Business

  • India's smartphone shipments hit record 50mn in Q3, Xiaomi leads
    NEW DELHI, OCTOBER 22 (IANS): Smartphone shipments in India hit an all-time high of 50 million units in the third quarter of this year, registering eight per cent year-over-year growth, said a Canalys report on Thursday. Xiaomi remained the market leader, growing nine per cent to ship 13.1 million units and capturing 26.1 per cent market share in the July-September quarter. Samsung took the second place from Vivo, with 10.2 million units, up seven per cent compared to the same quart
  • Indian garment workers cover bosses' lockdown losses
    CHENNAI, October 22 (Thomson Reuters Foundation): From unpaid overtime to wage cuts, Indian garment workers say they are being made to compensate their bosses for the food, shelter and salary provided in the coronavirus lockdown. But it is a steep price for a workforce that was already juggling low pay and poor conditions before the pandemic shuttered their factories and strangulated orders. Workers say they are being offered the choice of less money or working extra shifts
  • Economy not circus lion that responds to ringmaster's stick: Chidambaram
    NEW DELHI, OCTOBER 22 (IANS): Former Finance Minister P. Chidambaram on Thursday criticised the Centre for its claims on reviving the economy. He said the economy was largely determined by the market, by the laws of demand and supply, and by the purchasing power and the sentiments of the people, which are missing currently. "Unless the government puts money in the hands of the bottom half of the families and puts food on the plates of the poor, the economy will not revive
  • Festive season to give temporary boost to economy: Report
    NEW DELHI, OCTOBER 22 (IANS): Festival season is expected to give a temporary boost to India's economic prospect, brokerage major Motilal Oswal Financial Services said. Accordingly, the brokerage firm's EcoScope report said favourable base effect, pent-up demand and strong inventory re-building in the hope of a grand festive season have led to the better-than-expected economic growth in Aug-Sep'20. "It is likely that these factors will push the growth even higher
  • KVIC launches khadi footwear, eyes Rs 1,000 cr market share
    NEW DELHI, OCTOBER 21 (IANS): Eyeing the Rs 50,000 crore footwear market in India, Khadi Village Industries Corporation (KVIC) on Wednesday launched a range of footwear made of khadi fabric and said that it targets a Rs 1,000-crore market share in the first year. The footwear range for both men and women was launched by MSME Minister Nitin Gadkari, Minister of State for MSME Pratap Chandra Sarangi, and KVIC Chairman Vinai Saxena. Speaking at the launch, Gadkari said: "Global
  • Pandemic seen rolling back conditions in Asia garment factories
    PHNOM PENH, October 21 (Thomson Reuters Foundation): The pandemic risks triggering a race to the bottom that could push tens of millions of Asian garment workers into greater hazard on the factory floor, with women hardest hit, the International Labour Organization said on Wednesday. About 40% of workers furloughed or laid off by the COVID-19 crisis were not back at work by the third quarter and those who do return could lose hard-won labour rights, the agency said. &qu
  • Govt may sweeten deal further for Air India sale bid
    NEW DELHI, OCTOBER 21 (IANS): The government may further extend the date for submission of bids for Air India sale date beyond October 30 to give investors more time to make an offer while sweetening the deal terms further, finance minister officials privy to the development said. The submission of initial bid or expression of interest (EoI) may be extended by 45 days to two months to December. Also, officials said that bidders would be given the option to decide on the quantum of d
  • Nissan unveils Magnite compact SUV to be made in India for global market
    CHENNAI, OCTOBER 21 (IANS): Japanese automobile maker Nissan Motor Corporation on Wednesday unveiled its compact sports utility vehicle (SUV) Magnite which will be made in India for Indian and global markets. Unveiling the new car Sinan Ozkok, President, Nissan India - Operations said termed India as the key market and has invested over Rs 6,000 crore in the country in production, research and development (R&D) and other areas. Ozkok said the new model Magnite is the first mo
  • 2 Indian startups among 10 selected for Accenture mentorship programme
    BENGALURU, OCTOBER 21 (IANS): India's Fedo and Knight FinTech are among the 10 fintech companies that have been selected for the seventh annual FinTech Innovation Lab Asia-Pacific, a mentorship programme created by Accenture, the company said on Wednesday. The programme helps startups fine-tune their business plans and solutions by pairing them with mentors from leading financial institutions. A Singapore- and India-based fintech Knight FinTech provides an Artificial Intellig
  • Airtel's privacy policy updated after furore
    New Delhi, October 20 (IANS): Airtels privacy policy statement has been updated after a controversy over sexual orientation being part of the personal information that can be accessed. The privacy policy of Airtel mentioned that it can collect users' personal information and data like genetic information, sexual orientation, racial and ethnic origin, religious and philosophical belief, trade union membership, health data, financial information and political opinion and share the
  • Mercedes-Benz India to locally produce AMG vehicles in India
    NEW DELHI, OCTOBER 20 (IANS): Luxury car maker Mercedes-Benz India has decided to produce its high-end performance AMG vehicles sub-brand in India. The company will soon roll-out the made-in-India 'AMG GLC 43 4MATIC Coupe'. Mercedes-Benz's sub-brand having a wide portfolio of performance limousines, performance SUVs, SUV Coupes, and sports car in its wide portfolio in India, AMG has a dedicated retail presence through the 'AMG Performance Centres' located acro
  • Jet may fly again in four months after new management takes over
    NEW DELHI, OCTOBER 20 (IANS): The much-awaited Jet Airways' resolution is finally heading towards a success, with the resolution plan of Kalrock Capital and Murari Lal Jalan having been approved by the National Company Law Appellate Tribunal (NCLT). Now, after the resolution process has been completed and the Kalrock-led consortium takes over the airline, the first task would be to retrieve its slots which were temporarily distributed among other players. The airline is expec
  • Jeff Bezos vs Mukesh Ambani: Battle royale for India's retail crown
    NEW DELHI, OCTOBER 20 (IANS): The arbitration proceedings between Amazon and Kishore Biyani have begun in Singapore. Former Attorney General of Singapore, V.K. Rajah concluded arbitration hearing on Friday, October 16 and will deliver his ruling on or before Monday, October 26, sources said. Rajah, former Attorney General of Singapore, is the sole arbitrator in the Amazon vs. Future vs. Reliance arbitration matter. An emergency hearing of the arbitration took place in Singapor
  • LG launches world's 1st rollable TV for whopping Rs 64 lakh
    SEOUL, OCTOBER 20 (IANS): LG Electronics on Tuesday released the world's first rollable TV in South Korea at a jaw-dropping price of $87,000 (about Rs 63.9 lakh) as the tech giant aims to target high-end consumers amid the pandemic. The company said overseas launch schedules of LG Signature OLED R have not been fixed yet due to the Covid-19 situation in each country, reports Yonhap news agency. LG said the product, which uses flexible OLED display that leverages self-lighting
  • Bookings for M&M's all-new Thar SUV crosses 15K
    NEW DELHI, OCTOBER 19 (IANS): Automobile major Mahindra & Mahindra has reported that bookings for 'All-New Thar' SUV has now crossed 15,000 bookings, since its launch on October 2, 2020. "Today 57 per cent of all buyers of the All-New Thar are first time car buyers and a significantly large share of all bookings are for the automatic variants," the company said in a statement on Monday. The all-new Thar will be available in two trims, namely "AX & L
  • Paytm enters credit card biz, to issue 20 lakh in 12-18 months
    NEW DELHI, OCTOBER 19 (IANS): Leading digital financial services platform Paytm on Monday said it will partner with various card issuers to introduce co-branded credit cards and is aiming to issue 20 lakh cards in the next 12-18 months. The move is aimed at transforming the credit market by enabling "new to credit" users to join the digital economy, the company said. "In our country, credit cards are still considered a product for the affluent sections of the socie
  • NCLT approves JSW Steel arm's bid for Asian Colour Coated Ispat
    New Delhi, October 19 (IANS): The National Company Law Tribunal (NCLT) has approved the resolution plan of JSW Steel Coated Products Limited, a subsidiary of JSW Steel Ltd for acquiring the bankrupt Asian Colour Coated Ispat Limited (ACCIL). In a regulatory filing, JSW Steel said that amended resolution plant was approved by the Delhi-bench of the tribunal on Monday. The Haryana-based steel company has two plants, in Bawal (Rewari District) in Haryana and Raigad District in Mahar
  • Atlassian's $50mn global venture fund to focus on Indian startups (Ld)
    Bengaluru, October 19 (IANS)" In a bid to tap into India's growing startup and developer community, Australia's leading software firm Atlassian Corporation on Monday announced the launch of Atlassian Ventures, a new $50 million global fund that will invest startups, including established companies that are already building products in its ecosystem. The company which set up a research and development centre in Bengaluru last year with plans to expand it further, said it
  • 1 in 3 call centres in India to switch permanently to WFH
    New Delhi, October 19 (IANS): Signalling the future of work in the pandemic times, nearly one in three call centres (27 per cent) in India will switch permanently to work from home as a viable long-term strategy, a new report said on Monday. Amid the WFH strategy, 53 per cent businesses also reported a drop in productivity of call centre agents. Some of the challenges listed were internet connectivity, telecom issues, practical constraints such as lack of privacy, space, noise ca
  • OMCs hold petrol, diesel prices as global oil market remains subdued
    NEW DELHI, OCTOBER 19 (IANS): Oil marketing companies (OMC) kept petrol and diesel prices unchanged across the four metros on Monday as global oil prices remained subdued and product prices remained steady. Petrol prices have been unchanged for 27 days at a stretch while diesel prices were the same for the 17 consecutive days. Price of petrol in the national capital was at Rs 81.06 per litre. In Mumbai, Chennai and Kolkata, the fuel was sold for Rs 87.74, Rs 84.14 and Rs 82.59 pe