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Thursday, July 12, 2018

LIC-IDBI Bank deal may conclude by September
After getting a go-ahead from the insurance regulator, LIC is preparing itself to complete the 51% acquisition of debt-ridden IDBI Bank by the end of September, sources said. At present, Life Insurance Corporation (LIC) of India is doing due diligence of IDBI Bank, its assets, debt position and fixed assets, sources added. Besides, the insurance behemoth also intends to make an open offer to minority shareholders of IDBI Bank. As per Sebi takeover code rules, an acquirer has to give an open offer to the shareholders of the target company on acquiring shares or voting rights of 25% or more.

Important to support SMEs, startups: BSE CEO
Bombay Stock Exchange MD and CEO Ashishkumar Chauhan yesterday emphasised the importance of supporting SMEs and startups despite risk in raising funds for them as some have the potential of becoming giant firms like Infosys and Reliance Industries. "Yes, we know there is a risk in raising funds for SMEs and startups listed on our dedicated platforms, but some of them have potential of becoming giant companies like Infosys and Reliance Industries. One must remember, Infosys and Reliance had started small," he told PTI in an interview. Chauhan said it was important to support SMEs and startups because they have the potential of creating wealth.

BSNL starts first internet telephony service in India
State-owned BSNL yesterday unveiled the country's first internet telephony service that will allow users to dial any telephone number in India through its mobile app, starting from July 25. The company launched the app 'Wings' that will allow customers to make unlimited calls by paying annual fee of Rs 1,099 and by using internet service or wi-fi of any telecom operator, to any phone number. "In present competitive environment, increase in market share by BSNL is laudable. I congratulate BSNL management for internet telephony which will enable consumers to make call without SIM," Telecom Minister Manoj Sinha said after inaugurating the service.

American Express increases focus on expense management solutions
A global leader in expense management solutions, American Express offers customized expense management solutions to over 600,000 corporates globally, and more than 60% of Fortune 500 companies. In India, American Express works with over 13,000 large corporates and MSMEs streamline purchasing, simplifying reporting and reconciliation processes for work related expenses  and help  realize savings from more efficient expense management, minimizing reconciliation time and auditing. Sharing her views, Saru Kaushal, Vice President and General Manager, Global Commercial Services, American Express Banking Corp., India, “Use of expense management solutions is expected to see a tremendous growth over the next few years in India. Companies are realising the benefits of integrating technology and finance to leave no room for leakages. With American Express’ customised expense management solutions and corporate card programs, companies can avoid such leakages as all transaction are tracked real time. This helps companies understand expenditure trends, out of pattern expenditure and can further Travel policies to avoid out of policy spends.”

Onida launches 20 new models in their washing machine category
Onida, a leading Indian consumer durables brand has announced the launch of 20 new models for their Washing Machine category to strengthen its Washing Machine product portfolio. This line-up includes glass lid Semi-Automated and Hi-End front load and top load machines with in-built heaters. Commenting on the development, Vijay Mansukhani, MD – MIRC Electronics said, “We are pioneers in the segments we are currently operating in like LED Televisions, Air Conditioners and Washing Machines. Our washing machines segment has started growing at good rates for the last two years. Our focus in this segment has been increased and we will do sizable business in the next three years”

Tata Motors' new SUV to be called 'Harrier'
Tata Motors yesterday said its much-awaited compact sports utility vehicle (SUV) will be called 'Harrier', which is being developed in collaboration with its marque British arm Jaguar Land Rover. This five-seater monocoque SUV is engineered on the new generation platform and was unveiled at the Auto Expo 2018 as the H5X concept. The commercial launch will take place in the first quarter of 2019.

Rupee to remain at 68-72 against $ in near term: UBS
The rupee is expected to be around 68-72 against the USD in the next 2-4 months, and the depreciation bias in the domestic currency is likely continue, says a UBS report. According to the global financial services major, the rupee is expected to strengthen, and by the end of this financial year rupee is likely to be near 66, and by end-2019-20 at around 66.5. "In the near term (the next 2-4 months), we believe depreciation bias in the rupee is likely to remain. Indeed, we expect the it to remain at 68-72 against the US dollar," Tanvee Gupta Jain (Economist) and Rohit Arora (Strategist), UBS Securities India said in a research note.

GST Council to consider rate cut on items with low revenue impact on Jul 21
The GST Council may consider reduction in tax rates on host of items with low revenue implications as part of the tax rationalisation exercise in its next meeting on July 21. The items which could be considered for cutting of tax rates might include sanitary napkins, handicrafts and handloom goods, besides certain services. Several industry bodies and stakeholders have been demanding duty cut on items, especially those linked to general health and employment generation in unorganised sector. "The Council will take up the issue of rationalisation of taxes on various commodities in view of demand raised by stakeholders. It would focus mainly on those items which are of general consumption, and have low revenue implication," an official said.

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