Business

  • Nalco to invest Rs 30,000 cr by 2027-28: Minister
    Bhubaneswar, January 7 (IANS): The National Aluminium Company Limited (Nalco) will invest around Rs 30,000 crore by 2027-28 in capacity expansion and diversification plans, Union Minister for Coal and Mines Pralhad Joshi said on Thursday. Addressing the 41st Foundation Day of Nalco here, the Minister said that the PSU will invest over Rs 7,000 crore for the 5th stream of its Damanjodi refinery, development of Potangi bauxite mines, and exploration and transportation of coal from Sou
  • Bottom Fishing: Markets bounce back after slide, realty stocks rise
    Mumbai, January 7 (IANS): An intra-day dip on Thursday triggered the buying momentum in the Indian equity market in the late-afternoon trade session. Accordingly, the up-move comes after global cues subdued the market. Subsequently, investors dived into the market to buy stocks in decline which triggered another uplift. Some losses were witnessed in the IT, FMCG and Pharma indices while Metal, Realty Banking and Auto space traded in the green. At 2.05 p.m., the NSE Nifty50
  • Lava launches new Z-series customisable smartphones in India
    New Delhi, January 7 (IANS): Domestic smartphone maker Lava Mobiles on Thursday unveiled the world's first customisable smartphone that allows customers to choose the component. The handsets, Lava Z1, Z2, Z4 and Z6, are aimed at the budget category with prices starting at Rs 5,499. The Lava Z1 comes in Blue and Red colours, is priced at Rs 5,499 and will be available from Amazon.in, Lavamobiles.com and offline stores starting from January 26. The Lava Z2, Z4 and Z6 come in
  • 'New law puts paan, bidi sellers in same crime list category as acid throwers'
    New Delhi, January 7 (IANS): Federation of Retailer Association of India (FRAI), a representative body of about 4 crore micro, small and medium retailers from across the country on Thursday appealed to Prime Minister Narendra Modi to intervene and order a recall of the proposed 2020 amendments in the COTPA law which threaten to further attack the livelihoods of petty retailers selling tobacco and related products across India. FRAI represents the interests of the poorest of the poor
  • IL&FS Solar Power clears debt worth Rs 845 crore
    Mumbai, January 7 (IANS): IL&FS Solar Power Limited (ISPL), an IL&FS Group company, has paid its entire debt amounting to nearly Rs 845 crore across all its creditors, including financial and operational debt, tax and statutory dues, without any preference to any creditor or class of creditors. ISPL had undertaken construction and financing of a 100 MW AC solar power project in Bellary district, Karnataka, for Embassy Energy Private Limited (EEPL) that was commissioned in Fe
  • Equity indices rise, Nifty hits fresh high
    Mumbai, January 7 (IANS): The key Indian equity indices opened on a positive note on Thursday with the Nifty50 on the National Stock Exchange (NSE) hitting a fresh all-time high. Nifty touched a new record high of 14,256.25 points. Healthy buying was witnessed in metal, realty, capital goods and banking stocks. Further, a positive trend in the international market also supported the Indian indices. The rise was also witnessed in the broader markets as the BSE MidCap and SmallC
  • Petrol price breaches all-time high; tops Rs 84/litre in Delhi
    New Delhi, January 7 (IANS): Petrol prices have breached all-time high levels in the new year as rising global oil prices pushed fuel marketing companies to raise the pump price of auto fuels for the second time this year on Thursday. Accordingly, petrol prices in Delhi increased by 23 paise a litre on Thursday, the second successive day of fuel price rise, to Rs 84.20 a litre from Rs 83.97 on the previous day. This is the highest level of retail price of petrol in the national capi
  • Amazon pledges $2 bn to address affordable housing crises
    San Francisco, January 7 (IANS): Amazon has pledged a $2 billion Housing Equity Fund over the next five years to address affordable housing crisis at three of its major employment hubs in the US. The company said that the fund will help ensure moderate- to low-income families can afford housing in communities with easy access to neighbourhood services, amenities, and jobs. According to Amazon Founder and CEO Jeff Bezos, the new $2 billion Housing Equity Fund "will create or
  • LG acquires TV data analysis firm Alphonso for $80 mn
    Seoul, January 7 (IANS): LG Electronics on Thursday said it has acquired US-based TV data analysis startup Alphonso to boost its software and service capabilities in the TV business. The South Korean tech firm said it spent $80 million to acquire a controlling stake of more than 50 percent in Alphonso. LG believes the deal will allow the company to offer enhanced and customised services to users of its smart TVs and streaming platform, as it can utilize Alphonso's data, TV ad
  • Petrol, diesel prices rise breaking month-long pause
    Petrol price in Dimapur increased from  Rs 86.07 on January 5 to Rs 86.34 while the price of diesel rose from Rs 77.09 to Rs 77.32 on January 6, according to Indian Oil. New Delhi, January  6 (IANS): The new year has broken the patience of oil marketing companies as they increased the pump price of petrol and diesel breaking over a month long pause. Accordingly, the retail price of petrol and diesel increased by 26 paise and 25 paise per litre to Rs 83.97 and Rs 74.12 a
  • Kia unveils new company logo, brand slogan
    Seoul, January 6 (IANS): South Korea's second biggest carmaker, Kia Motors Corp, on Wednesday unveiled its new company logo and brand slogan as part of its business reorganisation plan. Last year, Kia announced its mid- and long-term business strategy named Plan S which put a bigger focus on securing a leading position in the future mobility industry. The company's name will change to Kia Corp. from the current Kia Motors Corp., with its brand slogan to "Movement tha
  • Iron ore prices expected to remain elevated over mid-term: India Ratings
    Mumbai, January 6 (IANS): Iron ore prices are expected to be elevated over the near-mid-term due to supply-side constraints clubbed with a simultaneous robust revival in demand post Covid-19 led demand shocks, India Ratings and Research said on Wednesday. In its iron ore market review, the agency said the domestic supply shortage is primarily driven by a delay in the ramp-up of Odisha iron ore mines post auctions in March 2020 due to the high, unviable premiums and Covid-19-led
  • Dell launches new PCs, monitors
    Bengaluru, January 6 (IANS): Dell Technologies on Wednesday expanded its product line with the launch of new PCs, monitors along with Dell Optimizer software. The company has unveiled Latitude 9420, Latitude 7520, Latitude 5420 at $1,949, $1,649, $1,049 respectively. "Our new intelligent PCs make it possible for us to work smarter and collaborate easier, so we can give our best selves in all that we do. Secure, sustainable and smart: that's the way forward for PCs,"
  • Toyota Kirloskar Motor launches new Fortuner
    New Delhi, January 6 (IANS): Automobile manufacturer Toyota Kirloskar Motor (TKM) on Wednesday launched the new Fortuner. Accordingly, the starting price of petrol variant is set at Rs 29.98 lakh, while that of diesel starts at Rs 31.57 lakh ex-showroom (Same across the country except in Kerala). The new Fortuner is available in '2.8 L Diesel Engine with 6-Speed Automatic and 6-Speed Manual Transmission' with Intelligent 'Manual Transmission options and 2.7 L Petrol E
  • Alibaba to shut down  Xiami music app on Feb 5
    Beijing, January 5 (IANS): Alibaba Group on Tuesday announced that it will close down its streaming platform Xiami music on February 5.Xiami was once one of China's most popular and taste-making music streamers, but it has fallen to the wayside since it was acquired by Alibaba in 2013, reports Variety. Alibaba acquired the music service to compete in China's online music market, which is dominated by Tencent Holdings. However, it now holds a market share of only about 1.8
  • India witnessing V-shaped recovery since June: Fin Min Report
    New Delhi, January 5 (IANS): India has been witnessing a 'V-shaped' recovery since June with the gradual easing of restrictions on economic activities, said a Finance Ministry report. "The sustained improvement in high frequency indicators ignite optimism of an improved performance in second half of the year," it said. The Monthly Economic Recovery for December by the Department of Economic Affairs (DEA) also noted that the impending vaccination is set to spur t
  • Hyderabad-based Practically raises $4 million
    Hyderabad, January 5 (IANS): Practically, a product of 3rdFlix Visual Effects Pvt Ltd, on Tuesday announced that it has raised $4 million in a pre-Series B round. The round was led by Siana Capital, a deep tech investor, with participation from existing investors YourNest Venture Capital and Exfinity Ventures. The company had previously raised Series A funding of $5 million in 2019. The funds will be invested in expanding the operations of Practically, the Hyderabad-based start
  • L&T lowest bidder for Rishikesh-Karnaprayag rly proj, to bag Rs 3K Cr contract
    Mumbai, January 5 (IANS): The Heavy Civil Infrastructure business of L&T Construction has emerged as the lowest bidder for a Package 4 of new broad-gauge line between Rishikesh and Karnaprayag, sources privy to the development said. The scope of this engineering and construction project includes completing tunnel work by Tunnel Boring Method (TBM) and New Austrian Tunnel Method (NATM) with formation, construction shaft and ancillary works from Chainage 47+360 to 63+117 Km in the
  • No change of course in new year; petrol, diesel prices remain static
    New Delhi, January 5 (IANS): The new year has not disturbed the mood of fuel consumers as petrol and diesel prices have not burnt a hole in people's pocket even though the global oil prices have firmed up. On Tuesday, the oil marketing companies kept the pump prices of petrol and diesel unchanged, maintaining the trend started in the second week of December. Accordingly, the pump price of petrol remained at Rs 83.71 a litre and diesel Rs 73.87 a litre in Delhi on Tuesday. Acr
  • Demand momentum improved significantly since Sep 2020: PHDCCI
    New Delhi, January 5 (IANS): The business sentiment and demand momentum in India has improved tremendously since September 2020, according to PHD Chamber of Commerce and Industry's Economy GPS Index. A report by the industry body said that as a result of recovering investor sentiment, the 'PHDCCI Economy GPS Index' stood at record 124.1 in December 2020. It noted that this is the all-time high value of PHDCCI Economy GPS Index as measured across the last three financi