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Infosys Ltd, India&#39;s second-biggest software services exporter, reported a surprise 3.3 per cent rise in second-quarter profit, beating analysts&#39; estimates.

Profit rose to Rs 3,726 crore&nbsp;($573.03 million) in the three months ended September&nbsp;30, from&nbsp;Rs 3,483 crore in the June quarter.&nbsp;

Analysts on average had expected a net profit of 35.23 billion rupees, according to Thomson Reuters data.

Revenue from operations rose 1.5 per cent to 175.67 billion rupees.

The results are the first since Vishal Sikka quit Infosys as CEO in August after a lengthy feud between the board and the company founders that also led to a reorganisation of the board. Nandan Nilekani, a co-founder and a former CEO, was named chairman with the company continuing to search for a new CEO.

&nbsp;

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Profit rose to Rs 3,726 crore in the three months ended September?30, from?Rs 3,483 crore in the June quarter.?

Infosys Ltd, India's second-biggest software services exporter, reported a surprise 3.3 per cent rise in second-quarter profit, beating analysts' estimates. Profit rose to Rs 3,726 crore ($573.03 million) in the three months ended September 30, from Rs 3,483 crore in the June quarter. Analysts on average had expected a net profit of 35.23 billion rupees, according to Thomson Reuters data. Revenue from operations rose 1.5 per cent to 175.67 billion rupees. The results are the first since Vishal Sikka quit Infosys as CEO in August after a lengthy feud between the board and the company founders that also led to a reorganisation of the board. Nandan Nilekani, a co-founder and a former CEO, was named chairman with the company continuing to search for a new CEO.

Infosys posts surprise 3.3 per cent rise in Q2 profit

Puma expects gross margins to be squeezed by discounting in the fourth quarter, despite a new collection from singer Rihanna helping the German sportswear company raise its 2017 sales and operating earnings outlook.

Puma said on Tuesday that third-quarter sales rose a currency-adjusted 23 percent in Europe, Middle East and Africa, 16 percent in the Americas and 10 percent in Asia/Pacific.

Like its German rival Adidas, which reports results on Nov. 9, Puma has been enjoying a revival in the U.S. market, as shoppers snap up its retro styles instead of basketball shoes, hurting Under Armour and Nike.

&quot;Rihanna&#39;s relationship with us makes the brand actual and hot again with young consumers,&quot; Chief Executive Bjorn Gulden told a media call, adding that growth in Puma&#39;s gear for women was outstripping other areas of the business.

Puma, which was bought by French luxury goods company Kering in 2007, had been struggling for years, but analysts expect Kering could seek to sell its stake in the course of 2018 now that the German brand is performing well again.

Gulden cautioned that fourth-quarter gross margins could be weaker due to heavy discounting, particularly in the United States where retailers are struggling, and in Europe, due to mild weather deterring shoppers from buying winter gear.

Nike last month posted its slowest quarterly sales growth in nearly seven years in the face of intensifying competition from Adidas and Puma and a looming price war amid retailers.

DUAL TRACK

Puma shares, which had jumped last week after the company hiked its outlook, were down 2 percent at 0818 GMT. Its market capitalisation is now 5.3 billion euros ($6.23 billion), back at the level at which Kering bought it.

Kering is expected to pursue a dual track initial public offering-auction to spin off Puma next year, not before, the Business of Fashion website reported, citing investment bankers in Paris and London.

Gulden said he had not heard anything about a possible sale, noting there have been repeated media reports suggesting a Kering disposal is imminent in recent years.

Puma said growth had been driven in particular by footwear, with sales up a currency adjusted 23 percent, and accessories, which rose 24 percent, while sales of apparel were up 8 percent.

Puma said its retro &quot;Basket Heart&quot; sneakers and &quot;Ignite Limitless&quot; running shoes were particularly popular and women&#39;s sales were helped by a Rihanna collection launched in September as well as a partnership with singer and actress Selena Gomez.

Puma named Rihanna as its women&#39;s creative director in 2014 as sportswear firms seek to tap into the booming market for female leisure gear, which Gulden said now accounts for about a third of its business although women also buy unisex products.

Like its German rival Adidas, which reports results on Nov. 9, Puma has been enjoying a revival in the U.S. market, as shoppers snap up its retro styles instead of basketball shoes, hurting Under Armour and Nike.

Puma expects gross margins to be squeezed by discounting in the fourth quarter, despite a new collection from singer Rihanna helping the German sportswear company raise its 2017 sales and operating earnings outlook. Puma said on Tuesday that third-quarter sales rose a currency-adjusted 23 percent in Europe, Middle East and Africa, 16 percent in the Americas and 10 percent in Asia/Pacific. Like its German rival Adidas, which reports results on Nov. 9, Puma has been enjoying a revival in the U.S. market, as shoppers snap up its retro styles instead of basketball shoes, hurting Under Armour and Nike. "Rihanna's relationship with us makes the brand actual and hot again with young consumers," Chief Executive Bjorn Gulden told a media call, adding that growth in Puma's gear for women was outstripping other areas of the business. Puma, which was bought by French luxury goods company Kering in 2007, had been struggling for years, but analysts expect Kering could seek to sell its stake in the course of 2018 now that the German brand is performing well again. Gulden cautioned that fourth-quarter gross margins could be weaker due to heavy discounting, particularly in the United States where retailers are struggling, and in Europe, due to mild weather deterring shoppers from buying winter gear. Nike last month posted its slowest quarterly sales growth in nearly seven years in the face of intensifying competition from Adidas and Puma and a looming price war amid retailers. DUAL TRACK Puma shares, which had jumped last week after the company hiked its outlook, were down 2 percent at 0818 GMT. Its market capitalisation is now 5.3 billion euros ($6.23 billion), back at the level at which Kering bought it. Kering is expected to pursue a dual track initial public offering-auction to spin off Puma next year, not before, the Business of Fashion website reported, citing investment bankers in Paris and London. Gulden said he had not heard anything about a possible sale, noting there have been repeated media reports suggesting a Kering disposal is imminent in recent years. Puma said growth had been driven in particular by footwear, with sales up a currency adjusted 23 percent, and accessories, which rose 24 percent, while sales of apparel were up 8 percent. Puma said its retro "Basket Heart" sneakers and "Ignite Limitless" running shoes were particularly popular and women's sales were helped by a Rihanna collection launched in September as well as a partnership with singer and actress Selena Gomez. Puma named Rihanna as its women's creative director in 2014 as sportswear firms seek to tap into the booming market for female leisure gear, which Gulden said now accounts for about a third of its business although women also buy unisex products.

Puma relishes Rihanna brand impact, fears discounts

The e-commerce giant will announce its decision next year.

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The government on Tuesday waived penalty on delayed filing of initial GST returns for the months of August and September.

&quot;To facilitate taxpayers, late fee on filing of GSTR-3B for August and September has been has been waived,&quot; Finance Minister Arun Jaitley tweeted.

He said that the late fee which has been already charged to businesses will be credited back to taxpayers&#39; accounts.

The government had earlier waived late fee for delayed filing of the maiden returns for the month of July under the Goods and Services Tax (GST) regime.

Businesses have been demanding that the government waives penalty for delayed filing of 3B returns.

As per the data, 55.87 lakh GSTR-3B returns were filed for July, 51.37 lakh for August and over 42 lakh for September. Preliminary returns GSTR-3B for a month is filed on the 20th day of the next month after paying due taxes.

As per the data with the GST Network (GSTN), a huge chunk of businesses file their returns after the expiry of the due date.

While only 33.98 lakh July returns were filed till the due date, the number has now gone up to 55.87 lakh. Similarly for August 28.46 lakh returns were filed till the last date, but the figure went up to 51.37 lakh later.

Also for September while 39.4 lakh returns were filed by the due date, the number is rising and was over 42 lakh till yesterday.

The GST law provides for a nominal fee of Rs 100 per day on Central GST and an equivalent amount on State GST in case of late filing of returns and payment of taxes.&nbsp;

"To facilitate taxpayers, late fee on filing of GSTR-3B for August and September has been has been waived," Finance Minister Arun Jaitley tweeted.

The government on Tuesday waived penalty on delayed filing of initial GST returns for the months of August and September. "To facilitate taxpayers, late fee on filing of GSTR-3B for August and September has been has been waived," Finance Minister Arun Jaitley tweeted. He said that the late fee which has been already charged to businesses will be credited back to taxpayers' accounts. The government had earlier waived late fee for delayed filing of the maiden returns for the month of July under the Goods and Services Tax (GST) regime. Businesses have been demanding that the government waives penalty for delayed filing of 3B returns. As per the data, 55.87 lakh GSTR-3B returns were filed for July, 51.37 lakh for August and over 42 lakh for September. Preliminary returns GSTR-3B for a month is filed on the 20th day of the next month after paying due taxes. As per the data with the GST Network (GSTN), a huge chunk of businesses file their returns after the expiry of the due date. While only 33.98 lakh July returns were filed till the due date, the number has now gone up to 55.87 lakh. Similarly for August 28.46 lakh returns were filed till the last date, but the figure went up to 51.37 lakh later. Also for September while 39.4 lakh returns were filed by the due date, the number is rising and was over 42 lakh till yesterday. The GST law provides for a nominal fee of Rs 100 per day on Central GST and an equivalent amount on State GST in case of late filing of returns and payment of taxes.

Govt waives fine for delayed filing of August, September GST returns

The Sensex and Nifty rose for a second consecutive session on Tuesday, as expectations of good earnings lifted industry heavyweights such as HDFC Bank Ltd and Infosys Ltd ahead of their results later in the day.

Shares of HDFC Bank and Infosys gained 0.4 per cent each. Earnings so far for the July-September quarter have proved to be solid, lifting indexes to record highs earlier this month.

Investors have been eagerly awaiting the last quarter&#39;s results after strong gains in share markets this year pushed valuations for the NSE index&#39;s price-to-earnings (PE) ratio to 21.3, well above the historic five-year average of 16.8.

The results also come at a time when the economy has slowed to a more than three-year low due&nbsp;to the lingering impact of a ban on high-value currency notes late last year and the rollout of a national goods and services tax.

&quot;People are expecting earnings to match the valuations this quarter,&quot; said Jayant Manglik, president, Religare Securities.

&quot;This will be a litmus test for financial stocks to see the final effect of demonetisation.&quot;

The Nifty was up 0.35 per cent at 10,220.85 as of 0539 GMT, driven by HDFC Bank and ICICI Bank Ltd.

The Sensex was 0.33 per cent higher at 32,614.44.

Oil and Natural Gas Corp. Ltd was the top percentage gainer on the NSE index, rising as much as 3.2 per cent to its highest in over four months.

The Nifty PSU bank index was trading 1.1 per cent higher, having fallen 1.4 per cent this month, up to Monday&#39;s close.

Indiabulls Housing Finance Ltd&#39;s shares rose as much as 2.1 per cent after its second-quarter profit jumped nearly 26 pct and at least two brokerages raised their target price.

The results also come at a time when the economy has slowed to a more than three-year low due to the lingering impact of a ban on high-value currency notes late last year and the rollout of a national goods and services tax

The Sensex and Nifty rose for a second consecutive session on Tuesday, as expectations of good earnings lifted industry heavyweights such as HDFC Bank Ltd and Infosys Ltd ahead of their results later in the day. Shares of HDFC Bank and Infosys gained 0.4 per cent each. Earnings so far for the July-September quarter have proved to be solid, lifting indexes to record highs earlier this month. Investors have been eagerly awaiting the last quarter's results after strong gains in share markets this year pushed valuations for the NSE index's price-to-earnings (PE) ratio to 21.3, well above the historic five-year average of 16.8. The results also come at a time when the economy has slowed to a more than three-year low due to the lingering impact of a ban on high-value currency notes late last year and the rollout of a national goods and services tax. "People are expecting earnings to match the valuations this quarter," said Jayant Manglik, president, Religare Securities. "This will be a litmus test for financial stocks to see the final effect of demonetisation." The Nifty was up 0.35 per cent at 10,220.85 as of 0539 GMT, driven by HDFC Bank and ICICI Bank Ltd. The Sensex was 0.33 per cent higher at 32,614.44. Oil and Natural Gas Corp. Ltd was the top percentage gainer on the NSE index, rising as much as 3.2 per cent to its highest in over four months. The Nifty PSU bank index was trading 1.1 per cent higher, having fallen 1.4 per cent this month, up to Monday's close. Indiabulls Housing Finance Ltd's shares rose as much as 2.1 per cent after its second-quarter profit jumped nearly 26 pct and at least two brokerages raised their target price.

Sensex, Nifty gain in early trade, sentiment positive ahead of HDFC Bank, Infosys results

Billionaire Saudi Prince Alwaleed bin Talal, who owns investment firm Kingdom Holding, expressed skepticism about cryptocurrencies in an interview with CNBC on Monday, warning that bitcoin was like &quot;Enron in the making&quot;.

Prince Alwaleed, whose company invests in major US&nbsp;companies such as Citigroup and Twitter, said a lack of regulation made such cryptocurrencies risky.

&quot;I just don&#39;t believe in this bitcoin thing. I think it&#39;s going to implode one day. It&#39;s Enron in the making,&quot; he said, referring to the US energy company that filed for bankruptcy in 2001 after revelations of a widespread accounting fraud.

&quot;This thing does not make sense. It&#39;s unregulated. It&#39;s not under the control of the US&nbsp;Federal Reserve or any other central bank,&quot; he added.

Bitcoin is a virtual currency that has gained more than 500 per cent this year, more than any other tradable asset class.

Prince Alwaleed also said the valuation of electric car maker Tesla was &quot;too exuberant&quot; for him to invest.

&quot;I would rather not comment on that because maybe some people think the valuation is right, but it&#39;s not for me to enter [at] that price obviously. It&#39;s too exuberant for me right now.&quot;

He added that US&nbsp;ride services company Lyft had been better priced than rival Uber when his investment firm bought into it.

He said he was &quot;very happy&quot; with his investment in Citigroup and saw potential for the share price to rise above $100. It has been trading at around $73.

Safety Value +

Prince Alwaleed also said he was not considering merging AccorHotels and Four Seasons Hotels and Resorts, in which Kingdom Holding owns stakes.

On the initial public offering of Saudi Aramco, which its CEO reiterated would take place next year, Prince Alwaleed said the transaction would act as a &quot;safety valve&quot; for Saudi Arabia.

&quot;If you go 5 per cent, there&#39;s nothing that prohibits you from going another 5 per cent next year, and 5 per cent the third year and fourth year, and so forth, depending on the situation.&quot;

Crown Prince Mohammed bin Salman said last year the country was considering listing about 5 per cent of Aramco in a deal that could raise $100 billion, if the company is valued at about $2 trillion as hoped.

CEO Nasser on Monday brushed off reports about China emerging as a frontrunner in a possible plan to delay the IPO and sell shares to sovereign funds.

&quot;I&#39;m not a member of the government but I read these reports, and I will not be surprised if China will be looking at this opportunity,&quot; Prince Alwaleed said.

&quot;China depends on oil and will depend on oil for a long time to come. And Saudi Arabia is an anchor exporter of oil to China.&quot;

'I just don't believe in this bitcoin thing. I think it's going to implode one day. It's Enron in the making,' he said, referring to the US energy company that filed for bankruptcy in 2001 after revelations of a widespread accounting fraud

Billionaire Saudi Prince Alwaleed bin Talal, who owns investment firm Kingdom Holding, expressed skepticism about cryptocurrencies in an interview with CNBC on Monday, warning that bitcoin was like "Enron in the making". Prince Alwaleed, whose company invests in major US companies such as Citigroup and Twitter, said a lack of regulation made such cryptocurrencies risky. "I just don't believe in this bitcoin thing. I think it's going to implode one day. It's Enron in the making," he said, referring to the US energy company that filed for bankruptcy in 2001 after revelations of a widespread accounting fraud. "This thing does not make sense. It's unregulated. It's not under the control of the US Federal Reserve or any other central bank," he added. Bitcoin is a virtual currency that has gained more than 500 per cent this year, more than any other tradable asset class. Prince Alwaleed also said the valuation of electric car maker Tesla was "too exuberant" for him to invest. "I would rather not comment on that because maybe some people think the valuation is right, but it's not for me to enter [at] that price obviously. It's too exuberant for me right now." He added that US ride services company Lyft had been better priced than rival Uber when his investment firm bought into it. He said he was "very happy" with his investment in Citigroup and saw potential for the share price to rise above $100. It has been trading at around $73. Safety Value + Prince Alwaleed also said he was not considering merging AccorHotels and Four Seasons Hotels and Resorts, in which Kingdom Holding owns stakes. On the initial public offering of Saudi Aramco, which its CEO reiterated would take place next year, Prince Alwaleed said the transaction would act as a "safety valve" for Saudi Arabia. "If you go 5 per cent, there's nothing that prohibits you from going another 5 per cent next year, and 5 per cent the third year and fourth year, and so forth, depending on the situation." Crown Prince Mohammed bin Salman said last year the country was considering listing about 5 per cent of Aramco in a deal that could raise $100 billion, if the company is valued at about $2 trillion as hoped. CEO Nasser on Monday brushed off reports about China emerging as a frontrunner in a possible plan to delay the IPO and sell shares to sovereign funds. "I'm not a member of the government but I read these reports, and I will not be surprised if China will be looking at this opportunity," Prince Alwaleed said. "China depends on oil and will depend on oil for a long time to come. And Saudi Arabia is an anchor exporter of oil to China."

Bitcoin is 'Enron' in the making: Saudi Prince Talal

Days after <a href="http://www.wionews.com/business-economy/google-unveils-pixel-smartphone-to-rival-apples-iphone-7110" target="_blank">Google marked its entry into the smartphone market with the launch of Pixel 2 and Pixel 2 XL</a>, the company is now experiencing problems with its new handset.&nbsp;

Reports have indicated &quot;burn in&quot; on the display of the new Google handset, Pixel 2 XL.

The defect creates &quot;ghost icons&quot; burned on the screen and occurs when the display is used for a very long time.&nbsp;

It also gives a &quot;muddy&quot; discolouration on the screen.

The issue was first reported by Alex Dobie, editor of Android Central.&nbsp; He tweeted a picture of a burn-in on the display which he claimed had emerged after seven days of full-time use.&nbsp;

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That&#39;s some pretty wild OLED burn-in on the Pixel 2 XL after maybe 7 days of full-time use <a href="https://t.co/EPJTs6D0Kg">pic.twitter.com/EPJTs6D0Kg</a>
&mdash; Alex Dobie (@alexdobie) <a href="https://twitter.com/alexdobie/status/922060857659547648?ref_src=twsrc%5Etfw">October 22, 2017</a></blockquote>
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Don&#39;t remember the last time I saw burn-in this bad, this quickly on a flagship phone.
&mdash; Alex Dobie (@alexdobie) <a href="https://twitter.com/alexdobie/status/922061383876927488?ref_src=twsrc%5Etfw">October 22, 2017</a></blockquote>
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He also cleared that he did not find any such issue with the other <a href="http://www.wionews.com/business-economy/google-launches-new-phones-speakers-in-hardware-push-21014" target="_blank">Google handset, Pixel 2</a>.&nbsp;&nbsp;

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To be clear: no such issue w/ baby Pixel 2 that I&#39;ve been using for about the same length of time
&mdash; Alex Dobie (@alexdobie) <a href="https://twitter.com/alexdobie/status/922069584441692160?ref_src=twsrc%5Etfw">October 22, 2017</a></blockquote>
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Google responded to the issue and said it was investigating the matter which it took &quot;very seriously&quot;.&nbsp;

&nbsp;

The defect creates "ghost icons" burned on the screen and occurs when the display is used for a very long time

Days after Google marked its entry into the smartphone market with the launch of Pixel 2 and Pixel 2 XL, the company is now experiencing problems with its new handset. Reports have indicated "burn in" on the display of the new Google handset, Pixel 2 XL. The defect creates "ghost icons" burned on the screen and occurs when the display is used for a very long time. It also gives a "muddy" discolouration on the screen. The issue was first reported by Alex Dobie, editor of Android Central. He tweeted a picture of a burn-in on the display which he claimed had emerged after seven days of full-time use. That's some pretty wild OLED burn-in on the Pixel 2 XL after maybe 7 days of full-time use pic.twitter.com/EPJTs6D0Kg — Alex Dobie (@alexdobie) October 22, 2017 × Don't remember the last time I saw burn-in this bad, this quickly on a flagship phone. — Alex Dobie (@alexdobie) October 22, 2017 × He also cleared that he did not find any such issue with the other Google handset, Pixel 2. To be clear: no such issue w/ baby Pixel 2 that I've been using for about the same length of time — Alex Dobie (@alexdobie) October 22, 2017 × Google responded to the issue and said it was investigating the matter which it took "very seriously".

Google's smartphone Pixel 2 XL reports 'screen burn'

India&#39;s cabinet approved a Rs 2.11 lakh crore plan on Tuesday to recapitalise its state banks over the next two years, in a bid by Prime Minister Narendra Modi to tackle a major drag on the economy that has frustrated his attempts to boost growth.

Once the world&#39;s fastest-growing major economy, India has seen its growth rate plummet to the lowest in three years, far below levels needed to create enough jobs to absorb the million Indians joining the work force every month.

Modi&#39;s government has tried to respond by stepping up public spending, but the slowdown has stressed its finances, making it imperative for private investment to pick up the slack.

Officials privately admit they have struggled to revive private investment because state-owned banks, which provide much of the credit in the economy, are saddled with a mountain of bad debt that has crimped their ability to offer new credit.

The decision to recapitalise the banks is meant to clear that bottleneck, Finance Minister Arun Jaitley said at a press conference in New Delhi.

&quot;The decision to recapitalise public sector banks with 2.11 lakh rupees will address the bank balance sheet problem and push growth forward,&quot; Jaitley said.

By some estimates, banks need as much as $65 billion in additional capital by March 2019 to fill the hole left by soured loans and to meet new regulatory capital requirements.

The official announcement, which was followed by a series of tweets from government ministers holding it up as &quot;unprecedented&quot;, comes after a flurry of activity in the government over the past few weeks, driven by the prime minister&#39;s office.

Modi, who swept to power in a landslide victory for his Bharatiya Janata Party (BJP) in 2014 promising a reform agenda to revive economic growth, faces state elections later this year and a re-election bid by 2019.

He has faced criticisms after a surprise scrapping of high-value bank notes last November and a new goods and services tax effected earlier this year disrupted businesses across the country.

People close to Modi have previously told Reuters he wants to control the political damage and ensure the economic slowdown remains temporary.

Mohan Guruswamy, an economist in New Delhi, said the government should have taken action three years ago to revive the banking sector.

&quot;Now it&#39;s more expensive, and we will not see results soon,&quot; Guruswamy said.

Fiscal consolidation

Finance ministry officials said the bank recapitalisation would be followed by a series of reforms in the sector. They said the details would come later.

Of the planned 2.11 lakh crore rupees sum, recapitalisation bonds will account for 1.35 lakh crore rupees, while Rs 76,000 crore will come from budgetary support and equity issuance, said Rajiv Kumar, India&#39;s financial services secretary.

It was not immediately clear what the impact will be on the country&#39;s fiscal deficit, which Jaitley aims to keep at 3.2 percent of GDP for the current fiscal year to March.

&quot;India&#39;s banking was the weakest link in the revival of the economy,&quot; said N.R. Bhanumurthy, an economist at the National Institute of Public Finance and Policy, a Delhi-based think-tank partly funded by the finance ministry. &quot;The government should complete the process as early as possible.&quot;

Bhanumurthy added that the move might have an impact on the government&#39;s fiscal deficit target this year.

Twenty one state-run banks account for more than two-thirds of India&#39;s banking assets. But they also account for a bulk of the record 9.5 trillion Indian rupees ($145 billion) of soured loans.

In addition to repairing their balance sheets, the banks need billions of dollars in new capital to meet global Basel III banking rules, due to fully kick in by March 2019.

Fitch Ratings estimates Indian banks will need $65 billion of additional capital by March 2019 to meet Basel III global banking rules. Moody&#39;s expects the top 11 state lenders alone will need nearly $15 billion.

Bank stocks rallied ahead of the news conference on expectations of a recapitalisation plan. The state bank index closed 3.8 percent higher.

The recapitalisation of the banks should allow them to offer credit again. They have so far been saddled with a mountain of bad debt

India's cabinet approved a Rs 2.11 lakh crore plan on Tuesday to recapitalise its state banks over the next two years, in a bid by Prime Minister Narendra Modi to tackle a major drag on the economy that has frustrated his attempts to boost growth. Once the world's fastest-growing major economy, India has seen its growth rate plummet to the lowest in three years, far below levels needed to create enough jobs to absorb the million Indians joining the work force every month. Modi's government has tried to respond by stepping up public spending, but the slowdown has stressed its finances, making it imperative for private investment to pick up the slack. Officials privately admit they have struggled to revive private investment because state-owned banks, which provide much of the credit in the economy, are saddled with a mountain of bad debt that has crimped their ability to offer new credit. The decision to recapitalise the banks is meant to clear that bottleneck, Finance Minister Arun Jaitley said at a press conference in New Delhi. "The decision to recapitalise public sector banks with 2.11 lakh rupees will address the bank balance sheet problem and push growth forward," Jaitley said. By some estimates, banks need as much as $65 billion in additional capital by March 2019 to fill the hole left by soured loans and to meet new regulatory capital requirements. The official announcement, which was followed by a series of tweets from government ministers holding it up as "unprecedented", comes after a flurry of activity in the government over the past few weeks, driven by the prime minister's office. Modi, who swept to power in a landslide victory for his Bharatiya Janata Party (BJP) in 2014 promising a reform agenda to revive economic growth, faces state elections later this year and a re-election bid by 2019. He has faced criticisms after a surprise scrapping of high-value bank notes last November and a new goods and services tax effected earlier this year disrupted businesses across the country. People close to Modi have previously told Reuters he wants to control the political damage and ensure the economic slowdown remains temporary. Mohan Guruswamy, an economist in New Delhi, said the government should have taken action three years ago to revive the banking sector. "Now it's more expensive, and we will not see results soon," Guruswamy said. Fiscal consolidation Finance ministry officials said the bank recapitalisation would be followed by a series of reforms in the sector. They said the details would come later. Of the planned 2.11 lakh crore rupees sum, recapitalisation bonds will account for 1.35 lakh crore rupees, while Rs 76,000 crore will come from budgetary support and equity issuance, said Rajiv Kumar, India's financial services secretary. It was not immediately clear what the impact will be on the country's fiscal deficit, which Jaitley aims to keep at 3.2 percent of GDP for the current fiscal year to March. "India's banking was the weakest link in the revival of the economy," said N.R. Bhanumurthy, an economist at the National Institute of Public Finance and Policy, a Delhi-based think-tank partly funded by the finance ministry. "The government should complete the process as early as possible." Bhanumurthy added that the move might have an impact on the government's fiscal deficit target this year. Twenty one state-run banks account for more than two-thirds of India's banking assets. But they also account for a bulk of the record 9.5 trillion Indian rupees ($145 billion) of soured loans. In addition to repairing their balance sheets, the banks need billions of dollars in new capital to meet global Basel III banking rules, due to fully kick in by March 2019. Fitch Ratings estimates Indian banks will need $65 billion of additional capital by March 2019 to meet Basel III global banking rules. Moody's expects the top 11 state lenders alone will need nearly $15 billion. Bank stocks rallied ahead of the news conference on expectations of a recapitalisation plan. The state bank index closed 3.8 percent higher.

Public sector banks to get Rs 2.11 lakh crores over next two years

The government came out all guns blazing, defending the economic measures it has taken in recent years after concerns raised by the&nbsp;opposition on GDP growth.

Finance Minister Arun Jaitley, along with economic affairs secretary Subhash Chandra Garg and finance secretary Ashok Lavasa, gave a presentation on the economic plan charted out by the government to put India on a higher-growth track.

&quot;There have been lot of discussions and reviews of the economy in the past few weeks within the ministry. When results of the GDP of the first quarter came out then I had said that we will be ready for the response,&quot; Jaitley said.

India has remained the world&#39;s fastest-growing large economy for the past three years, he added.

Hailing GST, Subhash Chandra Garg said it has been the biggest reform, along with others like demonetisation and the battle against black money. He then delved into the presentation, giving details about the reduced amount of current account deficit and the overall health of the economy.

Then Lavasa took over and talked about how the government is creating more jobs and has increased its public spending.

&quot;We have launched the biggest component of road-building programme, the ?Bharat Mala programme which has been cleared by the Union Cabinet today. It will lead to building of 34,800 km of roads,&quot; Lavasa said highlighting government&rsquo;s push towards infrastructure.

About 2000 km of coastal roads will be constructed in first phase of Bharat Mala, he added.

The government said a total of&nbsp;83,677 kms of roads would be built over the next five years, creating &quot;more jobs&quot; and leading to &quot;more growth&quot;.&nbsp;&nbsp;

The second large scheme announced by Team Jaitley today was an &quot;unprecedented&quot; recapitalisation -- by Rs 2.11 lakh crore -- of public sector banks.&nbsp;

The recapitalisation, Team Jaitley said, had come after a cleaning up of the banks and their&nbsp;non-performing assets and would encourage the banks to lend to private enterprise.&nbsp;

Since it came to power three years ago, the Modi government has taken many bold steps to give boost to India&rsquo;s economy, like the a new tax regime the Goods and Services Tax and demonetisation. But both the decisions have been slammed by the opposition and other sections of society.

The Congress has even said that it will mark November 8, 2017 - the first anniversary of demonetisation - as a &#39;Black Day&#39;.

But the government has been firm in its resolve and has maintained that these economic reforms will have positive impact in long term. Many global bodies, including the IMF, have given thumbs up to government&rsquo;s reforms and have predicted bright future for Indian economy.

Team Jaitley said 83,677 kms of roads would be built over the next five years, creating 'more jobs' and leading to 'more growth'

The government came out all guns blazing, defending the economic measures it has taken in recent years after concerns raised by the opposition on GDP growth. Finance Minister Arun Jaitley, along with economic affairs secretary Subhash Chandra Garg and finance secretary Ashok Lavasa, gave a presentation on the economic plan charted out by the government to put India on a higher-growth track. "There have been lot of discussions and reviews of the economy in the past few weeks within the ministry. When results of the GDP of the first quarter came out then I had said that we will be ready for the response," Jaitley said. India has remained the world's fastest-growing large economy for the past three years, he added. Hailing GST, Subhash Chandra Garg said it has been the biggest reform, along with others like demonetisation and the battle against black money. He then delved into the presentation, giving details about the reduced amount of current account deficit and the overall health of the economy. Then Lavasa took over and talked about how the government is creating more jobs and has increased its public spending. "We have launched the biggest component of road-building programme, the ?Bharat Mala programme which has been cleared by the Union Cabinet today. It will lead to building of 34,800 km of roads," Lavasa said highlighting government’s push towards infrastructure. About 2000 km of coastal roads will be constructed in first phase of Bharat Mala, he added. The government said a total of 83,677 kms of roads would be built over the next five years, creating "more jobs" and leading to "more growth". The second large scheme announced by Team Jaitley today was an "unprecedented" recapitalisation -- by Rs 2.11 lakh crore -- of public sector banks. The recapitalisation, Team Jaitley said, had come after a cleaning up of the banks and their non-performing assets and would encourage the banks to lend to private enterprise. Since it came to power three years ago, the Modi government has taken many bold steps to give boost to India’s economy, like the a new tax regime the Goods and Services Tax and demonetisation. But both the decisions have been slammed by the opposition and other sections of society. The Congress has even said that it will mark November 8, 2017 - the first anniversary of demonetisation - as a 'Black Day'. But the government has been firm in its resolve and has maintained that these economic reforms will have positive impact in long term. Many global bodies, including the IMF, have given thumbs up to government’s reforms and have predicted bright future for Indian economy.

New highways, job creation part of govt plan to push India on high-growth track

WION Wallet: This segment offers top business news from across the globe. Update about Iraq's increasing oil export from south, growing concerns over UK economy and other news are offered in the segment.

WION Wallet: Tesla to open factory in Shanghai's free trade zone

Bangladesh Petroleum Corp (BPC) is set to sign a 15-year deal with Indian oil refiner Bharat Petroleum Corp Ltd (BPCL) to import gasoil to meet the country&#39;s energy demand, two company officials with the direct knowledge of the matter said.

The sales and purchase agreement is expected to be signed on October&nbsp;22 during Indian foreign minister Sushma Swaraj&rsquo;s visit to the capital of Dhaka, the BPC officials said.

The deal will be the country&rsquo;s first long-term agreement with any Indian supplier.

BPCL will supply up to 250,000 tonnes of gasoil each year from its majority-owned Numaligarh refinery for the first three years of the deal to the BPC&#39;s northern fuel depot via a 131-km (79 miles) pipeline, which will be built by India, they said.

&quot;The volume will be increased in line with our demand,&quot; said one of the officials, adding the deal would come into effect when the pipeline is built.

Numaligarh refinery is already supplying a small volume to the state-owned BPC for the country&#39;s northern region.

The refinery, located in the eastern Indian state of Assam, will supply around 22,000 tonnes of gasoil with a sulphur content of 500 parts per million (ppm) between October and December by railroad, the officials said.

BPC will pay a premium of $5.50 per barrel over the Middle-East quotes under the 15-year deal, up from the current premiums of $2.20 a barrel for gasoil cargoes it receives by tanker through the country&#39;s southeastern port of Chittagong, said one of the officials.

&quot;This is cost-effective because there is no additional transport cost as the supply is being unloaded in our depot in the northern part,&quot; the BPC official said.

BPC received its first batch this month under the three-month agreement and its fourth since 2016 amid warming ties between the two neighbouring countries.

Bangladesh typically ships in around 3.2 million tonnes of diesel and 2.5 million tonnes of fuel oil annually.

Sellers include Kuwait Petroleum Corp, Malaysia&#39;s Petroleum Nasional Berhad, Emirates National Oil Company, Philippines National Oil Co, Vietnam&#39;s Petrolimex, Thailand&#39;s PTT, Indonesia&#39;s Bumi Siak Pusako and Zhenhua Oil.

The sales and purchase agreement is expected to be signed on October?22 during Indian foreign minister Sushma Swaraj?s visit

Bangladesh Petroleum Corp (BPC) is set to sign a 15-year deal with Indian oil refiner Bharat Petroleum Corp Ltd (BPCL) to import gasoil to meet the country's energy demand, two company officials with the direct knowledge of the matter said. The sales and purchase agreement is expected to be signed on October 22 during Indian foreign minister Sushma Swaraj’s visit to the capital of Dhaka, the BPC officials said. The deal will be the country’s first long-term agreement with any Indian supplier. BPCL will supply up to 250,000 tonnes of gasoil each year from its majority-owned Numaligarh refinery for the first three years of the deal to the BPC's northern fuel depot via a 131-km (79 miles) pipeline, which will be built by India, they said. "The volume will be increased in line with our demand," said one of the officials, adding the deal would come into effect when the pipeline is built. Numaligarh refinery is already supplying a small volume to the state-owned BPC for the country's northern region. The refinery, located in the eastern Indian state of Assam, will supply around 22,000 tonnes of gasoil with a sulphur content of 500 parts per million (ppm) between October and December by railroad, the officials said. BPC will pay a premium of $5.50 per barrel over the Middle-East quotes under the 15-year deal, up from the current premiums of $2.20 a barrel for gasoil cargoes it receives by tanker through the country's southeastern port of Chittagong, said one of the officials. "This is cost-effective because there is no additional transport cost as the supply is being unloaded in our depot in the northern part," the BPC official said. BPC received its first batch this month under the three-month agreement and its fourth since 2016 amid warming ties between the two neighbouring countries. Bangladesh typically ships in around 3.2 million tonnes of diesel and 2.5 million tonnes of fuel oil annually. Sellers include Kuwait Petroleum Corp, Malaysia's Petroleum Nasional Berhad, Emirates National Oil Company, Philippines National Oil Co, Vietnam's Petrolimex, Thailand's PTT, Indonesia's Bumi Siak Pusako and Zhenhua Oil.

Bangladesh set to sign gasoil deal with India

The BSE Sensex fell over 100 points to 32,508.42 at the start of the last trading session of the Samvat year 2073 on Wednesday, hit by muted quarterly earnings by some bluechips and profit booking by participants at record levels.

The trend remained mixed in global markets.

The 30-share index fell by 100.74 points, or 0.31 per cent, to 32,508.42, with banking, PSU, capital goods, auto, healthare and oil &amp; gas stocks dropping up to 6.6 per cent.

The broad-based Nifty slipped from record by falling 29.30 points, 0.29 per cent, to 10,205.15.

Brokers said sentiment turned bearish on unabated foreign fund outflows and lower-than-expected Q2 earnings by some bluechip companies amid profit-booking in recent gainers.

Markets will conduct a special &#39;Muhurat&#39; trading session on Thursday between 1830 hrs and 1930 hrs on the auspicious occasion of Diwali.

Private sector lender Axis Bank plunged 6.64 per cent after it reported spike in the dud loan portfolio due to newer surprises, including an under-reporting found by the Reserve Bank. The bank posted a 38 per cent rise in September quarter net profit at Rs 432 crore on low base effect.

Other losers were ICICI Bank, SBI, Cipla, Lupin, Bajaj Auto, Bharti Airtel, Asian Paint, Tata Motors, Infosys, Sun Pharma and Coal India.

Investors were cautious with today being the last session of Hindu Samvat Year 2073.

Hong Kong&#39;s Hang Seng was down 0.09 per cent while Japan&#39;s Nikkei rose 0.13 per cent in early trade today. Shanghai Composite gained 0.27 per cent.

The US Dow Jones Industrial Average ended 0.18 per cent higher on Tuesday.

The trend remained mixed in global markets.

The BSE Sensex fell over 100 points to 32,508.42 at the start of the last trading session of the Samvat year 2073 on Wednesday, hit by muted quarterly earnings by some bluechips and profit booking by participants at record levels. The trend remained mixed in global markets. The 30-share index fell by 100.74 points, or 0.31 per cent, to 32,508.42, with banking, PSU, capital goods, auto, healthare and oil & gas stocks dropping up to 6.6 per cent. The broad-based Nifty slipped from record by falling 29.30 points, 0.29 per cent, to 10,205.15. Brokers said sentiment turned bearish on unabated foreign fund outflows and lower-than-expected Q2 earnings by some bluechip companies amid profit-booking in recent gainers. Markets will conduct a special 'Muhurat' trading session on Thursday between 1830 hrs and 1930 hrs on the auspicious occasion of Diwali. Private sector lender Axis Bank plunged 6.64 per cent after it reported spike in the dud loan portfolio due to newer surprises, including an under-reporting found by the Reserve Bank. The bank posted a 38 per cent rise in September quarter net profit at Rs 432 crore on low base effect. Other losers were ICICI Bank, SBI, Cipla, Lupin, Bajaj Auto, Bharti Airtel, Asian Paint, Tata Motors, Infosys, Sun Pharma and Coal India. Investors were cautious with today being the last session of Hindu Samvat Year 2073. Hong Kong's Hang Seng was down 0.09 per cent while Japan's Nikkei rose 0.13 per cent in early trade today. Shanghai Composite gained 0.27 per cent. The US Dow Jones Industrial Average ended 0.18 per cent higher on Tuesday.

Sensex drops 100 points on muted earnings, profit booking

Joseph M.Acaba, NASA astronaut has sent&nbsp;pictures of his family&#39;s hurricane-wrecked ancestral homeland, Puerto Rico from the International Space Station.&nbsp;&nbsp;

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Finally a chance to see the beautiful island of Puerto Rico from <a href="https://twitter.com/Space_Station?ref_src=twsrc%5Etfw">@Space_Station</a>. Continued thoughts throughout the recovery process. <a href="https://t.co/pahZiMvODb">pic.twitter.com/pahZiMvODb</a>
&mdash; Joseph M. Acaba (@AstroAcaba) <a href="https://twitter.com/AstroAcaba/status/919257797224669185?ref_src=twsrc%5Etfw">October 14, 2017</a></blockquote>
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The NASA scientist was born in Inglewood, California. His parents had migrated from Puerto Rico during the 1960s.&nbsp;

On September 20, Puerto Rico was hit by hurricane Maria, which has completely disrupted the lives of people on the island.

With 150 mph winds,&nbsp;the powerful category 4 hurricane has devastated the island leaving severe scarcity of water, food, cell service, and electricity.

Acaba has always expressed his concern and affection for his ancestral homeland.&nbsp;

&nbsp;

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From <a href="https://twitter.com/Space_Station?ref_src=twsrc%5Etfw">@Space_Station</a>, thinking and praying for all families and friends in Puerto Rico. Stay strong and safe boricuas. Cuidense. <a href="https://t.co/Weptg0qECL">pic.twitter.com/Weptg0qECL</a>
&mdash; Joseph M. Acaba (@AstroAcaba) <a href="https://twitter.com/AstroAcaba/status/912098358776406016?ref_src=twsrc%5Etfw">September 24, 2017</a></blockquote>
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Acaba&#39;s twitter handle describes him as a NASA astronaut training for third spaceflight, US Marine Corps, Reserve- hydrogeologist- peace corps volunteer. He further adds that his favourite job is to teach maths and science.&nbsp;

&nbsp;

He also said that he took Puerto Rican flags with him to the International Space Station, claiming that no Puerto Rican can travel without their Puerto Rican flags. He added that soon the space station would look like Puerto Rico with all the flags.?

Joseph M.Acaba, NASA astronaut has sent pictures of his family's hurricane-wrecked ancestral homeland, Puerto Rico from the International Space Station. Finally a chance to see the beautiful island of Puerto Rico from @Space_Station. Continued thoughts throughout the recovery process. pic.twitter.com/pahZiMvODb — Joseph M. Acaba (@AstroAcaba) October 14, 2017 × The NASA scientist was born in Inglewood, California. His parents had migrated from Puerto Rico during the 1960s. On September 20, Puerto Rico was hit by hurricane Maria, which has completely disrupted the lives of people on the island. With 150 mph winds, the powerful category 4 hurricane has devastated the island leaving severe scarcity of water, food, cell service, and electricity. Acaba has always expressed his concern and affection for his ancestral homeland. From @Space_Station, thinking and praying for all families and friends in Puerto Rico. Stay strong and safe boricuas. Cuidense. pic.twitter.com/Weptg0qECL — Joseph M. Acaba (@AstroAcaba) September 24, 2017 × Acaba's twitter handle describes him as a NASA astronaut training for third spaceflight, US Marine Corps, Reserve- hydrogeologist- peace corps volunteer. He further adds that his favourite job is to teach maths and science.

Hurricane Maria aftermath: International Space Station releases Puerto Rico pictures

Wholesale inflation fell to 2.60 per cent in September as prices of food articles, led by vegetables, softened.

Inflation, based on the wholesale price index (WPI), had soared to a four-month high of 3.24 per cent in August 2017. It was 1.36 per cent in September 2016.

The government data released today showed that inflation in food articles tapered to 2.04 per cent in September, as against 5.75 per cent in August on a yearly basis.

Inflation in vegetable prices cooled to 15.48 per cent in September, as against a high of 44.91 per cent in the previous month.

Onion prices, however, continued to rule high with 79.78 per cent increase in September. In egg, meat and fish segment the rate of price rise was 5.47 per cent.

Inflation in manufactured products witnessed a slight increase at 2.72 per cent, against 2.45 per cent in August.

In fuel and power segment, inflation cooled to 9.01 per cent, against 9.99 per cent in August.

Fuel inflation has remained high in the past two months as petrol and diesel prices continued to rule high relentlessly on global crude oil rates, while power tariffs shot through the roof on lower domestic production.

Pulses continued to witness deflation at 24.26 per cent, likewise in potato at 46.52 per cent and wheat at 1.71 per cent.

The final print of July WPI inflation remained unchanged from provisional estimate of 1.88 per cent.

Data released earlier this week showed retail inflation at 3.28 per cent in September, unchanged from August, even as vegetable and cereal prices softened.

Besides industrial production grew at a nine-month high of 4.3 per cent in August, mainly on account of robust performance of mining and power sectors coupled with higher capital goods output.

Earlier this month, the Reserve Bank kept benchmark interest rate unchanged on fears of rising inflation while lowering growth forecast to 6.7 per cent for the current fiscal.

It also raised its inflation forecast to a range of 4.2 to 4.6 per cent during the remainder of current fiscal as against 4 to 4.5 per cent previously.

WPI was at a four-month high of 3.24% in August

Wholesale inflation fell to 2.60 per cent in September as prices of food articles, led by vegetables, softened. Inflation, based on the wholesale price index (WPI), had soared to a four-month high of 3.24 per cent in August 2017. It was 1.36 per cent in September 2016. The government data released today showed that inflation in food articles tapered to 2.04 per cent in September, as against 5.75 per cent in August on a yearly basis. Inflation in vegetable prices cooled to 15.48 per cent in September, as against a high of 44.91 per cent in the previous month. Onion prices, however, continued to rule high with 79.78 per cent increase in September. In egg, meat and fish segment the rate of price rise was 5.47 per cent. Inflation in manufactured products witnessed a slight increase at 2.72 per cent, against 2.45 per cent in August. In fuel and power segment, inflation cooled to 9.01 per cent, against 9.99 per cent in August. Fuel inflation has remained high in the past two months as petrol and diesel prices continued to rule high relentlessly on global crude oil rates, while power tariffs shot through the roof on lower domestic production. Pulses continued to witness deflation at 24.26 per cent, likewise in potato at 46.52 per cent and wheat at 1.71 per cent. The final print of July WPI inflation remained unchanged from provisional estimate of 1.88 per cent. Data released earlier this week showed retail inflation at 3.28 per cent in September, unchanged from August, even as vegetable and cereal prices softened. Besides industrial production grew at a nine-month high of 4.3 per cent in August, mainly on account of robust performance of mining and power sectors coupled with higher capital goods output. Earlier this month, the Reserve Bank kept benchmark interest rate unchanged on fears of rising inflation while lowering growth forecast to 6.7 per cent for the current fiscal. It also raised its inflation forecast to a range of 4.2 to 4.6 per cent during the remainder of current fiscal as against 4 to 4.5 per cent previously.

Wholesale inflation falls to 2.6% in September

This segment offers top business news stories. Update about talks to rescue Brexit, Apple-Qualcomm legal battle and other news are offered in the segment.

WION Wallet: Bankers get worried about tech giants Apple, Amazon

This segment offers information about market performance. As Indian markets touch record high, WION discusses the reason behind and future propects.

WION Wallet: Sensex gains more than 200 points

Indian shares&nbsp;hit&nbsp;record&nbsp;closing&nbsp;highs&nbsp;on Monday as investors were encouraged by recent economic data which showed the country&#39;s merchandise exports surged in September, pushing the trade deficit to a seven-month low.

The broader NSE&nbsp;Nifty&nbsp;ended 0.62 per cent higher at 10,230.85, after rising to a&nbsp;record&nbsp;high earlier in the session.

The benchmark BSE&nbsp;Sensex&nbsp;closed up 0.62 per cent at 32,633.64, after&nbsp;hitting an all-time high early in the day.

Federal Bank Ltd gained about 7 percent after posting an upbeat second-quarter profit.

The broader NSE?Nifty?ended 0.62 per cent higher at 10,230.85, after rising to a?record?high earlier in the session

Indian shares hit record closing highs on Monday as investors were encouraged by recent economic data which showed the country's merchandise exports surged in September, pushing the trade deficit to a seven-month low. The broader NSE Nifty ended 0.62 per cent higher at 10,230.85, after rising to a record high earlier in the session. The benchmark BSE Sensex closed up 0.62 per cent at 32,633.64, after hitting an all-time high early in the day. Federal Bank Ltd gained about 7 percent after posting an upbeat second-quarter profit.

Sensex, Nifty close at record high

The Nifty touched a fresh high on Friday after data showed inflation unexpectedly held steady in September, while <a href="http://www.wionews.com/business-economy/tatas-to-merge-telecom-business-with-bharti-airtel-22355" target="_blank">Bharti Airtel surged on its deal to buy the Tata conglomerate&#39;s consumer mobile business.</a>

The NSE Nifty ended up 0.7 per cent at 10,167.45, its highest close ever, after having hit a record high of 10,191.90 intraday. The index was up 1.81 per cent for the week.

The benchmark BSE Sensex ended 0.78 per cent higher at 32,432.69. It rose 1.94 per cent for the week, its biggest such gain since the week ended July 14.

Bharti Airtel jumped 7.7 per cent.

Bharti Airtel surged on its deal to buy the Tata conglomerate's consumer mobile business

The Nifty touched a fresh high on Friday after data showed inflation unexpectedly held steady in September, while Bharti Airtel surged on its deal to buy the Tata conglomerate's consumer mobile business. The NSE Nifty ended up 0.7 per cent at 10,167.45, its highest close ever, after having hit a record high of 10,191.90 intraday. The index was up 1.81 per cent for the week. The benchmark BSE Sensex ended 0.78 per cent higher at 32,432.69. It rose 1.94 per cent for the week, its biggest such gain since the week ended July 14. Bharti Airtel jumped 7.7 per cent.

Nifty scales new peak, Bharti Airtel stocks surge

Facebook CEO Mark Zuckerberg has unveiled &quot;Oculus Go&quot;- a new virtual reality (VR) headset.&nbsp;

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Zuckerberg called it the &quot;most accessible virtual reality experience ever built&quot;.

&#39;Oculus G&#39; is a unique standalone feature, not part of Facebook. The device will&nbsp;not require any connection&nbsp;with a phone or personal computer.&nbsp;

The previous VR headset &quot;Oculus Rift&quot; operated only after connecting with either a smartphone or a personal computer.&nbsp;

Priced at $199, the shipments for the VR handset will begin&nbsp;next year.

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The device is designed for playing games, watching movies and connecting with friends.&nbsp;The headset is designed with high-resolution fast switch LCD screen.

Equipped with next-generation lenses it also has built-in speakers.

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The device will?not require any connection?with a phone or personal computer

Facebook CEO Mark Zuckerberg has unveiled "Oculus Go"- a new virtual reality (VR) headset. × Zuckerberg called it the "most accessible virtual reality experience ever built". 'Oculus G' is a unique standalone feature, not part of Facebook. The device will not require any connection with a phone or personal computer. The previous VR headset "Oculus Rift" operated only after connecting with either a smartphone or a personal computer. Priced at $199, the shipments for the VR handset will begin next year. × The device is designed for playing games, watching movies and connecting with friends. The headset is designed with high-resolution fast switch LCD screen. Equipped with next-generation lenses it also has built-in speakers. × ×

Facebook's new standalone VR headset: Oculus Go

Jaiprakash Associates, the flagship firm of the debt-ridden infrastructure major Jaypee Group, has sought permission from the Supreme Court to sell the Yamuna Expressway to generate money.

The court had asked Jaiprakash Associates to deposit Rs 2,000 crore to cover its liability towards home buyers of Jaypee Infratech.

The company told the court that it has decided to hive off Yamuna Expressway to another company for Rs 2,500 crore.

The court will hear the matter on October 23.

Jaypee Group is a diversified infrastructure company engaged in engineering, construction or real estate development, manufacture or marketing of cement, hospitality and sports management.

The group is facing a huge protest from home buyers because of significant delays in delivery of projects.

One of the group&rsquo;s firm, Jaypee Infratech, has been taken over by a National Company Law Tribunal (NCLT)-appointed IRP for the recovery of bad loans.

The court had asked Jaiprakash Associates to deposit Rs 2,000 crore to cover its liability towards home buyers of Jaypee Infratech.

Jaiprakash Associates, the flagship firm of the debt-ridden infrastructure major Jaypee Group, has sought permission from the Supreme Court to sell the Yamuna Expressway to generate money. The court had asked Jaiprakash Associates to deposit Rs 2,000 crore to cover its liability towards home buyers of Jaypee Infratech. The company told the court that it has decided to hive off Yamuna Expressway to another company for Rs 2,500 crore. The court will hear the matter on October 23. Jaypee Group is a diversified infrastructure company engaged in engineering, construction or real estate development, manufacture or marketing of cement, hospitality and sports management. The group is facing a huge protest from home buyers because of significant delays in delivery of projects. One of the group’s firm, Jaypee Infratech, has been taken over by a National Company Law Tribunal (NCLT)-appointed IRP for the recovery of bad loans.

Jaypee Group plans to sell Yamuna Expressway, seeks Supreme Court's permission

Driven by strong IIP numbers and an unchanged inflation, the Sensex on Friday rallied over 211 points to 32,393, reflecting interrupted buying by domestic institutional investors.

 
The rupee appreciating 19 paise to 64.89 against the dollar today gave a leg to the rally.

 
The rest of Asia logged a mixed trend.

 
The 30-share barometer pushed higher by 211.04 points, or 0.66 per cent, to 32,393.26. The gauge had leapt 348 points in the previous session.

 
Sectoral indices turned green across the board, with metal, realty and FMCG posting sizeable gains of up to 1.90 per cent.

The NSE index Nifty was trading up by 43.25 points, or 0.42 per cent, at 10,139.65.

Buying activity picked up momentum on positive economic data after industrial production grew to a 9-month high of 4.3 per cent in August while retail inflation came in at 3.28 per cent in September, unchanged from August.

Stocks of Bharti Airtel zoomed 6.94 per cent to Rs 427.80 after the company announced that the consumer mobile business of (CMB) of Tata Teleservices Ltd and Tata Teleservices Maharashtra will merge with it in a cash-free, debt-free deal.

Stock of TCS, India&#39;s largest software services, rose 1.08 per cent to Rs 2,576.15 even as the company&#39;s net profit fell 2.1 per cent in the September quarter.

Reliance Industries shot up by 1.15 per cent to Rs 882.50 as participants raised their bets ahead of earnings, to be released later in the day.

Japan&#39;s Nikkei rose 0.23 per cent while Shanghai Composite rose up 0.09 per cent in their early deals. Hong Kong&#39;s Hang Seng, however, was down 0.16 per cent.

The US Dow Jones Industrial Average had closed 0.14 per cent lower on Thursday.

The rupee appreciating 19 paise to 64.89 against the dollar today gave a leg to the rally.

Driven by strong IIP numbers and an unchanged inflation, the Sensex on Friday rallied over 211 points to 32,393, reflecting interrupted buying by domestic institutional investors. The rupee appreciating 19 paise to 64.89 against the dollar today gave a leg to the rally. The rest of Asia logged a mixed trend. The 30-share barometer pushed higher by 211.04 points, or 0.66 per cent, to 32,393.26. The gauge had leapt 348 points in the previous session. Sectoral indices turned green across the board, with metal, realty and FMCG posting sizeable gains of up to 1.90 per cent. The NSE index Nifty was trading up by 43.25 points, or 0.42 per cent, at 10,139.65. Buying activity picked up momentum on positive economic data after industrial production grew to a 9-month high of 4.3 per cent in August while retail inflation came in at 3.28 per cent in September, unchanged from August. Stocks of Bharti Airtel zoomed 6.94 per cent to Rs 427.80 after the company announced that the consumer mobile business of (CMB) of Tata Teleservices Ltd and Tata Teleservices Maharashtra will merge with it in a cash-free, debt-free deal. Stock of TCS, India's largest software services, rose 1.08 per cent to Rs 2,576.15 even as the company's net profit fell 2.1 per cent in the September quarter. Reliance Industries shot up by 1.15 per cent to Rs 882.50 as participants raised their bets ahead of earnings, to be released later in the day. Japan's Nikkei rose 0.23 per cent while Shanghai Composite rose up 0.09 per cent in their early deals. Hong Kong's Hang Seng, however, was down 0.16 per cent. The US Dow Jones Industrial Average had closed 0.14 per cent lower on Thursday.

Sensex climbs 211 points on positive economic data points

Reliance Industries Ltd&#39;s telecoms arm Jio will turn profitable &quot;shortly,&quot; the Indian conglomerate said today even as its net losses widened to Rs 270.59 crore in the July-September quarter this fiscal against a net loss of Rs 21.3 crore in the preceding quarter.

The company added it would continue to pump around $1 billion into the venture for each of the next few quarters.

The total income of Reliance Jio stood at Rs 6,148.73 crore in the quarter under review.

The financials were announced after the markets closed for trading today. &nbsp;Shares of the company closed at Rs 876.7 apiece, up 0.48 per cent from the previous closing.

However, Reliance Industries Ltd(RIL) consolidated net profit increased 12.5 per cent to Rs 8,109 crore for the September quarter.

The company had reported a net profit of Rs 7,209 crore in the same quarter last fiscal, RIL said in a regulatory filing.

The company&#39;s revenue rose 23.9 per cent to Rs 1,01,169 crore in the reported quarter as against Rs 81,651 crore in the year-ago period.

Reliance Industries Ltd consolidated net profit increased 12.5 per cent to Rs 8,109 crore for the September quarter

Reliance Industries Ltd's telecoms arm Jio will turn profitable "shortly," the Indian conglomerate said today even as its net losses widened to Rs 270.59 crore in the July-September quarter this fiscal against a net loss of Rs 21.3 crore in the preceding quarter. The company added it would continue to pump around $1 billion into the venture for each of the next few quarters. The total income of Reliance Jio stood at Rs 6,148.73 crore in the quarter under review. The financials were announced after the markets closed for trading today. Shares of the company closed at Rs 876.7 apiece, up 0.48 per cent from the previous closing. However, Reliance Industries Ltd(RIL) consolidated net profit increased 12.5 per cent to Rs 8,109 crore for the September quarter. The company had reported a net profit of Rs 7,209 crore in the same quarter last fiscal, RIL said in a regulatory filing. The company's revenue rose 23.9 per cent to Rs 1,01,169 crore in the reported quarter as against Rs 81,651 crore in the year-ago period.

Reliance Industries net profits zoom, Jio's losses widen

China, the country with the world&#39;s largest population is taking a leap in developing facial recognition technology. According to reports, it is building the world&#39;s most powerful facial recognition system.

The face recognition technology is designed to identify anyone in China within three seconds.&nbsp;

According to a report in South China Morning Post, the system is enhanced to match someone&#39;s face to their ID photo &quot;90 per cent time&quot;.&nbsp;

The Ministry of Public Security along with a Shanghai-based security company is working on the project that was initiated in 2015.&nbsp;

Isvision is developing the facial recognition system for a population of 1.3 billion.&nbsp;

The company&#39;s system is linked to the police database of suspects which recognises potential targets in a large crowd.

The system can also be connected to surveillance CCTV networks.&nbsp;

However, the daily reported that the project faces technological hurdles due to the technical limitations of facial recognition technology and China&#39;s huge population.

Experts have also highlighted possible security and privacy issues that may arise because&nbsp;of leakage of personal data.&nbsp;

China&nbsp;has already begun implementing the facial recognition technology.&nbsp;Students in University halls and travellers in planes can enter their respective places with a smile or a blink of the eyes to the camera.&nbsp;

Some public toilets in the capital city Beijing use&nbsp;facial recognition to prevent overuse of toilet paper. The automatic dispensing machine refuses to release toilet paper to the same person on consecutive occassions.&nbsp;&nbsp;

&nbsp;

&nbsp;

The powerful facial recognition system is designed to identify anyone from the 1.3 billion citizens within three seconds

China, the country with the world's largest population is taking a leap in developing facial recognition technology. According to reports, it is building the world's most powerful facial recognition system. The face recognition technology is designed to identify anyone in China within three seconds. According to a report in South China Morning Post, the system is enhanced to match someone's face to their ID photo "90 per cent time". The Ministry of Public Security along with a Shanghai-based security company is working on the project that was initiated in 2015. Isvision is developing the facial recognition system for a population of 1.3 billion. The company's system is linked to the police database of suspects which recognises potential targets in a large crowd. The system can also be connected to surveillance CCTV networks. However, the daily reported that the project faces technological hurdles due to the technical limitations of facial recognition technology and China's huge population. Experts have also highlighted possible security and privacy issues that may arise because of leakage of personal data. China has already begun implementing the facial recognition technology. Students in University halls and travellers in planes can enter their respective places with a smile or a blink of the eyes to the camera. Some public toilets in the capital city Beijing use facial recognition to prevent overuse of toilet paper. The automatic dispensing machine refuses to release toilet paper to the same person on consecutive occassions.

China's mega facial recognition system will identify any citizen within 3 seconds: Report

The CEO of Samsung Electronics Kwon Oh-Hyun resigned Friday, saying the South Korean tech giant was facing an &quot;unprecedented crisis&quot;, even as it expected profits to hit an all-time high in the third quarter.

Kwon&#39;s resignation comes as the company struggles to overcome a bribery scandal that sent Lee Jae-Yong, its de-facto head and heir to the Samsung empire, to jail.

But in a sign of good news for the company, its estimated operating profits for the July-September period of 14.5 trillion won ($12.8 billion) marked a record for quarterly profit, nearly tripling the 5.2 trillion won earned a year earlier.

Sales are expected to have surged 29.65 percent on-year to 62 trillion won, with the booming semiconductor business boosting the company&#39;s bottomline.

Despite the spectacular performance, CEO Kwon said the company was in the throes of an &quot;unprecedented crisis&quot; as he announced his intention to step down.

&quot;Fortunately, the company is now producing best-ever results but this is merely a fruit of decisions and investment made in the past&quot;, he said in a statement.

&quot;As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company (to) start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry&quot;, Kwon said.

Samsung did not announce the performance estimates of each business division but its semiconductor business is widely believed to have contributed greatly to the record-beating report.

The company is set to release its final earnings report later this month.

Samsung has been seeking to move past a bribery scandal that saw the company&#39;s de-facto head Lee Jae-Yong thrown into jail, and to overcome a damaging recall last year of its flagship Galaxy Note 7 smartphone over exploding batteries.

Lee, who was found guilty in August of bribery, perjury and other charges relating to payments made by Samsung to ousted president Park Geun-Hye&#39;s secret confidante Choi Soon-Sil, is appealing his five-year sentence and says he is innocent.

Profits up

&quot;The results are good ones that largely meet market expectations&quot;, Kwon Sung-Ryul of Dongbu Securities told AFP.

&quot;The company has been riding a global semiconductor boom,&quot; he said, adding the semiconductor business alone is believed to have contributed 10 trillion won to the operating profit.

The company&#39;s main products -- DRAM and NAND memory chips used in smartphones -- have also seen an increase in shipments and prices.

Rising sales of its flagship Galaxy S8 and Galaxy Note 8 smartphones were also believed to have bolstered the profitability of the mobile division, analysts said.

Yonhap Infomax data, based on research from 21 securities firms, also showed Samsung is expected to post an operating profit of 16 trillion won in the fourth quarter, up 74 percent from a year earlier.

Doh Hyun-woo, analyst at Mirae Asset Daewoo Securities Co. said in a report that the release of new models, including the iPhone X by rival Apple Inc. could weigh on Samsung&#39;s mobile sales, but will also help its smartphones parts business.

The consumer electronics division will also benefit from strong seasonal demand, he added.

Shares in Samsung Electronics were trading down 0.55 percent on heavy profit taking in mid-day trade.

Kwon Oh-Hyun's resignation comes as the company struggles to overcome a bribery scandal that sent Lee Jae-Yong, its de-facto head and heir to the Samsung empire, to jail

The CEO of Samsung Electronics Kwon Oh-Hyun resigned Friday, saying the South Korean tech giant was facing an "unprecedented crisis", even as it expected profits to hit an all-time high in the third quarter. Kwon's resignation comes as the company struggles to overcome a bribery scandal that sent Lee Jae-Yong, its de-facto head and heir to the Samsung empire, to jail. But in a sign of good news for the company, its estimated operating profits for the July-September period of 14.5 trillion won ($12.8 billion) marked a record for quarterly profit, nearly tripling the 5.2 trillion won earned a year earlier. Sales are expected to have surged 29.65 percent on-year to 62 trillion won, with the booming semiconductor business boosting the company's bottomline. Despite the spectacular performance, CEO Kwon said the company was in the throes of an "unprecedented crisis" as he announced his intention to step down. "Fortunately, the company is now producing best-ever results but this is merely a fruit of decisions and investment made in the past", he said in a statement. "As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company (to) start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry", Kwon said. Samsung did not announce the performance estimates of each business division but its semiconductor business is widely believed to have contributed greatly to the record-beating report. The company is set to release its final earnings report later this month. Samsung has been seeking to move past a bribery scandal that saw the company's de-facto head Lee Jae-Yong thrown into jail, and to overcome a damaging recall last year of its flagship Galaxy Note 7 smartphone over exploding batteries. Lee, who was found guilty in August of bribery, perjury and other charges relating to payments made by Samsung to ousted president Park Geun-Hye's secret confidante Choi Soon-Sil, is appealing his five-year sentence and says he is innocent. Profits up "The results are good ones that largely meet market expectations", Kwon Sung-Ryul of Dongbu Securities told AFP. "The company has been riding a global semiconductor boom," he said, adding the semiconductor business alone is believed to have contributed 10 trillion won to the operating profit. The company's main products -- DRAM and NAND memory chips used in smartphones -- have also seen an increase in shipments and prices. Rising sales of its flagship Galaxy S8 and Galaxy Note 8 smartphones were also believed to have bolstered the profitability of the mobile division, analysts said. Yonhap Infomax data, based on research from 21 securities firms, also showed Samsung is expected to post an operating profit of 16 trillion won in the fourth quarter, up 74 percent from a year earlier. Doh Hyun-woo, analyst at Mirae Asset Daewoo Securities Co. said in a report that the release of new models, including the iPhone X by rival Apple Inc. could weigh on Samsung's mobile sales, but will also help its smartphones parts business. The consumer electronics division will also benefit from strong seasonal demand, he added. Shares in Samsung Electronics were trading down 0.55 percent on heavy profit taking in mid-day trade.

Samsung CEO steps down, says 'unprecedented crisis'

India is now the fastest growing market for Amazon Prime with service's membership growing almost 5 times since its start. Watch to know more.

WION Wallet: India becomes fastest growing market for Amazon Prime

American cult bike maker Harley Davidson has launched 4 new models in India. The models are updated version of Fat Bob, Street Bob, Heritage Classic and Fat Boy. Watch to know more.

Harley Davidson rolls out 4 new models in India