Narendra Modi assumes office as 15th Prime Minister of India
Narendra Modi today assumed office as the Fifteenth Prime Minister of India. Narendra Modi offered floral tributes to Mahatma Gandhi in his office at South Block, and assumed charge of the office of Prime Minister. Narendra Modi as an able administrator, has focused on good governance initiatives as well as development to bring about qualitative change in the lives of the people. He has adopted the guiding principle of "Minimum Government and Maximum Governance" and also rationalization with a commitment to bring a change in the work culture and style of governance. He held a short briefing with the Principal Secretary to PM Nripendra Mishra and senior officers in PMO. Senior PMO officials welcomed and received Narendra Modi, when he arrived at the Prime Minister’s Office in South Block.
Modi's cabinet: The Official list
After keeping his ministers and the media perhaps guessing, the final official list is out on who heads which ministry. Prime Minister Narendra Modi will hold his first Cabinet meeting today. The names more or less match the buzz which has been around since Monday. Seven women are part of the Modi Cabinet including Smriti Irani who is among the youngest and Najma Heptullah, the lone Muslim face in the Narendra Modi Cabinet. The President of India, as advised by the Prime Minister, has directed the allocation of portfolios among the following members of the Union Council of Ministers...Read More
What are the top 10 priorities for Modi government?
Prime Minister Narendra Modi announced its priority agenda today.
The PM has stressed on governance, delivery and implementation.
He has asked each ministry to form a 100-day priority list and also asked minsters to address state views with Centre.
The PM would meet ministers and secretaries separately.
- To remove hurdles in economic growth.
- To prioritise education, energy and water.
- To bring in reforms in infrastructure.
- To provide a people-oriented government and governance.
- To ensure time-bound implementation of policy.
- To maintain consistency in policy.
- To promote e-auctioning in government tenders.
- To improve inter-ministerial co-ordination.
- To build confidence in the bureaucracy.
- To empower and provide freedom to the bureaucracy.
The cabinet on Tuesday had approved the creation of a Special Investigation Team to unearth black money parked in offshore accounts.
"The Prime Minister indicated that he would like his office to consider issues, especially those raised by the States on priority and with sensitivity," an official statement from the PMO said.
India's Q4 GDP at 4.6% vs 4.7%
India's GDP (gross domestic product) stood at 4.7% in the financial year ended 2014. The country's Q4 GDP growth stood at 4.6% as against the estimates of 4.7%. The manufacturing sector continues to disappoint. Manufacturing growth was down at 1.4% as compared to the negative growth of 1.9% QoQ. The fourth quarter construction sector reported growth of 0.7% as against the estimates of 0.6% on QoQ. Trade & hotels reported growth at 3.9% in Q4 as against 4.3% QoQ. Mining growth was down at 0.4% in Q4 as against a negative growth of 1.6%. The electricity and gas recorded growth of 7.2% in Q4 as compared to 5% QoQ. During the same period, financial services sector reported growth of 12.4% vs 12.5% QoQ.
Community and social growth services growth was at 3.3% vs 7% QoQ. The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, has released the provisional estimates of national income for the financial year 2013-14 and the quarterly estimates of Gross Domestic Product (GDP) for the fourth quarter (January-March) of 2013-14, both at constant (2004-05) and current prices.The CSO has also released the corresponding annual and quarterly estimates of Expenditure components of the GDP in current and constant (2004-05) prices, namely the private final consumption expenditure, government final consumption expenditure, gross fixed capital formation, change in stocks, valuables, and net exports.
India's April fiscal deficit at Rs 1.13 trillion: Govt says
India's April fiscal deficit stood at Rs 1.13 trillion as against Rs. 936 billion YoY. FY14 fiscal gap stood at Rs. 5.08 trillion vs Rs. 5.24 trillion YoY, while revenue gap was at Rs. 3.6 trillion vs Rs. 3.7 trillion YoY, according to the government data. FY14 government spending stood at Rs. 15.6 trillion as against Rs. 15.9 trillion YoY. FY14 government receipt was at Rs. 10.5 trillion as compared to Rs. 10.6 trillion YoY. FY14 net tax receipts at Rs. 8.2 trillion, while non-tax receipts stood at Rs. 1.99 trillion. Revenue deficit for the month of April was at Rs. 1.01 trillion. The country's government receipts stood at Rs. 71 billion as compared to Rs. 81 billion YoY. Government's April stood at Rs. 1.2 trillion as against Rs. 1.02 trillion YoY.
Change from confrontation to cooperation: Pak PM
In a bid to improve ties between India and Pakistan, the premiers of the two countries have exchanged notes and indicated that they would push to resolve their long standing disputes. The Indian team is said to have raised its concerns which include slow progress in the 2008 Mumbai attack trial in Pakistan as well as border ceasefire violations by Pakistani forces. Pak premier Nawaz Sharif said, "I urge that we should change from confrontation to cooperation and not engage in accusations and counter-accusations."
"My government stands ready to discuss with India all issues in a spirit of cooperation. For peace and security, we should bring stability instead of insecurity," he said reading out a prepared statement to the media.
RIL's IMT to acquire control of Network 18 Media
The Board of Reliance Industries Limited approved funding of upto Rs. 4,000 crore to Independent Media Trust ("IMT"), of which RIL is the sole beneficiary, for acquisition of control in Network 18 Media & Investments Limited ("NW18") including its subsidiary TV18 Broadcast Limited ("TV18") and the Open Offers to be made consequent to the acquisition. NW18 is the owner of a suite of premier digital internet properties, e-commerce businesses and differentiated broadcast content. IMT would use the funds to acquire control over NW18 and TV18 resulting in ownership of about 78% in NW18 and 9% in TV18 and to acquire shares tendered in the Open Offers. Further, in terms of SEBI (Substantial Acquisition and Takeover Regulations), 2011, IMT would be making Open Offers to public shareholders for acquisition of equity shares of NW18, TV18 and Infomedia Press Limited. IMT would be simultaneously making the Public Announcement under Takeover Regulations. RIL would be a Person Acting in Concert to the Open Offers. This acquisition will differentiate Reliance’s 4G business by providing a unique amalgamation at the intersect of telecom, web and digital commerce via a suite of premier digital properties. This suite includes In.com, IBNLive.com, Moneycontrol.com, Firstpost.com, Cricketnext.in, Homeshop18.com, Bookmyshow.com; the broadcast channels include Colors, CNN IBN, CNBC TV18, IBN7, CNBC Awaaz.
Another high profile exit: BG Srinivas, Infosys, President & Board Member resigns
Infosys Ltd has informed BSE that B. G. Srinivas, President and Member of the Board has conveyed his intention to resign from the services of the Company. The Board has accepted his resignation and has decided to relieve B. G. Srinivas from his responsibilities effective June 10, 2014. Narayana Murthy, Executive Chairman said, "B. G. Srinivas has been an integral part of Infosys and has played an important role in the Company's growth. The Board and every lnfoscion thanks B. G. Srinivas for his wonderful contribution and wish him great success in his future endeavors."...Read More
Five Vacation planning tips that can save you money and reduce financial stress
Summer is finally here. It's a great time to take a much-deserved vacation with friends or family. But, vacations can quickly become stressful if you find yourself spending more money than you planned. Poor planning can cause you to use your credit card a lot and even make you late on paying bills. Here are five helpful tips from Evolve Money, the convenient online and mobile bill payment app available through iTunes and Google Play. They can help you stick to a vacation budget and plan for timely bill payments.
- Plan ahead and book promptly. The ideal vacation is one that is planned in advance and booked right away. The sooner you plan, the more money you can save. For instance, if you decide to head to the beach for the Fourth of July, book your trip immediately so you don't miss out on the best deals.
- Travel during down times. Some of the best vacations are ones you have when no one else is there. While the Fourth of Julywith friends at a popular campground can be a great time, it also can be the most expensive time to be there. To avoid paying extra, try planning vacations during the week, at the beginning or near the end of the summer, or other off-peak times.
- Avoid costly hotels. Summer is a time to be adventurous outside. Instead of staying at a hotel with luxury spa and fitness accommodations, look for alternatives such as cabins, bed and breakfasts or even houses for rent.
- Take care of your bills.?Paying your student loans or gas bill should be the last thing on your mind on vacation, but if you fail to make a payment, you could be charged with late fees. Plan ahead for your bills by using a mobile bill payment tool such as Evolve Money. It's free and easy to use so you can focus on your summer fun.
- Look for discounts. Summer is the season for destination discounts. Take a look at airline, travel, hotel and attraction websites. Some offer reduced rates at certain times during the season, and many offer bundled discounts.
When it comes to planning for a cost-effective summer vacation, a little due diligence can save you a lot of money.
Fainting linked to your heart, not brain!
Fainting followed by blurring of vision, black out, light-headedness, feeling of nausea, dizziness should not be passed off as just a mere normal occurrence as all this may be a warning sign of a serious heart ailment. Dizziness is normal after strenuous work but fainting coupled with these signs is abnormal and warrant some seriousness if you are ignoring it. Fainting or Syncope, as known in medical terms, is loss of consciousness. A person who has fainting spells returns to full consciousness, but has no inkling of having lost it in the first place. The bout of fainting happens when the blood supply to the brain is hampered. The interruption in oxygen supply to brain happens due to low blood pressure, the result of which is less availability of blood to the brain as the heart is unable to pump blood. There could be many reasons for fainting or passing out. Anemia, low blood sugar, metabolic disorders, improper blood circulation are some of the reasons behind fainting spells. While fainting as such is not a cause to press the panic button, falling after passing out can cause severe injuries, especially to the head which is a very sensitive area...Read More
Should I go for a home loan or wait for rates to come down?
The best time for taking a home loan is when you have already shortlisted a house you want to buy. Waiting for interest rates to come down is an exercise in futility because your home loan is for a long period and rates are bound to fluctuate. A smart borrower will troll the market for the best deal. There are many home loan plans available in the market. Different banks offer various kinds of home loan options. Currently, all the banks across India are offering home loans at the rate of 10.15% to 10.5% per annum in all range of loan amounts. People equipped with relevant information about home loans, banks, interest options and EMIs are the ones to make best choices while selecting a loan...Read More
Sit straight at work!!
In today’s hectic world, many hours are spent at offices. On an average, a person sits more than 8 hours per day while doing his job at his office. Many of us do not take required number of frequent eye or leg breaks and eventually develop body ailments, most common of them are back and neck pain. Lack of proper knowledge and guidance coupled with a careless attitude towards health are the main culprits.
Negative effects of sitting for long hours:
Not only during office hours but even at home, we tend to pass the rest of our day’s hours mostly as sitting; watching TV, eating, surfing the net, commuting at sit-position and so on. This sitting habit contributes to a number of medical conditions like back pain, neck pain headache and other conditions. The way we are working on a computer, we underuse many of our muscles, while other muscles get tense and shorten. Very often we develop a so-called muscular imbalance, with a shortening of the breast muscles and a weakness of the upper back and shoulder blade muscles.
What we should do?
If you spend a significant amount of time sitting at your desk for work or other reasons, it is essential to If you are sitting at a desk for large portion of the workday, it’s important to give your body a break by standing up. When you do, you will work different muscles and get your blood moving up...Read More
Steppe Eagle: Another victim of Diclofenac
The serious threat from the veterinary drug - diclofenac - to various species of vultures has been known for a long time. Research now shows that the killer drug seems to be preying upon other birds of prey too. A paper published today in the Cambridge University Press journal - Bird Conservation International – by scientists from BNHS-India, UK-based Royal Society for the Protection of Birds (RSPB) and Indian Veterinary Research Institute (IVRI), Bareilly, Uttar Pradesh, has revealed that two Steppe Eagles found dead at a cattle carcass dump in Rajasthan had diclofenac residue in their tissues.
Steppe Eagles under threat
The recent findings based on the tests carried out on the bodies of the two Steppe Eagles found in Rajasthan showed the same clinical signs of kidney failure as seen in Gyps vultures after they had ingested diclofenac. Researchers have observed extensive visceral gout, lesions and uric acid deposits in the liver, kidney and spleen of the two birds and diclofenac residue in the tissues...Read More
Tata Power Q4 net loss at Rs1453.30mn
Tata Power Company Ltd has posted a net (loss) / profit after tax, minority interest and share of profit / (loss) of associates of Rs. (1453.30) million for the quarter ended March 31, 2014 as compared to net profit of Rs. 1813.60 million for the quarter ended March 31, 2013. Total Income has decreased from Rs. 90719.70 million for the quarter ended March 31, 2013 to Rs. 88975.60 million for the quarter ended March 31, 2014. The Group has posted a net (loss) / profit after tax, minority interest and share of profit / (loss) of associates of Rs. (2599.70) million for the year ended March 31, 2014 as compared to net loss of Rs. (854.30) mn for the year ended March 31, 2013. Total Income has increased from Rs. 332069.90 mn for the year ended March 31, 2013 to Rs. 350868.40 million for the year ended March 31, 2014...Read More
Bajaj Electricals Q4 net loss at Rs. 10.65 crore
Bajaj Electricals Ltd has declared its results for the fourth quarter and year ended 31st March, 2014. During the fourth quarter, the net sales/income from operations has increased by 15.4% at Rs. 1270.97 Cr as against Rs. 1101.27 Cr in the fourth quarter of the previous year. However, the Company has incurred a loss of Rs. 14.56 Cr, as against profit before tax of Rs. 1.02 Cr during the fourth quarter of 2012-13. The net loss during the current quarter is Rs. 10.65 Cr, as against net profit of Rs. 0.63 Cr in the corresponding period of the previous year. For the financial year ended 31st March, 2014, net sales / income from operations is higher by 19.3% at Rs. 4029.83 Cr as against Rs. 3377.34 Cr in the previous year. However, the Company has incurred a loss of Rs. 5.96 Cr, as against profit before tax and exceptional item of Rs. 44.25 Cr during the previous year 2012-13. In the last year, the Company had an exceptional income of Rs. 24.72 cr derived from the sale of investment in the equity shares of Bajaj Ventures Limited. The net loss during the current year is Rs. 5.31 Cr, as against net profit of Rs. 51.21 Cr in the corresponding period of the previous year...Read More
Oil India Q4 net profit at Rs 5656.20 mn
Oil India Ltd has posted a net profit of Rs. 5656.20 mn for the quarter ended March 31, 2014 as compared to Rs. 7645.50 million for the quarter ended March 31, 2013. Total Income has decreased from Rs. 28449.90 million for the quarter ended March 31, 2013 to Rs. 25495.80 million for the quarter ended March 31, 2014. The Company has posted a net profit of Rs. 29813.00 mn for the year ended March 31, 2014 as compared to Rs. 35893.40 million for the year ended March 31, 2013. Total Income has decreased from Rs. 114780.20 million for the year ended March 31, 2013 to Rs. 112413.40 million for the year ended March 31, 2014.
Britannia Industries Q4 net profit up 17%
Britannia Industries Ltd. (BIL), India’s leading Food Company, reported consolidated revenue growth of 11.3% for the year at Rs. 6,829 crores. Profit from operations and Net profit increased by 56.6% and 52.3% at Rs. 544 crores and Rs. 395 crores respectively. On a standalone basis, revenue for the year at Rs. 6,232 crs increased 12%. Profit from operations and Net profit increased by 69.6% and 58.1% at Rs. 533 crores and Rs. 370 crores respectively. In Q4, consolidated revenue grew 8.6% at Rs. 1,777 crores. Profit from operations at Rs. 147 crores increased by 16.9%. Net profit at Rs. 108 crores also increased by 16.9%. On a standalone basis, revenue in Q4 increased by 9% to Rs. 1,620 crores. Profit from operations increased by 26.7% to Rs. 148 crores. Net profit at Rs. 92 crores increased 4.2%, which was impacted by exceptional item of Rs. 20 crores (pre-tax) towards provision for diminution in value of investment in Daily Bread. Moreover, Q4 of previous year included profit on sale of property (pre-tax) of Rs. 7.5 crores. Without considering this, Net profit growth would have been 32%. The Board of Directors recommended a dividend of 600% i.e. Rs. 12 / share...Read More
Godrej Industries Q4 net profit rises 22%
Godrej Industries Ltd's net profit for the three months ended 31 March 2014 rose 22% to Rs114.30 crore from Rs93.67 crore a year ago. Total income from operations rose 37% to Rs1,992.25 crore for the three months ended 31 March 2014. "All our businesses have done well this quarter, the highlight was our Godrej Agrovet business whose profitability was up 80% and we expect all our business to grow very well this fiscal. We are sure the new government will be able turnaround the economy and bring back 8% growth," chairman Adi Godrej said. Consolidated income for Godrej Agrovet Ltd was at Rs800 crore up 19% from a year-ago period. Godrej Industries’ chemicals business saw revenue at Rs364 crore and profit at Rs18 crore. Financial year 2014-15 will be an exciting year for Godrej Properties with major launches planned in all the top real estate markets of India, Adi Godrej said.
JSW Steel Q4 net profit at Rs4828.30mn
JSW Steel Ltd has posted a net profit / (loss) after tax after Share of profit / (loss) of minority and share of profits / (losses) of associates of Rs. 4828.30 million for the Quarter ended March 31, 2014 where as the same was at Rs. 2959.10 million for the Quarter ended March 31, 2013. Total Income is Rs. 143435.30 mn for the Quarter ended March 31, 2014 where as the same was at Rs. 99009.80 mn for the Quarter ended March 31, 2013. The Group has posted a net profit / (loss) after tax after Share of profit / (loss) of minority and share of profits / (losses) of associates of Rs. 4519.50 million for the year ended March 31, 2014 where as the same was at Rs. 9631.10 million for the year ended March 31, 2013. Total Income is Rs. 513054.30 million for the year ended March 31, 2014 where as the same was at Rs. 382793.80 million for the year ended March 31, 2013...Read More
India Cements Q4 loss at Rs31 crore
India cements Ltd has announced its annual results for the year ended 31st March 2014 at its board meeting held today. With a steep fall in the sales realization for cement together with the cost push and with a loss on sale of one of the ships it has reported a loss of Rs. 31 crores for the quarter and a profit of Rs. 11 crores for the year under review before the exceptional items...Read More
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