GMR launches ‘AeroCity Hyderabad’

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 […]

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Asmbhav Summit moots stricter regulation, central agencies led investigation over foreign platforms

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 […]

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Huge losses from fresh Maha lockdown, says industry body

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 […]

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Covid Effect: Airlines demand assistance package, capacity reduction (IANS Exclusive)

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 […]

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Amplus acquires rooftop solar projects from Sterling and Wilson

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 […]

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Vivek Kanade named Managing Director of Siemens Healthcare

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 […]

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AEPC urges govt for uninterrupted manufacturing at factories

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 […]

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Aramco signs $12.4 bn infra investment deal with EIG-led consortium

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 […]

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India, Sri Lanka finalise ‘Air Bubble’ agreement

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 […]

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India’s OEMs accelerating shift towards EVs: HDFC Securities

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 […]

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JioMart activity scaling up

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 […]

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Mini-lockdown casts cloud over MFI collections

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 […]

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Petrol, diesel prices remain unchanged

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, […]

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India’s forex reserves down by over $2.4 bn

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 […]

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Yogi opts for RBI’s e-Kuber system for payment disbursement

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 […]

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Yogi opts for RBI’s e-Kuber system for payment disbursement

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 […]

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Infosys wins bid for ArcelorMittal’s digital transformation (Lead)

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 […]

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Infosys wins ArcelorMittal digital contract

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 […]

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Malaysia’s MMC Corporation selects Ramco for digital transformation

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 […]

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Vi Business unveils Integrated IoT Solutions

New Delhi, April 8 (IANS) Vi Business, the enterprise arm of Vodafone Idea Ltd (VIL), has launched ‘Integrated IoT Solutions’ for enterprises. “With this industry first initiative, VIL has become the only telecom company in India to offer a secure end-to-end IoT solution offering that comprises connectivity, hardware, network, application, analytics, security and support,” the […]

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Mahindra starts end-to-end vehicle scrappage

New Delhi, April 7 (IANS) Automobile major Mahindra & Mahindra has initiated a new end-to-end solution for scrapping of old vehicles. The company has signed an MoU with Mahindra MSTC Recycling Private Ltd (MMRPL) towards offering its customers first of its kind end-to-end solution for scrapping of vehicles. At present, MMRPL is engaged in the […]

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PCA Auto plans one new model each for next 4-5 years, launches Citroen C5 Aircross

Chennai, April 7 (IANS) Global automotive manufacturer Stellantis group’s Indian arm PCA Automobiles India Private Limited is planning to launch one new model every year for the next four-five years and will ship out those vehicle platforms, a senior official said on Wednesday. Launching the company’s first vehicle for the Indian market, Citroen C5 Aircross, […]

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NCAER appoints Poonam Gupta as Director-General

New Delhi, April 5 (IANS) National Council of Applied Economic Research (NCAER), Indias largest and oldest economic think-tank, has announced the appointment of Poonam Gupta as its new Director-General. Poonam Gupta, the first woman Director General of NCAER, will succeed Shekhar Shah who led NCAER since 2011 and will complete his second five-year term in […]

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Hyundai Alcazar completes durability tests

Mumbai, April 4 (IANS) Hyundai Motor India Ltd (HMIL) on Sunday announced the culmination of durability tests being conducted on its upcoming 7-seater SUV, Hyundai Alcazar. “Developed to redefine benchmarks, Hyundai Alcazar has been tested over varying terrains such as rough roads, fast-paced highways and hilly terrain. Pushed to the limits, Hyundai Alcazar has surpassed […]

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Commodity market participants seek FM’s intervention over shrinking volumes

New Delhi, April 1 (IANS) The Commodity Participants Association of India (CPAI) has met Finance Minister Nirmala Sitharaman and sought her immediate intervention and policy support following a sharp decline in the volumes of exchange-traded commodities. During the meeting, the CPAI representatives tabled their concerns pertaining to current challenges and hurdles that the industry is […]

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Wipro buying Australian firm for $117M

Bengaluru, April 1 (IANS) Global software major Wipro on Thursday announced buying Australia-based Ampion for $117 million (Rs 858 crore), as it provides cyber security, Dev Ops (software development and IT operations) and engineering services. “The transaction is expected to be completed during the quarter ending June 30, 2021, subject to regulatory approvals,” said the […]

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DLF CEO Rajeev Talwar retires

New Delhi, March 31 (IANS) Realty major DLF said on Wednesday that its CEO and wholetime director Rajeev Talwar has retired for his post. “Further to our disclosure dated January 29, 2021, please note that Rajeev Talwar has been superannuated from the close of business hours of March 31, 2021,” the company said in a […]

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FTP 2015-2020 extended till Sept 30

New Delhi, March 31 (IANS) India’s Foreign Trade Policy (FTP) 2015-20 has been extended till September 30. The policy was applicable till March 31. Accordingly, the Union Commerce and Industry Ministry in a statement on Wednesday said: “The existing Foreign Trade Policy 2015-2020 which is valid up to March 31, 2021 is extended upto September […]

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14% ultra-wealthy Indians are salaried employees

New Delhi, March 30 (IANS) International property consultant Knight Frank has observed in its recent Attitudes Survey 2021 that 14 per cent of India’s ultra-high net worth individuals (UHNWIs, $30 million plus) are from the salaried employee segment. This makes India the fourth highest contributor in the Asia Pacific for salaried employees in the ultra-wealthy […]

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Federer becomes brand ambassador for Swiss tourism board

Pasel (Switzerland), March 29 (IANS) Tennis great Roger Federer has become an official brand ambassador for Switzerland Tourism (ST), the country’s national tourism board. “Roger Federer and Switzerland Tourism will together develop initiatives to promote Switzerland globally. The support is much needed at this time, emerging from the biggest tourism crisis since the Second World […]

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‘Faster electrification of urban focused scooters expected’

New Delhi, March 28 (IANS) Narrowing the price gap between internal combustion engine equipped two-wheelers and their electric variant, can accelerate electrification of urban focused scooters, said Motilal Oswal Financial Services Ltd. (MOFSL). Accordingly, MOFSL in a report cited that cost of ownership due to regulatory factors, rising fuel prices, reduction in Lithium-ion battery prices, […]

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‘Pvt sector can help increase funding options for rail infra’

New Delhi, March 28 (IANS) Private sector could help increase funding options for creating railway infrastructure, said ratings agency ICRA. “Given the increased funding requirements, besides higher global business services (GBS), other avenues like Joint Ventures (JVs) with the state government, sourcing funds from multilateral financing institutions, and attracting private sector investment will be important,” […]

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IRFC raises Rs 1,375 cr by issuing bonds

New Delhi, March 27 (IANS) The Indian Railway Finance Corporation (IRFC), the dedicated financing arm of the Indian Railways has raised Rs 1,375 crore through issuance of domestic bonds. The fund has been raised at 6.80 percent coupon rate with 20-year maturity, IRFC said in a statement. “The bond issuance received a very good response […]

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PMFAI seeks policy support for growth of agrochem market (Ld, Correcting headline)

New Delhi, March 27 (IANS) Noting that investments in the Indian agrochemicals sector are increasing despite Covid-19, the Pesticides Manufacturers & Formulators Association of India (PMFAI) has urged the Centre to extend policy support to enable a two-fold growth of the Indian agrochemical market double, with a major focus on exports. Addressing the 52nd Annual […]

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Anish Shah appointed MD and CEO of M&M

Mumbai, March 26 (IANS) Vehicle manufacturer Mahindra and Mahindra Ltd (M&M) announced on Friday that its board has cleared the appointment of Anish Shah as the new Managing Director and Chief Executive Officer of the company with effect from April 2, 2021. Anish Shah is presently the Deputy Managing Director and Group Chief Financial Officer […]

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Ashok Leyland launches 14 wheeler truck

Chennai, March 26 (IANS) Commercial vehicles major and part of Hinduja Group Ashok Leyland Ltd on Friday launched its 4-axle 14-wheeler truck. The Gross Vehicle Weight (GVW) of the new truck is 40.5 ton. “We have last year launched AVTR – India’s first Modular Truck platform to address the varied Load-Road-Application and customer requirements. Now, […]

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IGX introduces improved auction methodology

New Delhi, March 26 (IANS) The Indian Gas Exchange (IGX), India’s first authorised Gas Exchange, has introduced open auction trading on its platform. The trading through new formats has commenced with effect from Thursday. The proposal for change was made to downstream regulator PNGRB and the same was approved by it last week, IGX said […]

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Honeywell ties up with FarEye

New Delhi, March 25 (IANS) Honeywell has partnered with FarEye, a low-code SaaS platform, to provide its intelligent delivery management platform to Honeywell mobile computer users. A statement said that FarEye allows mobile workers with devices to manage, visually track and monitor delivery logistics operations. It works with major retailers, carriers & consumers around the […]

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IndianOil inks pact with Dorf Ketal Chemicals

New Delhi, March 25 (IANS) Indian Oil Corporation Ltd. (IOCL) had announced its partnership with Dorf Ketal Chemicals India Pvt Ltd, wherein IOCL’s Patented Drag Reducing Agents (DRA) technology will be utilised to manufacture the DRA at Dorf Ketal’s manufacturing unit at Dahej, Gujarat. This agreement also represents a significant move towards Atmanirbhar Bharat as […]

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Amazon ‘threatened’ US warehouse workers amid pandemic

San Francisco, March 23 (IANS) An investigation by the National Labor Relations Board (NLRB) in the US has found that Amazon allegedly threatened and retaliated against workers protesting the company’s handling of the Covid-19 pandemic. The official NLRB documents, seen by Motherboard, revealed that the e-commerce behemoth “illegally interrogated and threatened Jonathan Bailey, a lead […]

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PCHFL raises over Rs 4K cr via NCDs

Mumbai, March 22 (IANS) Piramal Capital & Housing Finance Ltd (PCHFL) on Monday said it has raised Rs 4,050 crore through issuance of long-term, five-year Non-Convertible Debentures (NCDs) in two tranches. The first tranche of the NCD issue amounting to Rs 2,000 crore opened on March 10, 2021 with a pay-in on March 12. The […]

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‘Despite price hike, PVs having sustainable demand recovery’

New Delhi, March 21 (IANS) Despite price hikes, the passenger vehicle and two wheeler segments are experiencing sustainable demand recovery, India Ratings and Research (Ind-Ra) said in a report. Notably, the domestic automobile industry’s sales volumes (excluding CVs) grew 10 per cent YoY in February 2021, recording positive growth for the seventh consecutive month. Segment […]

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Kerala student’s biotech startup bags $10m from UAE

Kochi, March 20 (IANS) A Kerala student’s biotech startup fostered under the Innovation and Entrepreneurship Development Centre (IEDC) scheme of Kerala Startup Mission (KSUM) has bagged an investment of $10 million from the UAE-based TCN International Commerce LLC for his project titled “Algae-Seaweed Technology”, under the brand B-lite Cookies. The biotech startup’s product was showcased […]

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PSU oil cos expanded retail operations during pandemic though product demand remained sluggish

New Delhi, March 20 (IANS) Public sector oil marketing companies IndianOil, Hindustan Petroleum and privation bound Bharat Petroleum remained active in the country’s oil market in 2020 even though the pandemic and lockdown severely dented demand for petroleum products. Even with petrol and diesel sales remaining below the pre-Covid levels in the last part of […]

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ED probe under PMLA can continue even after base offences are ‘closed, compounded or quashed’

New Delhi, March 20 (IANS) The Bombay High Court has ruled that investigation by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA), 2002, can be continued “even if the base offences are closed, compounded or quashed”, Taxscan reported. The accused, promoters of Omkar Realtors and Developers, had sought their release on […]

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Fuel prices unchanged for 3 weeks

New Delhi, March 20 (IANS) Fuel prices in the country have remained steady for three weeks now as softening crude and upcoming assembly elections in a few states have kept Oil companies from revising the retail prices. Accordingly, petrol continues to be priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in […]

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RBI’s FY22 budget approved

Mumbai, March 19 (IANS) The Reserve Bank of India’s budget for FY22 was approved on Friday by its Central Board of Directors. The approval comes before the apex bank shifts its accounting year to April-March period from FY22. “The Board, in its meeting, reviewed the current economic situation, global and domestic challenges and various areas […]

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Containerised import & export trade contracts 6.5%

Mumbai, March 19 (IANS) For Indian trade, 2020 was a year dominated by unprecedented challenges, irregular manufacturing and buying patterns, disrupted trade environments and lack of predictability, Maersk report said on Friday. With the Covid-19 pandemic spreading across the world in a staggered manner and in varying proportions, the impact on containerised trade was felt […]

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India Inc welcomes vehicle Scrappage Policy

New Delhi, March 18 (IANS) India Inc on Thursday welcomed the Centre’s automobile Scrappage Policy. Industry players, as well as sector specialists, said the move will enable faster growth for the industry and will be an environment-friendly move. In a statement, the Society of Indian Automobile Manufacturers (SIAM) said: “The benefits to the environment and […]

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PFRDA’s AUM crosses Rs 5.59 lakh crore mark

New Delhi, March 17 (IANS) The Pension Fund Regulatory and Development Authority (PFRDA) on Wednesday said its total pension assets under management have crossed the Rs 5.59 lakh crore mark. Subscribers’ contributions under the National Pension System (NPS) and Atal Pension Yojana (APY) have jointly contributed to this landmark figure. “As on 28th February 2021, […]

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NatWest Group India announces partnership ISDM

New Delhi, March 16 (IANS) The NatWest Group India on Tuesday announced a partnership with the Indian School of Development and Management (ISDM) for the development sector, to strengthen capabilities and drive tangible progress of the country’s development ecosystem. In addition to a significant financial commitment, NatWest Group India will be deeply invested with ISDM […]

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Petrol, diesel prices remain unchanged

New Delhi, March 16 (IANS) Fuel prices in the country have remained steady for over a fortnight now even though global oil market remains volatile with regular variations in prices. Accordingly, petrol continues to be priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the capital here on Tuesday. Fuel prices […]

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Accelerated off-take: Kia foresees continued growth, terms 2021 critical (IANS Special)

New Delhi, March 15 (IANS) The year 2021 is extremely critical for Kia in India as the automobile manufacturer expects a more conducive business environment fuelled by recovery from the Covid-19 pandemic. In a conversation with IANS, Kia Motors India’s Executive Director and Chief Sales and Business Strategy Officer Tae-Jin Park said that the immediate […]

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India now has 4th largest forex reserves

New Delhi, March 15 (IANS) Indias forex reserves have now become the fourth largest in the world at $580.3 billion surpassing Russia. Emerging markets have been building reserves to guard against volatility due to Covid aftershocks. Reserves for India and Russia have plateaued rising for months. India pulled ahead as Russian holdings declined at a […]

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ED seeks documents from Amazon: Report

New Delhi, March 12 (IANS) The Enforcement Directorate has recently asked Amazon.com Inc for information related to its operations in India, a global newswire reported on Friday. A senior agency source told the newswire that the ED continues to investigate the US e-commerce giant. Last month, the source at the financial probe agency had said […]

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