New Delhi

FDI boost for innerwear brands

Innerwear companies are likely to be the biggest beneficiaries of 100 per cent foreign direct investment (FDI) through automatic route, said analysts.

On Thursday, Page Industries shares gained 0.42 per cent to close at a whopping Rs 23,065.65 on BSE after the government announced 100 per cent FDI in single brand retail through automatic route. Rupa & Company shares also gained 0.78 per cent while Lux Industries shares gained 0.18 per cent.

Onion price up at Rs 50-60/kg; will cool down soon, says govt

Retail onion price has risen to Rs 50-60/kg in some parts of the country but the government said it is a “temporary phase” and the rates will cool down by the month-end with improved arrival of the kharif crop. Onion is being sold at over Rs 50/kg in the national capital, Mumbai and Kolkata. In Chennai, the price is ruling at Rs 45/kg, as per official data. A similar trend prevails in small cities as well. “It’s a temporary phase. Traders are taking advantage of the temporary ups and downs,” agriculture secretary SK Pattanayak said.

FinMin rejects railways’ demand for 10% rise in outlay

The finance ministry may keep the plan outlay of Indian Railways at current level in the budget as the government is resorting to borrowing in the face of lower revenue collection.

The finance ministry is learnt to have rejected 8-10 per cent increase in plan outlay sought by the public sector transporter, which has been on a spending-spree to build new rail lines and upgrade existing ones.

Separate agri budget for Telangana from this year

With farmers issues becoming a hot topic during the elections, Telan­gana chief minister K Chandra­sh­ekar  Rao has announced that a separate agriculture budget would be introduced from this year onwards. However, he clarified that there is no dearth of funds to support the agricultural sector in the state.  

Sivan K named new Isro chairman

The government on Wednesday appointed renowned scientist Sivan K as the chairman of Indian Space Research Organisation (Isro) to replace of A S Kiran Kumar. The appointments committee of the cabinet approved his appointment as secretary, department of space and chairman of Space Commission for a tenure of three years, an order issued by the personnel ministry said.

UIDAI introduces 'Virtual ID' to address privacy concerns

In a bid to address privacy concerns, the Unique Identification Authority of India or UIDAI on Wednesday introduced a new concept of 'Virtual ID', which Aadhaar-card holder can generate from its website and give for various purposes, including SIM verification, instead of sharing the actual 12-digit biometric ID.

This will give the users the option of not sharing their Aadhaar number at the time of authentication.

Farm distress triggers high octane politics in Telangana

The politics over agrarian distress in Telangana star­ted heating up as soon as the state government announced 24x7 power supply for the farms, while the Congress party came out with a far­mers’ manifesto to exploit widespread disillusionment over the deferred payments of the loan waiver scheme.

The Congress has promised crop loan waiver up to Rs 2 lakh. Unlike the TRS government which has deferred the debt waiver, the Congress has pro­m­i­­sed to waive the loans in a single sw­e­ep within 100 days of coming to power.

Rlys raises freight rates after CIL’s price hike

In a double whammy to power consumers, the Indian Railways has revised freight rates for coal between 10-20 per cent after Coal India on Tuesday announced up to 10 per cent increase in the fuel price in keeping with the rising cost.

The simultaneous increase in coal price and its transportation charge could spell trouble for debt-ridden power distribution companies as it could raise the cost of power by up to 30 paisa per unit and translate into higher electricity tariff for consumers. It will also raise fuel cost for steel, cement and power units.

Foreign carriers can now buy up to 49% in Air India

Clearing the decks for foreign airlines like Emirates, Singapore Airlines and Lufthansa to pick up a maximum of 49 per cent equity stake in Air India, the Union cabinet on Wednesday decided to bring the state-owned carrier at par with domestic airlines on matters of foreign direct investment (FDI). The move would broad-base investor participation in the bidding for Air India and fetch a better deal for the government.