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Sun-Ranbaxy deal: CCI raises concerns about molecules market

Sun RanbaxyNew Delhi: The Competition Commission, which has put the multi-billion dollar Sun-Ranbaxy deal for public scrutiny, on Friday said the major issue is whether the combination would result in high market concentration of certain molecules.

"This is the first case" of combination where the Competition Commission of India (CCI) has gone for a public scrutiny, the fair trade watchdog's Chairman Ashok Chawla said.

In April this year, Sun Pharma and Ranbaxy had announced a USD 4-billion deal that would create one of the top five largest speciality generics company in the world.

Four directors on IOC board appointed in UPA regime sacked

Four directors on IOC board appointed in UPA regime sackedNew Delhi : After Governors, the Narendra Modi government is removing independent directors appointed by the previous UPA regime on PSU boards, beginning with sacking of four directors on the board of Indian Oil Corp (IOC).

IOC, the nation's largest company, in a filing to the stock exchanges said, "K Jairaj, Nesar Ahmad, Sunil Krishna and Sayan Chatterjee have ceased to be Independent Directors on the Board of the company on August 27, 2014."

PM Narendra Modi formally launches Pradhan Mantri Jan Dhan Yojana

Narendra-ModiNew Delhi, Aug 28 : Prime Minister Narendra Modi formally launched the Pradhan Mantri Jan Dhan Yojana here today, stating that the scheme will be the first step for many towards being a part of the economy.

The Prime Minister said, "I believe that whenever someone opens a bank account, it is their first step towards being a part of economy."

President Mukherjee to present National Sports Awards tomorrow

President-MukherjeeNew Delhi, Aug 28 : President Pranab Mukherjee will present the National Sports Awards at a function at the Rashtrapati Bhavan here on Friday.

The National Sports Awards are given every year to recognize and reward excellence in sports.

The awards that will be presented by the President to the winners are: Dhyanchand Award, Dronacharya Award, Arjuna Award, Tenzing Norgay National Adventure Awards, Maulana Abul Kalam Azad Trophy and Rashtriya Khel Protsahan Puruskar. (ANI)

Eagerly awaiting your arrival, Japanese PM tells PM Modi

shinzo-abeNew Delhi, Aug 28 : Responding to Indian Prime Minister Narendra Modi's tweet on Thursday, his Japanese counterpart Shinzo Abe said he was eagerly awaiting the former's arrival in Kyoto.

"India has a special place in my heart, eagerly waiting for your arrival in Kyoto," tweeted Shinzo Abe

"Your first visit to Japan as Indian PM will add new chapter to our strategic partnership," Abe said, adding, "Together we can do a lot for peace and prosperity in the world."

Govt notifies Act to empower Sebi with extra powers

Govt notifies Act to empower Sebi with extra powersNew Delhi - Giving more teeth to Sebi to clamp down on illicit money-pooling schemes and other frauds, the government has notified a new law empowering the capital market regulator to pass orders for attachment of properties, arrest of defaulters and to access call data records.

Will need 25 models to sell 3 mn cars per year: Maruti

MarutiNew Delhi: Car marker leader Maruti Suzuki India is looking at nearly doubling the number of models to 25, including entry into SUV and LCV segments, as it aims a target to sell 3 million cars annually.

The company will launch within a few months an SUV to compete with Renault's Duster, which will be followed by a compact SUV in 2016 to take on segment leader Ford EcoSport, as part of a strategy to be present in newer segments of the passenger vehicle market.

Maruti Suzuki India (MSI), which is gearing up to launch a light commercial vehicle (LCV), is also in the process of setting up a separate network for its new foray.

SC directs DLF to pay Rs 630 cr fine imposed by CCI

DLFNew Delhi : Real estate major DLF was on Wednesday directed by the Supreme Court to deposit Rs 630 crore fine slapped on it by the Competition Commission of India (CCI) for allegedly resorting to unfair business practices.

The apex court said the total ammount will be deposited within three months with its Registry pending the outcome of the appeal filed by DLF against May 19 order of Competition Appellate Tribunal's upholding the penalty of Rs 630 crore imposed by the CCI.

"We direct the appellant (DLF) to deposit the amount of Rs 630 crore in this court," a bench comprising justices Ranjana Prakash Desai and N V Ramana said in its interim order.

Govt gives nod to continue urea production from Naptha

Govt gives nod to continue urea production from NapthaNew Delhi : Government Wednesday approved continuation of production of urea from three plants using naptha as feedstock for a duration of three months ending on September 30.

The Cabinet Committee on Economic Affairs (CCEA) Wednesday approved the continuation of production of urea from Madras Fertilizers Limited (MFL), Manglore Chemicals and Fertilizers Ltd (MCFL) and Southern Petrochemical Industries Corporation (SPIC), according to an official statement.

At present, only these three units are using Naptha as feedstock.

Air India faces maximum passenger complaints

Air India faces maximum passenger complaintsNew Delhi - Air India tops the list of passenger complaints lodged against Indian airlines in July this year, followed by no-frill carrier SpiceJet, official data shows.

Most air travellers, who have lodged complaints against the airlines, complained of problems relating to delayed flights and their customer services.

While Air India topped the list with the maximum of 213 complaints, it was followed by SpiceJet with 129 and IndiGo with 92. These carriers were followed by GoAir with 81 complaints and Jet Airways 61, the data for July showed.

Health Min tracking 821 passengers for Ebola

Health Min tracking 821 passengers for EbolaNew Delhi - The Health Ministry on Wednesday said 821 passengers were being tracked for Ebola in the country with most of them belonging to states of Maharashtra, Kerala and Tamil Nadu.

"Today, 45 passengers were enrolled for follow up in their respective states through state Integrated Disease Surveillance Programme (IDSP) units. As on date, a cumulative number of 821 passengers are being tracked. Most of them are in the States of Maharashtra, Kerala and Tamil Nadu," a Health Ministry release said.

Govt defers decision on ONGC, CIL, NHPC stake sale

Govt defers decision on ONGC, CIL, NHPC stake saleNew Delhi - The government on Wednesday deferred a decision on its stake sale in three PSUs -- ONGC, Coal India and NHPC as Finance Minister Arun Jaitley was not in town.

The Cabinet Committee on Economic Affairs did not take up the disinvestment proposals as the minister concerned was not present, Law Minister Ravi Shankar Prasad told reporters here after the CCEA meeting.

As per estimates, disinvestment in the three PSUs could yield the exchequer over Rs 40,000 crore, enough to meet the target for the current fiscal.

RIL to save $450 mn/yr by importing ethane from US

RIL to save $450 mn/yr by importing ethane from USNew Delhi - Reliance Industries will save about USD 450 million annually by importing 1.5 million tons ethane from US for its petrochemical plant, says a report.

Imported Ethane will substitute its current propane imports and a portion of naphtha used for ethylene production.

"Given depressed US ethane prices and rising production, we estimate an annual saving of USD 450 million from this feedstock substitution from FY18," CLSA said in a research report.

PM Modi sets up committee to identify obsolete laws within three months

Narendra-ModiNew Delhi, Aug 27 : Prime Minister Narendra Modi today set up a committee to identify obsolete laws within a time frame of three months.

He called for a focused and result-oriented exercise to systematically weed out archaic laws and rules. The Committee will also examine Acts and Rules which may have become obsolete within the last ten to fifteen years. The newly-constituted Committee will examine all Acts recommended to be repealed by the Committee on Review of Administrative Laws, which had been appointed by the Union Government of Atal Bihari Vajpayee in 1998.

Narendra K Verma named new MD of ONGC Videsh

Narendra-K-VermaNew Delhi, Aug 27 : Narendra K Verma today took charge at the Oil and Natural Gas Corporation Limited (ONGC) Videsh as its Managing Director.

Verma has been the Director (Exploration) of the Maharatna ONGC since April 2013, after having a career spanning more than three decades with the oil major.

Prior to joining the Board of Directors of ONGC, he was the Director (Exploration) for ONGC Videsh Limited, where he was responsible for the growth strategy and business development at OVL with several high value acquisitions in last one year.

Bipasha Basu promotes movie 'Creature 3D' in Mumbai

Bipasha-BasuNew Delhi, Aug 27 : Bipasha Basu recently promoted her upcoming movie ' Creature 3D ' in Mumbai.

Speaking to media persons, the 35-year old actress said: "Audience should get entertained by this film; they should understand that it's our new initiative to grow our film industry. We are creating a new type of genre of creature features which are very popular in West. If this all happens, I will be very satisfied."

The film, which is directed by Vikram Bhatt, is slated to release on 12th September 2014. (ANI)

SBI cuts interest on home loan by up to 0.15%, makes rate structure uniform

SBI cuts interest on home loan by up to 0.15%, makes rate structure uniformNew Delhi - Country's largest bank SBI on Tuesday slashed home loan rate by up to 0.15 percent on housing loan and removed the slab for advances, a development which will have bearing on mortgage rate of other lenders.

Home loan of any amount would now be available at 10.15 percent while for women borrower the rate of interest would be 10.10 per cent, SBI said in a corrected press statement.

The base rate or the minimum lending rate below which the bank cannot lend is 10 percent.

I feel shy when people compliment me for my looks: Dharmendra

DharmendraNew Delh: He is regarded as one of the most handsome actors in Hindi cinema but yesteryear star Dharmendra says he gets shy when his co-stars or fans compliment him for his good looks.

The 78-year-old actor credits his healthy lifestyle and being content with his life behind his charming looks. "I am a shy person and I actually get embarrassed when people compliment me for my looks. But when I think about it later, I feel good. I don't have any regrets in my life. I am happy with whatever God has given me be it personally or professionally. I get up early in the morning and do yoga to stay fit. I don't go to gym and all," Dharmendra said.

Jet-Etihad Airways deal: SC seeks Centre reply on Swamy's plea

Jet-Etihad Airways deal: SC seeks Centre reply on Swamy's pleaNew Delhi - The Supreme Court Tuesday sought Centre's response within four weeks on pleas by BJP leader Subramanian Swamy seeking Cabinet note concerning Jet-Etihad Airways deal and copy of the transcript of tapped telephonic conversation of former corporate lobbyist Niira Radia in which she had allegedly talked about civil aviation sector.

A bench comprising justices H L Dattu and S A Bobde asked Additional Solicitor General L Nageshwar Rao who accepted the notice on behalf of the Centre to file response on Swamy's application.

PNB launches housing loans at 10.25%

Punjab National BankNew Delhi - To increase business in the festival season, Punjab National Bank (PNB) Tuesday said housing loan of up to Rs 2 crore will attract 10.25 percent interest rate and also announced full waiver of processing fee and documentation charges on housing, car and two-wheeler loans.

Under the festival season bonanza offer for retail loans, housing loans of over Rs two crore will attract interest of 10.50 percent.

The festival bonanza, launched today, would contribute to the growth of GDP and with the onset of festival season, PNB said in a statement.



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