Business

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.

OYO to open 250 Townhouses

May 23: Hospitality technology major OYO has expressed plans to open 250 properties — under its mid-market hotel brand OYO Townhouse — across the country, by the end of 2017.

Sensex down 85 pts in early trade on profit booking

May 23: The benchmark BSE Sensex fell by 85 points while NSE Nifty slumped below the 9,400-mark in early trade today due to profit-booking by investors.

Paytm starts payments bank; offers 4 pc interest, cashbacks

May 23:Targeting 500 million customers by 2020, digital payments firm Paytm today launched its payments bank with 4 percent interest rate and cashbacks on deposits, zero fees on online transactions and no minimum balance requirement.

RBI refuses to disclose list of loan defaulters

May 23: The Reserve Bank of India (RBI) has refused to make public the list of loan defaulters with public sector banks despite an order of the Supreme Court in 2015 to make this information public.

BJP leader Syed Zafar Islam on Air India’s board

May 23: BJP leader Syed Zafar Islam has been appointed as an independent director of Air India.

Have taken 7,000 steps to improve ease of doing biz: Nirmala

May 22: Over 7,000 steps, big and small, have been taken by the government so far to improve the ease of doing business in the country, Commerce and Industry Minister Nirmala Sitharaman has said.

Kashmir dispute, religious strife ’risks’ to India investment

May 22: A number of large foreign funds, managing trillions of dollars of investor assets globally, have flagged ’persisting religious conflicts’ and ’Kashmir dispute’ as potential risks to their investments in India

LIC investment income at Rs 1,80,117 cr in 2016-17

May 22: Insurance behemoth Life Insurance Corporation (LIC) of India earned a total investment income of Rs 1,80,117 crore during the financial year 2016-17.

Cess to be levied on at least 50 goods and service under GST

May 22: After the fitment of rates under GST, the fine print suggests that there will be nearly 50 goods and services on which the GST Council will imposed cess.

Sensex climbs 227 points on global rally in stocks

May 22: The benchmark BSE Sensex rallied over 227 points in early trade today on buying in FMCG, banking and IT stocks by investors enthused by the global rally in stock markets.

Tourist season clocks rise in domestic fliers

May 22: With the tourist season beginning, the number of domestic fliers rose by 15.15% in April, compared with the same month, last year.

FITE against Cognizant layoffs shifts to Bengaluru

May 18: After Chennai and Hyderabad, IT workers’ union FITE has now decided to approach the labour commission in Bengaluru to submit a petition to stop the alleged "illegal terminations" happening at Cognizant.

Govt clears new coal linkage policy

May 18: The government today approved a new policy under which fuel supply to the power sector will be either through the auction route or power purchase pact based on competitive bidding of tariffs.

GST Council meet from tomorrow to fix rates on goods, service

May 18: The tax that 1.3 billion Indians will pay on buying salt to luxury cars and on services like phone calls to dining out will be decided at the GST Council meet starting tomorrow in Srinagar.

FM to chair GST Council meet in Srinagar on Friday

May 18: The 14th meeting of the Goods and Services tax (GST) Council, to be chaired by Finance Minister Arun Jaitley, is set to begin in Srinagar on Friday.

Wipro strengthens prowess in blockchain

May 18: Wipro, the third largest IT services company, has decided to strengthen blockchain capabilities through Wipro Blockchain Innovation Lab, and aims to deploy the solution at the customer premises.

Paytm’s payments bank to operate from May 23

May 18: Paytm’s banking arm, Paytm Payment Bank, on Wednesday received formal clearance from the Reserve Bank of India (RBI) to commence operations of its payments bank from May 23.

Coffee Board to seek higher subsidy for growers

May 18: The Coffee Board would soon urge the Centre to increase subsidy on drip-irrigation equipment to 80%, from 25% for small growers to harvest water for plantations, the newly appointed Chairman of Coffee Board M S Boje Gowda said.

Sensex gets off record high, dives 222 points

May 18: A back-to-back record-setting run today made stocks do a reality check when the Sensex plunged over 222 points and the Nifty cracked below 9,500 in early session amid dollar outflows and a sluggish trend overseas.

Govt may hike cotton MSP by Rs 160/quintal

May 18: As farmers prepare fields for kharif sowing, the government is considering increasing the minimum support price (MSP) of cotton by Rs 160 per quintal, to Rs 4,320 for the 2017-18 crop year beginning July.

HUL net up 6.2% on domestic volumes

May 18: Led by good growth in domestic volumes, fast moving consumer goods major Hindustan Unilever (HUL) posted a 6.2% rise in its net profit

Sensex makes a retreat from record after rally fatigue

May 17: Stocks showed signs of fatigue today after two back-to-back record-setting sessions as the benchmark Sensex struggled to maintain its momentum, with investors shifting focus to taking profit.

Kassia seeks committee for MSMEs

May 17: Karnataka Small Scale Industries Association (Kassia) has urged for setting up a joint action committee of southern MSME associations to implement government programmes in South India.

B’luru luxury housing prices drop by -0.2%

May 17: Prices of luxury homes have come down in Bengaluru by a negligible -0.2% for the first quarter of 2017 at a time when other global technology hubs registered growth, states real estate research firm Knight Frank.

No reports of major disruption due to cyber attack, says IT secretary

May 17: The Centre on Tuesday said that the impact of global cyber attack has been limited to five or six isolated instances so far and there are no reports of any substantial disruption to India’s IT backbone.

Banks carry out ATM revamp

May 17: The ATM network across the country, which was partially affected following an advisory issued to banks by National Payments Corporation of India and the Reserve Bank of India in view of the WannaCry ransomware attack, is returning to normalcy.

Tata Steel Q4 losses halve to Rs 1,168 cr

May 17: Tata Steel has more than halved its consolidated losses to Rs 1,168 crore for the quarter ended March 31, 2017, compared with a loss of Rs 3,042 crore in the same quarter of the previous fiscal.

Foxconn seeks 13-acre land in JNPT

May 17: Union Road Transport and Shipping Minister Nitin Gadkari on Tuesday said Taiwan-based IT major Foxconn has sought 13 acre land at Jawaharlal Nehru Port Trust’s special economic zone (SEZ).

Vodafone operating profit down 10.2% after Jio’s entry

May 17: Mumbai: Hit by competitive pricing, especially due to the advent of Reliance Jio, Vodafone India posted a 10.2% decline in operating profit (EBITDA) for the year ended March 31, 2017 (FY17)

TCS to add 3.75 L sq feet office space in Bengaluru

May 17: At a time when Indian IT companies are going ahead with layoffs, Tata Consultancy Services (TCS) is expanding its presence in the tech hub.

Govt steps up black money chase

May 17: Stepping up its black money chase, the government on Tuesday pledged to handle “high risk” cases through enforcement actions as the number of those identified

Cyber attacks: a wake-up call for govt, companies

May 16: The latest ransomware WannaCry cyber attack across 150 countries has come as a wake-up call for the government and industries, which were hitherto hesitant to invest in software upgrades.

Financial institutions on high alert after WannaCry attack

May 16: Following the WannaCry ransomware attack, RBI has asked financial institutions to follow the instructions issued by CERT-In even as a few of them have already initiated measures to counter the attack.

SBI may merge two credit card joint ventures

May 16: State Bank of India, which is planning to hike stake in its card venture, may look at merging two of its joint ventures in the credit card business.

Economic data pushes scrips to all-time high

May 16: It was a day of another lifetime highs for the Indian markets as investors cheered better than expected macro economic data, which raised hopes of a rate cut by the Reserve Bank of India (RBI) in its next policy.

Exports up 20% in April; trade deficit widens

May 16: On a revival path for eight consecutive months, India’s exports grew close to 20% in April but imports too grew significantly widening the trade deficit to $13.25 billion.

Property dealers to come under PMLA

May 16: The government will soon bring property dealers under the purview of Prevention of Money Laundering Act (PMLA) so as to curb the use of black money in real estate and sky-rocketing prices.

ICICI Bank cuts home loan rates by 30 bps

May 16: ICICI Bank has said that it has reduced interest rates by 30 basis points (bps) for home loans up to Rs 30 lakh

Sensex, Nifty leap to new record highs on funds inflow

May 16: Raising the bar, the Sensex today shot up another 181 points to a fresh all-time intra-day high of 30,503 and the Nifty 9,482, with retail investors steering the ship amid unabated foreign capital inflows.

Not correct to assume IT industry going for big job cuts: Govt

May 16: Amidst apprehension that large scale job cut likely to take place in Indian IT sector, the Centre on Tuesday said that IT industry

Nifty breaches 9,500-mark, Sensex at new high

May 16: Benchmark Nifty breached the key 9,500-level for the first time, while the Sensex surged to a fresh lifetime high of 30,567 in afternoon trade today on early arrival of rains and persistent foreign inflows.

Solar tariff drops to Rs 2.44 per unit

May 13: Solar power tariff hit new lows of Rs 2.44 per unit, in the auction conducted for Bhadla solar park in Rajasthan on Friday.

Karnataka ready to look into job loss in IT sector

May 13: Karnataka IT and BT Minister Priyank Kharge on Friday said the government is ready to involve the labour department to deal with the ongoing lay offs in the IT industry, if there is any formal complaint from employees.

Aadhaar not required for filing I-T returns in Assam, J&K, Meghalaya

May 13: The government on Friday exempted non-resident Indians, individuals living in Assam, Jammu and Kashmir and Meghalaya, of Aadhaar for filing income tax returns or application of Permanent Account Number.

MobiKwik ties up with Bangalore One

May 13: Mobile wallet MobiKwik has joined hands with Bangalore One to enable digital payment solutions for the payment of government taxes, and utility bills.

Infosys defers salary hikes to July

May 13: Infosys, the second-largest IT services company, has deferred salary hikes for employees to July. In case of senior executives, it has pushed the pay hike to a much later date.

Inflation cools, industrial production jumps

May 13: The government on Friday released a new series of wholesale price inflation and industrial production index under which, inflation cooled to a four-month low

Diageo-owned USL bullish on growth in India

May 13:Diageo-controlled United Spirits (USL) is bullish about its growth prospects in India, and expects a double-digit growth in topline, despite the regulatory uncertainties, according to a top company official.

YES Bank reports gross NPA divergence at Rs 4,177 crore

May 13: YES Bank has reported divergence of Rs 4,176.7 crore in gross non-performing assets (NPAs) for the year ended March 31, 2017.

’GST could help states attain fiscal consolidation over medium term’

May 15: Participation in the central government’s Ujjwal Discom Awas Yojana (UDAY) scheme may have deteriorated the finances of state governments but the Goods and Services Tax (GST)

Sinor resigns from Bank Board Bureau

May 13: Top banker H N Sinor, a key member of former CAG Vinod Rai-headed Bank Board Bureau has resigned

Workbench chosen for building hyperloop pod

May 10: Workbench Projects, a Bengaluru-based startup, will join hands with Hyperloop India to build the prototype pod that will feature in the global design competition for the super fast transportation system using magnetic levitation technology.

Karnataka govt grants Rs 10.70 crore to 26 startups

May 10: The Karnataka government on Tuesday said it has granted Rs 10.70 crore to 26 startups in the Biotech sector to bolster innovation.

Adi Godrej announces succession plan

May 10: Veteran industrialist Adi Godrej has decided to hand over the reins of Godrej Consumer Products (GCPL) to his daughter Nisaba Godrej with effect from May 10, 2017.

Snapdeal sale: SoftBank a step closer to bring Nexus on board

May 10: Snapdeal’s largest investor SoftBank is learnt to have moved a step closer to securing the consent of co-investor Nexus Venture Partners (NVP) for selling Snapdeal to India’s largest ecommerce firm Flipkart.

NPCI to roll out RuPay credit cards soon: chief

The National Payments Corporation of India (NPCI), the nodal.....

H-1B visa woes: Cognizant to ramp up hiring in US, reduce work permit dependence.

IT company Cognizant expects to “significantly” ramp up headcount in the US in a bid to woo the Trump administration that has been critical of outsourcing firms for unfairly taking jobs away from.............

Hyundai 2017 Xcent review: A compact sedan perfected to meet family needs.

Hyundai’s Grand i10-based compact sedan has always been a fairly well-built and feature-packed offering. The Xcent, however, didn’t set sales charts on fire as Hyundais normally do. Its 1.1-litre..............

Tesla, Netflix, Walt Disney potential takeover targets for Apple: Citigroup.

Citigroup listed seven companies as potential takeover targets for Apple Inc, including Netflix, Walt Disney and Tesla Inc, as a way to put its cash hoard of more than $250 billion to work................

Apple’s response to Trump: iPhone-maker to create $1 billion US advanced manufacturing fund.

Apple Inc plans to create a $1 billion fund to invest in US companies that perform advanced manufacturing, Chief Executive Officer Tim Cook said on Wednesday, the iPhone-maker’s latest effort...........

Markets on a roll:Sensex soars 189 points on reforms, earnings boost.

BSE benchmark Sensex rose 189 points to reclaim the 30,000-level and NSE Nifty went past 9,350 in early trade today, buoyed by encouraging corporate earnings and a string of government reforms, including.........

Facebook profit jumps as user base nears 2 billion.

Facebook today reported its quarterly profit jumped just over $ 3 billion as its ranks of monthly users closed in on two billion.............

Fed leaves rates unchanged but signals further hikes ahead.

The Federal Reserve has left interest rates unchanged while signaling that it expects a resilient US economy and solid job market to justify further rate hikes later this year....................

Bank stocks surge up to 9% on NPA resolution push.

Bank stocks were in the limelight today, surging by up to 9% on the government’s decision to put in place a mechanism to effectively deal with the problem of mounting bad loans in the sector.............

Patanjali eyes 2-fold rise in revenue at Rs 20,000 cr in FY18.

Baba Ramdev-led Patanjali is looking at a two-fold jump in sales at over Rs 20,000 crore this fiscal as it plans to double its distribution network to 12,000 across the country............

Adani signs steel supply deal with Australian group Arrium.

Indian energy giant Adani today signed a 74 million dollar landmark deal with Australian steel group Arrium to buy steel for a 400-km rail line for its controversial Carmichael coal mine project...........

Cabinet gives RBI more teeth to tackle bad loans in banks.

The Union Cabinet on Wednesday approved promulgation of an ordinance to amend the Banking Regulation Act to speed up recovery of bad loans..............

Cabinet approves policy for preferring domestic steel for govt’s infrastructure projects.

The Union cabinet on Wednesday approved a policy that will prefer the sourcing of domestic iron and steel for infrastructure projects being built by state-owned companies, in a move aimed at shielding the...........

Gold holds near three-week low as Fed rate hike views lift dollar.

Gold prices on Wednesday hovered near a three-week low hit in the previous session as the dollar firmed on expectations that the U.S. Federal Reserve may raise rates in June......................

‘Political victory’: White House welcomes Infosys move to hire 10,000 Americans.

The Trump administration on Wednesday welcomed the decision by IT giant Infosys to hire 10,000 Americans in the next two years, saying it was a result of the US government’s “pro-growth.................

MakeMyTrip to raise $330 million via share sale.

Online travel firm MakeMyTrip today said it will raise $330 million (over Rs 2,115 crore) through share sale to investors as well as to Ctrip and Naspers’ arm MIH Internet, to fund expansion.................

ADB sees India growing 7.4% in 2017-18, says GST, bankruptcy law big positives.

The Indian economy will grow 7.4% this fiscal and 7.6% in the next as the bankruptcy and GST laws will help create a better business friendly environment, the Asian Development Bank (ADB) said...............

Jaitley not to attend ADB meet on pressing engagements.

Finance Minister Arun Jaitley has cancelled his attendance at the Asian Development Bank’s annual meeting here because of pressing domestic engagements back home.............

China will step up checks on trade, investment in 2017.

China will boost authenticity and compliance checks on trade and investment this year, its forex regulator said on Wednesday, and increase checks and punishment on illegal forex activities...............

Jio fastest network with download speed of 18.48Mbps in March: Trai.

Reliance Jio has topped the charts of mobile networks in March by registering an all-time high download speed of 18.48 megabit per second, as per the latest report published by telecom regulator Trai...........

LafargeHolcim’s Q1 results fail to allay concerns over CEO’s departure.

LafargeHolcim got off to promising start in 2017 with sales and profits in the first three months beating forecasts, the Franco-Swiss cement giant said on Wednesday, but failed to allay market............

Uber in U.S. court to fight on possible shutdown of self-driving program.

Uber Technologies Inc goes before a U.S. judge on Wednesday to fight for the right to continue work on its self-driving car program, the latest phase in a courtroom battle over trade secrets that............

Fixed deposit rates revised: What you can do to maximise your returns.

Major banks have revised interest rates on bank fixed deposits (FDs). State Bank of India on April 29, cut interest rates on FDs by 25-50 basis points (bps) in select maturity baskets.................

Modi asks taxmen to get GST ready, wants action on benami properties.

Prime Minister Narendra Modi has asked taxmen to take necessary steps against those with benami properties and focus on broadening the tax net................

Sensex ends below 30,000-level, investors await Fed rate stance.

Indian shares closed marginally down on Wednesday tracking positive global cues ahead of the US Federal Reserve interest rate review meeting...........

Oil edges down as rising output stokes concern on oversupply.

Oil prices edged down on Tuesday, as a recovery in Libyan output and rising U.S. supplies raised worries that OPEC-led production cuts may not significantly tighten a bloated market...............

Dabur flags GST risks even as demonetisation still stings.

Dabur India Ltd’s results suggest it will take at least a few more quarters in fiscal year 2018 (FY18) before it is business as usual. That is a tough message for investors in a sector that ...........

After losing power, Britain’s Osborne starts first day as journalist.

Carrying a bundle of newspapers, former British finance minister George Osborne turned up on Tuesday to start work as a journalist, following last month’s shock announcement that he would take .............

Euro zone factory activity hits six-year high in April, PMI data show.

Euro zone manufacturers began the second quarter at a blistering pace, increasing activity at the fastest rate for six years as demand remained strong despite rising prices, a survey showed on Tuesday...........

Dollar hits 1-month high vs yen on Mnuchin bond hints.

The dollar hit a one-month high against the yen on Tuesday, lifted by a surge in U.S. government bond yields after U.S. Treasury Secretary Steven Mnuchin commented on the possibility of ultra long-term.......

Fed set to leave interest rates unchanged, may hint at June hike.

The U.S. Federal Reserve is expected to hold interest rates steady at its meeting this week as it pauses to parse more economic data but may hint it is on track for an increase in June................

Asian factories get off to solid start in second quarter.

Factories across much of Asia got off to a solid start in the second quarter, buoyed by strong global demand, particularly for hi-tech gadgets which are leading a sizzling rally in electronics.............

EM stocks hit 20-mth high on tech rally, currencies gain.

Emerging stocks hit a 20-month high on Tuesday, lifted by a global tech stock rally and easing geopolitical concerns, while the main emerging currencies gained against a steady dollar,..................

Samsung aims at 60% market share in premium TVs this year.

South Korean consumer electronics major Samsung is aiming to corner around 60% market share of the premium TV segment by the end of this year...........

Liberty completes acquisition of Tata unit in UK.

International industrials and metals group Liberty House on Tuesday completed a £100 million deal to acquire the Speciality Steels division of Tata Steel UK and announced the creation of 300 production.......

Infosys plans to hire 10,000 American workers, open 4 US tech centers.

India-based IT services firm Infosys Ltd said late on Monday that it plans to hire 10,000 American workers in the next two years and open four technology centers in the United States, starting..............

India’s economy to grow 7.1% this year, 7.5% in 2018, UN report says.

India is expected to clock 7.1% growth this year before edging up to 7.5% in 2018, according to a UN report, which warned that the country faces heightened risks related to the concentration...............

After amla juice fails test, Ramdev’s Patanjali comes up with ‘chamatkari’ wheat seed, chilli.

Patanjali Ayurveda, the Haridwar-based Ayurveda firm promoted by yoga guru Ramdev, has developed a new variety of wheat seed and chilly in a bid to shore up its image after a couple of its products,..........

Is Maruti Suzuki planning to bring Kizashi back to India?

Remember Kizashi, that long supreme sedan from Suzuki? Maruti Suzuki might get that big player back in the field..............

Sensex ends below 30,000-mark: Maruti, Bajaj Auto, HeroMoto rise.

Robust factory output and auto sales boosted investor sentiment on Tuesday with the Sensex reclaiming 30,000-level in early trade on Tuesday.............

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