New Delhi: Uttar Pradesh chief minister and Samajwadi Party (SP) national president Akhilesh Yadav and Congress vice-president Rahul Gandhi on Sunday launched their joint campaign for the upcoming assembly election in the state.

After addressing their first joint press conference since the alliance was formally announced on 17 January, the two leaders set off on a 12-km roadshow starting from the Gandhi statue at Hazratganj through most of old Lucknow in a show of unity with the tagline— ‘UP ko ye saath pasand hai’ (UP likes this alliance).

Quebec: The shooting at a Quebec mosque during Sunday night prays which reportedly killed five people was a “terrorist attack on Muslims”, said Canadian Prime Minister Justin Trudeau.

“We condemn this terrorist attack on Muslims in a centre of worship and refuge,” Trudeau said in a statement.

Mumbai: Initial public offerings (IPOs) of private equity-backed companies that have inked profit-sharing agreements may face hurdles with the markets regulator making it mandatory for listed companies to disclose and seek shareholders’ approval for all such agreements.

Profit-sharing or upside-sharing agreements between promoters, key managerial personnel and private equity investors are signed to encourage promoters or key employees to meet an agreed target. These agreements are often linked to the internal rate of return (IRR) that the private equity investor makes at the time of exit.

Mumbai: Tata Motors Ltd is reshuffling the roles of its top executives as part of a restructuring exercise it initiated a few months ago to make the firm more efficient, said three people aware of the developments. All of them declined to be identified.

Details of the new roles and responsibilities were shared by Guenter Butschek, managing director and chief executive, with employees in an office circular on 25 January, said the people cited above. In the first phase, the programme is aimed at reducing the number of management layers to improve speed of decision making.

Telecom majors Idea Cellular and Bharti Airtel are leading gains on NSE as stocks rise on abetting concerns from heightened competition from Reliance Jio.

Bharti Airtel was trading up 3.72% at Rs 335.8, after rising to a high of 339.7; while Idea Cellular was up 6.86% at Rs 83.35 after rising to a high of Rs 85.

MUMBAI: The arrest of former bankers who had approved loans to Vijay Mallya’s Kingfisher Airlines will hold back India’s largest lender State Bank of India (SBI) from throwing a lifeline to a troubled company and proactively rejigging loans to give a business house a second chance.

In the course of meetings that followed last week’s highprofile arrests by the Central Bureau of Investigation, the state-owned high-street bank has chosen to let future restructuring of corporate loans be decided through proceedings under the bankruptcy code.

Kolkata-based FMCG (fast moving consumer goods) major, ITC Ltd posted an increase of 5.7 per cent in its net profit at Rs. 2,647 crore for the quarter ended December 31, 2016 while its income from operations rose by 4.5 per cent at Rs. 13,471 crore for the same period.

The company's net profit in the corresponding quarter of the last financial year stood at Rs. 2,503.76 crore while the income from operations was registered at 12,887.78 crore.

Tata Motors arm TAL Manufacturing Solutions Ltd has been selling its affordable industrial robot- Brabo- since October last year after showcasing it at the Make in India Summit.

Betting big on this new product, for which the company estimates sufficient traction among small and medium businesses, TAL expects the robotics vertical to account for almost 40 per cent of its overall revenues in the coming five years.

Mumbai: The country’s second biggest private lender HDFC Bank has rationalised its staff by 4,581 employees in a single quarter courtesy efficiencies in the system and lower hiring.

The bank, which reported its slowest profit growth ever at 15% for the December quarter, saw total headcount reduce to 90,421 on 31 December 2016 as against 95,002 in 30 September 2016. In an e-mailed response, the country’s most valuable bank sought to de-link the reduction in employees from any other factor but efficiencies and lower hiring.

The Narendra Modi government today issued clarification that GAAR, that is General Anti-Avoidance Rule, will come into effect from April 1, 2017. The General Anti Avoidance Rule (GAAR) provisions shall be effective from the Assessment Year 2018-19 onwards, i.e. Financial Year 2017-18 onwards, the Finance Ministry said in a press release.

It has been clarified that if the jurisdiction of FPI is finalized based on non-tax commercial considerations and the main purpose of the arrangement is not to obtain tax benefit, GAAR will not apply.

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