Mamata Banerjee-led Trinamool Congress (TMC) has removed the name of Congress from its logo. "TMC is now called Trinamool and after 21 years, it was time for change," a party leader said. The Congress name has been dropped from party banners, posters and all communication material. However, it will remain registered with the Election Commission as Trinamool Congress. Present West Bengal Chief Minister Mamta Banerjee had separated from the Congress in 1998 and formed the TMC over differences of opinion on dealing with the then ruling CPI(M).
State-owned Canara Bank on Friday said it has launched a Medium Term Note (MTN) bond issuance programme through its London branch to raise up to $400 million (about Rs 2,750 crore). The unsecured bonds, with a maturity period of 5 years, will mature on March 28, 2024. The funds raised will be utilised for deploying in long-term assets by the bank's foreign branches," it said. The bonds will be listed on the Singapore Stock Exchange. A medium-term note is a debt note that usually matures in 5–10 years. They can be issued on a fixed or floating coupon basis.
State-owned REC Ltd on Friday said it has paid Rs 1,143.34 crore as interim dividend for 2018-19 to the power ministry. The Board of REC had declared interim dividend at the rate of Rs 11 per equity share. The REC is a non-banking finance firm and Infrastructure Finance Company (IFC) focusing on power sector. It provides financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives and private sector utilities.
The Bombay High Court on Friday granted interim relief to Grasim Industries, the flagship company of the Aditya Birla Group, on Rs 5,872-crore dividend distribution tax demand. The demand, raised by the Income tax department, was linked to a 2016 demerger plan of the group. The restructuring was part of a plan that involved the merger of Aditya Birla Nuvo with Grasim. However, after the merger, the financial services business of Aditya Birla Nuvo was demerged into Aditya Birla Capital.
India has been one of the fastest growing large economies in the world, the International Monetary Fund (IMF) has said, asserting that the country has carried out several key reforms in the last five years, but more needs to be done. IMF communications director Gerry Rice Thursday said, "India has of course been one of the world's fastest growing large economies of late, with growth averaging about 7% over the past five years."
The Election Commission of India on Friday joined the micro-blogging site Twitter ahead of the Lok Sabha elections. Twitter also launched a special election emoji aimed at encouraging participation in election-related discussions, encouraging more people to go and vote. Available in 12 languages, the election emoji would feature an image of the Parliament of India.
India's foreign exchange reserves surged by a whopping $3.602 billion to $405.638 billion in the week to March 15, driven by rise in foreign currency assets. Forex reserves had increased by $258.8 million to $402.035 billion in the previous week. In the reporting week, foreign currency assets (FCA), a major component of the overall forex reserves, increased by a healthy $3.546 billion to $377.77 billion.
Amid severe financial woes, Jet Airways has reportedly suspended operations on 13 more international routes till end-April. It has also scaled down flight frequencies on seven other overseas routes, mostly from Delhi and Mumbai. The routes where services have been temporarily withdrawn include Pune-Singapore (seven a week), which was launched with much fanfare late last December, and Pune-Abu Dhabi (seven flights a week). The airline has discontinued services from Delhi to Abu Dhabi, Dammam, Dhaka, Hong Kong and Riyadh up to April 30. Besides, the airline has also suspended services on the Bangalore-Singapore route till April 30.
SBI has raised Rs 1,251 crore through bond sale to boost its additional tier 1 capital ratio. The bonds issued are in the nature of non-convertible and perpetual, and are Basel III compliant for inclusion in additional tier 1 capital, the bank said on Friday. The bonds carry a coupon of 9.45% payable annually with call option after five years. Tier 1 capital comprises of equity capital, and shareholders’ retained earnings.
The Government on Friday said it has exceeded its disinvestment target for the current fiscal by Rs 5,000 crore and the proceeds have touched Rs 85,000 crore. "As against a target of Rs 80,000 crore for disinvestment for the current year, the divestment receipts have touched Rs 85,000 crores today," Finance Minister Arun Jaitley tweeted. For the next fiscal the disinvestment target has been fixed at Rs 90,000 crore.
The lenders of the debt-laden Jet Airways are pushing for a change in management, government sources said. They are mulling a plan to sell the airline after securing a controlling stake. The banks want the promoters to exit before new buyers are roped in. The lenders led by SBI are in favour of a professional team to take charge of the cash-strapped airline and will reportedly infuse more capital only after the change in management.
According to the latest EPFO payroll data, net employment generation in the formal sector touched a 17-month high of 8.96 lakh in January. The addition in January was 131% higher as compared with 3.87 lakh EPFO subscribers added in the year-ago month. In September 2017, a net of 2.75 lakh jobs were created. Around 76.48 lakh new subscribers have been added to social security schemes of the EPFO from September 2017 to January 2019.
Nearly 260 Jet Airways’ pilots, who fly the Boeing 737, appeared for an interview conducted by low cost carrier SpiceJet in Mumbai on Wednesday. Among the pilots were 150 captains. SpiceJet also operates the B737. Jet’s pilots, aircraft engineers and senior management have remained unpaid for last three-month. The airline’s pilots have threatened they will stop flying from April 1 unless their dues are cleared or a letter of intent is signed by the management that the same will be cleared.
Education technology platform Byju’s valuation has surged to over Rs 37,000 crore, or around $5.4 billion, after a fresh funding of $25 million from existing investor General Atlantic. Byju’s is now the fourth most-valued private internet company in India. Byju Raveendran’s 36% shareholding in the edutech start-up is now valued at Rs 13,267 crore, or $1.9 billion. Byju’s is also one of the only major venture capital-backed companies where founders still hold over 30% stake.
The United States imposed sanctions on Thursday on two Chinese shipping companies, the first such steps since the failed US-North Korean summit last month. The US alleged that the two companies, Dalian Haibo International Freight Co Ltd and Liaoning Danxing International Forwarding Co Ltd, helped North Korea evade sanctions over its nuclear weapons program. The move prohibits US dealings with the designated companies and freezes any assets they have in the United States.