New Delhi

Airtel Q3 net income plunges 72% to Rs 86 crore; payments bank helps bolster finances

Bharti Airtel on Thursday reported a 72 per cent drop in consolidated net income for the three months ended December 2018 at about Rs 86 crore, amid market turbulence triggered by cut-throat competition in its India business.

A hange in the accounting structure with respect to Airtel Payments Bank brought an exceptional gain of Rs 1,017 crore for Bharti Airtel and bolstered the company’s financials.

Surprises for investors, middle class likely

The interim Budget, to be presented by finance minister Piyush Goyal on Friday, will have some specifc sops aimed at cheering the investor community, and by extension, the stock market.

According to officials, there is a strong possibility of changes in the income tax rates and corporate tax rates but all these direct tax rates will come into effect only after the next government takes charge and the new Lok Sabha passes them.

Growth lags in 8 core industries

Growth in eight core industries slowed to18 months low of 2.6% in December, indicating that industrial production continues to remain subdued on account of weak demand and less than encouraging recovery in infrastructure sectors and a stable recovery would take more time to fructify.

GDP growth rate for 2017-18 revised to 7.2% from 6.7%

Despite the twin shocks of demonetisation and the implementation of goods and services tax (GST), the government said that the country’s economy grew faster than earlier projected over the last two years.

The government on Thursday revised the economic growth rate upwards to 7.2% for 2017-18 from the 6.7% estimated earlier.

GST collections top Rs 1 lakh cr in January

Ahead of the Budget and much to the comfort of the government, GST collections crossed Rs 1 lakh crore in January, up from Rs 94,725 crore mopped up in December 2018.

 "The total gross GST Revenue collected in the month of January, 2019 has today crossed Rs 1 lakh crore. This has been a significant improvement over collection of Rs 94,725 crore during last month and Rs 89,825 crore during the same month last year," finance ministry ministry tweeted.

It’s not a full budget: FinMin

Keeping up with the tradition, the Narendra Modi-led government will present an interim budget on Friday. The last Budget of the present NDA government is likely to be presented by interim finance minister Piyush Goyal in the Lok Sabha.

Confusion was created after the commerce ministry on Wednesday in a whatsapp message to the media said: "do not refer Budget 2019-20 as interim Budget, it is officially referred as general Budget 2019-20".

However, the finance ministry later clarified that the budget will be called interim budget 2019-20.

Postal dept to spin off life insurance biz

The postal department plans to spin off the postal life insurance and rural postal life insurance operations into a separate business unit (SBU) for which a Cabinet note has been circulated, communications minister Manoj Sinha said on Wednesday.

"For postal life insurance and rural postal life insurance we have moved a Cabinet note. In the first phase it will involve creation of an SBU and in second phase a full fledged insurance company," Sinha told reporters on the sidelines of an event to mark the second anniversary celebration of India Post Payments Bank (IPPB).

A global platter

Trade Promoters Council of India (TPCI) recently organised an experiential tea tasting and food pairing session, in the presence of renowned tea consultant Amy B Dubin and master culinary craftsman Kumar Sambhav. Both of the culinary masters curated and presented different preparations of exquisite tea and Indian fusion food for international palate.