India News

Non Bailable warrant against Vijay Mallya issued by Mumbai lower court

The problems for erstwhile business tycoon and owner of now defunct Kingfisher Airlines Vijay Mallya just got aggravated when the Andheri Metropolitan Magistrate’s Court issued a non bailable warrant against him on Saturday in a case of cheque dishonor filed by Airport Authority of India (AAI).

This comes as a consequence of an earlier direction by the Metropolitan Magistrate’s Court in May when it had asked Mallya to be present in the next hearing which was today.

From ICICI Bank, HDFC Bank to SBI, top 8 banks’ Q1 profit may fall 23%

The combined profit of the top five public sector banks (PSBs) and top three private sector banks is expected to have fallen by 22.9% (Y-o-Y) to Rs 10,882 crore in the first quarter of the current fiscal, aggregate estimates by three leading brokerages indicate.

Estimates by HSBC Global Research, Kotak Institutional Equities and Motilal Oswal suggest that the primary reason behind this decline would be the combined profits of the five PSBs – State Bank of India (SBI), Bank of Baroda (BoB), Punjab National Bank (PNB), Union Bank of India (UBI) and Canara Bank – dropping by almost 50% from their corresponding figures in the same quarter last year.

Petrol price cut by Rs 2.25 a litre, diesel by 42 paise

Petrol price was cut by Rs 2.25 a litre and diesel by Rs 42 paise a litre on Friday, the second reduction in rates this month on global cues.

Petrol will cost Rs 62.51 a litre in Delhi from Friday midnight as compared to Rs 64.76 per litre currently, said Indian Oil Corp, the nation's largest fuel retailer. Similarly, diesel will cost Rs 54.28 per litre as against Rs 54.70 currently.

Former RBI Governor Duvvuri Subbarao says, 'The governor is condemned to be free!'

Former Reserve Bank Governor Duvvuri Subbarao has credited his successor Raghuram Rajan's "formidable reputation" for bringing sanity to the forex market when the rupee had lost nearly 25% amid 'taper tantrums' in the summer of 2013.

Sensex, Nifty fall as Infosys tumbles after paring sales guidance

Indian stocks declined for the first time this week as the quarterly results of the nation’s second-biggest software exporter disappointed investors.

Infosys Ltd tumbled the most since April 2013 after paring its annual sales outlook. Tata Consultancy Services Ltd (TCS), Asia’s largest technology exporter, decreased the most in five months.

Idea cuts data pack rates by up to 45 per cent for prepaid users

NEW DELHI: Idea Cellular, the country's third largest telecom operator by subscribers, has slashed mobile internet rates for its prepaid customers by up to 45 per cent in what is seen as a bid to attract and retain users ahead of Reliance Jio Infocomm's impending launch.

Idea Cellular, which serves over 175 million subscribers, on Friday said its 4G, 3G and 2G users will now get up to 45 per cent more data benefits on sachet packs below 1 GB.

Nasscom head sees Brexit, Trump threats receding as reason replaces rhetoric

The fallout of last night's terror attack at Nice in France has some ramifications for India's IT sector. For one, US Presidential candidate Donald Trump has suddenly realised that he needs to show up his moderate face, and that is a good sign, believes Nasscom chairman C P Gurnani.

The threat perceptions of two recent global political developments – prospect of Donald Trump getting elected as the next US President and fallout out of Brexit – have got largely moderated, said Gurnani, who is also the chief executive officer of Tech Mahindra.