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May 06, Friday 2016 9:00 AM       
       HEADLINES: Sonia, Rahul to campaign in Kerala next week                                              No laxity in Jisha’s murder probe, says Chennithala                                              Jisha was strangled to death, says postmortem report                                              Three held in Varkala gang rape case                                              No crime branch probe now, says Chandy                                              Last phase of Bengal Assembly poll begins                                              Ex IAF chief Tyagi questioned by ED                                              Rajnath, Parrikar review country's security situation                                              Bank employee stabbed to death in Rajasthan                                              Australia's top Indian-origin ISIS recruiter killed in Iraq                                              At $62 mn, UN owes India most for peacekeeping contribution                                              Kasich withdraws from Republican presidential race                                              Bangladesh SC upholds Jamaat chief's death sentence                                              Much-awaited BWF rankings seal 7 Indian shuttlers Rio dreams                                              Stuart Law turns down Pak coaching job offer                                              Kaumudi Facebook
       BUSINESS  
         FM rules out rollback of excise duty on jewellery    
 
 
NEW DELHI: Finance Minister Arun Jaitley today rejected demands, including from ally Shiv Sena, for rollback of one per cent excise duty on non-silver jewellery and asserted that jewellers will have to pay taxes. He said in the Lok Sabha that the government had already constituted a committee over the issue and parliamentarians could give their suggestions to it so that rules related to it could be simplified.

 
         Govt clears Infosys proposal to set up SEZ in Bengaluru    
 
 
NEW DELHI: The government has approved the proposal of Infosys to set up an IT/ITeS special economic zone in Bengaluru in an area spread over 4 hectares.

 
         Sensex snaps 3-day losing run, climbs 160 pts on value-buying    
 
 
MUMBAI: Stocks rose for the first time in four days as market benchmark Sensex rebounded from over three-week lows by rising 160.48 points to 25,262.21 on value-buying in recently beaten-down stocks and firm global cues.

 
         Lenskart raises Rs 400 crore from IFC, Ratan Tata    
 
 
NEW DELHI: Online retailer Lenskart today said it has raised Rs 400 crore funding from World Bank arm IFC, industrialist Ratan Tata and Infosys co-founder Kris Gopalakrishnan among others.

 
         Airbnb banks on India, looks to grow at a faster clip    
 
NEW DELHI: Home-share booking site Airbnb is confident of manifold growth in its business in India over the next few years, driven by a surge in volume of travellers using its platform and increase in number of listed properties. "India has seen tremendous growth in the last one year. About 17,000 properties are now listed in India and we saw 115 per cent growth in listing in 2015 from the previous year. In terms of travellers (bookings), there has been 185 per cent increase in travellers fr

 
         India to pay 1.5% interest on $6.5 bn Iran oil dues    
 
 
NEW DELHI: India has agreed to pay Iran an interest of 1.5 per cent on USD 6.5-billion that refiners like Essar Oil and Mangalore Refinery (MRPL) owe it in oil dues, as a 'goodwill gesture'.

 
         Google acquires start-up founded by Indian-origin entrepreneur    
 
 
NEW DELHI: Google has acquired a business technology start-up founded by an Indian-origin entrepreneur as part of its plans to scale training offerings for Google Apps to its customers and customers' users. Varun Malhotra is the founder and CEO of Toronto-based Synergyse, which was launched in 2013 with an aim to teach users how to use Google Apps.

 
         Wipro, partners set up Saudi Arabia's 1st all-women biz park    
 
 
NEW DELHI: IT major Wipro, along with Saudi Aramco and Princess Nourah University (PNU), today inaugurated Saudi Arabia's first all women business and technology park (WBP), which is expected to create nearly 21,000 jobs by 2025.

 
         Jabong parent secures 300 mn euro funding from Rocket Internet    
 
 
NEW DELHI: Global Fashion Group (GFG), parent company of online fashion portal Jabong, has secured a funding of 300 million euros (about Rs 2,282 crore) from Rocket Internet.

 
         Sensex tanks 210 pts on rout in Japan; Nifty below 7,800    
 
MUMBAI: The benchmark BSE Sensex tumbled 210 points and the NSE Nifty dipped below the 7,800-mark in early trade today on across-the-board selling by investors, tracking heavy losses in Japan as a surging yen hit exporters. The 30-share index fell by 209.74 points or 0.82 per cent to 25,396.88 with sectoral indices led by power, realty, banking, IT, technology, auto and capital goods in deep red.

 
         Govt rolls back decision to lower EPF rate; fixes it at 8.8%    
 
 
NEW DELHI: Bowing to employee protests for the third time in two months, the government today rolled back its decision of lower interest rate on provident fund deposits to 8.7 per cent for 2015-16 and agreed to fix it at 8.8 per cent as decided by retirement fund body EPFO.

 
         ICICI net plunges 87% to over 11-yr low as NPA provision soars    
 
MUMBAI: ICICI Bank today reported its worst numbers in over a decade with consolidated net profit plunging 87 per cent in the March quarter at Rs 406.71 crore due to a spike in provisioning for bad loans.

 
         Snapdeal names Zoomcar ex-exec Mayank Jain as Head of Growth    
 
NEW DELHI: E-commerce major Snapdeal today said it has appointed Zoomcar former senior V-P Mayank Jain Head of Growth. With over 10 years of experience, Jain has also worked at Mu Sigma Business solutions, Advanta Corp and Capital One prior to Zoomcar, Snapdeal said in a statement.

 
         Govt refuses recall of 1% excise duty on jewellery    
 
 
NEW DELHI: Government in Rajya Sabha today refused to budge from its stance on levying one per cent excise duty on non-silver jewellery saying luxury items cannot be kept out of tax ambit for perpetuity, prompting a walk-out by members of the Congress and SP.

 
         Fed keeps key rate unchanged, noting slower US growth    
 
WASHINGTON: The Federal Reserve kept its benchmark interest rate unchanged today citing slower growth in the US economy even as the labor market strengthens. The Fed stuck to its stance that US monetary policy will tighten only gradually and gave no hint as to whether it could lift the short-term federal funds rate at its next meeting in June.

 
         Nandan Nilekani invests in RailYatri    
 
 
NEW DELHI: Infosys co-founder Nandan Nilekani has invested an undisclosed amount in train travel app, RailYatri.in. In addition to the former UIDAI chairman, RailYatri's existing investors Helion Ventures, Omidyar Networks and Blume Ventures have participated in this round, RailYatri said in a statement.

 
         Exceptional income drives Biocon Q4 net up 79 pc at Rs 361 cr    
 
 
NEW DELHI: Biotechnology major Biocon today reported 79 per cent jump in consolidated net profit at Rs 360.9 crore for the fourth quarter ended March 31, 2016, on the back of exceptional income and robust sales.

 
         Telenor threatens to exit India, runs up huge operating loss    
 
VIZAG: Posting a huge operating loss of 3,100 million Norwegian Krone (around Rs 2,530 crore) for its Indian telecom business, Telenor today threatened to exit India if it fails to procure spectrum at reasonable rates. At the same time, the Indian arm of Telenor looks to expand 4G footprint and said it would offer the lowest tariff for these services as part of its affordable pricing strategy.

 
         Saudi unveils far-reaching plan to move away from oil    
 
 
RIYADH: Saudi Arabia today said it would create the world's largest sovereign investment fund and sell shares in state energy giant Aramco under a vast plan unveiled to transform its oil-dependent economy. The announcement of the long-term reform programme, dubbed "Vision 2030", marks the beginning of a hugely ambitious attempt to move Saudi Arabia beyond oil, the backbone of its economy for decades.

 
         Corp Affairs Min might deduct payments to Infosys    
 
 
NEW DELHI: With problems continuing in using the MCA21 portal, the Corporate Affairs Ministry might deduct payments to IT major Infosys, which expects the situation to be normal in the next few weeks. Infosys, which is managing MCA21, has been facing flak from different quarters on the woes pertaining to the portal, which is used by stakeholders to make electronic filings under the Companies Act.

 
         FinMin approves 8.7% interest on EPF for 2015-16: Dattatreya    
 
 
The Finance Ministry has approved 8.7 per cent interest on PF deposits for over 5 crore subscribers of retirement body EPFO, lower than 8.8 per cent decided by the Central Board of Trustees (CBT).

 
         Jewellers back on strike, shops shut for 3 days on excise duty    
 
NEW DELHI: Jewellers and bullion traders in several parts of the country, including Delhi, today resumed their strike, demanding rollback of the one per cent excise duty on non-silver jewellery.

 
         'India to be 2nd largest smartphone mkt by 2017    
 
 
NEW DELHI: India is expected to overtake the US as the second-largest smartphone market next year with robust annual growth, says a Morgan Stanley research report. According to the report on global technology and telecom, the country’s smartphone market will grow at a compounded annual growth rate (CAGR) of 23% through 2018 and would account for 30% of the global growth during the period.

 
         Microsoft and Google make regulatory peace treaty    
 
 
SAN FRANCISCO: Microsoft and Google today said they have agreed to drop all regulatory complaints against one another to work out such concerns between themselves in the future.

 
         Vistara, TCS enter into strategic partnership    
 
 
NEW DELHI: Full service airline Vistara has entered into a strategic partnership with TCS for a broad range of information technology services, including application maintenance services and airport infrastructure support.

 
         India pips China as top FDI destination in 2015: Report    
 
NEW DELHI: India has replaced China as top destination for foreign direct investment by attracting USD 63 billion worth FDI projects in 2015, says a report.

 
         German automakers to recall 630,000 cars after emissions probe    
 
BERLIN: Around 630,000 Audi, Mercedes, Opel, Porsche and Volkswagen cars are to be recalled in Europe owing to irregularities in their emission of pollutants, a German government source said today.

 
         Yamaha launches all new Cygnus Ray-ZR scooter at Rs 52,000    
 
 
NEW DELHI: India Yamaha Motor today launched all new Cygnus Ray-ZR scooter in the country which would be available for sales in the market from next month with price starting at Rs 52,000 (ex-showroom Delhi). The company had first showcased the scooter during the 13th Auto Expo in February. "With Yamaha's forte to cater to youngsters with its DNA of style, sportiness and innovation, the new Cygnus Ray-ZR will surely be a treat..." Yamaha Motor India Sales VP-Sales & Marketing Roy Kurian s

 
         Wipro stock tanks 7%; mcap down Rs 10,414 cr post Q4 result    
 
 
MUMBAI: Shares of IT major Wipro tumbled 7 per cent today, wiping off Rs 10,414 crore from its market valuation, after the company's March quarter earnings missed the street expectations.

 
         Sensex regains 26k-level, climbs 219 pts on upbeat global cues    
 
 
MUMBAI: Market benchmark Sensex recaptured the crucial 26,000-mark by climbing over 219 points in early trade today as investors engaged in widening their bets amid firm global cues. The 30-share barometer advanced by 219.02 points or 0.85 per cent to 26,063.20. The gauge gained 1,170.34 points in the previous five sessions.

 
 
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