Business

  • Payment of 1% GST in cash only for entities having an annual turnover of Rs 6cr
    NEW DELHI, DECEMBER 27 (IANS): The government's decision on mandatory payment of at least 1 per cent of GST tax liability in cash will only apply to establishments having an annual turnover of Rs 6 crore and the new rule will not apply to micro and small businesses, and composition dealers, finance ministry sources said on Sunday. Based on the recommendations of the GST Law Committee, the government has notified new indirect tax rules that makes cash payment of 1 per cent of GST
  • No revision in petrol & diesel prices
    New Delhi, December 26 (IANS): Petrol and diesel prices remained unchanged on Saturday as oil marketing companies continued to maintain a wait and watch stance amid range-bound global oil prices. Accordingly, the pump price of petrol remained at Rs Rs 83.71 a litre and diesel Rs 73.87 a litre in Delhi on Saturday. Across the country as well the price of the two petroleum products remained unchanged. The price of petrol in Mumbai remains at Rs 90.34 and diesel Rs 80.51, the two fu
  • Payment of 1% GST in cash only for 45,000 taxpayers: DoR sources
    New Delhi, December 26 (IANS): The government's decision on mandatory payment of at least 1 per cent of GST tax liability in cash will impact only around 40,000 to 45,000 taxpayers but help the entire system curb the menace of fake ITC availment and operation of fly-by-night operators, sources in the finance ministry said on Saturday. Based on the recommendations of the GST Law Committee, the government has notified new indirect tax rules that makes cash payment of 1 per cent of
  • Market Outlook: Mutant Covid, thin volumes to dent equities
    Mumbai, December 26 (IANS): An expected slowdown in foreign fund inflows along with expensive propositions and upcoming macro-economic data are likely to dent equities during the trade week ahead. Lately, FIIs inflows have powered the equities' rally and gave an appreciation push to the rupee. FIIs have so far this month invested over $6 billion in equities and $594 million in the debt segment. However, the ongoing holiday season is expected to lower the inflow volumes during
  • No revision in petrol, diesel prices on Christmas
    New Delhi, December 25 (IANS) Petrol and diesel prices remained unchanged on Friday as oil marketing companies continued to maintain a wait and watch stance amid range bound global oil prices. Accordingly, the pump price of petrol remained at Rs 83.71 a litre and diesel Rs 73.87 a litre in Delhi on Friday. Across the country as well the price of the two petroleum products remained unchanged. The price of petrol in Mumbai remained at Rs 90.34 and diesel Rs 80.51, the two fuels rem
  • 35% of CMOs are hopeful of V-shaped industrial recovery: Report
    New Delhi, December 25 (IANS) More than one-third of Chief Marketing Officers (CMOs) are hopeful of V-shaped recovery of their industries on the back of performance of the agriculture sector and increasing demand of the FMCG products, said a report from Octane Research. The report titled 'Digital 2021: Adapting to the New Normal', said that technology has played an important role in bringing about recovery and growth among industries as companies used it to proactively reach
  • E-commerce company Coupang launches video streaming service
    Seoul, December 25 (IANS) Coupang Corp, South Korea's leading e-commerce operator, said it has launched a subscription-based video streaming service, heating up competition in the country's growing over-the-top (OTT) media market. The e-commerce giant said its new service, Coupang Play, is currently available on Android smartphones and it will expand support for Apple's iOS devices, PCs and smart TVs, reports Yonhap news agency. Members of delivery service on e-commer
  • Petrol, diesel prices remain unchanged on Thursday
    New Delhi, December 24 (IANS): Petrol and diesel prices remained unchanged on Thursday as oil marketing companies continued to maintain a wait and watch stance amid a stable global oil market. Accordingly, the pump price of petrol remained at Rs 83.71 a litre and diesel Rs 73.87 a litre in Delhi on Thursday. Across the country as well the price of the two petroleum products remained unchanged. The price of petrol in Mumbai remained at Rs 90.34 and diesel at Rs 80.51, the two fuel
  • Beating predictions, economy pulling out of Covid's deep abyss: RBI
    Mumbai, December 24 (IANS): India's economy is pulling out of Covid-19's deep abyss at a faster pace than most predictions, Reserve Bank of India said in its monthly bulletin for December. "Since the assessment presented in the last month's article, more evidence has been turned in to show that the Indian economy is pulling out of Covid-19's deep abyss and is reflating at a pace that beats most predictions," the bulletin said. "Although headwinds bl
  • No change in petrol, diesel prices for 16th consecutive day
    New Delhi, December 23 (IANS): Oil marketing companies kept the retail price of petrol and diesel static on Wednesday maintaining the wait and watch stance amidst a firm global oil market. Accordingly, the pump price of petrol remained at Rs 83.71 a litre and diesel Rs 73.87 a litre in Delhi on Wednesday. Across the country as well, the price of the two petroleum products remained unchanged. OMCs have gone on a pause mode at a time when news of successful coronavirus vaccine and
  • iPhone shipments to hit record quarter with 21% growth: Report
    New Delhi, December 23 (IANS): Apple is likely to break previous sales records during its fiscal first quarter (October-December period) as the iPhone 12 is set to bolster global quarterly shipment growth for all iPhones to 21 per cent year-over-year (YoY), industry tracker Counterpoint Research said on Wednesday. Record iPhone shipments for the fourth quarter will be driven not only by North America but also India, China, Japan, and countries in Europe, said the report. "Wh
  • FM wraps up pre-Budget consultations, over 170 take part in 15 virtual meetings
    New Delhi, December 23 (IANS): Finance Minister Nirmala Sitharaman on Wednesday concluded pre-budget consultation meetings for budget 2021-22 held in virtual mode. More than 170 invitees representing 9 stakeholder groups participated in 15 meetings scheduled between December 14 and 23. The stakeholder groups include financial and capital markets; health, education and rural development; water and sanitation; trade union and labour organisations; industry, services and trade; infr
  • India looking at strong economic revival: Anurag Thakur
        Pune, December 23 (PTI): India will have a strong economic revival thanks to its well-planned easing of lockdown, Union Minister of State for Finance and Corporate Affairs Anurag Thakur said on Wednesday. He also defended the contentious farm sector reforms, saying the Narendra Modi government had the courage to do what others could not. Thakur was speaking on `Achieving USD 5 Trillion Economy of India: Opportunities and Challenges' in a lecture series org
  • Daimler to help Infosys bolster its automotive biz
    BENGALURU, DECEMBER 22 (IANS): German automobile giant Daimler AG and Infosys on Tuesday a long-term partnership that will help the companies drive a Hybrid Cloud-powered innovation and IT infrastructure transformation in the automotive sector. The collaboration will empower Daimler to strengthen its IT capabilities, and Infosys, its automotive expertise. As part of this partnership, automotive IT infrastructure experts based out of Germany, wider Europe, the US and the APAC regi
  • IndiGo allows partial booking facility to facilitate flyers this winter
    NEW DELHI, DECEMBER 22 (IANS): Low-cost carrier IndiGo has announced a new booking plan to provide hassle-free services to its customers this winter. Accordingly, the airline had upgraded its plan B option on the website and mobile app. The new additional option will allow a customer whose connecting flight has been cancelled, to either rebook partially - i.e. from origin till transit station or from transit station to destination - or take refund for the unused sector. The chang
  • OPPO sets up its 1st 5G innovation lab in India
    NEW DELHI, DECEMBER 22 (IANS): Smartphone brand OPPO on Tuesday announced to set up first 5G innovation lab at its Hyderabad R&D centre, adding that it will soon introduce three additional innovation labs dedicated towards camera, power and battery and performance. The company said that these labs will focus on making the latest and the most advanced technologies for the world. The team in India will also lead innovations for other countries, including Middle East, Africa, So
  • E-commerce props up paper-packaging fortunes
    NEW DELHI, DECEMBER 22 (IANS): A revival in demand, led by increased offtake from e-commerce channels, will support a rebound for paper-packaging entities this fiscal, offsetting the impact of pandemic-induced disruptions in the first quarter, Crisil said on Tuesday. According to the rating agency, despite a 200 basis points (ps) blow to operating margin, credit profiles will be stable on the back of strong capital structure. A study of 50 CRISIL-rated companies, which account fo
  • Petrol, diesel prices steady for two weeks
    NEW DELHI, DECEMBER 21 (IANS): Oil marketing companies continued to hold back any change in retail price of petrol and diesel, continuing with their wait and watch stance that has kept the prices of two auto fuels static for the past couple of weeks. Accordingly, there was no change in retail price of auto fuels on Monday with price of petrol remaining at Rs 83.71 a litre and diesel Rs 73.87 a litre in Delhi. Across the country as well, the price of the two petroleum products remain
  • Pepsico to set up potato chips unit in UP
    LUCKNOW, DECEMBER 21 (IANS): 'PepsiCo', the multinational food and beverages company is going to set up a new (greenfield) potato chips production unit in Uttar Pradesh with an investment of Rs 814 crore. According to the government spokesman, the unit will be set up on about 35 acres of land provided by the State Industrial Development Authority (UPSIDA) in Kosi-Mathura. Starting in 2021, over 1,000 people will get direct and indirect employment from this chips factory.
  • ONGC starts oil production in Bengal Basin
    NEW DELHI, DECEMBER 20 (IANS): Oil and Natural Gas Corporation Ltd (ONGC) has commenced oil production from the Asokenagar-1 well, Bengal Basin in West Bengal's 24 Paragana districts. In a statement, the public sector energy major said that Union Petroleum & Natural Gas Minister, Dharmendra Pradhan on Sunday dedicated the Bengal Basin, the eight producing basin of India to the nation. With the development, the Bengal Basin has joined the ranks of Krishna-Godavari (KG), Mu