Business

  • Slowdown puts auto sector in reverse gear
    Bengaluru, August 11 (IANS): The Indian automobile industry is in reverse gear due to economic slowdown with sales plunging, inventories piling up, car makers slashing production and cutting jobs in thousands, an industry official said on Saturday.   "The worst fears of the slowdown impacting the auto sector is evident from the first quarter results (April-June) of this fiscal (2019-20) from car makers, their ancillary units, component suppliers, dealer sales and job losses,
  • Auto stress: M&M to suspend production for 8-14 days
    Mumbai, August 9 (IANS): The slowdown in the automobile sector and fall in sales seems to be taking a grave turn with auto major Mahindra and Mahindra (M&M) on Friday announcing a production shutdown of 8-14 days in its various plants during the ongoing July-September quarter. According to the company, the decision has been taken to align its production with the sales requirements. "The company in the auto sector, and Mahindra Vehicle Manufacturers Limited (MVML), a whol
  • Practo, RBL Bank launch India's first health-focused credit card
    New Delhi, August 9 (IANS): Private sector RBL Bank and digital healthcare platform Practo have partnered to launch an industry first co-branded health credit card. This credit card is powered by Mastercard and is available on both Practo and RBL mobile apps and websites. It offers benefits like unlimited and round-the-clock online consultations with experienced and qualified doctors, one free full body health check-up, while users can use the card to earn points that can be
  • SpiceJet Q1 net profit up 788% at Rs 261.7 cr
    New Delhi, August 9 (IANS): Benefiting from Jet Airways collapse in April, low-cost carrier SpiceJet posted a record profit of Rs 261.7 crore in the quarter ending June, 2019 as against a net loss of Rs 38.1 crore in the corresponding period last year. The airline reported total revenue of Rs 3,145.3 crore during April-June period as against Rs 2,253.3 crore in the same period in FY19, registering a growth of 39.5 per cent. During the three-month period, the airline added 32
  • FPI: Nomura, Morgan Stanley, Citi, Fidelity may meet FM
    New Delhi, August 9 (IANS): Leading foreign investors, including Morgan Stanley, Nomura, Templeton, Fidelity, GIC (Singapore), CPDQ are likely to meet Finance Minister Nirmala Sitaraman, Finance Secretary Rajeev Kumar and DEA Secretary Atanu Chakraborty on Friday afternoon as the government reaches out to know their concerns over the surcharge on FPIs who are operating as trusts or association of persons (AoP) without being registered as companies. The FPIs are likely to raise
  • Equity indices open in green; Sensex up 260
    Mumbai, August 9 (IANS): The key Indian equity indices opened on a positive note on Friday with the BSE Sensex trading over 260 points. The gains were led by healthy buying in banking and auto stocks. Rise in the global markets also supported the global sentiments. At 9.29 a.m., the Sensex traded at 37,588.33, higher by 260.97 points or 0.70 per cent from the previous close of 37,327.36 points. It had opened at 37,521.30 and touched an intra-day high of 37,604.33 and a lo
  • US stocks close higher
    New York, August 9 (IANS): US stocks closed higher as concerns for global economic slowdown eased after global bond yields stabilised. The Dow Jones Industrial Average was up 371.12 points, or 1.43 per cent, to 26,378.19 on Thursday. The S&P 500 rose 54.11 points, or 1.88 per cent, to 2,938.09. The Nasdaq Composite Index rallied 176.33 points, or 2.24 per cent, to 8,039.16, Xinhua reported. The US Benchmark 10-year Treasury note yield traded at around 1.72 per cent on Th
  • Tupperware India eyes outlets, e-commerce route
    New Delhi, August 8 (IANS): Kitchenware and culinary brand Tupperware here on Thursday announced their foray into the brick and mortar and e-commerce business channels in India. The company, which was using only the direct selling route, would effectively adopt the multi-channel strategy this month. Consultants and distributors, working for Tupperware, can now become Tupperware authorised sellers on the e-commerce platforms, or take charge of 'exclusive Tupperware ou
  • India Inc wants Rs 1 lakh cr stimulus package
    New Delhi, August 8 (IANS): India Inc has sought a stimulus package of Rs 1 lakh crore to push investment and demand and take the economy and industry out of slowdown. Finance Minister Nirmala Sitharaman on Thursday met industry captains to seek consultations for boosting industrial growth in which India Inc placed a demand for stimulus package of over Rs 1 lakh crore to beat the slowdown. Industry top officials said the government has assured them to take steps soon to boost
  • WhatsApp yet to fix flaws that allow messages manipulation
    New Delhi, August 8 (IANS): Even as rumours on WhatsApp have been linked to dozens of deaths in India, the Facebook-owned messaging app is yet to address a security flaw pointed out a year ago by Check Point, an Israeli security software firm. According to security researchers, this vulnerability could be exploited in three ways, all of which involve social engineering tactics to fool end-users.  First, a bad actor could use the "quote" feature in a group conver
  • Reliance Brands to bring Tiffany to India
    Mumbai, August 8 (IANS): Mukesh Ambani-led Reliance Industries (RIL) is set to bring Tiffany & Company to India, as RIL-arm Reliance Brands and Tiffany have announced a joint venture to open stores of the US-based luxury jeweller in the country. Tiffany in a statement said that it wants to open stores in Delhi in the second half of the financial year 2019-20, and in Mumbai during the second half of the next fiscal. Commenting on the partnership, Tiffany's Executi
  • Samsung unveils super-productive Galaxy Note10 smartphones
    New York, August 8 (IANS): Taking productivity and creativity to the next level, Samsung has unveiled its most powerful line-up of Galaxy Note10 smartphones with an enhanced S (Stylus) Pen experience. The 6.3-inch FHD+ Galaxy Note10 houses 8GB RAM with 256GB internal storage (4G model) while 12GB RAM with 256GB internal storage will be 5G-ready. The Galaxy Note 10+ has a mammoth 12GB RAM (with 256GB internal storage) and another 5G-ready variant of 12GB RAM with 512G
  • Indian state to map cotton supply chain to stamp out child labour
    An employee sprays water on a pile of cotton at a cotton processing unit at Kadi town, in the western Indian state of Gujarat on April 5, 2018. (REUTERS File Photo)   CHENNAI, August 6 (Thomson Reuters Foundation): A top cotton producing state in India is to start mapping its entire supply chain as part of a unique collaboration with the International Labour Organisation (ILO) to weed out child labour and slavery from its fields and factories.   The southern state
  • Soon, Google Assistant can read WhatsApp texts
    San Francisco, August 6 (IANS): Google's virtual assistant is reportedly getting the ability to read messages from non-Google apps like WhatsApp, Slack and Telegram.   Google Assistant has long had the option to read outs SMS messages aloud, but that has not done much good if for conversations lived in third-party apps.   If the feature is rolled-out widely, it would let users dictate their replies to messages for these non-Google apps as well, Engadget reported o
  • Most Asian currencies stem further losses as yuan pulls off lows
    Beijing, August 6 (Reuters):- Most Asian currencies regained some of their footing on Tuesday, as signs Beijing is keen to stem the yuan’s slide soothed markets unnerved by the Trump administration’s labelling of China as a currency manipulator.   People’s Bank of China’s firmer-than-expected yuan fixing helped pull the currency from the lows it touched on Monday, but it still held beyond the 7-per-dollar level that it broke for the first time since the global financ
  • IndiGo co-founder says feud still unresolved
    BENGALURU, August 6 (Reuters): A co-founder of India’s biggest airline IndiGo, Rakesh Gangwal, said reports that a truce had been brokered between him and another co-founder Rahul Bhatia over disagreements on corporate governance were “false and misleading.”   In a letter here dated Aug. 5, Gangwal told the board of IndiGo's parent InterGlobe Aviation Ltd that issues between him and Bhatia remained unresolved.   Gangwal last month alleged violations of corpo
  • India raises cost of refinery project with Aramco by 36% - sources
    The logo of Saudi Aramco is seen at Aramco headquarters in Dhahran, Saudi Arabia on May 23, 2018. (REUTERS File Photo)     NEW DELHI, August 6 (Reuters): India has increased the cost estimate of a giant refinery and petrochemical project to be jointly built with Saudi Aramco and Abu Dhabi National Oil Co by more than 36%, after protests by farmers forced the relocation of the plant, four sources said.   The 1.2 million barrels-per-day (bpd) coastal refiner
  • IGIA starts airport expansion to handle 100 mn passengers yearly
    New Delhi, August 5 (IANS): The Indira Gandhi International Airport (IGIA) in the national capital has commenced its next phase of infrastructure expansion plan which will enable it to handle 100 million passenger per annum (MPPA) in the next three years.   The plan, unveiled by operator Delhi International Airport Ltd (DIAL) in a statement on Monday, envisages an enhanced airside capacity to handle 140 MPPA.   The overall development plan under Phase 3A is exp
  • India services activity reverses course, surges in July: PMI
    A waiter arranges plates at a counter stacked with breakfast items at an Iranian Parsi restaurant in Mumbai on July 20, 2018. (REUTERS File Photo)   New Delhi, August 5 (Reuters): India’s services activity bounced back in July and expanded at the fastest pace in a year after contracting the previous month, driven largely by strong growth in international demand, a private survey showed on Monday.   The IHS Markit Services Purchasing Managers’ Index rose t
  • State Bank of India seeks bids for Videocon's overseas oil, gas assets
    The State Bank of India (SBI) office building in Kolkata on February 9, 2018. (REUTERS File Photo)   MUMBAI, August 5 (Reuters): The State Bank of India has invited bids for overseas oil and gas assets of Videocon Industries Ltd, a newspaper advertisement showed on Monday, as India seeks to recover billions of dollars in loans from the beleaguered private firm.   Consumer electronics firm Videocon Industries is one of the most indebted companies in India, with out