more-inMotor Vehicles Department (MVD) personnel were in for a surprise on Monday when they flagged down a Volvo inter-State bus bearing Karnataka (KA) registration number for routine inspection. The multi-axle bus that was operating in the Kochi-Bangalore route had been registered with Kerala MVD. “The fake KA number plate was a ploy to evade tax while entering Karnataka and operating in the State,” said a senior MVD official. The bus had managed to escape action despite being snapped a dozen times in speed cameras put up by the department on highways due to its fake Karnataka number plate. A month ago, the MVD had seized a lorry that had managed to sneak into Kerala without displaying its registration number.
October 24, 2017 02:15 UTC
The cost of new milk plant is Rs 250 cr and will be built with the help of the Center and State GovernmentChief Minister Vasundhara Raje will lay the foundation stone of a new milk plant of 10 million litres of Ajmer Dairy on Monday. Raje will attend the foundation ceremony at the Patel Maidan in Ajmer. The cost of new milk plant is Rs 250 crores and will be built with the help of the Center and State Government. The function will be chaired by Dairy Minister Ajay Singh Kilak.
October 24, 2017 02:15 UTC
Although Diwali is over, the state witnessed new kind of fireworks when the new ordinance created unruly scenes both outside and inside state Assembly with Opposition Congress demanding the government to withdraw this ‘black law’. Disgruntled BJP MLA Ghanshyam Tiwari and NPP MLA Kirori Lal Meena also joined the Congress in opposing the Bill. The officer who reached the MLA’s house to take stock of how the protest was planned was badly rebuked by the leader who called him a BJP agent. Through Code of Criminal Procedure (Rajasthan Amendment) Bill, 2017 has proposed to make the amendment in the act. According to reports the proposed RajasthanRelief Undertaking (Special Provisions) amendment Bill, 2017 will include the support tenure extended to such industries from20 years under the existing Act to 30 years.
October 24, 2017 02:03 UTC
The Supreme Court on Monday allowed an appeal filed by the 17th Karmapa - the Tibetan spiritual leader, seeking withdrawal of prosecution against him in a corruption case. The top court was hearing the matter in a case related to the alleged seizure of foreign currency from the Karmapa. The government, who is supporting the Karmapa's plea, had moved Section 321 of the Criminal Code of Procedure (withdrawal from prosecution) and dropped charges against the leader in 2012. Investigations later revealed that the cash - allegedly belonging to the Karmapa's trust was being ferried from the Majnu Ka Tila office in Delhi to pay Bhardwaj toward a Rs 5 crore deal. Cash seizedThe top court was hearing the matter in a case related to the alleged seizure of foreign currency from the Karmapa
October 24, 2017 01:52 UTC
After facing severe criticism from political parties, civil societies and media, chief minister has agreed to review the Ordinance that aims to shield public servants against malicious allegations besides barring media to report on such allegations without verification by the government. According to highly-placed sources, government may refer this Ordinance to select committee for review and its recommendations. “Provisions barring media to report on public servants without getting go ahead from the government may be deleted from the Ordinance. Much of the cyber bandwidth has been occupied with condemnations from all quarters over her Ordinance that aims to shield honest public servants against malicious allegations besides barring media to report on allegations without any verification. Sensing that this Ordinance could arm Congress with an election issue, she decided to review the Ordinance to make it more acceptable.
October 24, 2017 01:52 UTC
Asian markets open mixed on Tuesday. Photo: Hindustan TimesUS stocks end lower; Asian markets open mixedUS stocks fell from record levels on Monday as a decline in General Electric shares weighed on investor sentiment. The Wall Street was also gearing up for the busiest week of the earnings season. Asian markets were little changed in early Tuesday trade after US stocks lost steam overnight and the dollar edged down from three-month highs. Havells India Q2 profit at Rs171 croreConsumer electrical goods maker Havells India Ltd reported a standalone net profit of Rs171.02 crore for the quarter ended September, on account of higher income.
October 24, 2017 01:52 UTC
The Supreme Court on Monday denied bail to Unitech managing director Sanjay Chandra, saying that he would have to prove his bona fides by depositing at least Rs 1,000 crore, which could be used to refund home buyers. According to a submission by amicus curiae Pawan Agrawal, around 4,688 home buyers are claiming refunds from Unitech, the amount of which comes to Rs1,865 crore. Unitech owes around Rs 5,085 crore, which includes buyers who have opted for a refund along with those who want possession of their flats," Agrawal said. In September, the court awarded 39 of them compensation of Rs80,000 each, towards litigation costs and mental agony. The buyers approached the court when Unitech failed to deliver the promised homes in Vista in Sector 70, Gurgaon, in time.
Tatravagonka AS of Slovakia is set to play a major role in the domestic wagon industry, where foreign entities have little presence. After picking up a minority 26% stake each in Jupiter Wagons and Jupiter Alloys and Steel, the Slovakian firm is spearheading merger of the wagon and castings making arms of the Kolkata-based Jupiter Group owned by the Lohia family. Jupiter Wagons, which makes wagons and fabricated bogies, and Jupiter Allloys and Steel, which makes wagon components and casting materials, have now filed for merger of the two entities before NCLT. The 13% stake in Jupiter firms was quickly raised to 26% in 2016 and the proposed merger is precursor to the raising of stake of Tatravagonka in the merged entity to 50%. Of the last distributed order for 2,500 wagons earlier this year, Jupiter cornered 1,300 or half of the procurement done by the Railways.
The Delhi government on Monday wrote to the Centre requesting it to sprinkle water from choppers or any other aircraft to settle the dust that spikes air pollution. The air quality index (AQI) of the Central Pollution Control Board (CPCB) and the System of Air Quality and Weather Forecasting and Research (SAFAR) on Monday again recorded 'very poor'. The air ambience fund, created in 2008, reportedly had around Rs 240 crore till last year, of which about a fraction had been used in subsidising electric vehicles. "The government of NCT is willing to bear the expenses from Air Ambience Fund of Delhi Pollution Control Committee," he further said in the letter. The SC-appointed Environment Pollution (Prevention and Control) Authority has tasked the authorities in Delhi-NCR with preparing a list of roads in a state of disrepair and contributing to dust pollution.
To be sure, even as the company’s cables business boosted overall performance favourably, the improvement is not expected to sustain. Cables’ Ebit rose as much as 43% on a year-on-year basis and contributed 24% of Havells India’s total segment Ebit last quarter. The cables business performed well as the share of domestic cables increased in the portfolio on a year-on-year basis. It helps that lighting and fixtures, contributing 16.5% of the total Ebit, performed well too. From its closing low of Rs440.80 on 24 May, the Havells India stock has risen almost 23% so far.
The situation can change if prices decline though there are no evident reasons to fear it, for the moment. Its shares are up by a fifth since early-July and track the rising trend seen in zinc prices. The main risk to watch here is if zinc prices reverse due to any unexpected event. Even a situation where zinc prices slow down but costs don’t is a risk, although Hindustan Zinc is now partially hedged against this risk. There is the opportunity cost, however, if zinc prices move up beyond the price it has sold forward at.
The Street’s reaction to GMR Infrastructure’s fundraising implies confidence that the company’s financial health is recovering. Graphic by Naveen Kumar Saini/MintShares of GMR Infrastructure Ltd rose 7.8% on Monday on news that it is raising $350 million (Rs2,275 crore) through 10-year international bonds. This bond issue, through its subsidiary GMR Hyderabad International Airport Ltd, is the third from the company’s airports vertical. Meanwhile, GMR Infrastructure is also monetizing land with non-aero revenue. For now, however, the company’s debt level at around Rs17,000 crore is still a heavy burden.
Reliance Nippon Life AMC’s prospectus states that the industry is expected to grow at a compounded annual growth rate of 20% over the next four years of which the growth of equity AUM would be faster. Anil Ambani-promoted Reliance Nippon Life Asset Management Co. Ltd is first off the block. The penetration of mutual funds among households is a measly 2.9% of financial savings and, therefore, the potential is there. How does Reliance Nippon Life AMC fare? Also, a lot will depend on whether Reliance Nippon Life AMC continues to deliver.
Highlights 1 Reality check reveals Jharkhand's poor being denied subsised food without Aadhaar. 3 Govt claims 99 percent of ration cards have been linked to Aadhaar. Jharkhand's poor appear to be reeling under a food crisis as they are being refused their subsidised supplies for not linking Aadhaar to their ration cards, an India Today investigation has found. DHANBADHome to 22,000 people, as many as 35 poor families at Dhanbad's Ward Number 9 were found to be missing from the ration-card roster. According to the CM, around 99 percent of ration cards have been already linked with Aadhaar.
October 24, 2017 01:18 UTC
Currently in Arizona, USA, leading a nature photography tour, the instructor and one of the directors of the travel group Meinfernweh, gives us a peek into some of his work from the Grand Canyon. Luckily, mine was the last car on my side of the road, so I zoomed back and went to an amazing image at the Grand Vista. BLUE JAYBIRDThe canyon is home to the Grand Canyon National Park, where you can find as many as 450 different species of birds. SOUTH RIM VISITOR’S CENTERThis grand view from the South Rim Visitor’s Center goes on to prove that the gorge looks majestic from any side of the vast expanse. COLORADO RIVERWhile the Grand Canyon is an amazing and iconic landscape, the Colorado River, which flows 1,450 miles cutting through the canyon, carries with it, boulders and trees and carves out its course, taking all with it.
October 24, 2017 01:02 UTC