India News

Bitcoin to start futures trading, stoking Wild West worries

NEW YORK: Bitcoin fans are salivating over the potential of long-awaited legitimacy for the cyptocurrency when futures trading launches this weekend, but experts worry the risks associated with bitcoin's Wild West-like nature could overshadow the debut.

The first bitcoin future trades kick off Sunday at 6 p.m. EST (2300 GMT) on Cboe Global Markets Inc's Cboe Futures Exchange, followed a week later by CME Group Inc's CME.

Income tax department to target senior executives who have US bank accounts

NEW DELHI: Tax authorities have begun acting on information that the US is sharing with India under that country's Foreign Account Tax Compliance Act (Fatca), sending enquiry notices to individuals with bank accounts in the US and potentially opening them up to prosecution on charges of concealing black money overseas.

Indian Railways’s agency lists bond on London Stock Exchange

London: The Indian Railways’s financing arm today listed its first green bond on the London Stock Exchange with an aim to finance infrastructure for dedicated freight corridors and passenger transport in India.

Indian Railway Finance Corp. (IRFC) was set up in 1986 as the dedicated financing arm of the Indian Railways for mobilizing funds from domestic and overseas capital markets.

Indian Oil prepares for shift to a less carbon-intensive future

New Delhi: The country’s largest refiner Indian Oil Corp. Ltd is making a strategic shift to a less carbon-intensive future by getting into clean energy and related infrastructure, while keeping refinery expansion plans flexible for course correction, said chairman Sanjiv Singh in an interview.

What is pushing the state-run refiner to new markets is the rise of renewable energy sources in the country’s energy mix, which cuts down diesel use for power generation, and a possible adoption of electric vehicles by consumers in future.

Sensex rebounds 149 points in early trade

The benchmark Sensex staged a strong comeback in early trade today gaining over 149 points on widespread buying by participants amid positive Asian cues.

The 30-share index was trading higher by 149.05 points, or 0.46 per cent at 32,746.23. All the sectoral indices led by capital goods, power, oil & gas and PSU were trading in the green with gains of up to 1.20 per cent.

GMR, partner in race for $250 mn airport project in Philippines

A GMR group company along with its partner, Manila-based Megawide, is in the race for the $ 250 million Clark International Airport new terminal building project in Philippines.

According to a statement issued by the Department of Transportation (DOTr) and the Bases Conversion and Development Authority (BCDA) of the southeastern nation, seven firms submitted the bid documents for the design, engineering, and construction of the Clark International Airport new terminal building in Philippines.

How the US tax cut can benefit Indian IT firms

The approval by the US Senate for tax cut Bill is expected to spur investments in the US and rub off positively on Indian IT companies. The sector, which is struggling with sluggish demand from clients in the US, could benefit once the Bill, which envisages a reduction of corporate tax to 20 per cent from 35 per cent, becomes a law. This is expected to happen in the March quarter of 2018. Despite weak broader markets, most IT firms, barring Wipro, ended in the green on Wednesday.

Infosys files settlement plea with Sebi over Bansal pay

Infosys on Wednesday said it had approached market regulator, the Securities and Exchange Board of India (Sebi), to settle issues arising out of alleged disclosure lapses in the severance package paid to former chief financial officer (CFO) Rajiv Bansal.

The company, led by former chief executive officer (CEO) Vishal Sikka, had sanctioned the severance package of Rs 17.38 crore in October 2015. Bansal was sacked over differences with Sikka over the acquisition of Israeli technology firm Panaya for $200 million.