New Delhi

Carnival Group to invest Rs 700 cr to expand multiplex network

Carnival GroupNew Delhi: Media and entertainment firm Carnival Group will invest up to Rs 700 crore this fiscal to add 175 multiplex screens mainly through acquisitions.

In order to fund its expansion programme, the group is in talks with two private equity firms based in Singapore and London to raise around Rs 350-400 crore.

"Our vision is to have 300 screens by end of this fiscal. We will invest Rs 600-700 crore to add 175 multiplex screens," Carnival Cinema MD Shrikant Bhasi said.

Jan Dhan Yojana name was chosen in a contest on govt website

Narendra ModiNew Delhi : Do you know the origin of the name "Pradhan Mantri Jan Dhan Yojna", a scheme to financially empower the poor, announced by Prime Minister Narendra Modi on Friday?

The name was selected through a contest on 'Mygov' website launched by Modi last month to enable common people to share their thoughts and ideas.

It was chosen after scrutinizing 6,000 entries from all over the country.

Under the scheme announced by Modi in his Independence Day speech, poor people will get bank accounts with debit cards along with an insurance cover of Rs one lakh each.

Canara Bank aims cash recovery of Rs 6,500 crore this fiscal

Canara-BankNew Delhi: State-owned Canara Bank on Saturday said it aims cash recovery of Rs 6,500 crore this fiscal which may result in lowering of non-performing assets (NPA).

"The bank did cash recovery of Rs 5,000 crore for the year ended March 2014, this year (2014-15) we expect this to go up to Rs 6,500 crore," Canara Bank Chairman and Managing Director R K Dubey said at an event organised by Association of Business Chambers of Commerce and Industry.

PM calls for Digital India to improve governance

Narendra ModiNew Delhi : Expressing the government's resolve to move towards the goal of 'Digital India', Prime Minister Narendra Modi today underlined the need for using information technology to improve governance and spread education and medical facilities.

"Youth belonging to the IT profession have paved the way for establishing India's new identity in the world. Digital India is our dream for the nation. When I say 'digital India' it is not meant for the rich but for those who are poor,"he said in first speech from ramparts of Red Fort here.

Parliament, executive should not interfere in judiciary : CJI

R-M-LodhaNew Delhi, Aug 15 : The Chief Justice of India, R. M Lodha, said Friday that he hopes the judiciary, the executive and parliament are allowed to work without any interference.

Planning Commission-vestige of socialist era to become history

Planning CommissionNew Delhi: The 64-year-old Planning Commission, a vestige of the socialist era, will soon become history.

Prime Minister Narendra Modi, in his Independence Day speech, today announced that the Commission, set up in 1950 at a time when government gave public sector the commanding heights of economy, would be abolished and replaced with a more relevant institution.

Greatly impressed by the Soviet planning system, the country's first Prime Minister Jawaharlal Nehru had set up the Planning Commission to steer the nation's economic destiny.

Industry lauds PM's clear signals to make India manufacturing, export hub

export hubNew Delhi: Seeking requisite policy support and implementation measures, the industry on Friday said the Prime Minister gave clear signals to domestic and global investors to make India an international manufacturing and export hub.

"We are now confident that the 'Make in India' and 'Made in India' vision will be supported by requisite policy and implementation measures for enhancing the competitiveness of our manufacturing sector," Ficci said in a statement.

It also said the new structure that will replace Planning Commission will provide a concrete direction towards broad-based development and its monitoring.

SpiceJet flies into Rs 124 crore quarterly loss

SpiceJetNew Delhi: SpiceJet Thursday reported a net loss of Rs 124.10 crore for the three months ended June, mainly bogged down by higher expenses.

The no-frills carrier had a net profit of Rs 50.56 crore in the year-ago period.

In the first quarter of current fiscal, the airline saw its total income from operations slide to Rs 1,691.04 crore from Rs 1,701.54 crore recorded in the same period a year ago.

Besides, the company's expenses climbed to Rs 1,782.95 crore in the latest June quarter. In the comparable period, the same stood at Rs 1,641.93 crore.

Independence Day: Narendra Modi to announce financial inclusion mission

Narendra ModiNew Delhi: Prime Minister Narendra Modi is expected to unveil an ambitious financial inclusion scheme on the Independence Day on Friday to provide bank accounts to 15 crore poor persons with an overdraft facility of Rs 5,000 and accident insurance of Rs 1 lakh.

The-two phase Financial Inclusion Mission, which has been approved by the Cabinet, will be formally launched by Modi here at the end of this month, sources said.

The government is gearing up to operationalise the scheme across the country on August 28 or 29, they added.

Shopclues expects Rs 1,500 crore merchandise volume in FY15

Sanjay SethiNew Delhi: Buoyed by the robust growth in e-commerce market in India, online marketplace Shopclues expects its gross merchandise value (GMV) to hit Rs 1,500 crore for the current fiscal ending March 2015.

The homegrown e-commerce firm is also aiming to expand its sellers base to a lakh by December this year to reach out to a larger number of online shoppers.

"Ours is a Indian bazaar model, which caters to the daily needs of shoppers at convenient rates and it is witnessing a good traction. We expect our GMV to touch Rs 1,500 crore this fiscal from Rs 350 crore in 2013-14," Shopclues co-founder and CEO Sanjay Sethi said.

PM Modi extends Independence Day greetings to Indians around the globe

modiNew Delhi, Aug 15 - Prime Minister Narendra Modi today extended his greetings to Indians around the globe on the occasion of the nation's 68th Independence Day.

"To all the Indians celebrating our Independence Day around the world, greetings from the Prime servant; I am not the Prime Minister but the prime servant. I would also like to salute the people of every generation who made sacrifices for Independence, spent their youth and life in freedom struggle. I salute those martyrs," said Modi.

Tata Motors global sales down 8% in July

Tata-MotorsNew Delhi: Tata Motors Thursday reported an 8.46 percent decline in global sales to 80,151 units in July.

The company had sold 87,566 units in the same month last year.

In the passenger vehicles category, the global sales last month were at 49,001 units, as against 46,684 units in July 2013, up 4.96 percent, Tata Motors said in a statement.

Sales of luxury brand Jaguar Land Rover rose 12.24 percent to 39,467 units in July, compared to 35,162 units in the same month last year.

Sales of commercial vehicles declined 23.8 percent in July to 31,150 units from 40,882 units a year ago.---- PTI

GSM players add 48.5 lakh users in July: COAI

GSM players add 48.5 lakh users in July: COAINew Delhi: GSM based telecom players added 48.5 lakh new subscribers in July to take the total user base to 74.44 crore, industry body COAI said Thursday.

The GSM subscriber base stood at 73.95 crore at the end of June 2014, the Cellular Association of India (COAI) said.

COAI, which represents telecom players like Bharti Airtel, Vodafone and Idea Cellular, said the data does not include GSM subscriber number of Reliance Communications and Tata Teleservices.

Reliance Jio Infocomm had also joined the body recently.

CII chief sounds positive over fall in WPI inflation figures

Chandrajit-BanerjeeNew Delhi, Aug 14 : Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII), has sounded positive over latest figures showing the inflation to be at a two month low.

"It is good to note that headline inflation has eased to a two month low in July 2014, essentially on the back of a drop in fuel prices and a moderation in the prices of food items such as cereals and vegetables," Banerjee said.

ONGC Videsh signs production sharing contracts for two onland exploration blocks in Myanmar

ONGC-VideshNew Delhi, Aug 14 : ONGC Videsh signed Production Sharing Contracts (PSCs) for two onland exploration blocks B-2 and EP-3 in Myanmar on August 8 this year.

The PSCs were signed at Nay Pyi Taw, Myanmar by Director (Exploration), ONGC Videsh, Managing Director of Machinery and solutions Co. Ltd. (M and S), local partner, and Managing Director of Myanmar Oil and Gas Enterprises Ltd (MOGE), National Oil Company of Myanmar. The Minister of Energy, Government of Myanmar presided over the signing ceremony and other Union Ministers, Regional Ministers, representative from Indian Embassy and seniors officers from MOGE attended the function.

President greets South Koreans ahead of its National day celebrations

Pranab-MukherjeeNew Delhi, Aug 14 : President Pranab Mukherjee has extended his greetings and felicitations to the Government and people of South Korea on the occasion of its National Day to be celebrated tomorrow.

A Rashtrapati Bhawan press communique stated that in his message to the South Korean President, Park Geun-hye, the President has said, "On behalf of the Government and the people of India and on my own behalf, I extend to you and to the Government and the people of the Republic of Korea, warm greetings and felicitations on the occasion of your National Day."

Piggy Chops celebrates 'unbreakable' spirit of Marry Kom in Mumbai

Priyanka-ChopraNew Delhi, August 14 : Priyanka Chopra, along with Indian filmmaker Omung Kumar and producer Sanjay Leela Bhansali, promoted her upcoming film, which is a biopic on Mary Kom, in Mumbai.

Rajnath Singh stable, discharged from AIIMS

Rajnath-SinghNew Delhi, Aug 14 : Union Home Minister Rajnath Singh, who was admitted to the All India Institute of Medical Sciences (AIIMS) yesterday evening over an intestinal issue, has been discharged from the hospital.

"Rajnath had come for routine checkup . He had a pain in his abdomen, but there is no reason to worry as he is fine now and has been discharged from the hospital," said Union Health Minister Dr. Harshvardhan.

Singh was admitted in the AIIMS yesterday night, with complaints of pain in his lower abdomen. (ANI)

Inflation at 5-month low of 5.19% in July

InflationNew Delhi: Inflation dipped to a five month low of 5.19 percent in July mainly on account of decline in prices of some food articles, vegetables and protein rich items.

It was at 5.43 percent last month and 5.84 percent in July 2013.

Inflation in the overall food articles basket, which account for 14 percent of the total Wholesale Price Index (WPI), stood at 8.43 percent. It was at 8.14 percent in June.

Inflation in vegetables declined 1.27 percent, and for onion it was (-)8.13 percent on an annual basis in July, as per the WPI data released on Thursday.

Insurance Bill sent to Select Committee of Rajya Sabha

InsuranceNew Delhi: Giving in to opposition pressure, the government on Thursday referred the controversial Insurance Bill to the Select Committee of Rajya Sabha.

The House adopted a motion in this regard after Finance Minister Arun Jaitley moved it while informing members that the panel has been asked to look into the Bill and submit its report on the last day of the first week of the next session.


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