Business

  • 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
  • Samsung tipped to top smartphone production in 2021: Report
    Seoul, January 5 (IANS): Samsung Electronics is expected to remain the world's top smartphone producer this year, a report showed on Tuesday, though its market share is likely to go down as other brands will ramp up production with the recovery of mobile demand. Global smartphone production was projected to increase 9 per cent on-year to 1.36 billion units in 2021, according to market researcher TrendForce, which predicted that device replacement demand and growth in emerging ma
  • S Korea's chip exports tipped to surpass $100bn in 2021
    Seoul, January 5 (IANS): South Korea's exports of chips, one of its key export items, are expected to top $100 billion this year, the trade ministry said on Tuesday, on the back of rising demand of IT products amid the pandemic-induced contactless trend. South Korea's chip exports are projected to increase 10.2 per cent on-year to $109.3 billion in 2021, the country's second-best performance after 2018, when it shipped $126.7 billion worth of semiconductors, according to
  • Vaccine High: Sensex to summit 50k mark, budget to give added boost
    Mumbai, January 5 (IANS): India's bellwether index -- Sensex -- is expected to cross the 50,000 points-mark, even before the first FY22 budgetary announcements are made, as investors, both foreign and domestic, have bet big on the upcoming vaccination drive and quarterly earning season. Besides, seasonal factors such as active FII inflows, abundant global and domestic liquidity as well as rising consumption trend, have investors glued to their stock holdings. Even volatility
  • Industry body lauds BSNL's move towards Indian equipment for 4G
    NEW DELHI, JANUARY 3 (IANS0: The PHD Chamber of Commerce and Industry has lauded state-run BSNL's move to test India-made telecom equipment before allowing indigenous manufacturers participate in the 4G tender to be floated by the company. Terming the move as the right direction in fulfilling the vision of self-reliant India, PHD said that it would ensure level-playing field for all indigenous technologies and also strengthen India's cyber security preparedness. In his le
  • Sony ships 3.4mn PS 5 units, plans 18mn for this year
    New Delhi, January 3 (IANS): Sony has managed to sell 3.4 million PlayStation 5 units globally in 2020 and plans to sell up to 18 million units this year. The company has already announced to bring PS5 to the India market on February 2. The PlayStation maker shipped a record-breaking 3.4 million units of the PS5 within the first four weeks of its launch, reports DigiTimes. This is the highest-ever initial sales figure for any PlayStation console. It took the PS4 a little over six we
  • Traders' body plans to reduce Chinese imports to Rs 1 lk cr in 2021
    NEW DELHI, JANUARY 3 (IANS): The Confederation of All India Traders (CAIT) on Sunday said it has targeted to reduce imports from China to Rs 1 lakh crore this year. In a statement, the traders' body said it would run a programme this year to "liberate" the country's e-commerce business from the clutches of foreign companies. "As part of its 'Boycott Chinese Goods' campaign from June 10, 2020, the CAIT has set the target of bringing down imports from
  • GST arm unearths Rs 832 Cr tax evasion by illegal 'pan masala' factory
    NEW DELHI, JANUARY 3 (IANS): The Central GST Delhi West Commissionerate has unearthed evasion of taxes worth around Rs 831.72 crore by way of manufacture and illegal supply of 'pan masala' without any registration and payment of duty. The GST officials also arrested one person in the matter. An official statement said that on the basis of the search at the premises of the manufacture, it was found that illegal manufacturing of 'gutkha/pan masala'/tobacco product w
  • Private banks witnessed rise in NPAs in large borrowal accounts in FY20: RBI
    NEW DELHI, JANUARY 3 (IANS): Private sector banks witnessed a rise in non-performing assets (NPA) in respect of large borrowal accounts with exposure of Rs five crore or above. A recent report by the Reserve Bank of India (RBI), cited that gross NPA ratio as well as the ratio of restructured standard assets to total funded amounts emanating from larger borrowal accounts in the public sector banks have gone down. At the end of September 2020, large borrowal accounts constituted 79