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.

RJio to take over as service provider for Railways from Jan 1

Reliance Jio Infocomm will serve the country’s largest and most sought-after accounts in telecom - the railways - from January 1, with officials saying it is likely to slash the national transporter’s phone bills by around 35 per cent at least.

Railways has been using Bharati Airtel for over six years as its telecom provider for 1.95 lakh mobile phone connections used by its employees in closed user group (CUG) across the country for which the railways paid around Rs 100 crore bill per year, they said.

Its validity will expire on December 31 this year.

‘Chandrashekhar wanted Yes Bank to focus on finding Kapoor’s successor’

Former independent director of Yes Bank Rentala Chandrashekar quit the board as he was not happy with the recent developments in the bank, which seemed non-focussed to find a successor of its MD & CEO Rana Kapoor, sources said on Wednesday.

The former bureaucrat wanted the bank to focus on finding a successor for Kapoor rather than indulging in issues such as shake up in the board composition and the likes, sources told.

UltraTech to incorporate Binani Cement as subsidiary

UltraTech Cement on Wednesday said that its board has approved a proposal to incorporate Binani Cement (BCL) as it a wholly-owned subsidiary.

The National Company Law Appellate Tribunal (NCLAT) last week had approved the revised bid of Aditya Birla group firm UltratTech Cement for debt-ridden Binani Cement.

“The board of directors of UltraTech at its meeting held on the November 19, has approved the proposal to form Binani Cement (BCL) into a wholly-owned subsidiary of UltraTech from the November 20,” it said in a statement.

Cement: Optimism on price recovery

Cement companies expect the current strong demand growth to sustain and lead to improved price realisations and margins. This was the key takeaway from the Cement and Infra Day conference, held by ICICI Securities in Mumbai last week.

Mumbai leads India real estate rich list, Delhi & Bangalore follow

A net worth of Rs 27,150 crore, makes Mangal Prabhat Lodha, 62, the richest man according to GROHE Hurun India Real Estate Rich List 2018. He laid the foundation of the Lodha Group. MP Lodha is currently serving as the Member of Legislative Assembly. With a fortune of Rs 23,160 crore, Jitendra Virwani, 52, is considered South India's largest office space landlord. He is currently the chairman of the Embassy group and has been a pioneer in building industrial parks and warehousing spaces. Rajiv Singh, 59, Vice Chairman of DLF Limited has a wealth of Rs 17,690 crore.

ONGC gas production at all-time high of 70 mmscmd

State-owned Oil and Natural Gas Co­r­p’s (ONGC) natural gas production has hit an all-ti­me high of about 70 million standard cubic meters per day as it doubles up efforts to raise domestic output to cu­rb imports, sources privy to the development said.

ONGC produced about 64 million standard cubic me­ters per day (mmscmd) of gas in November last year and this year the output is close to touching 70 mmscmd, sources said.

FinMin aims to rein in CAD at 2.2-2.3% with lower crude, higher rupee

With vital macro statistics of the Indian economy showing remarkable improvement, the government hopes to end the year with a relatively lower current account deficit (CAD) of 2.2 to 2.3 per cent of the GDP against an earlier estimated 2.8 per cent, top officials in the finance ministry said.

Abhijit Bose named WhatsApp India head

The Facebook-owned WhatsApp has announced appointment of Abhijit Bose (in pic) as the head of its India operations.

Bose will have a mandate to build the instant messaging and social media firm’s first full country team outside California.

Bose and his team will focus on helping businesses, both large and small connect with their customers. Earlier this year, WhatsApp released the WhatsApp Business app for small business owners and the WhatsApp Business API to serve larger businesses that engage with customers at scale.