LIVE: Pranab Mukherjee was a towering statesman, says PM Modi

Stay tuned with Business Standard for news LIVE updates

2:36 AM

Reliance Retail likely to cut down on back-end staff after Future deal

Reliance Retail may rationalise the workforce that will be added following the acquisition of the Future group's retail, logistics, warehousing and wholesale assets in a near Rs 25,000-crore transaction. Read more

2:34 AM

At Rs 8.21 trn, April-July fiscal deficit exceeds FY21 budget estimates

The stress on revenue resources due to Covid-19 continued showing on the Centre’s books. For April-July, the Centre’s fiscal deficit stood at Rs 8.21 trillion, or 103 per cent of 2020-21 budget estimates of 7.96 trillion, compared to 77.8 per cent for the same period last year, official data showed on Monday. In 2019-20, fiscal deficit had crossed 100 per cent of the full year BE by October-end. Read more

2:32 AM

Biocon-Mylan launch insulin Glargine at lowest price in US market

Biotechnology major Biocon’s subsidiary Biocon Biologics and partner Mylan have launched insulin glargine injection, under the brand name Semglee, in the US market, said the Bengaluru-based company on Monday. Read more

2:31 AM

Ambani-Biyani deal: Retail arm leads Future firms' rally on bourses

In a weak market, the listed stocks of Future Group were the biggest gainers on Monday. The gainers were led by Future Retail (FRL), which was up 20 per cent. Most other stocks hit their upper circuit, gaining 5 per cent each. As part of the deal announced on Saturday, Future Group will be selling its retail assets to Reliance Retail in a deal pegged at Rs 24,713 crore. Read more

2:31 AM

Zoom raises annual revenue target on remote work boost

Zoom Video Communications Inc raised its annual revenue forecast by 30% after comfortably beating quarterly estimates on Monday, as it converts more of its huge free user base to paid subscriptions.
 

Shares of the company, which have surged almost four-fold this year, rose 5% after the bell. They hit a record high in regular trading.
 

Video-conferencing platforms, once used mostly as a technological substitute for in-person meetings, became a vital part of day-to-day life this year for people stuck at home under coronavirus restrictions, be it for work, school or socializing.
 

Zoom, however, has come under fire for its security and privacy shortfalls, prompting many companies and countries to curb the use of the platform.

The company said revenue rose 355% to $663.5 million, above analysts' average estimate of $500.5 million.

10:44 PM

Five persons injured after speeding car ran over them in Mumbai's Crawford Market

10:42 PM

India received 27% more rainfall this August; heavy downpour likely in next 3 days

The India Meteorological Department (IMD) on Monday predicted heavy to very heavy showers in parts of north, northeast and south India in the next three days, highlighting that the country recorded its highest rainfall in 44 years in the month of August.
 

Nearly 5,000 people were shifted to safer places in Gujarat's Bharuch and Vadodara districts after flooding in several villages due to rise in level of the Narmada river, while over 3,000 people have been evacuated from Bhandara and Chandrapur districts of Maharashtra's Vidarbha after heavy downpour in neighbouring parts of Madhya Pradesh.
 

In Delhi the water level of the Yamuna was receding gradually and the river was flowing below the warning mark in Delhi. Light to very light rain and thundershower occurred at isolated places in Uttar Pradesh, and heavy rains were recorded in several parts of Rajasthan.

10:39 PM

Bengal govt offices will remain closed on Tuesday to show respect to Mukherjee

All state government offices in West Bengal will remain closed on Tuesday as a mark of respect to former President Pranab Mukherjee who died in New Delhi, the state Home Department said here.
 

If his funeral does not take place on Tuesday, the offices will also remain closed on the day when it will happen, the department said on Monday.
 

The state government also postponed its Police Day programme slated for Tuesday by a week and it will now be held on September 8.
 

Mukherjee, who hailed from West Bengal, died at Army Research and Referral Hospital in New Delhi on Monday at the age of 84.

10:39 PM

Country has lost one of its greatest leaders: Manmohan Singh on Mukherjee

RSS chief Mohan Bhagwat on Monday expressed grief over the death of former President Pranab Mukherjee, hailing him as "a great scholar and a patriot" whose loss cannot be compensated.
 

"India's former President Dr Pranab Mukherjee's passing away is a huge loss for all swayamsevaks who had come in contact with him. I had met him twice when he was President and three to four times afterwards," Bhagwat said in a video message in Hindi.
 

The very first meeting with him made me forget that I was speaking to President of India due to his humble behaviour.

10:38 PM

Country has lost one of its greatest leaders: Manmohan Singh on Mukherjee

Former prime minister Manmohan Singh on Monday expressed condolences on the demise of former president Pranab Mukherjee and said the country has lost one of its greatest leaders.
 

Singh said he had learnt a lot from Mukherjee and depended on him a great deal for his wisdom, vast knowledge and experience of public affairs.
 

"I have learnt with profound sorrow about the passing away of Shri Pranab Mukherjee, Former President of India,” he said.
 

“In his death, our country has lost one of its greatest leaders of Independent India. He and I worked very closely in the government of India and I depended on him a great deal for his wisdom, vast knowledge and experience of public affairs," Singh said in his condolence message.

 

10:27 PM

CAG questions Assam govt's financial practices, doubts accuracy of accounts

Raising questions over the accuracy of accounts, the Comptroller and Auditor General of India (CAG) has said the budget assumptions of the Assam government were "not realistic" in 2018-19 and various policy initiatives were not fulfilled due to "non-completion" of the preparatory works.
 

In its audit report on the the state's finances for the year ending March 31, 2019, which was tabled in the Assam Assembly on Monday, the CAG said the government failed to take corrective steps despite the auditor pointing out the lacunae every year.
 

"Budgetary assumptions of the state government were not realistic during 2018-19 and despite carrying out an elaborate pre-budget exercise to bring about efficiency and transparency in budget formulation and execution, budgetary estimates were off the mark to a considerable extent," it said.
 

Considering the state's overall budget of Rs 1,08,490 crore, the auditor also said that the control over execution and monitoring was inadequate.
 

"Significant policy initiatives of the government were not fulfilled during the year due to non-completion of the preparatory activities relating to these initiatives," the CAG said.
 

On the quality of accounts and financial reporting practices, the CAG said booking of an expenditure of Rs 14,879 crore under omnibus Minor Head 800 - Other Expenditure affected transparency and accuracy in financial reporting.
 

10:18 PM

BJP used drug, cricket betting and other illegal money to destabilise coalition govt: HD Kumaraswamy

10:15 PM

Pence describes President Trump and PM Modi as 'larger than life figures'

US Vice President Mike Pence on Monday described President Donald Trump and Prime Minister Narendra Modi as “larger than life figures” and credited the two top leaders for strengthening the strategic bilateral ties.
 

“When you think about the US and India, you think about two strongest democracies in the world, the shared values,” Pence said during a virtual event on the US-India organised by the US-India Strategic Partnership Forum (USISPF), a non-profit organisation.
 

He credited Prime Minister Modi and President Trump for strengthening the bilateral ties and said the relationship between India and the US has never been so strong, but the best is yet to come.
 

"So much of the strong India-US ties is a result of the relationship that President Trump and Prime Minister Modi have forged. They are both larger than life figures. People know where they stand. They have great aspirations,” Pence said.
 

10:13 PM

JEE-NEET: Railways allows students, guardians appearing for exams to travel by special suburban services in Mumbai, says Goyal

10:12 PM

JEE-NEET exams: Lockdown will not be applicable to students, parents in Rajasthan