World Asset Management Inc increased its stakes in ICICI Bank Ltd thus increasing the bank’s fund. The bank will now have sufficient funds to lend to eligible borrowers who want to have their own business and houses.
India
India's New Jewelry Tax Poses Major Threat To Gold Market, Sparks Protest From Jewellers
India’s gold market is threatened as the government revealed a new jewelry tax regulation, requiring a 1 percent sales tax on gold jewelry. Import taxes has not been changed, even though jewellers have expected the government to eliminate the 10 percent import duty.
Vijay Mallya's Kingfisher House Auctioned at Rs 150 Crore Base Price
Vijay Mallya's Kingfisher's House is in auction with a base price fixed at Rs 150 crore. A consortium of SBI led the auction where interest buyers will bid online. Lenders are optimistic that the said e-auction will generate huge amount to suffice the amount to pay for the loans granted to Kingfisher Airlines and other debts.
Kingfisher Airlines, Grant Thornton India Under SFIO Probe Over 'Inflated Valuation'
Serious Fraud Investigation Office (SFIO) has been probing on Vijay Mallya's Kingfisher Airlines and Grant Thornton India regarding the 'inflated valuation' that reached over Rs 4,000 crore. The valuation came out just as the airline company is dealing with a cash crunch with previous loans considered to be non-performing assets.
Energy stocks hurt by oil price slump
Wall Street faced slight losses in the stock market on Monday as the drop in oil price burdened energy stocks. Investors are shying away from these energy stocks owing to the fall in crude prices.
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Micromax has been the popular smartphone company in India but with the introduction of other cheaper smartphones from other companies, Micromax is now struggling to keep pace with its competitors. It is now seeking partnership for expansion to produce television and tablets outside its home country.
Life Insurance Corporation has invested in nine state-owned banks. The Indian-based insurance group has invested around ₹2,750 crore in shares of nine banks in order to strengthen their capital reserve.
MMB patented gene modified seeds are capable of secreting anti pest protein. However, the seed giant is accused of charging higher royalty fees exerting undue dominance in the seed market. Upon complaints from respective trade body, the Indian agriculture ministry has imposed ceiling for royalties on gene modified cotton seeds.
A sample test conducted by Uttar Pradesh food safety officials found that Nestle’s Maggi noodles contain more percentage of ash than permitted by the regulations. However, the company has denied the accusation, stating that the claim is based on the wrong standard.
Diagio Plc, British liquor major, says it paid $40 million to trouble-ridden Indian businessman Vijay Mallya. This comes close on the heels of an order by Debt Recovery Tribunal (DRT) not to pay Mallya any amount.
Dell India announced to launch the world's smallest laptop in the business-class, the Dell Latitude 13 (7370). The product offers new advanced technologies for business users who travels often, with improved battery performance and security features.
Uber Breathalysers or also known as 'Alco Booth' are being installed in Mumbai pubs and clubs. This is a move from the Mumbai police and Uber to lessen the crime and accident rate due to drunk driving. If the drinker reached the allowable limit, Uber will book him a ride home.
India's services sector recorded 85.5 percent surge in inflows of foreign direct investments (FDI) during April - December 2015 period. This is 17 percent of the total FDI that India received during the period. The services sector contributed over 60 percent to the country's GDP.
There is a saying "Strike while the iron is hot". That is what Silicon Valley is doing - investing big in India where the economy grows faster.
