Business

  • Apple doubled its India smartphone market share in Q4 2020
    NEW DELHI, JANUARY 25 (IANS): Riding on the stellar performance of iPhone 11 and XR, Apple for the first time doubled its smartphone market share in India to nearly 4 per cent in the festive quarter of 2020, a new report said on Monday. Despite arriving in October, the iPhone 12 contributed significantly towards the rise of Apple in Q4 (October-December) in the country, according to data provided by market intelligence firm CyberMedia Research (CMR). The tech giant registered ove
  • Recovering Fortunes: Yes Bank sees signs of reaching pre-Covid levels soon
    MUMBAI, JANUARY 25 (IANS): Private lender Yes Bank has witnessed internal as well as external indicators of fast-paced economic recovery leading to pre-Covid operational levels. The bank's own financial performance has improved drastically. It has again reported a net profit for the third consecutive quarter. Apart from q high retail loan disbursement demand, the bank has also witnessed a brisk recovery of bad loans. In fact, 60 per cent of Rs 5,000 crore target of recover
  • 13th Instalment of Rs 6K cr released to States to meet GST compensation shortfall
    New Delhi, January Jan 25 (IANS): The Ministry of Finance has released the 13th weekly instalment of Rs 6,000 crore to the states on Monday to meet the GST compensation shortfall. Out of this, an amount of Rs. 5,516.60 crore has been released to 23 States and an amount of Rs. 483.40 crore has been released to the 3 Union Territories (UT) with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry) who are members of the GST Council. The remaining five States -- Arunach
  • Goa's Mopa airport to be commissioned by Aug 22: Guv
    Panaji, January 25 (IANS): The upcoming Mopa greenfield airport in Goa is expected to be commissioned by August 2022, Governor Bhagat Singh Koshyari said on Monday. "I am happy to say that the construction work of Mopa Airport Project is in full swing and it is expected to be completed and commissioned in August 2022," Koshyari said in his inaugural address to the state legislative assembly on the first day of the winter session. "The (Union) Ministry of Road Trans
  • ED raids 10 locations of Omkar group in Mumbai
    Mumbai, January 25 (IANS): The Enforcement Directorate (ED) on Monday carried out raids at 10 locations in Mumbai linked to the Omkar Group builders and its officials Babulal Verma and Kamal Kishore Gupta in connection with a money laundering case. An ED official wishing not to be named told IANS, "Today ED's raids included seven residential and three office premises belonging to Omkar Group, one of the leading builders in Mumbai." The official said that the premise
  • Pay for vehicle, insurance separately, suggests IRDAI panel
    NEW DELHI, JANUARY 24 (IANS): The committee constituted by the Insurance Regulatory and Development Authority of India (IRDAI) has recommended direct payment of insurance premium to the insurance company while purchasing a vehicle, thereby suggesting separate payments for both buying the vehicle and the premium. The Committee for Review of MISP (Motor Insurance Service Provider) Guidelines examined the current practice of collecting the premium payment from the customer while solici
  • 8 CAs, 250 others arrested so far over GST fake invoice frauds
    NEW DELHI, JANUARY 24 (IANS): GST authorities have arrested as many as 258 persons, including eight chartered accountants (CAs), in the nationwide drive against fake GST invoice frauds since November 2020, sources said. Sources in the Directorate General of GST Intelligence (DGGI) said that the 8th CA was arrested on Saturday along with his four business accomplices in Jaipur for operating 25 fake firms to fraudulently avail and pass on ITC through bogus invoices without actual supp
  • LG may exit smartphone market but it's not game over
    NEW DELHI, JANUARY 24 (IANS): The mobile business of LG Electronics has been in the red since the second quarter of 2015. Its accumulated operating loss reached nearly $4.5 billion last year and now, the South Korean company is planning to exit from the competitive smartphone market. LG has been quite brave with its recent mobile forays, experimenting with what comes next in smartphones. Consider, for instance, the rather exciting foldable LG Wing, or the forthcoming rollable dev
  • CAIT seeks action against Amazon, Zomato for 'daylight robbery'
    NEW DELHI, JANUARY 24 (IANS): The Confederation of All India Traders (CAIT) in a communication sent to Union Commerce Minister Piyush Goyal demanded immediate action against e-commerce entities including Amazon, Flipkart, Zomato, Swiggy and others. "It is a case of daylight robbery of e-commerce entities in India and therefore demand immediate action against the erring e-commerce portals and online mechanism providers," CAIT said. CAIT has accused Amazon, Flipkart, Zoma
  • Textile body seeks customs duty hike on man-made yarns in Budget
    NEW DELHI, JANUARY 24 (IANS): The Northern India Textile Mills' Association (NITMA) has urged the government to raise customs duty on man-made yarns to 10 per cent in the upcoming Union Budget. The customs duty on man-made yarn is currently at 5 per cent. According to the industry body, monthly average imports of Virgin Polyester Spun Yarn have increased manifold from 2015 to 2020. Imports from Vietnam alone have increased over 100 times, as per NITMA. Sanjay Garg, Preside
  • IndiGo to start Agra-Bengaluru flight from March
    Agra, January 23 (IANS): As part of its strategy to bolster its regional connectivity, IndiGo has announced Agra as its 64th domestic destination. The airline will connect Agra to Bengaluru and Bhopal through direct flights under the RCS scheme from March 28. A weekly flight to Goa is also likely to start early February, sources said. The bookings are open with one-way fares starting at Rs 2,523 for Bhopal and Rs 3,789 for Bengaluru. Sanjay Kumar, Chief Strategy and Revenue Of
  • Tata Motors launches hatchback Altroz's i-Turbo variant
    Mumbai, January 23 (IANS): Automobile manufacturer Tata Motors on Saturday launched the 'i-Turbo' variant of its premium hatchback, Altroz. The variant's petrol version starts at Rs 8.25 lakh while the diesel version costs Rs 9.45 lakh. As per the company, 'iRA' comes with 27 connected car features along with natural voice tech, through which the car understands commands not only in 'English or Hindi, but also in Hinglish'. Besides, it is India'
  • Fuel dearer again: Petrol prices up by 22-25 p/l, diesel by 24-26
    New Delhi, January 23 (IANS): Petrol and diesel prices rose sharply again on Saturday reaching new all-time highs as oil marketing companies (OMCs) decided to break the pause in revision of auto fuel prices to bridge the widening under recovery. Accordingly, the pump price of petrol increased between 22-25 paisa per litre across all major metros on the day while diesel prices increased in the range of 24-26 paisa per litre. With this, petrol is now priced at Rs 85.70/litre in Del
  • Tax remission on electronics exports to curb imports: ICEA
    NEW DELHI, JANUARY 22 (IANS): As the government emphasises on making India a manufacturing hub for mobile and electronics, the India Cellular & Electronics Association (ICEA) has said that the scheme of Remission of Duties and Taxes on Exported Products (RoDTEP), if implemented in the electronics sector, would lead to import substitution. In a recent report, the industry body said that the output, exports and employment for all electronics components and final products will grow
  • Tata Motors increases passenger vehicle prices
    MUMBAI, JANUARY 22 (IANS): Tata Motors on Friday effected a hike in prices of its passenger vehicle range. According to the company, rising input and material costs of steel, precious metals and semi-conductors have compelled the company to pass on a part of the cost to customers. "Tata Motors has marginally increased prices from 'Rs 0 to Rs 26,000', depending on the variant," the company said in a statement. "Continuing its commitment towards custo
  • India Inc counts on the Budget announcements; optimistic about growth in FY22: Deloitte survey
    NEW DELHI, JANUARY 22 (IANS): India Inc. is optimistic about the Union Budget FY21-22 as it is expected to give a strong push to the economy, business and industry. According to a recent survey conducted by Deloitte Touche Tohmatsu India LLP (DTTILLP), a majority (68 per cent) of the 180 industry leaders are positive about India's economic revival. The survey noted that Respondents believe that the mass vaccination drive, the government's stimulus packages and other polic
  • Attractive LNG prices to boost India's plan on gas-based economy
    NEW DELHI, JANUARY 22 (IANS): India's efforts to build a gas based economy is set to get a boost from the falling spot LNG prices that had skyrocketed to over $30/mmbtu (from $2 a few months ago on the back of the winter demand and supply constriants. According to an estimate made by Emkay Global Financial Services, Asian spot LNG prices have started cooling off now with the latest deals happening at sub-$ 10 level for March delivery. This should consolidate at $ 5-6/mmbtu du
  • Fuel prices rise again, reach new highs on Friday
    NEW DELHI, JANUARY 22 (IANS): Petrol and diesel prices rose sharply again on Friday reaching new all-time high levels as oil marketing companies decided to break the pause in revision of auto fuel prices to bridge the widening under recovery. Accordingly, the pump price of petrol increased between 22-25 paise per litre across all major metros on Friday while diesel price increase ranged 23-27 paise per litre. With this, petrol is now priced at Rs 85.45 a litre in Delhi as against
  • SEBI penalises HDFC Bank for wrongly invoking pledge of securities
    MUMBAI, JANUARY 21 (IANS): The Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 1 crore on HDFC Bank for invocation of client securities pledged by stock broking firm BRH Wealth Kreators in violation of an interim order by the regulator. A SEBI probe found that the lender had unilaterally invoked securities pledged by BRH to the extent of Rs 158.68 crore and the capital market regulator has thereby directed the bank to deposit an equivalent amount, along wit
  • Samsung files patent for under-display camera for its smartphones
    SEOUL, JANUARY 21 (IANS): South Korean tech giant Samsung has filed a patent for an under-display camera for its smartphones. The patent comes with the trademark "Under Panel Camera" or UPC emanated from Seoul-based Korean Intellectual Property Office (KIPO) and is linked to Samsung. The patent falls under the category 'Smartphone/TV display panel', LetsGoDigital reported. Samsung seems to be preparing to apply this new camera technology in several types of prod