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Wednesday, October 10, 2018

Dividend cut from oil cos unlikely; disinvestment target to be met: FinMin
The finance ministry yesterday said it does not expect a cut in dividend from oil marketing companies despite these retailers absorbing Re 1 per litre from last week. Economic Affairs Secretary in a tweet said there is no plan for reduction in subsidy and disinvestment target will also be met. He was reacting to reports of reduction of dividend from oil marketing companies, subsidies cut, lesser disinvestment revenue etc during this fiscal from the Budget estimates. "...This is completely fabricated. Nothing of this is true at all," he tweeted. As far as disinvestment is concerned, the has set an ambitious target of Rs 80,000 crore for the current financial year.

BoB, Vijaya Bank, Dena Bank send merger proposal for govt nod
After getting approvals from their respective boards, state-run Bank of Baroda, Vijaya Bank and Dena Bank have sent the proposal to merge all the three lenders to the government for a final approval, a top bank official said. The government had announced the merger of Bank of Baroda, Vijaya Bank and Dena Bank on September 17, to create the country's third largest lender. "The boards of all the three banks have approved (the merger proposal) and sent the recommendations to the government. We are in early stages of rolling this out. "The next step would be the government approving formally the merger process, and then the swap ratio," Bank of Baroda managing director and chief executive officer PS Jayakumar told reporters.

FRAI announces support to CAIT’s protest against Walmart-Flipkart deal
Federation of Retailer Association of India (FRAI), a representative body of 4 crore micro, small and medium retailers, with Retail Associations from across the country as members of the Federation, today announced nation-wide support to Confederation of All India Traders (CAIT) ongoing protest against Walmart the Flipkart deal. FRAI today welcomed CAIT’s 90-day protest Rath Yatra to Mumbai. FRAI also appeals the Government of India to revoke back the Walmart – Flipkart deal as the livelihoods of millions of families are at stake because of deep discounting, loss funding and market concentration strategies adopted by the internet marketing companies.

Mumbai Mewa Masala Mahautsav
Mumbai Mewa Masala Merchants Association has organised Mumbai Mewa Masala Mahautsav from October 10 to November 18, 2018 at Masjid Bunder area over 50+ shops are participating in this festival. Yogesh Ganatra Chairman Of Mewa Masala Mahautsav Committee stated that Masjid Bunder market is asia’s oldest dry fruit market and customer can get 10-30% cheaper and better quality dry fruits as compared to other centers. he further stated that with the abolition of octri duty and implementation of GST, the trade has flourished.

VLCC to organize wellness expert panel visit to Mumbai and Navi Mumbai
VLCC, a leading Indian beauty and wellness chain, will organize an expert panel visit on October 12, 2018, at Fortune - Select Exotica in Navi Mumbai & October 13, 2018, at ITC Maratha Andheri east. The expert session will focus on different areas of wellness including weight management, pain management, dermatology, nutrition, preventive health care and advanced body contouring technologies. The sessions will aim to apprise people on the benefits of the new-age, non-invasive slimming techniques. In terms of bringing in superior technologies, VLCC is among the first brands in India to introduce Coolsculpting- the most futuristic innovation in the field of body contouring.

Tata Motors shares tank over 13%, m-cap drops by Rs 8,229 cr
Shares of Tata Motors fell sharply by over 13% yesterday after the company-owned Jaguar Land Rover (JLR) reported 12.3% decline in global sales in September. The stock cracked 13.40% to end at Rs 184.25 on the BSE. During the day, it slumped 19.78% to Rs 170.65, its multi-year low level. On NSE, the scrip dropped 13% to close at Rs 184.55. The stock was the worst hit among the blue chips on both the key indices during the day.

Paswan asks FMCG companies to adopt labelling in local languages
Consumer Affairs Minister Ram Vilas Paswan yesterday urged the FMCG industry to adopt labelling of their packaged products in Hindi and regional languages "voluntarily" in the interest of consumers. Asserting that the consumer protection is priority of the government, he called upon the industry to work alongside his ministry in the interest of consumers. "Multiple languages are spoken in India. We cannot promote Hindi alone. The industry should go for labelling in Hindi and regional languages where ever they are widely spoken," he said at a Ficci organised event here.

Honda drives in new CR-V to India
Japanese auto major Honda yesterday launched an all-new version of its premium SUV CR-V in India, priced between Rs 28.15 lakh and Rs 32.75 lakh (ex-showroom). The two-wheel drive petrol variant of the fifth generation CR-V is priced at Rs 28.15 lakh. The diesel variant with two-wheel drive option is priced at Rs 30.65 lakh while the trim with all wheel drive (AWD) option is tagged at Rs 32.75 lakh. It is for the first time Honda is introducing diesel powertrain to the CR-V line-up in India.

President & CEO of Honda Cars India Gaku Nakanishi at the launch of the all-new Honda CR-V, in New Delhi yesterday.

JMC Projects bags orders worth `514 cr
Civil engineering firm JMC Projects yesterday said it had secured orders worth Rs 514 crore in the domestic market. The company said it has received two orders totalling Rs 236 crore for construction of educational institutes in Andhra Pradesh, JMC Projects said in a regulatory filing. It has also won civil construction and related mechanical, electrical, plumbing (MEP) works for residential building in Telangana for Rs 141 crore and civil works for a steel plant in Odisha for Rs 137 crore.

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