Mehul Choksi could be extradited to India: Antigua PM

Antigua: Bank fraud fugitive Mehul Choksi may be extradited to India after Antigua's Prime Minister Gaston Browne said that the citizenship of the bi...

Congress slams govt over BSNL, MTNL losses

New Delhi: The Congress on Monday (J...

Indian’s unaccounted wealth abroad estimated at $216-490 bn: Studies

New Delhi: Unaccounted wealth outsid...

GST Council to consider reducing tax on electric vehicles

New Delhi: The GST Council will consider reducing tax on electric vehicles, which are seen as more environment-friendly, and the matter is pending before it, Minister of State for Finance Anurag Thakur informed the Lok Sabha on Monday (June 24). Thakur was replying to a question asked by BJP member Varun Gandhi during the Question Hour. "The matter has be...

Insolvency proceedings initiated against Jet Airways

New Delhi: Insolvency proceedings have been initiated against debt-ridden Jet Airways, which formally stopped flying on April 17 and saw lenders voting for bankruptcy earlier this month. The cash-strapped company became the first domestic airline to go into bankruptcy after the Mumbai bench of the National Company Law Tribunal (NCLT) admitted an insolvency...

Amazon invests ₹450 crore in India payments unit

New Delhi: American retail giant Amazon has infused ₹450 crore into its payments unit in India — Amazon Pay, according to regulatory documents. Amazon Pay (India) has allotted 45 crore shares of ₹10 each aggregating to ₹450 crore to Amazon Corporate Holdings and Amazon.com.incs Ltd, documents filed with Corporate Affairs Ministry showed. The documents, ...

GST Council extends anti-profiteering authority’s tenure

New Delhi: The GST Council on Friday (June 21) extended the tenure of the anti-profiteering authority by two years till November 2021 and allowed use of Aadhaar as proof for obtaining GST registration while referring tax cut on electric vehicles and their chargers to an officers committee. The Councils meeting, chaired by Finance Minister Nirmala Sitharama...

Walmart to pay $282 mn to close bribery probe into its biz in India

Washington: Global retail giant Walmart has agreed to pay over USD 282 million to settle charges of violating US anti-corruption regulations while conducting its business in India, China, Brazil and Mexico. According to the US Security and Exchange Commission (SEC), these violations were conducted by Walmarts third-party intermediaries who made payments to ...

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Nusrat Jahan, Mimi Chakraborty take oath as Lok Sabha MPs

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Faultlines

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Nusrat Jahan, Mimi Chakraborty take oath as Lok Sabha MPs

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Bihar death: Harsh Vardhan repeats 2014’s promises

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World Cup wounded: Injuries, rain dampen fan spirits

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Kohli on verge of breaking Tendulkar, Lara’s record

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IAF recovers 6 bodies and other remains after AN-32 crash

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Media hyping TN water crisis: CM Palaniswami

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India can now host International Olympic events

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L&T to get 3 seats on Mindtree Board; Subroto Bagchi to step down

New Delhi: Construction major L&T, which is in the midst of a hostile takeover of Mindtree Ltd, has secured three board positions at the IT services firm, giving the former a firm control over the company where it is eyeing over 66 per cent stake. Also, Mindtree co-founder Subroto Bagchi, who will retire next month, has not offered himself for re-appoi...

NCLT admits Jet for bankruptcy, sets 90 days for resolution

Mumbai: The National Company Law Tribunal (NCLT) on Thursday admitted the insolvency petition filed by the lenders' consortium led by State Bank against Jet Airways. The tribunal has also appointed Ashish Chhauchharia of Grant Thornton as the resolution professional (RP) for the crippled airline that stopped its operations on April 17. The tribunal comp...

Freedom to price key to success of Railways’ private operators

New Delhi: As the Modi government prepares its 100-day agenda for the second term in office, hot button topics such as handing over operations of some passenger trains (including premium ones like Rajdhani's and Shatabdi's) to private parties and corporatisation of some Indian Railways’ (IR) functions are being spoken about again. The government is explori...

Retail, FMCG to add 2.76 lakh new jobs in Apr-Sept FY20

Mumbai: Retail and fast-moving consumer goods and durables (FMCG&D) sector together is likely to add 2.76 lakh new jobs in the first six months of the current financial year following the entry of foreign retail giants, the TeamLease Services biannual 'Employment Outlook' report said. According to the report for April-September 2019-20, the retail s...

Unprecedented rally in Jet Airways shares; zoom over 122 per cent

New Delhi: Shares of Jet Airways witnessed an unprecedented rally on the bourses Thursday, bouncing back sharply after days of massive fall to close the day over 122 per cent higher. After a highly volatile trading day, the scrip skyrocketed 93.35 per cent to close at Rs 64 on the BSE, helped by robust fag end buying. During the day, it zoomed 133.68 per c...

Govt to go down heavily on fraudulent exporters claiming GST refunds

New Delhi: The government Thursday said it has identified 5,106 "risky exporters" so far who have claimed GST refunds based on bogus invoices, and would manually check their claims before issuing refunds. According to sources, such fraudulent claims of Integrated GST (IGST) refunds by exporters could exceed Rs 1,000 crore. The Central Board of Indirect ...

Jet Airways shares bounce back; zoom 19 per cent

New Delhi: Shares of Jet Airways bounced back after days of massive fall and rose sharply by 19 per cent Thursday. Despite a weak opening, where the scrip hit an all-time low of Rs 27, it later pared the losses and jumped 16.16 per cent to Rs 38.45 on the BSE. On the NSE, shares zoomed 19 per cent to Rs 39.40 after dropping to an all-time low of Rs 26.5...

Jet Airways shares dwindle further; tank over 29 per cent

Shares of Jet Airways further plummeted over 29 per cent on Wednesday after the consortium of bankers took the grounded airline to the National Company Law Tribunal. The scrip continued to face heavy selling pressure and tanked 28.18 per cent to an all-time low of Rs 29.05 on the BSE. At the NSE, shares of the company plunged 29.38 per cent t...

Sensex soars over 350 pts; Nifty near 11,800

Domestic equity benchmark BSE Sensex rallied over 350 points Wednesday driven by gains in banking and IT stocks, amid positive cues from global markets ahead of US Fed policy outcome. The 30-share index was trading 367.24 points, or 0.94 per cent, higher at 39,413.58 at 0930 hours. Similarly, the broader NSE Nifty was quoting 104.75 points, or 0...

Investors continue to dump Jet Airways shares; further tank 15%

New Delhi: Jet Airways stock tumbled nearly 15 per cent Tuesday (June 18) after State Bank of India-led consortium of lenders decided to send the grounded airline to the National Company Law Tribunal. The scrip fell for the 12th consecutive day and plunged 14.93 per cent to a multi-year low of ₹58.10 on the BSE. At NSE, shares plummeted 14.98 per cent to a...

Railways’ record freight transport overshadows slowing growth

Chennai: Indian railways’ new record of carrying the highest ever freight loading in 2018-19 overshadows the slowing growth rate of rail freight. It handled 1,175 million tonnes (MT) of freight traffic between April 2018 to 15 March, 2019. While it surpassed 1,160 MT freight carried in 2017-18, the growth rate declined to around 4 per cent from 5.2 per cent...

US-China trade war: Huawei revenue to be billions below forecast

Huawei's founder likened his company to a badly damaged plane and said revenues will be USD 30 billion less than forecast over the next two years. The Chinese telecom giant will reduce capacity but US moves to restrict its business "will not stop us," Ren Zhengfei, who is also the CEO, said on a panel at company headquarters. He said the comp...

Making India $5 trillion economy challenging but achievable: Modi

The goal of making India a USD 5 trillion economy by 2024 is “challenging, but achievable” with the concerted efforts of states, Prime Minister Narendra Modi said at the fifth meeting of NITI Aayog’s Governing Council here on Saturday. The meeting is being attended by all chief ministers, except Mamata Banerjee (West Bengal) and K Chandrashekhar...

SEBI bars Roy couple from capital markets for two years

New Delhi: Regulator Sebi on Friday barred NDTV Ltd's three key promoters -Prannoy Roy, Radhika Roy and their holding firm -- from the capital markets for two years and also restrained the two individuals from holding any board or top management role at the company in this period. The Roy couple has also been been barred from holding a board or key manager...

Cash surplus ESI shares the booty, cuts contribution rate for employers, staff

A surprise cut in the contribution rate of employees and employers announced by the government has come on the back of a positive balance sheet of Employees’ State Insurance Corporation (ESIC). The ESIC was sitting on a surplus of ₹7,206 crore in 2016-17. This jumped to a whopping ₹10,085 crore in 2017-18. The surplus projected for 2018-19 is ₹9142...

Govt looks to boost steel exports as India becomes net importer

Chennai: The government is planning to boost steel exports and reduce unnecessary imports through tariff and non-tariff measures. The move comes as the country became a net importer of steel in 2018-19. The increase added to the problems of under-utilisation of steel produced within the country. India is the second largest manufacturer of steel. Commerce...

Govt insistence on BSNL/MTNL revival flies in face of Air India logic

New Delhi: It is an abiding mystery that the Modi government, in its second tenure, wants to exit the business of flying by selling off Air India (AI) but wants to cling to the business of telephony. Plans for the sale of AI, which is wholly owned by the government and has been posting losses for at least a decade, are underway. The logic behind the disinvest...

Trading in crypto currencies in India may become tougher in future

Chennai: Trading in cryptocurrencies in India may become tougher in the near future if the news of a draft bill proposing 10-year jail term for anyone dealing in cryptocurrencies is true. The draft bill, which aims at tightening the noose for those who try to transact in cryptocurrencies, states that the penalty is applicable to those who “mine, generate...

Fmr CEA deflates Modi govt assertion on economic growth rate

India overestimated its overall growth by 2.5 percentage points between 2011-12 and 2016-17 and the actual growth was only around 4.5 per cent, says ex Chief Economic Advisor, Arvind Subramaniam. Subramaniam who was CEA for a four-year period during Prime Minister Narendra Modi’s first term has made this startling revelation in a paper at Harvar...

RBI extends relaxed norms for NBFC loan securitisation till Dec 31

Mumbai: The RBI on Friday (June 7) extended minimum holding period requirement for NBFCs to raise funds via loan securitisation to help the sector overcome liquidity shortage. Non-banking financial companies (NBFCs) have been permitted to securitise loans of over five-year maturity after holding them for six months on their books. Earlier, they were sup...

SBI slashes home loan rates; new product to sync with repo rate

Mumbai: After linking its short-term loans and large savings deposits rates to the repo rate, the largest lender State Bank on Friday (June 7) said it will introduce repo-linked home loans from July. The lender has also reduced interest rate on cash credit account (CC) and overdraft (OD) customers with limits above ₹1 lakh, after the RBI reduced the rep...

India’s philanthropy may soar further, thanks to Azim Premji

Philanthropy in India is likely to get a boost as benevolent billionaire Azim Premji plans to focus on charitable activities after retiring as the Executive Chairman and Managing Director of Wipro on July 31. Premji, the second richest person in India, earned the tag of the country’s most generous billionaire in March 2019 after he committed to ...

RBI to issue on tap licence guidelines on small finance banks in Aug

Mumbai: The Reserve Bank of India (RBI) said on Thursday (June 6) it will come out with guidelines for issuance of licences to small finance banks on tap basis in August 2019 for promoting banking facility for small borrowers and encourage competition. The RBI had given in-principle approval to 10 entities for entering the small finance banking space in...

RBI relief to crores of RTGS, NEFT users

The Reserve Bank of India’s (RBI’s) move to remove charges levied on Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT) System for fund transfers will benefit at least 21 crore people. The move is expected to bring relief to customers who deal with fund transfers extensively. In April 2019, some 20.34 crore cu...

Azim Premji to retire as executive chairman of Wipro; son to take over

New Delhi: IT czar Azim Premji will retire as executive chairman of Wipro with effect from July 30, but will continue to serve on the board as non-executive director and founder chairman, the company said in a statement. His son Rishad Premji, chief strategy officer and a board member, will take over as the executive chairman of the company. "Azim Premj...

RBI cuts rates by 25 bps to 5.75%, revises GDP growth to 7%

Chennai: The monetary policy committee (MPC) of the Reserve Bank of India (RBI) on Thursday (June 6) cut rate by 25 basis points to 5.75 per cent. This is the third repo rate cut in a row. The RBI has changed its policy stance to accommodative from neutral. The rate cut was in line with expectations due to the muted growth figure for the last quarter of FY...

Will food inflation deter RBI from a rate cut needed for growth?

It is now a well established fact that the Indian economy is in the grip of a slowdown and needs policy support for accelerating the sluggish growth rate. Data released by the Central Statistics Office (CSO) last week show GDP growth at 6.8% in 2018-19 was the slowest in five years and it fell to 5.8% in the March quarter, lowest in 20 quarters sin...

Toyota Kirloskar sales down 6% at 13,066 units in May

Toyota Kirloskar Motor (TKM) on Saturday reported 6.2 per cent decline in total vehicle sales to 13,066 units in May, as against 13,940 in the same month last year. In the domestic market, the company reported sales of 12,138 units last month, down 7.4 per cent as compared to 13,113 units in May 2018, TKM said in a statement. "The company exp...

GST collections in May at ₹1 lakh crore

New Delhi: GST collections touched ₹1 lakh crore in May, as compared to ₹94,016 crore in the year ago period, the government said Saturday. The gross collection in May at ₹1,00,289 crore is, however, lower than ₹1,13,865 crore collected in April. A total of 72.45 lakh GSTR-3B returns were filed in the month of May, higher than 72.13 lakh in April. "The ...

Maruti reports 22% drop in May sales at 1,34,641 units

New Delhi: Maruti Suzuki India, the country's largest manufacturer of cars on Saturday (June 1) reported a 22 per cent decline in sales at 1,34,641 units in May. The company had sold 1,72,512 units in May 2018, Maruti Suzuki India (MSI) said in a statement. Domestic sales declined by 23.1 per cent to 1,25,552 units as against 1,63,200 units in the year ...

Slump in economy persists; GDP figures call for urgent action from new govt

Chennai: India’s economic growth has slipped to 5.8 per cent in the fourth quarter of 2018-19. This is the slowest growth of GDP in the last five years. With this the economy is on a slow down for the third consecutive quarter. In Q1, the GDP growth rate was recorded 8 per cent; it slowed down to 7 per cent in Q2 and 6.6 in Q3. The fourth quarter results...

SC agrees to examine power of tax authorities to arrest individual for GST evasion

New Delhi: The Supreme Court on Wednesday (May 29) agreed to examine the powers of tax authorities to arrest an individual for Goods and Services Tax (GST) evasion. A vacation bench comprising Chief Justice Ranjan Gogoi and Justice Aniruddha Bose issued notice to the Centre and sought its reply on a batch of pleas challenging the provision of arrest under ...

India needs fiscal push to boost growth, but rise in public spending may take time

New Delhi: It is no secret that India is in the midst of an economic slowdown, as domestic demand has weakened, rural as well as urban consumption is on the decline, exports are on a weak wicket and public investments have been declining. Most economists agree that the GDP growth slowed in the second half of FY2019 compared to the first half and going forward...

Indian economy moves up to 43rd in competitiveness; Singapore tops chart

New Delhi: India has moved up one place to rank 43rd most competitive economy in the world on the back of its robust economic growth, a large labour force and its huge market size, while Singapore has toppled the US to grab the top position, a global study showed. Singapore has moved up to the top, from the third position last year, while the US has slippe...

IndiGo shares rise 3 pc post Q4 results

New Delhi: Shares of InterGlobe Aviation, the parent company of IndiGo airline, rallied over 3 per cent in early trade Tuesday, a day after the company posted a five-fold jump in profit after tax to ₹589.6 crore for March quarter. The company had posted a profit of ₹117.6 crore in the corresponding period of 2017-18. On the BSE, the stock opened on a posi...

Seven of top-10 firms add ₹1.42 lakh crore in m-cap; RIL shines

New Delhi: Seven of the 10 most valued Indian firms together added ₹1.42 lakh crore in market valuation last week, propelled by a broad rally in the equity markets amid the ruling BJP's emphatic victory in the general elections. The 30-share BSE Sensex touched its lifetime (intra-day) high of 40,124.96 on Thursday (May 23), the day election results were an...

Sensex rises over 150 pts; Nifty tests 11,700

Mumbai: The benchmark BSE Sensex jumped over 150 points in early trade on Wednesday (May 22), led by gains in oil and gas, banking and IT stocks, ahead of the general election results. The 30-share index was trading 157.51 points, or 0.40 per cent, higher at 39,127.31. In similar movement, the broader NSE Nifty rose 30.90 points, or 0.26 per cent, to...

Evaluating Jet Airways opportunity, says Hinduja Group

Mumbai: Diversified Hinduja Group is evaluating opportunity to invest in Jet Airways, which has been grounded for more than a month now. Lenders to the full service carrier, which temporarily shuttered operations on April 17 as it ran out of cash, is looking for possible suitors. While the SBI-led lenders consortium is still working on ways to revive th...

Rupee slips 6 paise against US dollar

Mumbai: The rupee on Tuesday declined 6 paise to 69.80 against the US dollar in early trade following increased demand for the greenback from importers and banks. Besides, a strong US dollar against major global currencies and rising crude prices influenced the domestic unit, forex dealers said. However, a positive start of the equity markets and fresh f...

Exit polls pull markets up; Sensex zooms 1300 points, rupee gains 79 paise

Mumbai: Domestic financial markets cheered exit poll results that showed ruling NDA is likely to win the general Lok Sabha elections on Monday, with the benchmark BSE Sensex skyrocketing over 900 points early on to reach 1300, and the rupee appreciating 79 paise against the US dollar. After soaring over 962 in early session, the 30-share index pared som...

IT stocks under pressure; TCS, Infosys down up to 2%

Mumbai: IT stocks came under pressure led by losses in Infosys and TCS in early trade on Monday (May 20), even as the broader market witnessed heavy buying after exit poll results suggested another term for the ruling NDA government. IT index was the only one trading in the red. All other sectoral indices were in the green. Besides, heavyweight IT stock...

Sebi, stock exchanges beef up surveillance mechanism before poll results

New Delhi: Regulator Sebi and stock exchanges have beefed up their surveillance mechanism to check any manipulative activities in the market this week in view of the high-octane election related events lined up. The heightened surveillance and monitoring systems are already in place for Monday (May 20), the first trading session after the announcement of e...

IOC to examine US sanctions; impact on CPCL expansion

New Delhi: India’s top refiner Indian Oil Corp (IOC) will evaluate the implications of US sanctions if Iran was to invest in its subsidiary Chennai refinery’s ₹35,700 crore expansion, its Chairman Sanjiv Singh said. IOC plans to pull down the 1 million tonnes per year Nagapattinam refinery of its subsidiary Chennai Petroleum Corp Ltd (CPCL) and build a bra...

Facebook breakup could boost China rivals: CEO Sandberg

New York: Facebook chief operating officer Sheryl Sandberg on Friday (May 17) said a breakup of big US technology would not address "underlying issues" facing the sector and suggested that such a move could help rivals in China. Sandberg, interviewed on CNBC television, was asked about the latest calls to break up Facebook and other major Silicon Valley f...

Quick expansion, dilution of low-cost model could be behind rift between IndiGo promo...

On a wet February evening this year, IndiGo invited a few journalists for a first-of-its-kind meeting with its top management, where CEO Ronojoy Dutta made a presentation about the airline’s growth, its obsessive focus on costs and future strategy. The single biggest takeaway from this meeting was IndiGo’s soaring overseas ambitions and its simulta...

Sensex in a churn as poll result speculation takes centre stage

The markets are in a churn as the election results are nearing. Traditionally, markets have reacted to major political outcomes and a stable government will ensure a strong market

InterGlobe Aviation shares tank nearly 8 pc

New Delhi: Shares of InterGlobe Aviation Limited dropped nearly 8 per cent on Thursday, amid reports of an alleged rift between the promoters of IndiGo. The scrip tumbled 7.55 per cent to ₹1,487.10 on the BSE. On NSE, shares tanked 7.73 per cent to ₹1,485.75. On the traded volume front, 1.77 lakh shares were traded on BSE and over 33 lakh shares on the NSE...

Jet Airways shares continue to fall for 3rd day; tank nearly 7 pc

New Delhi: Shares of Jet Airways continued to fall for the third straight session on Wednesday, dropping nearly 7 per cent, after four senior executives, including chief executive Vinay Dube and his deputy Amit Agarwal, quit the ailing airline. After a weak opening, the scrip further tumbled 6.85 per cent to Rs 120.25 -- its 52-week low -- on the BSE. O...

Saudi Arabia halts oil pumping at main pipeline after drone attack

Riyadh: OPEC kingpin Saudi Arabia said it had stopped pumping crude oil along a major pipeline on Tuesday following a drone attack, hours after Yemen's Huthi rebels said they had targeted vital Saudi installations. Energy Minister Khalid al-Falih said two pumping stations on the pipeline from the oil-rich Eastern Province to the Red Sea had been targete...

ICICI-Videocon case: Chanda Kochhar, husband appear before ED again

New Delhi: Former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar Tuesday again appeared before the Enforcement Directorate here in connection with an alleged bank loan fraud and money laundering case registered against them. They were questioned by the agency on Monday for over eight hours. This was the first time they were grilled in Delhi. ...

WPI inflation slips to 3.07% in April, food prices still high

New Delhi: Wholesale price-based inflation slipped to 3.07 per cent in April on cheaper fuel and manufactured items, even as prices of food articles remained high, according to official data released on Tuesday (May 14). The Wholesale Price Index (WPI)-based inflation was at 3.18 per cent in March. It was 3.62 per cent in April 2018. Inflation in food arti...

Automated GST refund for exporters by next month

New Delhi: Exporters of goods and services as well as suppliers to SEZ units are likely to get GST refunds automatically from June as the revenue department plans to introduce faceless scrutiny of refunds and faster claim settlement, an official said. Under GST, every person making a claim of refund on account of zero-rated supplies has two options. Either...

Nabard announces ₹700 cr VC fund for agri, rural startups

Mumbai: The National Bank for Agriculture and Rural Development (NABARD) on Monday (May 13) announced a ₹700 crore venture capital fund for equity investments in agriculture and rural-focused startups. NABARD has been contributing to other funds till now and this is the first time that the rural development bank has launched a fund of its own. The fund ...

Govt concedes economy slump; blames shrinking pvt consumption, dull exports

New Delhi: An outgoing government has quietly acknowledged at the fag end of its term that the Indian economy is slowing down. It is another matter that the same government maintained a studied silence over any economic achievements in the last five years, throughout a prolonged campaign to get re-elected. This description sums up the state of the world's fas...

ITC Chairman Y C Deveshwar passes away

New Delhi: Noted industry leader and ITC Chairman YC Deveshwar passed away on Saturday (May 11) after a brief illness. He transformed the cigarette major into a diversified player with interests in fast-moving consumer goods (FMCG), hospitality, IT and other sectors. Deveshwar, 72, who stepped down from executive role as chairman and CEO in 2017 but remain...

Jet gets two unsolicited bids, one more expected: SBI chairman

Mumbai: State Bank of India chairman Rajnish Kumar on Friday (May 10) said the lenders have received two "unsolicited" bids for Jet Airways and "one" more is expected by the end of the day, keeping the hopes for the revival of the grounded carrier alive. The consortium of 26 lenders, led by State Bank which now owns 51 percent in the airline, had invite...

Anil Ambani’s RCom’s bankruptcy begins; next hearing on May 30

Mumbai: The National Company Law Tribunal (NCLT) on Thursday (May 9) allowed Reliance Communications (RCom) to exclude the 357 days spent in litigation and admitted it for insolvency. With this, RCom, which owes more than ₹50,000 crore to banks, has become the first Anil Ambani group company to be officially declared bankrupt after the NCLT on Thursday ...

Maruti Suzuki cuts production by nearly 10% in April

New Delhi: The country's largest car maker Maruti Suzuki India (MSI) on Thursday (May 9) said it has slashed its vehicle production by around 10% across its factories in April. It is the company's third consecutive month of taking a production cut. It had also reduced production in February and March this year. The auto major produced a total of 1,47,66...

Rideshare drivers in US strike as Uber poised to go public

New York: Thousands of Uber and Lyft drivers turned off their apps in a US-wide strike on Wednesday (May 8) over pay and working conditions, casting a shadow over this week's keenly anticipated Wall Street debut of ride-hailing leader Uber. Uber is expected to launch its initial public offering (IPO) on May 10, giving it an estimated valuation of some USD...

Indian origin cybersecurity startups seek Singapore funding

Singapore: Two Indian-origin cybersecurity startups are planning to expand their base to Singapore and are in talks for funding with investors in the city-state for their concepts on preventing cyber attacks. Seconize, which was formed in Bengaluru in 2017, recently set up its office in Singapore for expansion across Asia Pacific and has already secured su...

Commission to vote on proposal to ban China Mobile from entering US market

Washington: A federal American commission will vote on Thursday (May 9) on a proposal to ban China Mobile from entering the American market, its Indian American head told lawmakers on May 8. "Senator, hopefully, the FCC will vote on Thursday to agree with my proposal to ban China Mobile from entering the US market," Ajit Pai, the Chairman Federal Communicat...

Asian markets plunge as Trump threatens to hike China tariffs

Hong Kong: President Donald Trump sent Asian markets plunging on May 6 after threatening to hike tariffs on USD 200 billion of Chinese goods at the end of the week in a bid to speed up stuttering trade talks between the economic superpowers. Shanghai and Hong Kong equities led big losses across the region, with the Chinese yuan also taking a battering after t...

TRAI ropes in BECIL to audit cable TV, DTH operators under new regime

New Delhi: The Telecom Regulatory Authority of India (TRAI) has roped in state-owned Broadcast Engineering Consultants India Ltd (BECIL) for conducting audits to ensure that cable TV and DTH companies are complying with its new regulatory norms. The sector regulator, which had earlier warned of action against operators found to be flouting the new tariff orde...

Aster DM Healthcare to invest ₹750 crore to add 1,500 beds by 2022

New Delhi: Healthcare services provider Aster DM Healthcare will invest around ₹750 crore to add 1,500 beds in four new hospitals that it plans to open by the end of March 2022, a top company official said. The company currently has around 4,400 beds across 12 hospitals in India. "We will be investing around ₹750 crore to add 1,500 beds in the four hospita...

Airbus profits plunge on A380 scrapping and German arms freeze to Saudi

Paris: European aerospace giant Airbus on Tuesday (April 30) reported a slump in first-quarter net profit, hit by Germany's freeze on weapons exports to Saudi Arabia and its own decision to stop building the loss-making A380 super-jumbo. It said profits were down 86% from the same period in 2018 at 40 million euros. It blamed "adjustments" including "a...

EU’s anti-trust fine on Google weighs on parent Alphabet’s profits

San Francisco: Google parent Alphabet on April 29 reported that profit in the first three months of this year sagged under the weight of a hefty anti-trust fine in the European Union. Alphabet said that profit in the first-quarter fell 29% to USD 6.7 billion on revenue that climbed 17% to USD 36.3 billion. The earnings took a hit from a European Commission fin...

Restaurants, small B2C entities under scanner for GST evasion

New Delhi: GST officers are working out a mechanism to deal with non-payment of taxes by large number of small restaurants and B2C entities which are collecting taxes from customers but not depositing the levy with the government. Several consumers have filed complaints through a mobile app — Iris Peridot — that GST was charged by small restaurants but the...

Sachin Bansal’s BACQ grants ₹20 crore debt to Milkbasket

New Delhi: E-commerce marketplace Flipkart founder Sachin Bansal's firm BACQ has granted ₹20 crore debt to daily grocery delivery service Milkbasket for a period of three years. "We are excited to have Sachin Bansal and BACQ on board. We have raised venture debt of ₹20 crore for period of three years from BACQ," Anant Goel, Co-founder and CEO of Milkbasket...

Zomato to invest around ₹56 cr to set up 20 more warehouses by 2020

New Delhi: Online restaurant guide and food ordering firm Zomato on Monday (April 29) said it will invest around ₹56 crore to set up 20 more warehouses across the country by the end of 2020 under its B2B platform, Hyperpure. The company currently has two warehouses — one each in Bengaluru and Delhi — with a combined capacity of 9,000 metric ton (MT) per mo...

Reserve Bank of India to issue new ₹20 notes in greenish yellow colour

The Reserve Bank of India (RBI) on Friday (April 26) announced that it will introduce a new series of ₹20 notes. The new notes will be in greenish yellow colour, bearing the Ellora cave motifs depicting the country's cultural heritage. These notes will have all the regular features of Indian currency such as the photo of Mahatma Gandhi, Asoka pi...

SC directs RBI to disclose information on bank inspection report under RTI

New Delhi: The Supreme Court on April 26 directed the Reserve Bank of India (RBI) to disclose information pertaining to its annual inspection report of banks under the Right to Information (RTI) Act unless they are exempted under law. A bench headed by Justice L Nageswara Rao also directed the federal bank to review its policy to disclose information relat...

Maruti to stop selling diesel cars from April next year

India’s largest carmaker Maruti Suzuki India (MSI) will discontinue the sale of diesel cars in the country from April next year, coinciding with the transition of the automobile industry to stricter BS VI emission norms, a top company official said Thursday. The auto major currently gets 23 per cent of its total sales in the domestic market from d...

Japan court grants $4.5m bail to former Nissan boss Carlos Ghosn

Tokyo: A Japanese court granted Carlos Ghosn bail on April 25, meaning the former Nissan boss could soon walk out of his Tokyo detention centre to prepare his defence against multiple charges of financial misconduct. The Tokyo District Court set bail at 500 million yen ($4.5 million) as the 65-year-old faces four charges ranging from concealing part of hi...

SpiceJet to start 28 daily flights from April 26

SpiceJet said on Tuesday (April 23) it will start 28 daily flights connecting Mumbai and Delhi with other cities on its domestic network from April 26. Cash-starved Jet Airways suspended operations last week and the government authorities are in the process of allocating the airport slots vacated by the full-service carrier to other airlines, in...

ED summons Chanda Kochhar, husband in ICICI-Videocon case

New Delhi: The Enforcement Directorate (ED) has summoned former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar next week here in connection with a money laundering case related to a bank loan fraud, officials said. They said while Chanda has been summoned for May 3, Deepak and his brother Rajiv have been asked to depose on April 30 before the...

Global warming shrank Indian economy by 31%: Stanford study

Boston: Global warming has caused the Indian economy to be 31% smaller than it would otherwise have been, according to a Stanford study which shows how Earth's temperature changes have increased inequalities. The study, published in the journal Proceedings of the National Academy of Sciences, showed that growing concentrations of greenhouse gases in Earth'...

Flipkart sets up data centre in Hyderabad

Hyderabad: As part of strengthening technology infrastructure, Flipkart, online marketplace e-commerce player, on Monday (April 22) announced the launch of its data centre here. According to a press release issued by the Walmart company, this is its second data centre in the country and the first in Telangana and has been built in partnership with CtrlS. F...

Sensex cracks over 300 pts, Nifty below 11,700

Mumbai: The benchmark BSE Sensex cracked over 300 points in early trade Monday tracking losses in index heavyweights RIL, HDFC and ICICI Bank, amid weak global cues, sinking rupee and soaring crude oil prices. The 30-share index was trading 309.56 points or 0.79 per cent lower at 38,830.72. The NSE Nifty too plunged to 101.80 points, or 0.87 per cent, t...

Jet Airways’ lenders keen on non-IBC route if bidding fails

As they explore ways to recover debt, lenders of Jet Airways are in favour of a resolution outside the insolvency law framework in case the ongoing bidding process fails to take off, sources said. Running into debt of more than ₹8,500 crore, Jet Airways has shut down operations temporarily after lenders decided against extending emergency funds for...

205 railway projects report cost overrun of ₹2.21L cr

New Delhi: National transporter Indian Railways account for nearly three-fifths of 344 central sector projects that are facing huge cost overrun due to delay in implementation for various reasons. The total cost overrun of 205 delayed railway projects is whopping Rs 2.21 lakh crore, the latest flash report of the Statistics and Programme Implementation Min...

Quarterly earnings to steer markets this week: Analysts

New Delhi: Stock market sentiment this week would be largely guided by the ongoing fourth quarter results season, with a host of front-line companies slated to come out with their financial report cards, say analysts. Besides, global crude oil movement, rupee and investment trend by overseas investors would keep influencing trading, they added. "In the nea...

Jet staff seek Prez intervention for salary dues, funds to airline

New Delhi: Employees of Jet Airways have written to President Ram Nath Kovind and Prime Minister Narendra Modi seeking their intervention to recover outstanding dues as well as to expedite the process of emergency funds for the airline, which has shuttered its operations temporarily. Cash-starved Jet Airways, which has around 23,000 employees, has delayed ...

Paytm Payments Bank appoints Sairee Chahal to board of directors

New Delhi: Paytm Payments Bank Ltd (PPB) on April 20 said it has appointed entrepreneur Sairee Chahal to its board of directors. Chahal is the founder and CEO of SHEROES -- a community platform for women. "We are delighted to have Ms Sairee Chahal on our board. She has comprehensive experience of customer service ecosystem. We will benefit from her knowled...

SBI wasting Indian taxpayers’ money on UK legal fees: Mallya

London: Embattled liquor tycoon Vijay Mallya once again used social media to reiterate his offer to pay back the debt owed to public sector banks in India, this time targeting the State Bank of India (SBI) for allegedly wasting Indian taxpayers money on expensive legal fees in the UK. Days after a UK High Court judge refused to dismiss an interim order ...

Despite India’s boycott of BRF, China gears up for next summit

Beijing: China said on Friday (April 19) it was ready to hold a Wuhan-style summit meeting with India this year to improve bilateral ties, notwithstanding India's reported decision to boycott its 2nd Belt and Road Forum (BRF) to be held here next week to protest the sovereignty concerns over the China-Pakistan Economic Corridor (CPEC). Addressing a media...

Air India offers spl fares to Jet Airways stranded int’l passengers

Mumbai: Air India on Thursday (April 18) announced special fares to international passengers of Jet Airways who have been stranded due to the grounding of the airline. The state-owned carrier's decision came hours after the civil aviation ministry asked airlines to look at whether there can be "rescue fares" for stranded passengers of Jet Airways. Th...

Jet Airways: Lenders reasonably hopeful of successful bidding process for stake

New Delhi: Jet Airways lenders on April 18 said they are reasonably hopeful of a successful bidding process for stake sale, a day after the cash-starved carrier suspended its operations. The announcement from the lenders came early morning ahead of market opening. "The lenders after due deliberations decided that the best way forward for the survival of Je...

Jet Airways fiasco: Union government equally culpable

The question that comes to mind after Jet Airways temporarily shut down its operations on Wednesday is how soon will the airline be able to restart its operations or whether it will take a much longer time than anticipated. The grounding of Jet Airways should go down in the history of Indian aviation as one of the biggest tragedies that it has s...

Jet Airways to stop operations from tonight

Chennai: Cash-strapped Jet Airways has decided to suspend all its operations from Wednesday (April 17) night after the consortium of lenders led by State Bank of India, turned down its request for emergency funds, said an NDTV report. The airline owes ₹8,000 crore to lessors, pilots and oil companies. The fleet as per a report in Business Standard was...

5 million jobs lost between 2016-18, says report

Employment opportunities declined and five million men lost their jobs between 2016 and 2018, according to a report released by the city-based Azim Premji University. The decline in job opportunities coincided with demonetisation in November 2016, although no direct causal relationship can be established based only on these trends, the State of ...

Adani urges Oz govt to give ‘fair go’ to coal mine project

Melbourne: Indian energy giant Adani has urged the Australian government to give its controversial coal mine project "a fair go" and indicated that the opposition Labor Party would not derail the proposed billion dollar project if it comes to power. Gautam Adani-led Adani Group entered Australia in 2010 with the purchase of the greenfield Carmichael coal m...

Wipro Q4 net up 38%; announces ₹10,500 crore buyback programme

IT services giant Wipro on April 16 said its net profit increased by 38.4%to ₹2,493.9 crore in the March 2019 quarter, and announced a ₹10,500 crore buyback programme. The Bengaluru-based company had posted a net profit of ₹1,800.8 crore in the January-March 2018 period, Wipro CEO and executive ddirector Abidali Z Neemuchwala told reporters here...

Sensex jumps over 200 pts, Nifty hits record 11,750

Mumbai: The BSE benchmark Sensex jumped over 200 points in early trade on April 16 led by gains in banking, metal, oil and gas, telecom and auto stocks, amid unabated foreign fund inflows and positive global cues. The 30-share index was trading 239.11 points or 0.61% higher at 39,144.95, and the NSE Nifty was trading 63.35 points, or 0.54%, up at 11,753...

Jet Airways stock slips 3 pc ahead of board meeting

Mumbai: Shares of Jet Airways slumped over 3 per cent in morning trade on bourses Tuesday (April 16), ahead of the meeting where the management will seek guidance from the board on the next steps forward for the airline. Shares of Jet Airways opened on a weak note at ₹254.50, then lost further ground and touched a low of ₹252 on BSE, down 3.74 per cent ...

TCS shares gain nearly 4% after Q4 results

New Delhi: Shares of Tata Consultancy Services (TCS) on Monday (April 15) gained nearly 4 per cent after the company reported 17.7 per cent growth in consolidated net profit for the March 2019 quarter. The scrip after making a positive opening further jumped 3.56 per cent to ₹2,085.60 on the BSE. At the NSE, shares of the company rose by 3.64 per cent t...

SpiceJet to start direct flights from Mumbai to Colombo, Hong Kong

New Delhi: SpiceJet on Monday (April 15) announced the launch of non-stop flights from Mumbai to Colombo, Dhaka, Riyadh, Hong Kong and Kathmandu. The no-frills airline would start the services from the end of May. In a release, the carrier said it would be the first Indian budget carrier to launch daily direct flights on the Mumbai-Colombo, Mumbai-Dhaka...

PepsiCo Chairman Indra Nooyi says she has no plans to run for office

Former PepsiCo Chairman and CEO Indra Nooyi says she has no plans to run for office but in her post-retirement time she will focus on finding systemic solutions" to address an impending care crisis due to a shortage of caregivers to look after young children and the elderly. Nooyi, speaking at the 2019 Women in the World Summit at New York, warn...

Major decline in India’s steel export to US; increase in aluminium: Report

Washington: India’s steel export to the US in 2018 declined by 49 per cent to USD 372 million, while that of aluminium increased by 58 per cent to USD 221 million, the independent Congressional Research Service (CRS) said in its latest report. In 2018, the US imports of steel and aluminium products totalled USD 29.5 billion and USD 17.6 billion respectively...

Rupee slips 7 paise to 69.24 vs USD in early trade

Mumbai: The rupee fell 7 paise to 69.24 against the US dollar in opening trade on Monday (April 15) on increased demand for the greenback from importers and banks. Forex dealers said strengthening of the American currency in the overseas market weighed on the domestic unit. However, sustained foreign fund inflows and positive opening in domestic equitie...

Sensex, Nifty start on a positive note; TCS jumps over 3 per cent

Mumbai: Domestic equity benchmarks started on a positive note on Monday (April 15) led by gains in IT bellwether TCS, amid sustained foreign fund inflow and positive global cues. After rising over 100 points in early session, the 30-share index was trading 67.91 points or 0.18 per cent higher at 38,835.02. The NSE Nifty was trading 21.20 points, or 0.18...

Infosys shares drop nearly 5% post Q4 earnings

Shares of IT major Infosys fell nearly 5% on April 15 after the company's March 2019 quarter earnings failed to cheer investors. The scrip made a weak opening and dropped 4.56% to ₹713.70 as the trade progressed on the BSE. At the NSE, shares declined 4.70% to ₹712.60. The scrip was the major drag on both the key indices in early trade. IT major...

₹13-cr GST fraud busted after multi-city raids by UP STF, sales tax dept

Noida: The Uttar Pradesh Special Task Force (STF) and the sales tax department have unearthed a ₹13 crore tax fraud case involving two subsidiaries of a company which carried out the embezzlement by means of bogus invoicing, officials said on Saturday (April 13). According to officials, the accused firms, RoundPay Techno Media and RoundPay Voice Tech, ...

Infosys Q4 net profit up 10.5 pc to touch ₹4,078 crore

IT major Infosys Friday posted a 10.5 per cent rise in consolidated net profit at ₹4,078 crore for the March 2019 quarter, and guided towards 7.5-9.5 per cent growth in revenue for FY 2019-20. Infosys - whose earnings announcement coincided for the first time with that of larger rival Tata Consultancy Services (TCS) - saw its revenues increase 19....

L&T-MindTree: A hostile takeover battle that could become a template

Takeover battles are uncommon in India, especially those of the hostile kind. So, when the news broke out in mid-March that infrastructure company, L&T had offered to buy up to 66.32 % in the Bengaluru-based IT services company MindTree for ₹10,733 crore ($1.6 billion) through a combination of open market purchase and an open offer, its co-...

India highest recipient of remittances at $79 bn in 2018: World Bank

Washington: India retained its position as the worlds top recipient of remittances with its diaspora sending a whopping $79 billion back home in 2018, the World Bank said in a report Monday (April 8). India was followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion), and Egypt ($29 billion), the global lender said. With this, In...

Facebook, Google face widening crackdown over online content

London: Tech giants like Facebook and Google came under increasing pressure in Europe on Monday (April 8) when countries proposed stricter rules to force them to block extreme material such as terrorist propaganda and child porn. Britain called for a first-of-its-kind watchdog for social media that could fine executives and even ban companies. And a Eur...

SBI seeks bids for cash-strapped Jet Airways

State Bank of India (SBI) on April 8 invited bids for stake sale in ailing Jet Airways. SBI, which is the lead lender of a consortium of domestic lenders that has extended loans to Jet Airways, is looking for "change in control and management" of the carrier, according to a public notice. SBI Capital Markets would be assisting and advising the l...

India needs to focus on exports, says World Bank

India’s economic growth in recent years has been ‘too much’ driven by domestic demand and its exports were about one third of its potential, a World Bank official said, asserting that the next government needs to focus on export-led growth. Praising attempts to liberalize markets within India, Hans Timmer, World Bank Chief Economist for the South A...

Nissan shareholders meet to sack Ghosn

Nissan shareholders are expected to eject Carlos Ghosn from its board on Monday, as the detained former chairman fights multiple charges of financial misconduct that have landed him in custody. The extraordinary shareholders meeting at a Tokyo hotel is the first such gathering since the stunning arrest of the 65-year-old auto sector titan on Novemb...

Bidding process for Jet Airways likely to begin from April 8

The bidding process for stake sale in the cash-starved Jet Airways is likely to commence from April 8 as the bid document is still to be given a final shape, a source said. The SBI-led consortium of 26 lenders, which now has the management control of the full-service carrier under a debt-recast plan, on April 4 said bid for the stake sale in Jet...

PVR complains against Ronnie Screwvala to Sebi

New Delhi: Multiplex operator PVR on April 6 told Securities and Exchange Bureau of India (Sebi) its share prices fell because of film producer Ronnie Screwvala made "false and misleading statements" about a levy on exhibiting movies. Screwvala, an entrepreneur, has said there is "nothing slanderous or malicious," in his complaint to the Competition Commissio...

CCI approves L&T’s proposed acquisition of 66.15% stake in Mindtree

New Delhi: The Competition Commission of India (CCI) on April 5 said it has approved diversified group Larsen & Toubro's (L&T) proposed acquisition of up to 66.15% stake in IT firm Mindtree Ltd. L&T has made an unsolicited offer to acquire a majority stake in Mindtree and a committee of the IT firm's independent directors is looking into it. In...

Government sells ₹1,150 crore worth enemy shares in Wipro

The government has sold enemy shares worth around ₹1,150 crore in IT major Wipro to Life Insurance Corporation and two other state-owned insurers. The Custodian of Enemy Property for India offloaded more than 4.43 crore shares of the company at a price of ₹258.90 apiece, according to block deal data available with stock exchange BSE. Apart from ...

Amazon working on satellite network for high-speed internet

San Francisco: Amazon on April 4 confirmed that it is working on a project to deploy a network of satellites for high-speed internet service in underserved parts of the world. Project Kuiper was first reported by tech news website GeekWire, which cited US regulatory filings disclosing the satellite project that could cost billions of dollars to complete. "Proj...

RBI lowers GDP growth forecast to 7.2% for 2019-20

Mumbai: The RBI on April 4 lowered the GDP growth forecast for the current fiscal to 7.2% from the earlier estimate of 7.4% amid probability of El Nino effects on monsoon rains and uncertain global economic outlook. In its February monetary policy statement, the central bank had projected the GDP growth for 2019-20 at 7.4 % — 7.2-7.4 % in first half of ...

OYO to launch hotel operations in Japan through JV with Softbank

New Delhi: Hospitality firm OYO on April 4 said it has commenced its hotel operations in Japan through a joint venture with Tokyo-based SoftBank Corp and SoftBank Vision Fund. The joint venture, named OYO Hotels Japan GK, will be led by Prasun Choudhary as the operating partner, OYO said in a statement. SoftBank Corp President and CEO Ken Miyauchi said, "W...

RBI cuts lending rate by 0.25%, retains policy stance at ‘neutral’

Mumbai: In an attempt to propel economy ahead of the general elections, the RBI on April 4 lowered the benchmark interest rate by 0.25 %, the second cut in a row, to the lowest level in one year on softening inflation. The central bank, however, kept monetary policy stance ‘neutral’ over uncertainty over monsoon. It also lowered GDP growth forecast for ...

India is one of the highest taxing nations in the world: Trump

India is one of the highest taxing nations in the world, US President Donald Trump has said, as he again slammed the country for imposing 100% tariffs on American products, including the iconic Harley-Davidson motorcycles. Such a high tariff is not fair, Trump said on April 2 during National Republican Congressional Committee Annual Spring Dinne...

Airtel forays in to e-books services segment

New Delhi: Telecom operator Bharti Airtel on April 3 announced the launch of its e-book services, which will be offered to subscribers through the mobile app Airtel Books. "E-books is a fast growing segment along with music and video. We are delighted to roll out this initiative and take it to the smartphone users across India through our deep distribution...

US: Indian sentenced to eight years in jail in call centre scam

Washington: An Indian national was sentenced to eight years and nine months in prison for his involvement in an India-based call centre scam, the US Department of Justice said on April 1. Nishitkumar Patel, 31, who had pleaded guilty to the charges on January 9, has also been asked by a Florida court to pay USD 2,00,000, forfeit cash and a 2015 Land Rover that...

More than 1,000 Jet Airways pilots to go ahead with no flying call

Mumbai: More than 1,000 pilots of struggling private carrier Jet Airways have decided to go ahead with their "no flying" call from April 1 following the airline failing to receive funds from the banks on March 29, its pilots guild has said. The airline said in a statement that every effort was being made to restore normalcy of operations. The National A...

Apple cancels the launch of ‘AirPower’ wireless chargers

Cupertino: Apple Inc have cancelled the launch of ‘AirPower,’ their version of wireless chargers for multiple i-devices, citing difficulty in achieving the company’s high standards. The AirPower charging mat was initially announced in September 2017 during the launch of iPhone X. Since then, the Apple users have waited for about 18 months now for a wireles...

Direct tax collection falls short, CBDT raises alarm

New Delhi: The Central Board of Direct Taxes (CBDT) has rung alarm bells and has asked the Income Tax Department to go for a major assault as the direct tax collection target remains short of about 15%, with the financial year closing less than a week away. On March 26, CBDT Member (Revenue) Neena Kumar shot off a letter to all the regional chiefs of the d...

Jet likely to get fresh funds to stay afloat

The cash-strapped Jet Airways seemed to be in deep trouble with over a 1000 pilots and engineers deciding to go on a strike from midnight Sunday (April 14). But the sky turned clear as the pilots deferred their strike plan late in the night. Also, there were reports of a quick and emergency financial infusion by the consortium of banks led by the S...

Sebi seeks greater powers to inspect books, financial records of listed firms

New Delhi: With an aim to thwart financial frauds, regulator Securities and Exchange Board of India (Sebi) has sought powers to conduct inspection of books of accounts of listed companies for contravention of any securities law and also to take direct action against the fraudsters. Besides, Sebi has proposed a heavy penalty for altering, destroying, mutila...

Logistics firm Delhivery raises USD 413 million in funding round

New Delhi: Logistics company Delhivery, on March 24, said it has raised more than USD 400 million (₹2,766.82 crore) in a financing round led by the SoftBank Vision Fund. Carlyle and Fosun, both existing investors in Delhivery, have also participated in this round of financing, the company said in a statement. "With these funds, Delhivery plans to rapidly s...

PMSYM scheme: Govt eyes more than 1 crore enrolments by April-end

New Delhi: The government is expecting to cross 1 crore enrolments by April-end under the Pradhan Mantri Shram-Yogi Maandhan (PMSYM) Yojna — a pension scheme for unorganised sector workers, a senior official has said. The pension scheme provides for a minimum monthly assured pension of ₹3,000 for unorganised sector workers from the age of 60 years. The sch...

Mukesh Ambani clears Anil’s debt: Twitter credits family values

New Delhi: As embattled billionaire Anil Ambani warded off a possible jail term on March 18 after RCom cleared dues of a Swedish service provider at the eleventh hour with money received from elder brother Mukesh and his wife Nita, the internet couldn't stop gushing over over Indian family values. In a late night statement issued by Anil's firm quoted him ...

RBI, government at loggerheads over demonetisation

New Delhi: In stark contrast to popular belief that everyone was on board as far as the decision regarding demonetisation is concerned, a report has revealed that a few RBI directors had differed with the government over the move. According to the minutes of the meeting that took place, at RBI, a few hours ahead of Prime Minster Narendra Modi announcing de...

Glenmark appoints Riva as CEO of its new innovation company in US

New Delhi: Drug major Glenmark Pharmaceuticals on Wednesday announced the appointment of Alessandro Riva as the Chief Executive Officer (CEO) of its new innovation company based in the US. "Alessandro is currently Executive Vice President, Oncology Therapeutics and Cell Therapy for Gilead Sciences. The appointment is effective April 2, 2019," Glenmark Phar...

Cipla to launch cinacalcet hydrochloride tablets in US

New Delhi: Drug major Cipla and its subsidiary Cipla USA announced a phased launch of generic cinacalcet hydrochloride tablets, used in the treatment of secondary hyperparathyroidism (HPT) in adult patients with chronic kidney disease on dialysis, in the US market. The launch, however, is a subject of ongoing litigation, Cipla said in a regulatory filing on M...

L&T Construction bags large orders from Bangalore Metro Rail Corporation

New Delhi: Infrastructure giant Larsen & Toubro (L&T) on March 6 said the heavy civil infrastructure business of its construction arm has bagged "large" contracts from Bangalore Metro Rail Corporation Ltd. The engineering and construction company, however, did not provide the exact value of the contract; but as per its project classification, the v...

Google launches ‘Bolo’ to tutor children to read Hindi, English

New Delhi: Tech giant Google on March 6 unveiled a new app 'Bolo' that aims to help children in primary school learn to read in Hindi and English. The free app, which is being launched in India first, uses Google's speech recognition and text-to-speech technology. The app features an animated character 'Diya', who encourages children to read stories aloud ...

NELCO gets in-flight, maritime connectivity licence from DoT

Tatanet Services, a wholly owned subsidiary of Nelco Limited, said on March 6 that it has recently obtained in-flight, maritime connectivity licence from Department of Telecommunications, a move that can improve business productivity for the airlines and shipping companies. "The IFMC license will make it possible to have uninterrupted access to ...