Business

  • Petrol, diesel prices unchanged, crude firms after fall
    NEW DELHI, OCTOBER 6 (IANS): Diesel and petrol prices remained unchanged on Tuesday with oil marketing extending the pause after reducing fuel prices, particularly diesel, for the past several days. This is the fourth consecutive day when both petrol and diesel prices have remained unchanged. In fact, petrol prices have remained steady for the last 14 days. The development is in line with the movement of global oil prices. Crude prices remained soft for most the previous week and
  • Amazon announces its Great Indian Festival from Oct 17
    NEW DELHI, OCTOBER 6 (IANS): Amazon India on Tuesday announced its Great Indian Festival (GIF) from October 17, a day after Flipkart will kick off its 'Big Billion Days' sale. Amazon Prime members will get early access starting October 16. More than 6.5 lakh sellers will offer crores of products on Amazon.in and customers can shop from over 4 crore products from small and medium businesses (SMBs) and products from over 20,000 local shops across 100 cities, Amazon.in said in
  • Over 100 brands, 200 special edition products at Flipkart BBD sale
    BENGALURU, OCTOBER 6 (IANS): Flipkart on Tuesday said it will unveil over 200 special edition products in partnership with more than 100 leading brands during its 'Big Billion Days sale that begins from October 16 till October 21. The products will be across categories including fashion, electronics, mobile phones, large appliances, personal care, handicrafts and others. "The phenomenal response we received from the entire ecosystem for the Big Billion Days Specials in 2
  • Rolls-Royce to deliver 29 MW gas power plant for Dhamra LNG terminal
    NEW DELHI, OCTOBER 6 (IANS): Rolls-Royce has signed a contract with Dhamra LNG Terminal Pvt. Ltd. (DLTPL) for the complete engineering, procurement and construction (EPC) delivery of a 29 MW gas-based power plant for the LNG terminal. DLTPL is a joint venture between Indian multinational conglomerate Adani Group and French energy major Total S.A, located on the eastern coast of Odisha in India. The LNG terminal will function as a reception facility for import of LNG, where LNG ta
  • Google defers Indian in-app fees after angry startups complain
    NEW DELHI/BENGALURU, Octobber 5 (Reuters): Alphabet Inc's Google has extended its deadline for Indian app developers to comply with a new billing system for commission fees by six months, it said on Monday, days after local startups voiced anger about the charges. Google will now enforce its global policy more strictly and charge a 30% commission fee for in-app purchases from Indian developers from March 31, 2022, the company said, saying it was "being mindful of local
  • India to extend surcharge on taxes on luxury items, tobacco
    NEW DELHI, October 5 (Reuters): India will extend a surcharge on taxes on luxury goods including cars and tobacco products beyond 2022, under plans to help states repay loans raised to meet revenue shortfalls in the current fiscal year, the finance minister said on Monday. "The GST council has approved to extend the cess (surcharge) beyond five years," Nirmala Sitharaman told reporters after a virtual meeting with state finance ministers. The next meeting of t
  • GST Council to meet again on Oct 12 over compensation plan
    NEW DELHI, OCTOBER 5 (IANS): The GST Council will meet again on October 12 to discuss and try to reach a consensus between state governments and the Centre on the borrowing options for GST compensation, Finance Minister Nirmala Sitharaman said on Monday. The decision taken to meet again in October was suggested by Bihar Deputy Chief Minister and Finance Minister Sushil Modi, after the Council's Monday meet failed to break the deadlock between the Centre and the state governments
  • Everything in place to make India global leader in AI: Mukesh Ambani
    NEW DELHI, OCTOBER 5 (IANS): Reliance Industries (RIL) Chairman Mukesh Ambani on Monday said that the time is ripe for India to become a world leader in artificial intelligence (AI) and the tools are also ready to make the country lead globally in the field. Speaking at 'RAISE 2020', a virtual summit on AI organised by the Ministry of Electronics and IT and NITI Aayog, the RIL Chief termed intelligent data as 'digital capital' and said that in the coming decades nati
  • Govt mulls domestic gas floor price system to protect explorers' margin
    NEW DELHI, OCTOBER 5 (IANS): The government proposes to implement a new floor price mechanism for gas produced from domestic fields by companies such as the Oil and Natural Gas Corporation (ONGC) to prevent the fuel price from crashing below an identified threshold in current subdued market conditions. Domestic gas price has fallen to $1.79 per million British thermal units (mmBtu) for the October-March period of the current fiscal. The administered price of the gas has fallen in th
  • India's economic fundamentals remain strong, says BSE chief
    MUMBAI, OCTOBER 5 (IANS): Despite Covid-induced moderation, India's economic fundamentals remain strong, thereby retaining investors' interest, contended the chief of the Bombay Stock Exchange. In a conversation with IANS, BSE MD and CEO Ashishkumar Chauhan pointed out that rising investor participation in the equity segment along with recent industrial recovery trends clearly show the resilience of the Indian economy. "Overall, I believe that despite a moderation ca
  • Secret proceedings on in Mallya case in UK, delaying extradition: Centre to SC
    NEW DELHI, OCTOBER 5 (IANS): The Centre on Monday informed the Supreme Court that beleaguered business tycoon Vijay Mallya's extradition case is over, but some "secret" proceedings is on in the UK and government is not a party to it, which is delaying his extradition to India. Solicitor General Tushar Mehta, representing the Centre, contended before a bench headed by Justice U.U. Lalit that it is neither aware of the nature of these secret proceedings nor it is a party
  • Flipkart, Paytm offer instant caskback during 'Big Billion Days'
    BENGALURU, OCTOBER 5 (IANS): Flipkart on Monday said that its partnership with Paytm will enable millions of users to conveniently pay through their Paytm Wallet and Paytm UPI while shopping on Flipkart during the 'Big Billion Days sale that starts from October 16. Flipkart customers will also get instant cashback to their Paytm wallets. "This festive season, millions of Paytm users across the country will have access to their wallets and UPI on Flipkart. With just one clic
  • Possible potato price hike in Navratri can leave bitter aftertaste
    NEW DELHI, OCTOBER 5 (IANS): Decreased supplies of potatoes for the past many months at the Azadpur fruits and vegetable market here and an increased demand in the coming Navratri festive season are expected to keep the prices of the humble staple on the higher side in the near future. Increased prices in the coming weeks are thus sure to leave a bitter aftertaste in the mouths of consumers, particularly those from the weaker sections who consume potatoes more when the other vegetab
  • Amid demand revival, steel companies hike prices by Rs 2,000/T
    NEW DELHI, OCTOBER 5 (IANS): In a sign of economic activity gradually picking pace in the unlock phase, steel companies have increased the price of the metal for the fourth month in a row in October on the back of demand revival and firm price trends in the overseas market. Benchmark hot rolled coils (HRC) prices have increased by Rs 1,000-2,000 per tonne for October deliveries to Rs 43,000-43,500 per tonne whereas (cold rolled coil) CRC prices stand at Rs 52,000 per tonne. The p
  • Vodafone gets lenders' nod for Indus Towers-Bharti Infratel merger
    NEW DELHI, OCTOBER 5 (IANS): Vodafone Group Plc on Monday said that its lenders have given their consent for the merger of Indus Towers and Bharti Infratel. On September 1, Vodafone Group had announced that it had agreed to proceed with the proposed merger. "The agreement to proceed was conditional on consent for a security package for the benefit of the Combined Company (the "Security Package") from Vodafone's existing lenders (for the Euro 1.3 billion loan ut
  • Over 1 lakh kirana stores to take part in Amazon's festive sales
    BENGALURU, OCTOBER 4 (IANS): Over 1 lakh Amazon-enabled local shops, kirana and neighbourhood stores across India will serve customers in the upcoming festive season on the e-commerce platform. More than 20,000 offline retailers, kirana and local shops from "Local Shops on Amazon" programme will participate in the "Great Indian Festival" sales for the first time. "The programme is seeing remarkable response from retailers from across India and has scaled
  • Khadi India's flagship store records Rs 1.2 Cr sales on Gandhi Jayanti
    NEW DELHI, OCTOBER 4 (IANS): The soaring spirit of Khadi lovers got better of the Covid-19 fear on Gandhi Jayanti with the Khadi sales figure crossing the Rs 1 crore mark at Delhi's flagship Khadi India outlet in Connaught Place. The overall sales of Khadi was recorded at Rs 1,02,19,496 on Friday (October 2),which is significantly high given the prevailing Corona pandemic situation, said the Ministry of Micro, Small and Medium Enterprises. Last year, the total sale at Khadi&#
  • Recent reforms will strengthen India's global positioning: Goyal
    NEW DELHI, OCTOBER 4 (IANS): Union Commerce and Industry Minister Piyush Goyal said on Saturday that the recent reforms undertaken by the government amid the pandemic -- in mining, labour and agriculture, among other sectors -- will strengthen India and prepare the country to engage globally from a position of strength. Addressing the 74th annual session of Hindustan Chamber of Commerce, Goyal was quoted in an official statement as saying that the government has taken the opportunit
  • RBI affirms currency notes potential corona carriers: CAIT
    NEW DELHI, OCTOBER 4 (IANS): The Confederation of All India Traders (CAIT) on Sunday said that the RBI had affirmed the possibility of currency notes as potential carriers of novel coronavirus and demanded government incentives for digital payments. The development comes after CAIT wrote a letter to Union Finance Minister Nirmala Sithraman on March 9, 2020 seeking clarification whether or not currency notes are carriers of bacteria and viruses. However, the letter was forwarded t
  • HDFC Bank's Santhanam among Forbes' 'World's Most Influential CMOs'
    NEW DELHI, OCTOBER 4 (IANS): Ravi Santhanam, the Chief Marketing Officer (CMO) of HDFC Bank, has made it to the Forbes' list of 'World's Most Influential CMOs'. Santhanam ranks 39 in the list of 50 most influential CMOs. "Santhanam is a marketing leader who prioritises personalised and relevant customer experience and believes that machine learning and data science are critical tools for marketers; he expressed so in a recent Netcore Solutions blog," For