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India&#39;s benchmark Sensex shot up 348 points to end at 32,182 on the back surge in oil &amp; gas, healthcare, FMCG and auto stocks

The broader National Stock Exchange(NSE Nifty) regained the 10k mark ending up 1.12 per cent to close at 10,096.40 - &nbsp;recording its biggest single-day gain since May 25. &nbsp;

Intra-day, the NSE had scaled a high 10,104.45.

The Sensex surge was its best single-session gain since July 10 when it jumped 355.01 points.

The Sensex was buoyed over the announcement of quarterly results by several big players including Tata Consultancy Services(TCS) and Reliance Industries(TCS).

TCS stocks gained about 2 per cent while Reliance Industries stocks climbed 4 per cent ahead of its quarterly results tomorrow.

The Sensex surge was its best single-session gain since July 10 when it jumped 355.01 points.

India's benchmark Sensex shot up 348 points to end at 32,182 on the back surge in oil & gas, healthcare, FMCG and auto stocks The broader National Stock Exchange(NSE Nifty) regained the 10k mark ending up 1.12 per cent to close at 10,096.40 - recording its biggest single-day gain since May 25. Intra-day, the NSE had scaled a high 10,104.45. The Sensex surge was its best single-session gain since July 10 when it jumped 355.01 points. The Sensex was buoyed over the announcement of quarterly results by several big players including Tata Consultancy Services(TCS) and Reliance Industries(TCS). TCS stocks gained about 2 per cent while Reliance Industries stocks climbed 4 per cent ahead of its quarterly results tomorrow.

Sensex, Nifty zoom ahead of results by TCS, Reliance Industries

Tata Teleservices will merge with Bharti Airtel as the Tata group firm looks to tide over its financial woes by exiting the mobile telephony business.

The companies said the deal is on a no-debt, no-cash basis, implying Airtel is not taking over any of the about Rs 40,000 crore debt with Tata Teleservices and is neither paying any cash.

Even 70-80 per cent of the Rs 9,000-10,000 crore deferred payments for spectrum that TTSL holds, will be paid by Tatas.

The deal, subject to regulatory approvals, will see over 40 million customers of Tata Teleservices (TTSL) and Tata Teleservices Maharashtra (TTML) joining Bharti Airtel and mark further consolidation in one of the world&#39;s largest telecom markets.

The merger will be on a debt-free, cash-free basis and all past liabilities and dues to be settled by Tata, the companies said in a statement.

&quot;This is a significant development towards further consolidation in the Indian mobile industry... The acquisition of additional spectrum made an attractive business proposition,&quot; Bharti Airtel Chairman Sunil Bharti Mittal said.

The transaction will create substantial long-term value for shareholders given the significant synergies, he said.

Tata Sons Chairman N Chandrasekaran said the agreement is the &quot;best and most optimal solution&quot; for the Tata Group and its stakeholders.

&quot;We have evaluated multiple options and are pleased to have this agreement with Bharti,&quot; he added.

In March this year, Airtel&#39;s rivals -- Vodafone India and Idea Cellular had announced merger plans to create India&#39;s largest telecom firm.

As part of the agreement, Bharti Airtel will absorb Tata CMB&#39;s operations in 19 telecom circles (17 under TTSL and 2 under TTML). It will also assume a small portion of the unpaid spectrum liability of Tata towards the Telecom Department, which is to be paid on deferred basis, the statement added.

The merger will bolster Bharti Airtel&#39;s spectrum pool with significant additional 178.5 MHz spectrum in 1800, 2100 and 850 MHz bands, all widely used for 4G.

&quot;The proposed merger will include transfer of all the customers and assets of Tata CMB to Bharti Airtel, further augmenting Bharti Airtel?s overall customer base and network,&quot; the statement said.

Tata and Bharti Airtel will work together to further explore other mutual areas of cooperation, that will be value accretive for both the groups.

&quot;The employees of Tata will be demerged on the lines of the two businesses ie CMB and EFL (Enterprise and Fixed Line and Broadband), and post an optimal manpower planning will be moved accordingly,&quot; it added.

Tata is also in initial stages of exploring combination of its enterprise business with Tata Communications and its Retail Fixed Line and Broadband business with Tata Sky.

Any such transaction will be subject to respective boards and other requisite approvals.&nbsp;Tata will also retain its stake in Viom and will take care of the liabilities associated with it.

The Boards of Bharti Airtel, Tata Sons, TTSL and TTML have approved the transaction.

Goldman Sachs (India) Securities Private Limited is financial adviser to Tata.

The companies said the deal is on a no-debt, no-cash basis, implying Airtel is not taking over any of the about Rs 40,000 crore debt with Tata Teleservices and is neither paying any cash

Tata Teleservices will merge with Bharti Airtel as the Tata group firm looks to tide over its financial woes by exiting the mobile telephony business. The companies said the deal is on a no-debt, no-cash basis, implying Airtel is not taking over any of the about Rs 40,000 crore debt with Tata Teleservices and is neither paying any cash. Even 70-80 per cent of the Rs 9,000-10,000 crore deferred payments for spectrum that TTSL holds, will be paid by Tatas. The deal, subject to regulatory approvals, will see over 40 million customers of Tata Teleservices (TTSL) and Tata Teleservices Maharashtra (TTML) joining Bharti Airtel and mark further consolidation in one of the world's largest telecom markets. The merger will be on a debt-free, cash-free basis and all past liabilities and dues to be settled by Tata, the companies said in a statement. "This is a significant development towards further consolidation in the Indian mobile industry... The acquisition of additional spectrum made an attractive business proposition," Bharti Airtel Chairman Sunil Bharti Mittal said. The transaction will create substantial long-term value for shareholders given the significant synergies, he said. Tata Sons Chairman N Chandrasekaran said the agreement is the "best and most optimal solution" for the Tata Group and its stakeholders. "We have evaluated multiple options and are pleased to have this agreement with Bharti," he added. In March this year, Airtel's rivals -- Vodafone India and Idea Cellular had announced merger plans to create India's largest telecom firm. As part of the agreement, Bharti Airtel will absorb Tata CMB's operations in 19 telecom circles (17 under TTSL and 2 under TTML). It will also assume a small portion of the unpaid spectrum liability of Tata towards the Telecom Department, which is to be paid on deferred basis, the statement added. The merger will bolster Bharti Airtel's spectrum pool with significant additional 178.5 MHz spectrum in 1800, 2100 and 850 MHz bands, all widely used for 4G. "The proposed merger will include transfer of all the customers and assets of Tata CMB to Bharti Airtel, further augmenting Bharti Airtel?s overall customer base and network," the statement said. Tata and Bharti Airtel will work together to further explore other mutual areas of cooperation, that will be value accretive for both the groups. "The employees of Tata will be demerged on the lines of the two businesses ie CMB and EFL (Enterprise and Fixed Line and Broadband), and post an optimal manpower planning will be moved accordingly," it added. Tata is also in initial stages of exploring combination of its enterprise business with Tata Communications and its Retail Fixed Line and Broadband business with Tata Sky. Any such transaction will be subject to respective boards and other requisite approvals. Tata will also retain its stake in Viom and will take care of the liabilities associated with it. The Boards of Bharti Airtel, Tata Sons, TTSL and TTML have approved the transaction. Goldman Sachs (India) Securities Private Limited is financial adviser to Tata.

Tatas to merge telecom business with Bharti Airtel

A Greek court on Wednesday backed the&nbsp;extradition&nbsp;to Moscow of a Russian citizen who also faces being sent to the United States on allegations of laundering billions of dollars in&nbsp;bitcoin.

Alexander Vinnik, the&nbsp;suspected mastermind of a $4 billion&nbsp;bitcoin&nbsp;laundering ring, is one of seven Russians arrested or indicted worldwide this year on US&nbsp;cybercrime charges.

Judges ruled last week that he should be extradited to the United States, a decision&nbsp;Russia criticised as unjust and illegal and which Vinnik is challenging at&nbsp;Greece&#39;s supreme court.

Should it decide to uphold the ruling to extradite him to the United States, the final decision is in the hands of&nbsp;Greece&#39;s justice minister, who can approve&nbsp;extradition&nbsp;to one country and block the other.

Vinnik denies all charges against him. But he has agreed to be returned to&nbsp;Russia&nbsp;where he is to be tried on lesser&nbsp;fraud&nbsp;charges.

&quot;That is his wish - to be extradited to&nbsp;Russia&nbsp;and to give his account before the&nbsp;Russian judicial authorities,&quot; Alexandros Lykourezos, the lawyer leading Vinnik&#39;s defence, told reporters after the ruling in Thessaloniki.

In the United States, where he faces up to 55 years in prison, Vinnik is accused of running BTC-e, a digital currency exchange&nbsp;used to trade&nbsp;bitcoin&nbsp;-- to facilitate crimes ranging from computer hacking to drug trafficking since 2011.

He has told Greek judges that he was a technical consultant to BTC-e and not its operator.

Vinnik was arrested while on holiday in a seaside village in&nbsp;Greece in July.&nbsp;Russia&nbsp;then sought his extradition&nbsp;as it has done with other nationals wanted by the United States.

The supreme court hearing is expected within the next three weeks, Lykourezos said.

Alexander Vinnik, the?suspected mastermind of a $4 billion?bitcoin?laundering ring, is one of seven Russians arrested or indicted worldwide this year on US?cybercrime charges

A Greek court on Wednesday backed the extradition to Moscow of a Russian citizen who also faces being sent to the United States on allegations of laundering billions of dollars in bitcoin. Alexander Vinnik, the suspected mastermind of a $4 billion bitcoin laundering ring, is one of seven Russians arrested or indicted worldwide this year on US cybercrime charges. Judges ruled last week that he should be extradited to the United States, a decision Russia criticised as unjust and illegal and which Vinnik is challenging at Greece's supreme court. Should it decide to uphold the ruling to extradite him to the United States, the final decision is in the hands of Greece's justice minister, who can approve extradition to one country and block the other. Vinnik denies all charges against him. But he has agreed to be returned to Russia where he is to be tried on lesser fraud charges. "That is his wish - to be extradited to Russia and to give his account before the Russian judicial authorities," Alexandros Lykourezos, the lawyer leading Vinnik's defence, told reporters after the ruling in Thessaloniki. In the United States, where he faces up to 55 years in prison, Vinnik is accused of running BTC-e, a digital currency exchange used to trade bitcoin -- to facilitate crimes ranging from computer hacking to drug trafficking since 2011. He has told Greek judges that he was a technical consultant to BTC-e and not its operator. Vinnik was arrested while on holiday in a seaside village in Greece in July. Russia then sought his extradition as it has done with other nationals wanted by the United States. The supreme court hearing is expected within the next three weeks, Lykourezos said.

US, Russia in extradition tug-of-war over bitcoin fraud suspect in Greece

After Gujarat, Maharashtra and Himachal Pradesh governments slashed VAT prices on petrol and diesel, Uttarakhand has become the fourth state in the country to cut VAT on fuel.

Uttarakhand finance minister Prakash Pant said his government has reduced cess on petrol and diesel by two per cent and slashed VAT by almost two per cent.

On Tuesday, BJP-led governments in Gujarat and Maharashtra had slashed value added tax (VAT) prices on petrol and diesel.

The Gujarat government had reduced VAT on petrol and diesel by 4 per cent.&nbsp;

Soon after the announcement by the BJP government in Gujarat, CM Fadnavis-led BJP government in Maharashtra too slashed VAT prices on petrol and diesel.&nbsp;

Maharashtra swiftly reduced VAT on prices of petrol and diesel by Rs 2 and Re 1 respectively.

The government had last month brought down excise duty on petrol and diesel by Rs 2 per litre.

Last week finance minister Arun Jaitley had written to all state governments requesting them to reduce taxes on petrol and diesel.

Uttarakhand finance minister Prakash Pant said his government has reduced cess on petrol and diesel by two per cent

After Gujarat, Maharashtra and Himachal Pradesh governments slashed VAT prices on petrol and diesel, Uttarakhand has become the fourth state in the country to cut VAT on fuel. Uttarakhand finance minister Prakash Pant said his government has reduced cess on petrol and diesel by two per cent and slashed VAT by almost two per cent. On Tuesday, BJP-led governments in Gujarat and Maharashtra had slashed value added tax (VAT) prices on petrol and diesel. The Gujarat government had reduced VAT on petrol and diesel by 4 per cent. Soon after the announcement by the BJP government in Gujarat, CM Fadnavis-led BJP government in Maharashtra too slashed VAT prices on petrol and diesel. Maharashtra swiftly reduced VAT on prices of petrol and diesel by Rs 2 and Re 1 respectively. The government had last month brought down excise duty on petrol and diesel by Rs 2 per litre. Last week finance minister Arun Jaitley had written to all state governments requesting them to reduce taxes on petrol and diesel.

Now, Uttarakhand cuts VAT on petrol, diesel

India&#39;s GDP may slow from 8.6 per cent in 2015 to 7.0 per cent in 2017 because of disruptions by demonetisation and the GST, the World Bank has forecast and warned that subdued private investment due to internal bottlenecks could put downside pressures on the country&#39;s potential growth.

The International Monetary Fund yesterday also lowered India&#39;s growth projection to 6.7 per cent in 2017, 0.5 percentage points less than its previous two forecasts and slower than China&#39;s 6.8 per cent.

India&#39;s economic momentum has been affected by disruptions from the withdrawal of banknotes and uncertainties around the Goods and Services Tax (GST), the World Bank said in its South Asia Economic Focus, a biannual economic update.

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<h5>The IMF also lowered, yesterday, India&#39;s growth forecast to 6.7% in 2017</h5>
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<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=The IMF also lowered, yesterday, India's growth forecast to 6.7% in 2017" target="_blank">&nbsp;</a></div>
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As a result, growth is expected to slow from 8.6 per cent in 2015 to 7.0 per cent in 2017. Sound policies around balancing public spending with private investment could accelerate growth to 7.3 per cent by 2018, it said.

While sustained growth is expected to translate to continued poverty reduction, more focus could be made to help benefit the informal economy more, said the report released here ahead of the annual meeting of the International Monetary Fund and the World Bank.

A slowdown in India&#39;s growth rate, the bank said, has also affected the growth rate of South Asia. As a result, South Asia has fallen to second place after East Asia and the Pacific.

&quot;Real GDP growth slowed to 7.1 per cent in 2016, from 8 per cent in 15/16, and further to 5.7 per cent in Q1 FY2017,&quot; it said.

On the one hand, public and private consumption gained pace: after implementation of the 7th central pay commission recommendations; and due to the revival in rural demand after normal monsoon and agricultural impetus. On the other hand, overall demand slowed as public investments started to wane.

According to the bank, the GST is expected to disrupt economic activity in early 2018, but the momentum may pick-up.

Evidence suggests that post-GST, manufacturing and services contracted sharply, it said.

The growth activity is expected to stabilise within a quarter ? maintaining the annual GDP growth at 7.0 per cent in 2018.

Growth is projected to increase gradually to 7.4 per cent by 2020, underpinned by a recovery in private investments, which are expected to be crowded-in by the recent increase in public capex and an improvement in the investment climate (partly due to the passage of the GST and Bankruptcy Code, and measures to attract the FDI), the bank report said.

The most substantial medium-term risks are associated with private investment recovery, which continues to face several domestic impediments such as corporate debt overhang, regulatory and policy challenges, along with the risk of an imminent increase in US interest rates, it said.

&quot;If the internal bottlenecks are not alleviated, subdued private investment would put downside pressures on India&#39;s potential growth,&quot; the report said. Downside risks to the global economy ? and accordingly to export growth and capital flows ? are also substantial given the possibility of monetary policy normalisation in the USA and risks of protectionism, it added.&nbsp;

India's GDP may slow from 8.6 per cent in 2015 to 7.0 per cent in 2017 because of disruptions by demonetisation and the GST, the World Bank has forecast and warned that subdued private investment due to internal bottlenecks could put downside pressures on the country's potential growth. The International Monetary Fund yesterday also lowered India's growth projection to 6.7 per cent in 2017, 0.5 percentage points less than its previous two forecasts and slower than China's 6.8 per cent. India's economic momentum has been affected by disruptions from the withdrawal of banknotes and uncertainties around the Goods and Services Tax (GST), the World Bank said in its South Asia Economic Focus, a biannual economic update. The IMF also lowered, yesterday, India's growth forecast to 6.7% in 2017 × As a result, growth is expected to slow from 8.6 per cent in 2015 to 7.0 per cent in 2017. Sound policies around balancing public spending with private investment could accelerate growth to 7.3 per cent by 2018, it said. While sustained growth is expected to translate to continued poverty reduction, more focus could be made to help benefit the informal economy more, said the report released here ahead of the annual meeting of the International Monetary Fund and the World Bank. A slowdown in India's growth rate, the bank said, has also affected the growth rate of South Asia. As a result, South Asia has fallen to second place after East Asia and the Pacific. "Real GDP growth slowed to 7.1 per cent in 2016, from 8 per cent in 15/16, and further to 5.7 per cent in Q1 FY2017," it said. On the one hand, public and private consumption gained pace: after implementation of the 7th central pay commission recommendations; and due to the revival in rural demand after normal monsoon and agricultural impetus. On the other hand, overall demand slowed as public investments started to wane. According to the bank, the GST is expected to disrupt economic activity in early 2018, but the momentum may pick-up. Evidence suggests that post-GST, manufacturing and services contracted sharply, it said. The growth activity is expected to stabilise within a quarter ? maintaining the annual GDP growth at 7.0 per cent in 2018. Growth is projected to increase gradually to 7.4 per cent by 2020, underpinned by a recovery in private investments, which are expected to be crowded-in by the recent increase in public capex and an improvement in the investment climate (partly due to the passage of the GST and Bankruptcy Code, and measures to attract the FDI), the bank report said. The most substantial medium-term risks are associated with private investment recovery, which continues to face several domestic impediments such as corporate debt overhang, regulatory and policy challenges, along with the risk of an imminent increase in US interest rates, it said. "If the internal bottlenecks are not alleviated, subdued private investment would put downside pressures on India's potential growth," the report said. Downside risks to the global economy ? and accordingly to export growth and capital flows ? are also substantial given the possibility of monetary policy normalisation in the USA and risks of protectionism, it added.

World Bank lowers India's growth forecast to 7%

The Chinese smartphone manufacturer OnePlus is reportedly getting hold of personal information of its users.

A software engineer-cum-security researcher Christopher Moore revealed in a blog post that the company has been keeping an eye over its users&#39; activities on the mobile phone.&nbsp;

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Hey <a href="https://twitter.com/OnePlus_Support?ref_src=twsrc%5Etfw">@OnePlus_Support</a>, it&#39;s none of your business when I turn my screen on/off or unlock my phone - how do I turn this off? /cc:<a href="https://twitter.com/troyhunt?ref_src=twsrc%5Etfw">@troyhunt</a> <a href="https://t.co/VihaIDI6wP">pic.twitter.com/VihaIDI6wP</a>
&mdash; Christopher Moore (@chrisdcmoore) <a href="https://twitter.com/chrisdcmoore/status/819708963633541121?ref_src=twsrc%5Etfw">January 13, 2017</a></blockquote>
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And I&#39;m _definitely_ not convinced you should know how long I spend in which apps. <a href="https://t.co/1tX3vjW9fu">pic.twitter.com/1tX3vjW9fu</a>
&mdash; Christopher Moore (@chrisdcmoore) <a href="https://twitter.com/chrisdcmoore/status/819718858466611203?ref_src=twsrc%5Etfw">January 13, 2017</a></blockquote>
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And that ID appears to be the phone&#39;s serial number which, since many buy handsets direct from you, can be linked to their identity...
&mdash; Christopher Moore (@chrisdcmoore) <a href="https://twitter.com/chrisdcmoore/status/819721264763928576?ref_src=twsrc%5Etfw">January 13, 2017</a></blockquote>
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The&nbsp;company has been reportedly&nbsp;transferring details of users to the company&#39;s server.&nbsp;

One Plus is allegedly involved in seizing the personal details of its users without their knowledge and permission.&nbsp;

The security researcher also mentioned that the collected data included phone&#39;s IMEI, phone numbers, MAC addresses, mobile network names, phone&#39;s serial number and wireless network&#39;s ESSID and BSSID.

The company has also admitted to Android police about collecting personal information.

It claims that it does so to boost its software based on the user behaviour so that it can improve after-sales support.&nbsp;

&nbsp;

&nbsp;

&nbsp;

A Software Engineer cum Security Researcher Christopher Moore revealed in a blog post that the company has been keeping an eye over its users' activities on the mobile phone

The Chinese smartphone manufacturer OnePlus is reportedly getting hold of personal information of its users. A software engineer-cum-security researcher Christopher Moore revealed in a blog post that the company has been keeping an eye over its users' activities on the mobile phone. Hey @OnePlus_Support, it's none of your business when I turn my screen on/off or unlock my phone - how do I turn this off? /cc:@troyhunt pic.twitter.com/VihaIDI6wP — Christopher Moore (@chrisdcmoore) January 13, 2017 × And I'm _definitely_ not convinced you should know how long I spend in which apps. pic.twitter.com/1tX3vjW9fu — Christopher Moore (@chrisdcmoore) January 13, 2017 × And that ID appears to be the phone's serial number which, since many buy handsets direct from you, can be linked to their identity... — Christopher Moore (@chrisdcmoore) January 13, 2017 × The company has been reportedly transferring details of users to the company's server. One Plus is allegedly involved in seizing the personal details of its users without their knowledge and permission. The security researcher also mentioned that the collected data included phone's IMEI, phone numbers, MAC addresses, mobile network names, phone's serial number and wireless network's ESSID and BSSID. The company has also admitted to Android police about collecting personal information. It claims that it does so to boost its software based on the user behaviour so that it can improve after-sales support.

OnePlus getting hold of personal information: Report

Indian banks&rsquo; sour loans hit a record $145.56 billion&nbsp;at the end of June, unpublished data shows, suggesting Asia&rsquo;s third-largest economy is no nearer to bringing its bad debt problems under control.

A review of Reserve Bank of India (RBI) data obtained through right-to-information requests shows banks&rsquo; total stressed loans, including non-performing and restructured or rolled over loans, rose 4.5 per cent in the six months to end-June. In the previous six months, they had risen 5.8 per cent.

While banks remain the main source of funding for India&rsquo;s companies, the stubborn bad debt problem has eaten into bank profits and choked off new lending, especially to smaller firms, at a time when an economy that depends on them is stalling.

India grew at its slowest pace in three years in April-June, a concern for the government of Prime Minister Narendra Modi, who faces elections in 2019 and has pledged to create millions of new jobs before then.

Banks are having to take higher provisions to account for more defaulters being pushed into bankruptcy. And margins are likely to be squeezed further by proposed new rules to encourage commercial banks to pass on central bank interest rate cuts.

To be sure, the bulk of India&rsquo;s sour loans are in the state banks and stem from lending to large conglomerates, especially in steel and infrastructure. But analysts say the rise in bad loans among small firms, and even retail borrowing, is worrying and will do little to encourage new loans to help fuel growth.

&ldquo;On the corporate side, we think it&rsquo;s a recognition cycle which is nearing an end,&rdquo; said Alka Anbarasu, senior analyst at Moody&rsquo;s Investor Service, referring to more bad loans being recognised as such, as banks come under pressure from the RBI and other regulators. &ldquo;But it&rsquo;s really those data points beyond corporate that are causing some worry.&rdquo;

Anbarasu forecasts weak quarters ahead for banks before profitability picks up, and several senior bankers from public sector lenders, which account for more than two-thirds of Indian banking assets - agreed the months ahead would be strained.

Stressed loans as a percentage of total loans reached 12.6 per cent at end-June, according to the RBI data, the highest level in at least 15 years.

Part of the issue for banks and the government is a strict provisioning regime, the RBI wants banks to provide for at least 50 per cent of the secured loans to companies taken to bankruptcy proceedings, and 100 per cent for the unsecured part.

A dozen of the biggest such cases account for nearly 1.78 trillion rupees, or a quarter of total non-performing assets.

For those companies, banks will need to provide 180 billion rupees on top of existing provisions, according to July estimates from India Ratings and Research, the local affiliate of Fitch Ratings.

More than 20 other sizeable companies are at risk of being taken to bankruptcy court.

Bankers say these and other pressures, including rising government bond yields that forced banks to post mark-to-market losses, have added to the squeeze, and hit new loans.

According to RBI data, new loans grew at just about 5 per cent in the year to March, the lowest growth rate in more than six decades. Several banks have already cut back their loan books to conserve capital.

&ldquo;What are they (RBI) thinking while they&rsquo;re taking these steps all at the same time?&rdquo; said a treasurer at a state-run bank, who didn&rsquo;t want to be named due to the sensitivity of the issue. &ldquo;Do they want banks to wind up their businesses, or do they want to save the banks?&rdquo;

Treasury income accounted for 22.7 per cent of banks&rsquo; operating profits in the last financial year, doubling its share from a year earlier, India Ratings estimates.

&ldquo;The almost zero treasury income will hit provisioning ability and, in turn, make it more difficult for weaker banks to give loans as capital becomes more scarce,&rdquo; said Soumyajit Niyogi, an associate director at the rating agency.

A senior policymaker, who requested anonymity as the discussions are not public, said the government would have to help to sufficiently capitalise the banks.

Fitch Ratings estimates Indian banks will need $65 billion of additional capital by March 2019 to meet Basel III global banking rules. Moody&rsquo;s expects the top 11 state lenders alone will need nearly $15 billion. The government has just $3 billion left in its budget for bank recapitalisation.

&ldquo;We think capitalisation is the biggest challenge for the banks at the moment, given that earnings will remain subdued and will not support any capital generation,&rdquo; said Moody&rsquo;s Anbarasu.

A review of Reserve Bank of India (RBI) data obtained through right-to-information requests shows banks? total stressed loans, including non-performing and restructured or rolled over loans, rose 4.5 per cent in the six months to end-June. In the previous six months, they had risen 5.8 per cent

Indian banks’ sour loans hit a record $145.56 billion at the end of June, unpublished data shows, suggesting Asia’s third-largest economy is no nearer to bringing its bad debt problems under control. A review of Reserve Bank of India (RBI) data obtained through right-to-information requests shows banks’ total stressed loans, including non-performing and restructured or rolled over loans, rose 4.5 per cent in the six months to end-June. In the previous six months, they had risen 5.8 per cent. While banks remain the main source of funding for India’s companies, the stubborn bad debt problem has eaten into bank profits and choked off new lending, especially to smaller firms, at a time when an economy that depends on them is stalling. India grew at its slowest pace in three years in April-June, a concern for the government of Prime Minister Narendra Modi, who faces elections in 2019 and has pledged to create millions of new jobs before then. Banks are having to take higher provisions to account for more defaulters being pushed into bankruptcy. And margins are likely to be squeezed further by proposed new rules to encourage commercial banks to pass on central bank interest rate cuts. To be sure, the bulk of India’s sour loans are in the state banks and stem from lending to large conglomerates, especially in steel and infrastructure. But analysts say the rise in bad loans among small firms, and even retail borrowing, is worrying and will do little to encourage new loans to help fuel growth. “On the corporate side, we think it’s a recognition cycle which is nearing an end,” said Alka Anbarasu, senior analyst at Moody’s Investor Service, referring to more bad loans being recognised as such, as banks come under pressure from the RBI and other regulators. “But it’s really those data points beyond corporate that are causing some worry.” Anbarasu forecasts weak quarters ahead for banks before profitability picks up, and several senior bankers from public sector lenders, which account for more than two-thirds of Indian banking assets - agreed the months ahead would be strained. Stressed loans as a percentage of total loans reached 12.6 per cent at end-June, according to the RBI data, the highest level in at least 15 years. Part of the issue for banks and the government is a strict provisioning regime, the RBI wants banks to provide for at least 50 per cent of the secured loans to companies taken to bankruptcy proceedings, and 100 per cent for the unsecured part. A dozen of the biggest such cases account for nearly 1.78 trillion rupees, or a quarter of total non-performing assets. For those companies, banks will need to provide 180 billion rupees on top of existing provisions, according to July estimates from India Ratings and Research, the local affiliate of Fitch Ratings. More than 20 other sizeable companies are at risk of being taken to bankruptcy court. Bankers say these and other pressures, including rising government bond yields that forced banks to post mark-to-market losses, have added to the squeeze, and hit new loans. According to RBI data, new loans grew at just about 5 per cent in the year to March, the lowest growth rate in more than six decades. Several banks have already cut back their loan books to conserve capital. “What are they (RBI) thinking while they’re taking these steps all at the same time?” said a treasurer at a state-run bank, who didn’t want to be named due to the sensitivity of the issue. “Do they want banks to wind up their businesses, or do they want to save the banks?” Treasury income accounted for 22.7 per cent of banks’ operating profits in the last financial year, doubling its share from a year earlier, India Ratings estimates. “The almost zero treasury income will hit provisioning ability and, in turn, make it more difficult for weaker banks to give loans as capital becomes more scarce,” said Soumyajit Niyogi, an associate director at the rating agency. A senior policymaker, who requested anonymity as the discussions are not public, said the government would have to help to sufficiently capitalise the banks. 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. The government has just $3 billion left in its budget for bank recapitalisation. “We think capitalisation is the biggest challenge for the banks at the moment, given that earnings will remain subdued and will not support any capital generation,” said Moody’s Anbarasu.

India's bad loans hit record 9.5 lakh crore

Cochin Shipyard Ltd (CSL) said it has emerged as the lowest bidder for a project of the Indian Navy and the Rs 5,400 crore contract for eight vessels is likely to be concluded after due process.

&ldquo;CSL has received communication from the Integrated Headquarters, Ministry of Defence (Navy) that the Company has emerged as the L1 bidder for 16 X ASW SWC Project for the Indian Navy,&rdquo; the company said in a filing to BSE.

The contract for eight vessels at a cost of about Rs 5,400 crore is expected to be concluded with the Ministry of Defence after due process, it said. The company said the order was bagged against a competitive tender issued by the ministry in which both private and public sector yards had participated.

CSL is the only shipyard in India that can build up to 1,10,000 DWT (deadweight tonnes) with a track record of making tankers, bulk carriers, port crafts and passenger vessels, among others.

The company is into constructing platform supply vessels for exports and aircraft carrier for the Indian Navy.

According to CSL, it is the only shipyard in the country which can fix vessels up to 1,25,000 DWT, and repair an air defence ship.

India&rsquo;s first indigenous aircraft carrier, INS Vikrant, is in its final stage of construction at CSL.

CSL completed its landmark IPO in August, attracting more than Rs 1.11 lakh crore as against the offer size of Rs 1,442 crore. The company, which is under the shipping ministry, was listed on BSE and NSE on August 11 this year. The CSL stock gained nearly 11 per cent to close at 572.40 on BSE.

The contract for eight vessels at a cost of about Rs 5,400 crore is expected to be concluded with the Ministry of Defence after due process

Cochin Shipyard Ltd (CSL) said it has emerged as the lowest bidder for a project of the Indian Navy and the Rs 5,400 crore contract for eight vessels is likely to be concluded after due process. “CSL has received communication from the Integrated Headquarters, Ministry of Defence (Navy) that the Company has emerged as the L1 bidder for 16 X ASW SWC Project for the Indian Navy,” the company said in a filing to BSE. The contract for eight vessels at a cost of about Rs 5,400 crore is expected to be concluded with the Ministry of Defence after due process, it said. The company said the order was bagged against a competitive tender issued by the ministry in which both private and public sector yards had participated. CSL is the only shipyard in India that can build up to 1,10,000 DWT (deadweight tonnes) with a track record of making tankers, bulk carriers, port crafts and passenger vessels, among others. The company is into constructing platform supply vessels for exports and aircraft carrier for the Indian Navy. According to CSL, it is the only shipyard in the country which can fix vessels up to 1,25,000 DWT, and repair an air defence ship. India’s first indigenous aircraft carrier, INS Vikrant, is in its final stage of construction at CSL. CSL completed its landmark IPO in August, attracting more than Rs 1.11 lakh crore as against the offer size of Rs 1,442 crore. The company, which is under the shipping ministry, was listed on BSE and NSE on August 11 this year. The CSL stock gained nearly 11 per cent to close at 572.40 on BSE.

Cochin Shipyard lowest bidder for Navy contract

Markets in India today ended in green. Sensex was up by about 77 points while Nifty was up by around 28 points. Watch to know more.

WION Wallet: Indian markets end in green

Volkswagen has launched its 2017 Passat in India with a starting price of Rs 29.99 lakh (ex-showroom).

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The new Passat is here, pushing the boundaries of engineering and luxury. Yet again. 
Know more -&nbsp;<a href="https://t.co/Nt4OaH9HdJ">https://t.co/Nt4OaH9HdJ</a><a href="https://twitter.com/hashtag/FeelThePresence?src=hash&amp;ref_src=twsrc%5Etfw">#FeelThePresence</a> <a href="https://t.co/lDc1HBklDH">pic.twitter.com/lDc1HBklDH</a>
&mdash; Volkswagen India (@volkswagenindia) <a href="https://twitter.com/volkswagenindia/status/917662994842107904?ref_src=twsrc%5Etfw">October 10, 2017</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

The new model is Volkswagen&#39;s first sedan in India.&nbsp;It has been designed with Volkswagen&#39;s Modular Transverse Matrix (MQB) platform.&nbsp;

This is the first car that comes with nine airbags in its segment.&nbsp;

The car has been adorned with features like Panoramic Sunroof, Nappa leather seat upholstery, reverse camera with a 360 degeree view, park assist and App connect.&nbsp;

The model will be available in two variants:&nbsp;Comfort line&nbsp;and High line, and in six colours - Oryx white, Deep Black Pearl Effect, Black oak brown metallic,&nbsp;Brit silver metallic, Atlantic blue metallic and Mangan Grey metallic.

The automaker has already started the production of the model at its Aurangabad facility.&nbsp;

Introduced in the International market in 2014, the model has already been on sale in the global market for the past two years.&nbsp;

The new launch from Volkswagen will compete with Toyota Camry, Honda Accord&nbsp;and the Skoda Superb.

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<blockquote class="twitter-tweet" data-lang="en">
Welcome the new Volkswagen Passat! So advanced, you&#39;ll surely <a href="https://twitter.com/hashtag/FeelThePresence?src=hash&amp;ref_src=twsrc%5Etfw">#FeelThePresence</a> <a href="https://t.co/DGqj4ibPr3">https://t.co/DGqj4ibPr3</a> <a href="https://t.co/zuWEKz811i">https://t.co/zuWEKz811i</a>
&mdash; Volkswagen India (@volkswagenindia) <a href="https://twitter.com/volkswagenindia/status/917639356654936064?ref_src=twsrc%5Etfw">October 10, 2017</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

While the Passat Comfortline has been launched at Rs 29.99 lakh, the Highline is priced at Rs 32.99 lakh.&nbsp;

&nbsp;

&nbsp;

&nbsp;

While the Passat Comfortline has been launched at Rs 29.99 lakh, the Highline is priced at Rs 32.99 lakh

Volkswagen has launched its 2017 Passat in India with a starting price of Rs 29.99 lakh (ex-showroom). The new Passat is here, pushing the boundaries of engineering and luxury. Yet again. Know more - https://t.co/Nt4OaH9HdJ#FeelThePresence pic.twitter.com/lDc1HBklDH — Volkswagen India (@volkswagenindia) October 10, 2017 × The new model is Volkswagen's first sedan in India. It has been designed with Volkswagen's Modular Transverse Matrix (MQB) platform. This is the first car that comes with nine airbags in its segment. The car has been adorned with features like Panoramic Sunroof, Nappa leather seat upholstery, reverse camera with a 360 degeree view, park assist and App connect. The model will be available in two variants: Comfort line and High line, and in six colours - Oryx white, Deep Black Pearl Effect, Black oak brown metallic, Brit silver metallic, Atlantic blue metallic and Mangan Grey metallic. The automaker has already started the production of the model at its Aurangabad facility. Introduced in the International market in 2014, the model has already been on sale in the global market for the past two years. The new launch from Volkswagen will compete with Toyota Camry, Honda Accord and the Skoda Superb. Welcome the new Volkswagen Passat! So advanced, you'll surely #FeelThePresence https://t.co/DGqj4ibPr3 https://t.co/zuWEKz811i — Volkswagen India (@volkswagenindia) October 10, 2017 × While the Passat Comfortline has been launched at Rs 29.99 lakh, the Highline is priced at Rs 32.99 lakh.

Volkswagen Passat launched in India @ Rs 29.99 lakh

BJP-led governments in <a href="http://www.wionews.com/business-economy/government-cuts-excise-duty-on-petrol-and-diesel-by-two-rupees-20969">Gujarat and Maharashtra today slashed value added tax</a> (VAT) prices on petrol and diesel.

The Gujarat <a href="http://www.wionews.com/south-asia/india-petrol-price-hiked-by-rs-139-per-litre-diesel-up-by-rs-104-14552">government decided to reduce VAT on petrol </a>and diesel by 4 per cent.

&quot;After the central government&#39;s instructions, Gujarat has decided to reduce VAT on petrol and diesel by 4 per cent from today mid-night,&quot; chief minister Rupani told reporters at a press meet.

After the reduction in VAT, the price of petrol is set to come down by Rs 2.93 and diesel by Rs 2.72 in the state.

&quot;We have taken this decision in the interest of people,&quot; chief minister Rupani said.

Gujarat will be going to polls in December.

Soon after the announcement by the BJP government in Gujarat, CM Fadnavis-led BJP government in Maharashtra too slashed VAT prices on petrol and diesel.&nbsp;

Maharashtra swiftly reduced VAT on prices of petrol and diesel by Rs 2 and Re 1 respectively, effective midnight tonight.&nbsp;

After the new rates come into effect, petrol will cost Rs 75.58 per litre and diesel will cost Rs 59.55 in the state.&nbsp;

The government had last month brought down excise duty on petrol and diesel by Rs 2 per litre.

Last week finance minister Arun Jaitley had written to all state governments requesting them to reduce taxes on petrol and diesel.

The Gujarat government decided to reduce VAT on petrol and diesel by 4 per cent.

BJP-led governments in Gujarat and Maharashtra today slashed value added tax (VAT) prices on petrol and diesel. The Gujarat government decided to reduce VAT on petrol and diesel by 4 per cent. "After the central government's instructions, Gujarat has decided to reduce VAT on petrol and diesel by 4 per cent from today mid-night," chief minister Rupani told reporters at a press meet. After the reduction in VAT, the price of petrol is set to come down by Rs 2.93 and diesel by Rs 2.72 in the state. "We have taken this decision in the interest of people," chief minister Rupani said. Gujarat will be going to polls in December. Soon after the announcement by the BJP government in Gujarat, CM Fadnavis-led BJP government in Maharashtra too slashed VAT prices on petrol and diesel. Maharashtra swiftly reduced VAT on prices of petrol and diesel by Rs 2 and Re 1 respectively, effective midnight tonight. After the new rates come into effect, petrol will cost Rs 75.58 per litre and diesel will cost Rs 59.55 in the state. The government had last month brought down excise duty on petrol and diesel by Rs 2 per litre. Last week finance minister Arun Jaitley had written to all state governments requesting them to reduce taxes on petrol and diesel.

Gujarat, Maharashtra reduce VAT on petrol, diesel

India&#39;s Tata conglomerate is interested in bidding for state-owned Air India as the group needs to increase the sizes of its aviation business, its boss told television channel CNBC TV18 in an interview on Monday.

Tata would &quot;definitely look&quot; at Air India once the government finalised the privatisation process, N. Chandrasekaran, chairman of Tata group&rsquo;s holding company Tata Sons, told the channel.

He said Tata, which already has two small airline joint ventures in India, one with Singapore Airlines and the other with Malaysia&#39;s AirAsia Bhd, was still not clear about what a sale would look like.

The government has not said whether it will sell all or parts of Air India and what it might do about the loss-making airline&#39;s debt burden of $8.5 billion.

&quot;We still don&#39;t have all the details,&quot; Chandrasekaran said. &quot;We have two airlines, both are subscale. I feel scale is important.&quot;

When asked whether Tata had spoken to Singapore Airlines about its interest in bidding for Air India, Chandrasekaran said: &quot;Do you think I would have not?&quot;

Tata&#39;s interest in Air India has been reported but Chandrasekaran had not spoken publicly about a possible bid.

Prime Minister Narendra Modi&#39;s cabinet in June gave the go-ahead to sell Air India, which has received $3.6 billion since 2012 in state aid.

Last month the government invited bids to appoint financial and legal advisors for the sale process.

Some companies including low-cost Indian carrier IndiGo, owned by InterGlobe Aviation, ground handling company Bird Group and Turkey&#39;s Celebi Aviation Holdings have expressed an interest in buying some of Air India&#39;s various businesses.

Air India, founded in 1930s by the Tata Group, is saddled with debts and a bloated cost structure.

Once the nation&#39;s largest carrier, its market share in the booming domestic market has slumped to 13 percent as private carriers expanded.

In Monday&#39;s interview, Chandrasekaran also said &quot;all options are on the table&quot; when asked about the future of its struggling telecoms unit Tata Teleservices.

The Economic Times said earlier this month that Tata had told the government it intended to shut down Tata Teleservices.

&quot;I will have to take a tough call and I will,&quot; Chandrasekaran said, adding that a solution would be found this financial year because Tata could not continue to pump in cash to fund the company.

Chandrasekaran also said the group was focusing on improving returns at Tata Motors and ending production of its loss-making Nano car would make little difference to the firm&#39;s profitability.

British luxury carmaker Jaguar Land Rover has long been the main source of revenues and profits at Tata Motors.

The company has said it will invest more than 40 billion rupees ($612 million) to boost sales of its passenger and commercial vehicles and return to profit in its domestic business.

 
&nbsp;

Tata would 'definitely look' at Air India once the government has finalised the privatisation process, N Chandrasekaran said

India's Tata conglomerate is interested in bidding for state-owned Air India as the group needs to increase the sizes of its aviation business, its boss told television channel CNBC TV18 in an interview on Monday. Tata would "definitely look" at Air India once the government finalised the privatisation process, N. Chandrasekaran, chairman of Tata group’s holding company Tata Sons, told the channel. He said Tata, which already has two small airline joint ventures in India, one with Singapore Airlines and the other with Malaysia's AirAsia Bhd, was still not clear about what a sale would look like. The government has not said whether it will sell all or parts of Air India and what it might do about the loss-making airline's debt burden of $8.5 billion. "We still don't have all the details," Chandrasekaran said. "We have two airlines, both are subscale. I feel scale is important." When asked whether Tata had spoken to Singapore Airlines about its interest in bidding for Air India, Chandrasekaran said: "Do you think I would have not?" Tata's interest in Air India has been reported but Chandrasekaran had not spoken publicly about a possible bid. Prime Minister Narendra Modi's cabinet in June gave the go-ahead to sell Air India, which has received $3.6 billion since 2012 in state aid. Last month the government invited bids to appoint financial and legal advisors for the sale process. Some companies including low-cost Indian carrier IndiGo, owned by InterGlobe Aviation, ground handling company Bird Group and Turkey's Celebi Aviation Holdings have expressed an interest in buying some of Air India's various businesses. Air India, founded in 1930s by the Tata Group, is saddled with debts and a bloated cost structure. Once the nation's largest carrier, its market share in the booming domestic market has slumped to 13 percent as private carriers expanded. In Monday's interview, Chandrasekaran also said "all options are on the table" when asked about the future of its struggling telecoms unit Tata Teleservices. The Economic Times said earlier this month that Tata had told the government it intended to shut down Tata Teleservices. "I will have to take a tough call and I will," Chandrasekaran said, adding that a solution would be found this financial year because Tata could not continue to pump in cash to fund the company. Chandrasekaran also said the group was focusing on improving returns at Tata Motors and ending production of its loss-making Nano car would make little difference to the firm's profitability. British luxury carmaker Jaguar Land Rover has long been the main source of revenues and profits at Tata Motors. The company has said it will invest more than 40 billion rupees ($612 million) to boost sales of its passenger and commercial vehicles and return to profit in its domestic business.

Tata interested in bidding for Air India: Tata Sons chairman

Twitter is&nbsp;planning to make a new addition to its platform.&nbsp;The social networking site is set to launch a bookmarking feature.

The new addition will allow Twitter to save tweets so that a user can read it later.&nbsp;

Till now users of the social media platform retweeted the tweets or used the&nbsp;&quot;heart&quot; button option to save a post for future reference. However, the &quot;heart&quot; button resembled more like an option and the retweet option was not that quick.&nbsp;

After the new feature is introduced, the users will be able to bookmark a post for future reference, instead of liking or retweeting it.

VP product Keith Coleman made the announcement with the hashtag &quot;Saveforlater&quot;.&nbsp;

&nbsp;

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?????Fresh out of HackWeek and coming soon &mdash; a new way to save tweets to read later. Been a top request (??????!) The team would love your feedback as they dial in the design! <a href="https://twitter.com/hashtag/SaveForLater?src=hash&amp;ref_src=twsrc%5Etfw">#SaveForLater</a> ?? <a href="https://t.co/6oo2lhqFbW">https://t.co/6oo2lhqFbW</a>
&mdash; Keith Coleman ?????? (@kcoleman) <a href="https://twitter.com/kcoleman/status/917547047053549568?ref_src=twsrc%5Etfw">October 10, 2017</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Other employees from the social site also announced the ongoing progress to launch the new feature on Twitter.&nbsp;&nbsp;

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We are working on <a href="https://twitter.com/hashtag/SaveForLater?src=hash&amp;ref_src=twsrc%5Etfw">#SaveForLater</a>. As someone who reads a LOT on Twitter, I&rsquo;m so excited for this. ?? <a href="https://t.co/dLuOSszsyH">https://t.co/dLuOSszsyH</a>
&mdash; Sriram Krishnan (@sriramk) <a href="https://twitter.com/sriramk/status/917543435258572800?ref_src=twsrc%5Etfw">October 10, 2017</a></blockquote>
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Hi Twitter! Many of you (especially in Japan!) have said you&rsquo;d like to be able to easily + privately save Tweets for later. Right now, people bookmark Tweets by liking, DM-ing to themselves, or Retweeting. But this could be easier. <a href="https://t.co/iQ9W9mB1uV">https://t.co/iQ9W9mB1uV</a>
&mdash; jesar ?? (@jesarshah) <a href="https://twitter.com/jesarshah/status/917538205376770048?ref_src=twsrc%5Etfw">October 9, 2017</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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&nbsp;The prototype shown below indicates the possible bookmark feature, which is likely to change.

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For Hack Week <a href="https://twitter.com/Twitter?ref_src=twsrc%5Etfw">@Twitter</a> we started developing <a href="https://twitter.com/hashtag/SaveForLater?src=hash&amp;ref_src=twsrc%5Etfw">#SaveForLater</a>. Here&rsquo;s the early prototype that we put together in a week, which is likely to change. <a href="https://t.co/c5LekvVF3l">pic.twitter.com/c5LekvVF3l</a>
&mdash; jesar ?? (@jesarshah) <a href="https://twitter.com/jesarshah/status/917538321693261824?ref_src=twsrc%5Etfw">October 9, 2017</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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&nbsp;

The new addition to Twitter will save tweets for later reading

Twitter is planning to make a new addition to its platform. The social networking site is set to launch a bookmarking feature. The new addition will allow Twitter to save tweets so that a user can read it later. Till now users of the social media platform retweeted the tweets or used the "heart" button option to save a post for future reference. However, the "heart" button resembled more like an option and the retweet option was not that quick. After the new feature is introduced, the users will be able to bookmark a post for future reference, instead of liking or retweeting it. VP product Keith Coleman made the announcement with the hashtag "Saveforlater". ?????Fresh out of HackWeek and coming soon — a new way to save tweets to read later. Been a top request (??????!) The team would love your feedback as they dial in the design! #SaveForLater ?? https://t.co/6oo2lhqFbW — Keith Coleman ?????? (@kcoleman) October 10, 2017 × Other employees from the social site also announced the ongoing progress to launch the new feature on Twitter. We are working on #SaveForLater. As someone who reads a LOT on Twitter, I’m so excited for this. ?? https://t.co/dLuOSszsyH — Sriram Krishnan (@sriramk) October 10, 2017 × Hi Twitter! Many of you (especially in Japan!) have said you’d like to be able to easily + privately save Tweets for later. Right now, people bookmark Tweets by liking, DM-ing to themselves, or Retweeting. But this could be easier. https://t.co/iQ9W9mB1uV — jesar ?? (@jesarshah) October 9, 2017 × The prototype shown below indicates the possible bookmark feature, which is likely to change. For Hack Week @Twitter we started developing #SaveForLater. Here’s the early prototype that we put together in a week, which is likely to change. pic.twitter.com/c5LekvVF3l — jesar ?? (@jesarshah) October 9, 2017 ×

#Saveforlater: Twitter to soon introduce bookmarking feature

Xiaomi has launched its first ever bezel-less handset, Mi MIX 2, in India.&nbsp;

The phone is priced at Rs 35,999.

The handset has been designed in a four-sided&nbsp;curved ceramic body with a 5.99-inch bezel-less display.

It will come in an 18.9 aspect ratio.&nbsp;

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Here&#39;s <a href="https://twitter.com/hashtag/MiMIX2?src=hash&amp;ref_src=twsrc%5Etfw">#MiMIX2</a> - 5.99&rdquo; full-screen display | Snapdragon 835 | 6GB RAM | 128GB ROM | Global LTE support 
RT it with <a href="https://twitter.com/hashtag/MiMIX2?src=hash&amp;ref_src=twsrc%5Etfw">#MiMIX2</a> &amp; you might win 1! <a href="https://t.co/K22ZqKwG9f">pic.twitter.com/K22ZqKwG9f</a>
&mdash; Mi India (@XiaomiIndia) <a href="https://twitter.com/XiaomiIndia/status/917654654804148224?ref_src=twsrc%5Etfw">October 10, 2017</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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With Snapdragon 835, 6GB RAM the new launch also provides 12 GB variant.&nbsp; &nbsp;&nbsp;

The model will&nbsp;come with a hidden speaker, proximity sensor, Sony IMX386 sensor with 4-axis OIS.

Besides the Xiaomi stores, the Mi MIX 2 will also be available exclusively on Flipkart.

The phone will be available in a preview sale on October 17.&nbsp;

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A special preview sale of <a href="https://twitter.com/hashtag/MiMIX2?src=hash&amp;ref_src=twsrc%5Etfw">#MiMIX2</a> will start on October 17th for our mi fans at 12 noon exclusively on <a href="https://t.co/D3b3QtmvaT">https://t.co/D3b3QtmvaT</a> and <a href="https://twitter.com/Flipkart?ref_src=twsrc%5Etfw">@Flipkart</a> <a href="https://t.co/0CHvQVvrP1">pic.twitter.com/0CHvQVvrP1</a>
&mdash; Mi India (@XiaomiIndia) <a href="https://twitter.com/XiaomiIndia/status/917655411750191104?ref_src=twsrc%5Etfw">October 10, 2017</a></blockquote>
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The phone will be available with a zero per cent EMI offer&nbsp;via all retail channels.&nbsp;

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet" data-lang="en">
We&rsquo;ll be offering <a href="https://twitter.com/hashtag/MiMIX2?src=hash&amp;ref_src=twsrc%5Etfw">#MiMIX2</a> with 0% EMI, exclusively on <a href="https://t.co/D3b3QtmvaT">https://t.co/D3b3QtmvaT</a> and Flipkart! RT if you&rsquo;re planning to buy one! <a href="https://t.co/511GUv6xmo">pic.twitter.com/511GUv6xmo</a>
&mdash; Mi India (@XiaomiIndia) <a href="https://twitter.com/XiaomiIndia/status/917655863392739328?ref_src=twsrc%5Etfw">October 10, 2017</a></blockquote>
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The new launch from Xiaomi will compete with One Plus 5 which is also priced at around the same price.&nbsp;

&nbsp;

The handset has been designed in a four-sided?curved ceramic body with a 5.99-inch bezel-less display

Xiaomi has launched its first ever bezel-less handset, Mi MIX 2, in India. The phone is priced at Rs 35,999. The handset has been designed in a four-sided curved ceramic body with a 5.99-inch bezel-less display. It will come in an 18.9 aspect ratio. Here's #MiMIX2 - 5.99” full-screen display | Snapdragon 835 | 6GB RAM | 128GB ROM | Global LTE support RT it with #MiMIX2 & you might win 1! pic.twitter.com/K22ZqKwG9f — Mi India (@XiaomiIndia) October 10, 2017 × With Snapdragon 835, 6GB RAM the new launch also provides 12 GB variant. The model will come with a hidden speaker, proximity sensor, Sony IMX386 sensor with 4-axis OIS. Besides the Xiaomi stores, the Mi MIX 2 will also be available exclusively on Flipkart. The phone will be available in a preview sale on October 17. A special preview sale of #MiMIX2 will start on October 17th for our mi fans at 12 noon exclusively on https://t.co/D3b3QtmvaT and @Flipkart pic.twitter.com/0CHvQVvrP1 — Mi India (@XiaomiIndia) October 10, 2017 × The phone will be available with a zero per cent EMI offer via all retail channels. We’ll be offering #MiMIX2 with 0% EMI, exclusively on https://t.co/D3b3QtmvaT and Flipkart! RT if you’re planning to buy one! pic.twitter.com/511GUv6xmo — Mi India (@XiaomiIndia) October 10, 2017 × The new launch from Xiaomi will compete with One Plus 5 which is also priced at around the same price.

Xiaomi launches Mi MIX 2 in India @ Rs 35,999

Wal-Mart Stores on Tuesday unveiled a $20 billion share buyback plan and forecast US online sales to increase by about 40 per cent in the fiscal year ending January 2019.

Wal-Mart&#39;s shares were up 1.6 per cent at $81.80 in premarket trading after the company also forecast overall net sales to increase by at least 3 per cent in the same period.

The company, locked in a battle for market share with ecommerce giant Amazon.com, has been doubling down on its online business and is leveraging its 4,700 plus stores to create a more hassle-free experience for its online shoppers.

Wal-Mart reported a 60 per cent jump in online sales in the United States in its latest quarter ended July.

&quot;It is clear that Wal-Mart intends to continue to turn up the heat online, with 40 per cent annual growth an impressive goal, especially on the heels of the 30 per cent outlined at the 2016 investor meeting, which at the time seemed aspirational in our view,&quot; Moody&#39;s Lead Retail Analyst Charlie O&#39;Shea said.

The largest US&nbsp;grocery retailer also said it expects to add 1,000 locations for shipping online grocery orders in the fiscal year 2019. It currently ships online orders from more than 900 US&nbsp;locations.

Competition in the grocery space has increased since Amazon bought Whole Foods and cut prices at the upmarket grocer in August.

The company forecast profit for the fiscal year 2019 to increase about 5 per cent over the expected adjusted earnings of $4.30 to $4.40 per share for the year ending January 2018.

The new two-year repurchase plan replaces a $20 billion buyback approved in October 2015.

Wal-Mart Stores on Tuesday unveiled a $20 billion share buyback plan and forecast US online sales to increase by about 40 per cent in the fiscal year ending January 2019

Wal-Mart Stores on Tuesday unveiled a $20 billion share buyback plan and forecast US online sales to increase by about 40 per cent in the fiscal year ending January 2019. Wal-Mart's shares were up 1.6 per cent at $81.80 in premarket trading after the company also forecast overall net sales to increase by at least 3 per cent in the same period. The company, locked in a battle for market share with ecommerce giant Amazon.com, has been doubling down on its online business and is leveraging its 4,700 plus stores to create a more hassle-free experience for its online shoppers. Wal-Mart reported a 60 per cent jump in online sales in the United States in its latest quarter ended July. "It is clear that Wal-Mart intends to continue to turn up the heat online, with 40 per cent annual growth an impressive goal, especially on the heels of the 30 per cent outlined at the 2016 investor meeting, which at the time seemed aspirational in our view," Moody's Lead Retail Analyst Charlie O'Shea said. The largest US grocery retailer also said it expects to add 1,000 locations for shipping online grocery orders in the fiscal year 2019. It currently ships online orders from more than 900 US locations. Competition in the grocery space has increased since Amazon bought Whole Foods and cut prices at the upmarket grocer in August. The company forecast profit for the fiscal year 2019 to increase about 5 per cent over the expected adjusted earnings of $4.30 to $4.40 per share for the year ending January 2018. The new two-year repurchase plan replaces a $20 billion buyback approved in October 2015.

Wal-Mart launches $20 billion buyback plan

The Corporate Vice President in the Operating Systems Group at <a href="http://www.wionews.com/world/microsoft-ceo-satya-nadella-once-surrendered-green-card-for-wife-20669" target="_blank">Microsoft,</a> Joe Belfiore has revealed that the software giant will not be developing new features or hardware for Windows 10 Mobile.&nbsp;

Belfiore has clarified that their company&#39;s focus will not be on building new features instead they will just be enhancing the security updates and bug fires.&nbsp;

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Of course we&#39;ll continue to support the platform.. bug fixes, security updates, etc. But building new features/hw aren&#39;t the focus. ?? <a href="https://t.co/0CH9TZdIFu">https://t.co/0CH9TZdIFu</a>
&mdash; Joe Belfiore (@joebelfiore) <a href="https://twitter.com/joebelfiore/status/917071399541391360?ref_src=twsrc%5Etfw">October 8, 2017</a></blockquote>
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Microsoft&#39;s Windows Phone has been dead for a while now. However, the company has never officially admitted the same.&nbsp;

The company cleaned out its phone business last year, killing thousands of jobs.&nbsp;

In the recent Build and Inspire conferences of Microsoft, CEO Satya Nadela had replaced the company&#39;s mantra of &quot;mobile -first, cloud- first&quot; with intelligent cloud and intelligent edge, what he describes as.&nbsp;

Microsoft will now be working on multi-device scenarios and cloud-powered technologies which will have less involvement of Windows.&nbsp;

The company has also switched to Android.

Microsoft will now support Windows 10 customers who want to use Android and iOS on their phones.&nbsp;

The company is ending the Windows Phone as developers never backed that platform. It also had many problems with the Microsoft App store. It was even difficult to retain the apps which were developed.&nbsp;

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We have tried VERY HARD to incent app devs. Paid money.. wrote apps 4 them.. but volume of users is too low for most companies to invest. ?? <a href="https://t.co/ePsySxR3LB">https://t.co/ePsySxR3LB</a>
&mdash; Joe Belfiore (@joebelfiore) <a href="https://twitter.com/joebelfiore/status/917071857370595328?ref_src=twsrc%5Etfw">October 8, 2017</a></blockquote>
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Actually, a huge, huge majority of our Windows/Office (and Xbox) users are mixed-ecosystem. MOST people have a different phone than &quot;PC&quot; <a href="https://t.co/maS1yBRPSs">https://t.co/maS1yBRPSs</a>
&mdash; Joe Belfiore (@joebelfiore) <a href="https://twitter.com/joebelfiore/status/917084988176076800?ref_src=twsrc%5Etfw">October 8, 2017</a></blockquote>
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Also read:<a href="http://www.wionews.com/business-economy/microsoft-launches-new-nokia-feature-phone-6618" target="_blank"> Microsoft launches new Nokia feature phone</a>

&nbsp;

&nbsp;

The Corporate Vice President in the Operating Systems Group at Microsoft, Joe Belfiore has revealed that the software giant will not be developing new features or hardware for Windows 10 Mobile

The Corporate Vice President in the Operating Systems Group at Microsoft, Joe Belfiore has revealed that the software giant will not be developing new features or hardware for Windows 10 Mobile. Belfiore has clarified that their company's focus will not be on building new features instead they will just be enhancing the security updates and bug fires. Of course we'll continue to support the platform.. bug fixes, security updates, etc. But building new features/hw aren't the focus. ?? https://t.co/0CH9TZdIFu — Joe Belfiore (@joebelfiore) October 8, 2017 × Microsoft's Windows Phone has been dead for a while now. However, the company has never officially admitted the same. The company cleaned out its phone business last year, killing thousands of jobs. In the recent Build and Inspire conferences of Microsoft, CEO Satya Nadela had replaced the company's mantra of "mobile -first, cloud- first" with intelligent cloud and intelligent edge, what he describes as. Microsoft will now be working on multi-device scenarios and cloud-powered technologies which will have less involvement of Windows. The company has also switched to Android. Microsoft will now support Windows 10 customers who want to use Android and iOS on their phones. The company is ending the Windows Phone as developers never backed that platform. It also had many problems with the Microsoft App store. It was even difficult to retain the apps which were developed. We have tried VERY HARD to incent app devs. Paid money.. wrote apps 4 them.. but volume of users is too low for most companies to invest. ?? https://t.co/ePsySxR3LB — Joe Belfiore (@joebelfiore) October 8, 2017 × Actually, a huge, huge majority of our Windows/Office (and Xbox) users are mixed-ecosystem. MOST people have a different phone than "PC" https://t.co/maS1yBRPSs — Joe Belfiore (@joebelfiore) October 8, 2017 × Also read: Microsoft launches new Nokia feature phone

Windows 10 phone is dead: Microsoft

The Sensex today opened strong, taking a cue from the GST Council offering relief to exporters and SMEs.

The Council, last week, made some sweeping changes to give relief to small and medium businesses. It also slashed tax rates on more than two dozen items.

Asian markets traded both ways.

The 30-share index rose 67.10 points, or 0.21 per cent, to 31,881.32. The gauge had soared 222 points in the previous session on Friday.

Sectoral indices took strength from consumer durables, FMCG, healthcare and auto stocks, trading higher by up to 2.12 per cent.

The NSE index Nifty too edged higher by 10.10 points, or 0.10 per cent, to 9,989.80.

Besides, domestic institutional investors pumped in funds unabated.

The big gainers that supported the key indices include Tata Steel, Tata Motors, ICICI Bank and Coal India, rising by up to 1.63 per cent.

Shanghai Composite was up 1.18 per cent while Hong Kong&#39;s Hang Seng shed 0.31 per cent in early deals. Japanese financial markets are shut today for a pubic holiday.

US Dow Jones Industrial Average ended marginally lower by 0.01 per cent on Friday.&nbsp;

The 30-share index rose 67.10 points, or 0.21 per cent, to 31,881.32

The Sensex today opened strong, taking a cue from the GST Council offering relief to exporters and SMEs. The Council, last week, made some sweeping changes to give relief to small and medium businesses. It also slashed tax rates on more than two dozen items. Asian markets traded both ways. The 30-share index rose 67.10 points, or 0.21 per cent, to 31,881.32. The gauge had soared 222 points in the previous session on Friday. Sectoral indices took strength from consumer durables, FMCG, healthcare and auto stocks, trading higher by up to 2.12 per cent. The NSE index Nifty too edged higher by 10.10 points, or 0.10 per cent, to 9,989.80. Besides, domestic institutional investors pumped in funds unabated. The big gainers that supported the key indices include Tata Steel, Tata Motors, ICICI Bank and Coal India, rising by up to 1.63 per cent. Shanghai Composite was up 1.18 per cent while Hong Kong's Hang Seng shed 0.31 per cent in early deals. Japanese financial markets are shut today for a pubic holiday. US Dow Jones Industrial Average ended marginally lower by 0.01 per cent on Friday.

Sensex opens with gains, Nifty trades positive too

Cairn&nbsp;India, a unit of Vedanta Resources Plc, will invest about $4.59 billion&nbsp;in oil and gas exploration projects off the country&#39;s east coast and in the onshore fields of Barmer in the west, its finance head said.

Sudhir Mathur expects all approvals for the projects to be in place by the end of this month, he told Reuters on Monday on the sidelines of the three-day India Energy Forum by Ceraweek in New Delhi that ends on Tuesday.

Cairn?India said expects all approvals for the projects to be in place by the end of this month

Cairn India, a unit of Vedanta Resources Plc, will invest about $4.59 billion in oil and gas exploration projects off the country's east coast and in the onshore fields of Barmer in the west, its finance head said. Sudhir Mathur expects all approvals for the projects to be in place by the end of this month, he told Reuters on Monday on the sidelines of the three-day India Energy Forum by Ceraweek in New Delhi that ends on Tuesday.

Will invest $4.6 billion in oil & gas exploration projects in India: Cairn

WION Wallet: This segment offers top business related news. Update about Indian PM Narendra Modi's meeting with oil industry giants, RBI's survey exposing growth worries and other news are offered in the segment.

WION Wallet: Indian Forex reserves dip by $2.59 billion to $399.66 billion

Alphabet Inc&#39;s <a href="http://www.wionews.com/science-tech/google-io-2017-heres-everything-announced-at-the-annual-conference-15717" target="_blank">Google on Wednesday unveiled the second generation of its Pixel smartphone</a> along with new voice-enabled home speakers, redoubling its commitment to the hardware business as it competes with a surge of devices from Apple Inc and Amazon.com Inc.

<a href="http://www.wionews.com/business-economy/google-aids-1-million-flood-relief-fund-to-india-nepal-bangladesh-19756" target="_blank">Google&#39;s new products</a>, including a Pixelbook laptop, wireless earbuds and a small GoPro-like camera, showcase Google-developed operating systems and services, notably the voice assistant. That means usage of those devices should stoke the company&#39;s core ad sales business as buyers of the hardware using Google services like search and maps.

Speaking at the launch in San Francisco, Google hardware chief Rick Osterloh said the new products &quot;perfectly demonstrate our strategy of re-imagining hardware from the inside out.&quot;

The Pixel 2 smartphone comes in two sizes, with comparable features, including aluminium bodies and no traditional jacks for headphones. Prices for the base model start at $649, while the high-end version starts at $849. The phones will be available October 19.

The Pixel phones lack the brand lustre and market share of similarly priced smartphones such as the Apple iPhone or Samsung Electronics Co&#39;s Galaxy S and Galaxy Note smartphones. Still, the original Pixel&#39;s camera and software drew acclaim from reviewers, many of whom expect the line to become a robust competitor at the high end of the Android smartphone market.

Pixelbook, priced at $999, is the first laptop powered by Google Assistant and will support Snap Inc&#39;s Snapchat, the company said. The keyboard folds behind the screen to turn the 12.3-inch touchscreen into a tablet. It will be available in stores from October 31.

Google Home Mini, one of the new speakers, is priced at $49 in the United States and would rival Amazon.com Inc&#39;s popular Echo Dot. It will be available October 19. The Home Max, with dual woofers for more powerful sound, is priced at $399 and with availability by the end of the year.

The Pixel Buds, which are priced at $149, arrive in November. Clips, which is a pocket-sized camera with object detection and automatic recording capabilities, &quot;soon&quot; goes on sale for $249, Google said. Videos last only a few seconds and do not contain audio.

The Pixel smartphone debuted a year ago, with analysts estimating sales of more than 2 million, pushing Google to record amounts of non-advertising revenue.

Google&#39;s &quot;other&quot; revenue category, which includes both hardware and sales of online storage services, accounted for about 12 percent of overall sales in its most recent quarter.

Last month, Google expanded its hardware development capabilities by picking up a 2,000-person smartphone engineering team at HTC for $1.1 billion.

&quot;It&rsquo;s pretty clear Google is serious about hardware,&quot; said Avi Greengart, research director at consumer data firm GlobalData.

&quot;Given that there is a Pixel 2, and given the financial investment, there must be a longer-term strategic intent.&quot;

Google moved into smartphones five years ago with the $12.5-billion purchase of Motorola Mobility.

But Motorola&#39;s hardware team, under Osterloh, and Google&#39;s Android mobile operating system division remained independent. Google wanted to avoid giving it a special advantage and protect its relationships with Samsung, LG and other distributors of Android. The company later sold the Motorola smartphone business.

Osterloh, now working inside Google, moved to bring in-house the HTC team Google contracted to design the Pixel. He enjoys a strong relationship with Hiroshi Lockheimer, the Android division head. The pair has been friends since working together for several years at Good Technology in the early 2000s.

Protecting relationships with others in the Android ecosystem has become less of a concern. Samsung ratchet down the rivalry with Google after the firms agreed to a major patent licensing deal in early 2014. Other vendors have seen their market share dip.

Google&#39;s eye is now on Apple, whose iPhone has become the smartphone to beat.

The first Pixel debuted a year ago with a significant marketing push: during the last three months of the year, Google spent an estimated $110 million to air 12 Pixel-related commercials, according to data from advertising measurement firm iSpot.tv.

Apple spent $147 million during the same span, iSpot.tv said. Apple has sustained its TV time throughout the last year, while Google&#39;s efforts have tapered off.

In the speakers market, Google&#39;s personal-assistant lags Amazon&#39;s Echo devices in market share, according to investment bank Cowen &amp; Co. Last week, Amazon released several new models of the Echo, including one with a display as it tried to find a place in every niche.

Rishi Chandra, vice president of product management for Google&#39;s Home hardware unit, said in an interview that Google was being &quot;a little bit more thoughtful&quot; than the online shopping company.

&quot;Amazon is taking a broad approach,&quot; Chandra said. &quot;We&#39;re going to iterate until we have a good product story to tell.&quot;

Alphabet Inc's Google unveiled the second generation of its Pixel smartphone along with new voice-enabled home speakers

Alphabet Inc's Google on Wednesday unveiled the second generation of its Pixel smartphone along with new voice-enabled home speakers, redoubling its commitment to the hardware business as it competes with a surge of devices from Apple Inc and Amazon.com Inc. Google's new products, including a Pixelbook laptop, wireless earbuds and a small GoPro-like camera, showcase Google-developed operating systems and services, notably the voice assistant. That means usage of those devices should stoke the company's core ad sales business as buyers of the hardware using Google services like search and maps. Speaking at the launch in San Francisco, Google hardware chief Rick Osterloh said the new products "perfectly demonstrate our strategy of re-imagining hardware from the inside out." The Pixel 2 smartphone comes in two sizes, with comparable features, including aluminium bodies and no traditional jacks for headphones. Prices for the base model start at $649, while the high-end version starts at $849. The phones will be available October 19. The Pixel phones lack the brand lustre and market share of similarly priced smartphones such as the Apple iPhone or Samsung Electronics Co's Galaxy S and Galaxy Note smartphones. Still, the original Pixel's camera and software drew acclaim from reviewers, many of whom expect the line to become a robust competitor at the high end of the Android smartphone market. Pixelbook, priced at $999, is the first laptop powered by Google Assistant and will support Snap Inc's Snapchat, the company said. The keyboard folds behind the screen to turn the 12.3-inch touchscreen into a tablet. It will be available in stores from October 31. Google Home Mini, one of the new speakers, is priced at $49 in the United States and would rival Amazon.com Inc's popular Echo Dot. It will be available October 19. The Home Max, with dual woofers for more powerful sound, is priced at $399 and with availability by the end of the year. The Pixel Buds, which are priced at $149, arrive in November. Clips, which is a pocket-sized camera with object detection and automatic recording capabilities, "soon" goes on sale for $249, Google said. Videos last only a few seconds and do not contain audio. The Pixel smartphone debuted a year ago, with analysts estimating sales of more than 2 million, pushing Google to record amounts of non-advertising revenue. Google's "other" revenue category, which includes both hardware and sales of online storage services, accounted for about 12 percent of overall sales in its most recent quarter. Last month, Google expanded its hardware development capabilities by picking up a 2,000-person smartphone engineering team at HTC for $1.1 billion. "It’s pretty clear Google is serious about hardware," said Avi Greengart, research director at consumer data firm GlobalData. "Given that there is a Pixel 2, and given the financial investment, there must be a longer-term strategic intent." Google moved into smartphones five years ago with the $12.5-billion purchase of Motorola Mobility. But Motorola's hardware team, under Osterloh, and Google's Android mobile operating system division remained independent. Google wanted to avoid giving it a special advantage and protect its relationships with Samsung, LG and other distributors of Android. The company later sold the Motorola smartphone business. Osterloh, now working inside Google, moved to bring in-house the HTC team Google contracted to design the Pixel. He enjoys a strong relationship with Hiroshi Lockheimer, the Android division head. The pair has been friends since working together for several years at Good Technology in the early 2000s. Protecting relationships with others in the Android ecosystem has become less of a concern. Samsung ratchet down the rivalry with Google after the firms agreed to a major patent licensing deal in early 2014. Other vendors have seen their market share dip. Google's eye is now on Apple, whose iPhone has become the smartphone to beat. The first Pixel debuted a year ago with a significant marketing push: during the last three months of the year, Google spent an estimated $110 million to air 12 Pixel-related commercials, according to data from advertising measurement firm iSpot.tv. Apple spent $147 million during the same span, iSpot.tv said. Apple has sustained its TV time throughout the last year, while Google's efforts have tapered off. In the speakers market, Google's personal-assistant lags Amazon's Echo devices in market share, according to investment bank Cowen & Co. Last week, Amazon released several new models of the Echo, including one with a display as it tried to find a place in every niche. Rishi Chandra, vice president of product management for Google's Home hardware unit, said in an interview that Google was being "a little bit more thoughtful" than the online shopping company. "Amazon is taking a broad approach," Chandra said. "We're going to iterate until we have a good product story to tell."

Google unveils Pixel 2 phone priced @ $649

In a major breakthrough, the government today confirmed that it has received vital information from 13 banks on&nbsp;bank account operations and post-demonetisation transactions.

The government said around&nbsp;2,09,032 suspicious companies were&nbsp;struck off from the Register of Companies list earlier this year. It may be recalled that after being struck off the list, the operation of the bank accounts of the suspicious companies was restricted for the discharge of liabilities only.

The&nbsp;13 banks have submitted their first data instalment. The data received from them pertains to merely about 5,800 companies (out of more than 2 lakh that were struck off) involving 13,140 accounts. This in itself is a revealing figure.

Few of the companies have been found to have more than 100 accounts to their names. The highest grosser among these are&nbsp;companies&nbsp;with 2,134 accounts, followed by others who have&nbsp;accounts in the range of 900 to 300.

The data for the pre demonetisation account balances and transactions conducted from the accounts of these companies during the demonetisation period is even more startling. &nbsp;After separating the loan accounts, these companies showed a meagre balance of Rs 22.05 crore to their credit on November 8th, 2016.

However, from November 9th, 2016, that is after the announcement of demonetization, till the date of their being struck off, these companies deposited a huge amount of Rs. 4,573.87 crore in their accounts and withdrew an equally large amount of Rs 4,552 crore. With loan accounts, there was a negative opening balance of Rs 80.79 crore.

Disturbing facts&nbsp;have been identified on&nbsp;companies with&nbsp;multiple accounts which have&nbsp;minuscule or negative balance as on November 8th, 2016. The companies&nbsp;have deposited and withdrawn amounts in several crores from these accounts.

The accounts were thereafter again left as dormant accounts with a paltry balance. As mentioned earlier, this exercise of swindling the authorities was carried out post-demonetisation till the companies were struck off.

In some cases, certain companies made deposits and withdrawals even after being struck off.

For example, in one of the Banks, 429 companies with&nbsp;zero balance each as on November 8th, 2016 deposited and withdrew over Rs 11 crore and left again with a cumulative balance of just Rs 42,000 on&nbsp;the date of freezing.

Similarly, in the case of another Bank, more than 3,000 such companies, most having multiple accounts, have been located.

From having a cumulative balance of about Rs 13 crore as on November 8th, 2016 these companies have deposited and withdrew Rs 3800 crore, leaving a negative cumulative balance of almost Rs 200 crore at the time of freezing of their accounts.

Sources stress that this data is only about 2.5% of the total number of suspected companies that have been struck off by the Centre.

The investigative agencies have been asked to complete necessary investigation in a time-bound manner.

The?13 banks have submitted their first data instalment

In a major breakthrough, the government today confirmed that it has received vital information from 13 banks on bank account operations and post-demonetisation transactions. The government said around 2,09,032 suspicious companies were struck off from the Register of Companies list earlier this year. It may be recalled that after being struck off the list, the operation of the bank accounts of the suspicious companies was restricted for the discharge of liabilities only. The 13 banks have submitted their first data instalment. The data received from them pertains to merely about 5,800 companies (out of more than 2 lakh that were struck off) involving 13,140 accounts. This in itself is a revealing figure. Few of the companies have been found to have more than 100 accounts to their names. The highest grosser among these are companies with 2,134 accounts, followed by others who have accounts in the range of 900 to 300. The data for the pre demonetisation account balances and transactions conducted from the accounts of these companies during the demonetisation period is even more startling. After separating the loan accounts, these companies showed a meagre balance of Rs 22.05 crore to their credit on November 8th, 2016. However, from November 9th, 2016, that is after the announcement of demonetization, till the date of their being struck off, these companies deposited a huge amount of Rs. 4,573.87 crore in their accounts and withdrew an equally large amount of Rs 4,552 crore. With loan accounts, there was a negative opening balance of Rs 80.79 crore. Disturbing facts have been identified on companies with multiple accounts which have minuscule or negative balance as on November 8th, 2016. The companies have deposited and withdrawn amounts in several crores from these accounts. The accounts were thereafter again left as dormant accounts with a paltry balance. As mentioned earlier, this exercise of swindling the authorities was carried out post-demonetisation till the companies were struck off. In some cases, certain companies made deposits and withdrawals even after being struck off. For example, in one of the Banks, 429 companies with zero balance each as on November 8th, 2016 deposited and withdrew over Rs 11 crore and left again with a cumulative balance of just Rs 42,000 on the date of freezing. Similarly, in the case of another Bank, more than 3,000 such companies, most having multiple accounts, have been located. From having a cumulative balance of about Rs 13 crore as on November 8th, 2016 these companies have deposited and withdrew Rs 3800 crore, leaving a negative cumulative balance of almost Rs 200 crore at the time of freezing of their accounts. Sources stress that this data is only about 2.5% of the total number of suspected companies that have been struck off by the Centre. The investigative agencies have been asked to complete necessary investigation in a time-bound manner.

Post-demonetisation: Banks submit data on suspicious transactions to government

Mastercard CEO Ajaypal Singh Banga comes in defense of Indian government on economic growth. He said that 1-2 quarters of slow economic growth should not affect pace of reforms.

Mastercard CEO comes in defense of Indian government on economic growth

The merger of Idea Cellular and Vodafone is likely to completed by March next year as all regulatory approvals are likely to be obtained by that time. Watch to know more.

WION Wallet: Idea-Vodafone merger to be completed by March 2018

Three months after the rollout of the new indirect tax regime, the GST Council today made sweeping changes to give relief to small and medium businesses on filing and payment of taxes, eased rules for exporters and cut tax rates on more than two dozen items.

Businesses with annual turnover of up to Rs 1.5 crore, which constitute 90 per cent of the taxpayer base but pay only 5-6 per cent of total tax, have been allowed to file quarterly income returns and pay tax instead of the current provision of monthly filings.

Also, the turnover threshold for businesses to avail of the composition scheme that allows them to pay 1-5 per cent tax without going through tedious formalities, was raised to Rs 1 crore from current Rs 75 lakh.

&quot;Compliance burden of medium and small taxpayers in GST is being reduced,&quot; Finance Minister Arun Jaitley told reporters after the 22nd meeting of the Council.

Small and medium enterprises had complained of tedious compliance burden under the Goods and Services Tax (GST) that was supposed to be a simple indirect tax regime which replaced over a dozen Central and state taxes.

Jaitley said the Council also decided to cut GST rate on 27 common use items.

GST on unbranded namkeen, unbranded ayurvedic medicine, sliced dried mango and khakra has been cut to 5 per cent from 12 per cent, while the same on man-made yarn used in textile sector has been reduced to 12 per cent from 18 per cent.

Tax on stationery items, stones used for flooring (other than marble and granite), diesel engine parts and pump parts has been cut to 18 per cent from 28 per cent. GST on e-waste has been slashed to 5 per cent from 28 per cent.

Food packets given to school kids under Integrated Child Development Scheme (ICDS) will attract 5 per cent tax instead of 12 per cent.

Job works like zari, imitation, food items and printing items would attract 5 per cent tax instead of 12 per cent. Government contracts involving high amount of labour will be levied 5 per cent GST instead of 12 per cent in order to contain cost of those programmes, he said.

Exporters, who have been facing sluggish growth due to global slowdown, will get refunds for the tax paid by them on exports during July and August by October 18, he said.

For the remainder of the fiscal, they will operate under an exempted category paying a nominal 0.1 per cent GST, he said, adding from April 1 attempt would be made to launch an e-wallet facility for the exporters to provide liquidity.

Jaitley said big taxpayers, who contribute 94-95 per cent of the total taxes, will continue to file monthly returns and pay taxes on a monthly basis.

Also, a group of ministers has been asked to go into the issue of extending the composition scheme on inter-state sales as well as rationalising taxes on restaurants.

The switchover to quarterly tax filing for small and medium businesses would happen from October 1 and they will have to file monthly returns for the first three months of GST, which was implemented from July 1, he said.

With small businesses and traders complaining about the compliance burden the new Goods and Services Tax (GST) regime has put on them, the panel decided to give the option to taxpayers to avail of the so-called Composition Scheme if their turnover is less than Rs 1 crore as against the previous limit of Rs 75 lakh.

So far, over 15 lakh out of the 90 lakh registered businesses have opted for the composition scheme.

The tax rate for traders of goods in the composition scheme is 1 per cent, while it is 2 per cent for manufacturers and 5 per cent for suppliers of food or drinks for human consumption (without alcohol).

Service providers cannot opt for the composition scheme.

The scheme allows small businesses, including eateries, to pay 1-5 percent tax without having to deal with the three- stage filing process.

It allows small taxpayers to pay GST at a fixed rate of turnover and not go through the tedious GST formalities.

The scheme cannot be opted by supplier of services other than restaurant related services; manufacturer of ice cream, pan masala, or tobacco; casual taxable person or a non- resident taxable person; and businesses which supply goods through an e-commerce operator.

No input tax credit can be claimed by those opting for composition scheme.

Also, the taxpayer can only make intra-state supply (sell in the same state) and cannot undertake inter-state supply of goods. PTI&nbsp;

Small & medium traders, those with annual turnovers of less than Rs 1.5 crore, were earlier expected to file monthly returns

Three months after the rollout of the new indirect tax regime, the GST Council today made sweeping changes to give relief to small and medium businesses on filing and payment of taxes, eased rules for exporters and cut tax rates on more than two dozen items. Businesses with annual turnover of up to Rs 1.5 crore, which constitute 90 per cent of the taxpayer base but pay only 5-6 per cent of total tax, have been allowed to file quarterly income returns and pay tax instead of the current provision of monthly filings. Also, the turnover threshold for businesses to avail of the composition scheme that allows them to pay 1-5 per cent tax without going through tedious formalities, was raised to Rs 1 crore from current Rs 75 lakh. "Compliance burden of medium and small taxpayers in GST is being reduced," Finance Minister Arun Jaitley told reporters after the 22nd meeting of the Council. Small and medium enterprises had complained of tedious compliance burden under the Goods and Services Tax (GST) that was supposed to be a simple indirect tax regime which replaced over a dozen Central and state taxes. Jaitley said the Council also decided to cut GST rate on 27 common use items. GST on unbranded namkeen, unbranded ayurvedic medicine, sliced dried mango and khakra has been cut to 5 per cent from 12 per cent, while the same on man-made yarn used in textile sector has been reduced to 12 per cent from 18 per cent. Tax on stationery items, stones used for flooring (other than marble and granite), diesel engine parts and pump parts has been cut to 18 per cent from 28 per cent. GST on e-waste has been slashed to 5 per cent from 28 per cent. Food packets given to school kids under Integrated Child Development Scheme (ICDS) will attract 5 per cent tax instead of 12 per cent. Job works like zari, imitation, food items and printing items would attract 5 per cent tax instead of 12 per cent. Government contracts involving high amount of labour will be levied 5 per cent GST instead of 12 per cent in order to contain cost of those programmes, he said. Exporters, who have been facing sluggish growth due to global slowdown, will get refunds for the tax paid by them on exports during July and August by October 18, he said. For the remainder of the fiscal, they will operate under an exempted category paying a nominal 0.1 per cent GST, he said, adding from April 1 attempt would be made to launch an e-wallet facility for the exporters to provide liquidity. Jaitley said big taxpayers, who contribute 94-95 per cent of the total taxes, will continue to file monthly returns and pay taxes on a monthly basis. Also, a group of ministers has been asked to go into the issue of extending the composition scheme on inter-state sales as well as rationalising taxes on restaurants. The switchover to quarterly tax filing for small and medium businesses would happen from October 1 and they will have to file monthly returns for the first three months of GST, which was implemented from July 1, he said. With small businesses and traders complaining about the compliance burden the new Goods and Services Tax (GST) regime has put on them, the panel decided to give the option to taxpayers to avail of the so-called Composition Scheme if their turnover is less than Rs 1 crore as against the previous limit of Rs 75 lakh. So far, over 15 lakh out of the 90 lakh registered businesses have opted for the composition scheme. The tax rate for traders of goods in the composition scheme is 1 per cent, while it is 2 per cent for manufacturers and 5 per cent for suppliers of food or drinks for human consumption (without alcohol). Service providers cannot opt for the composition scheme. The scheme allows small businesses, including eateries, to pay 1-5 percent tax without having to deal with the three- stage filing process. It allows small taxpayers to pay GST at a fixed rate of turnover and not go through the tedious GST formalities. The scheme cannot be opted by supplier of services other than restaurant related services; manufacturer of ice cream, pan masala, or tobacco; casual taxable person or a non- resident taxable person; and businesses which supply goods through an e-commerce operator. No input tax credit can be claimed by those opting for composition scheme. Also, the taxpayer can only make intra-state supply (sell in the same state) and cannot undertake inter-state supply of goods. PTI

GST rates on 27 items cut, exporters get relief, small & medium traders to file quarterly returns

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