Industry needs to gear up for GST transition from July 1

With the Goods and Services Tax (GST) headed for a July 1 roll-out, industry leaders on Saturday said that the traders needed to gear up for the transition as it was unlikely that the new indirect tax regime would be postponed further.

"With assurance from state Finance Ministers and the Goods and Services Tax Network (GSTN) on the readiness of implementing GST ready from July 1,

India Grid Trust to list on bourses on June 6

India Grid Trust, which recently concluded its Rs 2,250 crore initial public offering, will make its stock market debut on June 6. The IPO of India Grid Trust, second in the infrastructure investment trusts (InvIT) space, was subscribed 1.17 times.

The price band for the offer, open during May 17-19, was set at Rs Rs 98-100 per unit. India Grid Trust, an infrastructure investment trus

Railways to introduce 'buy tickets now and pay later' service: Reports

The Indian Railways has said that it has decided to provide the 'buy tickets now and pay later' service for any Express trains. According to the Indian Railway Catering and Tourism Corporation (IRCTC) Ltd official, soon passengers would be able to buy tickets from the IRCTC website and pay later.

Commenting on the issue, IRCTC spokesperson Sandip Dutta told the media, "IR

ASSOCHAM, Videocon gear up for GST, launch awareness drive

In a view to generate awareness and educate retail partners around GST implications, ASSOCHAM and the leading consumer electronics and home appliances company, Videocon, on Thursday organized the first-of-its-kind GST Summit for traders.

The daylong ASSOCHAM VIDEOCON GST Summit for traders witnessed deep discussions around GST, addressing retailers’ queries, and offering them a

RBI cancels licence of Jamkhed Merchants Co-op Bank Maryadit

The Reserve Bank of India (RBI) has cancelled the licence of Jamkhed Merchants Co-operative Bank Maryadit in Ahmednagar district of Maharashtra. The order was made effective from the close of business on June 01, 2017, RBI said in a statement.

The Registrar of Co-operative Societies, Maharashtra, has also been requested to issue an order for winding up of the bank and appoint a liquid

TRAI floats paper to frame rules for mobile data speed

Taking cognizance of poor data speed on mobile phones despite high tariff, telecom regulator TRAI floated a consultation paper to frame rules to ensure transparency in the claims made by service providers surrounding wireless broadband speed, reported PTI.

"Through the present consultation paper, the authority intends to seek the inputs of stakeholders on ensuring transparency an

Telangana achieves IT exports of Rs 85,470 cr

Telangana achieved IT/ITES exports of Rs 85,470 crore in 2016-17, clocking a growth rate of 13.85 per cent over the previous fiscal, the government announced on Thursday.

Information Technology Minister K.T. Rama Rao told the media that the growth in IT and IT Enabled Services exports was 4 percent higher than the national average of 10 per cent.

Telangana's IT

Telecom equity's cost down to 14% in 2017: EY survery

Commensurate with the fall in interest rates over three years, the average cost of equity for the Indian telecom sector in 2017 is around 14 per cent, an EY survey said here on Thursday.

It is a drop from 15.8 per cent cost of equity recorded for the sector in the previous survey in 2014, the survey said.

"EY - Cost of Capital - India Survey 2017 has provided

Harsimrat Kaur Badal inaugurates Rayagada MITS Mega Food Park

Minister of Food Processing Industries, Harsimrat Kaur Badal, on Thursday inaugurated the first mega food park in the state of Odisha MITS Mega Food Park Pvt. Ltd. at Rayagada, according to an official statement.

This is the seventh mega food park operationalized in the last 3 years by the present government. Speaking on the occasion, the minister said that under the Visionary guidanc

Government IT spending to total $7.8 bn in 2017: Gartner

The government is expected to spend USD 7.8 billion on IT in 2017, a 7.5 per cent increase over 2016, according to Gartner, reported PTI. This is lower than Gartner's previous projection of 9.5 per cent growth this year.

"The 2 per cent revision in our outlook is primarily due to the effects of demonetisation and a drop in industrial production," Moutusi Sau, principal r

Combination of factors can help India become global hub for electronics manufacturing: Minister

India's vast geography and huge population can see the country becoming a global hub for electrical and electronics manufacturing, feels the Union Minister.

“Two push and pull factors are working in favour of India and the complete ecosystem has been generated, the pull factor is looking at the 1.25 billion population and the vast area as such every company intends to invest

NHAI releases Rs 980 cr under arbitration scheme: Ind-Ra

India Ratings and Research (Ind-Ra) has said that funds worth Rs 980 crore have been released as against Rs 2,630 crore claims made to NHAI in the last six months since introduction of the arbitration scheme.

Commenting on the issue, an Ind-Ra Official told the media, "In the last six months since introduction of the arbitration scheme INR 9.8 billion funds have been released com

Petrol price hiked by Rs 1.23/litre, diesel by 89 paise

Petrol price was hiked by Rs 1.23 per litre and diesel by 89 paise a litre in sync with rising international fuel rates, reported PTI.

The increase in price, effective midnight tonight, comes on the back of a Rs 2.16 per litre cut in petrol and Rs 2.10 a litre reduction in diesel prices effected from May 16. Petrol price in Delhi will cost Rs 66.91 per litre from tomorrow as against R

IAMAI to set up 1st mobile app incubator in Kozhikode

 The Internet and Mobile Association of India (IAMAI) will set up their third incubator and the first one in the mobile app sector at the Cyber Park here, a top Kerala IT official said.

Speaking to IANS, IT Parks CEO Hrishikesh Nair said they have set aside 10,000 square feet space at the Cyber Park exclusively for the Mobile app incubator facility for the IAMAI.

Indian tablet market declined 28% in Q1 2017: IDC

 The tablet shipments in the consumer segment declined 28 per cent in the first quarter of 2017 compared with the same period last year, resulting in a sharp 18.6 per cent year-on-year (YoY) drop in total tablet shipments in India, a report said on Wednesday.

According to market research firm International Data Corporation's (IDC) "Quarterly Personal Computing Devic

Retail & distribution space to converge due to E-Commerce, says Fitch

The growth of e-commerce and the increasing emphasis on delivery speed as well as pick-up services for retail goods will likely precipitate a convergence of industrial distribution and retail real estate, says Fitch Ratings.

According to Fitch Ratings, ongoing changes for retail real estate and industrial space have put the future role of shopping centers and lower-quality malls in qu

India`s petrochemical firm to expand business in Egypt: Reports

According to officials, India's largest investor in Egypt's chemical business is planning to increase its investments in the Middle Eastern country to USD 1.5 billion. As per reports, the petrochemicals giant TCI Sanmar's current investments in Egypt are estimated at USD 1.2 billion in Caustic soda.

Commenting on the issue, TCI Chairman PS Jayaraman told the media, “

Average airfares dipped 18% in 2016: Aviation Minister

The Aviation Ministry has said that average airfares dropped 18 per cent in 2016 and additional capacities can further bring down the fares. Commenting on the issue, Union Minister Ashok Gajapathi Raju told the media that he disfavoured the idea of capping ticket prices.

“Scheduled airlines carried more than 10 crore domestic passengers in the year ended March 2017, an increase

RBI meets bankers to discuss bad loan resolution

The Reserve Bank of India met heads and senior officials of various banks to discuss broad contours of tackling the issue of stressed assets, reported PTI. The meeting was attended by heads of ICICI Bank, IDBI Bank, Axis Bank, HDFC Bank, Standard Chartered Banks and Canara Bank. Senior officials from SBI and Bank of Baroda were also present in the meeting held at RBI here.

"The f

B2C ecommerce exports to touch $26 bn in India: Study

Making a strong case in favour of the e-commerce industry, S N Tripathi, Additional Secretary & Development Commissioner, Ministry of Micro, Small and Medium Enterprises, Government of India, has said that there was a need to reduce the distance between the producer and consumer, and e-commerce could help in bridging this gap.

Unveiling a study ‘Exploring Potential of E-Comm

Nitin Gadkari lays foundation stone for 8 connectivity projects worth 1,117.30 cr

The Minister of Shipping and Road Transport and Highways Nitin Gadari on Tuesday laid the foundation stone for eight connectivity projects worth Rs. 1117.03 crores at Jawaharlal Nehru Port Trust (JNPT).

The projects include, Integrated Common Rail Yard Facility at JNPT worth Rs 250 crore, Integrated Centralised Parking for Tractor-Trailers for Rs 149.31 crore and Construction of Coast

`Indian online education industry to hit $1.96 bn by 2021`

With increased internet penetration amid a surge in smartphone ownership, the online education industry in India is poised to hit $1.96 billion by 2021, a joint report by Google and KPMG said on Tuesday.

According to the report, titled 'Online Education in India: 2021', there has been a two-fold increase in online searches for education and a three-fold growth in searches

P-note investors may invest in Indian markets directly: Experts

Investors participating in Indian capital markets through Participatory-notes (P-notes) are likely to come in directly as FPIs, with Sebi's new proposals expected to make investment via these instruments costlier, reported PTI.

P-notes or Offshore Derivative Instruments (ODIs) are issued by registered FPIs to overseas investors who wish to be a part of the Indian stock markets wit

Sebi slaps Rs 13 lakh fine on 4 entities

Markets regulator Sebi has imposed a total penalty of Rs 13 lakh on Agnite Education and three other entities for failing to provide information sought by it.

It has levied a fine of Rs 8 lakh on Agnite Education (formerly known as Teledata Informatics) for making incorrect disclosure repetitively about shareholding and for failing to comply with the multiple summons issued to it, Seb

Railway PSU RITES` 2016-17 total income up 18%

The government has reported that its specialised railways’ engineering consultancy firm RITES has recorded a 18 per cent increase in its total income for 2016-17.

“Despite severe competition from domestic and foreign consultancy companies, RITES recorded PAT (profit after tax) of around Rs 330 crore on a turnover of Rs 1,508 crore,” the Ministry of Railways said in a