The average apartment size in India’s top 7 cities has shrunk by 17% between 2014 and 2018. Mumbai Metropolitan Region (MMR) tops the list with a 27% average decrease in apartment sizes to 700 sq ft in 2018 from 960 sq ft in 2014. Bangalore saw the least decline in average property size at around 12% during the same period. The current average apartment size in Bangalore is 1,260 sq ft. Rising property prices coupled with increasing demand for affordable, compact and budget-friendly housing has led to the shrinking apartment sizes across most metros.
The Walt Disney Company’s $71.3-billion acquisition of Rupert Murdoch-owned 21st Century Fox, which includes Star India, will lead to 300-350 job cuts in India. The merger, which is awaiting some clearances in Mexico, is well on track in India. The Walt Disney Company is the largest entertainment company in the world. Post merger, Disney will own rights of some of the biggest media properties like the Indian Premier League (IPL), the English Premier League (EPL), top regional language and Hindi TV shows, and films.
Coal imports by state-run power producers doubled to 5.4 MT during the first 10 months of fiscal 2018-19 from 2.05 MT a year ago. State-owned plants which increased imports were GSECL from Gujarat, APPDCL from Andhra Pradesh and TANGEDCO from Tamil Nadu. Imports by West Bengal, however, declined by 34% during the same period, while other states did not import any coal, neither this year, nor last year.
Larsen & Toubro's (L&T) construction arm has bagged orders worth Rs 1,000 crore - Rs 2,500 crore for power transmission and distribution projects, the engineering major said on Tuesday. L&T Construction will execute these engineering, procurement, and construction orders in India and abroad.
Bank of Baroda has become one of the first public sector banks to launch a crèche/child daycare facility for children of its employees. It launched its first such facility at its Mumbai corporate office in Bandra Kurla Complex which houses some 1500-plus employees. The bank now plans to roll out more of them at its head office in Vadodara. This initiative is designed to help employees save time and reduce stress of finding the right care for children in the age group of 6 months to 6 years. BoB will bear 60% of the monthly cost for each employee.
For the 11th bipartite wage settlement, the process of wage negotiation for public sector bank officers and workmen may be done separately after 15 years. While the largest officers union has boycotted the talks, the workmen unions are in favour of going ahead with it. The 21 public sector banks have over 8.5 lakh people with about 458000 workmen. Wage revision in public sector banks takes place in every five years.
Air pollution is killing more people every year than smoking, according to research published on Tuesday that called for urgent action to stop burning fossil fuels. Researchers in Germany and Cyprus estimated that air pollution caused 8.8 million extra deaths in 2015; while the World Health Organization (WHO) estimates smoking kills about 7 million people a year globally.
The GSTN has provided a facility to taxpayers to view and download a report on tax liability as declared in their form GSTR- 1 (final sales return) and as declared and paid in their return filed in form GSTR-3B (summary sales return). The new facility enables the taxpayers to compare these two liabilities in one table for each return period at one place. The GSTN has also provided taxpayers information regarding data of input tax credit (ITC) as claimed in their form GSTR 3B and as reflected in form GSTR 2A, based on the GSRT-1 uploaded by the supplier.
British spirits maker Diageo Holdings Netherlands BV (DHN) has sought to be heard by the Prevention of Money Laundering Act court. It has claimed “bona fide, legal and substantial” rights in the shares pledged by the fugitive businessman and his son Siddharth Mallaya. It also opposed an application moved by a consortium of lenders led by SBI, which sought to liquidate the assets of Mallya seized by the Enforcement Directorate.
India has decided to ground the Boeing 737 MAX aircraft being operated by airlines in the country. DGCA has taken the decision to ground the Boeing 737-MAX planes immediately. The grounding of these 12 aircraft will lead to cancellations and increase fares further in the domestic sector. Following the crash of Ethiopian Airlines Boeing 737 MAX aircraft crash which killed 149 people on board, about 15 countries, including the UK, Germany, and France, have banned the aircraft. China, Indonesia, Ethiopia, Australia and Brazil and others had announced bans on Monday.
Revenues in the Media and Entertainment (M&E) sector will grow at a compound annual growth rate (CAGR) of 11.6% to cross Rs 2.35 lakh crore (around $33.6 billion) by 2021. According to a Ficci-EY report, the M&E industry revenue stood at Rs 1.67 lakh crore ($23.9 billion) in 2018. While TV will remain the largest segment, growth is expected to come from digital business. India has the second highest number of internet users after China with 570 million internet subscribers. Around 2.5 million use only digital media and this customer base is likely to double to 5 million by 2021.
Loss-making state-owned telecom firm BSNL has failed to pay February salaries to its around 1.76 lakh employees due to financial constraints. This is the first instance of the company defaulting on salary payments. Salaries and Wages account for around 55% of BSNL’s revenues. While the wages have been rising at a steady pace of 8% annually, the revenues have remained stagnant. Even March salaries are expected to be delayed.
Uday Kotak, CEO of Mumbai-based Kotak Mahindra Bank, has seen his wealth jump nearly three-fold since March 2014. His wealth now stands at $11.4 billion, according to the Bloomberg Billionaires Index. Shares of KMB have outperformed most of its peers mainly due to stable asset quality. Uday Kotak currently holds 30% in KMB. The private lender has been involved in a legal tussle with the RBI over bringing down its promoter stake. KMB had raised Rs 500 crore through issue of preference shares to comply with the RBI norms on promoter holding which the central bank did not accept.
Kochi-based Porinju Veliyath, a renowned investor, believes that if PM Narendra Modi is voted to power for a second term in May this year, the stock market could witness an extended 10-year bull run. In the past few weeks, the FPIs have increased their buying in the Indian capital market. In less than three weeks, foreign investors have pumped in nearly 27,000 crore into the domestic equities.
The RBI would infuse Rs 12,500 crore into the system through open market operations on Thursday. Based on the assessment of the current liquidity situation in the system, RBI has decided to purchase government securities under open market operations (OMOs) for Rs 12,500 crore on March 14. OMOs are money market tools to infuse or withdraw liquidity from the system. Where there is liquidity surplus, it sells securities to pull out money, while the reverse happens when there is a liquidity crunch in the system.