Business

  • Flipkart announces 'The Big Billion Days' sale from Oct 16-21
    Bengaluru, October 3 (IANS): Kicking off the festive season, Flipkart on Saturday announced its flagship, six-day 'The Big Billion Days' sale that will start from October 16 till October 21 with some cool offers across categories to further lift the consumer sentiments in the ongoing pandemic. Flipkart Plus customers will have early access to the sale on October 15. The ecommerce marketplace has on boarded over 50,000 kiranas to bring festive cheer to consumers across 850
  • 75% consumers feel children are being misled in many ads
    New Delhi, October 3 (IANS): Seventy five per cent consumers feel children are being misled in many advertisements for apps, gaming and other online services, according to a survey by Local Circles. 87 per cent consumers say they have difficulty in reading, viewing and hearing disclaimers while 86 per cent have come across child inappropriate ads in the last one year. In August, the Ministry of Consumer Affairs issued a draft for ‘Central Consumer Protection Authority (Prev
  • GIC to invest Rs 5,512 crore in Reliance Retail Ventures
    New Delhi, October 3 (IANS): Reliance Industries Limited and Reliance Retail Ventures Limited (RRVL) announced on Friday that Singapore's GIC will invest Rs 5,512.5 crore into RRVL, a subsidiary of Reliance Industries. This investment values RRVL at a pre-money equity value of Rs 4.285 lakh crore. GIC's investment will translate into a 1.22 per cent equity stake in RRVL on a fully diluted basis. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said: &
  • Tesla reports record vehicle deliveries in Q3 despite pandemic
    San Francisco, October 3 (IANS): Electric-car maker Tesla has delivered a record 1,39,300 vehicles in the third quarter, beating the earlier estimates of 1,34,720 vehicles. The company produced 1,28,044 Model 3 and Model Y vehicles and delivered 1,24,100 of those. As for the Model S and Model X, it produced 16,992 of the vehicles and delivered 15,200. "In terms of days of sales, new vehicle inventory declined further in Q3 as we continue to improve our delivery efficiency
  • Fuel prices remain unchanged across metros
    New Delhi, October 3 (IANS): Diesel price remained unchanged across the four metro cities on Saturday after falling for two consecutive days. In the national capital, the fuel was priced at Rs 70.46 per litre. Similarly, in Mumbai, Chennai and Kolkata, diesel was sold for Rs 76.86, Rs 75.95 and Rs 73.99 per litre respectively, same as the levels on Friday. Petrol price was unchanged for the 11th consecutive day. In Delhi, Mumbai, Chennai and Kolkata, it was priced at Rs 81.06,
  • Centre to waive interest on interest during moratorium on loan up to Rs 2 cr
    New Delhi, October 3 (IANS): In a major relief to thousands of individuals and MSME borrowers, the Centre in an affidavit informed the Supreme Court that it has taken a decision to waive "interest on interest" on loans up to Rs two crore during the six-month moratorium period. The affidavit said the only solution is that the government should bear the burden resulting from waiver of compound interest. "After careful consideration and weighing all possible options,
  • 'Reduction in domestic gas price to hike losses for upstream companies'
    New Delhi, October 3 (IANS): Ratings agency India Ratings and Research has said that recent domestic gas price reduction on account of a substantial fall in the benchmark indices would significantly increase losses for upstream companies, while improving the profitability of end-user industries. In industry parlance, upstream companies deal primarily in exploration of resources. According to the ratings agency, end-user industries, specifically city gas distribution (CGD), fertil
  • Intl crude prices decline further on Trump's corona report
    NEW DELHI, OCTOBER 2 (IANS): International crude oil prices continued to decline on Friday due to persistent global economic uncertainties, going down further after the announcement that US President Donald Trump had tested coronavirus positive. A further increase in crude supplies also eased the prices, analysts said. Consequently, Brent crude slumped below $40 per barrel. Currently, the December contract Brent crude on the Intercontinental Exchange (ICE) is trading at $39.58 pe
  • Microsoft ending Open License Programme for SMBs in Jan 2022
    NEW DELHI, OCTOBER 2 (IANS): Microsoft has announced to end its 20-year-old Open License programme for small and midsize organisations from January 1, 2022. The organisations can continue to renew and purchase new software licenses, software assurance and online services through the Open License programme until December 31, 2021. "As of January 1, 2022, commercial customers won't be able to buy new or renew software licenses or online services through the Microsoft Open
  • Tesla coming to India next year, says Elon Musk
    NEW DELHI, OCTOBER 2 (IANS): Tesla CEO Elon Musk said on Friday that the electric car maker is finally ready to enter the India market in 2021. Musk revealed his plans to bring Tesla cars to India in his response to a Twitter post that asked about the progress on Tesla's planned entry into India. "Next year for sure," Musk said in response to the tweet that posted pictures of T-shirts with "India wants Tesla" and "India loves Tesla" printed on th
  • Diesel prices fall across metros amid decline in crude prices
    NEW DELHI, OCTOBER 2 (IANS): Prices of diesel declined for the second consecutive day on Friday across the four metro cities. In the national capital, diesel was priced at Rs 70.46 per litre, down from Rs 70.53 on Thursday. Similarly, in the other metros, Mumbai, Chennai and Kolkata, the fuel was sold for Rs 76.86, Rs 75.95 and Rs 73.99 per litre, respectively, against the previous levels of Rs 76.93, Rs 76.01 and Rs 74.05 a litre. The fall in the retail price of diesel c
  • M&M unveils all-new Thar SUV
    MUMBAI, OCTOBER 2 (IANS): Automobile major Mahindra & Mahindra (M&M) on Friday launched the all-new Thar SUV. According to the company, the all-new Thar will be available in two trims, namely "AX & LX", with prices starting at Rs 9.80 lakh for AX series and Rs 12.49 lakh for LX series. It is powered by two all-new engines a" the 2.0L mStallion TGDi a" petrol engine, and "the 2.2L mHawk" Diesel engine. "These engines are offered wi
  • GI tag for 5 Indian coffee beans to boost exports
    BENGALURU, OCTOBER 2 (IANS): Five varieties of Indian coffee beans have received geographical indication (GI) tags for promoting them in overseas markets and boosting their exports, an official said on Thursday. "We have released GI tag for five coffee varieties, including three from Karnataka and one each from Andhra Pradesh and Kerala, to help its planters promote them in international markets and to boost their exports," a Coffee Board official said in a statement
  • RBI breaks silence, okays Committee of Directors for Dhanlaxmi Bank
    CHENNAI, OCTOBER 1 (IANS): Breaking its silence on the happenings in the Kerala-based Dhanlaxmi Bank, the Reserve Bank of India (RBI) on Thursday approved the formation of a Committee of Directors (CoD) to exercise the powers of Managing Director and CEO as an interim measure. In a regulatory filing, Dhanlaxmi Bank said, as requested by its Board of Directors, the RBI has approved an interim arrangement for formation of a CoD to exercise the powers of Managing Director and CEO till
  • Improved manufacturing data, auto sales lift Sensex over 600 points
    NEW DELHI, OCTOBER 1 (IANS): The Indian stock market surged on Thursday with the BSE Sensex gaining 629 points on the back of improved manufacturing PMI data and automobile sales. A positive trend in the global markets also supported the domestic indices. Healthy buying was witnessed in finance and banking stocks. The S&P BSE Banking index closed 3.73 per cent higher and the Finance index was up 3.03 per cent. Investor sentiment was boosted after the IHS Markit India Manuf
  • Banks need effective steps to curb stress as IBC suspension gets extended
    NEW DELHI, OCTOBER 1 (IANS): In a bid to provide relief to stressed businesses amid the pandemic, the suspension on fresh insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) has been extended, which along with a sigh of relief to companies has also raised concerns over the impact on the banks' loan books. Sector experts are of the view that banks will have to take effective steps to restructure the accounts as per the guidelines based on K.V. Kamath-led Committ
  • Businesses not ready with GST e-invoicing get 30-day grace period
    NEW DELHI, OCTOBER1 (IANS): The Central Board of Indirect Taxes and Customs (CBIC) has announced a 30 day grace period for those businesses which are not yet ready for GST e-invoicing which comes into effect from Thursday, October 1. In a notification on Wednesday evening, CBIC noted that even after more than nine months of the first notification in this regard, some of these taxpayers having aggregate turnover of Rs 500 crore and above are still not ready. "Accordingly, as
  • SC approves DGCA's proposal on air tickets refund booked during lockdown
    NEW DELHI, OCTOBER 1 (IANS): In a big relief to thousands of air passengers, the Supreme Court on Thursday approved the Directorate General of Civil Aviation's (DGCA) proposal on air tickets refund and credit shell on flights booked prior and during lockdown. A bench headed by Justice Ashok Bhushan and comprising Justices R. Subhash Reddy and M.R. Shah said the court cannot lose sight of the present situation prevailing in the country and across the globe in the backdrop of Covi
  • IDFC First Bank MD gifts Rs 30-lakh shares to schoolteacher
    MUMBAI, SEPTEMBER 30 (IANS): As a token of gratitude to his former schoolteacher, IDFC First Bank MD and CEO V Vaidyanathan has transferred one lakh equity shares worth around Rs 30 lakh without any consideration to Gurdial Saroop Saini. The transfer of shares was done in appreciation of Saini's help to Vaidyanathan during the early stage of the latter's life, the bank said. In a regulatory filing, the bank said that the CEO had clarified that Saini was not a related part
  • India's June-end 2020 external debt falls to $554.5 bn
    MUMBAI, SEPTEMBER 30 (IANS): India's external debt for the quarter ended June 2020 declined on a sequential and year-on-year basis, official data showed on Wednesday. The external debt during the period under review declined to $554.5 billion from $558.4 billion reported for the quarter ended March 2020 and from $556.9 billion recorded for the like period of the previous year. "At end June 2020, India's external debt was placed at $554.5 billion, recording a decrease