This 21-year-old Delhi boy got a Rs 1.25 crore placement offer from Uber

21-year-old Sidharth, a computer science engineering student has been offered the job of a software engineer at the Uber’s San Francisco office. He will get an annual package of Rs 1.25 crore with other benefits.

In picture, 21-year-old Sidharth ( Image source- HT)

In picture, 21-year-old Sidharth ( Image source- HT)

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A student of Delhi Technology University (DTU) has received a placement offer of Rs 1.25 crore from Uber.

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21-year-old Sidharth, a computer science engineering student has been offered the job of a software engineer at the Uber’s San Francisco office. He will get an annual package of Rs 1.25 crore with other benefits.

“It was a delight to have received the job offer and I am now looking forward to move to San Francisco,” Sidharth.

“I had actually done a seven-week internship with Uber earlier. So this is a pre-placement offer that I have received. Along with me, I think there is someone from one of the IITs,” he said.

Sidharth is an alumnus of Delhi Public School and had cleared the class 12 examinations with a glaring marks of 95.4 per cent. After clearing theJoint Entrance Examination (JEE) Main, he took admission into Delhi College of Engineering.

Sidharth told HT, “From the beginning, I wanted to do computer science engineering and with my score I was not getting the subject at any of the IITs. Moreover, I love Delhi and did not want to move from here,” he said.

source”cnbc”

Tata,Motors,shares,tank,over,10%,,mcap,dives,Rs,15,068,crore

Tata Motors shareholders reject pay proposals of 3 executivesTata Motors shareholders reject pay proposals of 3 executives
NEW DELHI: Shares of Tata Motors on Wednesday plunged over 10 per cent, wiping out Rs 15,068 crore from its market valuation, after the company reported a 96.22 per cent decline in consolidated net profit for the December quarter.

The stock tanked 10.32 per cent to end at Rs 436.55 on BSE. During the day, it nosedived 10.64 per cent to Rs 435.

The stock was the worst performer among the 30-sensex components.

At NSE, shares of the company dived 9.45 per cent to close at Rs 436.45.

Led by the sharp dip in the stock, the company’s market valuation plummeted by Rs 15,067.81 crore to Rs 1,25,488.19 crore.

In terms of volume, 36.29 lakh shares of the company were traded on BSE and over 3 crore shares changed hands at NSE during the day.

The stock had lost 5 per cent in the previous session as well.

“TAMO reported another weak quarter with both standalone business and JLR performance coming well below our/street expectation,” Kotak Securities said in a report.

Homegrown auto major Tata Motors on Tuesday reported a 96.22 per cent decline in consolidated net profit to Rs 111.57 crore for the December quarter, dragged down by losses in domestic operations and lower profit of its British arm JLR.

It had posted net profit of Rs 2,952.67 crore in the same quarter of last fiscal, Tata Motors said in a BSE filing.

The company’s consolidated sales during the October- December quarter were down 2.2 per cent to Rs 67,864.95 crore as against Rs 69,398.07 crore in the year-ago period.

On a standalone basis, Tata Motors’ loss after tax widened to Rs 1,046 crore in the third quarter of 2016-17, from Rs 137 crore a year ago

source”cnbc”

With per capita income at Rs 1 lakh, Indians splurging; here’s where to make money

When Titan surprised this month coming out unscathed from the impact of demonetisation and posting solid topline growth for December quarter, it confirmed that India’s discretionary spending story thrived through a tough phase of cash squeeze in the domestic economy.

Some other data points also confirm this. The much-talked-about Aamir Khan movie ‘Dangal’ crossed the Rs 300 crore mark during the December quarter to become the highest grosser of 2016.

This January, India’s car sales grew 10 per cent, with C2 category cars – those priced between Rs 8 lakh to Rs 9.5 lakh – growing 22.8% to 48,100 units from 39,145 units in the same month last year. Growth in this segment was driven by cars such as the Ford EcoSport, Hyundai Creta and the Maruti Suzuki Ciaz. The three cars saw a 20 per cent – plus growth in sales during the month.

Mark Mobius, Executive Chairman of Templeton Emerging Markets Group, has underlined this trend in his blog, saying: “The growth of the middle class and rising incomes in many emerging markets mean more discretionary income is available for leisure pursuits. We think this area represents interesting opportunities for investors – one that’s quite fun to explore.”

Is it a theme that is going to stand out as India comes out of the demonetisation pain? Is leisure spending going to emerge the next best bet for equity investors?

Investment gurus are pretty confident themes like leisure spending and discretionary consumption are going to work in an economy, where the per capita income is projected to cross Rs 1 lakh in FY17 from Rs 93,231 in FY16, Rs 86,879 in FY15, Rs 79,412 in FY14 and Rs 71,050 in FY14.

Cinema chains, high-end bike producers, operators of theme parks and quick service restaurants (QSR) stand out within this theme.

Ever since India slapped the cash ban on November 8, share prices of PVR, Westlife Development, Eros International, Wonderla Holidays and Jubilant FoodWorks climbed 1.30 per cent, 15.20 per cent, 9 per cent, 1 per cent and 2 per cent, respectively, till February 10.

Market watchers believe the dining out culture is likely to grow fast in India.

In his blog, Mobius said quick-service restaurants are the name of the game in India. They have experienced a compounded annual growth rate of 25 per cent. About half of India’s total population eats out at least once every three months and in bustling urban metro areas, the number rises to eight times in a month. With a young population, rising disposable incomes and more women in the workforce, it’s easy to see why the ‘eating out’ culture looks set to continue growing in India.

Multiplex chain operator PVR recently reported a 20.76 per cent drop in consolidated net profit at Rs 23.89 crore for the December quarter due to higher expenses. The company had reported a consolidated net profit of Rs 30.15 crore for the corresponding quarter of the last financial year. PVR’s total income from operations during the quarter under review grew 7.44 per cent to Rs 537.71 crore from Rs 500.46 crore for the same period last financial year.

Comparing Bollywood with Hollywood, Mobius said, “Movies produced in the United States (Hollywood) have depended on international sales when revenue at home has been disappointing. Today, China, India and other countries in and outside of Asia are beginning to compete. The ‘Bollywood’ name has become globally recognisable with an annual output of more than 1,000 films, which is double that of Hollywood, although Bollywood’s revenues are much lower and only about 15 per cent of which come from international sales. Low cost of producing animation in India and other Asian countries has added another dimension to the film industry that could spur further growth.

Some analysts say Jubilant FoodWorks, PVR, Westlife Development and Wonderla are some of the cool bets to play under the discretionary spend theme.

Global brokerage houses such as CLSA, Credit Suisse and Morgan Stanely are bullish on Jubilant FoodWorks.

CLSA has maintained a ‘buy’ rating on Jubilant FoodWorks and raised target price to Rs 1,250 from Rs 1,100 earlier. Morgan Stanley and Credit Suisse are overweight on Jubilant FoodWorks with target prices of Rs 1,230 and Rs 1,150, respectively.

Morgan Stanley believes the impact of the currency replacement programme was rather lower than estimates and sees a 100 basis points increase in operating margins for the company after GST implementation.

Jubilant FoodWorks operates Domino’s Pizza and Dunkin’s Donuts chains in India under franchising agreement with the parent companies.

Westlife Development reported 13.20 per cent year-on-year increase in gross sales at Rs 238.04 crore for the quarter ended December 31, 2016. It had reported revenue of Rs 210.28 crore in the same quarter last year.

Domestic brokerage house Anand Rathi Financial Services is bullish on Westlife Development with a target price of Rs 270 (Rs 210 earlier).

source”cnbc”

Demonetisation, higher fuel see SpiceJet Q3 net profit plunge 24% to Rs 181.1 crore

File photo used for representational purposeFile photo used for representational purpose
NEW DELHI: Low cost carrier SpiceJet on Tuesday reported a profit of Rs 181.1 crore in the quarter ended December 2016, down 24% from a profit of Rs 239.9 crore in the same quarter in previous fiscal. The airline said that demand in the quarter had softened “due to demonetisation.”

“Profits for the quarter were impacted by demonetisation and higher fuel prices,” the airline said. The airline recorded a load factor of 90.7% for the quarter, the highest in the industry, and had highest on time performance across metros.

“We have reported our eighth successive profitable quarter despite headwinds. Our… aircraft order signifies the end of the turnaround phase for SpiceJet and marks the beginning of a growth story. This order will help build an even stronger and more profitable airline. We will be relentless in reducing our costs and identifying new avenues for revenue generation,” said SpiceJet chairman Ajay Singh.

“The company’s total liabilities exceed its total assets by Rs 65,154.4 lakh as of December 31, 2016. These conditions… indicate the existence of a material uncertainty that may cast significant doubt about the company’s ability to continue as a going concern,” the airline’s auditor, S R Batliboi and Associates, says in its limited review.

Latest Comment

hope spicejet performs better in the next quarterNatarajan D

The LCC’s total income from operations in Q3 was Rs 1,642.4 crore, up from same quarter in previous fiscal’s figure of Rs 1,459.9 crore. However, fuel cost rose to Rs 473.7 crore this Q3 over Rs 366.6 crore in Q3 FY 2016.

source”cnbc”

Plugging LPG subsidy leaks leads to Rs 21,000 crore savings

Representative image.Representative image.
NEW DELHI: As many as 3.3 crore fake, ghost and duplicate LPG connections have been blocked, leading to saving of Rs 21,000 crore in subsidies, said oil minister Dharmendra Pradhan.

“When we assumed office (in 2014), we had a system of misdirected subsidies, rich and upper middle class were entitled to LPG subsidies. There were many duplicate connections and the subsidised LPG was diverted to commercial and industrial segments,” he said, addressing the Asia LPG Summit organized by World LPG Association here.
As a result, poorest of the poor never had access to LPG. In 2014, almost half of Indian households didn’t have LPG connections.

Pradhan said the Direct Benefit Transfer of LPG was launched in 2014 wherein subsidy was directly paid into the bank accounts of the beneficiaries.

“This made the process transparent and plugged the subsidy leakages which was otherwise being misused through ghost accounts,” he said.

source”cnbc”

IDBI Bank Q3 loss widens to Rs 2,255 cr as bad loans soar

(Representative photo)(Representative photo)
NEW DELHI: Public sector lender IDBI Bank’s net losswidened further to Rs 2,254.96 crore in the third quarter of 2016-17 due to higher provisions for rising bad loans and fall in income.

The bank had reported a net loss of Rs 2,183.68 crore in the October-December quarter of previous fiscal 2015-16.

“Total income has decreased to Rs 7,104.21 crore for the quarter ended December 2016 from Rs 7,361.86 crore in the same quarter a year ago,” IDBI Bank said in a regulatory filing.

Bank’s gross non-performing assets (NPA) shot up to 15.16 per cent of gross advances during the December quarter of 2016-17, against 9.84 per cent in the same period a year ago.

Net NPAs too rose to 9.61 per cent of net advances at December-end, from 4.60 per cent in December 2015.

Gross NPAs were Rs 35,245.33 crore as on December 31, 2016, against Rs 19,615.22 crore year ago. Net NPAs were of the order of Rs 20,949.11 crore, up from Rs 9,612.80 crore.

The provisions and contingencies were at Rs 3,205.52 crore for the quarter, against Rs 3,722.67 crore in the year-ago period. Of this, provision to cover bad loans was Rs 2,357.21 crore, up from Rs 1,714.93 crore year ago.

Total business–deposits and advances–of the bank stood at Rs 5.16 lakh crore as on December 31, 2016, against Rs 4.43 lakh crore, registering a growth of 16.34 per cent on the year.

Latest Comment

most banks showing negative growth before business year end, just like American federal bankI am Trump

Deposits grew by 27.06 per cent to Rs 2.98 lakh crore at the end of December quarter of 2016-17 while advances were up by 4.31 per cent to Rs 2.19 lakh crore

source”cnbc”

Most you get for being an honest taxpayer: Rs 14,806

NEW DELHI: With finance minister Arun Jaitley reducing the tax rate on income slab of Rs 2.5 lakh to Rs 5 lakh+ from 10% to 5%, all taxpayers whose income is up to Rs 50 lakh get a relief of Rs 12,500.

The relief can go up to a maximum of Rs 14,806 (with 15% surcharge) for those with income of over Rs 1 crore. The lowering of tax rates on Wednesday, though nominal, comes after a gap of 20 years. The last time taxpayers got relief was in 1997 when P Chidambaram presented his “dream budget”.

This time, the relief will benefit around 2 crore taxpayers+ . Explaining the reasoning for the tax cut, Jaitley said it was aimed at lowering the burden of “honest taxpayers and salaried employees who are showing their income correctly”.

However, those with income between Rs 50 lakh and Rs 1 crore have been hit with a surcharge of 10%. Their tax liability can go up to about Rs 2.9 lakh. Those with a taxable income of over Rs 1 crore will continue to pay a surcharge of 15%.

To avoid duplication of benefits from the rate cut, the Budget reduced tax rebate to Rs 2,500 from Rs 5,000 for individuals with total income up to Rs 3.5 lakh. So, for those with Rs 3 lakh income, tax liability of Rs 2,500 on taxable income of Rs 50,000 at the rate of 5% will become zero because of the rebate. That means, income up to Rs 3 lakh is tax-free. In essence, taxpayers whose income is between Rs 2.5 lakh and Rs 3 lakh would neither gain nor lose from this Budget.

Those with Rs 3.50 lakh income will stand to gain as their income-tax liability of Rs 5,000 will be reduced to Rs 2,500 because of the rebate of Rs 2,500.

Above the income of Rs 3.5 lakh, there will be no rebate. So, if one has income of Rs 4 lakh, liability on taxable income of Rs 1.50 lakh will be Rs 7,500 at 5% as rebate is not allowed for an income above Rs 3.5 lakh. Similarly, for a person with an income of Rs 5 lakh, net tax liability after rebate in 2016 was Rs 20,000, which has come down to Rs 12,500. So, this class of taxpayer will gain by Rs 7,500. As earlier, the Rs 5,000 rebate was not available to those with income of more than Rs 5 lakh, they will benefit the most, saving Rs 12,500 from the rate cut.

Top Comment

Go after the dishonest, particularly Doctors and Advocates with private practice.narasarao

In this Budget speech+ , Jaitley pointed out that if people availed of the deduction of Rs 1.5 lakh on making investment under Section 80C in PPF, mutual funds and insurance products, they could avoid paying tax for an income up to Rs 4.5 lakh.

He said that while the amount of tax foregone on account of reduction in tax rate from 10% to 5% in the lowest slab is Rs 15,500 crore, the I-T department is likely to earn an additional income of Rs 2,700 crore by the surcharge on incomes above Rs 50 lakh.

Stay updated on the go with Times of India News App. Click here to download it for your device

Most you get for being an honest taxpayer: Rs 14,806

Most you get for being an honest taxpayer: Rs 14,806

NEW DELHI: With finance minister Arun Jaitley reducing the tax rate on income slab of Rs 2.5 lakh to Rs 5 lakh+ from 10% to 5%, all taxpayers whose income is up to Rs 50 lakh get a relief of Rs 12,500.

The relief can go up to a maximum of Rs 14,806 (with 15% surcharge) for those with income of over Rs 1 crore. The lowering of tax rates on Wednesday, though nominal, comes after a gap of 20 years. The last time taxpayers got relief was in 1997 when P Chidambaram presented his “dream budget”.

This time, the relief will benefit around 2 crore taxpayers+ . Explaining the reasoning for the tax cut, Jaitley said it was aimed at lowering the burden of “honest taxpayers and salaried employees who are showing their income correctly”.

However, those with income between Rs 50 lakh and Rs 1 crore have been hit with a surcharge of 10%. Their tax liability can go up to about Rs 2.9 lakh. Those with a taxable income of over Rs 1 crore will continue to pay a surcharge of 15%.

To avoid duplication of benefits from the rate cut, the Budget reduced tax rebate to Rs 2,500 from Rs 5,000 for individuals with total income up to Rs 3.5 lakh. So, for those with Rs 3 lakh income, tax liability of Rs 2,500 on taxable income of Rs 50,000 at the rate of 5% will become zero because of the rebate. That means, income up to Rs 3 lakh is tax-free. In essence, taxpayers whose income is between Rs 2.5 lakh and Rs 3 lakh would neither gain nor lose from this Budget.

Those with Rs 3.50 lakh income will stand to gain as their income-tax liability of Rs 5,000 will be reduced to Rs 2,500 because of the rebate of Rs 2,500.

Above the income of Rs 3.5 lakh, there will be no rebate. So, if one has income of Rs 4 lakh, liability on taxable income of Rs 1.50 lakh will be Rs 7,500 at 5% as rebate is not allowed for an income above Rs 3.5 lakh. Similarly, for a person with an income of Rs 5 lakh, net tax liability after rebate in 2016 was Rs 20,000, which has come down to Rs 12,500. So, this class of taxpayer will gain by Rs 7,500. As earlier, the Rs 5,000 rebate was not available to those with income of more than Rs 5 lakh, they will benefit the most, saving Rs 12,500 from the rate cut.

Top Comment

Go after the dishonest, particularly Doctors and Advocates with private practice.narasarao

In this Budget speech+ , Jaitley pointed out that if people availed of the deduction of Rs 1.5 lakh on making investment under Section 80C in PPF, mutual funds and insurance products, they could avoid paying tax for an income up to Rs 4.5 lakh.

He said that while the amount of tax foregone on account of reduction in tax rate from 10% to 5% in the lowest slab is Rs 15,500 crore, the I-T department is likely to earn an additional income of Rs 2,700 crore by the surcharge on incomes above Rs 50 lakh.

Stay updated on the go with Times of India News App. Click here to download it for your device
source”cnbc”

Payments bank of Paytm gets Rs 218 crore infusion

Representative photoRepresentative photo
BENGALURU: Paytm Payments Bank has received Rs 218 crore in fresh capital as it prepares to start operations this month from Uttar Pradesh.

Vijay Shekhar Sharma, founder and CEO of Paytm who holds the payments bank licence has infused Rs 111 crore, while One97 Communications and One97 India Communications, the parent of Paytm, put in the rest of the amount, as per latest regulatory filings sourced via business research platform Tofler.

Earlier in January , Sharma said he had managed to get the final nod from RBI to kick-start the bank. Paytm Payments Bank has issued 2,18,000,000 shares to the three shareholders.

The development comes on the back of two other payments banks -Airtel Payments Bank and India Post Payments Bank launching their operations.

TOI had reported its in December 9 edition, about Sharma selling 1% of his personal holding in Paytm’s parent firm One97 Communications for about Rs 325 crore to invest in the payments bank. Sharma holds 51% stake in Paytm Payments Bank, as per RBI guidelines. Paytm had planned to start its payments bank last year but had to postpone the launch multiple times due to regulatory delays. After getting RBI nod, Sharma had said that about Rs 400 crore would be pumped in to the payments bank.

Paytm, which is run by One97 Communications, created two separate entities -Paytm E-commerce and Paytm Payments Bank. The wallet business of has also been transferred to the newly created payments bank entity to meet RBI’s guidelines. It is unclear how much ownership Alibaba would have in the payments bank. The Chinese internet behemoth is an existing shareholder in One97, and also holds around 40% stake in the recently separated Paytm’s online marketplace business, as reported by TOI in its February 3 edition.

source”cnbc”

Gujarat government to provide Rs 200 crore for student innovation policy

It is widely speculated that the policy, which is all set to roll out, will support students to realise their innovative ideas into reality.

Gujarat Chief Minister Vijaybhai Rupani.

Gujarat Chief Minister Vijaybhai Rupani.

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In what appears as a major boost among the students to be more innovative, the Gujarat government has, of late, determined to provide a grant worth Rs 200 crore to establish country’s first ever student start up and innovation policy.

It is widely speculated that the policy, which is all set to roll out, will support students to realize their innovative ideas into reality.

While the policy targets to support as many as 1,000 innovations in a year, the policy will also create pre-incubation in universities across the state to convert student’s innovative ideas from proof of concept (PoC) upto minimum viable proto-type (MVP), as reported by Economic Times.

Apart from these, the policy will also provide support for patent filing.

More on the policy:

The policy, which will be monitored by the Education Department, was announced by Gujarat Chief Minister Vijaybhai Rupani.

“The policy’s target is to create a conducive environment enabling 1% of our graduates to become job creators, and the Student Innovation Fund would help develop an innovation and pre-incubation ecosystem across the state,” said Education Minister Bhupendrasinh Chudasama.

Of Rs 200 crore provided by the state government as State Innovation Fund, Rs 100 crore will be proportionately allotted by the state. Whereas the remaining Rs 100 crore will be utilised for other purposes in the form of university and CSR funds.

source”cnbc”