Thursday, July 16, 2020

Business

Jio, Google to launch 'make in India' affordable smartphone

NEW DELHI:To create an affordable yet powerful smartphone ecosystem for the masses in the country, Reliance Jio Platforms and Google on Wednesday announced to launch an entry-level Android smartphone soon.

Google to invest Rs 33,737cr in Jio Platforms for 7.73% stake

MUMBAI:In a mega investment announcement, Reliance Industries (RIL) Chairman Mukesh Ambani on Wednesday said that Google will invest Rs 33,737 crore in Jio Platforms for an equity stake of 7.73 per cent.

Diesel extends gains over petrol in Delhi

NEW DELHI:Unexpected rise in diesel prices despite slower demand has extended the gain for the transport fuel over petrol in Delhi.

Markets open on a positive note Wednesday morning

MUMBAI:The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note.

How India Became one of the Top Mobile Gaming Countries

India has been the centre of attention of various tech companies and businesses for years now.
There are quite a few reasons for this – for starters, it’s a massive yet relatively young and untapped market. The potential profits for the right kind of service in India are in the billions, and the world’s biggest gaming operators are very much privy to this fact.

US dollar dips as risk-averse sentiment eases

NEW YORK:The US dollar weakened in late trading on Wednesday as safe-haven demand reduced amid momentum in riskier assets. The dollar index, which measures the greenback against six major peers, was down 0.45 per cent at 96.4337.

Websites Indians can’t get enough of

There are many websites visited by millions of Indians daily for several purposes. While some websites are only visited occasionally, there are some others that Indians keep visiting every time. These websites render services that Indians love and cannot do without.

Investments for building long-term presence in India remain intact: Coca-Cola

NEW DELHI: Beverage major Coca-Cola's long-term investment plans in India remain intact despite coronavirus-induced economic turbulence, a key company executive said.
Accordingly, the beverage major is expected to complete the earlier announced $5 billion investment this year for creation of retail infrastructure, bottling plants and introduction of new products, amongst others.

Need calibrated call in reducing import dependence from China: SBI Ecowrap

NEW DELHI:India needs to take a calibrated call in reducing import dependence from China and not through sudden stops.
At present, a huge clamour has grown about banning imports from China, after the border standoff.

Diesel maintains gain over petrol in Delhi, prices unchanged

NEW DELHI:Diesel has maintained its gain over petrol in Delhi as oil marketing companies kept the prices of auto fuels unchanged on Wednesday after raising the price of diesel by 25 paisa per litre in the city a day earlier.

Temporary relief for Zee as HC admits appeal against selling of shares worth Rs 740M

NEW DELHI:The Delhi High Court in an interim relief to Zee Entertainment Enterprises Ltd stayed IDBI Trusteeship and Franklin Templeton from selling or transferring the company's shares worth Rs 740 million, after the court admitted an appeal filed by Zee.

Hackers break into 570 e-commerce stores including in India

NEW DELHI:A hacker group has broken into at least 570 e-commerce stores in 55 countries, including in India, in the last three years, leaking information on more than 184,000 stolen credit cards and generated over $7 million (over Rs 52 crore) from selling compromised payment cards.

Railways' PPP model to stimulate private investment: Report

NEW DELHI:India's first-ever public-private partnership (PPP) scheme in passenger rail operations rolled out by the Indian Railways will stimulate private sector investments in the country, the Acuite Ratings & Research said in a report.

US dollar gains amid coronavirus worries

NEW YORK: The US dollar strengthened as traders sought safe haven amid concerns over soaring coronavirus infections. The dollar index, which measures the greenback against six major peers, was up 0.15 per cent at 96.8744.

Markets open on positive note Wednesday morning

MUMBAI:The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note.

UltraTech arm to sell entire stake in Chinese cement firm

MUMBAI:Krishna Holdings, a subsidiary of UltraTech Nathdwara Cement, will sell its entire 92.5 per cent stake in China's Shandong Binani Rongan Cement for around $129 million.
UltraTech Nathdwara Cement is a subsidiary of the UltraTech Cement.

No economic logic now for diesel cars: Maruti Suzuki

NEW DELHI:With parity between the prices of petrol and diesel, there is no economic logic for buying diesel cars as with the same running cost, the acquisition cost differential is very high.

Bajaj Finance's AUM under moratorium falls to 15.5% in June

MUMBAI:Assets under management (AUM) of Bajaj Finance under moratorium has reduced from 27 per cent as of April 30 to 15.5 per cent as of June 30.
In a regulatory filing, the company further said that it may consider additional accelerated provisioning for COVID-19 in the first quarter of FY 2020-21 to further strengthen its balance sheet.

HDFC Bank cuts interest rates on loans by 20 bps

MUMBAI:The HDFC Bank has reduced the marginal cost of funds-based lending rates (MCLR) on loans across tenors by 20 basis points with immediate effect.
Following the reduction, MCLRs of the bank will range from 7.10 per cent to 7.65 per cent.

Bring down VAT on petroleum products to augment revenue: DPDA

NEW DELHI:To augment revenue and bring down inflation, the Delhi Petrol Dealers Association (DPDA) has urged the Delhi state government to reduce VAT (value added tax) on petroleum products in the national capital.

No China origin, will invest and hire more in India: Zoom

NEW DELHI:Facing social media onslaught over it being a Chinese company, US-based video meet platform Zoom on Monday that they are clear about its identity and plan to significantly invest and hire local talent in the country over the next five years.

Paytm enters general insurance sector, acquires Raheja QBE

NEW DELHI:Leading digital payments platform Paytm along with its founder Vijay Shekhar Sharma on Monday announced the acquisition of Mumbai-based private sector general insurance company Raheja QBE, to democratize general insurance services in the country.

Petrol, diesel prices unchanged for fifth day in a row

NEW DELHI:Fuel prices remained unchanged on Saturday making it the fifth consecutive day when pump prices of petrol and diesel have remained static.
Fuel prices have gone for a longer pause after rising on 22 of the past 28 days. The oil marketing companies (OMC) began their daily price revision system from June 7 that kept the petrol and diesel prices to rise continuously by an average 50-60 paise per day.

US dollar edges down amid coronavirus uncertainty

NEW YORK:The US dollar declined modestly as traders continued to focus on rising coronavirus cases and weigh their impact on the economic recovery.
The dollar index, which measures the greenback against six major peers, was down 0.10 per cent at 97.1762.

India's banking sector expected to face capital shortfalls: Fitch

MUMBAI/SINGAPORE:Ratings agency Fitch Ratings on Wednesday said that India's banking sector is expected to face capital shortfalls due to coronavirus pandemic-related disruption.

Petrol, diesel prices go for a longer pause; LPG, ATF rises

NEW DELHI:Fuel prices seem to have gone for a longer pause after rising for 22 of the past 25 days as oil marketing companies (OMC) kept the pump prices of petrol and diesel unchanged again on Wednesday.

Markets open on positive note Wednesday morning

MUMBAI:The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note.

French Ambassador visits fair price shop in Tughlaqabad Extn

NEW DELHI:French Ambassador to India, Emmanuel Lenain, on Tuesday paid a visit to a fair price shop in Tughlakabad Extension in the national capital.India and France last week signed a credit financing agreement for 200 million euros to bolster India's Covid-19 response. Through this loan from the French Development Agency, France will work with India to increase the state and Central governments' capacities to support the country's most vulnerable sections in the wake of the Covid-19 pandemic.

Now, a 'Bima Mandi' for rural insurance products

MUMBAI:A new startup venture, 'Bima Mandi' hopes to digitize and provide access to insurance and financial services for those living in rural areas, the promoters said here on Saturday.

Despite pandemic, AP govt achieves record Rabi crop procurements

AMARAVATI:Despite the hurdles in transport due to COVID-19 lockdown and social distancing norms put in place, the Andhra Pradesh government managed to procure a record 7,83,246 metric tonnes (MT) of crops during the Rabi season. Managed by the state cooperative marketing federation (MARKFED), the procurement worth Rs 2,571 crore has benefitted more than 2.35 lakh farmers of AP.

Border issue with China has created a strong resolve to build domestic capacity: Uday Kotak

NEW DELHI:Uday Kotak, CII President and Managing Director & CEO, Kotak Mahindra Bank is a leading voice of India Inc and financial sector.
In a wide ranging interview with IANS, Kotak said the border issue with China has created a strong resolve to build more competitive domestic capacities. "India needs to become economically more self-reliant", he said. However, complete decoupling with China may not be possible in the near term, given the high level of dependence on import of raw material and parts for many industries.

Co-op banks come under RBI as President clears ordinance

Boost with Facebook' to help businesses adjust to new normal

NEW DELHI;The social network has kicked off a new initiative called Boost with Facebook Summer of Support during which, it will help millions of people get the digital skills and information they need to navigate these challenging times and adjust to a new normal.

Diesel price rises for 19th day, remains higher than petrol in Delhi

NEW DELHI:Transport fuel diesel prices continued its roll on Thursday, surpassing Rs 80 per litre mark in Delhi with oil marketing companies raising its prices on the 19th consecutive day.

MCA extends deadline for registration of independent directors

NEW DELHI:The Ministry of Corporate Affairs (MCA) has extended the deadline for registration of independent directors on its online databank till September 30. The previous deadline was June 30.

Diesel burns hole in pocket, surpasses petrol in Delhi

NEW DELHI:Diesel has become the most expensive auto-fuel in the country overtaking petrol for the first time in a long while as the oil marketing companies on Wednesday raised its pump prices by 48 paisa while keeping the price of the other fuel unchanged.

Govt aims to develop indigenous, low carbon transport system: Gadkari

NEW DELHI:Union Road Transport & Highways Minister Nitin Gadkari on Tuesday said that the Central government has prioritised the development of indigenous, low carbon, sustainable and economically viable transportation system.

Govt for major changes in import policy of power equipment

NEW DELHI:In line with the �Aatmanirbhar Bharat' vision, the Centre proposes to make major changes in the import policy for power equipment in a bid to promote domestic manufacturing and reduce import content in large infrastructure projects.

US dollar dips amid economic data

NEW YORK:The US dollar weakened in late trading on Tuesday as market participants digested a slew of economic data.
The dollar index, which measures the greenback against six major peers, was down 0.39 per cent at 96.6619.
In late New York trading, the euro rose to $1.1312 from $1.1260 in the previous session, and the British pound was up to $1.2522 from $1.2471 in the previous session, Xinhua reported.

Goyal emphasises opportunities for private investors in railways

NEW DELHI:Railways Minister Piyush Goyal on Monday asserted that there are huge opportunities for private businesses in the sector as the national transporter is willing to lease out traffic routes and parcel trains to them.

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