West Bengal

Mutual fund industry seeks tax sops in budget

Mutual fund industry seeks tax sops in budget

Kolkata: The country's mutual fund industry is seeking tax sops from the forthcoming Union Budget.

"The industry has asked for separate concession over and above the Rs 1.5 lakh deduction under section 80C for ELSS and National Pension Scheme," industry body AMFI Chairman Sundeep Sikka said Wednesday on the sidelines of the ICC organised mutual fund summit.

"The need for industry is long term money. This (additional concessions) will boost long term flows into the capital market," he said.

"The Finance Ministry should also consider tax concessions for unit linked pension plans under section 80CCD of the Income Tax Act," Dinesh K Khara, Managing Director and CEO of SBI Mutual Fund said.

Coal India production jumps 6%, focus on evacuation

Kolkata - With coal production increasing over six percent and offtake at only 3.2 percent during the year, logistics and coal evacuation comes into core focus for Coal India.

"Evacuation is growing at 3.5 percent while, production is growing at more than 6.7 percent till January 6 this year. Unless there is evacuation, what is the point in production," Coal India Chairman Suthirtha Bhattacharya said.

Rohit Sharma becomes only player to score double ton twice in ODI

Rohit SharmaKolkata, Nov 13 : India's opening batsman Rohit Sharma made history by becoming the only batsman to score a double ton for the second time, as India set up Sri Lanka a massive target of 404/5 in their allotted 50 overs in the fourth ODI of the series.

Sharma was brought into the match to help him improve on his form, replacing Shikhar Dhawan in the dead rubber.

Sharma hit a massive 264 of 173 deliveries. His mountainous innings included 33 fours and nine sixes.

AAI to develop 50 low-cost airports

G K ChaukiyalKolkata: The state-owned airport operator Airports Authority of India (AAI) is planning to develop 50 new low-cost airports across the country to cope with the growing air traffic.

Announcing this at a conference on Communication, Navigation and Surveillance systems (CNS), AAI Member (Operations) G K Chaukiyal said that the low-cost airports would be built over 10 years in an effort to reduce the cost of operation.

Bajaj Auto hopes for better days from September

Bajaj AutoKolkata : Bajaj Auto is bullish on its two new 150cc bikes and is aiming to regain lost ground in the second half of the FY15.

"From September onwards, we hope to come to a zero deficit situation compared to last year's monthly numbers," Bajaj Auto President (Motorcycle) Eric Vas said here.

"We are in deficit by about one lakh units in sales till now (April-August 14) this year. We can add about 35,000 units a month even if the mid-segment (above Rs 50,000) of the industry grows from 17 to 20 percent of the total motorcycle market," he said.

Canara Bank expects Rs 500 cr capital from govt this fiscal

Canara-BankKolkata: State-owned Canara Bank on Thursday said it is expecting a capital infusion of Rs 500 crore from the government this fiscal.

"We are expecting a capital infusion of Rs 500 crore from the government this fiscal," Canara Bank CMD R K Dubey said.

The bank is already Basel-III compliant, he said, adding that it would require additional capital to support its lending activity.

For this purpose, the bank was awaiting the finance ministry's nod for a QIP (qualified institutional placement) of Rs 3,000 crore which it plans to raise.

Mamata Banerjee to visit Singapore from August 17

Mamata BanerjeeKolkata: West Bengal Chief Minister Mamata Banerjee will pay a six-day visit to Singapore from August 17 at the country's invitation for improving business and cultural relations.

This would be her first foreign visit after assuming office in 2011.

She would be accompanied by a 'very high level' official and business delegation and would use the opportunity to attract foreign investment to the state.

Briefing reporters on her visit, state Finance Minister Amit Mitra said the Singapore Foreign Minister K Shanmugam has invited Banerjee to improve relations and she has accepted it.

Kareena Kapoor considering Bengali film

Kareena-KapoorKolkata: Trying to walk into the footsetps of her mother-in-law and veteran actress Sharmila Tagore, Bollywood actress Kareena Kapoor is now considering acting in Bengali films.

"I have been offered a Bengali film and I am thinking about it. I love the way Bengali directors project their heroines beautifully and aesthetically," Kapoor told reporters.

However she didn`t disclose details of the Bengali film which she is considering.

Admitting that she is a great fan of the late Bengali directors Satyajit Ray and Rituparno Ghosh, the 33-year-old said she would love to act in Bengali films.

India's first jellyfish lake discovered

Jelly fishKolkata: Marine biologists have discovered a jellyfish lake in Gujarat, probably the first such in India.

"This is probably the first jellyfish lake to have been found in India. The concentration and density of jellyfish is very high here. You can even see them from outside during low tide and when the water is clear," wildlife scientist B C Choudhury said.

Led by him, a team of researchers from the Wildlife Trust of India have recently stumbled on the jellyfish habitat during a routine field visit to a small town named Armabada in Gujarat.

NTPC Bangladesh power JV to be operational by FY18

NTPCKolkata: The USD 1.2-billion Indo-Bangla power joint venture is planning to award the contract for construction of the plant by April 2015 and expected to start commercial generation by FY18.

"We expect to award the contract next year. The company has recently appointed Fichtner Consulting Engineers and is in the process of finalising a consultant who will help in sourcing coal for the project," NTPC Chairman & Managing Director Arup Roy Choudhury said.

The plant is likely to consume around 8 million tonnes of coal every year and the entire generation will be based on coal imported into Bangladesh, he said last evening.

IIT Kharagpur honours Azim Premji

IIT Kharagpur honours Azim PremjiKharagpur: Wipro Chairman Azim Premji was honoured on Saturday with a doctorate by IIT Kharagpur.

The 69-year-old businessman and philanthropist was given the honorary degree of Doctor of Science "for being one of the pioneers of entrepreneurship in modern India through the establishment of Wipro, an organisation deeply committed to values" at the 60th convocation of the institution.

Premji received the DSc (Honaris Causa) from 'Bharat Ratna' scientist C N R Rao.

Mamata Banerjee to visit Singapore with biz delegation

Mamata-BanerjeeSalboni: In her first trip to a foreign country after assuming charge as Chief Minister of West Bengal in May 2011, Mamata Banerjee would visit Singapore with a business delegation to attract investments for the state.

Inaugurating a Rs 615-crore cement plant of OCL India here today, Banerjee said she would visit Singapore accompanied by representatives of various chambers of commerce.

She said her visit was aimed at bringing in foreign investments to the state.

Banerjee said Midnapur district had already received investments amounting to Rs 40,000 crore, adding that the area had huge investment potential.

'RBI to soon announce rules for on-tap banking licenses'

RBIKolkata: The Reserve Bank of India (RBI) would soon come out with policy guidelines for differentiated banking licenses which would be given on tap, deputy governor of the apex bank R Gandhi said.

Besides, he criticised banks for not extending financial assistance to the micro, small and medium size enterprises (MSMEs) and asked lenders to consider the working dynamics of this sector while extending credit.

"The RBI will soon come out with policy guidelines in differentiated banking licenses within a short period of time", Gandhi told reporters on the sidelines of ICC Banking Summit here today.

Bengal govt to provide banks space for opening branches

Amit MitraKolkata: The West Bengal government will provide space to banks in order to set up new branches in Gram Panchayat offices in villages, with the view to promote financial inclusion.

"The government would give space in the offices of Gram Panchayat so that banks could set up brick-and-mortar branches in the rural areas which will promote financial inclusion," state Finance Minister Amit Mitra told reporters on the sidelines of ICC Banking Summit here today.

He said that banks would be offered typically spaces of around 400 square feet.

'RBI to soon announce rules for on-tap banking licenses'

'RBI to soon announce rules for on-tap banking licenses'Kolkata: The Reserve Bank of India (RBI) would soon come out with policy guidelines for differentiated banking licenses which would be given on tap, deputy governor of the apex bank R Gandhi said.

Besides, he criticised banks for not extending financial assistance to the micro, small and medium size enterprises (MSMEs) and asked lenders to consider the working dynamics of this sector while extending credit.

Survey ranks Kolkata as India's 'best place for quality of life', says Mamata Banerjee

Mamata BanerjeeKolkata: A survey has ranked Kolkata as the best place for quality of life, West Bengal Chief Minister Mamata Banerjee said on Monday.

"You all will be happy to know that Kolkata has been ranked as the best place for quality of life among Indian cities in a recently-conducted survey. The study was based on more than 100 parameters in 21 selected cities," Banerjee said on Facebook.

Kolkata topped while Thiruvananthapuram and Bhopal came second and third respectively while Delhi ranked fifth.

RJio network progress hit by not getting right-of-way

Reliance-Jio-InfocommKolkata: Reliance Jio Infocomm, the telecom arm of Mukesh Ambani-led Reliance Group, is beset with the problem of not getting right-of-way to lay underground cables in various parts of the country hitting progress in network expansion.

"Getting right-of-way in several parts of the country is becoming a problem for Reliance Jio. But things will be sorted out as early as possible," a company official told PTI on condition of anonymity.

Other companies were also facing similar problems, he said adding "rules for getting right-of-way vary from place to place".

Coal India Q4 net profit drops 18 percent

Coal-India-LtdKolkata, May 29 : State miner Coal India (CIL) Thursday posted an 18 percent drop in consolidated net profit at Rs. 4,434.19 crore for the fourth quarter ended March, as compared to that of Rs. 5,413.91 crore in the same quarter of fiscal 2013.

The world's largest miner ascribed the fall to a write-off caused by a dispute with state-run generator NTPC on the quality of coal supplied.

I've never seen such an innings, unbelievable hitting: Gambhir

Gautam GambhirKolkata, May 25 - Having watched with awe Yusuf Pathan's fireworks that enabled his side finish second in the round robin stage of the Indian Premier League, Kolkata Knight Riders captain Gautam Gambhir Saturday admitted he had not see such an innings before.

Pathan (72 of 22 balls) plundered seven massive sixes and five fours as he slammed the fastest IPL fifty to propel the Knight Riders to a four-wicket win over Sunrisers Hyderabad with 34 balls to spare.

Robin Uthappa credits his focus for technique behind dream IPL run

Robin UthappaKolkata, May 21 - Kolkata Knight Riders' batsman Robin Uthappa who has been a revelation with the bat helping his side inch closer to a playoff berth in the Indian Premier League (IPL) Tuesday attributed his success to his ability to trying to be technically in shape.

The dashing opener so far has scored 489 runs from 12 outings and was declared the man of the match in the Tuesday's game against Chennai Super Kings at the Eden Gardens for his blistering 39 ball 67.

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