Business

Digitisation process increased but ’invisible’ poll funding a problem: Jaitley

July 22: Finance Minister Arun Jaitley on Saturday said demonetisation and GST have led to greater digitisation in the country and increased the tax base but “invisible” election funding is still a problem India is grappling with.

Paytm Gold available as cashback

July 21: Paytm on Thursday announced that it would enable customers to get their cashback as Paytm Gold. Launched in April this year, Paytm Gold

Jet Airways junior pilots face 30 pc pay cut

July 21: Jet Airways has asked many of its junior pilots to take 10 days off every month, a move that will result in up to 30 per cent pay cut, as part of cost saving measures, sources said today.

Sensex surges 131 pts on RIL earnings numbers

July 21: The benchmark Sensex rallied over 131 points above the 32,000-mark today as Reliance Industries’ reported its highest quarterly earnings.

RIL issues bonus share after 12 years

July 21: Reliance Industries Ltd today announced one bonus share for every share held - the first such issue after 12 years, and a dividend of Rs 13 a share.

Over 1.62 lakh companies deregistered till July 12: Jaitley

July 21: Over 1.62 lakh companies that have not been carrying out business activities for long have been deregistered

Mercedes launches AMG GLC 43 Coupe in India at Rs 74.8 lakh

July 21: German luxury carmaker Mercedes- Benz today launched AMG GLC 43 Coupe in India priced at Rs 74.8 lakh (ex-showroom Delhi).

No need for floor price for telecom services as of now: Trai

July 21: Telecom regulator Trai today said the industry has reached a consensus that there is no need for a floor price for telecom services as of now.

CAG raps MoCA for Kingfisher Airlines’ dues

July 21: The Ministry of Civil Aviation has got a rap on its knuckles from the government auditor for "failing" to take steps to recover Rs 9.19 crore from Kingfisher Airlines.

Govt to align financial year with Calendar year: Jaitley

July 21: The government is considering changing the financial year to January-December from the existing April-March cycle, Finance Minister Arun Jaitley said Friday.

GST Council may take up certain tax issues at Aug meet

July 21: The GST Council at its meeting next month is likely to take up taxation issues raised by sectoral bodies along with a review of the implementation of the new tax regime, a top official said.

Hindustan Unilever Q1 net rises 9% to Rs 1,283 crore

July 20: Fast moving consumer goods major Hindustan Unilever has posted a 9% growth in net profit for the quarter ended June 30, 2017 at Rs 1,283 crore compared with Rs 1,174 crore in the same period previous fiscal.

RCom’s Unlimit, China’s Fibocom tie-up to develop IoT solution

July 20: Reliance Communications’ Unlimit today announced a strategic alliance with Chinese telecom gear maker Fibocom to design and manufacture modules for wireless communications and develop internet of things (IoT) solutions.

Meat export rises to 13.53 lakh tonnes in 2016-17: Nirmala

July 20: India’s meat export increased to 13.53 lakh tonnes in 2016-17 from 13.36 lakh tonnes in the previous fiscal, Parliament was informed today.

Cabinet approves merger of ONGC, HPCL for Rs 29k crore

July 20: The Cabinet on Wednesday approved a proposal to sell the government’s share in the state-owned Hindustan Petroleum Corporation Limited (HPCL) to Oil and Natural Gas Corporation (ONGC) for close to Rs 29,000 crore.

CanBank Q1 net up 10% to Rs 252 crore

July 20: Public sector lender Canara Bank on Wednesday declared 9.89% growth in net profit at Rs 251.60 crore in the first quarter of the current fiscal compared with Rs 228.95 crore in the same quarter last year.

Godrej Agrovet files for IPO

July 20: Godrej Agrovet has filed its draft red herring prospectus (DRHP) with market regulator Sebi seeking permission for its IPO.

Premji bets big on tech investment

July 20: Keeping at bay the global political uncertainty which impacted business sentiment last fiscal, Wipro Chairman Azim Premji on Wednesday

Banks may take Rs 2.4 L cr haircut to settle bad loans

July 20: Banks are likely to take a haircut (write-off) of Rs 2.4 lakh crore, or 60% of bad loans to settle 50 large stressed assets with debt of Rs 4 lakh crore.

Sensex above 32,000 on funds inflows, earnings hopes

July 20: The benchmark Sensex took control of the key 32,000-mark and the NSE Nifty got above 9,900 today after confidence over corporate earnings brought in more foreign capital.

Nine out of 21 PSBs reported losses in FY17

July 18: Nine of the 21 public sector banks, including IDBI Bank and Indian Overseas Bank, reported losses during 2016-17

McDonald’s exploring legal option post-NCLT verdict on Bakshi

July 15: Fast food major McDonald’s today said it is exploring legal options after the NCLT restored its estranged partner Vikram Bakshi as the Managing Director of Connaught Plaza Restaurants Ltd (CPRL).

Infosys CFO MD Ranganath to move to the US

July 15: IT services major Infosys will relocate its Chief Financial Officer M D Ranganath to the US - its largest market - and has also revised his compensation package.

Broadband in 2.5 lakh gram panchayats by 2018

July 15: In line with Digital India initiative of Prime Minister Narendra Modi, the Bharat Sanchar Nigam Limited (BSNL) on Friday introduced state of art 100G Optical Transport Network (NG-OTN) across India for providing Super Express Highways.

YES Bank to increase lending to SMEs

 

July 15: YES Bank has teamed up with the Overseas Private Investment Corporation (OPIC), the US Government’s Development Finance Institution, and Wells Fargo on an agreement to increase lending to small and medium enterprises (SMEs) in India.

Sebi amends debenture trustee regulations

July 15: Markets regulator Sebi has put in place new regulations for debenture trustees, wherein an entity will not be prohibited from acting as a trustee if the government provides guarantees for the debenture issued.

Listed PSUs get time till Aug ’18 to meet public holding norm

July 15: The government has extended the deadline for listed PSUs to achieve the minimum 25% public shareholding norm by a year to August 2018, a finance ministry order said.

Cabinet may consider new hydro power policy this month

July 15: The Ministry of Power’s new hydro power policy, aimed to boost the green energy generation as well as revive some of the stalled hydel power projects, is likely to come up for approval in the Union Cabinet this month.

Vedanta in sweet spot, to scale up output, says Agarwal

July 15: Diversified natural resources company Vedanta finds itself in a “sweet spot”, enthused by reforms such as GST

Travel industry fears post-GST jitters

July 15: The Goods and Services Tax (GST) regime, which was introduced a fortnight ago, has put the travel industry in a tizzy — with some players stating that it would result in domestic and inbound travel becoming expensive.

WPI inflation falls below 1% in June

July 15: After a multi-year low retail price inflation, India’s wholesale price inflation eased 0.9% in June, driven by softening food prices.

Tata Sons appoints Aarthi Subramanian as group chief digital officer

July 14: Tata Sons has announced the appointment of Aarthi Subramanian as the Tata Group’s chief digital officer.

Honda leads in incremental volumes in exports & domestic sales

July 14: The two-wheeler major Honda not only continues to lead incremental volume in domestic sales for the second quarter in a row in Q1,contributing 69 per cent

Nepal to get internet connection from China

July 14: Nepal is likely to get internet connection through Chinese optical fiber from next month, ending India’s monopoly over the online services in the landlocked Himalayan country.

Chris Gayle invests in gaming company IONA Entertainment

July 14: Swashbuckling West Indian opening batsman Chris Gayle has invested an undisclosed amount in IONA Entertainment to bring one-stop entertainment to Indian sports fans, which includes state-of-the-art virtual gaming.

GVK completes sale of residual stake in BIAL

July 14: GVK Power and Infrastructure has completed the sale of its residual 10% stake in Bangalore International Airport Limited (BIAL)

Relief to students: Centre says no GST on hostel fees

July 14: Services extended by educational institutions to students and staff are fully exempt from GST, the government said on Thursday.

TCS Q1 net profit drops 5.9% to Rs 5,945 crore

July 14: Software services major Tata Consultancy Services (TCS) reported a 5.9% decline in net profit for the quarter ended June 30, 2017

Deshpande for pvt participation in R&D

July 14: Large and Medium Industries Minister R V Deshpande on Thursday called for more participation of the private sector companies in the Research and Development (R&D) processes.

Infosys beat market expectations clocks net of Rs 3,483 cr

July 14: Beating the market expectations Bengaluru-based, IT giant Infosys has clocked net profit of Rs 3,483 crore for the quarter ended June 30, 2017

Nifty hits 9,900 mark, Sensex at new high post Infy results

July 14: The benchmark Nifty today raced past the 9,900 milestone for the first time and the Sensex climbed yet another peak 32,110 as Infosys maintained its 2017-18 revenue growth guidance.

India to join new global forex committee

July 10: India will soon get a seat on the Global Foreign Exchange Committee (GFXC) — a forum of central bankers and experts working towards promotion of a robust and transparent forex market.

Sensex makes a big start, hits all-time peak at 31,595

July 10: The benchmark Sensex today soared 235 points to hit an all-time high of 31,595 after quarterly corporate earnings optimism gave domestic institutional and retail investors much hope to go in for fresh bets.

No more non-veg meals for Air India’s domestic fliers in economy class

July 10: Air India has stopped serving non-vegetarian meals in economy-class of its domestic flights citing wastage and to improve catering service.

Car, passenger vehicles sales drop 11% in June

July 10: Domestic passenger vehicle sales declined by 11.21 per cent to 198,399 units in June from 223,454 units in the same month last year.

Auto majors announce price cuts post GST

July 7: Auto companies continue to announce price cuts due to the implementation of the GST.

Govt to use GSTN data to assess employment

July 7: Amid lack of employment data and survey reports, the government is planning to mobilise employment figures through the data repository with the Goods and Services Tax Network (GSTN).

IPO financing to see good traction in FY’18

July 7: Helped by robust capital markets, IPO financing is likely to witness healthy traction in the current fiscal year

SEZs exempt from integrated GST

July 7: Providing relief to SEZs, the government has exempted goods imported by units or developers of special economic zones from integrated goods and services tax (IGST).

Amazon invests Rs 2,000 crore to consolidate India business

July 7: Global e-tailing giant Amazon has invested over Rs 2,000 crore (over $ 310 million) in India, in the last two months as it looks to consolidate its position in the country and fend off local rivals like Flipkart.

IndiGo interested in AI’s global operations

July 7: No-frills carrier IndiGo on Thursday ruled out acquiring stakes in Air India, in a joint venture with the government, while making it clear that it is interested only in the national carrier’s international operations.

Infosys to create 2,000 tech jobs in North Carolina

July 7: IT giant Infosys on Thursday announced that it will open its next Technology and Innovation Hub in North Carolina, and plans to hire 2,000 American workers in the state by 2021.

Govt to issue gold bonds from Jul 28

July 7: The government will issue yet another tranche of sovereign gold bonds from July 28, applications for which have been invited from July 10.

IT sector unlikely to show recovery in Q1 results

July 7: The recovery in growth momentum for the Indian IT companies seems to be far away due to the delay in the much anticipated deregulation and the tax rate reforms in the US.

Sensex slips from record; FMCG, banking weigh

July 7: Market today moved lower from its all-time peak as participants were quick to take profit amid a lacklustre trend overseas.

World Bank clears $250-mn loan to train India’s job seekers

June 27: The World Bank has cleared a USD 250-million loan for making Indian youth more employable through reskilling, in a move that is seen to aid the Skill India mission.

Reliance Industries to raise Rs 25k crore

June 27: Reliance Industries has sought shareholders’ nod to raise Rs 25,000 crore through issuance of debentures on private placement basis to meet ongoing capital expenditures and general corporate needs.

Credit growth hits all-time low in FY17

June 27: The record low bank credit growth of 5.1% in FY17 was led by the top 1,000 listed corporates, which saw their net loan outstanding decline by a whopping Rs 1 lakh crore in the reporting year, said a report.

GM starts shipping Beat to Latin America

June 27: General Motors India on Monday announced that it has begun regular shipment of the sedan version of the Chevrolet Beat from its Talegaon export hub to markets in Latin America.

FinMin for extending RBI deadline on Basel III norms

June 27: The finance ministry has made a case for pushing back the Reserve Bank’s deadline for implementing Basel III banking norms in view of higher capital requirement to deal with bad loans which have reached unacceptable levels.

Foodgrain may not be cheaper under GST

June 27: Will foodgrain and pulses really become cheap after the GST? The fine print is different from what is being made to believe.

GST impact: AC, first class train fares to go up marginally

June 27: With the Goods and Services Tax (GST) coming into effect from July 1, train passengers will have to pay a bit more to travel AC and first class.

No GST registration for small biz selling on ecomm platform

June 27: In a move that cheered ecommerce players like Flipkart, Amazon and others, the government onMonday exempted small businesses selling on ecommerce platforms from registration under the GST network till further orders.

USIBC sets up India task force on civil aviation

June 27: The US-India Business Council (USIBC) on Monday launched its India-Task Force on Civil Aviation to identify opportunities to aid implementation of the National Civil Aviation Policy (NCAP).

Sensex opens in green as blue-chips jump

June 27: The Sensex rose 157 points and the Nifty topped 9,600 again in opening trade today, spurred by a fresh spell of buying in select blue-chips amid mixed global indicators.

EEPC India opens Tech Centre in Bengaluru

June 23: The Engineering Export Promotion Council of India (EEPC India), the apex organisation of the country’s engineering exporters

Government to promote energy efficient buildings

June 23: The Centre aims to save Rs 35,000 crore worth energy per annum by 2030 after adopting energy saving methods in all existing and new government as well as commercial buildings in the country.

Indian IT not H-1B dependent, says Sikka

June 23: Infosys CEO Vishal Sikka has refuted the general impression that the Indian IT industry is overly dependent on H-1B visas for its business mode.

Govt to take a call on AI selloff in six months: Panagariya

June 23: The government is expected to take some action on privatising state-owned airline Air India in the next six months, a top official told a private news channel on Thursday.

’Misconceptions about Indian IT cos must be countered’

June 23: Ahead of Prime Minister Narendra Modi’s meeting with US President Donald Trump, the country’s IT companies are of the view that the “misconceptions” about their businesses in the US must be “strongly countered”.

Mini segment sales spur Maruti growth

June 23: Maruti Suzuki India (MSI), which heralded a ‘car culture’ of sorts in the country with its legendary small car offerings, continues to gain immense market share thanks to its push in the mini segment.

Chai Point to foray into loose leaf tea market next month

June 23: An omni-channel tea servicing brand Chai Point, owned by Mountain Trail Foods Pvt Ltd, is all set to launch its own brand in loose leaf tea in July.

Nasscom sees IT export growth slowing

June 23: India’s software exports are expected to grow 7-8% in 2017-18 as against 8.6% last year, according to IT industry lobby group National Association of Software and Services Companies (Nasscom).

No power tariff hike post GST, says Goyal

June 23: Power tariff will not go up in the country post GST, Union Power and Coal Minister Piyush Goyal said on Thursday.

Sensex gets a buying lift, edges up 75 points

June 23: The Sensex climbed 75 points to 31,365 at the start today, aided by fresh domestic and foreign buying amid mixed Asian pointers.

3 LeT militants killed in overnight Pulwama encounter

June 22: Three Lashkar-e-Toiba militants (LeT) were killed in an overnight encounter with security forces in Kakapora area of south Kashmir’s Pulwama district on Thursday.

Mexican sail ship in Mumbai

June 22: The Mexico Navy Ship ARM Cuauhtemoc is currently visiting Mumbai. She is commanded by Captain Rafael Antonio Lagunes Arteaga and has a complement of 184 personnel (40 officers, 13 petty officers and 131 sailors).

Kerala: Farmer commits suicide in Village Office

June 22: A farmer was found dead outside a village office in Kozhikode district on Wednesday night, triggering allegations by his family that he committed suicide due to harassment by staff at the village office.

Countdown for launch of PSLV-C38 begins

June 22: The Indian Space Research Organisation (ISRO) is all set to launch PSLV rocket carrying Cartosat2 series with the 28-hour countdown process for the takeoff started on Thursday morning.

Those who celebrated Pak’s win should go and live there: Rizvi

June 22: Those who celebrated Pakistan team’s victory in the recently concluded ICC Champions trophy final should go and live there, National Commission for Minorities (NCM) chairman Gairul Hasan Rizvi has said.

Panneerselvam faction of AIADMK to support NDA nominee

June 22: A day after AIADMK faction led by chief minister Edappadi K Palaniswami extended support to the NDA’s presidential nominee Ram Nath Kovind

GJM bandh enters eight day

June 22: Ambulance services were hit and TV cable connections snapped in some areas as the GJM- sponsored indefinite shutdown in Darjeeling hills entered the eight day today.

Misbehaviour with woman passenger: Uber removes driver

June 22: Cab aggregator Uber today said the company has removed from service the driver, who had allegedly misbehaved with a woman IT professional at Technopark here.

5 farmers, cops injured during protest near Mumbai

June 22: At least five farmers and policemen were injured when a protest turn violent at Kalyan Nevali, nearly 60 km from Mumbai.

A midnight event at Parliament’s Central Hall will herald the birth of GST

June 21: The historic Central Hall of Parliament will witness a special event at the stroke of midnight on June 30 when India’s biggest tax reform - the Goods and Services Tax (GST) will be launched converting the country into a unified market.

Indian startup develops ’smart’ wearables to boost fitness

June 21: An Indian start-up has developed a range of fitness wearables, such as ’smart’ shoes and bands, integrated with a first-of-its-kind artificial intelligence (AI)

Domestic airlines shows 17 percent growth in number of passengers

June 21: Indian domestic airlines for the first time carried over one crore passengers in a month in May as the number of fliers rose by over 17% this year so far.

Sensex surrenders record gains on GST blues, mixed global cues

June 21: The BSE Sensex slipped from record highs to close down by over 14 points today on profit booking in recent gainers as investors turned cautious apprehending early glitches in GST rollout amid mixed global cues.

India ratifies TIR, to boost trade

June 21: India has become the 71st country to ratify the United Nations TIR Convention.

Raymond sets up facility in Ethiopia

June 21: Textile major Raymond, through its wholly-owned subsidiary Silver Spark Apparel Ethiopia, on Tuesday commissioned its greenfield garment manufacturing facility in Ethiopia.

’Housing credit growth slows to 16% in FY17’

June 21: Total housing credit growth moderated to 16% in the financial year 2016-17 due to lack of new project launches and as investors deferred their home purchase decisions, according to rating agency Icra.

RBI to hold rates in near term: D&B

June 21: The Reserve Bank is likely to keep key policy rates “unaltered” in the near term as prices of goods and services are expected to be volatile post GST and favourable inflation base effect wanes out, says a report.

Midnight event to usher in GST

June 21: The historic Central Hall in Parliament will witness a special midnight event on June 30 to roll out India’s biggest tax reform---the Goods and Services Tax (GST).

Sensex makes a shaky start as oil heads down

June 21: The Sensex took off on a bumpy note -- in step with Asia -- by stumbling 63 points today as oil prices took a big beating on concerns of oversupply.

Absence of e-way system under GST will not impede movt of goods: official

June 20: After the goods and services tax (GST) roll out, movement of goods will not be impeded even if the e-way system is not placed, a senior finance ministry official said Monday.

India plans SAARC meet for startups: Nirmala

June 20: India is planning to organise a meet of startups of the South Asian region for exchange of new ideas and promoting interaction among them.

Bosch picks Bengaluru for 3rd AI centre

June 20: The German automotive components and technology supplier Bosch Group has chosen Bengaluru as one of the three global centres to set up a dedicated centre for artificial intelligence (AI).

Huge discounts online ahead of GST

June 20: Online marketplaces like Flipkart, Amazon, Paytm Mall and ShopClues have geared up to lure consumers with around 80% discounts on fashion

E-way absence won’t affect goods movement: official

June 20: After the goods and services tax (GST) roll out, movement of goods will not be impeded even if e-way system is not place, a senior finance ministry official said on Monday.

SpiceJet orders 40 Boeing 737 MAX planes for $4.74 b

June 20: No-frills carrier SpiceJet on Monday announced that it has entered into an MoU with US aircraft giant Boeing for 40 737 MAX planes that is valued at $4.74 billion at current list prices.

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