Business

Flipkart’s chief operating officer Nitin Seth resigns

June 1: India’s largest online marketplace Flipkart has seen yet another top level exit. Its chief operating officer Nitin Seth has put in papers as the company is gearing up for an overhaul in its business activities.

Moody’s pegs economic growth at 7.5% in FY18

June 1: India’s economic growth will accelerate to 7.5% in current fiscal and the government’s reform push will help achieve 8% GDP growth rate in about four years, Moody’s said on Thursday.

Kingfisher House auction fails for 5th time

June 1: It was fifth time unlucky for banks as they failed to find a buyer for the Kingfisher House owned by Vijay Mallya in Mumbai despite lowering the reserve price.

USL reports net loss of Rs 104 crore in Q4

June 1: India’s largest producer of alcoholic beverages United Spirits (USL) has reported a standalone net loss of Rs 104.2 crore for the quarter ended March 31, 2017

’Govt working to tackle telecom industry debt’

June 1: Acknowledging the huge debt piling on in the telecom sector, Union Telecom Minister Manoj Sinha has said that the government is working towards addressing the issue.

GDP growth slows to 7.1 pc in year of demonetisation

June 1: India’s economic growth slowed to 7.1 per cent in 2016-17, the year in which 87 per cent of the currency was demonetised, despite a very good showing by the agricultural sector.

Sebi proposes to regulate index providers of Sensex, Nifty

June 1: Markets regulator Sebi today proposed new norms to regulate index providers — entities which design and develop benchmark indices such as Sensex and Nifty.

Uber head of finance leaving as company narrows losses

June 1: Uber confirmed today that the company’s head of finance is leaving, just after the on-demand ride service trimmed its quarterly loss to USD 708 million on rising revenue.

Sensex down 75 points on weak macroeconomic data

June 1: The BSE Sensex fell over 75 points to 31,070 and the Nifty slipped below 9,600-mark in early trade today as participants trimmed their positions, triggered by lower GDP numbers and core infrastructure sectors growth.

GST rate on gold may be fixed at 5%

May 29: The GST Council may settle for a 5% tax on gold, a keenly awaited item for discussion in the June 3 meeting, which perhaps will be the last for fitment of rates.

Process begins for finding new State Bank chief

May 29: The Finance Ministry has initiated the process to find the new chief of the country’s largest lender State Bank of India (SBI) as Arundhati Bhattacharya’s extended term comes to an end on October 6.

Commerce Ministry can grant licences for defence

May 29: Private sector players can now apply to the Commerce Ministry for licences to manufacture tanks, fighter planes, warships and other defence equipment, a step which the government feels will promote ease of doing business .

IOC is India’s most profitable PSU

May 29: The Indian Oil Corporation (IOC) has overtaken the Oil and Natural Gas Corporation (ONGC) to become the country’s most profitable state-owned company.

DBT scheme has resulted in Rs 50k cr savings: Shah

May 29: The direct benefit transfer (DBT) programme has resulted in Rs 50,000 crore savings for the government in the last three years as funds were directly transferred to 32 crore needy people, BJP President Amit Shah has said.

Sensex slips from record on profit-booking

May 29: Stock markets came off their peak and turned weak today after two back-to-back sessions of gains as the benchmark Sensex cracked below 31,000-mark after investors indulged in profit-booking.

Bosch reports 10.22% dip in standalone net profit

May 26: Leading global supplier of technology and services Bosch on Thursday reported a 10.22% decline in standalone net profit at Rs 440.47 crore for the fourth quarter ended March 31, 2017, compared with Rs 490.60 crore in the same period last fiscal.

Britannia net up 6% at Rs 211 cr

May 26: Biscuit maker Britannia Industries (BIL) on Thursday reported 6% year-on-year rise in net profit at Rs 211 crore for the fourth quarter ended March 2017

SAIL supplies 90% steel to India’s longest Dhola-Sadiya bridge

May 26: State-run SAIL is the largest supplier of steel for the country’s longest river bridge -- Dhola-Sadiya -- in Assam, which will be inaugurated by Prime Minister Narendra Modi tomorrow.

Gadkari for cut in GST on hybrid cars

May 26: Union Road Transport and Highways Minister Nitin Gadkari on Thursday said that he will urge Finance Minister Arun Jaitley to bring down the GST rate on hybrid vehicles

Online booking popular among travellers

May 26: Travellers appear to be motivated by online travel deals more than loyalty towards an airline or a hotel, according to a study by CashKaro.com.

Trai bars telecom firms from offering discriminatory tariff

May 26: Banning telecom companies from offering discriminatory tariff to subscribers of the same category, the Trai on Thursday asked all service providers to submit their plans to the regulator within seven days of their launch.

Sensex breaches 31,000-mark, Nifty nears 9,600

May 26: Benchmark Sensex soared past the 31,000-mark for the first time today on sustained fund inflows amid robust corporate earnings.

Sad over recent IT layoffs, says Narayana Murthy

May 26: Founder Chairman of Infosys N R Narayana Murthy today expressed sadness over the IT companies laying off their employees as part of their cost cutting strategy.

EPFO may reduce PF Contributions to 10%

May 26: Trustees of retirement fund body EPFO may approve a proposal tomorrow to reduce the mandatory contributions toward social security schemes run by it to 10 per cent for workers as well as employers.

ITC Q4 net profit up 12% to Rs 2,669.47 cr

May 26: Diversified firm ITC today reported 12.13 per cent increase in standalone net profit to Rs 2,669.47 crore for the fourth quarter of 2016-17.

Saurabh Agarwal named Tata Sons CFO

May 23: One of India’s most successful investment bankers Saurabh Agarwal has been appointed as the new Chief Financial Officer of Tata Sons

Foxconn keen to set up plant in Bengaluru

May 23: Foxconn Technology Group, Taiwan-headquartered world’s largest contract manufacturer of mobile phones, including that of Apple products

Govt to decide textile GST rates on June 3

May 23: As the GST Council reaches closer to fixing tax rates for textiles, the Textile Ministry has hoped it will take care of the interests of the industry which has just started looking up .

Filing of returns to become cumbersome under GST regime

May 23: With the advent of the Goods and Services Tax (GST), the filing of returns by businesses will become more cumbersome.

Sula to promote wine tourism in Karnataka

May 23: Winemaker and vintner Sula Vineyards has joined hands with Bengaluru’s Heritage Winery, in a bid to strengthen its market presence in Karnataka, which is the company’s second largest market in the country, after Maharashtra.

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