Name: UK court extends Nirav Modi's remand till June 27
Uploaded: 2019-05-30T17:17:55.0+05:30
Duration: T00M29S
Channel: editorji

A UK court on Thursday refused to grant bail to fugitive businessman Nirav Modi and extended his remand till June 27. The diamond tycoon is lodged in a prison in South-

UK court extends Nirav Modi's remand till June 27

A UK court on Thursday refused to grant bail to fugitive businessman Nirav Modi and extended his remand till June 27. The diamond tycoon is lodged in a prison in South-west London and was produced for the first case management hearing after his multiple attempts to secure a bail failed. The UK authorities have also asked India to provide details of the prison that he will be held in 14 day. Nirav who is fighting a $2 billion PNB fraud and a money-laundering case was arrested by Scotland Yard

The investors may be been preoccupied with the IPO market but the 50 stock gauge Nifty finally managed to climb the 16000 summit after a long wait. The markets hit a re

Nifty hits 16,000 but the smallcap investors are the ones rejoicing as returns beat the index hollow.&nbsp;

Markets at record high

The investors may be been preoccupied with the IPO market but the 50 stock gauge Nifty finally managed to climb the 16000 summit after a long wait. The markets hit a record high on an otherwise sombre day of trade.&nbsp; Nifty hit 15,000 for the first time on February 5 has tested the patience of investors that have seen the broader markets outperform by a wide margin. The smallcap&nbsp;index has given the investors a 37% return in the time that the Nifty took to reach 16000 from 15k which meant a mere 6.5% return for those betting on the frontline&nbsp;index.&nbsp; The shine in the portfolio belonged entirely to metal stocks with the index giving a 60% return as the Nifty went from 15000-16000. Tata&nbsp;Steel almost doubled! and same was the story for JSW&nbsp;Steel and Hindalco.&nbsp; Markets also took note of tech major Infosys&nbsp;as it's marketcap surpasses Rs 7 lakh&nbsp;crore as stock hit a record high as well.&nbsp; The stock sinking in trade was Vodafone Idea as it dropped over 10% on news reports of Birla looking to offload stake.&nbsp; Investors will know put the focus back on the IPO&nbsp;market with 4 issues opening on Wednesday. Also on the traders' radar will be the RBI&nbsp;policy meeting from 4-6 of&nbsp; this month.&nbsp;

The promoter of Vodafone Idea Ltd and Chairman of Aditya Birla Group, Kumar Mangalam Birla has offered to hand over his Rs 6,000-crore-wor

Kumar Mangalam Birla offers to hand over Vodafone Idea stake to government. Will the govt pick up this call?

Is Govt going to takeover Vodafone? Birla offers to give up stake 

The debt death knell seems to be calling Vodafone&nbsp;Idea.&nbsp;The promoter of Vodafone&nbsp;Idea and Chairman of Aditya&nbsp;Birla&nbsp;Group, Kumar&nbsp;Mangalam&nbsp;Birla&nbsp;has offered to hand over his Rs 6,000-crore-worth&nbsp;stake in the telecom&nbsp;company to the government.
Birla, who owns over 27% stake in Voda&nbsp;Idea, is willing to hand over his stake in order to keep the telco&nbsp;afloat, as per a letter he wrote to Union Cabinet Secretary Rajiv Gauba&nbsp;on June 7.&ldquo;It is with a sense of duty towards 27 crore&nbsp;Indians connected by VIL, I am more than willing to hand over my stake in the company to any entity-public sector/government/domestic financial entity or any other that the government may consider worthy of keeping the company as a going concern,&rdquo; Birla said in his letter.
This highlights a serious concern in the company as&nbsp;Birla offered to give up his control of the company more than a month before the Supreme Court dismissed the company's application for recalculation of the AGR dues.
VIL's debt has increased sharply in the last four years to Rs 1.6 lakh&nbsp;crore as of March 2021 end, from around Rs 37,000 crore in FY16.

Domestic auto manufacturer Tata Motors has announced it will increase prices of its passenger vehicles on an average of 0.8%. This will be effective from August 3

Domestic auto manufacturer&nbsp;Tata Motors has announced it will increase prices of its passenger vehicles on an average of 0.8%. This is the third price hike undertaken by the car maker.&nbsp;
This will be effective from August 3 and will depend on the variant and model.
However, the automaker will offer protection from the price increase to vehicles that will be retailed on or before August 31, 2021.
Tata&nbsp;Motors had recently said that it was looking to increase prices to offset the steep rise in the cost of essential materials like steel and precious metals.
Earlier, Maruti&nbsp;Suzuki and Honda also increased prices to offset the rising commodity prices.

Adding the glam to the IPO calendar, Nykaa has filed papers with market regulator SEBI to raise around Rs 4,000 crore via an initial public offering (IPO) as

Adding the glam to the IPO&nbsp;calendar,&nbsp;Nykaa has filed papers with market regulator SEBI to raise around Rs 4,000 crore via an initial public offering (IPO) as per reports.&nbsp;According to reports the cosmetic e-tailer is planning to raise Rs 4,000 crore in the&nbsp;IPO&nbsp;and sources said the company is seeking a valuation between Rs 35,000 crore to Rs 40,000 crore. About Nykaa&nbsp; Nykaa was founded in 2012 by Falguni Nayar, the erstwhile MD of Kotak Mahindra Capital Company. It is today the largest multi-brand beauty &amp; personal care platform in India commanding nearly a third of the marketshare in it's segment. After starting as an online beauty platform, Nykaa also launched offline stores and has &gt;80 outlets today.&nbsp; The Profitable Startup&nbsp; The company achieved a revenue of Rs 1800 cr in FY20, revenues have grown 100 times over FY15-20.&nbsp;Nykaa has seen sharp improvement in profitability over the years; it became profitable in FY19 and Ebitda jumped to more than Rs 80 cr in FY20 Read/Watch Also: <a href="https://www.edtr.ai/a1r7" target="_blank">4 IPOs open on August 4, here are the details&nbsp;</a>

4 on 4, that can be the tag line for the IPO bonanza this week with 4 initial public offers opening for investment on August 4. Meet the cast and crew of the IPO&n

4 on 4, that can be the tag line for the IPO&nbsp;bonanza this week with 4 initial public offers opening for investment on August 4. Meet the cast and crew of the IPO&nbsp;showcase for the week-:
<ul>
<li>Devyani International: The operator of Pizza Hut, KFC and Costa Coffee will add IPO&nbsp;to it's menu with a price band of&nbsp;Rs 86-90/share. The grey market premum is over 60% for this single largest quick-service restaurant (QSR) company in India.</li>
<li>Krsnaa Diagnostics: This diagnostic player has fixed&nbsp; the IPO&nbsp;price at Rs 933-954 per share. With the grey market premium of over 40% at this point, the shares are trading with a bounce of Rs 40/sahre in the unlisted market. Krsnaa&nbsp;Diagnostic&nbsp;will raise a total Rs 1213 crore from investors.</li>
<li>Windlass Biotech: The price band for the same has been fixed at Rs 448-460 for this Dehradun&nbsp;based pharma&nbsp;formulations contract developer. Investors can bid for a minimum of 30 equity shares and in multiples of 30 shares thereafter.</li>
<li>Exxaro Tiles: A smaller IPO&nbsp;looking to raise around Rs 161 crore&nbsp;via the issue and has set the IPO&nbsp;price of Rs 118-120 per equity share. With a large chunk in the IPO&nbsp;reserved for HNI&nbsp;and retail, one can apply in a lot of 125 shares, meaning maximum application size of Rs 15,000.
&nbsp;
</li>
</ul>

Lok Sabha on Monday passed a bill to amend the general insurance law to allow the government to pare its stake in state-owned insurers. The amendmen

Lok Sabha&nbsp;on Monday passed a bill to amend the general&nbsp;insurance&nbsp;law to allow the government to pare its stake in state-owned insurers.&nbsp;The amendment in the General Insurance Business (Nationalisation) Act, 1972 is to facilitate privatisation of one general insurance company in the public sector which has met a lot opposition from PSU&nbsp;employees as well as other political parties.&nbsp;
The Finance Minister in the Budget 2021-22 had announced a big-ticket privatisation agenda which included two&nbsp;public sector&nbsp;banks and one general insurance company.
As of date, there are four general insurance companies in the public sector - National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited and the United India Insurance Company Limited. Unconfirmed reports suggested that the NITI Aayog&nbsp;had recommended United India Insurance Company as one of the potential candidates for privatisation.&nbsp; Even with bill passed it is unlikely that the sale will be wrapped up in this fiscal year as per experts as&nbsp;given the challenges in identifying suitable buyers and making sure that no downsizing at the public sector outfit takes place, the process is likely to be lengthy.&nbsp;

India at 75 is set to revamp its welfare distribution system, from the 'ek anna' era to the e-RUPI ecosystem. Here is all you need to know about the latest in digital p

India at 75 is set to revamp its welfare distribution system, from the 'ek anna' era to the e-RUPI ecosystem. Here is all you need to know about the latest in digital payment systems.
What is e-RUPI?
e-RUPI&nbsp;is a cashless and contactless&nbsp;instrument for digital payment. It is a purpose and person-specific mode of payment that would be a hybrid version of digital currency&nbsp;and voucher. e-RUPI&nbsp;has been developed by the National Payments Corporation of India (NPCI), the Department of Financial Services, the Ministry of Health and Family Welfare and the National Health Authority.
How will it work?
It will be a QR code or SMS-based&nbsp;e-voucher that would be delivered to the beneficiary directly. A corporate or a government agency will have to contact a partner bank that will issue the voucher. The voucher will then get delivered to the beneficiary's mobile phone which can be redeemed at a specific centre or for a specific purpose. These vouchers are like prepaid e-gift cards.&nbsp;For eg: If an e-RUPI voucher has been issued for Covid&nbsp;vaccine, it would be used for the same purpose.
Why e-RUPI?
According to the government, e-RUPI&nbsp;is a revolutionary initiative in the direction of ensuring a leak-proof delivery of welfare schemes. It ensures timely payment to the service provider without the involvement of any intermediary. More than 17 lakh crore&nbsp;transferred under DBT&nbsp;till now.
What are its uses?
It can be used for delivering services under several government welfare schemes. The government also said that even the private sector can leverage these digital vouchers as part of their employee welfare and corporate social responsibility programmes.
Is it better than&nbsp;DBT?
While the&nbsp;DBT scheme requires the beneficiaries to have a bank account, the e-RUPI system will not require users&rsquo; bank account details. The only requirement is for the beneficiary&rsquo;s mobile phone number.
How is e-RUPI&nbsp;different from the digital currency?
As the government is on the verge of launching its&nbsp;digital&nbsp;currency or CBDC, e-RUPI&nbsp;could be considered as something in between a digital currency and the historic voucher system. Even though both are contactless&nbsp;and totally digital, e-RUPI&nbsp;is developed to fulfil a specific purpose, while spending of digital currency would be at a holder's discretion.

Banks, in August, are going to be closed for as many as eight days across states in India. Here is the complete list of bank holidays for the month: August 13, Friday:

Banks, in August, are going to be closed for as many as eight days across states in India. Here is the complete list of bank holidays for the month:
<ul>
<li>August 13, Friday: Patriot's Day (holiday in Manipur)</li>
<li>August 16, Monday: Parsi New Year (holiday in Maharashtra)</li>
<li>August 19, Thursday: Muharram&nbsp;</li>
<li>August 20, Friday: Muharram/First Onam (holiday in Karnataka, Kerala, Tamil Nadu)</li>
<li>August 21, Saturday: Thiruvonam (holiday in Kerala)</li>
<li>August 23, Monday: Sree Narayana Guru Jayanthi (holiday in Kerala)</li>
<li>August 30, Monday: Janmashtami</li>
<li>August 31, Tuesday: Sri Krishna Ashtami (holiday in Telangana and Andhra Pradesh)</li>
</ul>

IPO bound Paytm has launched its Field Sales Executive (FSE) program which will see the opening up over 20,000 job opportunities for undergraduates. Reports i

IPO bound&nbsp;Paytm has launched its Field Sales Executive (FSE) program which will see the opening up over 20,000 job&nbsp;opportunities for undergraduates. Reports indicate that the fintech&nbsp;giant is&nbsp;plans to hire 20,000 field sales executives to educate merchants on adopting digital payment modes.&nbsp; Recruited field sales executives would have the opportunity to earn as much as&nbsp;₹35,000 and more in monthly salaries and commissions.

India's largest auto maker Maruti is in top gear driving into August as July sales beat street estimates with a large margin as they rose over 50% vs last year.&nb

India's largest auto maker Maruti&nbsp;is in top gear driving into August as July sales beat street estimates with a large margin as they rose over 50% vs last year.&nbsp; July sales clocked in at a 1.64 lakh units for Maruti, which marks the highest level of sales since February and a 19% jump even from June.&nbsp; Sales of utility vehicles, including Vitara Brezza, S-Cross and Ertiga, stood at 32,272 units last month as compared to 19,177 in the year-ago month, the company said. Smart rise in mini and compact sedan segment were also seen.&nbsp;

The country’s largest bourse National Stock Exchange (NSE) has approached the market regulator SEBI for it's go ahead to file for an initial public offer DRH

The country&rsquo;s largest bourse&nbsp;National Stock Exchange (NSE) has approached the market regulator SEBI for it's go ahead to file for an initial public offer DRHP&nbsp;as per reports.&nbsp; The annual report of the stock exchange stated that&nbsp;NSE has requested Sebi to convey its no-objection which would enable the stock exchange to finally file it's DRHP.&nbsp; As per Business Standard&nbsp;, the bigger shareholders of the exchange want Sebi and the&nbsp;NSE to expedite the listing process and they have taken up the issue with the NSE&rsquo;s management several times. Here are the the major shareholders of NSE: LIC&nbsp;(12%), Aranda Investments (5%), Veracity Investment (5%),&nbsp;Stock Holding Corp (4.4%), SBI&nbsp;Capital Market (4.3%), SBI&nbsp;(3.6%)

e-RUPI, a person and purpose-specific digital payments system will be launched by PM Modi today. This electronic voucher based digital payment

e-RUPI,&nbsp;a person&nbsp;and purpose-specific digital payments system was launched by PM Modi&nbsp;today. This&nbsp;electronic voucher based digital payment&nbsp;is a cashless and contactless digital payments medium which essentially would work like a gift voucher.&nbsp; Also Read:&nbsp;<a title="India @ 75: e-RUPI, India's giant leap into digital tokens explained" href="https://www.edtr.ai/a1n1">India @ 75: e-RUPI, India's giant leap into digital tokens explained</a> This e-RUPI&nbsp;voucher would be redeemable at specific locations and will not require the holder/owner to have any electronic card or even a bank account to execute the payment.&nbsp; Aimed at giving a boost to digital payment for welfare schemes, e-RUPI&nbsp;has been developed by&nbsp;National Payments Corporation of India (NPCI), Department of Financial Services, Ministry of Health and Family Welfare and the National Health Authority.&nbsp;

India's richest man Mukesh Ambani wants a bite out of the world's largest singlebrand restaurant chain, Subway Inc. As per reports Reliance is looking to acqu

India's richest man Mukesh&nbsp;Ambani wants a bite out of the world's largest singlebrand&nbsp;restaurant chain, Subway Inc. As per reports Reliance is looking to acquire the Indian Franchise of Subway for close to $250 million.&nbsp; ET reports quoting undisclosed sources that Reliance is in conversation with PE investors to take over the 600+ Subway stores across India and is willing to pay nearly Rs 1500 cr for it.&nbsp;
Ambani&nbsp;will face off market leader Domino's&nbsp;in the&nbsp;quick service restaurant (QSR) segment who maintains the giant lead of 21% market share followed by 11% held by McDonald's in India.&nbsp;

asds 24*7 Salary and EMI payments: The National Automated Clearing House (NACH) is a bulk payment system used by banks to transfer salaries and pensions, divide

&nbsp;
<ul>
<li>24*7 Salary and EMI payments:&nbsp;The National Automated Clearing House (NACH) is a bulk payment system used by banks to transfer salaries and pensions, dividends and interest will now be accessible around the clock.&nbsp;</li>
<li>ATM cash withdrawals to cost more: After 9 years the RBI&nbsp;hiked interchange fees effective August 1, which will lead to higher charge on ATM&nbsp;cash withdrawals after the first four that still remain free.&nbsp;</li>
<li>Change in Post Office charges:&nbsp;Those who hold an account with the India Post Payments Bank (IPPB), will have to pay more to use the doorstep services. The bank currently has no charge for these services, but from August 1, it will start charging&nbsp;₹20 (plus GST) for each such request.&nbsp;</li>
<li>ICICI bank revises charges: Services charges across&nbsp; the board to be hiked for this private bank with effect from August 1</li>
</ul>

Bitcoin has doubled from it's 2017 peak! It is never too late to start investing but start small and study, that's the advise coming in from India's most successful cry

Bitcoin has doubled from it's 2017 peak! It is never too late to start investing but start small and study, that's the advise coming in from India's most successful crypto exchange platform. Do not just follow the trend but research, that is another important tidbit from Nischal Shetty as he guides new investors and those sitting on the sidelines to come and be a part of the blockchain bonanza.

Is it a commodity , is it a currency, is it an asset or is it just superficial? Crypto decoded with India's largest crypto exchange platform WazirX who says Crypto can'

Is it a commodity , is it a currency, is it an asset or is it just superficial? Crypto decoded with India's largest crypto exchange platform WazirX who says Crypto can't be classified but with an aim to avoid mint street admits that it may not be accepted as payment/currency in India. Nischal admits that UPI is far more efficient than crypto can ever be as a digital payment mode but reiterates that it does not render the digital token useless.

The country's largest lender, the State Bank of India (SBI) on Saturday announced Monsoon Dhamaka offer with a 100 per cent waiver on processing fees on

The country's largest lender, the&nbsp;State Bank of India (SBI) on Saturday&nbsp;announced Monsoon Dhamaka&nbsp;offer with a 100 per cent waiver on processing fees on home loans.
This is a significant reduction from the existing processing fees of 0.40 per cent. The Monsoon Dhamaka Offer is for a limited period ending on 31st August 2021.&nbsp; A home loan customer stands to gain substantially through this limited period offer.&nbsp;
SBI's home loan interest rates start at just 6.70 per cent, the lender said in a release.&nbsp;
The State Bank of India claims that it is offering the cheapest home loan in the entire banking system and that is the reason, SBI has massive 5 lakh crore home loan book.&nbsp;&nbsp;

As the blockchain bets get louder but concerns of crackdown loom WazirX reiterates that the digital tokens are not illegal. Speaking exclusively to Fortune India and Ed

As the blockchain bets get louder but concerns of crackdown loom WazirX reiterates that the digital tokens are not illegal. Speaking exclusively to Fortune India and Editorji&nbsp;Nischal Shetty founder and CEO at binance backed WazirX reiterates that being unregulated does not make crypto illegal. Comparing to the start of internet Nischal reminds investors that even gold faced resistance as a store of value so one needs to be patient and await regulation but not fear a crackdown.

India's infrastructure output in June rose 8.9% year-on-year, compared with 16.8% in the previous month, government data on Friday showed. The data released by the com

India's infrastructure output in June rose 8.9% year-on-year, compared with 16.8% in the previous month, government data on Friday showed.
The data released by the commerce and industry ministry on July 30 showed that production declined in just one out of the eight core sector industries - crude oil. Positive growth was seen in seven out of eight sectors.
Data released by the industry department showed that the coal sector grew 0.4% from May to June.
Crude oil production continued to contract, falling by 1.8 percent in June. Refinery output and steel production in June eased from double-digit growth in May. 
Cement production rose by a smaller margin of 4.3 percent, while electricity output rose by 7.2 percent in June. Fertilizer production turned positive.

The ban on international flights has been further extended till August 31, the Director General of Civil Aviation (DGCA) said. The ban on international comme

The ban on international flights has been further&nbsp;extended till August 31, the&nbsp;Director General of Civil Aviation (DGCA) said.
The ban on international commercial flights to and from India was going to end on July 31.
However, international flights on selected routes on a case-to-case basis may continue to operate, the DGCA mentioned.
International flights have been banned since March 23 due to the Covid-19 pandemic.

UK court extends Nirav Modi's remand till June 27

explore newslists

1/3

UK court extends Nirav Modi's remand till June 27

2/3

Markets at record high: Nifty claims 16,000 for the first time ever, Metals and smallcap shine

3/3

Birla ready to hang up on Vodafone, Will the Govt pick up the call?

Business

Markets at record high: Nifty claims 16,000 for the first time ever, Metals and smallcap shine

Birla ready to hang up on Vodafone, Will the Govt pick up the call?

Tata Motors hikes car prices, How much will it affect your pocket?

Nykaa IPO: Beauty startup files papers for issue with SEBI, to raise Rs 4000 cr

4 IPOs open this week: Take your pick between, Windlass, Devyani, Krsnaa, Exxaro, Here are the details

Lok Sabha passes bill allowing govt to reduce stake in insurance companies, privatisation path paved

India @ 75: e-RUPI, India's giant leap into digital tokens explained

Banks are shut for half of August: Check out the Bank holiday list for August

PayTm Job Alert! 20,000 jobs with salaries upto Rs 30,000 as the fintech looks to expand sales

Maruti in the fast lane, July sales soar 50% beating street estimates

NSE seeks IPO nod from market regulator SEBI

Meet e-RUPI , PM launches game changer in digital payment for welfare schemes

Mukesh Ambani wants a Subway bite! Reliance Retail looking to acquire Indian franchise

Changes from August 1 that affect your money; Here are the details

On Biz Buzz | Want to invest in Crypto? WazirX founder tells you how

On Biz Buzz | WazirX concedes crypto not as efficient as UPI, unlikely to be accepted as Payment mode

Looking for home loan options? SBI waives off 100% processing fees till this date

On Biz Buzz | Crypto unregulated not illegal says WazirX

India's infrastructure output in June up 8.9% y-o-y vs 16.8% in May

Ban on international flights extended till August 31: DGCA

follow editorji

download editorji