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Thursday, February 07, 2019

RBI board meeting deferred to February 18
The meeting of the Reserve Bank of India's (RBI) central board, which was slated to take a call on interim dividend, has been deferred to February 18, said sources. The board meeting, which will be the first after the Interim Budget 2019-20, will also be addressed by the finance minister. The customary post-Budget board meeting was earlier scheduled for February 9 but has now been deferred, the sources said. The RBI board is going to take up request of the government for payment of interim dividend for the current financial year, they said. The board will take a view based on the central bank's first six months of audited earnings and finalise interim dividend transfer. The RBI follows July-June financial year. So, the first half is completed in December.

Edu, training sectors may see increase in hiring this year
With more and more professionals focusing on up-skilling for new-age job roles, the education and training sector is expected to witness accelerated hiring in 2019, according to a survey. "It is heartening to see the education, training and language sector picking up pace, as professionals gear themselves up by picking up new skills for technologically advanced job roles emerging across IT and non-IT sectors alike," online job portal Shine.Com CEO Zairus Master said. The education and training sector had registered a significant uptick in 2018 as well, the survey said.

Voda-Idea posts Rs 5,005 cr loss for Oct-Dec
Telecom operator Voafone Idea yesterday reported a consolidated loss of Rs 5,005.7 cr for the third quarter of 2018-19. The books of Vodafone Idea recorded comprehensive loss of Rs 1,284.5 cr in the same quarter a year ago. However, the year-on-year figure are not comparable as the merger between Vodafone  and Idea completed on August 31, 2018. The loss, however, widened on sequential quarter basis. Total income of Vodafone Idea stood at Rs 11,982.8 cr during the reported quarter. The income increased by 52% compared to Rs 7,878.6 cr in the previous July-Sept quarter.

Great Indian Restaurant Festival 2019
Dineout has announced the third edition of the Great Indian Restaurant Festival, the country’s largest and most awaited annual food festival, slated to take place in 11 cities, namely Delhi NCR, Mumbai, Bangalore, Hyderabad, Chennai, Goa, Pune, Ahmedabad, Jaipur, Chandigarh and Kolkata. Ankit Mehrotra, Founder & CEO - Dineout said, “February is a month of fun & frolic, and we wanted to make it even more special for foodies across the country. At Dineout, we believe the only thing better than your favourite food is more of it at half the price. This led us to our GIRF theme for the year - the ‘MonthOfMore’. We have gone out of our way to ensure foodies are able to get more food, avail more savings and experience more happiness with the most lucrative restaurant promotions & bank offers, and we invite them to indulge in a month of lavish binge eating.”

RCom shares recover after 3-day fall
Shares of Reliance Communications recovered yesterday after three-days of sharp fall, ending nearly 2% higher. The stock plunged 10.84% to Rs 4.85 -- its record low -- in intra-day trade on the BSE. However, during the fag-end of the session it stock bounced back, rising 0.74% to close at Rs 5.48. On Monday, RCom stock ended nearly 35% lower and fell by another 28.5% the next day after the company decided to opt for insolvency proceedings.

Tech Mahindra shares gain over 8% after Q3 earnings
Shares of Tech Mahindra surged over 8% yesterday after the IT company reported a 27.5% jump in December quarter profit. Shares jumped 8.13% to close at Rs 811 on the BSE. Intra-day, it advanced 8.53% to Rs 814 -- its 52-week high. The company's market valuation jumped Rs 5,995.18 crore to Rs 79,588.18 crore on the BSE.

Jindal Stainless Q3 profit falls over 61 pc to Rs 52 cr
Jindal Stainless yesterday said its standalone net profit plunged over 61% to Rs 52.35 crore during December quarter 2018 on account of higher expenses. The company had posted Rs 134.73 crore profit during the same period a year ago, Jindal Stainless Ltd (JSL) said in a BSE filing. Total income during the quarter under review increased to Rs 3,140.59 crore from Rs 2,999.66 crore in October-December 2017. JSL's total expenses rose to Rs 3,140.26 cr from Rs 2,833.80 cr in the corresponding quarter of the previous fiscal.

Gold slides Rs 25 to Rs 34,450; silver down Rs 320
Gold prices yesterday declined marginally by Rs 25 to Rs 34,450 per 10 gram at the bullion market in the national capital on muted demand from jewellers, according to the All India Sarafa Association. Silver also slumped Rs 320 to Rs 41,380 per kg on subdued offtake from industrial units and coin makers. Traders attributed the decrease in the prices of the yellow metal to lackluster demand from local jewellers amid weak trend overseas.

Sidbi net jumps 34% to Rs 540.3 cr in Q3
Development financial institution Sidbi yesterday reported a 34 percent jump in net profit at Rs 540.33 crore for the quarter to December, helped by higher interest income. Net interest income rose 40.3 percent to Rs 725.59 crore as against Rs 517.15 cr in the same period last year, the lender said. However, net interest margin went down by 64 basis points to 1.86 percent due to the focus on low risk assets and the increased cost of funding, Sidbi said in a statement. "Credit demand to the MSEs sector continues to be strong. We expect to maintain the growth momentum as we continue to move forward," chairman and MD Mohammad Mustafa, said.

TRAI refutes Crisil report on rise in TV viewing bills under new tariff regime
TRAI yesterday asserted that price sensitive consumers will see a drop in their monthly bills as market forces come to play under the new tariff regime for broadcasting and cable services, and strongly contested a Crisil report that claimed that costs may rise by 25%. Addressing a conference, TRAI Chairman R S Sharma said the assumptions made in the said report had been "wrong and unrealistic" and hence the conclusions, were not correct. TRAI has received consumer complaints related to blackout (on one DTH platform), long duration packs and offerings for multiple TV connections, and the regulator is looking into the grievances and issuing suitable directions to operators.

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