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In Mumbai’s diamond trading circles, pudiya ghumao (which literally means “pass the packet”), the colloquial term for round-tripping of diamond consignments from one market to another, ostensibly to artificially inflate company balance sheets, isn’t exactly a secret. (3-0)
New Delhi: The Congress on Thursday lashed out at Prime Minister Narendra Modi on the Rs 11,500 crore fraud in the PNB and asked him to come clean on the government’s “failure” to prevent the scam and identify those who helped the alleged kingpin, billionaire jeweller Nirav Modi, to flee the country. Posing a series of questions to the Prime Minister and his government, the Congress accused the PMO or any other authority of taking action even after a complaint was filed to the Prime Minister’s Office as early as July 26, 2016. (22-0)
3:02 pm Buzzing: Hotel Leela Venture shares were locked at 20 percent upper circuit after the company turned profitable with Q3 net income at Rs 40.6 crore against loss of Rs 10.4 crore in year-ago, led by other income. (18-0)
2:06 pm Earnings: R Systems International shares gained 12.5 percent despite the consolidated profit in Q3 fell 56.2 percent to Rs 8.1 crore YoY due to weak operational performance. (16-0)
1:05 pm Stake Buy: Sources told CNBC-TV18 that global PE investor Blackstone is in talks to buy equity stake in SPV holding, Indiabulls Real Estate's commercial assets and to infuse close to USD 500 million in Indiabulls Real. (16-0)
11:15 am Market Update: Frontline indices were trading near day's low in late morning deals as the Sensex was down 517.63 points or 1.50 percent at 33,895.53 and the Nifty fell 163.50 points or 1.55 percent to 10,413.40. (16-0)
9:05 am Rupee Trade: The Indian rupee was trading at 64.39 to the dollar, down 13 paise compared to previous close. (11-0)
With no big bang announcements on the Budget day, the banking sector had to be satisfied with what they already have. In fact, were given a bigger task to provide incremental loans worth Rs 5 lakh crore in Fy19. (1-0)
Finance Minister Arun Jaitley has managed to strike a balance between populism and discipline in the Budget he presented on Thursday, but left investors and the salaried class in the lurch. The Budget has not much to offer for the salaried class, and the introduction of long-term capital gains on stock trading is a burden that investors wouldn’t want to bear. (7-0)
Moneycontrol editor Santosh Nair talks to Udayan Mukherjee on his analysis of the Budget 2018. Watch the video... (7-0)
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More than half of the professionals responded to a survey expect a 500 basis points cut in corporate tax to 25% in the Budget which will be presented on Thursday, reports PTI. According to a survey by Deloitte covering 120 professionals across the sectors, close to 50% feel that tax reforms, particularly tax litigation, should be the most critical priority now for government. This is followed by reforms in the real estate sector. (107-0)
More than half of the professionals responded to a survey expect a 500 basis points cut in corporate tax to 25% in the Budget which will be presented on Thursday, reports PTI. According to a survey by Deloitte covering 120 professionals across the sectors, close to 50% feel that tax reforms, particularly tax litigation, should be the most critical priority now for government. This is followed by reforms in the real estate sector. (117-0)
The premier B-schools Indian Institutes of Management Bangalore and Calcutta have improved their global rankings this year, but IIM-Ahmadabad and the Indian School of Business, Hyderabad have slipped, according to the Financial Times London's Global MBA Ranking 2018. The Stanford Graduate School of Business tops the ranking followed by the French school Insead. The ISB, which was ranked 27th in 2017 slipped one notch to 28 in the current year rankings while IIM-A, which was at 29th position last year, is at 31, the Financial Times London said in a statement today. (117-0)