UP govt to rope in Amazon, Wipro, GE at 'One District, One Product' summit

To give a major push to Uttar Pradesh's micro, small and medium enterprises (MSME) and cottage industries, the Yogi Adityanath government will exchange memorandums of understanding (MoUs) with top companies such as Amazon, Wipro and GE on Friday.

President Ram Nath Kovind will inaugurate the state's flagship 'One District, One Product' summit aimed at showcasing its traditional cottage industries and crafts.

On the occasion, the government will exchange MoUs with e-commerce major Amazon, Wipro, GE Healthcare, Quality Circle of India (QCI) and India's leading bourses -- the BSE and National Stock Exchange (NSE). These entities would help the MSMEs and cottage industries by providing training, branding, marketing and other institutional support.

For example, Amazon will extend marketing support to traditional industries in 9 districts, including Gorakhpur, Agra, Meerut, Varanasi, Kanpur and Aligarh. The company will showcase local products over its online marketplace and create a micro-site dedicated to the ODOP scheme.

Indian Bank brings 2-tier interest rate for savings A/Cs

PSU lender Indian Bank on Friday said it will offer an interest rate of 4 per cent per annum on savings account with an incremental balance of over Rs 50 lakh and 3.50 per cent per annum for deposits up to Rs 50 lakh.

The lender in a statement said it "has introduced two tier interest rate structure for saving bank accounts and will offer 4 per cent interest per annum for incremental balance over Rs 50 lakh and 3.50 per cent per annum for balance up to Rs 50 lakh."

The new interest rate will be effective from August 16, 2017, the bank said in a BSE filing.

Recently, the country's largest lender State Bank of India had slashed interest rate on savings account deposits by 50 basis points to 3.5 per on balance of Rs 1 crore and below.

However, SBI continues to offer 4 per cent interest on savings account balance of Rs 1 crore and above.

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SBI, associate banks gain after Cabinet okays merger

Latest News - Shares of SBI and its associates ended the day with as much as five per cent gains today after the Cabinet approved their merger, a step aimed at strengthening the sector through consolidation of public banks.

The scrip of State Bank of Mysore jumped 4.66 per cent, State Bank of Travancore gained 4.21 per cent, State Bank of Bikaner rose by 3.48 per cent and SBI was up 0.65 per cent on BSE.

During the day, these stock went up by up to 13.5 per cent.

Seeking to create a global-sized bank, the Cabinet on Wednesday gave the go-ahead to the merger plan of SBI and its five associates.

However, no decision was (Read More)

Idea Cellular slips into red with Q3 net loss of Rs 384 cr

Latest News - Telecom operator Idea Cellular today logged a consolidated net loss of Rs 383.87 crore for the December 2016 quarter compared to a net profit of Rs 659.35 crore in the year-ago period, hurt by newcomer Reliance Jio's free voice and data promotions.

Total income also has decreased to Rs 8,706.36 crore for the quarter, from Rs 9,032.43 crore in the same period in the previous year, as per a BSE filing.

"The Indian mobile industry witnessed an unprecedented disruption in the quarter of October to December 2016, primarily due to free voice and mobile data promotions by the new entrant in the sector," Idea Cellular said in a statement.

Consequently, revenue KPIs (key performance indicators) and financial parameters for (Read More)

BSE to hold mock trading on Saturday from disaster recovery site

Latest News - Leading bourse BSE will conduct a mock trading session from its disaster recovery site on Saturday to test system performance.

In three separate circulars, the exchange said it will conduct a mock trading session from its disaster recovery site in currency derivatives, equity and equity derivatives segment on Saturday, February 11, 2017.

According to the Securities and Exchange Board of India (Sebi) guidelines, the exchanges are required to conduct mock as well as live trading from their recovery sites to check the robustness of the set-up.

Trading members using third-party trading platforms can also use this opportunity to (Read More)

Rail stocks slide 4% ahead of Rail Budget

Latest News - Shares of most of the railway sector related companies declined as much as four per cent ahead of presentation of the first Rail Budget subsumed in the General Budget tomorrow.

Titagarh Wagons settled 4.06 per cent down at Rs 115.90 on BSE today, while Kalindee Rail Nirman (Engineers) ended 3.27 per cent down at Rs 113.95 from the previous close.

Texmaco Rail & Engineering lost 3.22 per cent and closed at Rs 106.65. Stone India went down by 2.94 per cent to settle at Rs 69.30.

Kernex Microsystems tumbled 3.27 per cent and was (Read More)