Business

  • Flipkart introduces 45-day paid festive internship for students
    BENGALURU, OCTOBER 10 (IANS): Ecommerce marketplace Flipkart on Saturday brought back its paid internship programme Launchpad for undergraduate students from tier-II cities and beyond to work in its supply chain ahead of the festive season and the Big Billion Days sale. The company said that the 45-day internship is aimed at helping students gain critical skills in supply chain management and create an ecosystem of trained professionals for the e-commerce industry. Over 2,000 stu
  • No change in petrol, diesel prices for over a week now
    NEW DELHI, OCTOBER 10 (IANS): Fuel consumers did not face any change in petrol and diesel prices for the entire week as stable global oil prices ensured that oil marketing companies did not need to go for a revision. Diesel price has stayed at the same level since last Saturday, completing one full week when the fuel did not see any revision. Petrol prices have been stable for a longer period, completing 18 days on Saturday. With no revision in fuel prices on Saturday, in the nat
  • Xiaomi and Realme to host own Diwali sale in India from October 16
    IANS With the coming festivals in India, Xiaomi and Realme have announced that they will host their own Diwali sale from October 16 with discounts showering on all products. The sales could not take place on the e-commerce sites as both Amazon and Flipkart will be hosting their own festive sales during the same time. While Flipkart Big Billion Days sale begins on October 16, the Amazon Great Indian Festival will begin from October 17. Handset maker Xiaomi has announced its &lsquo
  • Bank credit offtake remained poor in Apr-Sep: RBI report
    MUMBAI, OCTOBER 10 (IANS): Although the banks remain flush with liquidity and interest rates lowered significantly, credit offtake from banks was very low and "anaemic" during the first half of the current financial year (2020-21). The low credit offtake can be attributed to the weak demand and persistent uncertainty amid the pandemic. "During H1 2020-21, bank credit offtake was anaemic, reflecting weak demand and uncertainty in the wake of the pandemic," show
  • RTGS to be available 24X7 from Dec: RBI Gov
    MUMBAI, October 9 (PTI): In a business friendly move, the Reserve Bank of India on Friday said that Real Time Gross Settlement System (RTGS), used for large value transactions, will be made available round-the-clock from December. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every mon
  • RBI extends 'co-origination' model of loans to all NBFCs
    MUMBAI, OCTOBER 9 (IANS): The Reserve Bank of India (RBI) has extend the 'co-origination' model of lending to all non-banking financial companies (NBFC), including housing finance companies (HFC), to make all priority sector loans eligible for the scheme and give greater operational flexibility to the lending institutions. RBI had, in 2018, put in place a framework for co-origination of loans by banks and a category of NBFCs for lending to the priority sector subject to cert
  • Export of certain onion varieties in limited quantities allowed
    New Delhi, October 9 (IANS): the Centre on Friday decided to give partial relief to onion exporters by easing restrictions on certain varieties of the staple for foreign shipments. Accordingly, 'Bangalore Rose' and 'Krishnapuram' varieties up to 10,000 MT each can now be exported, subject to certain conditions. "The export shipment of 'Bangalore Rose' onions shall be allowed only through Chennai port and export to be completed by March 31, 2021,"
  • Pre-book your product on Flipkart for just Rs 1 before BBD sale
    Bengaluru, October 9 (IANS): In a unique move, Flipkart on Friday announced that potential consumers can get access to select products between October 11-October 14 and pre-book these products at a minimal price of Rs 1 before the Big Billion Days sale event that begins from October 16. The e-commerce marketplace, tied neck-to-neck with Amazon 'Great India Festival' and Snapdeal's 'Kum Mein Dum' sales, said that once the pre-booking is confirmed, consumers can co
  • Infosys to acquire Blue Acorn iCi for up to $125M
    Bengaluru, October 8 (IANS): IT major Infosys will acquire US-based analytics company Blue Acorn iCi for up to $125 million. In a regulatory filing, Infosys said that the move further strengthens its end-to-end customer experience offerings and demonstrates its continued commitment to help clients navigate their digital transformation journey. Blue Acorn iCi brings to Infosys significant cross-technology capabilities through the convergence of customer experience, digital commerc
  • Infosys to acquire Blue Acorn iCi for up to $125M
    Bengaluru, October 8 (IANS): IT major Infosys will acquire US-based analytics company Blue Acorn iCi for up to $125 million. In a regulatory filing, Infosys said that the move further strengthens its end-to-end customer experience offerings and demonstrates its continued commitment to help clients navigate their digital transformation journey. Blue Acorn iCi brings to Infosys significant cross-technology capabilities through the convergence of customer experience, digital commerc
  • Despite new members, MPC expected to maintain old stance
    Mumbai, October 8 (IANS): Despite the addition of new members with diverse academic backgrounds, persistently high inflation will deter the Reserve Bank's Monetary Policy Committee (MPC) from administering a dose of a lending rate cut, experts opined. The expectations from the penultimate policy review of 2020 comes as the MPC commenced its meet on Wednesday. The original schedule of the penultimate meet was September 29-October 1. However, it was postponed as there were
  • Closing on week without change in petrol, diesel prices
    New Delhi, October 8 (IANS): Diesel and petrol prices remained unchanged on Thursday closing on a week without any revision in the retail price of the two petroleum products. Petrol and diesel prices saw a lot of volatility in the months of July, August and September when prices moved up and down at frequent intervals with diesel prices witnessing fall lately. With no change in petrol and fiscal prices on Thursday, the fuel prices have not been revised for sixth consecutive day.
  • Amazon takes on Future over deal with Reliance Retail
    New Delhi, October 8 (IANS): In a major turn of events in the buyout of the businesses of the debt laden Future Group by Reliance Retail, e-commerce giant Amazon.com, Inc has stepped in and said that Future Group violated a contract with it by entering into the sale agreement with the Mukesh Ambani-led retail major. "We have initiated steps to enforce our contractual rights. As the matter is sub judice, we can't provide details," an Amazon spokesperson said in an e-mai
  • Automakers not totally ready for digital drive: Report
    NEW DELHI, OCTOBER 7 (IANS): A survey by Ipsos has shown that the automakers in the passenger cars segment are not 100 per cent digitally-ready and consumers are not being given the attentiveness in the digital experience, in comparison to the brick and mortar showrooms. There is a lack of agility and responsiveness, said the Ipsos report. "Our Mystery Shopping study shows the automotive industry is not 100 per cent geared for providing a glitch-free car buying experience, i
  • Dinesh Kumar Khara takes charge as SBI Chairman
    NEW DELHI, OCTOBER 7 (IANS): Dinesh Kumar Khara on Wednesday took charge as the new Chairman of the State Bank of India (SBI) for a period of three years. He succeeds Rajnish Kumar, whose term ended on October 6. Khara was appointed the Chairman on Tuesday. Prior to his new role, he was Managing Director, Global Banking & Subsidiaries at the SBI. Khara has over three and a half decades of rich and diverse experience in all facets of banking such as retail, corporate credit
  • Airtel, Ericsson extend ties to deploy 5G-ready radio network
    NEW DELHI, OCTOBER 7 (IANS): Bharti Airtel and Ericsson on Wednesday announced to renew their multi-year contract to supply and deploy 5G-ready radio and transport solutions from the Swedish telecommunication giant. The 'make in India' 5G-ready Ericsson radio system products will enhance the network experience of Airtel customers, the companies said in a statement. "We are delighted to deepen our partnership with Ericsson as part of our endeavour to build a network r
  • Flipkart expands supply chain in India to meet festive demands
    BENGALURU, OCTOBER 7 (IANS): E-commerce platform Flipkart said on Wednesday that it has added over 3.4 million square feet space across its supply chain assets including fulfilment centres, mother hubs and delivery centres throughout the country in preparation of the upcoming festive season and the Big Billion Days sale event. With this addition, the total warehousing space for Flipkart now totals to over 18 million square feet in addition to lakhs of square feet of assets from part
  • Flower business in Ghazipur market withers amid corona pandemic
    NEW DELHI, OCTOBER 7 (IANS): The early morning hustle and bustle of customers, once the hallmark of the Ghazipur wholesale flower market in Delhi, too has been swept away by the coronavirus pandemic. Resultantly, business at the market has come to almost a standstill. Shopkeepers who earlier made a decent living are now able to sell only 25 per cent of their stock as customers are few and far between. In the absence of sufficient number of customers, shopkeepers in the flower mar
  • IMF MD cautions against premature withdrawal of policy support
    NEW DELHI, OCTOBER 6 (IANS): As economies limp back to normalcy amid the coronavirus pandemic, International Monetary Fund (IMF) Managing Director Kristalina Georgieva has advised countries to avoid premature withdrawal of policy support for businesses and employees. Speaking at the 125th anniversary of the London School of Economics, the IMF MD noted that healthcare should be the first priority and spending on treatment, testing, and contact tracing is an imperative. So too is s
  • India lifts restrictions on export of N95 masks
    NEW DELHI, OCTOBER 6 (IANS): The Commerce Ministry has lifted the restriction on export of N95 masks. Post the decision, masks of all categories can be exported from India. "The export policy of N-95/FFP-2 masks or its equivalent is amended from 'restricted' to 'free' category making all types of masks freely exportable," a notification by the Directorate General of Foreign Trade said. In August, the government had allowed the export of N95 masks, up