Business

  • RBI Guv calls for coordinated action to give tax relief on petroleum products
    MUMBAI, APRIL 7 (IANS): Reserve Bank of India Governor Shaktikanta Das on Wednesday put onus on both Centre and the States to ensure that through coordinated policy measures the cost build up in the petroleum products does not escalate further. While seeking a cut in excise and VAT levies, the RBI Governor said that such a measure could provide relief on top of the recent easing of international crude prices and help lessen pressure on inflation. Petrol and diesel prices in the c
  • RBI allows farmers enhanced loan on produce pledges
    MUMBAI, APRIL 7 (IANS): With a view to encourage farm credit, the RBI on Wednesday decided to enhance the loan limit for individual farmers. Individual farmers will now be eligible for an enhanced loan amount of Rs 75 lakh from banks against the pledge or hypothecation of agricultural produce. The borrowing limit under the scheme was earlier capped at Rs 50 lakh. As per RBI's statement on developmental and regulatory policies that enhanced borrowing limit for farmers again
  • Axis Bank, subsidiaries acquire over 12% in Max Life, become co-promoters
    NEW DELHI, APRIL 6 (IANS): Lending major Axis Bank, along with its subsidiaries, have become the co-promoters of Max Life Insurance Company. The bank and its subsidiaries Axis Capital and Axis Securities have completed the acquisition of 12.99 per cent stake collectively. "The transaction was completed after the Insurance Regulatory and Development Authority of India (IRDAI) gave its formal approval in February this year," the bank said in a statement. "Max Life
  • No change in petrol, diesel prices for full week
    NEW DELHI, APRIL 6 (IANS): Fuel prices in the country remained unchanged on Tuesday with oil marketing companies continuing on the pause mode and keeping petrol and diesel prices unchanged for seven consecutive day. Accordingly, pump price of petrol and diesel remained at previous days level of Rs 90.56 and Rs 80.87 a litre respectively in the capital. Petrol and diesel fell by 22 paisa and 23 paisa per litre respectively last week on Tuesday in the wake of global softening of oi
  • 'Make in India' epitomises challenges to trade relationship: US
    NEW DELHI, APRIL 6 (IANS): The United States has said that the recent Indian emphasis on import substitution through a "Make in India" campaign has epitomised the challenges facing the bilateral trade relationship. These comments are part of the "2021 Trade Policy Agenda and 2020 Annual Report" released by the US Trade Representative. As per the document, during 2020, the United States continued its engagement with India to try to resolve longstanding market a
  • HP launches MediaTek-powered Chromebook for students in India
    NEW DELHI, APRIL 6 (IANS): In a bid to empower students in the extended remote learning era, PC and printer major HP on Tuesday launched an affordable Chromebook 11a with a MediaTek processor for a starting price of Rs 21,999. Powered by the MediaTek MT8183 Octa-core processor and 11.6-inch HD Touch display, the new HP Chromebook 11a notebook brings the flexibility of digital learning into the hands of students so they can participate in interactive, personalised learning. Weighi
  • Indian economy to grow at historic 12.5%, but COVID wave 'concerning': IMF
    UNITED NATIONS, APRIL 6 (IANS): India's economy is projected to grow at the historically high level of 12.5 per cent this fiscal year, but the International Monetary Fund's (IMF) Chief Economist Gita Gopinath cautioned that the current wave of the pandemic "is quite concerning." The growth projection was raised on the basis of "evidence we were getting in the last couple of months in terms of the normalisation of economic activity," she said at the release o
  • I never spoke to Elon Musk on buying Tesla: Tim Cook
    NEW DELHI, APRIL 6 (IANS): Apple CEO Tim Cook has said that he never spoke to Tesla CEO Elon Musk about buying his failed electric car business couple of years back. Musk in December last year tweeted that he offered Cook to sell his electric car company at one-tenth of its value during the struggling period in 2017 but the Apple CEO refused to meet him. In an interview with The New York Times on Monday, Cook said that talks never happened. "You know, I've never spoke
  • Canon India appoints Yamazaki as new India President, CEO
    NEW DELHI, APRIL 5 (IANS): Canon India on Monday announced that Manabu Yamazaki has replaced veteran Kazutada Kobayashi as new President and CEO for the company in the country. Kobayashi was at the helm for nine years, leading growth across portfolios in the India market. Acoording to industry sources, Kobayashi will step into a larger role within the organisation. "We, at Canon, are fully committed to the Indian market and I am looking forward to building on Canon's
  • Hyundai sells over a million 'Made in India' SUVs
    NEW DELHI, APRIL 5 (IANS): Automobile major Hyundai Motor India has cumulatively sold over one million SUVs in domestic and export markets since its inception, the company said on Monday. At present, the company offers 4 SUVs in the country, namely Venue, Creta, Tucson and Kona Electric. "With over 1 Million cumulative SUV sales in domestic and export markets, we have reiterated the promise of Make-in-India over nearly two and a half decades of our presence in India," s
  • Economic recovery resilient despite surging Covid cases: FinMin report
    NEW DELHI, APRIL 5 (IANS): As the country witnesses a rapid resurgence of coronavirus cases, a Finance Ministry report has exuded confidence in the Indian economy and termed the economic recovery as resilient citing improvement in high frequency indicators. The Monthly Economic Review for March 2021 released by the Department of Economic Affairs (DEA) said that the agricultural sector remains the bright spot of Indian economy with foodgrains production touching 303.3 million tonnes
  • Byju's to acquire Aakash Educational Services in nearly $1B deal
    New Delhi, April 5 (IANS): BYJU'S will acquire Aakash Educational Services Limited (AESL) through a strategic merger. The deal size is pegged at close to $1 billion, according to a person familiar with the transaction. This partnership brings together two of the largest and most-trusted education brands in India - combining Aakash's pedagogy expertise in the test-prep segment with BYJU'S content and tech capabilities. After the integration, BYJU'S will make further i
  • Petrol, diesel prices steady as global oil softens
    New Delhi, April 5 (IANS): Oil marketing companies (OMCs) on Monday continued on the pause mode and decided against revising petrol and diesel prices after cutting its retail rates last week on Tuesday. Accordingly, pump prices of petrol and diesel remained at previous days level of Rs 90.56 and Rs 80.87 a litre respectively in the national capital. This is the sixth consecutive day when fuel prices have remained unchanged. Petrol and diesel fell by 22 paise and 23 paise per
  • LG Electronics exits from loss-making mobile biz
    Seoul/New Delhi, April 5 (IANS): LG Electronics said on Monday that it will withdraw from the mobile business after years of money-losing performance amid intensifying competition with bigger rivals. The South Korean tech powerhouse said in a regulatory filing that its mobile communications (MC) unit will no longer produce and sell handsets after July 31, citing its long slump and fierce competition in the industry. The decision came two months after the company said its MC divis
  • Mi Home top exclusive smartphone retail store in India: Report
    NEW DELHI, APRIL 4 (IANS): China-based Xiaomi's exclusive retail outlets -- Mi Home -- has been named as the top exclusive retail store in India, said a new report. A survey by US-based research firm 'Unomer' revealed that Xiaomi's retail outlets for its products in India had the most significant appeal among Indian consumers. The survey showed that Mi Home was the first choice for an exciting overall experience across several customer satisfaction parameters.
  • IL&FS receives Rs 693 cr settlement claim for 2 road projects
    Mumbai, April 4 (IANS): IL&FS has received Rs 693 crore worth of settlement claims for two road projects from the National Highways Authority of India (NHAI). With the latest development, NHAI and MoRTH have settled aggregate IL&FS claims of over Rs 1,804 crore across 6 road projects. In a statement, IL&FS said that its subsidiary IL&FS Transportation Networks India Limited (ITNL), on March 31, 2021, duly received settlement amount of Rs 673 crore for Kiratpur Ner
  • Govt sanctions over Rs 25K cr under 'Stand-Up India'
    New Delhi, April 4 (IANS): Centre has sanctioned an amount of Rs 25,586 crore under the 'Stand-Up India' scheme to over 1.14 lakh accounts up to March 23 since the inception of the scheme. A total of Rs 3,335.87 crore has been sanctioned for 16,258 borrowers from the Scheduled Castes category under the schemed, followed by Rs 1,049.72 crore for the 4,970 borrowers in the Scheduled Tribes category, said an official statement. Similarly, the government has sanctioned an amo
  • Fuel prices unchanged for 5th straight day
    New Delhi, April 4 (IANS): Oil marketing companies have kept petrol and diesel prices unchanged for the fifth straight day. In the national capital, petrol was sold for Rs 90.56 per litre on Sunday. Price of the fuel in the other key cities of Mumbai, Chennai and Kolkata were at Rs 96.98, Rs 92.58 and Rs 90.77 per litre, respectively, all unchanged from the previous levels. Diesel prices in Delhi, Mumbai, Kolkata and Chennai were unchanged at Rs 80.87, Rs 87.96, Rs 85.88 and R
  • Yes Bank targets startup sector, ties-up with GVFL
    Mumbai, April 3 (IANS): To broaden its services for the start-up sector, the lender Yes Bank has tied-up with GVFL Limited. Accordingly, the two companies have entered into a Memorandum of Understanding (MoU) to strengthen Fintech-led innovation and support the growth of the Indian startup ecosystem. "The MoU will enable the bank to offer various products, digital banking solutions, and many other facilities that will benefit the startups associated with GVFL Limited,"
  • Polluting coal to remain predominant fuel in India's energy basket
    New Delhi, April 3 (IANS): Even as the country pushes for its expansion of the renewable energy projects, coal is set to remain as the predominant fuel in India's energy mix in foreseeable future. As per the 19th Electric Power Survey, out of the all India power generation installed capacity of 6,19,066 MW by the end of 2026-27, coal based projects would have a high 40 per cent share at around 2,38,150 MW. However, this level of environmentally polluting coal-based capacity i