RBL Bank shares list at Rs 274.2, a 22% premium to listing price

The shares of private sector lender RBL, formerly known as Ratnakar Bank, on Wednesday debuted on the National Stock Exchange(NSE) at Rs 274.2 per share, a 22% premium over the offer price.

The price band for RBL's Initial Public Offer (IPO), the first by a private bank in a decade, was fixed at Rs 224-225 per share. The IPO opened for subscription on August 19 through August 23, with an issue price of Rs 225 a share.

The company's IPO was subscribed a staggering 70 times over.

Yes Bank was the last private lender to hit the capital markets in 2005. Taking into account state-run banks as well, Punjab and Sind Bank last went public six years ago in 2010.

Kotak Mahindra Capital, Axis Capital, Citigroup, Morgan Stanley were the global merchant bankers for the read more..

Fresh spell of rain lashes Delhi, hampers daily life

Heavy downpour and thunderstorm lashed several parts of Delhi-NCR on Wednesday morning.

After a week long hot weather and maximum temperature hovering over 29 degree Celsius to 33 degree Celsius, the fall in the temperature and rain brought relief to the residents.

However, heavy downpour led to water-logging and traffic jams which affected the transport networks in several areas of the capital.

Gurugram witnessed massive traffic jams which made the office goers angry. Commuters are having a harrowing time as vehicular traffic is crawling on roads.

According to the MeT department, thunderstorm with moderate to heavy rain would occur over many places of northwest, south and southeast NCR and Delhi including Bhiwani, Rohtak, IGI Airport, Dwarka, RK Puram, Gurgaon, Noida, Dadri, Greater Noida during the read more..

Centre hikes minimum wages and bonus, trade unions not impressed

The Centre on Tuesday increased the minimum wages and bonus for its employees to pacify trade unions that have called a nationwide strike on Friday.

The Minimum Wage Advisory Board on Tuesday announced a hike in the lowest wage for unskilled central government workers to Rs 350 a day from Rs 246. The increase will also be effective for central public sector undertakings.

“The government has effected a 43 per cent increase in the minimum wage. This was a major demand of the trade unions,” Union Labour Minister Bandaru Dattatreya (pictured) said.

Dattatreya has held meetings with trade unions over their charter of demands. The issues have been taken up by an inter-ministerial committee headed by Finance Minister Arun Jaitley.

“The bonus entitlements for 2014-15 and 2015-16 will be released on revised norms. This was pending for two years. After this, the bonus will be covered under the  read more..

Full text of Apple CEO Tim Cook's letter to Europe after $14.5 bn tax hit

Thirty-six years ago, long before introducing iPhone, iPod or even the Mac, Steve Jobs established Apple’s first operations in Europe. At the time, the company knew that in order to serve customers in Europe, it would need a base there. So, in October 1980, Apple opened a factory in Cork, Ireland with 60 employees.

At the time, Cork was suffering from high unemployment and extremely low economic investment. But Apple’s leaders saw a community rich with talent, and one they believed could accommodate growth if the company was fortunate enough to succeed.

We have operated continuously in Cork ever since, even through periods of uncertainty about our own business, and today we employ nearly 6,000 people across Ireland. The vast majority are still in Cork — including some of the very first employees — now performing a wide variety of functions as part of Apple’s global footprint. Countless multinational companies followed Apple by investing in Cork, and today the local economy is stronger than ever.

The success which has propelled Apple’s growth in Cork comes from innovative products that delight our customers. It has helped create and sustain more than 1.5 million jobs across Europe — jobs at Apple, jobs for hundreds of thousands of creative app developers who thrive on the App Store, and jobs with manufacturers read more..

ALSO READ: EU hits Apple with $14.5-bn Irish tax demand

ALSO READ: Apple says will appeal against EU tax decision

What's driving Maruti Suzuki stock?

Maruti Suzuki hit a 52-week high of Rs 5,103.90 on the National Stock Exchange (NSE) in intra-day deals on Tuesday. From a 52-week low hit on February 29 earlier this year, the stock has rallied around 60% as compared to a 23% rise in the benchmark index, the Nifty 50. By comparison, the Nifty Auto index has also lagged behind, rising around 36% during this period.

The overall sentiment for the auto sector has been improving on the back of an above-normal monsoon, which could eventually trigger rural demand for entry level vehicles. That apart, the increased payout in the hands of government employees on account of the 7th Pay Commission recommendation implementation has also bolstered sentiment.

The passage of the goods and services tax (GST) bill by the Rajya Sabha, the implementation of which (assuming an 18% tax rate) will also benefit Maruti Suzuki by stimulating demand, analysts say. That apart, there will be gains from savings and distribution, reports suggest.

“Entry level cars would see reduction in on-road prices by around 8%, driving demand for this segment. Maruti Suzuki, which has over 80% of this segment, would be the biggest beneficiary, says a report from read more..

Also Read: How the GST Bill will impact various sectors and stocks

Also Read: Maruti launches Swift variant priced upto Rs 6.86 lakh

Also Read: Small cars, two-wheelers set for a cheaper ride

Mumbai commuters face morning chaos as auto-rickshaw strike kicks in

Suburban commuters in the Greater Mumbai region were left scrambling on Wednesday morning as more than 80,000 auto rickshaws stayed off the roads to protest against cab aggregators such as Uber and Ola.

Adding to their woes, a number of taxis with affiliation to Uber and Ola also stayed off the roads in the suburbs, likely for fear of violence.

As a result, long lines were to be seen at bus stop as office-goers tried to get to their workplace or the nearest railway station.

The three-wheelers, which provide a cheap and quick option for local transport are on a day-long strike demanding formulation of strict rules and regulations against taxi aggregators. Commuters in the suburbs were also seen trying to flag down the handful of auto-rickshaws that were plying in the hope of getting a shared ride.

In certain parts, kaali-peeli taxis, as the city’s ubiquitous black-and-yellow cabs are known locally, were also not plying even though the union has not included them in read more..

Rajasthan reports highest number of economic crimes in 2015

Rajasthan has reported the highest number of economic crimes, followed by Uttar Pradesh and Maharashtra, according to the National Crime Record Bureau's annual data. However, in crime against SCs, Uttar Pradesh expanded its lead over Rajasthan considerably in 2015. While in 2014, both states recorded about 8,000 cases, in 2015, cases in Rajasthan fell below 7,000.

UP recorded about 8,350 such cases. Among 53 mega cities in the country, Delhi reported the highest number of cognisable crimes (those crimes for which the police can take action on its own without waiting for a formal complaint from the victim). The national capital recorded the highest number of cases related to murder, rape, dowry, assault on women modesty. Incidents of crimes against SC/STs showed a decline of around four per cent. The data suggests the major cities where policing is supposedly better register higher cases than other cities where the crime is perceived to be  read more..

Countering terrorism an important shared objective: Manohar Parrikar

Countering terrorism is an important objective shared by India and the United States, Defence Minister Manohar Parrikar said here, while appreciating American support in India's efforts to eliminate extremism in its neighbourhood.

"We resolved to continue our cooperation on counter-terrorism. Our open and diverse societies are committed to peace. However, as the United States has shown, there can be no compromise when we are faced with terrorism," Parrikar said at a joint news conference with US Defence Secretary Ashton Carter yesterday.

"The forces that seek to undermine our progress and our ways of life require our comprehensive and robust response. We appreciate the support from United States in our efforts to eliminate terrorism in India's neighbourhood," Parrikar said.

"Secretary Carter and I agreed that countering terrorism is an important shared objective. The partnership between India and the United States is driven by our shared values and interests. This was underlined by the enthusiasm of the US Congress with Prime Minister Narendra Modi in read more..

SC asks banks to respond to Mallya's plea against contempt notice

The Supreme Court on Monday asked the consortium of banks led by the SBI to respond to beleaguered liquor baron Vijay Mallya's plea seeking recall of the notice of contempt for allegedly not making full disclosure of all the assets owned by him and his family as directed by the top court earlier.

Giving 10 days time to the State Bank of India (SBI) to file its response, the bench of Justice Kurian Joseph and Justice Rohinton Fali Nariman gave Mallya a week's time to file his rejoinder as it directed the hearing of the matter on September 27.

Mallya's lawyer said the liquor baron has contended that the disclosure of the assets was for the settlement of outstanding dues with the banks, and since no settlement was taking place, he was not obliged to make disclosure and consequently there was no contempt.

Contesting the allegation that he had not made full disclosure of his assets, Mallya, now residing in London, said that the disclosures made by him about his assets and liabilities, submitted to the court in a sealed cover on March 31, were "accurate" and were meant for lending banks to have a "fair idea" for a  read more..

PM Modi to visit Gujarat to launch irrigation scheme SAUNI Yojana

Prime Minister Narendra Modi on Tuesday will visit his home state Gujarat to launch an irrigation scheme, SAUNI Yojana, a project initiated by him in 2012 as Chief Minister.

"Looking forward to being in Gujarat today for the launch of SAUNI Yojana. This scheme will truly benefit the people of Gujarat," Modi tweeted on Tuesday.

Saurashtra Narmada Avtaran Irrigation - SAUNI was a project launched by Modi in September 2012.

The project aims at diverting the floodwater from Sardar Sarovar Dam to several dams of the water scarce Saurasthra region through a network of canal and pipelines.

This would help with irrigation of 4.13 lakh hectares land in drought prone in read more..

Scorpene data leak: Court restrains newspaper from publishing data

French company DCNS has obtained a court order restricting 'The Australian' newspaper from further publishing the leaked documents on India's Scorpene submarine project.The restriction will be in place till Thursday, the media reported on Monday.

DCNS, which is at the centre of a global submarine data leak scandal, wanted to prevent the Australian publication, 'The Australian' from releasing any more confidential data contained in 22,400 secret documents because it may cause harm to its customer, the Indian Navy.

The company is also seeking a court order to force 'The Australian' to hand over the documents and remove them from its website.

"The publication of this highly valuable document causes a direct harm to DCNS and its customer in terms of spread of sensitive and restricted information, image and reputation," said an affidavit by DCNS' lawyer Justine Munsie.

In response to an email from IANS, DCNS' Media Relations head Emmanuel Gaudez said: "To be precise, DCNS is instructing a demand to The Australian in order to remove from its website the documents which it has published online and prevent the publishing of  read more..

Marital rape: Sexual intercourse by man with wife not rape, Centre to HC

The Union government on Monday defended, before the Delhi High Court, the Indian Penal Code provision that says sexual intercourse by a man with his own wife, who is not under 15 years of age, is not rape.

A division bench of Chief Justice G. Rohini and Justice Sangita Dhigra Sehgal was told by the government, through an affidavit, that "exception 2 (to Section 375 IPC) deals exclusively with private affairs of husband-wife based on traditional social structure and hence can't be said to be unconstitutional and in violation of Articles 14 to 21 of the Constitution".

Section 375, which defines "rape" also contains the exception provision which states that the rape law would not apply to assault or sexual intercourse by a husband on his wife who is above 15 years.

The government admitted before the court that "although the age of consent is 18 years and child marriage is discouraged, marriage below the permissible age is avoidable but not void in law on account of social realities. It is submitted that the social, economic and educational development in the country is still uneven and child marriages are read more..

Woman set on fire for allegedly rejecting marriage proposal in Delhi

In a shocking incident, a 25-year old woman was set ablaze by a man for allegedly turning down his wedding proposal.

The incident took place at the victim's home in northwest Delhi's Bhalswa Dairy area, when the accused, Abhishek along with his friends Vijay, Karan and few others went there and started beating the woman's relatives.

A relative of the victim, Gita said that whenever the girl used to go out, the boys used to harass her.

"It had been seven-ten days since they began troubling her. Still she used to ignore them. When she could not tolerate further, she told this to her brother, who asked him to stay away from her. The harassing stopped for a few days, but then it started again," she added.

Gita said the accused's name is Abhishek and that he stays in the neighbourhood.

"20-25 men came and started beating us with rods. Abhishek's four-five uncles were also there and with his friends as well. Abhishek started threatening the girl but she refused to marry him. He then poured kerosene on her, set her on fire and ran away," she added.

Gita further stated that there is no hope for the girl's survival, as 95 percent of her read more..

Airtel cuts data prices, launches innovative packs for pre-paid users

Country’s top mobile operator Bharti Airtel has launched a set of innovative data packs for its pre-paid customers allowing them to save on data costs substantially on subsequent recharges.

Airtel has launched a Rs 1,498 pack which offers 1GB 4G/3G data upfront with a validity of 28 days. Post exhaustion of this data limit, the customer can have 1GB 4G/3G recharges for Rs 51 over a period of 12 months. There is no limit on the number of recharges during the period.

Similarly, the Rs 748 pack offers 1GB 4G/3G data upfront and post exhaustion of this data limit, customers can get 1GB 4G/3G recharges for Rs 99 over a period of six months.

Ajai Puri, Director – Operations (India & South Asia), Bharti Airtel said, “With these innovative packs, we are redefining the value proposition on our data packs and allowing our customers get a lot more within the read more..

India never been in stronger position than today: Deepak Parekh

HDFC Chairman Deepak Parekh on Monday said the country's economy is in a "stronger position" and demonstrating an immense growth potential with a strong leadership at the helm bringing in key reforms.

"India has never been in a stronger position than today from a macro-economic perspective. The country is demonstrating an immense growth potential helped by a strong leadership at the helm, driving key policy changes," Parekh said at a risk summit organised by CII.

He noted that with the present government, large scale corruption has been weeded out.He said India, with an expected GDP of above 7.5 per cent, stands out well in comparison to its global peers.

"We in India hold a key advantage by being a major economy with tremendous growth potential," he said.

The veteran banker said the country has benefited tremendously from lower crude oil prices.

He said the private sector capex has continued to be slow, so support has been boosted from public sector spending on infrastructure.

"Often when infrastructure projects are a work-in-progress, there tends to be a feeling that nothing is happening on the ground. But this is certainly not the case in read more..

Apple to launch iPhone 7, other new offerings on September 7

US tech giant Apple has reportedly sent out invites to select media to cover the launch of the much-awaited iPhone 7 here on September 7.

Apple has maintained a rhythm of introducing updated iPhone models on an annual basis, timing introductions to coincide with the year-end holiday shopping season.

According to Forbes, the mega event at the Bill Graham Civic Auditorium will unveil the iPhone 7 and the iPhone 7 Plus smartphones, along with the next-generation Apple Watch.

People can pre-order the luxury smartphone from September 9 while sales may begin from September 16, the report added.

The new iPhone 7 may have a dual rear camera, a pressure-sensitive home button, Bluetooth-supported headphones, dual speakers at the bottom and Type-C interface (remember LeEco?), signalling the end of the 3.5 mm headphone jack in the iPhone family.

Apple may also be planning to remove the physical Touch ID button below the screen and directly integrate with it the read more..

UPI: It's not only about transferring money

Want to check whether your friend or colleague wants to return the money you had loaned him? Send an SMS to his bank with a request for payment. The SMS will be forwarded to the friend or colleague and if he approves, the bank will pay.

The Unified Payment Interface (UPI), launched last week in association with 21 banks, is expected to make some cutting-edge changes, such as the one mentioned above. Today, there are a number of options as far as transferring money goes; these are some new changes that will simplify life to a great extent. Now, there is the Immediate Payment Service (IMPS) that helps transfer a particular amount immediately, and of course, payment wallets that let you pay at a merchant store by scanning a Quick Response (QR) Code by using a smartphone. Banking has already shifted to your smartphone with feature-rich apps.

"Digital payments have been growing quickly in the country, but they are still a fraction of the overall payments. Most of the high-frequency small transactions are still in cash. The ease and convenience UPI offers will help individuals prefer to pay their maids, milkman, newspaper vendor, etc, digitally than in cash," says Sangram Singh, senior vice-president and head-cards & merchant acquiring business at read more..