New Delhi, Aug 1 (IANS) After an IANS report pointed out identical fall in subscribers for all 26 circles of Bharti Airtel, the company has sent out amended data in supersession of the earlier numbers. IANS had reported on July 30 that all 26 telecom circles of Bharti Airtel show the same fall of subscribers […]

New Delhi, July 31 (IANS) IDFC First Bank on Saturday reported a net loss of Rs 630 crore for Q1FY22. “Net Loss of Rs 630 crore for Q1FY22 because of prudent provisions for Covid wave 2.0,” the bank said in a statement. “Covid provision pool increased from Rs 375 crore to Rs 725 crore during […]

New Delhi, July 31 (IANS) The National High Speed Rail Corporation Limited (NHSRCL) on Saturday said it has cast the first full height pier on the 508-km Mumbai-Ahmedabad High Speed Rail (MAHSR) project, popularly known as the Bullet Train project. NHSRCL Spokesperson Sushma Gaur said the NHSRCL took a significant step forward in its construction […]

By Venkatachari JagannathanChennai, July 31 (IANS) Demanding functional autonomy and opposing privatisation, the major unions in the government owned general insurers are not buying Finance Minister Nirmala Sitharaman’s views about the reasons for the government amending the General Insurance Business (Nationalisation) Act, 1972. The unions also do not rule out a Lakshmi Vilas Bank (LVB) […]

New Delhi, July 31 (IANS) Relaxation of localised lockdowns in most parts of the country led to the sequential as well as year-on-year increase in domestic auto sales volumes in June 2021, India Ratings and Research (Ind-Ra) said. Accordingly, the agency, credited the trend on the reopening of automotive dealerships and the resumption of operations […]

Bhubaneswar, July 31 (IANS) The Odisha government on Friday approved seven industrial projects worth Rs 2083.88 crore, which will generate employment opportunities for over 2,144 people in the state, officials said. The State Level Single Window Clearance Authority (SLSWCA) headed by Chief Secretary Suresh Chandra Mahapatra approved the proposals, which include three grain-based ethanol plants, […]

New Delhi, July 30 (IANS) India’s April-June budgetary fiscal deficit reached 18.2 per cent of the FY22 target, official data showed on Friday. The fiscal deficit — the difference between revenue and expenditure — for the April-June 2021-22 period stood at Rs 274,245 crore, or 18.2 per cent of the budget estimates (BE). The FY22 […]

New Delhi, July 30 (IANS) The disruption caused by coronavirus has impacted India’s automotive industry, as well as the automotive component and forging sector. While the industry has been reviving from the second wave of the pandemic, the rapid increase in steel prices has hammered the forging sector. The Association of Indian Forging Industry (AIFI) […]

Jamshedpur, July 30 (IANS) As part of its sustainability initiative, Tata Steel has tied up with an Indian startup to pursue the deployment of Electric Vehicles (EVs) for the transportation of its steel. This will be the first-ever deployment of EVs by any steel producer in the country for the transportation of finished steel. Tata […]

New Delhi, July 30 (IANS) Essar Oil (UK) Limited has announced the formation and appointment of the company’s first Advisory Council. EOUK owns and operates the Stanlow Manufacturing Complex in Ellesmere Port. The site is a key strategic national asset, annually producing over 16 per cent of the UK’s road transport fuel. The new four-person […]

Chennai, July 30 (IANS) Vedanta Ltd on Friday said its oxygen plant at its copper smelting unit, Sterlite Copper, in Tamil Nadu’s Thoothukodi will start winding-off of operations. According to Vedanta, the start of winding-off operations on Friday is done to allow enough time for the defrosting process before the date indicated by the Supreme […]

New Delhi, July 30 (IANS) Low base effect, along with easing of Covid 2.0 restrictions, boosted output of India’s eight major industries during June 2021, on a year-on-year basis. The Index of Eight Core Industries’ (ICI) reading for last month showed an expansion of 8.9 per cent from a decline of 12.4 per cent in […]

New Delhi, July 30 (IANS) India’s April-June budgetary fiscal deficit reached 18.2 per cent of the FY22 target, official data showed on Friday. The fiscal deficit — the difference between revenue and expenditure — for April-June 2021-22 period stood at Rs 274,245 crore, or 18.2 per cent of the budget estimates (BE). The FY22 deficit […]

New Delhi, July 29 (IANS) JSW Future Energy Limited, a 100 per cent subsidiary of JSW Energy Limited has entered into an agreement with Australian Fortescue Future Industries Ltd, a 100 per cent subsidiary of Fortescue Future Industries Ltd (FFI) to collaborate and conduct scoping work on potential projects relating to the production of green […]

Visakhapatnam, July 29 (IANS) A day after the Central government filed an affidavit in the Andhra Pradesh High Court justifying Visakhapatnam Steel Plant (VSP) sale plan, employees staged a protest on Thursday. Large numbers of steel plant workers reached the administrative building to hold protest, leading to some tense moments. Some of them even tried […]

New Delhi, July 29 (IANS) Spirits maker Radico Khaitan has reported a 35.7 per cent rise in its standalone net profit for the April-June quarter at Rs 59.82 crore. During the same period of FY21, the company has reported a net profit of Rs 44.07 crore. Lalit Khaitan, Chairman and Managing Director said: “After closing […]

New Delhi, July 24 (IANS) Niti Aayog and TRIFED (Tribal Cooperative Marketing Development Federation of India Limited) have joined hands for successful implementation of ‘Van Dhan Yojana’ in tribal clusters of aspirational districts of the country. The collaboration and partnership is aimed at a complete transformation of the tribal ecosystem across the country. As a […]

New Delhi, Jul. July 24 (IANS) The Central Board of Indirect Taxes and Customs (CBIC) has abolished the requirement of periodic renewal of licence and registration issued to Customs Brokers and Authorised Carriers. This move is expected to help reduce the compliance burden cast on the trade, which had to otherwise file applications and submit […]

New Delhi, July 22 (IANS) Oil marketing companies (OMC) continued the pause on fuel price revision for the fifth consecutive day, the longest period in weeks, as global development on oil production and rising US inventories softened crude and product prices. Accordingly, in the national capital, petrol continued to be sold at Rs 101.84 per […]

New Delhi, July 17 (IANS) In a bid to commence the construction of the Noida International Airport, a shareholder agreement was signed between Zurich Airport International AG (ZAIA) and Noida International Airport Limited (NIAL) on Saturday. As per the agreement, NIAL will hold one golden share in Yamuna International Airport Pvt Ltd (YIAPL) and the […]

Hyderabad, July 14 (IANS) The Telangana cabinet on Wednesday approved a logistics policy against the backdrop of the rapid growth in industries, e-commerce and services sector. The government will develop basic infrastructure facilities like warehouses, cold storages, dry ports, truck dock parking and other in the logistics sector. The Cabinet meeting, chaired by Chief Minister […]

New Delhi, July 10 (IANS) The Central Board of indirect Taxes and Customs (CBIC) has taken further steps to streamline the faceless assessment mechanism put in place in the customs clearance processes and has decided that up to 90 per cent of non-risky import consignments would be cleared within hours without any physical interface. The […]

New Delhi, July 10 (IANS) Auto pent-up demand has been impacted from high fuel cost as well as price hikes taken by OEMs in the current unlock phase vis-a-vis last year. Accordingly, ‘2W’ demand has been tepid while that of ‘PVs’ is more resilient, given the relatively better income profiles of car customers. “In the […]

New Delhi, July 10 (IANS) The impact of the second Covid wave has raised concerns over the recovery of the microfinance (MFIs) and the small NBFC sector, which was already battling the elevated credit stress and declining AUM in FY21. Accordingly, out of thirteen issuer downgrades by credit rating agencies during Q1FY22 in the financial […]

Brussels, July 9 (IANS) The European Commission (EC) on Thursday fined German carmakers Volkswagen and BMW a total of 875 million euros ($1.036 billion) for colluding to curb the use of emission cleaning technology in diesel cars. The European Union’s (EU) antitrust authority found that the two companies had made illegal agreements between June 2009 […]

Bengaluru, July 4 (IANS) Karnataka Mines and Geology Minister Murugesh Nirani’s son Vijay on Sunday denied that the family’s sugar company cheated the state government, as alleged by a Congress leader. “Our company (Nirani Sugars) is not involved in cheating or wrongdoing. We paid all dues, including salary to workers, and to farmers as per […]

New Delhi, July 1 (IANS) US Treasury Secretary Janet Yellen and the Organization for Economic Cooperation and Development (OECD) announced on Thursday that 130 countries, including Switzerland, China and India, have agreed to back a global minimum corporate tax rate of at least 15 per cent, a policy priority for the Joe Biden administration, which […]

New Delhi, June 30 (IANS) Budget airline SpiceJet on Wednesday reported a net loss of Rs 235.3 crore in the fourth quarter of FY21 against a loss of Rs 807.1 crore in the same quarter of the previous year. As per the company, business continues to be severely impacted by the second wave of Covid-19 […]

New Delhi, June 30 (IANS) Automobile major Hyundai Motor India Ltd (HMIL) has achieved the fastest rollout of 10 million cars from its state-of-the-art manufacturing facility near Chennai, Tamil Nadu. According to the company, production of 10 million cars is a result of smart manufacturing and re-affirms Hyundai’s commitment towards making India self-reliant. Besides, the […]

New Delhi, June 29 (IANS) Global cues pushed fuel prices to increase again across the country on Tuesday adding more misery for the common man already grappling with rising food prices amid shrinking income. The retail prices of petrol and diesel rose by a sharp 35 paise and 28 paise per litre on Tuesday to […]

Kathmandu, June 29 (IANS) Nepal on Monday launched a digital visa system to replace its 45-year-old hand-written visa regime. Deputy Prime Minister and Home Minister Bishnu Prasad Paudel inaugurated the new system under which visas are produced digitally from the integrated information system of the Department of Immigration, the Xinhua news agency reported. According to […]

New Delhi, June 28 (IANS) As the second wave of Covid-19 laid bare India’s healthcare infrastructure with lack of beds and medical-grade oxygen, the Centre on Monday came up with measures and funds to improve the country’s health and medical infrastructure. Accordingly, Finance Minister Nirmala Sitharaman announced an additional outlay of Rs 23,220 crore for […]

New Delhi, June 28 (IANS) Auto maker Skoda Auto India on Monday launched the SUV Kushaq with a starting price of Rs 10.49 lakh. According to the company, the new SUV is powered by the globally acclaimed TSI technology with two engine options — 1.0L and 1.5L TSI — delivering 115 PS and 150 PS, […]

Mumbai, June 27 (IANS) Adani Ports and Special Economic Zone (APSEZ) plans to expand its cargo operations and increase its market share to 40 per cent by 2025. With 247 million tonne of cargo throughput in 2020-21, the company enjoys a 25 per cent market share of India’s exim cargo. “We intend to enhance our […]

Bengaluru, June 27 (IANS) Hundreds of distressed mango growers in Karnataka’s Kolar district have been dumping mangos on roads near Srinivasapura over a week due to steep fall in demand and crash in their prices, traders said on Sunday. “As demand for some variety of mangoes like Thothapuri and Banganapalli fell drastically due to thee […]

New Delhi, June 27 (IANS) Commerce and Industry Minister Piyush Goyal has hit out at foreign e-commerce companies which are violating Indian laws. “Unfortunately, many of these large e-commerce companies have come into India and very blatantly violated the laws of the land, in more ways than one,” Goyal said at an event by the […]

New Delhi, June 27 (IANS) IL&FS has received Rs 1,925 crore from Haryana Shehari Vikas Pradhikaran (HSVP) as interim termination payment in the Gurgaon Metro Project case. The payment, duly received in escrow accounts, comes in compliance of the Supreme Court order of March 26, 2021 that ruled in favour of IL&FS in the Gurgaon […]

New Delhi, June 27 (IANS) As many as 478 infrastructure projects reported a cost overrun of over Rs 4.40 lakh crore as of June 1, 2021. The Flash Report for central sector projects for May released by the Ministry of Statistics and Programme Implementation showed that 525 projects are running behind schedule. Out of the […]

Bengaluru, June 23 (IANS) In a bid to help sellers bounce back from the economic disruptions caused by the second wave of the Covid-19 pandemic, Amazon India has announced to host Amazon Small Business Days (SBD) starting from the midnight of July 2. The three-day online sale will continue until 11:59 p.m. on July 4. […]

New Delhi, June 23 (IANS) In a boost to the BPO sector in the country, the Department of Telecommunications (DoT) on Wednesday further liberalised the guidelines for Other Service Providers (OSPs). These entities are Business Process Outsourcing (BPO) organisations providing voice-based services in India and abroad. The guidelines further liberalised the special dispensation given to […]

New Delhi, June 23 (IANS) Finance minister Nirmala Sitharaman on Wednesday participated virtually in Asia Infrastructure Forum (AIF2021) on ‘Enabling sustainable infrastructure for Asia’s recovery’. Speaking at the forum co-organised by InfrastructureAsia, EnterpriseSingapore, Ministry of Finance Singapore and Monetary Authority of Singapore, Sitharaman called for re-thinking financing and development priorities for inclusive, sustainable and resilient […]

New Delhi, June 22 (IANS) As part of the efforts to ease the compliance burden of taxpayers, the Central Board of Direct Taxes (CBDT) has issued a new functionality that would disclose if a person is liable to pay taxes at a higher rate for non-filing of returns with just a click of the button. […]

New Delhi, June 22 (IANS) Fuel prices increased again across the country on Tuesday adding more misery for the common man already grappling with rising food prices amid shrinking income. With the rise, petrol prices have reached very close to hitting the century mark all across the country extending the scope of historic high prices […]

Chennai, June 22 (IANS) Pharma major Sun Pharmaceutical Industries Ltd. on Tuesday said it along with one of its subsidiaries have reached an agreement with Celgene Corporation (Celgene) to resolve a patent litigation. In a statement Sun Pharma said it along with its subsidiary has agreed with Celgene Corporation-a wholly-owned subsidiary of Bristol Myers Squibb, […]

New Delhi, June 21 (IANS) The world’s first exclusive Green rating system for High Speed Rail has been launched, with the Indian Green Building Council (IGBC) undertaking its formulation in collaboration with the National High Speed Rail Corporation Ltd (NHSRCL). This rating system will be a tool to enable new High Speed Rail (HSR) stations […]

Mumbai, June 19 (IANS) India’s foreign exchange reserves rose by $3.074 billion during the week ended June 11. According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the reserves increased to $608.081 billion from $605.008 billion reported for the week ended June 4. India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, […]

New Delhi, June 18 (IANS) Agrochemical major Insecticides (India) Limited on Friday reported an 8.6 per cent growth in its net profit for the financial year 2020-21 at Rs 93 crore. Its revenue from operations during the fiscal was Rs 1,420 crore, with a growth of 4.2 per cent on a year-on-year basis. The net […]

New Delhi, June 18 (IANS) Supply chain services provider Delhivery has launched its consumer-to-consumer (C2C) express parcel service. The new product enables individuals to ship parcels to friends and family across over 19,000 pin codes and over 2,500 cities in India, from the convenience of their homes, the company said. Easily accessible on direct.delhivery.com, customers […]

Lucknow, June 17 (IANS) Uttar Pradesh is emerging as a top investment destination in the country with 98 investment proposals worth Rs 13,408.19 crore (over Rs 134 billion) having been received in the manufacturing sector during the past three and a half years. Industrialists from the country and abroad are investing heavily in infrastructure, food […]

New Delhi, June 17 (IANS) The increase in imported photovoltaic (PV) module price level by about 15-20 per cent is likely to impact returns of solar power project developers, ratings agency ICRA said. Accordingly, the price increase has taken place over the last 4-5 months, to around 22-23 cents per watt as on date. “This […]

Mumbai, June 17 (IANS) Fears of foreign funds exiting India pulled India’s stock markets lower during per-noon trade session on Thursday. Accordingly, the fears were triggered by US Fed statement on the eventual restart of liquidity tapering programme. The development assumes significance as it can lead foreign capital away from EMs such as India. On […]

Washington, June 17 (IANS) The US Federal Reserve kept its benchmark interest rates unchanged at the record-low level of near zero, as the economic recovery continues amid growing concerns over inflation surge. “Progress on vaccinations has reduced the spread of Covid-19 in the US. Amid this progress and strong policy support, indicators of economic activity […]

New Delhi, June 16 (IANS) In an attempt to provide aid to the underprivileged section of the society, Home Credit India pledges to lend support to the impacted communities. Home Credit India, a local arm of the international consumer finance provider with operations spanning over Europe and Asia, has partnered with Don Bosco Network and […]

New Delhi, June 16 (IANS) India’s banana export is expected to continue its growth this year in terms of volume as well as value. A total of 1.91 lakh tonne worth Rs 619 crore has been exported so far, the Ministry of Commerce and Industry said on Wednesday. The latest figure shows an increase in […]

New Delhi, June 16 (IANS) Fuel prices increased again across the country on Wednesday adding more misery for the common man already grappling with rising food prices amidst shrinking income. With this rise, petrol prices have reached very close to hitting the century-mark all across the country extending the scope of historic high prices that […]

New Delhi, June 15 (IANS) Reliance Jio has launched JioFiber Postpaid plans which come with zero upfront entry cost, including non-payment of security deposit and installation charges. Customers could save around Rs 1,500 upfront due to the zero upfront entry cost. The plans start at Rs 399 per month. Customers would get aggressive six and […]

Mumbai, June 15 (IANS) LIC Cards Services Ltd (LIC CSL) has launched a contactless prepaid gift card ‘Shagun’ in collaboration with IDBI Bank on the RuPay platform. The purpose of this card is to expand the gift card market with an intent to promote cashless ways of gifting and present a wide range of end-use […]

Chennai, June 15 (IANS) Hinduja group’s commercial vehicle major Ashok Leyland Ltd on Tuesday said its UK subsidiary Switch Mobility Ltd has acquired the entire stakes in its Indian subsidiary Switch Mobility Automotive Ltd. Switch Mobility Automotive has thus become a step-down subsidiary of Ashok Leyland. Switch Mobility Automotive was incorporated to carry on the […]

New Delhi, June 15 (IANS) Indian companies earns around 72 per cent of their revenue from the domestic market, according to a report by Morgan Stanley. Titled ‘Global Exposure Guide 2021’, the report showed that 18.7 per cent of the revenue comes from developed economies and 9.3 per cent from the emerging market economies. It […]

New Delhi, June 15 (IANS) Amidst Covid pandemic, passenger carrier SpiceJet had enhanced booking as well as baggage allowance options. Accordingly, under the offer ‘Extra Seat-Extra Baggage’, passengers can avail an additional check-in baggage allowance of 10 kg on booking a private row and 5 kg on booking an extra seat. “This is a limited […]

New Delhi, June 15 (IANS) Automobile manufacturer Toyota Kirloskar Motor (TKM) has partially resumed its operations at Bidadi plant in Karnataka. Accordingly, the partial resumption of operations began on Tuesday. “Operating at the prescribed workforce strength of 50 per cent, TKM will resume its operations as well as enhance training of all employees for the […]

By Rituraj BaruahNew Delhi, June 15 (IANS) Knowledge among investors of both Australia and India regarding the commercial interests and regulatory framework in both the country would help improve the trade and investment relations between the two countries, said Catherine Gallagher, Minister Commercial, Australian High Commission New Delhi and Head of Austrade South Asia. Observing […]

New Delhi, June 15 (IANS) The Oil marketing companies paused the hike in fuel prices on Tuesday providing respite to people already burdened with all time high petrol and diesel retail rates. Accordingly, the price of petrol continues to remain at Rs 96.41 per litre and diesel at Rs 87.28 per litre in Delhi. OMCs […]

New Delhi, June 14 (IANS) Leading oil & gas and metals company Vedanta has enhanced the Covid relief measures for its employees. Accordingly, it will provide salary and other benefits to the families of the deceased employees till their notional retirement date. “Considering the fatalities caused by Covid-19 and the recent black fungus epidemic, the […]

New Delhi, June 14 (IANS) Passenger carrier SpiceJet said on Monday that it has inoculated its entire operating cabin crew with the first dose of Covid vaccine. SpiceJet had initiated a vaccination drive for all its employees last month. “The company-sponsored programme that commenced from Delhi and Gurugram was extended to all the domestic operating […]

New Delhi, June 14 (IANS) Logistics major Chetak on Monday said it has used multi-modal transport model for delivering ambulances to various military hospitals across India. According to the company, it has forayed into multi-modal transportation model by venturing into the transportation of finished auto goods, through railways. The company used ‘Rail and Road’ transport […]

New Delhi, June 14 (IANS) Private equity exits have picked up momentum in 2021 with May 2021 recording the second-best month ever with exits worth $12 billion. According to the IVCA-EY monthly PE/VC roundup, May 2021 recorded investments worth $3.6 billion across 60 deals, on the back of nine large deals worth $2.7 billion. Exits […]

New Delhi, June 14 (IANS) Fuel prices were increased again across the country on Monday adding more misery for the common man already grappling with rising food prices amidst shrinking income. With the rise, petrol has reached very close to hitting the century mark all across the country extending the scope of historic high prices […]

By Vishnu MakhijaniNew Delhi, June 14 (IANS) Kiran Karnik, who describes himself as a “public unintellectual” has, over a four-decade career as an administrator, been acknowledged for his work in the broadcasting and outsourcing spheres — and his steerage of Nasscom that raised the IT lobby group to new heights. Thus, when he authors a […]

New Delhi, June 13 (IANS) The Soy Food Promotion & Welfare Association has requested Prime Minister Narendra Modi to allow the soy food processing industry to import 50,000 metric tons of the food specialty soybeans from the US on a ‘zero’ duty under tariff rate quota(TRQ). In a statement, the industry body said that soy […]

New Delhi, June 13 (IANS) State-run power major NTPC has floated a global Expression of Interest (EoI) to set up two pilot projects, standalone fuel-cell based backup power system and a standalone fuel-cell based microgrid system with hydrogen production using electrolyser at NTPC premises. Through the projects, NTPC is looking to further strengthen its footprint […]

Chennai, June 13 (IANS) The Renault Nissan Automotive India Private Ltd and its workers union have created a history by going in for an arbitration to settle wage revision and other aspects, said a union official. The Tamil Nadu government recently published the terms of reference for arbitration on the dispute between car maker Renault […]

Mumbai, June 12 (IANS) The country’s largest public sector insurer, Life Insurance Corporation of India (LIC) has issued a public warning over the unauthorized use or misuse of its iconic logo by anybody. According to its Twitter handle, the LIC has barred any websites, publishing houses or digital entities from publishing its logo without the […]

By Bivek MathurUdhampur (J&K), June 12 (IANS/ 101Reporters) “Every time we go out for hoeing the maize saplings, the rain and hailstorms start. Till now, our net sown area of around 5 kanals of land has been devastated by unseasonal hailstorms four times,” said an anxious-looking Guddo Devi. The 26-year-old was preparing the firewood to […]

By Sreejith BalasubramanianImported tightening is a possible risk to the Reserve Bank of Indias (RBI) current accommodative monetary policy stance, but it is likely mitigated now. The US Fed’s new framework places high weightage on equitable job growth, does not link monetary policy action to only a headline employment number and thus focuses much more […]

New Delhi, June 11 (IANS) A low base pushed India’s April 2021 industrial production rate higher on YoY basis as well as growth levels last seen in pre-pandemic period of April 2019. The Index of Industrial Production (IIP) for April zoomed to 126.6 (index reading) over the same month a year ago, when it stood […]

New Delhi, June 11 (IANS) DLF on Friday reported a net profit of Rs 481 crore for the January-March qaurter of FY 2020-21, reflecting a year-on-year growth of 42 per cent. Its consolidated revenue increased 2 per cent to Rs 1,907 crore, the company said in a statement. “Our business exhibited resilient performance amidst a […]

Mumbai, June 11 (IANS) India’s foreign exchange reserves rose by $6.842 billion during the week ended June 4. According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the reserves increased to $605.008 billion from $598.165 billion reported for the week ended May 28. India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, […]

Bengaluru, June 11 (IANS) Quashing the petitions of the e-tailers, the Karnataka High Court on Friday allowed the Competition Commission of India (CCI) to probe the alleged violations of the competition law by Amazon and Flipkart. Justice P.S. Dinesh Kumar dismissed the petitions, which challenged the CCI probe into the e-commerce firms, and allowed the […]

New Delhi, June 11 (IANS) Covid-induced economic volatility contracted the demand for domestic passenger vehicles in May 2021 from May 2019 levels. However, the base effect, along with low interest rates and some pent up demand, showed an accelerated rise in domestic demand in May 2021 on a year-on-year basis. Sales of passenger vehicles increased […]

Hyderabad, June 11 (IANS) Flipkart, India’s homegrown e-commerce marketplace, on Friday announced its partnership with the Telangana government to lead a consortium tasked with the development and execution of the drone deliveries of medical supplies to remote areas under the ‘Medicines from the Sky’ project. As part of the consortium, Flipkart will utilise learnings from […]

New Delhi, June 11 (IANS) Automobile manufacturer Tata Motors said on Friday that it has bagged an order for 115 ambulances from the Gujarat government. The company has supplied 25 Tata Winger ambulances to the Health Department of Gujarat, as part of the larger order of 115 ambulances. “The 25 Tata Winger ambulances are equipped […]

New Delhi, June 11 (IANS) The Confederation of All India Traders (CAIT) has welcomed the judgement of the Karnataka High Court on Friday dismissing the petition of Amazon and Flipkart and the stay granted on an investigation by the Competition Commission of India (CCI) against Amazon and Flipkarts e-commerce business model in India. “It fully […]

Chennai, June 11 (IANS) The Economic Offences Wing (EOW) of Chennai Police said on Friday that it has arrested Ravi Parthasarathy, the former Chairman of IL&FS Group, in the Rs 1 lakh crore scam, which triggered a liquidity crisis in the financial services market in 2018. EOW DSP Prakash Babu confirmed to IANS that Parthasarthy […]

New Delhi, June 11 (IANS) Covid-induced economic volatility contracted the demand for domestic passenger vehicles in May 2021 from May 2019 levels. However, base effect along with low interest rates and some pent-up demand showed an accelerated rise in domestic demand in May 2021 on a year-on-year basis. Accordingly, sales of passenger vehicles increased to […]

San Francisco, June 11 (IANS) Apple has roped in a former BMW executive and the recently departed CEO and co-founder of EV startup Canoo, Ulrich Kranz, for its electric car project. Kranz will reportedly work on the Silicon Valley behemoth’s electric car under Doug Field, the former Tesla executive who runs the day-to-day operations of […]

New Delhi, June 10 (IANS) Online ticketing platform BookMyShow has laid off 200 employees as the Covid-19 pandemic continues to affect businesses. The move comes a year after the company laid off 270 employees across its offices in India and globally. Taking to Twitter, Ashish Hemrajani, CEO and Co-founder of Bigtree Entertainment Pvt Ltd, which […]

New Delhi, June 9 (IANS) In a bid to improve the communications in railways and strengthen public safety and security, the Union Cabinet on Wednesday approved the allotment of 5 MHz spectrum in 700 MHz frequency band to Indian Railways. An official statement said that with this spectrum, Indian Railways envisages providing LTE (Long Term […]

New Delhi, June 9 (IANS) Covid resurgence accelerated the contraction rate of India’s domestic air passenger traffic in April 2021. According to the International Air Transport Association (IATA), the plunge in India’s domestic air passenger volume — measured in revenue passenger kilometres (RPKs) — was one of the largest amongst major aviation markets such as […]

Mumbai, June 9 (IANS) In a major initiative, the Maharashtra government has made the cumbersome process of vehicle registration process totally online – faceless and paperless – in view of the Covid-19 second wave’s compulsions and as part of the Ease of Doing Business policy, officials said on Wednesday. Transport Commissioner Dr Avinash Dhakane late […]

Chennai, June 9 (IANS) The Central Government on Wednesday extended Life Insurance Corporation of India (LIC) Chairman M.R. Kumar’s term till March 13, 2022. He was set to retire on June 30, 2021. According to the order, Kumar’s term is extended till 13.3.2022, the date on which he completes three years as LIC Chairman or […]

By Venkatachari JagannathanChennai, June 9 (IANS) With the merger of the three public sector non-life insurers shelved and with large scale retirements to happen, it is time for fresh hiring by them, said senior industry officials. If recruitment is not possible, then the other option is to merge the offices –divisional/branches — and save on […]

New Delhi, June 9 (IANS) Automaker Hyundai Motor India on Wednesday commenced bookings for upcoming premium SUV Alcazar. Accordingly, the company is accepting bookings at Dealerships and on its online car buying platform for Rs 25,000. “Customers can choose from four powertrains that include 2.0 l Petrol MPi engine and 1.5 l Diesel CRDi engine […]

Chennai, June 7 (IANS) Tyre major MRF Ltd on Monday said it closed last fiscal with a total income of Rs 16,128.58 crore and a net profit of Rs 1,249.06 crore. The company had closed FY20 with a total income of Rs 16,321.64 crore and a net profit of Rs 1,394.98 crore. The company also […]

Mumbai, June 7 (IANS) The National Company Law Tribunal (NCLT) has approved the resolution plan of Piramal Capital & Housing Finance Ltd for Dewan Housing Finance Corporation Ltd (DHFL). Piramal Capital & Housing Finance Ltd is a wholly owned subsidiary of Piramal Enterprises. In a regulatory filing, Piramal Enterprises said: “National Company Law Tribunal, Mumbai […]

Mumbai, June 6 (IANS) Dewan Housing Finance Corporation Ltd (DHFL) on Sunday reported a consolidated net profit of Rs 96.75 crore for the January-March quarter. During the same quarter of FY2019-20, the bankrupt NBFC had posted a consolidated net loss of Rs 7,507.01 crore. Its total revenue from operations during the fourth quarter of FY21 […]

Mumbai, June 6 (IANS) As digital transformation has gathered an unprecedented pace amid the pandemic, enterrise services have emerged as the new value engine for telecom services providers, according to a report by ICICI Securities. Noting that corporates are adopting cloud solutions and traditional networks are not purpose-built for it, it said that these new […]

New Delhi, June 6 (IANS) RIL’s FY21 Annual Report showed improved quality of earnings, elevated capex, cashflows impacted by repayment of interest-bearing liabilities and sharp reduction in net debt, as per a report by Jefferies. Digital and omnichannel are focus areas in Retail where disclosures didn’t include segmental details. Driving 2G to 4G transition is […]

New Delhi, June 5 (IANS) Budget passenger carrier IndiGo on Saturday reported a wider net loss for the fourth quarter of 2020-21 on a year-on-year basis. Accordingly, the airline’s net loss widened by 31.7 per cent to Rs 1,147.2 crore in the three months ended March 31, 2021, from Rs 870.8 crore in the same […]

New Delhi, June 5 (IANS) Finance Minister Nirmala Sitharaman met the heads of insurance companies through video conferencing on Saturday to review the progress made under the Pradhan Mantri Garib Kalyan Package (PMGKP) insurance scheme for health workers fighting the Covid-19 and also to accelerate the disbursement of pending claims under the Pradhan Mantri Jeevan […]

By Venkatachari JagannathanChennai, June 5 (IANS) The government-owned non-life insurers are witnessing the exit of a sizeable number of their employees owing to retirement as well as voluntary retirement due to a combination of factors – personal as well as the possibility of privatisation, said a top leader of General Insurance Employees All India Association […]

New Delhi, June 5 (IANS) As part of its initiative towards environment protection, NHPC Limited, has signed E-Mobility Agreements with Convergence Energy Services Limited (CESL), a wholly owned subsidiary of Energy Efficiency Services Limited (EESL) for leasing of 25 Electric Vehicles (EVs) and supply of 3 Electric Vehicle fast chargers to NHPC including its installation […]

Mumbai, June 4 (IANS) India’s foreign exchange reserves rose by $5.271 billion during the week ended May 28. According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the reserves increased to $598.165 billion from $592.894 billion reported for the week ended May 21. India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, […]

By Venkatachari JagannathanChennai, June 4 (IANS) Frowning upon car maker Renault Nissan Automotive India Private Ltd for breaching the agreement signed with its workers union, the Madras High Court on Friday categorically said the agreement has to be implemented in full. Renault Nissan Automotive is a Franco-Japanese car making joint venture near here rolling out […]

New Delhi, June 4 (IANS) With the return of concerns of growth prospects amid the second wave of Covid-19, demands have grown for government support to the economy in the form of fiscal measures. According to experts, the need for the government to pitch is much more required now as the monetary support from the […]

Mumbai, June 4 (IANS) The on-tap liquidity window of contact-intensive sectors including travel and tourism, hotels, parlours and event organisers, announced by the Reserve Bank of India (RBI), will be operational from Monday. The facility will be open till March 31, 2022, said an RBI statement. In its statement on Developmental and Regulatory Policies on […]

New Delhi, June 4 (IANS) In a boost for the air defence system, the Defence Ministry on Friday approved the proposals concerning modernisation of its the Army’s air defence guns. The Defence Acquisition Council (DAC), in its meeting chaired by Defence Minister Rajnath Singh, has approved proposals concerning capital acquisitions of various equipment for modernisation […]

Lucknow, June 4 (IANS) PepsiCo India, in partnership with United Way Delhi, is launching ‘Tidy Trails’ – a special initiative aimed at creating awareness for plastic waste management in Mathura- Vrindavan in Uttar Pradesh on World Environment Day. PepsiCo India is activating Tidy Trails from Mathura- Vrindavan and would soon take it to other states. […]

By Venkatachari JagannathanChennai, June 4 (IANS) Frowning upon the car maker Renault Nissan Automotive India Private Ltd for breaching the agreement signed with its worker union, the Madras High Court on Friday categorically said the agreement has to be implemented in full. Renault Nissan Automotive is a Franco-Japanese car making joint venture near here rolling […]

New Delhi, June 3 (IANS) The Centre on Thursday said that wheat procurement increased by 5.44 per cent, in comparison to last year’s total purchases, during the current Rabi Marketing Season (RMS). It also said that wheat was procured with an all-time high MSP value of Rs 81,196 crore during the current RMS. Food and […]

New Delhi, June 3 (IANS) The Department of Telecommunications (DoT) on Thursday invited applications for the production-linked incentive (PLI) scheme for telecom and networking equipment from June 4. DoT announced the operational guidelines for the scheme and said that the application window will be open up to July 3. As per the government, the scheme […]

Chennai, June 3 (IANS) Vedanta Ltd on Thursday said it has commissioned an oxygen cylinder bottling plant at its copper smelter plant Sterlite Copper in Thoothukudi in Tamil Nadu. According to Vedanta, the Rs 11 crore plant has a capacity to bottle 400 medical grade oxygen cylinders per day. “While our technology was so far […]

New Delhi, June 2 (IANS) Aerospace major Airbus has expanded its Covid relief operations in India by delivering more than 36 tonnes of additional medical equipment to the Indian Red Cross Society (IRCS). Besides, it had deployed humanitarian flights to move supplies from abroad as well as within the country. Notably, Airbus is delivering oxygen […]

Mumbai, June 2 (IANS) Microfinance institution Satin Creditcare Network Ltd (SCNL) has further digitised its payment landscape, allowing loan EMI payments by customers through UPI AutoPay. With this, SCNL has become the first player in the micro-finance segment to go live on this unique functionality that promotes cashless transactions. This will also be the first […]

New Delhi, June 2 (IANS) Vestige Marketing Pvt Ltd, Indias largest home-grown direct selling company, marked its 17th year of operations since its inception in 2004. Vestige is now ranked 36, making it the only Indian-origin company to be featured in the reputed DSN Global 100 list. Along with this, Vestige has also been certified […]

By Rohit VaidNew Delhi, June 2 (IANS) Having 96 per cent of its eligible frontline workforce already inoculated with first jab, AirAsia India is set to conduct complete bio-safe operations. According to AirAsia India’s MD & CEO Sunil Bhaskaran, the airline’s inoculation drive was completed just days ago. “By the end of May we covered […]

New Delhi, June 2 (IANS) In keeping with its tradition of supporting its students since its inception 25 years ago, The NorthCap University (NCU) has stepped forward to aid its students adversely impacted by the pandemic. The University is launching a unique initiative offering financial assistance to existing NCU students who have lost an earning […]

Mumbai, June 2 (IANS) India’s diamond exports are expected to shimmer past the $20 billion watermark this fiscal, with demand rebounding after the first wave of the Covid-19 pandemic. Revenue from exports reached $16.4 billion last fiscal, marking a decline of 12 per cent — well below the plunge expected when the world went into […]

By Venkatachari JagannathanChennai, June 2 (IANS) An interim peace deal has been signed between the Renault Nissan Automotive India Private Ltd and its worker’s union Renault Nissan India Thozhilalar Sangam (RNITS) to try out the options to maintain social distance at the shop floor, said a top Union leader. Renault Nissan Automotive is a Franco-Japanese […]

Mumbai, June 1 (IANS) Covid’s second wave, along with high fuel prices, dented the sequential growth of major automobile manufacturers in May. Sales growth momentum slowed down from April to May but was faster on the year-on-year basis due to base effect. Last year, the pandemic-triggered national lockdown from late March 2020 had a massive […]

Mumbai, June 1 (IANS) FMCG-to-hospitality major ITC on Tuesday reported a 1.3 per cent year-on-year decline in its standalone net profit for the January-March quarter, at Rs 3,748.41 crore. During the same period of FY20, the company had posted a standalone net profit of Rs 3,797.08 crore. Its revenue from operations during the period under […]

New Delhi, June 1 (IANS) Adar Poonawalla has been appointed as an Additional Director in the capacity of Non-Executive Director and designated as the Chairman of Magma Fincorp w.e.f. Tuesday, subject to the approval of the shareholders. The company has set a target to be among the top 3 NBFCs for consumer and small/medium business […]

New Delhi, June 1 (IANS) The worlds largest food company, Nestle, has acknowledged that more than 60 per cent of its mainstream food and drinks products do not meet a “recognised definition of health” and that “some of our categories and products will never be ‘healthy no matter how much we renovate”, the Financial Times […]

New Delhi, June 1 (IANS) The Delhi High Court on Tuesday came to the rescue of Air India pilots, including contractual ones, whose services were terminated by the company in August 2020, as it quashed the airline decision and directed their reinstatement. Justice Jyoti Singh also directed that back wages would have to be paid […]

New Delhi, June 1 (IANS) India’s manufacturing sector growth slowed down considerably in May, as the second wave of Covid-19 impacted demand and order flow. The PMI ranges between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month. Accordingly, the headline seasonally adjusted IHS Markit India Manufacturing […]

Chennai, June 1 (IANS) Backed by exports, two- and three-wheeler maker TVS Motor Company Ltd closed last month selling 166,889 units up from 58,906 units sold in May 2020. In a statement, the company said it sold 166,889 units (two-wheelers 154,416 units, three-wheelers 12,473 units) as against 58,906 units (two-wheelers 56,218 units, three-wheelers 2,688 units) […]

Mumbai, June 1 (IANS) Edelweiss Retail Finance Limited (ERFL), an arm of the Edelweiss Group on Tuesday announced strengthening of its existing Co-Lending partnership with Central Bank of India (CBoI), one of India’s largest commercial banks for Priority Sector Lending to MSMEs (Micro, Small and Medium Enterprises). The lenders recently signed a new MoU under […]

New Delhi, June 1 (IANS) India’s manufacturing sector growth slowed down considerably in May, as the second wave of Covid-19 impacted demand and order flow. The PMI ranges between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month. Accordingly, the headline seasonally adjusted IHS Markit India Manufacturing […]

Chennai, June 1 (IANS) Commercial vehicles major Ashok Leyland Ltd closed last month with sales of 3,199 units up from 1,420 units sold in May 2020. In a statement issued here, it said it had sold 3,199 units (domestic 2,738 units, exports 461 units) last month as against 1,420 units (domestic 1,277 units, exports 143 […]

Chennai, June 1 (IANS) Japanese two wheeler maker Yamaha Motor India on Tuesday cut the prices of two of its models that were earlier priced over Rs 1.5 lakh each. According to Yamaha, it was forced to increase the prices earlier owing to an increase in input costs. The company said its team has finally […]

Chennai, June 1 (IANS) Salary support, group insurance for Covid-19, credit period for vehicles in stock are some of the support packages Daimler India Commercial Vehicles (DICV) offer for its dealers. According to DICV, the support package focussed on financial and medical for the dealer’s workforce are for the business sustainability of its dealers. The […]

Chennai, June 1 (IANS) Pharma major Glenmark Pharmaceuticals Limited on Tuesday announced the launch of Rufinamide tablets, 200 mg and 400 mg, a therapeutic equivalent of Banzel tablets, 200 mg and 400 mg of Eisai, Inc. In a statement issued Glenmark said it was one of the first Abbreviated New Drug Application (ANDA) applicants to […]

New Delhi, June 1 (IANS) After hitting new highs a day earlier, fuel prices rose once again on Tuesday taking petrol rates to cross Rs 100 per litre mark in several cities across the country. The pump prices of petrol and diesel increased by 26 paise and 23 paise per litre to Rs 94.49 and […]

By Venkatachari JagannathanChennai, June 1 (IANS) Tamil Nadu’s Industrial Safety and Health Department has issued show cause notice to hydraulic cylinder maker Wipro Enterprises Pvt Ltd for violating Factories Act and allied labour laws at its plant near here. The Department officials inspected the plant last week and also found it was not following Covid-19 […]

New Delhi, May 31 (IANS) Base effect led to India’s eight major industries’ output sky-rocketing during April 2021. The Index of Eight Core Industries’ reading for last month showed an expansion of over 56 per cent from a (-) 37.9 per cent dip in output during the same month of last year. On a sequential […]

New Delhi, May 31 (IANS) India’s budgetary fiscal deficit reached 98.5 per cent of revised 2020-21 target or 9.3 per cent of the GDP, official data showed on Monday. The 2020-21 deficit — the difference between revenue and expenditure — had been enhanced to Rs 18.48 lakh crore, or around 9.5 per cent of the […]

New Delhi, May 30 (IANS) As the Centre on Sunday announced the expansion of the Emergency Credit Line Guarantee Scheme (ECLGS), industry participants have lauded the move and said it would support more businesses amid the second wave of Covid-19. FICCI President Uday Shankar said that the relaxations announced under the scheme will serve the […]

New Delhi, May 30 (IANS) Social finance-based neo bank SaveIN aims at market expansion and product development after its recently completed pre-seed funding round. The company, which has not disclosed the funding amount, got investments from a number of Indian and international angel investors and industry leaders across banking, consulting, blockchain, and fintech. “The company […]

New Delhi, May 30 (IANS) Mocking Goa Transport Minister Mauvin Godinho, his counterpart in the GST Council, Tamil Nadu Finance Minister P.T.R. Palanivel Thiagarajan said that Goa Chief Minister had perpetrated a misdemeanour on Goas citizens, and the GST Council, by nominating Godinho to represent Goa. “I also charge the CM of Goa with perpetrating […]

New Delhi, May 30 (IANS) As the country faced a severe shortage of medical oxygen amid the second wave of Covid-19, Centre has decided to offer 100 guarantee on loans up to Rs 2 crore to hospitals, nursing homes, clinics and medical colleges for setting up on-site oxygen generation plants. The interest rate for such […]

New Delhi, May 30 (IANS) As many as 470 infrastructure projects reported cost overrun of over Rs 4.38 lakh crore as of May 1, 2021. The Flash Report on Central sector projects for April published by the Ministry of Statistics and Programme Implementation showed that 525 projects are running behind schedule. Out of the 1,737 […]

New Delhi, May 30 (IANS) Petrol prices across the four metros remained unchanged on Sunday, with the fuel priced at Rs 93.94 per litre in the national capital. In Mumbai, petrol remained unchanged above the Rs 100 per litre mark. On Saturday, the city witnessed petrol prices reached the landmark three-digit level at Rs 100.19 […]

New Delhi, May 29 (IANS) The Centre’s flagship housing programme – Pradhan Mantri Awas Yojana – has created over 1.2 crore employment opportunities, said Grant Thornton Bharat’s ‘Affordable Housing in India’ report. The report cited that these employment opportunities so far were created through forward and backward linkages across 21 sectors. Besides, the report said […]

New Delhi, April 19 (IANS) In a bid to boost vaccine production amid rising Covid cases, the Centre has given in-principle approval for credit to vaccine-makers, the Serum Institute of India (SII) and Bharat Biotech, it was announced on Monday. The Finance Ministry has approved sanction of Rs 3,000 crore credit for the Serum Institute […]

New Delhi, April 18 (IANS) JSW Steel said on Sunday that the company is supplying oxygen for medical purposes as a priority in response to the current crises. “Currently, the supplies are ramped up to over 185 tonnes and making every effort to increase further from all our steel plants across the country,” JSW Steel […]

New Delhi, April 18 (IANS) The Finance Industry Development Council (FIDC) has urged the Reserve Bank of India (RBI) to extend the one-time restructuring scheme for loans to MSMEs till March next year due to the severe second wave of Covid-19. The RBI had, on February 11, 2020, allowed one-time restructuring of existing MSME advances, […]

New Delhi, April 18 (IANS) AirAsia India has announced free rescheduling on all flights for bookings till May 15, 2021. In a statement, the airline said that guests can now make unlimited changes for all bookings and changes made till May 15, irrespective of the travel dates, without incurring any flight change fees. “To ensure […]

Mumbai, April 18 (IANS) The board of Future Retail along and its lenders have approved a resolution plan to restructure the existing secured financial debt from the banks under the resolution framework for Covid-19 related stress. In a regulatory filing, the company said that the board approved the plan in its meeting on Saturday. It […]

New Delhi, April 18 (IANS) Oil marketing companies (OMC) kept petrol and diesel prices unchanged for the third straight day across four metro cities. In the national capital, petrol was sold for Rs 90.40 per litre on Sunday. Similarly, price of the fuel in Mumbai, Chennai and Kolkata also was unchanged at Rs 96.83, Rs […]

New Delhi, April 16 (IANS) Assocham has approached the Finance Ministry with a plea to reimpose moratorium on taking debt-ridden companies to NCLT under the Insolvency and Bankruptcy Code (IBC) till December 2021 in the face of severe outbreak of second wave of coronavirus. “Given the increasing pressure on businesses, it would be imperative to […]

Hyderabad, April 16 (IANS) Infrastructure major GMR Group on Friday announced the launch of GMR AeroCity Hyderabad which offers a gateway airport with the best-in-class logistics hub with smart technology. Spread across 1,500 acres, GMR AeroCity Hyderabad is envisaged to be an integrated mixed-use development, which includes key ports and establishments like business park, retail […]

New Delhi, April 16 (IANS) Amazon Prime has reached a user base of 200 million, according to the outgoing CEO Jeff Bezos, which is an increase of over 50 million during the pandemic only. In his final annual letter to Amazon’s shareholders on Thursday, Bezos who will be replaced by former AWS head Andy Jassy […]

New Delhi, April 15 (IANS) Base effect, along with healthy demand conditions abroad, pushed India’s merchandise exports higher by 60.29 per cent on a year on year basis in March 2021, official data showed on Thursday. The country’s merchandise exports during the month under review increased to $34.45 billion as compared to $21.49 billion in […]

New Delhi, April 15 (IANS) Domestic airlines are expected to log net losses in FY22 on the back of lower domestic air traffic compared with pre-pandemic levels, together with high fuel prices, ratings agency Crisil said. However, the agency said that these net losses will be 35-40 per cent below the ones reported for fiscal […]

New Delhi, April 15 (IANS) The ‘Asmbhav Summit’, successfully held virtually across India representing the voices and aspirations of lakhs of small retailers and traders across India saw enthusiastic participation from participants across industry. A key point that emerged was the need for stricter regulation and penalization for wrongs done by the foreign retailers posing […]

Mumbai, April 15 (IANS) IL&FS Group has addressed a debt of Rs 43,000 crore so far and the management has now raised its aggregate debt recovery estimate to Rs 61,000 crore. The previous estimate of overall debt recovery was Rs 56,000 crore. The increased estimate represents a resolution of nearly 62 per cent of overall […]

New Delhi, April 15 (IANS) Fuel prices in the country finally fell on Thursday with oil marketing companies deciding to pass the benefit of softer global oil prices earlier this month to the consumers. Accordingly, pump prices of petrol and diesel fell by 16 paisa and 14 paisa per litre respectively on Thursday. With this, […]

New Delhi, April 14 (IANS) Quint Digital Media Ltd (QDML) on Wednesday reported a net profit of Rs 45 lakh for the quarter ended March. During the previous quarter, the company had reported a net profit of Rs 18 lakh. Its revenue for operations for the fourth quarter of FY21 stood at Rs 6.56 crore, […]

New Delhi, April 14 (IANS) Moodys Investors Service has said in a new report that while the quantitative easing (QE) programmes launched by the central banks in the emerging markets are largely positive, the risks involved vary widely because of differing macroeconomic fundamentals. In the report, Moody’s analysed 11 emerging markets where the central banks […]

Mumbai, April 14 (IANS) Having barely recovered from the one-year pandemic lockdown, the fresh 15-day ‘lockdown-style’ restrictions in Maharashtra could lead to massive economic and business losses, the Mumbai-headquartered All India Association of Industries (AIAI) said on Wednesday. “The restrictions will impact over Rs 7,500 crore tax revenues and the Centre will lose over Rs […]

New Delhi, April 14 (IANS) Bharti Airtel on Wednesday announced a new corporate structure with focus on four verticals — Digital, India, International and Infrastructure. The new structure envisages Airtel Digital Ltd folding into listed entity, Bharti Airtel. This will now house all of the digital assets spanning Wynk Music, Airtel X stream, Airtel Thanks, […]

New Delhi, April 14 (IANS) Despite the uncertainty prevailing in FY 2020-21 owing to Covid-19 pandemic, fundraising in FY 2020-21 was better than that in FY 2019-20 for both Public Issues and Rights Issues, the finance ministry said in a statement on Wednesday. During FY 2020-21, Rs 46,029.71 crore and Rs 64,058.61 crore were raised […]

New Delhi, April 14 (IANS) Fuel prices in the country remained unchanged on Wednesday with oil marketing companies continuing on the pause mode and keeping petrol and diesel prices static for over a fortnight now. Accordingly, pump price of petrol and diesel remained at previous days level of Rs 90.56 and Rs 80.87 a litre […]

New Delhi, April 13 (IANS) The Supreme Court on Tuesday said when the resolution plan is approved by the National Company Law Tribunal (NCLT), the claims, which are not part of the plan, would stand extinguished and the proceedings related to them stand terminated. A bench of Justices R.F. Nariman, B.R. Gavai and Hrishikesh Roy […]

Mumbai, April 13 (IANS) Predictions of a normal monsoon, along with short covering and hopes of healthy Q4FY21 results, triggered a rebound in India’s benchmark equity indices from two-month lows on Tuesday. Besides, reports of a fall in incremental Covid cases and higher recoveries stabilised sentiments. This led a fall in India’s Volatility Index by […]

By Rohit VaidNew Delhi, April 13 (IANS) Resurgence of Covid infections along with the re-imposition of partial travel restrictions in some major states have triggered a clamour among a section of airlines for financial assistance as well as reduction of flight capacity. Industry insiders have contended that rising Covid cases have severely impacted demand, leading […]

New Delhi, April 13 (IANS) Retail and wholesale businesses across the country have taken a hit of Rs 46,000 crore in the last 10 days amid curfews and partial lockdowns across several states. According to the Confederation of All India Traders (CAIT), retail businesses have taken a hit of Rs 32,000 crore, while wholesale businesses […]

New Delhi, April 13 (IANS) Industry body FICCI has suggested that the government should provide incentives to vaccine manufacturers to increase the production of Covid-19 vaccines in the country. In a statement, it recommended financing vaccine makers under a production linked incentive (PLI) type scheme to support the vaccine manufacturers. Noting that there is an […]

New Delhi, April 13 (IANS) Distributed solar energy company Amplus Solar, Asia’s has acquired 17 On-site operational solar projects from Sterling and Wilson totalling 7.2 MW. Spread over Haryana, Punjab, Madhya Pradesh, Rajasthan, Maharashtra, Telangana and Karnataka, these 17 projects have been supplying solar power to 13 leading Industrial, Commercial, and Institutional customers. This addition […]

Mumbai, April 12 (IANS) Siemens Healthcare Private Ltd, a wholly-owned subsidiary company of global medtech company Siemens Healthineers AG, has elevated Vivek Kanade as its Managing Director. Kanade will continue to lead the business for Siemens Healthineers India including manufacturing, sales and distribution, strategy for ‘Zone India’, comprising of neighboring countries — Bangladesh, Nepal, Sri […]

New Delhi, April 12 (IANS) The Supreme Court on Monday held that lack of scientific material, blood tests or breath analyser results will not prevent insurance companies from establishing a case for exclusion from liability under ground of intoxication in a contract. A bench comprising Justices U.U. Lalit, Indira Banerjee and K.M. Joseph said: “If […]

Mumbai, April 12 (IANS) The Indian rupee continued to depreciate for the sixth consecutive day, breached the 75 per US dollar mark amid rising cases of Covid-19 and concerns of fresh localised lockdowns. On Monday, the rupee closed at 75.05 per dollar after weakening to an over eight-month low of 75.14 against the greenback. Further, […]

Chennai, April 12 (IANS) Requesting the Tamil Nadu government for relaxation or waiver of statutory payments, the Federation of Hotel and Restaurant Associations of India (FHRAI) also urged the former to have Covid-19 restriction norms for hotel meetings and banquets commensurate to the venue size. In a letter to Tamil Nadu Chief Minister K. Palaniswami, […]

New Delhi, April 12 (IANS) Concerned over possible imposition of lockdowns due to a resurgence in coronavirus infections, the Apparel Export Promotion Council (AEPC) has urged the government to keep factories free from lockdowns and requested for essential service sector tag for the labour-intensive apparel export industry. For ensuring uninterrupted manufacturing at factories, the industry […]

New Delhi, April 12 (IANS) Base effect, along with low interest rates and pent-up demand, accelerated domestic passenger vehicle sales in March 2021 on both year-on-year and sequential basis. Sales of passenger vehicles increased to 290,939 last month compared to over 135,196 units during the same period of 2020. In February 2021, 281,380 units of […]

Chennai, April 12 (IANS) Pramerica Life Insurance Ltd on Monday announced the elevation of Kalpana Sampat as its Managing Director & CEO with effect from April 9, 2021. She was earlier the company’s Chief Operating Officer. With her elevation, Sampat becomes one of the three female CEOs in the Indian life insurance sector. “Kalpana is […]

New Delhi, April 12 (IANS) Fuel prices in the country remained unchanged on Monday with oil marketing companies continuing the pause mode and keeping petrol and diesel prices static for the 13th consecutive day. Accordingly, pump price of petrol and diesel remained at previous days level of Rs 90.56 and Rs 80.87 a litre respectively […]

New Delhi, April 11 (IANS) Amid rising Covid cases and talks of partial and total localised lockdowns, most of the CEOs in India believe that along with the ongoing vaccination drive, stringent implementation of safety norms should be adopted instead of going for restrictions and partial lockdowns, according to a CII survey. Around 75 per […]

New Delhi, April 11 (IANS) Oil marketing companies (OMC) kept petrol and diesel prices unchanged for the 12th straight day across the four metro cities on Sunday. In the national capital, petrol was sold for Rs 90.56 per litre. Prices of the fuel in Mumbai, Chennai and Kolkata were at Rs 96.98, Rs 92.58 and […]

New Delhi, April 10 (IANS) The Indian Railway Stations Development Corporation Ltd. (IRSDC) has invited e-Request for Proposal (RFP) for leasing of land parcel for mixed-use development as a part of Bijwasan railway station development project. The IRSDC in a statement said that the total land area available for mixed used development is 18,000 square […]

Dhahran, April 10 (IANS) Aramco has signed a deal with a consortium led by EIG Global Energy Partners (EIG), one of the world’s leading energy infrastructure investors, to optimise its assets through a lease-and-lease-back agreement involving its stabilised crude oil pipeline network. Upon closing, Aramco will receive upfront proceeds of around $12.4 billion, further strengthening […]

New Delhi, April 10 (IANS) Travel between India and Sri Lanka will become easier in the near future as the two countries have finalised an ‘Air Bubble’ agreement. Notably, the current international flights are operated under the ‘Air Bubble’ agreements between India and other countries. This special arrangement mandates certain prerequisites along with permissions which […]

New Delhi, April 10 (IANS) India’s toll roads are likely to witness a 14-15 per cent growth in collections in FY22, ratings agency ICRA said in a report. Accordingly, this growth will be achieved on a low base following an estimated de-growth of 5-7 per cent in FY21. “Road traffic has witnessed a marked improvement […]

New Delhi, April 10 (IANS) The recent spike in Covid-19 cases along with associated lockdowns, though localised, could disrupt foreign portfolio investments as well as domestic credit markets, said India Ratings and Research (Ind-Ra). According to Ind-Ra, India’s second round of Covid outbreak is moving in a direction different from the global trend. “The cases […]

New Delhi, April 10 (IANS) India’s automobile OEMs are accelerating their shift towards EVs by investing in startups and enhancing collaborations, HDFC Securities said. “Along with developing electric products in-house, OEMs are open to collaborations, to reduce the speed-to-market as well as maintain capital efficiency,” HDFC Securities said in a report. “Part suppliers are attempting […]

New Delhi, April 10 (IANS) JioMart activity is scaling up as per a report by JP Morgan research which found brisk online activity across stores and formats it visited in Mumbai in the last week of March that could have been nudged further by rising Covid-19 cases. “We found the delivery infrastructure to be a […]

Mumbai, April 10 (IANS) States have once again begun imposing restrictions to prevent the spread of Covid-19 virus. For instance, Maharashtra, which is seeing the maximum number of cases, has announced the most stringent one — a mini-lockdown through April 30. Many other states have also announced night curfews and weekend lockdowns. Maharashtra is also […]

New Delhi, April 10 (IANS) Fuel prices in the country remained unchanged on Saturday with oil marketing companies continuing on the pause mode and keeping petrol and diesel prices static for 11th consecutive day. Accordingly, pump price of petrol and diesel remained at previous days level of Rs 90.56 and Rs 80.87 a litre, respectively, […]

Mumbai, April 9 (IANS) India’s foreign exchange reserves fell $2.415 billion during the week ended April 2. According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the reserves decreased to $576.869 billion from $579.285 billion reported for the week ended March 26. India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special […]

New Delhi, April 9 (IANS) India’s second wave of Covid-19 infections pose an increased risk to the country’s fragile economic recovery and its banks, Fitch Ratings said. Accordingly, Fitch expects a moderately worse environment for the India’s banking sector in 2021, but headwinds would intensify should rising infections and follow-up measures to contain the virus […]

Mumbai, April 9 (IANS) The renewables arm of Larsen & Toubro’s Power Transmission & Distribution Business has secured a turnkey EPC Contract worth Rs 5,000-7,000 crore, to set up the Sudair Solar PV Project of 1.5 GW capacity in Saudi Arabia. In a statement, L&T said it has received the contract from the consortium of […]

Lucknow, April 9 (IANS) To ease government transactions and improve transparency and efficiency, the Yogi Adityanath government has decided to implement the e-Kuber system of RBI to disburse government funds directly to the payee’s bank account, in times of natural disasters like flood, drought, hailstorm, excess rain, lightning, etc. Chief minister Yogi Adityanath has issued […]

Lucknow, April 9 (IANS) To ease government transactions and improve transparency and efficiency, the Yogi Adityanath government has decided to implement the e-Kuber system of RBI to disburse government funds directly to the payee’s bank account, in times of natural disasters like flood, drought, hailstorm, excess rain, lightning, etc. Chief minister Yogi Adityanath has issued […]

Chennai, April 9 (IANS) Siemens Limited and the Hinduja group’s Switch Mobility Automotive Limited have signed a Memorandum of Understanding (MoU) to play in the electric commercial vehicles segment. Siemens also said Siemens Financial Services (SFS), the financing arm of Siemens AG, would consider a minority investment in OHM Global Mobility Private Limited, another Hinduja […]

New Delhi, April 8 (IANS) The Department of Telecommunications (DoT) has issued directions that in respect of AGR dues, there shall be no reassessment, nor the telecom operators be allowed to raise any disputes. The DoT issued the directions through an affidavit filed in the Supreme Court following an earlier order of the apex court. […]

New Delhi, April 8 (IANS) Express Stores plans to expand its network both in tier 1 and 2 cities along with a growth in revenue in 2021. Apoorv Jain, Co-Founder & CEO at Express Stores said that the company plans to strengthen its presence across the National Capital Region (NCR). “We have multiple partner stores […]

Bengaluru, April 8 (IANS) Global software major Infosys on Thursday said it won a contract for digital transformation of steel maker ArcelorMittal’s IT operations. “As part of the deal, we will deliver next-generation application and business process management (BPM) services to ArcelorMittal,” the city-based firm said in a statement. Infosys will work with the London-based […]

Bengaluru, April 8 (IANS) Global software major Infosys on Thursday said it won a contract for digital transformation of steel maker ArcelorMittal’s IT operations. “As part of the deal, we will deliver next-generation application and business process management (BPM) services to ArcelorMittal,” the city-based firm said in a statement. Infosys will work with the London-based […]

New Delhi, April 8 (IANS) State-run construction major NBCC Ltd, and Suraksha Realty have submitted fresh resolution plans for Jaypee Infratech. The Committee of Creditors (CoC) are scheduled to meet on April 12 to discuss both the resolution plans. This is the fourth time that both the companies have submitted their bids for the bankrupt […]

Chennai, April 8 (IANS) Malaysia’s MMC Corporation Behard, a utility and infrastructure conglomerate has chosen India’s Ramco Systems Ltd’s enterprise resource planning (ERP) for digital transformation of its five ports business systems, said top officials. The MMC Corporation has five ports under its fold in Malaysia. Internationally, MMC has presence in Saudi Arabia via Red […]