New Delhi

Onus of pulses procurement may go to states

The government is planning to shift the responsibility of procuring and distributing pulses to states while the Centre will play a supervisory role in the functioning of Rs 11,000 crore price stabilisation fund (PSF).
Since the fund is huge and the procurement has to be completed within a specified period, states will do a better job if they are provided the necessary policy support and funds, sources in the consumer affairs ministry said.

Higher tax on cigarettes keeps industry under pressure: ITC

ITC today said it has to bear an incremental tax burden of over 20 per cent due to the combined impact of increase in excise duty in budget 2017 and revision in GST compensation cess on cigarettes.

The cumulative growth in tax incidence on cigarettes, after cognising for the latest increase in cess rates, stands at 202 per cent in last six years, ITC said in its earnings release.

HDFC Bank shares gain 1 pc post Q3 results

Shares of HDFC Bank today rose by 1 per cent after the company reported a 20.1 per cent growth in net profit for the third quarter of the current fiscal.

The stock went up by 1 per cent to close at Rs 1,951.20 on BSE. During the day, it gained 1.44 per cent to Rs 1,959.80 -- its 52-week high. On NSE, shares of the company rose by 0.92 per cent to end at Rs 1,952.20. Private lender HDFC Bank today reported a 20.1 per cent growth in net profit to Rs 4,642.6 crore for the third quarter of the current fiscal.

Govt to allot 11 mines to CIL, says Goyal

The government today said it has decided to allot 11 mines to Coal India Ltd (CIL) which will add about 225 million tonnes (MT) to the state-owned firm's annual production capacity by 2022.

CIL has a target to produce 1 billion tonne coal by March 2020, up from around 600 MT projected in the current fiscal.

"The government has decided to allot 11 coal mines to Coal India," Coal Minister Piyush Goyal told reporters here.

Of the 11 mines, five are deallocated blocks and six are fresh mines, he said.

Jio logs first net profit of Rs 504 cr in Dec quarter

Reliance Jio today posted its first-ever net profit of Rs 504 crore for the three months period ended December 2017, the second quarter of commercial operations.

The company had incurred a loss of Rs 271 crore in the September quarter. The revenue from operations came in at Rs 6,879 crore, 11.9 per cent growth over the previous quarter.

The earnings before interest, tax, depreciation and amortisation (EBITDA)- at Rs 2,628 crore - was 82.1 per cent more than the sequential quarter. The operating profit margin improved quarter-over-quarter to 38.2 per cent.

Bharti Airtel Q3 profit misses forecast

The country’s biggest mobile carrier BhartiAirtel reported a more than 39 per cent fall in its consolidated net profit for the third quarter after the telecom regulator Trai more than halved interconnection fees last year.

The firm’s net profit fell 39.3 per cent to Rs 306 crore in the October-December quarter, missing an average estimate of Rs 398 crore from 10 analysts, according to Thomson Reuters data.

The company had a net profit of Rs 504 crore in the year-ago period.

A ‘compromise’ to test the waters

FDI in single brand retail in automatic mode is not a new issue. Earlier this month the Modi government, as part of its reforms package to be showcased at the global investor summit Davos in Switzerland, anno­un­ced changes in the policy that will make things easier for overseas investors by allowing them 100 per cent holding under the automatic route.

THAILAND’s Siam Makro makes debut

Thailand based Siam Makro PCL has announced the launch of wholesale cash and carry segment in India. The company has the plan to invest over Rs 1,000 crore in next five years.

The company, a part of $50 billion dollar Charoen Pokphand Group (CP Group) has adopted 100 per cent FDI route to establish its operations in India under the name of LOTS Wholesale Solutions.

Speaking on the occasion Tanit Chearavanont, managing director, LOTS Wholesale Solutions said “We bring with us 28 years of experience in serving various B2B customers, such as HoReCa, traders and service

55 blocks put up for auction for oil & gas exploration

The government on Thursday decided to put on auction a record exploration acreage for prospecting of oil and gas, from 55 blocks, in the first bid round in eight years. Each block on offer has been carved out by prospective bidders under the open acreage licencing (OAL) of the new hydrocarbon exploration and licensing policy; oil minister Dharmendra Pradhan said laun­ching the round.

SC allows Padmaavat to be screened across India

The Supreme Court on Thursday stayed the orders and notifications issued by Rajasthan and Gujarat governments prohibiting the screening of the controversial movie Padmaavat, clearing the decks for its nationwide release on January 25.