Business

  • India rolls back tax hike on investors; outlines steps to boost sentiment
    India's Finance Minister Nirmala Sitharaman arrives at her office before leaving for parliament to present the federal budget in New Delhi, India, July 5, 2019. (Reuters Photo)   NEW DELHI, August 24 (Reuters):  India is rolling back recent tax hikes on foreign and domestic equity investors and is accelerating a capital infusion of $10 billion into state-run banks, the finance minister said late on Friday, in an attempt to boost market sentiment and revive the slowing e
  • Last day of deadline sees 1.6 lakh RFID tags installed
    New Delhi, August 23 (IANS): About 1.63 lakh RFID tags were issued on Friday, the last day of the deadline for installing the tags for commercial vehicles entering the national capital. Randhir Sahay, Additional Commissioner of SDMC gave a live feed presentation of the toll plazas that depicted functional toll plazas enabling RFID tag-labelled commercial vehicles entering Delhi. "The new age RFID tag-aided system which facilitates entry of commercial vehicles without any stop
  • NRAI plans fresh movement against online food aggregators
    New Delhi, August 24 (IANS): With more than 2,500 restaurants now logged out against the deep discounting practices of online food aggregators across the country, the National Restaurant Association of India (NRAI) on Saturday said it will soon begin a more intense movement to stop "unethical" practices being adopted by online food apps like Zomato Gold. "The NRAI will very soon initiate movement against online delivery aggregators which are affecting the sustainability and growth
  • Samsung Galaxy M30s with 48MP camera in India next month
    New Delhi, August 24 (IANS): Riding on the success of its online-exclusive Galaxy M series, Samsung India is all set to launch Galaxy M30s with 48MP triple rear camera setup in India mid-September. Galaxy M30s will be powered by the new Exynos processor -- not seen on the four Galaxy M series smartphones launched so far, industry sources told IANS on Saturday. Keeping up with the trend, Galaxy M30s will house a powerful triple rear camera system with 48MP primary sensor, sour
  • McDonald's India faces flak for serving Halal meat
    New Delhi, August 23 (IANS): After food delivery platform Zomato, McDonald's is now facing a major backlash from Twitterati over whether the fast food company serves Jhatka or Halal meat to its customers. After a Twitter user asked McDonald's India whether their restaurants are Halal certified, the company said it does serve Halal meat to its customers. "The meat that we use, across our restaurants, is of the highest quality and is sourced from government-approved su
  • Act on global cos abusing Indian firms: Sitharaman to CCI
    New Delhi, August 23 (IANS): Finance Minister Nirmala Sitharaman on Friday asked fair market regulator the Competition Commission of India to guard Indian businesses and consumers against foreign companies, which have no presence in India, by taking suo motu action against them. "Physical borders no longer determine competition within a country and that way we are not dealing with fair play, as it is. We are dealing with an entity which is outside, probably legally, complyi
  • Big relief for markets as controversial FPI levy rolled back
    New Delhi, August 23 (IANS): Finance Minister Nirmala Sitharaman on Friday announced the roll back of the controvertial tax surcharge on the Foreign Portfolio Investment (FPIs) announced in the Budget last month. "The enhanced surcharge levied by Finance Act, 2019 on long and short term capital gains tax is being withdrawn," Sitharaman said in a special media briefing here. The rollback comes after Indian capital markets witnessed massive outflow of foreign funds in
  • India Inc grows impatient as economy dips and Modi is distracted
    A general view of Mumbai's central financial district on June 13, 2017. (REUTERS File Photo)     MUMBAI, August 23 (Reuters): When Prime Minister Narendra Modi was re-elected in May with a sweeping majority, Indian stock markets jumped to all-time highs as investors anticipated big bang pro-business reforms to revive a flagging economy.   But sentiment is souring in the country’s boardrooms after a much-anticipated budget in July failed to provide a
  • Khadi industry likely to cross Rs 10k cr turnover in 5 yrs
    Mumbai, August 23 (IANS): The khadi industry in India is expected to cross Rs 10,000 crore turnover in the next five years, Khadi and Village Industries Commission (KVIC) Chairman Vinai Kumar Saxena said on Thursday.   The target for this year is set at Rs 5,000 crore, he told IANS.   "In a time when the world is moving towards automation, khadi is one of the few handcrafted products. In the future, only khadi will survive and nothing else," Saxena said at the Lak
  • Complainant Aircel-Maxis case ironically named in IL&FS case
    New Delhi, August 23 (IANS): C. Sivasankaran who has been nailed by the Serious Fraud Investigation Office (SFIO) in the IL&FS loan fraud is ironically the original complainant in the Aircel-Maxis in which former Finance Minister P Chidambaram is one of the accused along with the other UPA Minister Dayanidhi Maran.   Sivasankaran in his complaint with the CBI in 2011 had alleged that the then telecom minister Dayanidhi Maran coerced him to sell his stake in Aircel which
  • How fraudsters attempt to cheat OLX, Quikr users
    New Delhi, August 22 (IANS): If you are planning to sell your old refrigerator or air conditioner on OLX or Quikr, first make sure that you understand all the nitty-gritties of digital transactions as fraudsters often target users of these platforms to cheat them of money. If you lack some basic understanding of how the Unified Payments Interface (UPI)-based transactions work on apps, you may actually end up losing money while attempting to sell stuff on OLX or Quikr.
  • What caused RBI to shift from convention on rate cut
    The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai on February 2, 2016. (REUTERS File Photo)     Mumbai, August 22 (IANS): The Reserve Bank of India had raised quite a few eyebrows when it announced an unconventional 35 basis points rate cut during its bi-monthly policy meet earlier this month.   RBI Governor Shaktikanta Das, according to the minutes of the meeting released on Wednesday, said that "the econ
  • 'Centre to complement RBI's efforts to beat slowdown'
    New Delhi, August 22 (IANS): The government is expected to take policy measures to complement Reserve Bank of India's rate cut for reversing the slowdown in economy, NITI Aayog Vice Chairman Rajiv Kumar told IANS.   "The RBI Governor has himself said that there are several indications of a slowdown in the economy. That is why the central bank has taken the step of further reducing the repo rate.   "So, I think that the RBI having acted, the government will also ta
  • Indians pawning the family gold amid credit crunch
    An employee weighs gold ornaments inside a Muthoot Fincorp branch in Mumbai on August 21, 2019. *REUTERS Photo)   AURANGABAD/MUMBAI, August 22 (Reuters): Refused a loan by a state-run lender and desperate for funds to buy cotton seeds before the summer sowing season window closed, Indian farmer Babasaheb Mandlik ran out of choices - he pawned his wife’s gold jewelry.   Mandlik, who owns an 8-acre cotton farm in western India, pledged 70 grams of gold, almos
  • India's July petrol imports hit highest in at least eight years
    New Delhi, August 22 (Reuters): India’s July crude oil imports declined from a year earlier, while petrol imports climbed to their highest since at least April 2011, data from the oil ministry’s Petroleum Planning and Analysis Cell (PPAC) showed on Wednesday.   Crude oil imports into the world’s third-largest consumer declined 1.2% from a year earlier to 19.34 million tonnes, but increased 14.6% from the previous month.   Petrol imports rose to 230,000 tonne
  • UAE will be first Middle East country to issue RuPay card
    Abu Dhabi, August 22 (IANS): The UAE will be the first country in the Middle East to witness the launch of the RuPay card, "an Indian indigenous equivalent of Mastercard or Visa", during the visit of Indian Prime Minister Narendra Modi this weekend.   Navdeep Singh Suri, Indian Ambassador to the UAE, in an interview to Emirates News Agency, WAM, said: "A Memorandum of Understanding (MoU) to establish a technology interface between the payment platforms in India and UAE, woul
  • Economy doesn't need fiscal stimulus to tackle slowdown: CEA
    New Delhi, August 22 (IANS): Chief Economic Advisor (CEA) K. Subramanian on Thursday said the Indian economy does not need a fiscal stimulus to tackle the ongoing economic slowdown.   Speaking at the Hero Mindmine Summit that brings together industry and government to discuss economic policy, Subramanian said policymakers need to be careful while deciding on any fiscal stimulus as a way to boost economic growth.   "We can't expect the government to intervene every
  • Tata Motors hits 52-week low after scrips fall over 10%
    Mumbai, August 21 (IANS): Amid weakness in the auto sector, a sharp fall was seen in the Tata Motors stocks on Wednesday which slipped over 10 per cent, touching its 52-week low. At 2.51 p.m., Tata Motors was trading 9.25 per cent lower at Rs 112 a share on the NSE before hitting its 52-week low of Rs 109.50 apiece. The Nifty Auto index was down 0.75 per cent. Other constituent stocks like Ashok Leyland, Apollo Tyres, Mahindra and Mahindra and TVS Motors were also tr
  • Parle may lay off 10,000 employees
    Mumbai, August 21 (IANS): Popular Indian biscuit maker Parle Products may cut up to 10,000 jobs owing to the prevailing macro-economic situation, according to a company executive.   Rural distress has taken a heavy toll on fast moving consumer goods (FMCG) sales for the past few quarters. Companies like Hindustan Unilever, Nestle have reported weak growth owing to the slowdown in consumption.   According to reports, Mayank Shah, category head at Parle Products, ha
  • Economy slowdown not to impact smartphones in India: Xiaomi
    New Delhi, August 21 (IANS): With economic slowdown beginning to adversely affect several industries in India, Xiaomi India said on Wednesday that smartphone sales would remain insulated from the impact as the festive season inches closer.   The India smartphone market saw its highest-ever shipment of 36.9 million in the second quarter (Q2) of 2019 -- with 9.9 per cent year-on-year (YoY) and 14.8 per cent quarter-on-quarter (QoQ) growth, according to the International Data C