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IL&FS case: rating agencies faked IFIN ratings to dupe investors

New Delhi: Credit rating agencies played major villain in the IL&FS crisis as they adjudged positive and impressive ratings on a regular basis to commercial papers and non-convertible debentures (NCDs) of IL&FS Financial Services (IFIN) despite unhealthy financial condition of the company, revealed an investigation report submitted by the Serious Fraud Investigation Office (SFIO) to the Ministry of Corporate Affairs. …

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3-day furniture, lifestyle expo opens today

Panaji: A grand cost-to-cost furniture sale branded “Furniture & Lifestyle Expo-2019” will be  inaugurated on June 14, and will be open till June 16, from 10.30 am to 8.30 pm, at the Dr Shyama Prasad Mukherjee indoor stadium. The exhibition is organised by Prompt Trade Fairs India Pvt Ltd and shall be a boon to all people who are looking …

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Rationalisation of taxes on dairy items urged

Anand: The National Dairy Development Board (NDDB) has called upon the Union Finance Minister Nirmala Sitharaman to rationalize direct and indirect taxes on dairy items and reduce the Goods and Services Tax (GST) on ‘ghee’ and flavoured milk, among other things. Making his submissions at a meeting convened by the Union Finance Minister for pre-budget consultations with stakeholder groups from …

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AdiGroup still interested in Jet

New Delhi/Mumbai: In a final push to revive the now grounded Jet Airways, London-based AdiGroup has again evinced interest in Jet Airways. “Another 48hrs is all we have… and then we walk away!! Have been patient enough @PMOIndia @MoCA_GoI @TheOfficialSBI @EtihadAirways !!!,” AdiGroup’s Chairman and Managing Partner Sanjay Viswanathan tweeted. The account, however, has not been verified by Twitter. According …

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Industrial growth at 6-month high of 3.4%

New Delhi: India’s industrial output grew to a six-month high of 3.4 per cent in April mainly on account of improvement in mining and power generation, according to government data released Wednesday. The Index of Industrial Production (IIP) had expanded by 4.5 per cent in April 2018. The previous high in IIP growth was recorded at 8.4 per cent in …

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Zomato drone tests food packet delivery at 80 kmph

New Delhi: Online ordering and food delivery platform Zomato on Wednesday said it has successfully tested its maiden drone delivery technology using a hybrid drone that covered a distance of five km in about 10 minutes with a peak speed of 80 kmph to deliver a food packet. “The drone was tested last week at one of the remote sites …

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‘Will issue point-to-point rebuttal on ex-CEA’s claims on GDP’

New Delhi: A top economic advisory panel to the Prime Minister Wednesday rejected Arvind Subramanian’s claims of overestimation of GDP, saying a point-to-point rebuttal will be issued in due course and that the former CEA by his own admission is “still unsure” about calculation of growth numbers. The Economic Advisory Council-PM (EAC-PM) also asserted that any attempt to sensationalise what …

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GDP overestimated, growth during 2012-17 at 4.5%: ex-CEA

New Delhi: The growth numbers have come back to haunt the government with former Chief Economic Advisor (CEA) Arvind Subramanian also questioning the change in GDP calculation methods and numbers effected last year. In his recent research paper published by Harvard University, the former CEA has said there is a possibility of substantial overestimation in the growth figures while stating …

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Domestic passenger cars sales down 26% in May

New Delhi:  Domestic passenger cars’ sales continued to decline in May, the segment’s off-take fell 26.03 per cent. According to industry observers, high base effect, along with low demand and high interest cost continued to dent purchases.  According to the Society of Indian Automobile Manufacturers (SIAM), passenger cars sales in the domestic market dropped to 147,546 units from 199,479 units …

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Reliance Group meets Rs 35,000 cr debt service obligation

Mumbai: Rebutting rumours about the financial health of Reliance Group, its Chairman Anil D. Ambani on Tuesday said the Group has met debt servicing obligation of Rs 35,000 crore during the period from April 1, 2018 to May 31, 2019. According to him, the debt servicing component comprises of principal repayments of Rs 24,800 crore and interest payments of Rs …

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