Showing posts with label BUSINESS. Show all posts
Showing posts with label BUSINESS. Show all posts

Kerala Feeds targets Rs 500 crore turnover in two years

The company, headquartered in Kallettumkara near Irinjalakuda, had clocked a profit of Rs 75 lakh in the first quarter of the current financial year.The company did not increase the price of its product despite unexpected financial burden in the aftermath of the monsoon calamity. Though the prices of its raw materials rose by 35 per cent, KFL implemented a mere hike of Rs 25 per bag of cattle feed — that too only after the dairy farmers had begun to resettle after the deluge, he said 

The three factories of KFL at Irinjalakuda, Karunagappilly and Kozhikode produce 1,250 tonnes of cattle feed. Once the upcoming 500-tonne plant at Thodupuzha in Idukki district becomes functional, the total KFL production will go up to 1,750 tonnes. The PSU is planning to launch programmes in association with the National Cooperative Dairy Federation

'Boycott Hindustan Unilever' trended on Twitter after the company posted the Red Label tea ad

Twitter users boycott unilever following a controversial ad about Kubh Mela. This is the 2nd instance in 3 months where #HindustanUnilever, has courted controversy over its  ad. Closeup’s #FreeToLove campaign was criticised for showing a couple breaking up because of a difference in religion.


The Red Label Chai parent company faced sharp critisim for an ad about Kumbh Mela Pilgrimage, Many viewers believed the ad implied that it is common for young hindus to abandon their aging parents, Prominent youga guru Swami Ramdev even compared Unilever to the dutch east India company.

BREAKING: Fujitives #NiravModi and #VijayMallya have met several times in London to discuss to evade extradition

Today Vijay Mallya and Nirav Modi the fugitives of India are trending on Social Media. Nirav was found walking freely on streets of London and reporters found him staying in an expensive falt at city center London. His Mumbai based illigal bunglow worth 100 crore was blown up with dynamite controlled blasts. On the other hand Fugitive economic offender Vijay Mallya’s luxury aircraft, which bears his initials ‘VT-VJM’, was dismantled at Air India hangar in Mumbai. It may be noted that following at least three failed auctions and extended legal procedures, the aircraft was auctioned by the official liquidator attached to the Karnataka high court in June last year.

Trump ends trade perks for India

Donald Trump intends to end preferential trade treatment for India that allows $5.6 billion of duty-free exports to the US. In a notification to the US Congress, Trump said New Delhi hadn’t assured the US of “equitable and reasonable access” to the Indian market. But India doesn’t plan to impose retaliatory tariffs on US goods – commerce secretary Anup Wadhawan said Trump’s move would have limited impact. The US ran a $27.3 billion trade deficit with India in 2017, and the two sides have been involved in a trade spat after America hiked tariffs on Indian steel and aluminum last year. Here's what people are saying.

Jet Airways grounds 4 aircraft

Jet Airways has grounded four aircraft following its inability to pay lessors. The debt-ridden airline, which operates a fleet of 124 aircraft, is proactively informing and re-accommodating the affected guests, it informed the stock exchanges. Jet urgently needs external funding to stay afloat and the company is said to be cutting a deal with Etihad and State Bank of India. Reuters reports, qouting unidentified sources, that some lessors are questioning the viability of the carrier’s rescue plan.

Uber will now block errant passengers not conforming to its community guidelines

Uber will now block errant passengers not conforming to its community guidelines,PTI reports. Riders who use abusive language or make inappropriate gestures, damage the driver’s or other passengers’ property, and break the local law will lose their access to the ride-hailing app. “These riders will be given enough notifications before they are removed from the platform…” Prabhjeet Singh, Uber Head of Cities (India and South Asia), explained. The company is also releasing a driver safety toolkit comprising an emergency button and “share trip feature”. 

Don't keep two PPF accounts: You can face a penalty, implications and what to do



While only one PPF account is allowed to be opened in one's name, there could be a possibility that one ends up holding multiple PPF accounts. It does not matter whether you have one such account in a post office and another in a bank.

One person-one account

The application to be used while opening the PPF account gets a declaration from the account holder that no other PPF account is being held by the individual. However, remember that the rules allow the same individual to open another account in the name of a minor. Still, it does not allow to hold more than one PPF account in the self-name. As a parent, one can open in one minor child name while the other parent can open in second child name. Both parents cannot open in the name of the same child.

Second PPF account

Once you have realised that there are more than one account in your own name, steps need to be taken to remove this irregularity. The second account will anyhow become the irregular account and you will not get any interest on the balance lying in the second account until it is regularised. Closing the second account is not an option because as per the rules, the PPF account has to run till its maturity.

What's the way out

You need to amalgamate both the accounts so that there is no loss on interest on the irregular account ( second account). For this, you need to approach the Department of Economic Affairs (DEA) of the Ministry of Finance by writing to the Under Secretary-NS Branch MOF (DEA), New Delhi-1. This communication with disclosing all the details of the two accounts may be routed to the DEA through the post office. In case, after amalgamation, the total contributions during the year crosses the limit of Rs 1.5 lakh, the excess amount will be refunded without interest.

Who is Ravneet Gill? New Yes Bank MD & CEO played cricket with Raghuram Rajan



In a major development in the Indian banking sector, Deutsche Bank India CEO Ravneet Singh Gill has been named the new MD and CEO of Yes Bank. Gill will assume the charge at Yes Bank from March 1.

Here are things to know about the next MD & CEO of Yes Bank Ravneet Singh Gill:-
- He is currently heading Deutsche Bank India as the managing director and chief executive officer

- He will succeed Rana Kapoor, whose term ends on January 31.

- According to Bloomberg profile, Ravneet Gill has been the Chief Executive Officer of India at Deutsche Bank AG, India since August 1, 2012.

IndiGo appoints Ronojoy Dutta as CEO,an IIT grad who handled United Airlines’ 9/11 nightmare


As airline turbulence goes, not many can equal Ronojoy Dutta in experience and insights. His battle scars from the global aviation industry’s worst nightmare, the 9/11 attacks, stand testimony to that.

And InterGlobe Aviation, which owns India’s low-cost private carrier IndiGo, must have counted on just that when it announced yesterday (Jan. 24) that Dutta has been appointed CEO of the company.The airline, India’s biggest by market share, is in need of some drastic manoeuvres. It posted a loss of Rs652 crore ($92million) in the July-September quarter of financial year 2019—the first time it went into the red since listing on the stock exchange three years ago. It corrected course in the October-December quarter, but profits were about 75% lower year-on-year at Rs190.9 crore.

While 67-year-old Dutta’s been working on a five-year business plan for IndiGo ever since he was made a principal consultant in December, now he will be in direct control.
Dutta was president of United Airlines between 1999 and 2002 and is a former colleague of IndiGo cofounder Rakesh Gangwal. He succeeds Aditya Ghosh, who quit eight months ago and has since joined Oyo. Cofounder Rahul Bhatia had served as interim CEO in the intervening period.

A strategic adviser for several carriers such as Air Canada and Hawaiian Airlines, Dutta spent 17 years at United Airlines. Gangwal was with the airline between 1984 and 1994, before moving to US Airways, Dutta later became a strategic adviser and member of the board. Dutta headed Air Sahara from 2004 to 2006 and quit just before its takeover by Jet Airways %. After graduating from the Indian Institute of Technology, Kharagpur, Dutta got his management degree from Harvard Business School.

He has also advised financial institutions such as Cerberus, Greenbriar, Houlihan Lokey and aviation consultancy AAR Corp.

Twelve of India’s large states grew faster than the national GDP in FY18

Twelve of India’s large states grew faster than the national GDP in FY18, but their growth failed to create jobs, PTI says, citing a report by ratings agency Crisil. That’s because most of the growth came from sectors that are not job-intensive. Eleven of the 17 states classified by the RBI as “non-special” lagged the national average in growth of employment-intensive sectors such as manufacturing, construction and trade, hotels, transport and communication services, the report notes (see pdf). Earlier this month, the Centre for Monitoring Indian Economy said the country lost 1.1 crore jobs in 2018, with 80% of the loss in rural areas.

Finance commission member Shaktikanta Das has been appointed RBI governor for a period of three years.



Finance commission member Shaktikanta Das has been appointed RBI governor for a period of three years. As the economic affairs secretary 2015 and 2017, Das spearheaded the government’s demonetisation drive and was instrumental in pushing the Goods and Services Tax reform. Das, who is believed to be close to PM Narendra Modi, replaces Urjit Patel, who resigned on Monday after a prolonged tussle with the government on issues ranging from problems at lenders to utilisation of capital reserves.

Shaktikanta Das (born 26 February 1957) is a retired 1980 batch Indian Administrative Service (IAS) officer of Tamil Nadu cadre. Currently serving as the 25th governor of the Reserve Bank of India (RBI), he was earlier a member of the Fifteenth Finance Commission of India and India's Sherpa to the G20. During his career as an IAS officer, Das served in various capacities for Indian and Tamil Nadu governments, including as Economic Affairs Secretary of India, Revenue Secretary of India, Fertilizers Secretary of India.

ATM limit halved for SBI cards

There are concerns about security of SBI Classic debit card „ The move will affect over 42 bank customers in this festive season
The curbing of ATM withdrawal limit to Rs 20,000 from Rs 40,000 by the State Bank of India comes into effect from Wednesday. The new rule will be applicable for holders of SBI Classic or Maestro debit cards. In its attempt to check rising instances of ATM frauds, the country’s biggest lender halved the daily ATM withdrawal limit on October 1. Over 42 crore bank customers will be affected with this limit in the festival season. For customers desiring to take out over Rs 20,000 daily, they can apply for an upgrade the debit card. An official said the SBI Classic debit card is not a chip-based card and there are concerns about its security. The bank has also decided to reduce the withdrawal limit due to increase in number of complaints regarding cloning, said the official. SBI managing director PK Gupta had earlier said, “We analysed all the ATM transactions and we found that most of them are less than Rs 20,000 a day. In case of frauds reported to us, we found that in all such cases withdrawals of Rs 40,000 (the maximum) have happened. So this is basically to protect the customers and secondly, we want that more such (digital) transactions should happen.”

RBI governor Urjit Patel’s tenure could be drawing to a premature close

RBI governor Urjit Patel’s tenure could be drawing to a premature close. Citing several people in the know, CNBC-TV18 reports that Patel was considering all options, including resigning from his post, following an “irreversible breakdown” between him and the government. Meanwhile, Economic Times reports the Centre has invoked never-before-used powers under the RBI Act to issue directions to Patel on matters such as liquidity for NBFCs, capital requirement for weak banks and lending to SMEs. The RBI and the government have been at loggerheads over various issues such as autonomy in setting policy rates and classification of bad loans.

Reliance Jio bans porn websites on its network following DoT directive



Mukesh Ambani-led Reliance Jio has banned hundreds of major pornography websites such as Xvideos, Pornhub, Xnxx, etc on its network. Though the company is yet to release an official statement, the move was noticed by several Jio users who posted messages on blogs.

"I've been trying to load a few of the porn sites but none of them seem to load on the Jio network. Is it just me or are you people facing the same issues?" a Reliance Jio user posted on Reddit. The thread saw multiple users complaining about similar issues subsequently.

Jio subscribers who were trying to access some of the popular porn websites met with a message which says, “You are not authorized to access this web page as per the DoT compliance." Meanwhile, some users also received a ‘connection error’ message.

Your Uber or Ola ride may have become costlier by 15% in just the last one year

Your Uber or Ola ride may have become costlier by 15% in just the last one year. An average ride now costs ₹220 as compared to ₹190 in 2017, Times of India reports, quoting a report from Redseer. Meanwhile, monthly earnings for many drivers (excluding EMI payments) shrank to ₹20,000 from ₹30,000 in 2016, the advisory firm said. It’s a double whammy for drivers: cab aggregators slashed driver incentives by more than 30% amid a steady rise in fuel costs. Several drivers in Mumbai have been on strike since Monday to push for higher fares.

For the first time Diesel costlier than petrol

Odisha has become the first state in India where diesel is costlier than petrol as diesel was sold at ₹80.69 per litre on Sunday in Bhubaneswar while petrol at ₹80.57 per litre. Utkal Petroleum Dealers Association general secretary Sanjay Lath said while other states have different VAT rates for petrol and diesel, Odisha charges a uniform 26% VAT on both.With diesel becoming costlier than petrol in Odisha, the ruling Biju Janata Dal and the opposition Congress Sunday blamed the “faulty” policy of the central government for the rise in price of diesel. Oil Minister Dharmendra Pradhan, who is from Odisha, again asked the state government to reduce the rate of VAT to give relief to people.

The US will overhaul the H1-B visa programme by January.

The US will overhaul the H1-B visa programme by January. The Trump administration will revise the definition of “specialty occupations” for which the visa is granted, and also tweak the definition of “employer.” The move, aimed to “better protect” US workers and wages, will likely impact Indian IT companies and small contractual firms that are already grappling with tightened H1-B norms. Besides, the Department of Homeland Security reiterated that it had decided to revoke work permits for the Obama-era H-4 visa, a move that will impact nearly 70,000 legal immigrants, mostly Indians.

Only four Indian firms feature among the top 100 in a Forbes list of the world’s best employers.

Only four Indian firms feature among the top 100 in a Forbes list of the world’s best employers. Engineering major Larsen & Toubro snagged the 22nd spot, followed by Mahindra & Mahindra (55), Grasim Industries (59) and HDFC (91). Overall, only 24 domestic companies made it to the list, which is topped by Google parent Alphabet, Microsoft (LinkedIn’s parent) and Apple. Earlier, Infosys, TCS and Tata Motors were among the 12 Indian companies to grab a spot on a Forbes list of the world’s best regarded firms.

SBI Net Banking May Get Blocked If Mobile Number Is Not Registered By December 1


Internet banking users of State Bank of India (SBI) are required to register their mobile number (if not done earlier) with the lender by December 1, 2018, said the country's largest bank. Customers who fail to register it before the deadline, will not be able to access the internet banking facilities of SBI, the lender said on its online portal- onlinesbi.com. "Attention INB (Internet Banking) users, please register your mobile number with us immediately, if not already done, through Branch, failing which the Internet Banking facility may be blocked with effect from 01.12.2018", it said. SBI's move came in the wake of the circular (dated July 6, 2017) issued by Reserve Bank of India (RBI). Banks must ask their customers to mandatorily register for SMS alerts and wherever available register for e-mail alerts, for electronic banking transactions, RBI had said.

 Therefore, if the mobile number is not already registered with SBI internet banking, users must do it as soon as possible. Besides, users can also check if the mobile number is already registered with the bank by logging in to the internet banking facility.

Reliance Industries may acquire Hathway Cable to jump-start Jio’s broadband foray



Reliance Industries may acquire Hathway Cable to jump-start Jio’s broadband foray,Economic Times reports, quoting people aware of the development. Hathway – India’s largest cable operator – could be valued at around ₹2,500 crore, though the deal is currently at an “exploratory stage.” Earlier, media reports said RIL was in advanced talks with Hathway’s rival DEN Networks for a potential acquisition. In July, Reliance's Mukesh Ambani unveiled plans to launch JioGigaFiber, an optical fibre-based broadband servicewhose aggressive pricing and fast speeds are likely to disrupt the segment.