Sunday, July 21, 2019

Reliance mobile operator Jio to focus on subscriber numbers not tariffs

1 min read . 07:57 PM IST

Jio recently topped Bharti Airtel to become India's second-biggest telecoms operator behind Vodafone Idea
Since its launch in September 2016 Jio has added 331.3 million subscribers by offering cut-price data plans and free voice calls

Opinion | Use diplomacy against nuclear proliferation

2 min read . 07:45 PM IST

Pakistan refuses to cap its arsenal and the US appears a bit too cavalier in its approach to the menace. There’s also the threat of warheads in space. India should firmly oppose all this

During the last week, the Sensex declined 399.22 points or 1.03%, to close at 38,337.01 on Friday

Six of top 10 stocks lose over ₹62k cr in m-cap; RIL takes biggest hit

1 min read . 12:33 PM IST

HDFC Bank, ITC, SBI and ICICI Bank were the other laggards in the top-10 pack
The market valuation of RIL plunged ₹20,031 crore to ₹7,91,750 crore ahead of its Q1 results, which were declared after market hours Friday

Birla's salary was 202.9 times higher than the median remuneration paid to UltraTech employees in FY 2018-19 (PTI)

Kumar Mangalam Birla's FY19 remuneration from UltraTech fell 19% to ₹15.5 cr

2 min read . 03:31 PM IST

Birla, 52, had received an annual salary of ₹19.13 crore in FY 2017-18
Since the last two years, Birla's remuneration is on a decline

Union Transport Minister Nitin Gadkari at Parliament in New Delhi (Photo: ANI)

LIC offers ₹1.25 tn line of credit by 2024 to fund highway projects: Gadkari

3 min read . 02:01 PM IST

This will be used to fund the ambitious Bharatmala project, the revised cost of which has reached ₹8.41 lakh crore
Bhartmala was approved initially at a cost of ₹5.35 lakh crore, which was risen later on account of land acquisition costs

CPI's D Raja with National Conference President Farooq Abdullah, in New Delhi (Photo: PTI)

D Raja appointed CPI general secretary

1 min read . 07:02 PM IST

The move comes after incumbent General secretary Sudhakar Reddy stepped down due to health reasons
The decision was taken at the party's national council meeting, which began on Friday

The misson comes 50 years after Neil Armstrong became the first person to step foot on the moon. (PTI )

'Stronger than ever': India set for fresh Moon launch attempt

2 min read . 06:36 PM IST

Chandrayaan-2 will be launched atop a Geosynchronous Satellite Launch Vehicle (GSLV) MkIII
Chandrayaan-2, and India's space programme as a whole, are a source of national pride in India

In its manifesto, the BJP had promised to expand the coverage of the metro network to 50 cities. ( Aniruddha Chowdhury/Mint)

Centre proposes 'Metrolite' train for small cities

1 min read . 06:22 PM IST

The 'Metrolite' system will have a dedicated path separating the road traffic with it
The three-coach train will have capacity of carrying 300 passengers

An Air India Boeing 777 plane. (Reuters )

Government tells Air India to freeze all appointments, promotions

1 min read . 06:08 PM IST

The direction has come from the Department of Investment and Public Asset Management or DIPAM
The reconstituted GoM headed by Home Minister Amit Shah is expected to meet in the next few weeks to take decisions pertaining to Air India's privatization

Majority of MFs having exposure in DHFL have marked down the value by about 75%

Kotak Mahindra mutual fund exposure in DHFL at ₹140 crore

1 min read . 06:57 PM IST

The total exposure of the mutual fund industry in the company is estimated at ₹5,000 crore from 10 asset management companies
DHFL had reported a loss of ₹2,223 crore for the March quarter of the 2018-19 fiscal

Karnataka BJP chief B S Yeddyurappa (PTI)

Yeddyurappa confident Monday will be last day of Kumaraswamy-led govt in K'taka

1 min read . 06:00 PM IST

Yeddyurappa was referring to the trouble the JD(S)-Congress coalition government has landed in
Yeddyurappa alleged the ruling coalition was unnecessarily buying time despite knowing that whip issued to the ruling coalition MLAs was of no use

Till date, an outflow of over ₹5,500 crore has taken place in the month of July, which is the highest this year (Photo: Reuters)

Indices to remain volatile as fund outflows, subdued results may persist

3 min read . 12:53 PM IST

Market observers opined that monsoon progress coupled with derivatives expiry will also affect investors sentiments
The ongoing flight of foreign funds is expected to continue on the back of latest taxation surcharge on the super rich category.

Lounge

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Kingfish with brandy sauce. (Photo: Priya Ramani)

California dreaming: via Galicia and Gomantak

5 min read . 12:00 PM IST

Indian floral startups are in full bloom

2 min read . 11:40 AM IST

Pieces from Ritu Kumar’s debut homeware line (Photo: Courtesy Ritu Kumar)

Ritu Kumar debuts her Indian craft-inspired homeware line

1 min read . 11:20 AM IST

A landscape shot from the Railing Plateau in Maharashtra. (Photo: Sarang Naik)

Drama in the night sky

3 min read . 11:00 AM IST

Jio’s ARPU for the June 2019 quarter was at ₹122, down from ₹126.2 in the March

Will Reliance Jio relent on pricing pressure after 6th consecutive ARPU fall?

2 min read . 20 Jul 2019

Reliance Jio's present subscriber base is 331.3 million subscribers, according to Jio’s April-June financial quarter
Jio’s average revenue per user (ARPU) has declined consistently over the past six quarters

Red Hat reported $3.4 billion in revenue in the 2019 financial year — up 15% year-on-year.

Post-$34 billion acquisition by IBM, Red Hat bets big on India

2 min read . 01:50 PM IST

Founded in 1993, Red Hat is credited for bringing open source — including technologies like Linux, Kubernetes, Ansible, Java and Ceph, among others — into the mainstream for the enterprises
Red Hat has engineering facilities in Pune and Bengaluru

Kozhikode town being waterlogged after a heavy downpour in Kerala (Photo: ANI)

Two Kerala districts on red alert after four die in heavy rainfall

2 min read . 05:50 PM IST

Kerala, where the crucial southwest monsoon makes its onset, is going through an extreme weather situation this year
For 47 days into the monsoon season that began on 1 June, Kerala faced a pronounced dry spell

Govt sweetens deal to attract bidders for Pawan Hans by diluting crucial terms

3 min read . 03:46 PM IST

Now, the successful bidder would be required to retain all permanent employees for a period of at least a year, as against two years stipulated earlier
Govt also decided to indemnify the buyer against ₹577-cr worth tax liability of Pawan Hans in case an ongoing tax dispute is decided against it

Congress Parliamentary Party chairperson Sonia Gandhi and party General Secretary Priyanka Gandhi Vadra pay tributes to former Delhi chief minister Sheila Dikshit at Congress headquarters, in New Delhi (Photo: PTI)

Sheila Dikshit's last journey begins; mortal remains taken to Cong headquarters

1 min read . 01:56 PM IST

Congress workers jostled to have a glimpse of their leader as the body was brought in a glass casket from her Nizaumuddin residence to the party headquarters
Earlier in the day, BJP patriarch L K Advani and former external affairs minister Sushma Swaraj visited Dikshit's residence and paid homage

Fed policymakers face the risk of disappointing markets if their communication is not pitch-perfect. Photo: Reuters

Why the markets are so focused on the Fed

3 min read . 09:59 AM IST

Markets have long been expecting the Fed to cut rates at its July 30-31 meeting
US stocks and bonds and futures contracts tied to the Fed's policy rate rallied on Thursday, milliseconds after remarks from Williams that appeared to suggest an appetite for forceful rate cuts

Just halfway through the year, the list of unicorns created this year is at par with all of 2018 Photo: iStock

India’s unicorn tribe grows faster than ever this year

2 min read . 20 Jul 2019

2019 alone has produced over half a dozen unicorns so far, with a new one just last week
Unicorns created this year include Icertis, BigBasket, Rivigo, Delhivery, software firm Druva, Dream11, CitiusTech and Ola Electric

Not just in India, financials sector holding the fort across Asia

1 min read . 20 Jul 2019

In India, the financials sector is seen compensating for the poor performance of others
Within financials, analysts expect corporate banks to be the main drivers in the June quarter

The amphibious assault ship USS Boxer (Image for representational purposes only) (AP )

UK steps up pressure on Iran to release seized oil tanker

5 min read . 09:46 AM IST

The UK has demanded the immediate release of the Stena Impero and on Saturday summoned Iran’s charge d’affaires, Mohsen Omidzamani, in London
Tensions between Iran and the West have been rising since Trump pulled out of the 2015 multi-nation agreement with Iran to limit its nuclear program

Heavy rainfall is likely at isolated places in north interior Karnataka, Tamil Nadu, Puducherry and Karaikal, Telangana and Madhya Maharashtra today. (AP )

Heavy rainfall expected in some parts of Tamil Nadu

1 min read . 10:24 AM IST

The weather office also predicted heavy to very heavy rainfall in Andaman and Nicobar Islands and south Konkan and Goa
Rough to very rough sea conditions (with wind speed reaching 40-50 kmph) are expected to prevail over southeast Bay of Bengal

Some companies may be pushing the envelope a little too much, violating US rules against

US importers find ways to adapt to, skirt Trump's tariffs

3 min read . 09:38 AM IST

Companies in sectors such as technology, clothing and footwear are exporting more goods from emerging giants including Vietnam and Malaysia
Retail giants such as Walmart and Target say significantly reducing their reliance on Chinese-made goods is unrealistic because of the demand for low prices

Prime Minister Narendra Modi pays tribute to former Delhi chief minister Sheila Dikshit, in New Delhi on Saturday (ANI)

PM Modi, Prez Kovind, Rahul Gandhi, other leaders condole Sheila Dikshit's death

3 min read . 20 Jul 2019

Sheila Dikshit had undergone heart surgery in France last year
She had undergone angioplasty in November 2012 and was also treated for infection some time ago

Former RBI governor Raghuram Rajan. Photo: Abhijit Bhatlekar/Mint

'I’m an outsider': Why Rajan didn't apply for top job at Bank of England

2 min read . 20 Jul 2019

In an interview, Raghuram Rajan confirmed that he didn’t apply to head up the Bank of England
'It’s obvious I’m an outsider,' said Raghuram Rajan

IndiGo to seek shareholder nod to take woman director on board

1 min read . 20 Jul 2019

Having a woman independent director on board was one of the several demands made by IndiGo's co-founder Rakesh Gangwal in his letter to Sebi earlier this month
InterGlobe Aviation CEO Ronojoy Dutta told analysts on Friday that the company was in the process of replying to Sebi on Gangwal's grievances

Former Delhi chief minister Sheila Dikshit with the then president Pranab Mukherjee, senior Congress leaders Sonia Gandhi and Rahul Gandhi, in New Delhi (PTI file)

Sheila Dikshit: The affable politician who gave Delhi its modern look

3 min read . 20 Jul 2019

Sheila Dikshit was handpicked by Rajiv Gandhi to be part of his council of ministers after he became the Prime Minister in 1984
Dikshit was Delhi's longest-serving woman chief minister, who ruled the city state for three consecutive terms, from 1998 to 2013

Provisions during the first quarter rose 60% to ₹2,613.66 crore (Reuters file)

HDFC Bank Q1 net profit rises 21% to ₹5568 crore

1 min read . 20 Jul 2019

Net interest income grew 22.9 % year-on-year to ₹13,294.3 crore in April-June
Gross NPAs, as a percentage of total advances, rose to 1.4% in the June quarter, against 1.33% a year ago

India's 63 million firms in the micro, small and medium firm sector are responsible for more than a quarter of the country's manufacturing and services output (Mint file)

Government may tap foreign lenders for loans to small firms

3 min read . 20 Jul 2019

The government is looking to provide as much as $14.5 billion in credit to millions of its small firms
The Centre is in discussions with multiple foreign lenders, including Germany's state-owned development bank KfW Group, the World Bank and some Canadian institutions

Former Delhi chief minister Sheila Dikshit (HT file)

Delhi govt declares two-day mourning for Sheila Dikshit

1 min read . 20 Jul 2019

Three-term chief minister Sheila Dikshit passed away on Saturday afternoon after suffering a cardiac arrest. She was 81
She will be accorded a state funeral

MG Motor currently produces 2,000 units of the Hector a month. The SUV has received 21,000 bookings since its 4 June launch. (Photo: Mint)

New comers MG Motor and Kia buck the vehicle sales trend as incumbents struggle

2 min read . 20 Jul 2019

MG Motor stopped taking bookings for Hector after the company received 21000 bookings since its 4 June launch
Kia Motors - a subsidiary of Hyundai Motor Group - got more than 6000 bookings on the first day it started taking bookings for Seltos

Mutual funds have significantly reduced their exposure to commercial papers after the IL&FS crisis last year, say analysts. (Photo: Aniruddha Chowdhury/Mint)

Mutual funds pare holdings in commercial papers in June

2 min read . 19 Jul 2019

MFs’ stakes in commercial paper fell 13.69% from ₹4.31 tn in May to ₹3.72 tn in June
Mutual funds have significantly reduced their exposure to CPs in the aftermath of the IL&FS crisis

Tata Motors CEO Guenter Butschek. Photo: Abhijit Bhatlekar/Mint

Tata Motors MD draws over two times more salary than M&M's in FY19

1 min read . 10:53 AM IST

Tata Motors Managing Director and CEO Guenter Butschek's total remuneration was at ₹26.29 crore while Pawan Goenka's total remuneration for FY2018-19 was at ₹12.19 crore
Tata Motors said Butschek's remunerations included performance bonus and long-term incentive plan of ₹9.23 crore and retirement benefits of ₹32,02,494

Egypt's civil aviation ministry said it was

BA suspends flights to Cairo on security grounds

1 min read . 10:03 AM IST

A Lufthansa spokesman said normal service should return on Sunday
British Airways said it would not operate its aircraft unless it felt it was safe to do so

India set to get first dedicated LGBT hiring consultancy

2 min read . 10:14 AM IST

Bengaluru-based Diversity & Inclusion firm — Pride Circle — plans to shatter some of these stereotypes via a dedicated wing which will look at the job consultancy market for the LGBTIQ candidates
A 2014 World Bank report estimated the country to have lost 0.1-1.7 per cent of the GDP due to homophobia

'The Lion King' is the sixth highest first day figure for a Hollywood film in India. (Disney via AP)

'The Lion King’ builds on franchise, opens well in India

1 min read . 20 Jul 2019

'The Lion King' is the eighth Hollywood film to earn a double-digit number on its first day in India
'The Lion King' has started on a good note. Will be the first choice of moviegoers this week, said Taran Adarsh

Nestle scientists find method to cut sugar in chocolate by 40%

3 min read . Updated: 01 Dec 2016, 09:18 AM IST Thomas Mulier

Nestle, the world's largest food company, has developed a process to alter the structure of sugar that makes it taste sweeter in smaller amounts

Geneva: Nestle SA says it found a way to reduce the amount of sugar in chocolate by as much as 40%, a discovery that may give the KitKat maker an edge as food producers face increasing pressure from governments, health advocates and shoppers to make products healthier.
The world’s largest food company has developed a process to alter the structure of sugar that makes it taste sweeter in smaller amounts, according to chief technology officer Stefan Catsicas, who declined to specify what that involves. Nestle will start selling confectionery products made that way in 2018 and will gradually reduce their sugar content, he said in an interview.
Big food companies that also include Mondelez International Inc. and PepsiCo Inc. are scrambling to create healthier products to reduce their reliance on treats laden with sugar and salt. It comes as the UK, Mexico and some US cities implement sugar taxes to help fight childhood obesity and diabetes, which affects four times as many people now than in 1980. The World Health Organization has said increasing the price of sugary drinks by 20% would reduce consumption by a fifth.
“We want people to get used to a different taste, a taste that would be more natural," Catsicas said. “We really want to be the drivers of the solution."
Nestle is seeking to patent the sugar-reduction process, which Catsicas wouldn’t describe in detail, but likened to making sugar crystals that are “hollow." The crystals dissolve more quickly, stimulating the taste buds faster, he said. Unprocessed food has complex structures, which Nestle is trying to mimic by distributing the sugar in a less uniform way.
“If you look with an electron microscope into an apple, that’s exactly what you see," said Nestle’s top researcher, days before the UK government shares details on its proposed sugar tax. “Real food in nature is not something smooth and homogeneous. It’s full of cavities, crests and densities. So by reproducing this variability, we are capable to restore the same sensation."
To avoid any sudden change in the taste of its chocolate, the maker of the Butterfinger and Cailler brands plans to use the new technology to reduce sugar content gradually, according to Catsicas, a former biology professor and GlaxoSmithKline Plc executive. He compared the strategy to his own experience using less sugar in his coffee, making a small reduction each week. After three months, he took his coffee unsweetened.
Not alone
Nestle isn’t alone in research on altering the consistency of sugar. Leatherhead Food Research, a UK institute whose 100 scientists consult for food companies, has been studying how to shrink the size of crystals or coat sugar around low-calorie ingredients. The approach has also been tried on salt.
“If it works for salt, I assume it could work for sugar," said Joanne Slavin, a professor of food science and nutrition at the University of Minnesota. “Price is another complicating factor: if this new sugar is much more expensive than sugar, it will increase cost." An additional challenge is that less sugar can change the feel of a product in the mouth.
Nestle declined to say whether it will use the technology in other product categories, as it’s waiting for the patent to be published, a spokesman said. The potential 40% reduction isn’t a formal target, and Nestle has yet to announce its 2017 goals for cutting sugar use.
The company has used a similar approach in ice cream, where it makes Dreyer’s with a “slow-churned" method that reduces fat by half and calories by a third. It’s trying to apply the restructuring method to salt, Catsicas said, and may consider licensing the technology to other companies.
“I would have no problem with that," he said. “If we can make a good business case, if we can get the returns that we deserve, then why not?" Bloomberg

The government spelt out its key priorities in the budget. Photo: Aniruddha Chowdhury/Mint

Modi govt 2.0 sets sights on making India $5 trillion economy

2 min read . 07:34 PM IST

Nirmala Sitharaman, in her budget speech, said in the current fiscal, India's economy will grow to become $3 trillion economy, sixth largest in world
The government has taken several reformative steps in the last 50 days to boost the economy

A BMC volunteer stands guard in front of the submerged Andheri subway in Mumbai (Photo: ANI)

The growing threat of climate change in India

4 min read . 07:54 PM IST

Extreme events that have an immediate impact and long-term effect of rising temperatures are endangering lives and crippling economic activity

Mint 50 - Top Mutual Funds

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50 hand-picked mutual funds to build your portfolio

6 min read . 04:15 PM IST

The final Mint50 list that made it through both these processes, we believe, are well-poised to continue giving investors the best experience.

Mint50 methodology that sifted through risk, returns, portfolios of funds

6 min read . 12:49 PM IST

You need not have all the 50 schemes in your portfolio. Photo: iStock

How to use the Mint50 basket of mutual funds

2 min read . 01:17 PM IST

This year we have changed our process and have outsourced the data work to CRISIL Research. The filters were developed by Mint, CRISIL Research has done the data crunching to throw out the league tables. (iStock)

The agony and ecstasy of putting out mutual fund lists like the Mint50

3 min read . 12:40 PM IST

People walk past a building of IL&FS (Infrastructure Leasing and Financial Services Ltd.) outside its headquarters in Mumbai. (Reuters )

IL&FS way: If you can't change the rating, change the agency

2 min read . 07:38 PM IST

The report noted that ICRA's decision was 'not agreeable' to then IFIN MD and CEO Ramesh Bawa
The e-mail trail suggests that the key employees of IL&FS used to approach other rating agencies if they did not get the desired ratings, the audit report noted

The recommendations of the officers committee is likely to be placed before the Council on 25 July, officials said. (Pradeep Gaur/Mint)

GST Council to decide on tax cut on electric vehicles this week

1 min read . 05:43 PM IST

To push domestic manufacturing of e-vehicles, the Centre proposed to the Council to slash GST rates to 5%from 12%
GST rate for petrol and diesel cars and hybrid vehicles is already at the highest bracket of 28% plus cess

Spooked by super-rich tax, FPIs withdraw ₹7,712 cr from stocks in July so far

1 min read . 12:42 PM IST

FPIs had been net investors in the equity segment in the previous five months
FPIs have been on a selling spree ever since government proposed 'super-rich' tax in its budget

Sandeep Dikshit son of former Delhi Chief Minister Sheila Dikshit at the Congress headquarters at 24 Akbar Road where Sheila Dikshit's body was brought there in New Delhi on Sunday. (ANI Photo

With moist eyes, Delhi bids adieu to Sheila Dikshit with state honours

2 min read . 04:27 PM IST

Congress workers and admirers braved heavy rains and gusty winds to bid her final farewell
Top Congress leaders, including UPA chairperson Sonia Gandhi and Priyanka Gandhi Vadra, were present at the funeral

Chandrayaan-2 to perform 15 maneuvers, countdown begins Sunday evening

2 min read . 05:08 PM IST

It will be the first Indian expedition to attempt a soft landing on the lunar surface
Technical snags that developed in the first attempt have been rectified, says ISRO chairman

ITR Filing

Will Aadhaar interchangeability for ITR make PAN redundant?

3 min read . 18 Jul 2019

Before filing your tax returns this year, calculate and pay self-assessed tax

2 min read . 18 Jul 2019

Nature of income can determine rate of TDS charged

1 min read . 18 Jul 2019

The company was recently issued a notice for these apps, by the Indian government, for allegedly misusing the platforms for “anti-national activities”. Photo: Reuters

TikTok owner Bytedance to establish local data centres for Indian users

1 min read . 04:51 PM IST

The move would be in line with the Indian government’s efforts towards data localisation for user data gathered from India by various companies
The company also said that it has so far been storing Indian users’ data in third party servers located in the United States (US) and Singapore

'Avengers: Endgame' set to become highest-grossing film of all time

1 min read . 10:18 AM IST

The smash hit was just $500,000 behind the decade-old $2,789.7 million record set by James Cameron's "Avatar" as of Friday, and will close the gap this weekend
Both films are now owned by Disney following its takeover of 21st Century Fox

World Bank withdrew from Amaravati due to rampant corruption, say AP officials

2 min read . 03:05 PM IST

The then TDP government had invited tenders for infrastructure development even before the World Bank loan details were finalized, said an official with the state government, requesting anonymity
According to the official, the team found numerous irregularities

Unless TikTok is permanently banned in the country over a series of complaints, there seems to be no stopping this Chinese app. (Reuters)

Facebook has no choice but to topple TikTok in India

3 min read . 01:16 PM IST

Platforms such as Instagram and Facebook are facing strong competition from TikTok in the country
TikTok is swiftly scaling its ecosystem to ringfence its users with 'mini programmes' and, perhaps, a smartphone with pre-installed apps in China

The hike in prices has affected the supply of tomatoes. Photo: Reuters

Tomato prices surge up to ₹80 per kg in Delhi as monsoon disrupts supply

1 min read . 03:21 PM IST

The prices of other vegetables such as ladyfinger, bottle guard and onion have too witnessed a hike
Tomato crops have been damaged and adversely affected due to floods and heavy rains in Madhya Pradesh, Maharashtra, Himachal Pradesh and parts of western Uttar Pradesh