operations came in at Rs 28,278.9 crore in 2017-18 from Rs 36,676.8 crore in the previous fiscal. The company blamed hyper competition and high regulatory headwinds for aggravating the industry's financial stress. "The Trai led regulation changes including reduction of domestic Mobile Termination Charge from 14 paisa to 6 paisa per minute and International mobile termination' settlement charges from 53 paisa to 30 paisa per minute further aggravated the financial stress for the existing industry operators," Idea Cellular said in a post-earnings statement. Despite increase in voice and data traffic on its network, Idea recorded 26 per cent dip in average revenue per user to Rs 105 in the reported quarter from Rs 142 a year ago. Idea registered rise in voice usage per subscriber to 577 minutes, broadband data usage per subscriber to 7 GB from 1.4 GB on year-on-year basis. The company saw record wireless broadband data subscriber addition of 15.1 million in 2017-18. The net debt of the company as on March 31, 2018 stood at Rs 52,330 crore. The company expects the debt to reduce significantly with monetisation of its stake in Indus Towers and completion of sale of its standalone mobile towers to America Tower Corporations. Giving an update on its merger with Vodafone, Idea Cellular said the process is in the final stages and is expected to be completed by June 2018. "The merger of Idea and Vodafone India is in the final leg of regulatory approvals and is expected to complete in H1CY18," it said. Established operators like Bharti Airtel, Vodafone and Idea Cellular are in the midst of a bruising tariff war following the entry of Reliance Jio backed by India's richest businessman Mukesh Ambani. Reliance Jio's free voice and dirt-cheap data offering have dented the financial metrics of incumbent operators, deepening the impact of regulatory decisions like cut in termination charges.

Idea Cellular Q4 net loss widens nearly 3-fold to Rs 930 crore

The Sensex rallied about 180 points to 34,893.20 in early session today, maintaining its positive form for the second straight day as the May derivatives series took off on a strong footing amid encouraging earnings and positive Asian cues.

Unabated buying by domestic institutional fulled the uptrend, brokers said.

The 30-share Sensex, which gained 212.33 points in the previous session, added 179.60 points, or 0.51 per cent, at 34,893.20.

All sectoral indices of BSE led by realty, banking and metal were in the positive zone, rising by up to 1.07 per cent.

The NSE Nifty jumped 60 points, or 0.56 per cent, to 10,677.80.

Shares of Reliance Industries and Maruti Suzuki were higher by 2.66 per cent and 1.28 per cent ahead of earnings, to be announced later in the day.

Other gainers include Axis Bank, Yes Bank, ICICI Bank, Adani Bank, Tata Steel, L&T, Tata Motors, SBI, Dr Reddy's, Sun Pharma and Bajaj Auto, rising up to 3.66 per cent.

Brokers said investors were busy in creating new positions following the beginning of the May futures and options (F&O) series that led to the rally in the market.

Moreover, encouraging quarterly corporate earnings so far and data showing that domestic institutional investors continued their buying activity, buoyed sentiment.

A firming trend in the rest of Asia following overnight positive leads from the Wall Street on solid earnings and a rebound in technology stocks as the US bond yields pulled back, accelerated buying activity, they added.

Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth Rs 684.11 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 1,056.34 crore yesterday, provisional data showed.

Japan's Nikkei quoted 0.42 per cent higher while Hong Kong's Hang Seng gained 0.31 per cent in the early part but China's Shanghai Composite Index shed 0.22 per cent.

The US market ended 0.99 per cent higher yesterday.&nbsp

The US market ended 0.99 per cent higher yesterday

The Sensex rallied about 180 points to 34,893.20 in early session today, maintaining its positive form for the second straight day as the May derivatives series took off on a strong footing amid encouraging earnings and positive Asian cues. Unabated buying by domestic institutional fulled the uptrend, brokers said. The 30-share Sensex, which gained 212.33 points in the previous session, added 179.60 points, or 0.51 per cent, at 34,893.20. All sectoral indices of BSE led by realty, banking and metal were in the positive zone, rising by up to 1.07 per cent. The NSE Nifty jumped 60 points, or 0.56 per cent, to 10,677.80. Shares of Reliance Industries and Maruti Suzuki were higher by 2.66 per cent and 1.28 per cent ahead of earnings, to be announced later in the day. Other gainers include Axis Bank, Yes Bank, ICICI Bank, Adani Bank, Tata Steel, L&T, Tata Motors, SBI, Dr Reddy's, Sun Pharma and Bajaj Auto, rising up to 3.66 per cent. Brokers said investors were busy in creating new positions following the beginning of the May futures and options (F&O) series that led to the rally in the market. Moreover, encouraging quarterly corporate earnings so far and data showing that domestic institutional investors continued their buying activity, buoyed sentiment. A firming trend in the rest of Asia following overnight positive leads from the Wall Street on solid earnings and a rebound in technology stocks as the US bond yields pulled back, accelerated buying activity, they added. Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth Rs 684.11 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 1,056.34 crore yesterday, provisional data showed. Japan's Nikkei quoted 0.42 per cent higher while Hong Kong's Hang Seng gained 0.31 per cent in the early part but China's Shanghai Composite Index shed 0.22 per cent. The US market ended 0.99 per cent higher yesterday.

Sensex soars 180 points, Nifty jumped up 60

Asian shares edged higher on Friday after US&nbspequities were buoyed by solid quarterly earnings and a rebound in technology stocks, while all eyes in the region are on a historic summit between the two Koreas.

Japan's benchmark Nikkei stock average gained 0.4 percent, up 147.05 yen from the previous day at the opening of Tokyo stock market, news agency Reuters reported.

Hong Kong's stock market opened with the benchmark Hang Seng Index also rising one percent to 30,300.83.

Australian shares followed Wall Street's strong earnings, with the S&P/ASX 200 index rising 0.3 percent or 18.2 points to 5,929 by 0248 GMT. The benchmark is on track to gain about one percent for the week.

Japan's benchmark Nikkei stock average gained 0.4 percent, up 147.05 yen from the previous day at the opening of Tokyo stock market.

Asian shares edged higher on Friday after US&nbspequities were buoyed by solid quarterly earnings and a rebound in technology stocks, while all eyes in the region are on a historic summit between the two Koreas. Japan's benchmark Nikkei stock average gained 0.4 percent, up 147.05 yen from the previous day at the opening of Tokyo stock market, news agency Reuters reported. Hong Kong's stock market opened with the benchmark Hang Seng Index also rising one percent to 30,300.83. Australian shares followed Wall Street's strong earnings, with the S&P/ASX 200 index rising 0.3 percent or 18.2 points to 5,929 by 0248 GMT. The benchmark is on track to gain about one percent for the week.

Asia shares rise as Koreas hold historic summit

Market barometer Sensex rallied over 256 points to end at a near three-month high of 34,969.70 on Friday as the May derivatives series got off to a strong start.

Financial stocks led by Axis Bank, SBI and ICICI Bank hogged the limelight, rising by up to about nine per cent.

Global cues were positive on the back of a historic meeting between the leaders of North and South Korea.

The 30-stock Sensex opened positive and rallied to reclaim the 35,000-mark, touching the session's high of 35,065.37.

However, profit-booking at some counters trimmed the gains as the gauge settled 256.10 points or 0.74 per cent higher at 34,969.70 -- a level last seen on February 2 when it had concluded at 35,066.77.

The index had rallied 212.33 points in the previous session on the back of strong earnings amid positive global cues.

The NSE Nifty, after hitting a high of 10,719.80, closed at 10,692.30, up 74.50 points, or 0.70 per cent. It touched a low of 10,647.55.

The benchmarks gained for the fifth week in a row - their longest winning streak in a year. The Sensex surged 554.12 points, or 1.61 per cent, while the Nifty gained 128.25 points, or 1.21 per cent, during this week.

Meanwhile, global credit rating agency Fitch today affirmed India's sovereign rating at 'BBB-' with 'stable' outlook, saying that the country's medium-term growth potential is strong.

'BBB-' rating indicates lowest investment grade.

The NSE Nifty, after hitting a high of 10,719.80, closed at 10,692.30, up 74.50 points, or 0.70 per cent. It touched a low of 10,647.55.

Market barometer Sensex rallied over 256 points to end at a near three-month high of 34,969.70 on Friday as the May derivatives series got off to a strong start. Financial stocks led by Axis Bank, SBI and ICICI Bank hogged the limelight, rising by up to about nine per cent. Global cues were positive on the back of a historic meeting between the leaders of North and South Korea. The 30-stock Sensex opened positive and rallied to reclaim the 35,000-mark, touching the session's high of 35,065.37. However, profit-booking at some counters trimmed the gains as the gauge settled 256.10 points or 0.74 per cent higher at 34,969.70 -- a level last seen on February 2 when it had concluded at 35,066.77. The index had rallied 212.33 points in the previous session on the back of strong earnings amid positive global cues. The NSE Nifty, after hitting a high of 10,719.80, closed at 10,692.30, up 74.50 points, or 0.70 per cent. It touched a low of 10,647.55. The benchmarks gained for the fifth week in a row - their longest winning streak in a year. The Sensex surged 554.12 points, or 1.61 per cent, while the Nifty gained 128.25 points, or 1.21 per cent, during this week. Meanwhile, global credit rating agency Fitch today affirmed India's sovereign rating at 'BBB-' with 'stable' outlook, saying that the country's medium-term growth potential is strong. 'BBB-' rating indicates lowest investment grade.

Sensex climbs 256 points to end week at near three-month high

According to the finance ministry, the government was able to mobilise Rs 7.41 lakh crore from the Goods and Services Tax (GST) during 2017-18.

"During the year 2017-18, total revenue collections under GST in the period between August 2017 and March 2018 has been Rs 7.19 lakh crore. Including the collection of July, 2017, the total GST collections during the 2017-18 stands provisionally at Rs. 7.41 lakh crore," the Finance Ministry said in a tweet.

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<blockquote class="twitter-tweet" data-lang="en">
During the year 2017-18, total Revenue Collections under GST in the period between August 2017 and March 2018 has been Rs. 7.19 Lakh Crore .
— Ministry of Finance (@FinMinIndia) <a href="https://twitter.com/FinMinIndia/status/989738503264133120?ref_src=twsrc%5Etfw">April 27, 2018</a></blockquote>
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"This includes Rs 1.19 lakh crore of CGST, Rs.1.72 lakh crore of SGST, and Rs 3.66 lakh crore of IGST (including Rs 1.73 lakh crore on imports) and Rs 62,021 crore of cess (including Rs 5,702 crore on imports)," it said.

According to the finance ministry, the average monthly collection during the August-March period has amounted to Rs 89,885 crore.

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The SGST Collection during the year 2017-18 including the settlement of IGST has been Rs. 2.91 Lakh Crore.
— Ministry of Finance (@FinMinIndia) <a href="https://twitter.com/FinMinIndia/status/989741622186332160?ref_src=twsrc%5Etfw">April 27, 2018</a></blockquote>
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Total compensation released to the states for a period of eight months during 2017-18 was Rs 41,147 crore, this was to ensure that the revenue of the states is protected at the level of 14 per cent over the base year tax collection in 2015-16.

The ministry further noted that the Revenue Gap in each state has been on the decline over the last eight months.

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Including the collection of July, 2017, the total GST Collections during the Financial Year 2017-18 stands provisionally at Rs. 7.41 Lakh Crore.
— Ministry of Finance (@FinMinIndia) <a href="https://twitter.com/FinMinIndia/status/989739237217001472?ref_src=twsrc%5Etfw">April 27, 2018</a></blockquote>
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The GST was rolled out on July 1, 2017.

(With inputs from PTI)&nbsp;

The ministry further noted that the Revenue Gap in each state has been on the decline over the last eight months

According to the finance ministry, the government was able to mobilise Rs 7.41 lakh crore from the Goods and Services Tax (GST) during 2017-18. "During the year 2017-18, total revenue collections under GST in the period between August 2017 and March 2018 has been Rs 7.19 lakh crore. Including the collection of July, 2017, the total GST collections during the 2017-18 stands provisionally at Rs. 7.41 lakh crore," the Finance Ministry said in a tweet. During the year 2017-18, total Revenue Collections under GST in the period between August 2017 and March 2018 has been Rs. 7.19 Lakh Crore . — Ministry of Finance (@FinMinIndia) April 27, 2018 × "This includes Rs 1.19 lakh crore of CGST, Rs.1.72 lakh crore of SGST, and Rs 3.66 lakh crore of IGST (including Rs 1.73 lakh crore on imports) and Rs 62,021 crore of cess (including Rs 5,702 crore on imports)," it said. According to the finance ministry, the average monthly collection during the August-March period has amounted to Rs 89,885 crore. The SGST Collection during the year 2017-18 including the settlement of IGST has been Rs. 2.91 Lakh Crore. — Ministry of Finance (@FinMinIndia) April 27, 2018 × Total compensation released to the states for a period of eight months during 2017-18 was Rs 41,147 crore, this was to ensure that the revenue of the states is protected at the level of 14 per cent over the base year tax collection in 2015-16. The ministry further noted that the Revenue Gap in each state has been on the decline over the last eight months. Including the collection of July, 2017, the total GST Collections during the Financial Year 2017-18 stands provisionally at Rs. 7.41 Lakh Crore. — Ministry of Finance (@FinMinIndia) April 27, 2018 × The GST was rolled out on July 1, 2017. (With inputs from PTI)

Average monthly GST collection since rollout Rs 90,000 crore: Finance Ministry