Business

  • Maintain existing explorers' license in new law: Mining industry
    NEW DELHI, OCTOBER 27 (IANS): The mining industry has once again sought the government's intervention to prevent denial of mining rights to existing explorers under the new reform initiative that seeks to establish a seamless Composite Exploration-cum-Mining-cum-Production License (CEMPL) regime by amending the MMDR Act, 1957. In its submission to the Mines Ministry as part of the stakeholders' consultation process on the proposed reforms in the Mines and Minerals (Developme
  • Collection efficiency of Yes Bank way below pre-Covid levels: Report
    NEW DELHI, OCTOBER 27 (IANS): The trends in the collection efficiency of Yes Bank are way below the pre-Covid levels and this could add to the existing stress book. Macquarie Research said in a research note that while the retail book had 97 per cent collection efficiency in the pre-Covid times, the number has fallen to 89 per cent in September 2020 post the moratorium. The similar number for SME book is 94 per cent (pre-Covid) and 83 per cent in September. "Though the ma
  • Harley Davidson, Hero Motocorp announce agreement for Indian market
    NEW DELHI, OCTOBER 27 (IANS): Harley-Davidson Inc and Hero MotoCorp, the worlds largest maker of motorcycles and scooters in terms of unit volumes, on Tuesday announced that the two will ride together in India. As per a distribution agreement, Hero MotoCorp will sell and service Harley-Davidson motorcycles, and sell parts and accessories and general merchandise riding gear and apparel through a network of brand-exclusive Harley-Davidson dealers and Hero's existing dealership net
  • Microsoft, Accenture to nurture startups by social entrepreneurs
    NEW DELHI, OCTOBER 27 (IANS): Microsoft and Accenture on Tuesday announced to expand a joint initiative announced earlier this year to support startups that are focused on solving critical business challenges related to sustainability and skilling. Initially focused on engaging startups with solutions in the areas of agriculture, education and healthcare, the hands-on programme provides technology support to help startups build scalable solutions and business models. "Accele
  • Flipkart Group garners 68% of Rs 29,000cr festive sales: Report
    NEW DELHI, OCTOBER 27 (IANS): Riding on a shopping surge in smaller towns and cities, Flipkart Group emerged as overall leader during the week-long festive sales, accounting for 68 per cent of the total sales as the country saw a massive 55 per cent (year-on-year) growth with $4.1 billion (nearly Rs 29,000 crore) goods being sold across ecommerce platforms. This figure was $2.7 billion for the seven-day festive sales period last year. Flipkart Group and Amazon together accounted
  • No change in Petrol, diesel prices
    New Delhi, October 26 (IANS): Oil marketing companies continued to hold the pause button on retail fuel prices on Monday due to subdued global crude prices. The Brent crude is currently just above the $40 per barrel mark. Petrol prices have been unchanged for over a month now while diesel prices were same for the 24th straight day across the metros. In the national capital, petrol was sold for Rs 81.06 per litre. In Mumbai, Chennai and Kolkata, it was priced at Rs 87.74, Rs
  • RBI Guv tests positive of COVID-19, to work from isolation
    Mumbai, October 25 (IANS): Reserve Bank of India (RBI) Governor Shaktikanta Das on Sunday said that he has tested positive of novel coronavirus infection. Das, however, said that he is asymptomatic and is feeling alright. "I have tested COVID-19 positive. Asymptomatic. Feeling very much alright. Have alerted those who came in contact in recent days," he said in a tweet. The governor said that he would continue to work from isolation and assured that the central bank's wor
  • Domestic airlines to fly 12,983 flights per week this winter
    NEW DELHI, OCTOBER 25 (IANS): The Directorate General of Civil Aviation has approved 12,983 domestic flights for the winter schedule, 44 per cent lower than the number of domestic weekly flights during the last winter schedule. The winter schedule begins on Sunday, October 25 and would go on till March 27. During the previous winter schedule, a total of 23,307 flights were allowed in a week. Indigo will fly 6,006 flights per week and Spicejet will fly 1,957 flights as per the sch
  • Digitisation utmost requirement for Indian logistics sector
    NEW DELHI, OCTOBER 25 (IANS): As the Indian logistics sector returns to normal operations after being severely impacted by the pandemic and the lockdowns, sector players feel that digitisation is the need of the hour for the segment. They are of the view that the National Logistics Policy which is currently under works would digitally integrate all stakeholders and the processes involved in the operations. "The foremost expectation from the National Logistics Policy is a dig
  • Steady oil prices holds up any reversion in petrol diesel prices
    New Delhi, October 24 (IANS): The pump prices of auto fuels petrol and diesel remained unchanged on Saturday as softer global crude and product prices prevented oil marketing companies from carrying out any revision in prices. With this, Petrol prices have now been unchanged for 32 days at a stretch while diesel prices were the same for the 22 consecutive days. Price of petrol in the national capital stood at Rs 81.06 per litre. In Mumbai, Chennai and Kolkata, the fuel was sold f
  • Weak demand from power sector pushes up CIL's e-auction of coal
    New Delhi, October 24 (IANS): With weak demand from the power sector in the wake of Covid-19 disruptions, the country's largest coal producer Coal India Ltd shifted its attention to the non-power sector to see around six-fold increase in the sales of the dry fuel. In the first half of the current fiscal (FY21), CIL's fuel allocation under the exclusive e-auction scheme for the non-power sector rose close to six times at 13.44 million tonnes as against a mere 2.31 million ton
  • Thums Up for Coke India as brand inches towards pre-Covid offtake levels
    New Delhi, October 24 (IANS): Beverages major Coca-Cola India continues to see improvement in operations along with offtake on the back of accelerated demand for its leading offering Thums Up. Accordingly, not only the Indian subsidiary's leadership, but also the global one has recognised the role of the cola brand in putting back the 'Thunder' in Coke India's performance. Considered by many, as the true cola brand of India, Thums Up, a market leader, was recently
  • Government imposes stock limit on onion to moderate prices
    NEW DELHI, OCTOBER 23 (IANS): Against the backdrop of the price rise observed since the second week of September, the Central government on Friday imposed a stock limit on onion with immediate effect to moderate its prices and availability in the retail market. The stock limit will now be 25 metric tons for wholesellers and 2 metric tons for retailers for a period up to December 31. The step was taken the monitoring of the rise in prices of onion, on a day-to-day basis through a
  • RBI Central Board takes stock of the economy
    MUMBAI, OCTOBER 23 (IANS): The Central Board of the Reserve Bank of India (RBI) on Friday reviewed the current economic situation, continued global and domestic challenges and various areas of operations of the bank. It also discussed the working of sub-committees of the Central Board and the Local Boards and deliberated on the aspects related to financial stability in the present milieu. The 585th meeting of Central Board met under the chairmanship of RBI Governor Shaktikanta Da
  • Flipkart to acquire 7.8% stake in Aditya Birla Fashion for Rs 1,500 Cr
    Bengaluru, October 23 (IANS): Flipkart Investments will pick up 7.8 per cent stake in Aditya Birla Fashion and Retail Limited (ABFRL) with an investment of Rs 1,500 crore. The equity capital will be raised at Rs 205 per share. The promoter and promoter group companies of ABFRL will hold about 55.13 per cent upon completion of the issuance. ABFRL will use this capital to strengthen its balance sheet and propel its growth ambition with renewed vigour, said a statement. The company
  • LG Display logs profit in 2 years as IT gadgets, TVs demand soar
    Seoul, October 23 (IANS): Major display panel maker LG Display Co has swung to the black in the third quarter of the year on the back of robust demand for displays used in IT gadgets and increased shipments of large-size panels for TVs amid the pandemic-driven stay-at-home trend. The company chalked up a net profit of $9.8 million in the July-September period, shifting from a loss of 442.2 billion won a year earlier. It also logged an operating profit of 164.4 billion won in the
  • Airtel Africa's Jul-Sep net profit down 8.8%
    New Delhi, October 23 (IANS): Airtel Africa on Friday reported a fall of 8.8 per cent in its net profit on a year on year (YoY) basis at $88 million for the quarter ended September. The company's revenue for the period under review was $965 million compared with $844 million earned during the July-September quarter of the last financial year. In a statement, the company said that its customer base grew by 12.0 per cent to $116.4 million during the quarter. Raghunath Mandav
  • HMSI commences export of SP125 motorcycle to Europe
    NEW DELHI, OCTOBER 22 (IANS): Two-wheeler major Honda Motorcycle and Scooter India on Thursday said that it has commenced export of its next generation 125cc motorcycle - SP125 - to Europe. The motorcycle is exported via the 'CKD' (completely knocked-down) unit route. "The transition from BSIV to BSVI was a challenging phase for Indian automobile industry. Honda 2Wheelers India converted this challenge into opportunity to export to advanced countries and have started
  • Suzuki's Guj plant reaches accumulated production of 1 mn vehicles
    NEW DELHI, OCTOBER 22 (IANS): Suzuki Motor Corporation's subsidiary Suzuki Motor Gujarat Private Ltd (SMG) has achieved accumulated automobile production of 1 million units, the company said on Thursday. According to the company, the production milestone was achieved on Wednesday (October 21). "SMG becomes the fastest production site of Suzuki to reach 1 million units in just 3 years and 9 months since starting production in February 2017," the company said in a sta
  • Car maker Renault India beefs up its distribution network
    CHENNAI, OCTOBER 22 (IANS): Car maker Renault India on Thursday said it has increased its distribution network by 34 touchpoints over the past two months. With this expansion, the total of new sales and service touchpoints goes up by over 90 in less than a year, the company said in a statement. Renault India said it has over 415 sales and over 475 service touchpoints including over 200 workshop on wheels across the country. The company said it sold 8,805 units last month and h