Business

  • Extreme risk aversion to have adverse outcomes: RBI Guv
    NEW DELHI, JULY 26 (IANS): As the economy reels under the pandemic and post lockdown woes, Reserve Bank of India (RBI) Governor Shaktikanta Das is of the view that extreme risk aversion by financial institutions will have adverse outcomes for all. Noting that India's financial system remains sound, Das, in his foreword to the RBI's latest Financial Stability Report, wrote that in the current environment, the need for financial intermediaries to proactively augment capital an
  • Aditya Puri sells most of his stake in HDFC Bank for Rs 843 cr
    MUMBAI, JULY 26 (IANS): The MD of HDFC Bank, Aditya Puri has sold over 74.2 lakh shares, 95 per cent of his stake in the bank for around Rs 842.87 crore during the week gone by. Prior to the transaction, Puri held 0.14 per cent stake -- 77.96 lakh shares -- and post the sale he holds 0.01 per cent stake, 3.76 lakh shares, according to the latest data released by the exchanges. Puri sold the shares during July 21-23. The development gains significance as Puri is set to retire fr
  • Huawei's 5G equipment pose no security risk: LG Uplus
    SEOUL, JULY 26 (IANS): Faced with mounting pressure to replace Huawei 5G equipment, South Korean telecom giant LG Uplus has stressed the Chinese firm's telecom equipment does not pose any security risks. Earlier this week, Robert Strayer, the US deputy assistant secretary of state for cyber and international communications and information policy, urged telecom operators using Huawei's equipment, including LG Uplus, to switch to "trusted vendors," citing security is
  • Diesel costlier as oil firms push pump prices, petrol remains steady
    New Delhi, July 25 (IANS): Oil marketing companies on Saturday raised diesel prices by 15 paisa/litre as OMCs revised pump prices. This rise in price came after the prices were held steady for sometime. While the price of diesel was at Rs 81.79 per litre in the capital, petrol was steady at Rs 80.43 a litre. Petrol prices have remain unchanged since June 29. Oil companies had raised diesel prices marginally by 12 paise on Monday but thereafter the prices of the two petroleum prod
  • Govt says it is rebooting Indian economy
    NEW DELHI, JULY 24 (IANS): The government on Friday said that it is rebooting and revamping the Indian economy to make it the global centre of the supply chain in accordance to the shift in the international geo-politics. In an interactive session with the PHD Chamber of Commerce and Industry, Ministry of External Affairs Secretary, Economic Relations (ER), Rahul Chhabra, while speaking on the 'Role of Indian Economic Diplomacy in Making India Self Reliant', said, "Glob
  • Amazon plans to create 'thousands of job opportunities' in India
    NEW DELHI, JULY 24 (IANS): Amazon is looking forward to creating thousands of job opportunities in India as the e-commerce giant plans to make 10 new warehouses operational in the country ahead of the festive season. With the new additions, Amazon.in will have more than 60 warehouses, or fulfillment centres, in 15 states, with a total storage capacity of over 32 million cubic feet, the company said in a blog post on Thursday. "With the expanded network of more than 60 fulf
  • Coping with Covid: Indian Hotels to launch food ordering app
    MUMBAI, JULY 24 (IANS): The Indian Hotels Company which owns properties under the Taj and other brands will launch a food ordering mobile application Qmin which will be active in Mumbai area from Saturday. According to the company, the application will be available on both Google Play Store for Android users and App Store for iOS users, and it will roll out in nine other cities including Delhi, Bengaluru and Chennai in the coming weeks. "The Qmin app brings signature dishes
  • JioMart app crosses 10 lakh downloads on Google Play Store
    MUMBAI, JULY 24 (IANS): Within just a few days of its launch, the JioMart app has crossed the 10 lakh downloads on the Google Play Store. The app is present in both Google Play Store and iOS App Store. JioMart app is also one of the top 3 apps in the 'Shopping' category on Google Play Store, as per App Annie and is ranked second in Apple App store and third in the shopping category. The mobile generation who find ease of access through app-based interface can now enjoy
  • Apple's 'Assembled in India' iPhone 11s reach retail stores
    NEW DELHI, JULY 24 (IANS): Commerce and Industry Minister Piyush Goyal on Friday said that Apple has started manufacturing its highest-selling model iPhone 11 in India which is a significant boost to the Make in India initiative. In a tweet, the minister said: "Significant boost to Make in India! Apple has started manufacturing iPhone 11 in India, bringing a top-of-the-line model for the first time in the country". Retail sources told IANS on Friday that there are few &
  • Google provides $39.5mn to 5,600 news publishers to weather crisis
    San Francisco, July 24 (IANS): Google has so far provided $39.5 million in funding to more than 5,600 publishers in 115 countries who are facing financial hardship as a result of the economic and advertising downturn in the pandemic. India's digital-only news organisation East Mojo and Tamil language publication Minnambalam are among the small and medium local newsrooms around the world that will receive emergency funding from Google ranging from $5,000-$30,000 (approximately Rs
  • Samsung becomes 2nd largest smartphone brand in India in Q2
    New Delhi, July 24 (IANS): Stuttering supply for some major Chinese brands and the anti-China sentiment helped South Korean major Samsung gained big and became the second largest brand with 26 per cent market share in India in the second quarter (April-June period), a Counterpoint Research report said on Friday. Samsung reached its highest share in the past two years owing to the fact that pent-up smartphone demand after lockdown pushed the June volumes and the company was ready wit
  • Amazon starts selling car, bike insurance in India
    New Delhi, July 24 (IANS): Amazon Pay, the payments arm of the e-commerce giant's India unit, has partnered with Acko General Insurance Ltd. to offer two and four-wheeler insurance policies in the country. Customers can visit the Amazon Pay page or search on the Amazon mobile app or the mobile website to buy car and bike insurance in a few easy steps, Amazon said in a blog post on Thursday. "Our vision is to make Amazon Pay the most, trusted, convenient and rewarding way
  • India to contribute 2.2% of global digital payment market by 2023
    NEW DELHI, JULY 23 (IANS): With the rise in usage of digital modes of transactions and the growing market of digital payment services, India is likely to contribute around 2.2 per cent to the sector by 2023, said a report by the Payments Council of India and PWC. The report titled 'Empowering payments: Digital India on the path of revolution' said that with global transaction value for digital payments expected to reach $12.4 trillion by 2025, India is expected to contribute
  • Microsoft commercial cloud sales surpass $50bn for 1st time in FY20
    NEW DELHI, JULY 23 (IANS): As the digital tech intensity becomes key to business resilience, the commercial cloud business of Microsoft surpassed $50 billion in revenue for its fiscal year 2020 for the first time, up 36 per cent year-over-year. The company reported $13.4 billion for its Intelligent Cloud segment in its fourth quarter of fiscal year 2020, increasing 17% and 19% in constant currency, slightly ahead of expectations and driven by continued customer demand for differenti
  • Demand for Shramik Special trains fully met: Railways
    NEW DELHI, JULY 23 (IANS): The Indian Railways operated a total of 4,165 Shramik Special trains to transport stranded migrant workers from May 1 to 9 and ferried over 63 lakh people amid the coronavirus pandemic, Railway Board Chairman V.K. Yadav said on Thursday. Addressing a virtual press conference, Yadav said the Railways operated the last Shramik Special train on July 9 and all existing demand for such trains was fully met. The Indian Railways started to operate Shramik Special
  • E-invoicing of GST compulsory from Oct 1, with higher threshold
    NEW DELHI, JULY 23 (IANS): The government proposes to roll out compulsory e-invoicing of GST from October 1, but has decided to raise the threshold to exempt smaller entities from this compliance, an official said on Thursday. Accordingly, e-invoicing will be mandatory only for businesses with turnover of Rs 500 crore or more. Those, on the other side of the threshold, will be exempted from the compliance burden, for the time being. The threshold for mandatory e-invoicing -- a st
  • Govt ready with incentives, development schemes to boost manufacturing in India
    NEW DELHI, JULY 23 (IANS): Government will soon come out with new stimulus packages to boost manufacturing in the country, a senior official of the Finance Ministry said on Thursday. This would be in addition to Rs 20 lakh crore economic package announced by the government recently to help different sectors of the economy, tide over the crisis due to the outbreak of COVID-19. According to Tarun Bajaj, Secretary, Department of Economic Affairs (DEA), government is working on offer
  • Wipro bets big on convergence of 5G and edge computing in India
    BENGALURU, JULY 23 (IANS): Wipro on Thursday announced to launch a 5G edge services solutions suite built on IBM technology that will enable seamless deployment of infrastructure in telecommunications, manufacturing, oil and gas and retail industries. The solution is designed to offer Wipro customers better data control, reduced costs, faster insights and actions, and more automated, secured operations. A key module of the solution, primarily for the telecom ecosystem, provides a
  • Flipkart acquires Walmart India, launches wholesale business
    BENGALURU, JULY 23 (IANS): Ecommerce platform Flipkart on Thursday announced the acquisition of 100 per cent interest in Walmart India to leverage the strong wholesale capabilities of the company as it launched Flipkart Wholesale, a new digital marketplace designed to help transform the kirana retail ecosystem in the country. Flipkart Wholesale will launch its operations in August 2020 and will pilot services for the grocery and fashion categories. It will be headed by Adarsh Menon,
  • Ganesh Lakshminarayanan new CEO of Airtel's enterprise business
    NEW DELHI, JULY 23 (IANS): Bharti Airtel on Thursday announced the appointment of Ganesh Lakshminarayanan as the CEO of its enterprise business. In his new role, Lakshminarayanan will be responsible for further strengthening Airtel's market leadership in the B2B segment and accelerate growth as enterprises undergo digital transformation to become future ready, said an Airtel statement. He will report to Ajay Chitkara, Director of Airtel Business. The new CEO takes over from A