Business

  • 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
  • India bond yields fall as finance minister backs rate cuts, reaffirms foreign bond issue plan
    MUMBAI, July 29 (Reuters): Indian bond yields dropped sharply on Monday after the finance minister said the government won’t change its plan to issue sovereign bonds and that she hopes the Reserve Bank of India makes more rate cuts.   “I’ll honestly wish (for a) rate cut ... and yes, a significant rate cut would do a lot of good for the country,” Nirmala Sitharaman told newspaper Economic Times in an interview published on Monday.    “I am consc
  • BSNL orders officers to fly economy class to cut costs
    New Delhi, July 29 (IANS): In a move to cut costs further amid financial difficulties, state-run telecom major BSNL has asked all its officers to fly by economy class on both domestic and international air travel, according to an office order.   “Due to present financial stress of the company, all BSNL officers will now travel by economy class air journey (Domestic and International journey) while performing their official tours with immediate effect till further orders.
  • ‘All three 2020 iPhone models to support 5G’
    San Francisco, July 29 (IANS): Apple analyst Ming-Chi Kuo has told investors that all three iPhone models slated for release next year would support 5G technology.   Kuo said earlier that the next year’s 5.4-inch and 6.7-inch iPhone models would support 5G while a third -- a cheaper 6.1-inch iPhone XR successor -- would only access LTE networks.    “Now he has issued a new report that all three iPhone models would support 5G,” The Verge reported on
  • ‘India’s renewable energy cost lowest in Asia Pacific’
    New Delhi, July 29 (Reuters): India’s renewable energy cost is the lowest in the Asia Pacific, consultancy Wood Mackenzie said on Monday.   India’s levelised cost of electricity (LCOE) using solar photovoltaic has fallen to $38 per megawatt hour (MWh) this year, 14% cheaper than coal-fired power that has traditionally been the cheapest source of power generation, WoodMac said.   LCOE comprises the cost of generating a megawatt-hour (MWh) of electricity, th
  • Vodafone Idea shares fall 29% on sudden revenue loss
    Mumbai, July 29 (IANS): Vodafone Idea shares on Monday fell to its all-time low level over sudden revenue deterioration reported in its quarterly results, reflecting the stress in the Indian telecom sector.   Sell-off in the Vodafone Idea shares came on the back of investor concerns on the stability of the company, which saw the scrips fall as much as 29 per cent on the BSE before it closed 27.03 per cent lower at Rs 6.75 apiece.   JM Financial in its investor
  • Making privacy controls more easily accessible: Google CEO
    San Francisco, July 26 (IANS): Google is working towards making privacy controls more easily accessible, expanding its incognito mode to maps and adding new auto delete controls, the company’s CEO Sundar Pichai has said. “And we continue to challenge the notion that products need more data to be more helpful,” Pichai said on Thursday during an earnings call with analysts after Google’s parent company Alphabet reported a revenue of $38.9 billion for the second quarter (Q2) of 20
  • India bank lending to non-bank firms set to gather pace: RBI gov to Business Standard
    MUMBAI, July 26 (Reuters): The credit flow to India’s non-banking finance companies (NBFCs) should gather pace soon, Reserve Bank of India Governor Shaktikanta Das told the Business Standard daily in an interview published on Friday.   The central bank was closely monitoring and scrutinizing the top 50 NBFCs, and had a good understanding of what were the numbers and cash flows of these firms, Das was quoted as saying.    “I think the credit flow will
  • India rice exports could hit 7-year low on weak demand, higher prices: industry
    Farmers plant saplings in a rice field on the outskirts of Ahmedabad. (REUTERS File Photo)   MUMBAI, July 26 (Reuters): India’s rice exports are likely to fall to their lowest level in seven years, industry officials say, as weak demand from African countries weighs and shippers absorb the absence of government incentives that supported previous sales.   Lower shipments from India will help rivals such as Vietnam and Myanmar in raising their exports, according
  • Businesses erring in ignoring quantum technology: PwC
    Biswajit Choudhury  IANS    Businesses globally are ill-prepared for adopting quantum technologies based on the principles of quantum physics that deal with the behaviour of matter and light on the atomic and subatomic scales, according to a senior executive of British advisory multinational PricewaterhouseCoopers (PwC).   Lamenting industry dragging its feet on adopting quantum technology, Grant Waterfall, PwC’s Partner responsible for Cybersecur