Strategic partnership to help attract FDI in defence: Jaitley
The strategic partnership policy in defence will help attract FDI as global investors would be assured of orders, Defence Minister Arun Jaitley yesterday said. He said unless the opening of the FDI rules is accompanied by some reasonable possibility of getting orders, an investor is not going to set up an establishment in the country. Entry of foreign investors "is linked to the kind of orders they will get and the only entity which can place the orders is the Government of India. "There are no two procurers, there is only one and that is why the strategic partner policy now has been brought in as it will supplement the FDI policy," he said when asked about the reasons of poor response of investors in the sector.
Response to PMGKY 'not so good', only Rs 5K cr declared: Govt
Response to the Pradhan Mantri Garib Kalyan Yojana (PMGKY) has "not been so good", with only Rs 5,000 crore unaccounted income being declared under the amnesty scheme, the government said yesterday. The scheme was launched in December last year to enable people with black money to come clean by paying tax and penalty of 50%. "The response (to the PMGKY) has not been so good...About Rs 5,000 crore of income was declared in PMGKY. There are mainly two factors for it. "One, even before the scheme was announced people had tried to put their cash into different accounts. Second was the (tax and penalty) rate," Revenue Secretary Hasmukh Adhia told reporters.
MSE to conduct mock trading sessions on June 3
Metropolitan Stock Exchange of India Limited (MSE), the third national level stock exchange, will conduct mock trading session in all the segments on Saturday June 3rd, 2017. This monthly mock trading session is planned to be held from the Disaster Recovery (DR) site of the exchange as a periodical exercise to check the preparedness of the DR site to face any emergency.
AYUSH Minister Shripad Naik to present Sandu Ayurved Gaurav
On the foundation day of Sandu Pharmaceutical, a company dedicated to the promotion of Ayurveda since last 118 years, is celebrating it with handing over the awards on Sunday, 4th June 2017, in Mumbai. “Sandu Ayurved Gaurav” and “Sandu Ayurved Bhushan” awards will be conferred upon selected Ayurvedacharyas for their contribution in promotion and spreading awareness of Ayurveda. These awards will be handed over to them by Shripad Naik, Minister of State in Ayush Ministry, who will be the guest of the said function.
Ola’s ‘Auto Rickshaw Driver Partner’ Mela in Mumbai and Thane
After the overwhelming success of the Auto Rickshaw Melas in Bengaluru, Chennai, and Hyderabad, Ola is now all set to organize its first ‘Auto Rickshaw Driver Partner Mela’ in Mumbai and Thane. The Auto Rickshaw Driver Partner Mela, known as ‘Ola Baadshah Mela’, will be held in Mumbai (Andheri) from June 1 to 3, 2017 and in Thane from May 31 to June 2, 2017. A leader in the mobility industry, Ola has put together a three-day event that will introduce the city's potential auto rickshaw driver partners to Ola’s platform, and give them the opportunity to book auto rickshaws at subsidized rates as well.
PE investments in India touch $6.8 bn in Jan-Mar: PwC Report
Private equity investment activity in India touched USD 6.8 billion in the January-March quarter by way of 130 transactions led by the IT & ITeS sector, says a PwC report. According to the PwC MoneyTree India report, the USD 6.8 billion PE investment is second only to the around USD 6.9 billion in the third quarter of 2015. The quarterly study of private equity investment activity based on data provided by Venture Intelligence further noted that the average deal size for the first quarter of this year was around USD 52.3 million.
Xiaomi to set up 100 MI Homes in 2 years
Betting big on the offline market, Chinese handset maker Xiaomi yesterday said it plans to set up 100 Mi Homes, its flagship store, in India in two years. The company had recently launched its first store in Bengaluru and plans to open its exclusive outlets in Mumbai, Delhi, Hyderabad and Chennai. "Mi Home is an extension of our e-commerce business. We launched our first store in Bengaluru and on our first day itself, we did a revenue of Rs 5 crore. "We believe this Mi Home strategy will disrupt our offline retail in India. Once we have perfected our business model (in these cities), we would want to open at least 100 Mi Homes in the next two years," Xiaomi India Managing Director Manu Jain said.
HP seeks shareholders’ nod to issue bonus shares
State-run Hindustan Petroleum has sought shareholders' nod for issuing one bonus share for every two held, capitalising reserves of about Rs 508 crore. The company has proposed an ordinary resolution through postal ballot for capitalisation of Rs 507.94 crore standing to the credit of Security Premium/Free Reserves and issue bonus shares of Rs 10 each, Hindustan Petroleum stated in a BSE filing yesterday.
MAS Financial, Bharat Road get Sebi's go-ahead for IPOs
MAS Financial Services and Bharat Road Network have received capital markets regulator Sebi's approval to float initial public offerings. The companies, which had filed their draft red herring prospectus (DRHP) with Sebi for IPOs during February-March, have received "observations" from the regulator, which is necessary for any firm to launch public offer, the firms said in a statement.