Business

  • India's biggest carmaker Maruti Suzuki cuts temporary jobs as sales plunge
    Labourers walk along a street next to a Maruti Suzuki India Ltd. manufacturing plant in Manesar in the northern state of Haryana on August 2. (REUTERS Photo)   MANESAR/NEW DELHI, August 3 (Reuters): India’s biggest automaker, Maruti Suzuki India Ltd (MRTI.NS), said it had cut the number of its temporary workers to cope with a slowdown in auto sales, adding to the jobless problem in Asia’s third largest economy.   The vehicle industry, accounting for nearly hal
  • RBI imposes Rs 11 cr fine on seven PSBs for violating norms
    Mumbai, August 3 (PTI): The Reserve Bank on Friday said it has imposed a collective penalty of Rs 11 crore on seven public sector banks for violating norms on current account opening.   Allahabad Bank and Bank of Maharashtra have been imposed a fine of Rs 2 crore each, Bank of Baroda, Bank of India, Indian Overseas Bank and United Bank of India have been slapped with fines of Rs 1.5 crore each, while Oriental Bank of Commerce has been imposed with a penalty of Rs 1 crore.
  • Amazon in talks to buy stake in India's Reliance Retail: sources
    A woman walks past a poster of Reliance Industries installed outside the venue of the company's annual general meeting in Mumbai on June 7, 2012. (REUTERS File Photo)     NEW DELHI, August 3 (Reuters): Amazon.com Inc (AMZN.O) is in talks with Reliance Industries Ltd’s (RELI.NS) retail unit to buy a stake in India’s biggest brick-and-mortar retailer, two sources with knowledge of the talks told Reuters on Friday.   Amazon’s massive online presence could
  • iPhones to get $100 costlier after US' new China tariffs
    Washington, August 3 (IANS): Apple iPhones would be around $100 more expensive in the US once new 10 per cent tariff on $300 billion in goods imported from China comes into place from September 1.   "iPhone sales in the US, China and other markets could fall by 8 million to 10 million," CBS News reported late Friday, quoting analysts.   Apple lost $42 billion in stock value after Trump tweeted new tariffs on China on Thursday.   Apple XS Max starts at $
  • Facebook to add its name to WhatsApp, Instagram
    San Francisco, August 3 (IANS): In a first step towards merging all its platforms into one unified experience for users, Facebook is adding its name to Instagram and WhatsApp.   Instagram will soon become "Instagram from Facebook" and WhatsApp will turn into "WhatsApp from Facebook", The Information reported late Friday.   The new titles will appear in the title for both apps in Apple's App Store and Google Play Store.   "We want to be clearer about the
  • Bata India looking at opening 500 franchise stores
    Kolkata, August 3 (IANS): Footwear major Bata India is planning to open about 500 franchise stores which would come up in small towns over the next five years, a top company official said here on Friday.   “We now have 150 franchise stores. We are looking to get about 500 franchise stores. These will be single-store towns. That means we are looking at 500 towns. We have charted out a five year plan for this,” company CEO Sandeep Kataria told media persons after its 86th
  • High import duties keeping Tesla off Indian roads: Elon Musk
    New Delhi, August 2 (IANS): Breaking his silence over India plans, Tesla CEO Elon Musk has said that high import duties on electric cars are blocking the entry of the electric car maker in the country.   "I'm told import duties are extremely high (up to 100 per cent), even for electric cars. This would make our cars unaffordable," Musk said late Thursday while responding to a tweet from an Indian follower.   India has taken a slew of measures to promote the use el
  • India seen set for fourth interest rate cut of 2019
    MUMBAI, August 2 (Reuters): The Reserve Bank of India (RBI) is likely to cut rates next week for a fourth time in 2019 as benign inflation gives it room to help an economy that is growing at its slowest in nearly five years.   If the RBI does cut by 25 basis points on Wednesday, the repo rate would to come down to 5.50%, and make RBI the most dovish among major Asian central banks.   Almost 80% of 66 economists surveyed by Reuters expected the RBI to cut its bench
  • SBI first-quarter profit misses estimates on tax expense
    BENGALURU, August 2 (Reuters): The State Bank of India (SBI) on Friday reported a smaller-than-expected profit of 23.12 billion rupees ($332.15 million) for the first quarter, hit by a tax expense even as bad loan provisions fell.   That stood against a loss of 48.76 billion rupees reported last year due to lower trading income and treasury losses. For the quarter June 30, 2019, analysts had expected a profit of 40.83 billion rupees, according to Refinitiv data.  
  • Good money after bad? India's bank rescue plans keep on coming
    NEW DELHI/MUMBAI, August 2 (Reuters): It may not be quite a bottomless pit but the Indian government’s repeated injections of funds into the nation’s state-owned banks can appear to be going into one.   Bankers and credit rating agencies say they doubt the latest move by New Delhi to provide a further $10 billion in government money to the institutions that dominate India’s banking landscape will be enough for them to overcome massive bad debt problems. The expectation
  • Service tax: Govt mulls out-of-court deal to resolve issue with banks
    New Delhi, August 2 (IANS): The government may be inclined for an out-of-court settlement in its dispute with banks over unpaid service tax dues to the tune of Rs 38,000 crore with officials indicating a more flexible stance to resolve the outstanding issues.   Sources in the government said that officials in the Finance Ministry may soon meet bankers to thrash out a compromise formula to resolve the issue that has divided the banking industry and pushed it into taking legal
  • GST cut: Tata Motors slash EV prices by up to Rs 80,000
    Mumbai, August 1 (IANS): Automobile major Tata Motors on Thursday reduced prices of its electric vehicle (EV) -- Tigor EV -- by up to Rs 80,000 on the back of the recent cut in GST rates of all electric-powered vehicles. "In light of the recent announcement made by the government to slash the GST rates of all electric-powered vehicles from 12 per cent to 5 per cent, the price of Tata Motors' EVs, will be reduced by up to Rs 80,000 starting August 2019," said Shailesh Chandr
  • OYO starts 'Partner Privilege Program' for asset owners in India
    New Delhi, August 1 (IANS): OYO Hotels and Homes on Thursday announced the launch of a "Partner Privilege Program" for its over 10,000 asset owners across more than 300 cities in the country. The initiative is part of the the year-long OYO Partner Engagement Network (OPEN) launched in April this year to boost asset owner growth and create a mechanism for continual engagement and recognition on the other. "The Partner Privilege Program will provide exclusive benefits
  • AIWA back in the Indian market
    New Delhi, August 1 (IANS): Japanese consumer electronics brand Aiwa has made a comeback in India with a slew of new products in India. The latest range includes premium smart TVs, speakers and wireless headphones among others. The company has also planned to invest over Rs 200 crore in the coming years. Aiwa is all set to start selling premium, Smart 4K Ultra High Definition LED TVs, smart home audio systems, wireless Headphones and personal audio products with latest featur
  • 54 tech unicorns expected in India by 2024
    New Delhi, August 1 (IANS): With average time taken to reach unicorn status in India coming down of late, the country is likely to have 54 tech unicorns by 2024, according to a report. Of this 54 unicorns, 10 are expected to be in the e-commerce and business-to-business segment each, eight in payments and content/social each, five in mobility, education and logistics each, and three in food delivery, said the report by Fosun RZ Capital, a venture arm of Chinese conglom
  • ED attaches assets worth Rs 480 crore for money laundering
    New Delhi, August 1 (IANS): The Enforcement Directorate on Thursday said it has attached assets worth over Rs 480 crore of REI Agro Ltd, which claims to be the world's largest basmati rice processing firm, under the Prevention of Money Laundering Act (PMLA). The ED in 2016 had registered a money laundering case against the company. It has been accused of bank fraud totalling Rs 3,871.71 crore. An ED statement said the company Directors Sandip Jhunjhunwala, Sanjay Jhu
  • Indian SMBs more interested in online presence: GoDaddy
    New Delhi, July 31 (IANS): Compared to their global counterparts, Indian entrepreneurs and small business owners are more inclined towards building an online presence, says a survey by Internet names and registrations management major GoDaddy. Almost one-third of the total Indian small businesses surveyed reported that they already have a website and about 19 per cent responded that they plan to build a website soon as compared to only 16 per cent of their global counterpar
  • Bharti, Vodafone-Idea to be limited in 5G auction: Fitch
      New Delhi, July 30 (IANS): Global rating agency Fitch on Monday said that a high price tag of $70 million per Mhz is a big deterrent for telcos like Airtel and Vodafone Idea to bid for 5G spectrum auction. "Fitch believes the Telecom Regulatory Authority of India's (TRAI) 5G spectrum price for spectrum band of 3300-3600MHz of $70 million per M Hz is expensive compared with 3G and 4G spectrum auctions in the past," it said. "At the current price, each telco
  • Banning cryptocurrencies in India not the solution: Nasscom
    New Delhi, July 30 (IANS): Banning cryptocurrencies in India is not the solution as this would inhibit new applications and solutions from being deployed and would discourage tech startups, the IT industry's apex body Nasscom said on Tuesday. An inter-ministerial committee headed by Economic Affairs Secretary Subhash Chandra Garg last week submitted the report and the draft bill on banning of cryptocurrencies and regulating official currency in the country.  "Na
  • Kia Seltos set to roll off production line soon
    New Delhi, July 29 (AUTOCAR): After unveiling the Seltos on June 20, 2019 and subsequently commencing pre-bookings for the SUV on July 16, Kia Motors is set to take another major step towards its debut in the Indian market. The first units of the Seltos that will go to the customers will start rolling off the production line from July 31. As reported by us earlier, the company has already begun production of the SUV and demo vehicles have reached some dealerships.   Kia Mo