Business

  • 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
  • IL&FS firm used 'circuitous, illegal route' to lend: ED
    New Delhi, August 21 (IANS): Enforcement Directorate (ED)'s chargesheet in the money-laundering case involving top brass of now-infamous IL&FS group has revealed that its financing arm IFIN indulged in a "circuitous and patently illegal transactions" resulting in an unpaid loan of Rs 2,270 crore from 14 firms.   "By this modus operandi, ILFS Transportation Networks Ltd (ITNL) and its SPVs received huge loans and Rs 2,270 crore (as per Grand Thornton Report) remained outs
  • Voda-Idea loss triggers Rs 21.5K cr m-cap loss in Birla firms
    Mumbai, August 21 (IANS): The unabated losses at Vodafone-Idea are eroding the value of other Aditya Birla Group firms, whose combined m-cap declined by a whopping Rs 21,431 crore on August 20, days after the quarterly results of the telecom arm were announced on July 29.   On August 19, the company posted lacklustre subscriber numbers having lost 41 lakh customers. Soon after, it was announced that the company CEO Balesh Sharma will be replaced by Ravinder Takkar.  
  • Parle may cut up to 10,000 jobs as slowdown bites
    Sample of Parle Products. (IANS Photo)   BENGALURU, August 21 (Reuters): Parle Products Pvt Ltd, a leading Indian biscuit maker, might lay off up to 10,000 workers as slowing economic growth and falling demand in the rural heartland could cause production cuts, a company executive said on Wednesday.   A downturn in Asia's third-largest economy is denting sales of everything from cars to clothing, forcing companies to curtail production and raising hopes
  • Hyundai launches Grand i10 Nios @ Rs 4.99-7.99 lakh
    New Delhi, August 20 (IANS): Automobile major Hyundai Motor India (HMIL) launched the Grand i10 Nios, priced between Rs 4.99 lakh and Rs 7.99 lakh, here on Tuesday. The Grand i10 Nios is the third generation in "i10" series after i10 and Grand i10 models and offers BS-VI petrol compliance. According to the company, the vehicle comes with an option of a 1.2 BS6 petrol and 1.2 U2 diesel engine mated with either 'MT' (manual transmission) or in-house developed "smart au
  • Vietjet to begin direct India-Vietnam flight from December
    New Delhi, August 20 (IANS): Vietnam-based airline Vietjet on Tuesday said that it will commence direct flight operations between India and Vietnam from December. Commencing on December 6, the New Delhi-Ho Chi Minh City route will operate four return flights per week, while the Hanoi-New Delhi route will operate three return flights per week starting December 7. Besides, the airline is offering "super-saving tickets" priced at Rs 9 onwards, during its "three golden d
  • Samsung launches 'made in India' Galaxy Note10 smartphones
    Bengaluru, August 20 (IANS): Samsung on Tuesday brought much-awaited "made in India" Samsung Galaxy Note10 and Galaxy Note10+ with enhanced S Pen and pro-grade camera to the country that would take the productivity and creativity to a new level.   Running Android 9 (Pie) operating system, the slimmest and small 6.3-inch FHD+ Galaxy Note10 (8GB RAM+256GB memory with no microSD slot) is priced at Rs 69,999 while the bigger 6.8-inch Galaxy Note10+ (12GB RAM+256GB memory) with C
  • Nokia 105 4th Gen feature phone launched in India
    New Delhi, August 20 (IANS): HMD Global, that makes and sells Nokia-branded phones, on Tuesday launched the fourth generation of its feature phone 'Nokia 105' for Rs 1,199 in India.   The device would be available in blue, pink and black colours on Nokia.com/phones and at select mobile retail outlets across India.   "The Nokia 105 has sold in tens of millions across the globe proving its popularity and timeless quality as a legendary phone. This is the fourth gene
  • Jio tops 4G download speed in July, Vodafone leads upload speed
    New Delhi, August 20 (IANS): Reliance Jio has topped the 4G download speed chart and Vodafone the 4G upload one in July, according to telecom regulator TRAI.   Reliance Jio continued to lead the average 4G download speeds last month. Jio achieved 21.0 Mbps average download speed in July, witnessing an improvement from 17.6 Mbps in June.   Jio was the fastest 4G operator in 2018 with the highest average download speed in all 12 months, and this year again, it has t