Business

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.

Lenders meet to chart action plan for 12 NPAs

June 20: Lenders on Monday began meeting to initiate proceedings against 12 stressed accounts identified by the Reserve Bank to be referred under the Insolvency and Bankruptcy Code (IBC), sources said.

Sensex soars 255 pts to end at new peak

June 20: Positive global cues coupled with upbeat domestic sentiment helped the S&P BSE Sensex and the Nifty Bank Index end at a record highs on Monday.

India ratifies TIR, to boost trade

June 20: India has become the 71st country to ratify the United Nations TIR Convention.

Sensex adds to gains, up 81 pts on overseas cues

June 20: The Sensex started to capitalise on earlier gains by jumping 81 points to 31,393 today as rising Asian shares kept the pitch conducive to buy more.

Airtel accuses Jio of predatory pricing; big 3 telcos meet IMG

June 17: India’s largest telecom company Bharti Airtel today accused newcomer Reliance Jio of predatory pricing and demanded that operators be paid more for calls terminating on their networks as also the right to retain customers through incentives.

Amazon to buy Whole Foods Market for $13.7 billion

June 17: Amazon, the Seattle-based online retail giant, on Friday, announced its entry into the brick and mortar grocery space by acquiring natural and organic foods supermarket chain Whole Foods Market in an all-cash deal valued at $13.7 billion.

Public banks need more capital: Mundra

June 17: The Reserve Bank of India (RBI) Deputy Governor S S Mundra on Friday said that public sector banks (PSBs) may need more capital than the government’s allocation of Rs 70,000 crore in the next four years.

Tejas Networks IPO subscribed nearly 2 times

June 17: Bengaluru-based Tejas Networks’ initial public offering, which closed on June 16, has been subscribed nearly two times.

Infy appoints Sawhney as group general counsel; Dadlani quits

June 17: Infosys, the country’s second-largest software services firm, on Friday announced the appointment of former Wipro executive Inderpreet Sawhney as its group general counsel.

’India ready for GST, anti-profiteering rules soon’

June 17: India is ready to launch the Goods and Services Tax (GST) on July 1, the official steering the process told Reuters, saying the technology that will drive it is robust and dismissing fears the tax is too complicated.

Electronic, software product policies to be launched soon

June 17: The Centre on Friday said it will unveil two separate policies for the electronics sector and software products soon to boost sector growth.

Hero plans Rs 2,500 cr expansion

June 17: India’s largest two-wheeler manufacturer Hero MotoCorp has envisaged an investment of Rs 2,500 crore in a bid to boost manufacturing, and increase market share.

Tigerair, Scoot look for farther Indian skies

June 17: Tigerair and Scoot, the no-frills subsidiaries of Singapore Airlines that will merge by July-end, are looking at expanding footprint in India by tapping international travellers from tier II cities and secondary markets in the country.

Prasad dismisses large-scale IT layoff reports as ’motivated’

June 17: Dismissing the reports of large scale job losses in the Indian IT sector, Union IT Minister Ravi Shankar Prasad on Friday said these complaints are “motivated”.

Govt asks builders to pass on GST benefits to buyers of flats

June 16: The government Thursday asked builders and construction firms to pass on the benefits of lower tax burden under the GST regime to the buyers of property

Govt asks builders to pass on GST benefits to buyers of flats

June 16: The government Thursday asked builders and construction firms to pass on the benefits of lower tax burden under the GST regime to the buyers of property

Govt asks builders to pass on GST benefits to buyers of flats

June 16: The government Thursday asked builders and construction firms to pass on the benefits of lower tax burden under the GST regime to the buyers of property

Petrol price cut by Rs 1.12 a litre, diesel by Rs 1.24/litre

June 16: Petrol price was today cut by Rs 1.12 per litre and diesel by Rs 1.24 per litre, the last of the fortnightly revisions after which daily correction in rates in step with cost will be implemented.

Exports grow 8.32% in May; trade deficit hits 30-month high

June 16: The country’s exports rose by 8.32 per cent to USD 24 billion in May, even as the trade deficit shot up to nearly 30-month high of USD 13.84 billion, mainly due to increase in gold imports.

Fitch affirms NTPC at BBB- ; outlook stable

June 16: Fitch Ratings has affirmed NTPC’s long-term foreign and local-currency issuer default ratings at BBB- with a stable outlook.

Tesla in talks with govt, seeks duty cut

June 16: The US-based electric car major Tesla is in discussion with the Centre seeking relief on import duties till a local factory is built here, according to the company’s CEO Elon Musk.

India infra fund gets $150 m AIIB loan

June 16: China-led Asian Infrastructure Investment Bank (AIIB) has approved $150 million equity investment loan to the India Infrastructure Fund, the bank’s first such loan to fund private projects, a statement said on Thursday.

We are prepared for GST from July 1: Civil Aviation MoS Sinha

June 16: “We are prepared for GST from July 1,” Minister of State for Civil Aviation Jayant Sinha said on Friday even as the ministry has sought deferment of the new tax regime.

Sensex bounces 107 pts on exports growth, Nifty above 9,600

June 16: The BSE Sensex rebounded 107 points and the NSE Nifty reclaimed the 9,600-mark today, propelled by the exports growth in May amid mixed Asian cues.

Petrol and diesel prices set to change daily, here’s how to keep track

June 16: The BPCL has initiated the process of changing petrol and diesel prices on a daily basis as of today, claiming that the move will bring transparency to the fuel supply chain as the prices of fuel will shift on a daily basis.

Singapore Airlines subsidiaries look to expand India presence

June 16: Tigerair and Scoot, the no-frills subsidiaries of Singapore Airlines that will merge by July-end, are looking at expanding its footprints in India by tapping international travellers from Tier-2 cities and secondary markets in the country.

RBI net purchaser of dollar in April; buys USD 566 mn

Business 13: The Reserve Bank continued to remain net buyer of the US currency in April after it bought USD 566 million from the spot market.

’18% GST on sub-Rs 100 movie tickets won’t help industry’

June 13: The GST rate of 18 per cent tax on cinema tickets below Rs 100 under is too little a relief and this is not enough to spur growth, according to multiplex operators.

SpiceJet to launch flights under UDAN scheme from July 10

June 13: No-frills carrier SpiceJet on Monday announced the launch of its UDAN routes connecting Mumbai with Porbander and Kandla from July 10.

Inflation at record low of 2.18%; factory output slows to 3.1%

June 13: India’s retail inflation fell to a five-year low at 2.18% in May, backed by deflation in food and vegetable prices, and industrial production output slowed to 3.1% year-on-year in April due to manufacturing.

Reliance General plans IPO in FY18

June 13: Reliance General Insurance Company (RGI), a 100% subsidiary of Reliance Capital, has approved a proposal to independently list the company on stock exchanges.

PSB stressed assets at Rs 7.4 L cr

June 13: As the total stressed assets of public sector banks zoomed to Rs 7.40 lakh crore in 2016-17 from Rs 6.99 lakh crore in the previous year

Paytm Mall plans to be a pure-play marketplace

June 13: Paytm Mall, the ecommerce platform of One97 Communications, will be a pure-play marketplace where sellers and logistics companies hold the major say. It will not set up its own warehouses, which are capital intensive.

Flipkart closes global sourcing platform for Indian sellers

June 13: As part of its plans of focusing on core business, ecommerce marketplace Flipkart on Monday decided to shut down global sourcing platform for sellers called Flipkart Global.

Apple, Dell join bid for Toshiba’s chip biz

June 13: Apple and computing giant Dell will join a Foxconn-led consortium bidding for Toshiba Corp’s highly prized chip unit, the CEO of the world’s largest contract electronics manufacturer said on Monday.

QIP credit positive for SBI, says Moody’s

June 13: The Rs 15,000 crore fund-raising by the country’s largest lender SBI is credit positive for the bank andwill eliminate its dependence on capital infusion from the government, Moody’s said on Monday.

SBI cuts interest rate on home loans twice in two months

The State Bank of India (SBI) on Friday announced reduction in home loan interest rates by 10 basis points (bps) for...

Trump’s policies could have adverse impact on business: Wipro

IT major Wipro Ltd has listed US President Donald Trump’s policies as a risk factor that could impact....

Indian IT companies got over 5,000 fewer H-1B visas in 2016: Report

Top seven India-based outsourcing companies in the US received fewer H-1B visas in 2016 as compared to 2015, and....

Note ban hit high-end housing but low-cost homes gain: National Housing Bank chief

The government’s demonetisation drive in November last year slowed India’s fast-growing real estate...

No downturn in IT sector, reports are wrong, jobs will come: Ravi Shankar Prasad

Union minister Ravi Shankar Prasad on Sunday dismissed the reports of a downturn in the Indian IT sector...

Reports of job losses overstated, to hire 20K this yr: Infosys

June 3: IT services major Infosys today said it will hire 20,000 people this year as against only 400 people being asked to leave on performance grounds and termed reports of large-scale job losses as "overstated".

Economic turnaround in Q1 itself: Panagariya

June 3: Seeking to allay fears of a slowdown, NITI Ayog vice chairman Arvind Pangariya on Friday said that the economy would turnaround during the April-June quarter itself and India could be back on the 8% growth track by 2019.

RCom gets 7-month reprieve to repay debt burden

June 3: In a big relief to the debt-ridden Reliance Communications (RCom), bankers have agreed to pause debt repayments from the company for seven months till December 2017, under the RBI’s Strategic Debt Restructuring (SDR) plan.

Mercedes strengthens E-Class range in India with new E 220 d

June 3: German luxury car maker Mercedes-Benz on Friday added yet another luxury sedan to its E-Class portfolio in India, when it drove in the first long wheelbase right-hand drive E-Class 220 d.

Sebi forms corporate governance committee

June 3: Market regulator Securities and Exchange Board of India (Sebi) has set up a committee under the chairmanship of Kotak Mahindra Bank executive vice chairman and managing director Uday Kotak to advise on issues relating to corporate governance.

The move will cut company’s debt by 60%

June 3: Looking to allay fears of a slowdown, Niti Aayog vice chairman Arvind Pangariya on Friday said the economy would turnaround during the April-June quarter itself, and India could be back on the 8% growth track by 2019.

Avaya sells networking business to Extreme Networks for $100 m

June 3: Avaya, the US-headquartered communications solutions provider, on Friday confirmed that it has exited the networking business by selling it to Extreme Networks for around $100 million. Avaya has a sizeable presence in India.

Essar Projects commissions 4 offshore platforms for ONGC

June 3:Essar Projects India (EPIL), an engineering, procurement and construction (EPC) contractor, has announced the successful commissioning of four offshore well platforms for its client ONGC.

Markets hit new closing highs

June 3: Aided by positive global cues and hopes of a likely rate cut by the Reserve Bank of India in its policy review next week, bulls staged a comeback and helped Indian markets scale new highs once again.

SBI to fund 100 MW rooftop solar projects

June 3: State Bank of India (SBI) on Friday announced financing of 100 MW rooftop solar projects worth Rs 400 crore for private developers under a World Bank programme.

BEL plans R&D spend of Rs 2,500 crore

June 1: Public sector defence major Bharat Electronics (BEL) has drawn up an ambitious three-year R&D roadmap for 2017-20.

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.

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