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July 26, Tuesday 2016 3:42 PM       
       HEADLINES: Mob goes on rampage after boy dies in hospital                                              UDF meet on Aug 4 postponed                                              Theni accident: Six bodies brought to Idukki                                              Youth dies after fall from train                                              Two more months for vigilance to complete probe in Titanium case                                              Four militants killed, another apprehended in Kupwara                                              VVIP security cover for Nita Ambani                                              Syrian refugee killed by own bomb at German bar                                              Tiger kills woman in Beijing                                              Florida nightclub shooting: Two dead and 16 injured in Fort Myers                                              China scores diplomatic victory, avoids criticism from ASEAN                                              JuD medical team to apply for Indian visa to travel to Kashmir                                              Shot putter Inderjeet fails dope test; cries conspiracy                                              Kaumudi Facebook
       BUSINESS  
         FinMin asks profit-making PSUs to consider stock split    
 
 
NEW DELHI: The Finance Ministry has directed all profit-making PSUs to use their surplus cash to buy back shares and pay handsome dividend, besides considering issuing bonus shares or going for stock split. The Department of Investment and Public Asset Management (DIPAM), in a recent letter to Central Public Sector Enterprises (CPSEs), has asked them to pay dividend at the rate of 30% of net profit or 5% of the networth, whichever is higher.

 
         Sensex slips 67 pts as profit-booking weighs    
 
 
MUMBAI: The benchmark BSE Sensex fell about 67 points in early trade today as investors booked profits in recent gainers amid mixed Asian cues. The 30-share barometer declined 66.73 points or 0.24 per cent to 27,736.51 with sectoral indices led by bank, metal and teck, trading in the negative zone.

 
         IOC mulls buying GSPC's stake in Mundra terminal    
 
 
NEW DELHI: Indian Oil Corporation (IOC) is in talks to buy debt-laden Gujarat State Petroleum Corp’s (GPSC) stake in the under-construction Rs 4,500-crore Mundra LNG import terminal in Gujarat. GSPC is looking to exit the 5 million tonnes a year LNG import terminal project, which is likely to be completed by mid-2017. It has offered its 50% stake in the terminal to IOC, sources privy to the development said.

 
         Start-ups now need only a DIPP certificate for IPR benefits    
 
 
NEW DELHI: To improve ease of doing business, Commerce and Industry Minister Nirmala Sitharaman today said a start-up would now need only a certificate of recognition from the government to avail IPR-related benefits. Earlier, a budding entrepreneur had to go through an elaborate process of approaching an inter-ministerial board to procure the Intellectual Property Rights (IPR) benefits.

 
         I-T dept detects Rs 22K cr undisclosed income in 2 yrs: FM    
 
 
NEW DELHI: The Income Tax Department has detected undisclosed income worth Rs 22,475 crore in over 9,500 surveys conducted over the past two years, Finance Minister Arun Jaitley said today.

 
         Biocon jumps nearly 16%; mcap up by Rs 2,144 cr post Q1 nos    
 
MUMBAI: Shares of biotechnology major Biocon today surged nearly 16 per cent after the company posted 17 per cent rise in net profit for the first quarter ended June. The stock zoomed 15.28 per cent to settle at Rs 808.70 on BSE. During the day, it surged 17.60 per cent to Rs 825 -- its 52-week high.

 
         Tax dept to issue letters to 7 lakh assessees for PAN details    
 
 
NEW DELHI: Seeking to check tax evasion, the Income Tax Department has decided to obtain PAN details from 7 lakh assessees who have undertaken high-value transactions or have more than Rs 10 lakh in their savings bank account. "Under Annual Information Returns (AIR), various types of high-value transactions were reported to the I-T Department. These include reporting of cash deposits of Rs 10 lakh or more in a savings bank account, sale/purchase of immovable property valued at Rs 30 lakh or

 
         HDFC Bank Q1 net zooms 20% to Rs 3,239 cr    
 
 
NEW DELHI: Private sector lender HDFC Bank today reported a 20.15 per cent increase in net profit to Rs 3,238.91 crore for the quarter ended June 30. The bank had earned a profit of Rs 2,695.72 crore in the April-June quarter last fiscal. Total income rose to Rs 19,322.63 crore during the quarter under review, up 17.08 as against Rs 16,502.97 crore in the same period last year, HDFC Bank said in a BSE filing.

 
         Sensex climbs 73 pts on Asian cues    
 
 
MUMBAI: The benchmark BSE Sensex gained about 73 points today on sustained buying by participants and funds, tracking positive Asian cues. The 30-share index, which had gained 169.23 points in the previous two sessions, was up 72.87 points or 0.26 per cent at 27,988.76, led by gains in oils and gas, healthcare, PSU, consumer durables, FMCG and auto stocks.

 
         Finance Ministry rejects Workers' Bank proposal by EPFO    
 
 
HYDERABAD: The Ministry of Finance has rejected a proposal for setting up a Workers' Bank by Employees' Provident Fund Organisation( EPFO), according to a senior official of the Labour Ministry. Earlier, the EPFO had sent proposals to the Finance Ministry seeking permission to start a bank to serve its members. The EPFO, which has about 3.7 crore subscribers, wanted to set up a bank and the proposal was discussed in the Central Board of Trustees' (CBT) meeting on December 19, 2014. CBT

 
         Current position of rupee is pretty reasonable: Rajan    
 
 
HYDERABAD: RBI Governor Raghuram Rajan today said the current level of the rupee is "pretty reasonable" and any attempt to devalue it may lead to a surge in inflationary pressures and "offset any benefits".

 
         SoftBank agrees to buy Britain's ARM Holdings for $31 bln    
 
 
TOKYO: Japan's SoftBank Group Corp has agreed to buy ARM Holdings PLC for 23.4 billion pounds ($31 billion), the Financial Times reported on Monday, citing two people familiar with the negotiations. ARM, the most valuable tech company listed in London, is a major presence in mobile processing, with its processor and graphics technology used by Samsung, Huawei

 
         Govt fixes Rs 3,119/gm as rate for Gold Bond Scheme    
 
 
NEW DELHI: Government today fixed Rs 3,119 per gram as the issue price for the 4th tranche of Sovereign Gold Bonds (SGB) scheme which opens for subscription tomorrow. The government has reduced the minimum subscription denomination to 1 gm in the 4th tranche, which would be open for investment by individuals and institutional investors from July 18-22.

 
         Show me how inflation is low: Rajan on 'dialogues' by critics    
 
 
MUMBAI: Taking his critics head-on, RBI Governor Raghuram Rajan has challenged them to show how inflation is "very low" before accusing him of "being behind the curve" in his focus on containing price rise than on growth and debunked such criticism as mere 'dialogues'. Rajan, who has often been seen as being critical of the government and its policies, also said there is "lot of frustration" about the pace of economic recovery, but attributed it to the two successive droughts, weak gl

 
         File ITRs before July 31 deadline: I-T dept    
 
NEW DELHI: With less than a fortnight left to file the annual ITRs by individuals and other category of taxpayers, the Income Tax department has suggested assessees to opt for e-filing of their returns for a hassle-free processing of the annual returns filing exercise. "By this time last year, you may have had already electronically filed your Income Tax Return. This is a gentle reminder for you to file your Income Tax Return for Assessment Year 2016-17. E-filing is simple, easy and convenie

 
         'Easier visa regime to promote tourism'    
 
 
NEW DELHI: The Commerce Ministry has pitched for an easier visa regime to promote tourism and boost service sector exports. “We have been recommending (easy visa regime) to improve tourism and certain service sectors, including medical tourism. “We from the ministry wanted e-visas and visa on arrival to be provided, so that it becomes less cumbersome and helps in promoting services sector and tourism,” Commerce and Industry Minister Nirmala Sitharaman said.

 
         RBI may stand pat for now, cut rates in Oct-Dec: Report    
 
 
NEW DELHI: Reserve Bank is likely to stay away from any repo rate cut in its August policy review meet but may ease key rates by 25 basis points in October-December quarter, says a report. According to Kotak Institutional Equities, CPI inflation is expected to average close to 5 per cent this fiscal.

 
         H1B visas no longer a showstopper: Nasscom    
 
 
KOLKATA: IT industry body Nasscom today dispelled fears about the possible damaging prospects of the new US immigration Bill which proposes to restrict issuance of H1B visas to Indian companies. "Such visas will not be any showstopper in this era of technology," Chairman of Nasscom CP Gurnani told reporters here. He said in this age of technology, companies would use the tool to get products and services delivered.

 
         Infosys relaunches ESOPs to rein in attrition    
 
 
BENGALURU: Infosys has relaunched its employee stock option plan (ESOP) for junior to middle level management staff as it looks to rein in rising attrition that stood at 21 per cent in the April-June 2016 quarter.

 
         Blackmoney declarants cannot pay tax from undeclared income    
 
 
NEW DELHI: The government today clarified that blackmoney declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability and such acts will not get any immunity.

 
         Govt extends date for payment under black money scheme    
 
NEW DELHI: The government today extended the deadline for payment of tax and penalty under the black money disclosure scheme and allowed declarants to pay the amount in three installments by September 30 next year. The first installment of 25 per cent under the Income Declaration Scheme 2016 will have to be paid by November 2016 to be followed by another installment of 25 per cent by March 31, 2017.

 
         WPI inflation hardens for 3rd month, hits 1.62% in June    
 
 
NEW DELHI: Wholesale price index-based inflation accelerated for the third straight month in June hitting 1.62 per cent on costlier food and manufactured items. The hardening of the WPI index follows an uptick in retail inflation, announced on Tuesday, which hit a 22-month high of 5.77 per cent in June, dampening chances of a rate cut by RBI at its next policy meet scheduled for August 9.

 
         India imposes anti-dumping duty on Chinese refrigerant    
 
 
NEW DELHI: India has slapped anti-dumping duties on import of a refrigerant from China saying it hurt domestic producers, according to a recent notice from the Revenue Department. The government imposed an anti-dumping duty of USD 1.22 per kilogram on import of '1,1,1,2 - Tetrafluoroethane' or 'R-134a' from China for a period of five years till July 10, 2021, said a notification by the Revenue Department.

 
         Pay less for flight ticket cancellations from August 1    
 
 
NEW DELHI: Fliers will soon have a reason to smile as the revised norms that caps ticket cancellation charges and bars airlines from levying additional amount for refund process are coming into force from August 1. Besides, carriers would have to indicate in an "unambiguous manner" the amount of refund admissible on cancellation of a ticket.

 
         Markets end flat, Sensex gains for 3rd day in choppy trade    
 
 
MUMBAI: In a session that was marked by fluctuations, the benchmark Sensex ended almost unchanged as it closed in the green for the third consecutive day amid foreign inflows and rising global indices. But investors were decidedly cautious as the valuation of several stocks appeared stretched in view of the recent rally. They were seen trimming their exposure at existing higher levels, pulling the key indices down from their day's highs.

 
         Retail inflation edges up to 22-mth high of 5.77%    
 
 
NEW DELHI: Retail inflation inched up to a 22-month high level of 5.77 per cent in June on increase in food prices including that of key kitchen staples like vegetables and cereals.

 
         Sensex rallies 134 pts ahead of macro data, Nifty hits 8,500    
 
 
MUMBAI: Sensex today surged over 134 points and the NSE Nifty topped the 8,500-level again, spurred by sustained buying by domestic investors and foreign inflows ahead of IIP and inflation data to be released later in the day amid a firming trend overseas. The 30-share index rose 134.12 points or 0.48 per cent, to trade at a fresh 11-month high of 27,760.81, with all sectoral indices led by metal, banking and power trading in the green. The gauge had climbed almost 500 points in yesterday's

 
         HAL, Safran to form JV in India to support helicopter MRO    
 
 
BENGALURU: State run Hindustan Aeronautics Ltd (HAL) and French manufacturer Safran Helicopter Engines have agreed to set up a support centre in India for national and international rotorcraft customers. The centre will provide maintenance, repair and overhaul (MRO) services for Safran TM333 and HAL Shakti engines that power HAL-built helicopters, country's aircraft maker said in a statement here.

 
         Indian firms most transparent: survey    
 
 
BERLIN: Indian companies are the most transparent while Chinese firms the most opaque, a global anti-graft watchdog today said in a new report that assessed efforts of emerging companies to fight corruption. Berlin-based Transparency International in its report said: "Indian companies have the highest average score of any country – they all score 75 per cent or more – in organisational transparency largely due to the Companies Act."

 
         Amazon crosses 1 lakh sellers on its platform    
 
 
MUMBAI: E-commerce firm Amazon.in has crossed one lakh sellers on its platform during April-June quarter, witnessing a seller growth of over 250 per cent year-on-year. "Since our launch in June 2013, we have been working extensively to meet different business requirements of sellers and help them grow business profitably online," Gopal Pillai, GM and Director Seller Services, Amazon India told PTI.

 
 
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