Business

  • Nvidia may acquire chip maker ARM for $32bn: Report
    San Francisco, August 1 (IANS): US chip-maker Nvidia is reportedly in advance talks to acquire SoftBank-owned UK chip company ARM in a cash-and-stock deal worth at least $32 billion. According to a report in the Financial Times on Friday citing sources, the talks began after "Nvidia approached SoftBank, which has been pursuing a series of other asset sales, about a potential acquisition". The proposed deal includes "both cash and stock and that it valued ARM at abo
  • Apple surpasses Saudi Aramco as world's most valuable company
    San Francisco, August 1 (IANS): Riding on strong quarter results despite the pandemic, Apple has surpassed Saudi Aramco to become the worlds most valuable company with a market cap of $1.84 trillion. The strong earnings report helped Apple shares closed up 10.47 per cent on Friday to become the world's most valuable publicly traded company, surpassing the largest oil producer, reports CNBC. Saudi Aramco now trails at $1.76 trillion. Despite the pandemic that hit its supply
  • Hyundai Motor India clocks 41,300 sales in July
    New Delhi, August 1 (IANS): Automobile major Hyundai Motor India reported cumulative sales of 41,300 units during July 2020. "July'20 domestic sales volume is 98 per cent of July'19 domestic sales volume," the company said in a statement. Out of the total, domestic sales accounted for 38,200 units and export another 3,100 units. "As a responsible and caring organisation, it is our duty to humbly c ontribute towards triggering the country's economic r
  • Ambani calls for end of 2G, Mittal stresses on lower levies
    NEW DELHI, JULY 31 (IANS): Reliance Industries Ltd (RIL) Chairman Mukesh Ambani on Friday said that the government should take policy measures to end 2nd generation mobile connectivity as it keeps people devoid of Internet connectivity. Speaking at the occasion of 25 years of mobile telephony in India, Ambani noted that as the telecom players mark the achievements made so far, this is also an occasion to look at the obstacles that have prevented Indian consumers and Indian society f
  • Amazon aims to hire 'many more' people in India
    SAN FRANCISCO, JULY 31 (IANS): Amazon is planning to get more sellers on board as the company focuses on digitising a lot of micro, small and medium-sized businesses in India and hiring many more people, a top company executive has said. During an earnings call with investors on Thursday, David Fildes, Director-Investor Relations at Amazon said that the company was putting a lot of focus on the India market. His comments came on the heels of the company's announcement last we
  • Reliance Power, JERA sign loan deed for full financing of gas-fired thermal power project in B'desh
    Mumbai/Tokyo, July 31 (IANS): Reliance Power Limited and JERA Co., Inc. through their project company, are developing a new gas-fired power generation project in Bangladesh. The project company has now signed a loan agreement for full financing totaling $642 million with a group of banks that includes the Japan Bank for International Cooperation (JBIC). According to a Reliance Power filing with the exchanges, this project is to build, own, and operate a 745 MW (net output: 718 MW
  • Global smartphone market declines at fastest ever rate in Q2
    New Delhi, July 31 (IANS): The global smartphone market slumped 24 per ent year-over-year in the second quarter of this year to 271.4 million units, registering the fastest ever rate of decline, a Counterpoint Research report said on Friday. Riding on growth in China, Huawei, even after struggling with US sanctions, surpassed Samsung to become the top player in the global smartphone market for the first time in Q2. Samsung declined 29 per cent year-over-year as its core markets i
  • AWS hits $43bn annual run rate biz, Google Cloud reaches $3bn in Q2
    New Delhi, July 31 (IANS): Amazon Web Services (AWS), the Cloud arm of retail behemoth Amazon, has become a $43 billion annualized run rate business, up nearly $10 billion in run rate in the last 12 months. According to Brian Olsavsky, Chief Financial Officer at Amazon, the companies are realising that their on-premise infrastructure is not really flexible to go up or down. "Especially in the time of sinking demand, it's a big fixed cost for them. So we're seeing mig
  • Yes Bank takes possession of Anil Ambani's group HQ in Mumbai for failure to repay dues
    Mumbai, July 30 (PTI): Yes Bank has taken over the headquarter of Anil Ambani's group in surburban Santacruz for failure to repay dues worth Rs 2,892 crore. The private sector lender has also taken possession of two flats in South Mumbai for the non-payment of dues by Reliance Infrastructure, according to a notice published by Yes Bank in a newspaper on Wednesday. Nearly all the major companies in Anil Dhirubhai Ambani Group (ADAG) were operating out of the Santacruz office c
  • New set of relaxations pave way for a quick revival of economy: CII
    Chennai, July 30 (PTI): Trade body CII on Thursday said the new set of relaxations introduced while extending the lockdown till August 31 in Tamil Nadu would pave way for quick revival of the economy besides ensuring livelihood of people. Confederation of Indian Industry-Tamil Nadu chairman Hari K Thiagarajan said the 'calibrated' and 'cautious' approach by the State government during the lockdown improved business sentiments in the state. "The relaxation in
  • SMBs, startups to launch over 1,000 products on Amazon Prime Day
    BENGALURU, JULY 30 (IANS): Over 100 small and medium-sized businesses and start-ups on Amazon.in will be launching more than 1,000 new products across 17 categories on Prime Day in India that starts at midnight on August 6 and will run for 48 hours, the e-commerce giant said on Thursday. Startups and small businesses from Amazon's Launchpad programme will be launching differentiated products across categories like health and personal care, beauty and grooming, grocery and home p
  • Collapse of telecom, aviation sectors to cost thousands of jobs: PC
    NEW DELHI, JULY 30 (IANS): Former Union Finance Minister P. Chidambaram has hit out at the government over the looming economic crisis in the country and warned that collapse of the telecom and aviation sectors will cost thousands of jobs. "Millions have lost their jobs or livelihood in the last 12 months. The collapse of two major industries - telecom and aviation - will cost many more thousands of direct and indirect jobs," Chidambaram said in a statement. The Congres
  • Huawei trumps Samsung for 1st time in global smartphone market
    NEW DELHI, JULY 30 (IANS): Despite the US trade restrictions, Huawei has overthrown Samsung and Apple to become the leader in smartphone shipments globally in the second quarter of 2020, a new report said on Thursday. It marks the first quarter in nine years that a company other than Samsung or Apple has led the market. Huawei shipped 55.8 million devices, down 5 per cent (year on year) in Q2. The second-placed Samsung shipped 53.7 million smartphones, a 30 per cent fall against
  • India's 2020 gold demand may hit 26-year low as prices rally - WGC
    MUMBAI, July 30 (Reuters) - India's gold demand in 2020 is expected to fall to the lowest level in 26 years with domestic bullion prices hitting a record high and as falling disposable incomes could curtail retail purchases, the World Gold Council (WGC) said on Thursday. Lower demand by the world's second-biggest bullion consumer could limit a rally in global prices, which hit a record high earlier this month, although it could also reduce India's trade deficit and
  • Sebi relaxes time till Sep 15 for filing June qtr results
    New Delhi, July 29 (PTI): Markets regulator Sebi on Wednesday gave relaxation of one month till September 15 to listed companies for submitting their June quarter results amid coronavirus pandemic. The move comes after Sebi received requests for extension of time for submission of financial results for the quarter or half year ended June 30, due to the shortened time gap between the extended deadline for filing financial results for the period ended March 31 and the quarter or half
  • India can be major agro products exporter with effective policy
    MUMBAI, JULY 29 (IANS): India can emerge as top five exporters of agro commodities in the world, if the central and state governments take effective measures to handhold farmers, a study conducted by MVIRDC World Trade Center Mumbai showed. According to the study, through focused intervention in capacity building, India can enhance its agro export to surpass Thailand and Indonesia and become the fifth largest exporter in the world. "As a first strategy, the government should
  • Maruti Suzuki posts Rs 249.4 cr net loss in Q1FY21
    MUMBAI, JULY 29 (IANS): Covid-19 pandemic dented the financials of automobile major Maruti Suzuki India, which suffered a net loss of Rs 249.4 crore during the first quarter of 2020-21. According to the notes to the statement of standalone results, the company said that the financial numbers for Q1FY21 are not comparable with those for the previous quarters. Maruti Suzuki India had reported a net profit of Rs 1,435.5 crore during the like period of the previous quarter. "
  • Covid impact: IndiGo's net loss at Rs 2,844.3 cr in Q1FY21
    MUMBAI, JULY 29 (IANS): InterGlobe Aviation which runs airline major under the brand name of IndiGo on Wednesday posted its highest ever quarterly net loss at Rs 2,844.3 crore for the first-quarter of 2020-21. "Closure of scheduled operations till May 24, 2020 and lower capacity deployment thereafter on account of Covid-19, significantly impacted the quarterly results," the company said in a statement. "IndiGo reports net loss of Rs 28,443 million and a negative EB
  • Petrol, diesel prices unchanged for third day
    NEW DELHI, JULY 29 (IANS): With global oil market stable for the past few days, consumers in India were spared an increase in prices of auto fuels for the third consecutive day on Wednesday. Oil companies kept petrol and diesel prices unchanged, taking global cues wherein benchmark crude oil prices have remained static around $43 a barrel for past few days. In Delhi, diesel continues to be priced at Rs 81.94 a litre while petrol's steady run continued for the 29th straight da
  • Malware, ransomware top cyberthreats in India: Microsoft report
    NEW DELHI, JULY 29 (IANS): India experienced a higher encounter rate for malware and ransomware attacks than the regional average in Asia Pacific last year, according to the latest edition of Microsoft's Security Endpoint Threat Report. India registered the seventh highest malware encounter rate across the region, at 5.89 per cent in the past year, showed the India findings of the report released on Wednesday. This was 1.1 times higher than the regional average. The report