Business

  • VIT granted ‘Institute of Eminence’ status
    VIT Chancellor, Dr. G. Viswanathan and others.       Tamil Nadu, September 17 (MExN): Buoyed by granting of Institute of Eminence (IoE) tag by the Union Government, Vellore Institute of Technology (VIT) on Tuesday announced its plans for the next five years like setting up of a technology park and finding a place in the top 500 in the world university ranking in the next 3 years time. VIT Chancellor, Dr. G. Viswanathan announced that the institute is planning to
  • Oil Cos. maintain check, petrol-diesel prices may not spike
    New Delhi, September 17 (IANS): Consumers in India are unlikely to be overburdened with high retail price of auto fuels - petrol and diesel - following a spike in international crude prices that rose 19 per cent on Monday. Global oil prices are on the boil again in the aftermath of the largest ever-disruption in crude production post drone attacks in Saudi Aramco's two of the largest oil processing facilities. The attacks at Abqaiq and Khurais plants have sucked out
  • Amazon, Flipkart festival sales violate FDI norms: CAIT
    New Delhi, September 17 (IANS): Reiterating its demand for ban on festival sales by Amazon and Flipkart, the Confederation of All India Traders (CAIT) on Tuesday said that the two e-commerce majors are flouting the norms for foreign direct investment (FDI) by carrying out festival sales. The traders' body urged the Commerce Minister to look into the violation of the FDI policy by these e-commerce companies and impose a ban on the declared festival sales. It also urged the g
  • India to become $10 trillion economy by 2030-32: Rajnath
    New Delhi, September 17 (IANS): Defence Minister Rajnath Singh said in New Delhi on Tuesday that the goal of the government is to make India a $10 trillion economy by the year 2030-32. Singh was speaking at the annual conclave of Delhi-based Society of Indian Defence Manufacturers (SIDM). "The current size of the Indian economy is around $2.7 trillion and our goal is to make it to $5 trillion by 2024 and subsequently to US$ 10 trillion by 2030-32," he said. Si
  • Reliance Jio to be among top 100 brands in 3 years: Report
    New Delhi, September 17 (IANS): The rate at which Reliance Jio is currently growing, the company will be among the 100 most valuable brands globally within three years, according to a report by communication services provider WPP and market research firm Kantar Millward Brown. Although launched in 2016, Indian consumers see Jio as "Meaningfully Different" as Airtel, which entered the market in 1995, said the report titled "BrandZ Top 100 Most Valuable Global Brand for 2019"
  • SAIL allowed selling iron ore from captive mines
    A worker stacks steel pipes in Ahmedabad on November 4, 2014. (REUTERS File Photo)   New Delhi, September 17 (IANS): In a big reform initiative, government has allowed state-owned Steel Authority of India Ltd (SAIL) to sell 25 per cent of its iron ore production from captive mines and dispose off other low grade iron ore dust and fines accumulated over the years in the open market. The move will allow the state-owned steel major to commercially offload upto 7 million to
  • Saudi says to meet oil commitment to Asian refiners, some changes: sources
    A production facility is seen at Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia on May 22, 2018. (REUTERS File Photo)   NEW DELHI/SINGAPORE, September 17 (Reuters): Saudi Aramco has informed at least six refiners in Asia that it will supply full allocated volumes of crude oil in October following attacks on Saudi oil facilities on the weekend, although at least one has been told of a grade switch partially. Saudi Arabia has said it would be able
  • SBI Caps, PNB Investment among bidders for TCIL, FAGMIL, WAPCOS
    New Delhi, September 17 (IANS): SBI Capital, IDBI Capital, SMC Capital, PNB Investments and Elara Capital are in the fray for becoming the book running lead managers (BRLMs) to the Initial Public Offers (IPOs) of TCIL and FAGMIL and WAPCOS, sources here said on Tuesday. These companies along with some financial firms like Yes Securities and Equiris Capital will make presentations for tecnical evaluation and final selection this week as BRLMs for the three the IPOs of the public se
  • Reliance Jio to be among top 100 brands in 3 years: Report
    New Delhi, September 17 (IANS): The rate at which Reliance Jio is currently growing, the company will be among the 100 most valuable brands globally within three years, according to a report by communication services provider WPP and market research firm Kantar Millward Brown. Although launched in 2016, Indian consumers see Jio as “Meaningfully Different” as Airtel, which entered the market in 1995, said the report titled “BrandZ Top 100 Most Valuable Global Brand for 2019
  • India server market declines, reaches $350.2 mn in Q2
    New Delhi, September 17 (IANS): The overall Indian server market has witnessed a Year-over-Year (YoY) decline of 1 per cent in terms of revenue to reach $350.2 million in the second quarter of 2019 (2Q19) versus $353.9 million in 2Q18, said a new report by International Data Corporation (IDC) on Tuesday. According to the IDC’s mew “Asia/Pacific Quarterly Server Tracker” (which excludes Japan), 2Q19, the x86 server market accounts for 89.9 per cent of the overall server mark
  • Banks’ 2018-19 savings deposits up at Rs 39.72 lakh cr: RBI
    Mumbai, September 16 (IANS): Indian private and public sector banks (PSBs) had aggregate savings deposits of Rs 39.72 lakh crore as on March 31, 2019, while foreign banks had a share of Rs 58,630 crore, according to RBI data published in the Handbook of Statistics on Indian Economy 2018-19.   The total savings deposits with commercial banks, including foreign ones, in 2018-19 stood at Rs 40.31 lakh crore, up from Rs 36.55 lakh crore in 2017-18, the data showed.  
  • General Motors braces for nationwide strike in 12 years
    Washington, September 16 (IANS): The United Automobile Workers (UAW) trade union has called for a nationwide strike of 48,000 employees at General Motors (GM), the company’s first in 12 years, after the US labour contract talks stalled. “We do not take this lightly... This is our last resort,” said Terry Dittes, the UAW vice-president in charge of the GM relationship, at a press conference on Sunday in Detroit, where the headquarters of the carmaker are located. Dittes
  • Nissan CEO resigns over pay issue
    Tokyo, September 16 (IANS): After admitting to being overpaid by an equity-linked remuneration scheme, Nissan Motor Co. President and CEO Hiroto Saikawa on Monday stepped down from his post. Saikawa, 65, was appointed CEO after the arrest of Carlos Ghosn, who is facing allegations of financial misconduct during his tenure as former chairman of the Japanese automobile group, Efe news reported. Although Saikawa had announced his intention to step down from his post after the tu
  • 5G spectrum auction quantum inadequate, costly: BIF
    New Delhi, September 16 (IANS): The quantum of 5G spectrum on auction in the country is inadequate and pegged at a very high reserve price which is approximately 5 to 6 times higher than in other countries and needs urgent revision, a broadband industry association said on Monday. “Quantum of 5G spectrum on auction inadequate and at a very high reserve price. Current reserve price of 5G spectrum is too high - approximately 5 to 6 times higher than other countries and needs urgen
  • SBI to move RBI to offer fixed-floating rate home-loans: Chairman
    Leh, September 15 (PTI): The largest lender State Bank of India will be seeking clarifications from the Reserve Bank whether it can offer long-term home loans with fixed rates in the beginning and convert the same into floating rates later, chairman Rajnish Kumar has said. The move comes after the Reserve Bank has mandated banks to shift all retail lending to floating rates that will be determined by external benchmarks like the repo rate. Kumar said there is a lack
  • Air India posts Rs 4,600 cr operating loss in 2018-19; aims operating profit this fiscal
    An Air India Airbus A320neo plane takes off in Colomiers near Toulouse, France on December 13, 2017. (REUTERS File Photo)   New Delhi, September 15 (PTI): Air India posted an operating loss of around Rs 4,600 crore in the last financial year mainly due to higher oil prices and foreign exchange losses but the debt-laden carrier expects to turn operationally profitable in 2019-20, according to senior officials. Reflecting tough business conditions, the airline
  • Govt removes all uncertainties on new export incentives
    New Delhi, September 15 (IANS): The government has removed all uncertainties with regard to the export incentive issues and the latest credit enhancement measures will help the sector march ahead, Director General of Foreign Trade Alok Vardhan Chaturvedi has said. Ending uncertainty for exporters, the government on Saturday announced a new scheme for reimbursing input duties and taxes to replace the popular Merchandise Export Incentive Scheme (MEIS) which is not compli
  • Aadhaar compulsory for new dealers from January
    Bengaluru, September 15 (IANS): Verification of the unique identification number (Aadhaar) would be compulsory for new dealers from January 2020 to curb malpractices in paying Goods and Services Tax, said GST Network's group of ministers' Chairman Sushil Kumar Modi. "All new dealers will have to submit their Aadhaar number for authentication from January 1. Though currently optional, it has been made mandatory from the New Year (2020) to curb fake invoices that came to ligh
  • Slowdown-to-Scrap Yard: India’s ‘Cash for Clunkers’ policy in offing
    New Delhi/Mumbai, September 15 (IANS): A desi version of ‘Cash for Clunkers’ scheme might be in the offing to reverse the slowdown that has heavily dented the Indian automobile industry. Accordingly, several central government ministries are said to be in a huddle to finalise key aspects of the policy such as incentives for buying new vehicles in lieu of scrapping old ones along with deciding the parameters of eligible category of automobiles. Even state government’s ar
  • WhatsApp traceability: Facebook offers alternative ways to help India
    New Delhi, September 15 (IANS): With India pressing for traceability of WhatsApp messages to check the spread of fake news, Nick Clegg, Facebook Vice President, Global Affairs and Communications, has offered alternative ways to help the country, without any reference towards tracing the origin of the WhatsApp messages. WhatsApp had categorically said in the past that the government’s demand to trace the origin of messages on its platform is not possible as it “undermines the p