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Daily News Podcast: Indigo sees decline in profits in Q1

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Vijay Mallya 'devastated' to lose control of Force India F1 team
 
Liquor barron Vijay Mallya is 'devastated' to have lost control of the Force India Formula One team but the embattled tycoon should still have a say in what happens next, according to his right-hand man Bob Fernley. The Briton, who was deputy team principal until a court-appointed administrator took charge last Friday, told Reuters that Mallya would act in the best interests of a team he acquired in 2007. Mallya has a 42.5 percent stake in the Silverstone-based team, with a similar shareholding in the hands of the Sahara Group and the remainder owned by Dutch businessman Michiel Mol.
 
Dabba trading sees an upsurge in wake of RBI's cryptocurrency ban
 
Ever since the Reserve Bank of India (RBI) banned banks from dealing with digital currencies, other ways of trading in major virtual currencies like Bitcoin or Ethereum have emerged, one of which is Dabba trading. Dabba trading is a process used by brokers to use a client's trade outside the official platforms. The illegal method, mostly used for trading in stocks, has seen an upsurge as traditional Dabba operators are accepting bets on Bitcoin too, giving a boost to their overall earning. The recent positive fluctuation in Bitcoin, which saw its price plunge from $20,000 in December 2017 to $5,800 in June end and then $8,000 in July, has also led to a flurry of activity in its trading, a Business Standard report said.
 
New car, bike buyers will have to shell out more from Sept 1
 
A recent ruling by a Supreme Court bench headed by Justice MB Lokur and Deepak Gupta has mandated third-party insurance for four and two-wheeler vehicles from September 1 for a term of 3 and 5 years respectively. The Supreme Court had earlier appointed a committee, headed by a former Supreme Court Judge Justice KS Radhakrishnan, to suggest measures on road safety. The committee had recommended having a long-term third party insurance cover.

Cheap online deals might have their days numbered

If you are looking for cheap online deals, it may soon not be so easy to get one. The government is trying to tighten the noose around deep discounts. The draft e-commerce policy, shared with stakeholders on Monday for consultations has proposed that such pricing policy be discontinued from a specified date to regulate the sector. The policy has proposed legislation that will also cover food delivery sites, online service aggregators and payment products.

Indigo sees decline in profits in Q1

InterGlobe Aviation Ltd's shares have fallen 33% in the past three months. One of the reasons was the unexpected resignation of Aditya Ghosh, a key executive. Another was the sharp drop in profits in the March quarter. InterGlobe runs IndiGo, India's largest domestic airline. In the June quarter, things became far worse, with the company's profits declining even further. IndiGo's pre-tax profit fell 97% to ?31.3 crore, or 0.5% of revenue. A year ago, pre-tax profit stood at nearly 20% of revenue.