Business

Kolkata: Coal India Ltd (CIL), which contributes 84 per cent of the country's production, is likely to end the current fiscal with a shortfall against its annual production target for 2016-17, analysts and industry stakeholders say. They, however, predicted that the production and sales are expected to achieve "marginal growth" over the last fiscal. During 2016-17, the miner set a target of producing 598.61 million tonnes (mt) of coal with an 11.11 per cent growth over the 538.75 mt produced in 2015-16. Its sales were at 534.50 mt in the last fiscal.

New Delhi: Benefits from the merger of five associate banks of the State Bank of India (SBI) into itself, which will come into effect from April 1, will accrue only from the third quarter of 2017-18 as the initial two quarters may see some increase in costs, the country's largest lender has said. "We should start seeing the benefits of the merger after the end of the second quarter," SBI Managing Director Dinesh Kumar Khara told IANS.

New Delhi: State Bank of India (SBI), which will see five associate banks merge into it on April 1, has decided to shut down almost half the offices of these banks, including the head offices of three of them. This process will start from April 24. "Out of the five head offices of the associate banks, we will retain only two. Three head offices of the associate banks will be unbound along with 27 zonal offices, 81 regional offices and 11 network offices of the associate banks," SBI Managing Director Dinesh Kumar Khara told IANS in an interview.

New Delhi: State-owned telecom company Bharat Sanchar Nigam Limited on Thursday launched a plan that will offer 2 GB data per day with unlimited calling at Rs 339, a company statement said here. The special promotional offer under prepaid mobile services is in effect from March 16, 2017, for the period of 90 days on pan-India basis.

New Delhi: While the effective rate of indirect taxes under the new Goods and Services Tax (GST) regime still remains unclear, as fitment in tax slabs is under way, the Central Board of Excise and Customs (CBEC) has said that taxes were likely to "increase a bit" from the current level. "That is our belief (that the current level of taxation will not lessen at least for first five years). It will be the same, that's our belief, and it will increase a bit," CBEC Chairman Najib Shah told IANS in an interview here.

Washington: ​Nike has unveiled its Pro Hijab sportswear to celebrate and encourage Muslim women athletes' passion for sports.  The sportswear is said to have been done keeping in mind female athletes from Middle East. Over the years, female athletes from Muslim countries have hogged limelight for their excellence. 

New Delhi: Air India has posted a standalone operating loss for 2015-16 of Rs 321.4 crore, though the company has claimed an operating profit of Rs 105 crore, the official auditor said on Friday. The Comptroller and Auditor General also pointd out significant understatement of losses by the national carrier in its financial statements.

New Delhi: In a clear instance of adversity being turned into an opportunity, mango varieties from northern India, which arrive in the market much after those from western and southern India have satiated the appetites of aficionados, could now get a leg-up with the government promoting their export -- and the first lot could be headed for Iran later this year.

Bengaluru: IRIS Home Fragrances from Ripple Fragrances, a division of NR Group, launched an ultrasonic diffuser during an event held at the IRIS Aroma Boutique on the occasion of the International Women’s Day.  The experiential event saw the presence of Miss India South zone winners, who also graced the ramp during the event. The title winner of Miss Lifestyle, which was sponsored by IRIS Home Fragrances, was also present.

Mumbai: Indian equity markets on Monday surged to new closing-high levels in the last 24 months as investors' sentiments were buoyed after a major breakthrough was achieved on the Goods and Services Tax (GST) legislation. Besides, inflows of foreign funds and a strong rupee pushed the indices higher. The key indices closed with gains of more than half a per cent each to touch new closing highs since March 3, 2015. The wider 51-scrip Nifty of the National Stock Exchange (NSE) gained 65.90 points, or 0.74 per cent, to 8,963.45 points.

India improved its ease of doing business ranking last year -- moving up from 131 to 130 in a list of 190 countries -- by reducing the average time taken to start an enterprise and secure a permanent electricity connection, according to 2016 World Bank data. However, an IndiaSpend analysis of these data shows that India still ranks among the worst performers on other key parameters.

Mumbai: Profit booking after five-weeks of a bull streak pulled the key equities markets down during the just concluded weekly trade session. The key indices closed on a flat-to-negative note, as investors' risk taking appetite got eroded due to a likely US interest rate hike. However, positive global cues, coupled with upbeat domestic macro-data and inflows of foreign funds arrested the downward spiral. The barometer 30-scrip Sensitive Index (Sensex) of the BSE edged lower by 60.52 points or 0.20 per cent to close at 28,832.45 points. 

New Delhi: After arriving in India in January last year, Chinese internet and technology conglomerate LeEco fast became the "true disrupter" in the evolving Indian smartphone market with its huge marketing spend -- and the announcement of a state-of-the-art assembling/manufacturing unit. News that the company has fired 85 per cent of its India staff across the sales, marketing and distribution departments -- and confirmed by a company source to IANS on Friday -- has effectively punctured a mammoth dream just within a year. 

Taipei: Taiwan is seeking a Free Trade Agreement (FTA)-like bilateral agreement with India to boost trade and investments even as its companies are looking to relocate some of their manufacturing facilities from mainland China to India and Southeast Asia. "What we are looking for with India is an FTA-like agreement," Chern-Chyi Chen, Deputy Director General of the Bureau of Foreign Trade in the Taiwanese Ministry of Economic Affairs, said in an interaction here with a group of visiting journalists.

Virtual currencies like Bitcoin are all the rage in FinTech, and could potentially transform global commerce in the years ahead. Users are adopting them in the thousands each day and the value of trade in these currencies is witnessing unparalleled growth. The world over, regulators are working out carefully-crafted regulations to foster Bitcoin growth. In India, however, even with the new cashless push by the government and existing Bitcoin trade spiking post-demonetisation, the Reserve Bank of India (RBI) continues to shy away from recognising and regulating virtual currencies.

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