Business

  • Sales plunge to dent auto dealers' credit metrics this fiscal
    NEW DELHI, JULY 8 : Two consecutive years of double-digit decline in sales volume and a 50-100 basis points (bps) moderation in already thin operating profitability are expected to materially dent the credit metrics of automotive dealers this fiscal, a study of 2051 CRISIL-rated dealers indicates.   After declining 18 per cent in fiscal 2020, vehicle sales volume is expected to fall another 25 per cent this fiscal because of the Covid-19 pandemic and weak business environmen
  • CAIT plans drive to boycott Chinese goods during festive season
    NEW DELHI, JULY 8 (IANS): The Confederation of All India Traders (CAIT) on Wednesday said that it will spearhead a movement to boycott goods imported from China during the upcoming festive season in India.   It said that it has made an elaborate strategy to ensure 'Made in India' goods are available across the country in a substantial quantity.   The CAIT, in a message, advised traders to ensure that Indian goods related to each festival be made available
  • Banks' cyber risks rise as Covid spurs digital trends: Moody's
    LONDON, JULY 8 (IANS): Banks face a growing risk of cyber-attacks as the coronavirus crisis accelerates the shift to digital banking and remote working, Moody's Investors Service said in a report on Wednesday.   "Social distancing has created a surge in demand for contactless payments, digital cash transfers and online banking, as well as remote working by bank employees," said Alessandro Roccati, Senior Vice President at Moody's.   Banks' di
  • Flipkart, Amazon among ecommerce players asked to indicate country of origin on products
    NEW DELHI, JULY 8 (IANS): Consensus is building within the government that e-commerce players like Flipkart, Amazon will have to indicate the country of origin of the product on their merchandise.   DPIIT under the Ministry of Commerce and Industry is likely to tell e-commerce companies that it would be mandatory to provide information about the product on their platform, where the product came from or where it was made, or the country of origin. DPPIT held a meeting today w
  • SpiceJet offers Covid-19 insurance cover for passengers
    NEW DELHI, JULY 8 (IANS): To boost passenger confidence, airline major SpiceJet on Wednesday announced a unique initiative to provide passengers with a facility to opt for Covid-related insurance cover.   Accordingly, the cover is valid for a period of 12 months and ranges from Rs 50,000 to Rs 300,000 at a premium of Rs 443 to Rs 1,564 a year (including GST).   "The insurance covers hospital expenses and all pre- and post-hospitalisation expenses for 30 and 6
  • Nestle launches virtual internship programme amid Covid
    NEW DELHI, JULY 8 (IANS): Nestle India on Wednesday announced the launch of a virtual internship programme, 'Nenternship'. The programme will focus on upskilling around 1,000 young people.   "The programme will roll out virtual internship opportunities to 1,000 young talents across diverse functions and education backgrounds over the next four months," the company said in a statement.   It will go live on August 1, 2020 and will continue for four
  • No registration of BS-IV vehicles sold after March 31: SC
    NEW DELHI, JULY 8 (IANS): The Supreme Court on Wednesday recalled its March 27 order, where it had allowed the sale of BS-IV compliant vehicles for 10 days, barring in Delhi-NCR, after the lifting of the nationwide lockdown imposed to fight the coronavirus pandemic.   In its March order, the top court had allowed some relief to the auto dealers, permitting the sale of 10 per cent unsold BS-IV inventory. The apex court on Wednesday said that it will not allow registration of
  • SBI reduces MCLR by 5-10 bps in shorter tenors
    NEW DELHI, JULY 8 (IANS): State Bank of India (SBI) on Wednesday announced reduction in its marginal cost of funds-based lending rates (MCLR) on loans by 5-10 basis points (bps) in the shorter tenors -- up to three months -- with effect from July 10.   In a statement, the bank said that the rates have been cut to boost credit off take and revive demand.   This is the 14th consecutive reduction in SBI's MCLR.   Following the latest revision, SBI'
  • Investments for building long-term presence in India remain intact: Coca-Cola
    NEW DELHI, JULY 8 (IANS): 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.   Since its re-entry into India in 1993 till 2011, Coca-Cola had
  • Instagram brings TikTok-like short videos to India with 'Reels'
    NEW DELHI, JULY 8 (IANS): With the ban on TikTok creating a huge vacuum for the 15-second videos in the Indian Internet space, Facebook-owned Instagram on Wednesday announced the extension of the testing of Reels which allows users to record, edit and share short multi-clip videos, to India.   With Reels, Instagram users can share short videos with their followers on Feed and, if they have a public account, make their reels available to the wider Instagram community through
  • UltraTech arm to sell entire stake in Chinese cement firm
    MUMBAI, JULY 7 (IANS): 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.   In a regulatory filing on Tuesday, UltraTech said, "Krishna Holdings, incorporated in Singapore and a subsidiary of the company's wholly-owned subsidiary UltraTech Nathdwara Cement, has infor
  • HDFC Bank cuts interest rates on loans by 20 bps
    MUMBAI, JULY 7 (IANS): 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.   The bank's overnight MCLR now stands reduced to 7.10 per cent and its one-month MCLR is 7.15 per cent. One-year MCLR will now be 7.45 per cent, while three-year MCLR stands at 7.65 per cent.  
  • Gold may cross Rs 52,000 per 10 grams by Diwali
    NEW DELHI, JULY 6 (IANS): The price of gold in the spot and futures markets remained soft for the fourth consecutive day on Monday, but during the corona period the fundamentals of the precious metal are strong due to which it may touch a new high later this year.   The demand for the yellow metal may not be much in the upcoming festive season due to the uncertainty caused by the corona crisis, but considering the investors interest in gold, its price is expected to cross th
  • North Korean hackers stealing online shoppers' data in US, Europe
    SAN FRANCISCO, JULY 6 (IANS): North Korea-based hackers have engaged in a large scale digital skimming activity since May 19, breaking into online stores like international fashion chain Claires to insert malicious code that steal payment card details of the users in the US and Europe, a new report revealed on Monday.   Dutch cyber security company Sansec has found proof of global web skimming activity that has multiple, independent links to previously documented and North K
  • Rs 90k cr package for discoms not enough, dues cross Rs 1 lakh cr
    NEW DELHI, JULY 6 (IANS): The Centre's Rs 90,000 crore liquidity window to financially stressed state discoms for clearing their mounting dues to power generation companies may not be sufficient to clean up their books and clear all outstanding.   The reason is that power distribution companies' (discoms) pending dues to power generation companies (gencos) has risen 73 per cent year-on-year and 8 per cent month-on-month to Rs 1,05,000 crore as of April 2020.  
  • Honda Siel Power Products now named Honda India Power Products
    NEW DELHI, JULY 6 (IANS): Power products maker Honda Siel Power Products Ltd (HSPP) on Monday announced the change in its name to Honda India Power Products Limited (HIPP) with immediate effect.   Subsequent to the cessation of the joint venture agreement with its longtime partner Usha International Limited, HSPP applied for the corporate name change which was recently certified by the Registrar of Companies under the Ministry of Corporate Affairs, the company said in a regu
  • Airtel launches 'Priority 4G Network' for 'Platinum' customers
    NEW DELHI, JULY 6 (IANS): Bharti Airtel on Monday announced the launch of 'Priority 4G Network' for its 'Platinum' mobile customers.   Airtel has deployed advanced technologies that give its Platinum mobile customers preference on the network. As a result, all these customers will experience faster 4G speeds, the company said in a statement.   As part of the Airtel Thanks programme, all postpaid mobile customers on Rs 499 and above plans are design
  • Canara Bank lowers interest rates on loans by 10 bps
    NEW DELHI, JULY 6 (IANS ): Canara Bank has reduced marginal cost of funds-based lending rate (MCLR) on loans and advances across all tenors with effect from July 7. The interest rate has come down by 10 basis points (bps).   Accordingly, MCLRs of the bank shall vary between 7.20 per cent for overnight loans/advances and 7.55 per cent for one-year loans/advances.   The repo-linked lending rate continues to be 6.90 per cent.   After the amalgamation of Sy
  • Hotels prepare to re-open, 50% may shut permanently
    MUMBAI, JULY 6 (IANS): With hotels and restaurants preparing to reopen for business after nearly four months, the prospects of around 50 per cent of them shutting permanently also loom large, top players warn.   The Centre has indicated July 8 as the target date for the hospitality industry to throw open its doors to guests and patrons, but there is no clear signal yet from the Maharashtra government.   "The situation is bad and getting desperate daily. Till
  • No China origin, will invest and hire more in India: Zoom
    New Delhi, July 6 (IANS): 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.   Velchamy Sankarlingam who is President of Engineering and Products at Zoom said India is and will continue to be an important market for Zoom.   "We do recognize that as we continue to introduc