Business

  • Pandemic woes, global uncertainties subdue stock markets
    MUMBAI, AUGUST 7 (IANS): Rising Covid-19 cases, along with the uncertainty surrounding global growth, subdued the Indian equity market on Friday. Consequently, both the main indices ended on a flat note. However, broader market indices like the BSE Mid Cap and Small Cap gained more, thereby outperforming both the Sensex and the Nifty. The market breadth remained positive on both the key indices. Sectorally, BSE Power, Telecom, Auto, Metal and FMCG indices made gains, whereas t
  • Adani Electricity sells Rs 202 crore worth stock in Yes Bank
    NEW DELHI, AUGUST 7 (IANS): Adani Electricity Mumbai Ltd (AEML) has sold shares worth Rs 202 crore in Yes Bank. This was done through an open market transaction on Thursday. AEML sold off 15 crore shares which represented 1.19 per cent stake in Yes Bank for an average price of Rs 13.45 per share, according to data from NSE. On the other hand, Life Insurance Corp of India had said that it has bought additional shares of the lender through open market purchases. Last week, Moody
  • India smartphone market set to recover in festive season: IDC
    New Delhi, August 7 (IANS): After a steep decline of over 50 per cent in Q2, the India smartphone market is set for a gradual recovery in the second half as the country enters the festive season, the IDC India said on Friday. The online channel registered a high market share of 44.8 per cent in June quarter but declined 39.9 per cent (YoY) in unit terms due to lockdown restrictions on the delivery of electronics as well as severely limited stock for most of the quarter. "The
  • Bull-run persists in precious metals; gold above Rs 56k/10 gm
    Mumbai, August 7 (IANS): Amid the global uncertainty, investment demand and supply concerns, touching fresh record levels has become the new normal for gold and silver prices. Continuing with the bull run, gold futures on Friday touched a new all-time high of Rs 56,191 per 10 gram. Currently, the active October contract of gold on the MCX was trading at Rs 55,950 per 10 gram, higher by Rs 105 or 0.19 per cent from the previous close. For gold, it has been the global economic unce
  • Inflationary woes: RBI retains lending rates, maintains accommodative stance
    Mumbai, August 7 (IANS): The Reserve Bank on Thursday retained its key short-term lending rate to curb the rise in inflation, and stabilise the general economic environment. Even though it retained the repo rate -- or short-term lending rate for commercial banks, at 4 per cent, the Monetary Policy Committee of the central bank agreed to maintain the growth-oriented accommodative stance. Likewise, the reverse repo rate stands unchanged at 3.35 per cent, and the marginal standing f
  • Covid Relief: RBI extends scheme for MSME debt restructuring
    MUMBAI, AUGUST 6 (IANS): The Reserve Bank of India on Thursday extended a scheme whereby stressed MSME borrowers will become eligible for restructuring their debt, provided their accounts with lenders were classified as 'standard' as on March 1, 2020. Accordingly, the existing loans to MSMEs classified as 'standard' will be re-structured without a downgrade in the asset classification. "A restructuring framework for MSMEs that were in default but 'standar
  • RBI for online dispute resolution system in digital payments
    MUMBAI, AUGUST 6 (IANS): In a major development for digital payment services, the Reserve Bank of India has decided that payment system operators (PSOs) will have to implement Online Dispute Resolution (ODR) systems in a phased manner. The RBI has said that to begin with, authorised PSOs shall be required to implement ODR systems for failed transactions in their respective payment systems. Based on the experience gained, ODR arrangements will be extended to other types of disputes a
  • Railways to launch first Kisan Parcel Train on Friday
    NEW DELHI, AUGUST 6 (IANS): The Indian Railways will flag off India's first Kisan Special Parcel Train from Maharashtra's Devlali to Bihar's Danapur on Friday afternoon to transport perishable goods, a promise made in the Union Budget 2020-21. Railway Ministry officials said that the train will depart from Devlali on Friday at 11 a.m. and reach Danapur at 6.45 p.m. next day covering a distance of 1,519 km in approx 32 hours. On the reverse trip, the train will depart
  • RBI retains lending rates, maintains accomodative stance
    MUMBAI, AUGUST 6 (IANS): The Reserve Bank of India (RBI) on Thursday retained its key short-term lending rates, but maintained its growth oriented accomodative stance. Accordingly, the Monetary Policy Committee of the central bank maintained the repo rate or short-term lending rate for commercial banks, at 4 per cent. Likewise, the reverse repo rate stands unchanged at 3.35 per cent. The MPC voted to maintain accommodative stance, thus opening up possibilities for more futur
  • Volatility hits equity indices ahead of monetary policy decision
    MUMBAI, AUGUST 5 (IANS): Volatility prevailed on Wednesday to hamper the upward movement of key Indian equity indices, a day ahead of monetary policy decision. Consequently, after making healthy gains, the stock markets ended on a flat- to-positive note. Prior to ceding their gains, the BSE Sensex reclaimed the psychological mark of 38,000 points. In case of NSE Nifty, the index opened on a positive note and moved higher. However, selling pressure pushed it lower by 160 poi
  • Maruti Suzuki launches new S-Cross Petrol
    NEW DELHI, AUGUST 5 (IANS): Automobile major Maruti Suzuki India on Wednesday launched the all new S-Cross Petrol with a starting price of Rs 8.39 lakh. As per the company, the SUV has been engineered with a '1.5 Litre K series BS6' petrol engine. "The new refined engine delivers a peak power of '77KW@6000 rpm' with a top-end torque of '138Nm@4400rpm' that de livers an energetic driving experience." "The engine offers superior NVH characteri
  • Lockdown measures subdue India's service sector output: PMI
    NEW DELHI, AUGUST 5 (IANS): Lockdown measures implemented to curb Covid-19 outbreak continued to subdue the Indian service sector's growth in July. Accordingly, the latest PMI survey data showed that growth remained severely restricted by lockdown measures implemented to curb the coronavirus disease 2019 pandemic in July. "Further substantial reductions in both activity and inflows of new work were recorded, as ongoing lockdown restrictions stifled demand and forced comp
  • Airtel ties up with AWS for cloud services
    NEW DELHI, AUGUST 5 (IANS): Bharti Airtel on Wednesday announced a multi-year strategic collaboration agreement (SCA) with Amazon Web Services (AWS) to deliver cloud solutions to large enterprise and small and medium enterprise (SME) customers in India. Airtel serves over 2,500 large enterprises and more than 10 lakh emerging businesses and companies with an integrated product portfolio, including Airtel Cloud, a multi-cloud product and solutions business, the company said in a stat
  • IRDAI allows life insurers to send policy in electronic format
    CHENNAI, AUGUST 5 (IANS): The Insurance Regulatory and Development Authority of India (IRDAI) has allowed life insurers to issue policy bonds in electronic format during FY2020-21 owing to Covid-19 pandemic. With life insurers expressing difficulty in printing and dispatching policy documents to policy-holders, the IRDAI has allowed them to issue these in digital format to the email address mentioned. However, the life insurers can issue the policy in digital format only on expre
  • Indian auto dealers need to invest more in digital resources: Google
    NEW DELHI, AUGUST 4 (IANS): With Covid-19 changing consumer behaviour, automotive brands that further digitise the car-buying experience are better poised for post-pandemic success, suggests new insights from Google. Expectations are changing, and now more than ever, people want the ability to buy and engage with the brand from the comfort of their home, Nikhil Bansal, Head of Industry, Automotive, Google India, said in a blog post on Monday. As a result of the pandemic, there is
  • Coke enters immunity-boosting beverages category
    NEW DELHI, AUGUST 4 (IANS): Beverage major Coca-Cola India on Tuesday unveiled two new brands to mark its entry into the nascent immunity-boosting beverages category in India. Accordingly, the company under its master brand Minute Maid, introduced two new products which claim to deliver some of the daily essential nutrition requirements, extracted from fruits grown by Indian farmers. Apart from allowing the company's entry into immunity-boosting category, the new products - M
  • Nokia to set up robotics lab at IISc for 5G research
    NEW DELHI, AUGUST 4 (IANS): Finnish telecom gear maker Nokia on Tuesday announced a collaboration with the Indian Institute of Science (IISc) in Bengaluru to establish a network robotics laboratory for research on socially relevant use cases based on 5G and emerging technologies. The Nokia Centre of Excellence (CoE) for Networked Robotics will promote interdisciplinary research involving robotics, advanced communication technologies and Artificial Intelligence (AI) to develop use ca
  • Worst seems to be over for Indian economy: DEA report
    NEW DELHI, AUGUST 4 (IANS): As the country goes through phases of 'Unlock' and economic activities are permitted in a staggered manner, the Department of Economic Affairs' (DEA) monthly economic report has suggested that the worst seems to be over for the economy with major indicators showing improvement. The report for July released on Tuesday, cited the Index of Industrial Production (IIP), Purchasing Managers Index (PMI), power generation, production of steel and ceme
  • India's real GDP could have shrunk by 5% YoY in July: Report
    NEW DELHI, AUGUST 4 (IANS): The Covid-19 pandemic is taking a heavy toll on the Indian economy with estimates now suggesting that the country's real GDP may have shrunk by 5 per cent in July as compared to the same month last year, continuing the trend of slowdown that showed more pronounced manifestation in the April-June quarter. According to EcoScope report from Motilal Oswal Financial Services Limited (MOFSL), e-way bill registration and power generation suggests that real G
  • Global economy may lose over $100 bn of remittances in 2020
    NEW DELHI, AUGUST 3 (IANS): As the world goes through an unprecedented recession amid the pandemic, global remittances may fall by $108.6 billion in 2020 if the economic impact of Covid-19 persists throughout the year, says a report by the Asian Development Bank (ADB). The report published on Monday noted that the pandemic continues to weigh heavily on economic systems and employment around the world. Migrant workers are among the hardest hit groups, with many facing scant job secur