Business

  • Air India becomes world's first airline to use Taxibot on A320 aircraft with passengers onboard
    Taxibot is a robot-used aircraft tractor for taxiing an aircraft from parking bay to runway and vice versa. Air India CMD Ashwani Lohani flagging off the first Taxibot on A320 aircraft at Indira Gandhi International Airport on October 15. (Photo: Air India @airindiain/Twitter)    New Delhi, October 15 (PTI):  Air India on Tuesday became the first airline in the world to use a Taxibot on one A320 aircraft with passengers onboard.   Taxibot is a robot-used
  • 5G needs to happen faster in India: Top Intel executive
    New Delhi, October 14 (IANS): India needs to roll out 5G faster in order to take advantage of the economic benefits it can bring to the nation, a top Intel executive said here on Monday. "For 5G to happen, the network needs to move from proprietary-fixed, function-based -- which is what it is today in most parts -- to open standards-based scalabale, programmeble, agile and Cloud-centric network. As Cloud is elastic, so should be the network," Prakash Mallya, Vice President
  • Banks for adding investment-grade NBFCs in guarantee scheme
    New Delhi, October 14 (IANS): Bankers on Monday suggested to Finance Minister Nirmala Sitharaman that those NBFCs having investment grade ratings but with AA rated assets be included in the partial credit guarantee scheme for NBFCs to provide them liquidity.   "Banks have purchased assets to the tune of Rs 17,000 crore from the NBFCs under the direct pooled buy-out so that NBFCs also get the liquidity. These are good assets and they have AA ratings. Rs 15,455 crore worth of
  • India receives 5 lakh cybersecurity alerts daily: Report
    New Delhi, October 14 (IANS): As India speeds up its mission to transform into a truly digital economy with technologies like 5G, the country faces one of the highest rates of cyber security threats in the Asia Pacific region -- receiving over 500,000 security alerts daily -- which is nearly three times the global average, a new report said on Monday.   According to a joint KPMG in India-Indian Mobile Congress-COAI report released on the first day of "IMC 2019" here, organiz
  • Sensex ends tad higher, IRCTC doubles gain on issue price
    Mumbai, October 14 (IANS): Indian equity markets surrendered early gains to end marginally higher on Monday amid a weak growth outlook and trade related optimism in global markets.   Auto and bank stocks gained over expectation of festival demand aiding the benchmark Sensex to finish in the green. It closed 87.39 points higher at 38,214.47, while the broader Nifty settled at 24.75 points higher at 11,329.80.   "Signs of progress in trade negotiations between the U
  • Ready to manufacture 5G radios in India: Ericsson
    New Delhi, October 14 (IANS): Swedish telecom gear maker Ericsson is ready to "switch on" the manufacture of 5G radios in India, a top company official said here on Monday.   "Ericsson has been in India for over 115 years and our commitment to this market has only grown over the years," Nunzio Mirtillo, Ericsson's Head of Market Area South East Asia, Oceania and India, said while addressing the inaugural day of the India Mobile Congress.   "In 2018, we announced t
  • Rakesh Mittal lays out telcos' pains, says market still sustainable
    New Delhi, October 14 (IANS): Sharing the dais with Communications Minister Ravi Shankar Prasad, Bharti Enterprises Vice-Chairman Rakesh Bharti Mittal on Monday outlined the issues plaguing the Telecom sector and said high capital expenditure and right of way (RoW) issues created hurdles for the market players.   He, however, said that despite the "pain", the market is very sustainable with three players who have equal market share. Mittal was speaking at the inaugural sessi
  • PSBs disbursed Rs 82K cr retail loans in 9 days: FM
    New Delhi, October 14 (IANS): Finance Minister Nirmala Sitharaman on Monday said PSBs have disbursed about Rs 82,000 crore in the nine-day outreach programme to push up retail credit and banks have witnessed robust demand during that period and she has asked the banks to look at the scope of MSMEs' demand for bill discounting.   Bill discounting is a discount/fee which a bank takes from a seller to release funds before the credit period ends. Bill discounting is mostly appli
  • Cheaper fuel, food cost eases Sep WPI to 0.33%
    New Delhi, October 14 (IANS): Lower prices of key transportation fuels along with those of manufactured products eased India's annual rate of inflation based on wholesale prices to 0.33 per cent in September from 1.08 per cent in August.   Similarly, on a year-on-year (YoY) basis, the Wholesale Price Index (WPI) data furnished by the Ministry of Commerce and Industry showed a decelerating trend as inflation had risen to 5.22 per cent during the corresponding period of 2018.
  • Issues with oil companies to be resolved early: Air India
    New Delhi, October 13 (IANS): Air India on Sunday said that the issues regarding aviation fuel payments are being sorted out with the state-run oil companies and they would be resolved early. The statement comes days after oil PSUs (public sector units) in a letter to the national carrier warned of ending fuel supplies at six major airports from October 18, if the latter did not the make the lumpsum payments as had been agreed upon. The Air India spokesperson also sa
  • Keeping data within India a big leap for us: Oracle
    New Delhi, October 13 (IANS): There is definite hunger and desire among the Indian enterprises to move their workloads to the Cloud and with Oracle Gen 2 data centre now open in Mumbai, we have ensured that sensitive data remains within the boundaries of the country, a top company executive has said.   The Indian CEOs and CTOs are clear on one thing: It's from my data that I'm going to learn my customers' behaviour, understand my product better, receive new insights and inno
  • Passenger vehicle exports up 4% in Apr-Sep; Hyundai leads the pack
    MUMBAI, OCTOBER 13 (PTI): Passenger vehicle (PV) exports increased by over 4 per cent in the first half of the current fiscal, with Hyundai Motor India leading the segment with dispatches of over 1.03 lakh units to various geographies like Africa and Latin America, as per the latest data by SIAM.   PV exports stood at 3,65,282 units in April-September period of the current fiscal as compared with 3,49,951 units in the same period of 2018-19.   Car shipments saw a
  • 'Banks may need to report HDIL's dues, provisioning status'
    New Delhi, October 13 (IANS): Public sector banks having fund exposure to the bankrupt real estate firm HDIL may have to classify the loans given to it as non-performing assets (NPA or bad loans) under the RBI norms, make provisions for them and report these to the exchanges, according to official sources here.   So far, the Reserve Bank of India (RBI) has not given any directions in this regard as fund exposure of individual banks are their autonomous commercial decisions e
  • IRCTC to make stock market debut on Monday
    MUMBAI, OCTOBER 23 (PTI): Indian Railway Catering and Tourism Corporation (IRCTC), which recently concluded its Rs 645-crore initial public offering, will make its stock market debut on Monday.   The shares will be listed on the BSE and the National Stock Exchange (NSE).   "Effective from Monday, October 14, 2019, the equity shares of IRCTC Ltd shall be listed and admitted to dealings on the exchange in the list of 'B ' Group of Securities," BSE said in a circular
  • World Bank slashes India's growth forecast to 6% for this fiscal year
    New Delhi, October 13 (IANS): In a major setback for India's economic outlook, a World Bank report on Sunday estimated India's economic growth in the current fiscal at 6 per cent, lower than the Reserve Bank of India's latest revised outlook of 6.1 per cent.   This comes as another bleak outlook for the economy, after recent downward revision of GDP estimate by Asian Development Bank (ADB) and Organisation of Economic Co-operation and Development (OECD) apart from the RBI an
  • India's industrial output shrinks at fastest rate in more than six years
    Workers make pipes used for drilling, at a factory in an industrial area in Mumbai, January 29, 2018. REUTERS/Danish Siddiqui/Files   NEW DELHI, October 12 (Reuters): India’s industrial output shrank at its fastest rate in more than six years in August, reflecting the impact of an economic slowdown that could prompt the central bank to cut its key policy rate for the sixth time in December.   Annual industrial output contracted 1.1% in August compared with 4.6%
  • Mehul Choksi cheated Punjab & Sind Bank of Rs 441 mn
    Mumbai, October 12 (IANS): The public sector Punjab & Sind Bank (PSB) has revealed around Rs 441 million loan exposure to the absconding diamantaire Mehul Chinubhai Choksi, here on Saturday.   This is the first time the 111-year-old bank has come clean on the default perpetrated by Choksi, who has now settled as a citizen of Antigua & Barbados, the West Indies.   The New Delhi-based PSB has issued notices proclaiming him as a "willful defaulter" who owes t
  • Bank fraud case: ED attaches Rs 4,025 cr assets of BPSL
    New Delhi, October 12 (IANS): The Enforcement Directorate (ED) has attached immovable properties worth Rs 4,025.23 crore of Bhushan Power and Steel Limited (BPSL) in a money laundering case against the firm for siphoning off funds obtained as loans from various banks and financial institutions, the agency said on Saturday.   The attached assets include land, building, plant and machinery of BPSL in Odisha.   "The quantification of the Rs 4,025.23 crore attached as
  • Banks' credit growth rate slows to 8.8%, shows RBI data
    Mumbai, October 12 (IANS): Indian banks' credit growth rate, for the first time this fiscal, slowed to single digit at 8.8 per cent to Rs 97.71 lakh crore during the fortnight to September 27, according to the Reserve Bank of India supplementary data. During the same period, deposits climbed 9.4 per cent.   Outstanding loans rose Rs 596.53 trillion ($8.40 billion) from a fortnight earlier to Rs 97.71 trillion as on September 27.   Non-food credit gained Rs 64.30 b
  • RBI fixes coop banks' daily reporting system post PMC fraud
    Mumbai, October 12 (IANS): The Reserve Bank of India on Friday has changed the daily reporting system at cooperative banks after the collapse of Punjab and Maharashtra Cooperative Bank following the unearthing of over Rs 4,000 crore fraud there.   In a circular addressed to chief executives of all cooperative banks, the RBI has asked them to replace the existing system of email-based reporting at the branches to a web-based central system. This will make use of RBI's Central