Business

  • Tata Motors Group's Q1FY21 global wholesales down 64%
    NEW DELHI, JULY 10 (IANS): Automobile major Tata Motors Group, including Jaguar Land Rover, on Friday reported a plunge of 64 per cent in global wholesales Q1FY21 on a year-on-year basis.   According to the group, global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in Q1 FY21 declined by 89 per cent to 11,598 units over Q1 FY20.   "Global wholesales of all passenger vehicles in Q1 FY21 were at 79,996, lower by 49 per cent compa
  • Yes Bank case: ED attaches Rs 2,203 cr assets of Kapoor, others
    NEW DELHI, JULY 9 (IANS): The Enforcement Directorate (ED) has attached Rs 2,203 crore assets of Yes Bank founder Rana Kapoor, his family, Dewan Housing Finance Ltd (DHFL) promoters and others under the Prevention of Money Laundering Act (PMLA) in the Rs 3,700 crore fraud case, officials said on Thursday.   The ED had earlier filed a charge-sheet in the case against Kapoor, his daughter Roshni Kapoor - promoter of DoIt Urban Ventures (India), DHFL's Kapil R. Wadhawan, Dh
  • Mastercard commits Rs 250 cr to support SMEs in India
    NEW DELHI, JULY 9 (IANS): Mastercard on Thursday committed Rs 250 crore to help Indian small and business enterprises recover in view of the severe impact of the pandemic.   "Their dependence on the cash economy and supply chain disruptions have made India's small and medium businesses amongst the hardest hit from the COVID-19 pandemic," Mastercard said in a statement.   As part of this commitment, the company will roll out multiple initiatives to he
  • 49% Indians want Chinese firms to sell goods, with data security
    NEW DELHI, JULY 9 (IANS): A survey has found that around 49 per cent of its respondents feel that Chinese companies should be allowed to sell products in India, but they want their data to be placed in India and should be transferred to the companies' China headquarters.   The LocalCircles survey showed that 35 per cent people said such sales should be completely barred while 14 per cent said they should only be allowed to sell Made in India products. Around 25 per
  • Yes Bank's Rs 15K cr further public offering opens on July 15
    MUMBAI, JULY 9 (IANS): Yes Bank has filed a red herring prospectus for its further public offering (FPO) to raise up to Rs 15,000 crore.   The FPO issue will open on July 15 and close on July 17. The anchor investor bidding date would be July 14.   In a regulatory filing, the bank on Thursday said that it has reserved a portion of up to Rs 200 crore for its employees.   "In continuation to our letter dated July 7, 2020, we wish to inform you that t
  • Sales plunge to dent auto dealers' credit metrics this fiscal
    NEW DELHI, JULY 8 (IANS): Two consecutive years of double-digit decline in sales volume and a 50-100 basis points (bps) moderation in already thin operating profitability are expected to materially dent the credit metrics of automotive dealers this fiscal, a study of 2051 CRISIL-rated dealers indicates.   After declining 18 per cent in fiscal 2020, vehicle sales volume is expected to fall another 25 per cent this fiscal because of the Covid-19 pandemic and weak business envi
  • CAIT plans drive to boycott Chinese goods during festive season
    NEW DELHI, JULY 8 (IANS): The Confederation of All India Traders (CAIT) on Wednesday said that it will spearhead a movement to boycott goods imported from China during the upcoming festive season in India.   It said that it has made an elaborate strategy to ensure 'Made in India' goods are available across the country in a substantial quantity.   The CAIT, in a message, advised traders to ensure that Indian goods related to each festival be made available
  • Banks' cyber risks rise as Covid spurs digital trends: Moody's
    LONDON, JULY 8 (IANS): Banks face a growing risk of cyber-attacks as the coronavirus crisis accelerates the shift to digital banking and remote working, Moody's Investors Service said in a report on Wednesday.   "Social distancing has created a surge in demand for contactless payments, digital cash transfers and online banking, as well as remote working by bank employees," said Alessandro Roccati, Senior Vice President at Moody's.   Banks' di
  • Flipkart, Amazon among ecommerce players asked to indicate country of origin on products
    NEW DELHI, JULY 8 (IANS): Consensus is building within the government that e-commerce players like Flipkart, Amazon will have to indicate the country of origin of the product on their merchandise.   DPIIT under the Ministry of Commerce and Industry is likely to tell e-commerce companies that it would be mandatory to provide information about the product on their platform, where the product came from or where it was made, or the country of origin. DPPIT held a meeting today w
  • SpiceJet offers Covid-19 insurance cover for passengers
    NEW DELHI, JULY 8 (IANS): To boost passenger confidence, airline major SpiceJet on Wednesday announced a unique initiative to provide passengers with a facility to opt for Covid-related insurance cover.   Accordingly, the cover is valid for a period of 12 months and ranges from Rs 50,000 to Rs 300,000 at a premium of Rs 443 to Rs 1,564 a year (including GST).   "The insurance covers hospital expenses and all pre- and post-hospitalisation expenses for 30 and 6
  • Nestle launches virtual internship programme amid Covid
    NEW DELHI, JULY 8 (IANS): Nestle India on Wednesday announced the launch of a virtual internship programme, 'Nenternship'. The programme will focus on upskilling around 1,000 young people.   "The programme will roll out virtual internship opportunities to 1,000 young talents across diverse functions and education backgrounds over the next four months," the company said in a statement.   It will go live on August 1, 2020 and will continue for four
  • No registration of BS-IV vehicles sold after March 31: SC
    NEW DELHI, JULY 8 (IANS): The Supreme Court on Wednesday recalled its March 27 order, where it had allowed the sale of BS-IV compliant vehicles for 10 days, barring in Delhi-NCR, after the lifting of the nationwide lockdown imposed to fight the coronavirus pandemic.   In its March order, the top court had allowed some relief to the auto dealers, permitting the sale of 10 per cent unsold BS-IV inventory. The apex court on Wednesday said that it will not allow registration of
  • SBI reduces MCLR by 5-10 bps in shorter tenors
    NEW DELHI, JULY 8 (IANS): State Bank of India (SBI) on Wednesday announced reduction in its marginal cost of funds-based lending rates (MCLR) on loans by 5-10 basis points (bps) in the shorter tenors -- up to three months -- with effect from July 10.   In a statement, the bank said that the rates have been cut to boost credit off take and revive demand.   This is the 14th consecutive reduction in SBI's MCLR.   Following the latest revision, SBI'
  • Investments for building long-term presence in India remain intact: Coca-Cola
    NEW DELHI, JULY 8 (IANS): Beverage major Coca-Cola's long-term investment plans in India remain intact despite coronavirus-induced economic turbulence, a key company executive said.   Accordingly, the beverage major is expected to complete the earlier announced $5 billion investment this year for creation of retail infrastructure, bottling plants and introduction of new products, amongst others.   Since its re-entry into India in 1993 till 2011, Coca-Cola had
  • Instagram brings TikTok-like short videos to India with 'Reels'
    NEW DELHI, JULY 8 (IANS): With the ban on TikTok creating a huge vacuum for the 15-second videos in the Indian Internet space, Facebook-owned Instagram on Wednesday announced the extension of the testing of Reels which allows users to record, edit and share short multi-clip videos, to India.   With Reels, Instagram users can share short videos with their followers on Feed and, if they have a public account, make their reels available to the wider Instagram community through
  • UltraTech arm to sell entire stake in Chinese cement firm
    MUMBAI, JULY 7 (IANS): Krishna Holdings, a subsidiary of UltraTech Nathdwara Cement, will sell its entire 92.5 per cent stake in China's Shandong Binani Rongan Cement for around $129 million.   UltraTech Nathdwara Cement is a subsidiary of the UltraTech Cement.   In a regulatory filing on Tuesday, UltraTech said, "Krishna Holdings, incorporated in Singapore and a subsidiary of the company's wholly-owned subsidiary UltraTech Nathdwara Cement, has infor
  • HDFC Bank cuts interest rates on loans by 20 bps
    MUMBAI, JULY 7 (IANS): The HDFC Bank has reduced the marginal cost of funds-based lending rates (MCLR) on loans across tenors by 20 basis points with immediate effect.   Following the reduction, MCLRs of the bank will range from 7.10 per cent to 7.65 per cent.   The bank's overnight MCLR now stands reduced to 7.10 per cent and its one-month MCLR is 7.15 per cent. One-year MCLR will now be 7.45 per cent, while three-year MCLR stands at 7.65 per cent.  
  • Gold may cross Rs 52,000 per 10 grams by Diwali
    NEW DELHI, JULY 6 (IANS): The price of gold in the spot and futures markets remained soft for the fourth consecutive day on Monday, but during the corona period the fundamentals of the precious metal are strong due to which it may touch a new high later this year.   The demand for the yellow metal may not be much in the upcoming festive season due to the uncertainty caused by the corona crisis, but considering the investors interest in gold, its price is expected to cross th
  • North Korean hackers stealing online shoppers' data in US, Europe
    SAN FRANCISCO, JULY 6 (IANS): North Korea-based hackers have engaged in a large scale digital skimming activity since May 19, breaking into online stores like international fashion chain Claires to insert malicious code that steal payment card details of the users in the US and Europe, a new report revealed on Monday.   Dutch cyber security company Sansec has found proof of global web skimming activity that has multiple, independent links to previously documented and North K
  • Rs 90k cr package for discoms not enough, dues cross Rs 1 lakh cr
    NEW DELHI, JULY 6 (IANS): The Centre's Rs 90,000 crore liquidity window to financially stressed state discoms for clearing their mounting dues to power generation companies may not be sufficient to clean up their books and clear all outstanding.   The reason is that power distribution companies' (discoms) pending dues to power generation companies (gencos) has risen 73 per cent year-on-year and 8 per cent month-on-month to Rs 1,05,000 crore as of April 2020.