Business

  • NABARD gives clean chit to Reliance Commercial Finance (RCF)
    NEW DELHI, SEPTEMBER 28 (IANS): The government owned NABARD which has an over Rs 1,000 crore exposure to Reliance Commercial Finance (RCF) has said that no element of fraud was found in the forensic audit report of Grant Thorton. NABARD is the second largest lender to RCF with over Rs 1,100 Crore of secured loan exposure has given a clean chit to RCF and has removed its red flag. NABARD is a part of the Consortium of Lenders and is signatory to an Inter Creditor Agreement (ICA) e
  • SBI waives processing fee on select retail loans
    NEW DELHI, SEPTEMBER 28 (IANS): To enlarge retail loans and online business, lendin g major SBI on Monday announced a 100 per cent waiver in the processing fee for "Car, Gold, and Personal loans" availed through its integ rated digital banking platform - YONO. "The bank is offering the lowest interest rate starting from 7.5 per cent to customers opting for the car loan. They will also get 100 per cent o n-road finance on select models," the lending major said in
  • Flipkart Wholesale announces 1st 'Big Festival Month' fashion sale
    Bengaluru, September 28 (IANS): Flipkart Wholesale, the digital B2B marketplace of Flipkart Group for kiranas and MSMEs, on Monday announced 'Big Festival Month' from September 29 to October 31 where over 95 per cent products sourced locally will be made available on the platform. The sale will feature products in fashion categories across more than 50 brands, more than 100 sellers and one lakh members, the newly-launched B2B marketplace said in a statement. Flipkart last
  • Airtel narrowing gap with Jio on 4G in India: Report
    New Delhi, September 28 (IANS): Airtel has come closer to challenging Reliance Jio which continues to reign supreme on 4G availability and 4G coverage experience in India, says a new report by mobile analytics company Opensignal. While the average proportion of time that Jio users spent connected to 4G has increased by 0.5 of a percentage point since the last report to reach an impressive 98.7 per cent, Airtel saw its score increase by 1.1 percentage points. "As a consequenc
  • Diesel prices down for 3rd straight day
    NEW DELHI, SEPTEMBER 27 (IANS): Diesel prices continued to dip for the third straight day on Sunday on the back of subdued crude oil prices globally. In the national capital, diesel was priced at Rs 70.80 per litre, 14 paise down from Rs 70.94 a litre on Saturday. Similarly, its price fell in the other metros as well. In Mumbai, Chennai and Kolkata, the fuel was sold at Rs 77.22, Rs 76.27 and Rs 74.32 respectively on Sunday, compared to the previous levels of Rs Rs 77.36, Rs 76.4
  • CAIT calls for early roll out of e-commerce policy
    NEW DELHI, SEPTEMBER 27 (IANS): The Confederation of All India Traders (CAIT) has called upon Union Commerce Minister Piyush Goyal to roll out the e-commerce policy at the earliest to curb "malpractices" of large e-commerce players in India. In a statement, the traders' organisation said: "Indian e-commerce ecosystem has been greatly vitiated by large e-commerce companies and in the wake of steep rise of e-commerce share in the Indian domestic trade, it is all the
  • Cos adapting biz models to align with Aatmanirbhar Bharat reality
    NEW DELHI, SEPTEMBER 27 (IANS): With the pitch for an Aatmanirbhar Bharat along with the compulsions of a pandemic-stricken economy becoming a reality, many companies are adapting and re-aligning business models. Organisations across sectors like manufacturing, healthcare, technology and others are working towards adapting and realigning their business models. Sharad Malhotra, President (Automotive Refinishes and Wood Coatings) at Nippon Paint India is looking at make in India in
  • Printing 'Best before date' on sweets must from Oct 1
    NEW DELHI, SEPTEMBER 27 (IANS): While buying sweets, you must now check the 'Best before date' as it has been made compulsory for the sweetmakers to mention it on the product. The new norm will be in force from October 1. It means the shopkeeper has to inform the customer that till what date the dessert will remain edible. However, it will not be mandatory to write the date of manufacture of the product, as the Food Safety and Standards Authority of India (FSSAI) has left
  • Centre plans non-tariff barriers on toy imports early next year
    NEW DELHI, SEPTEMBER 27 (IANS): In line with its ambitious plan to make India a toy hub and self-reliant in the segment, the Union government is likely to go a step forward and impose further non-tariff barriers on toy imports. Official sources told IANS that the licence regime for toy imports may start in a phased manner, starting March next year or early FY22. This will be a follow up of quality control order issued for the industry recently. The first priority for the governme
  • Vodafone Idea starts upgrading 3G users to 4G in key markets
    MUMBAI, SEPTEMBER 27 (IANS): Vodafone Idea Limited (VIL) has started upgrading its 3G users to 4G in key markets. In a statement on Sunday, the company said that it has substantially enhanced 4G capacity by consolidating the Vodafone and Idea networks and deployment of latest technologies enabling it to upgrade large chunks of 3G spectrum to 4G. "VIL will now be able to offer faster 4G data speeds to its 3G users on the Vi GIGAnet network. The company's enterprise custom
  • GST e-invoicing mandatory from October
    New Delhi, September 26 (IANS): No further relaxation is likely in terms of e-invoicing as the Centre is set to go ahead with the decision to make GST e-invoicing mandatory for companies with annual turnover of over Rs 500 crore for their business-to-business transactions starting October 1. Industry representatives, however, have urged the government to not make it mandatory and rather allow voluntary compliance. The relief, however, would be there for relatively smaller busines
  • Hyd startup develops 'world's first social drinking platform'
    Hyderabad, September 26 (IANS):    A Hyderabad-based startup has launched what it claims to be the world's first social drinking platform, which will also deliver liquor to people at their doorsteps. The developers of Booozie, the web and app-based platform, claim it will promote responsible drinking. It features a database of bars/clubs in every city, offers and events at various bars/clubs, an exhaustive catalogue which lists the brands and current MRP of b
  • Jio partners with AeroMobile for in-flight mobile connectivity
    MUMBAI, SEPTEMBER 25 (IANS): Reliance Jio has partnered with Panasonic Avionics Corporation's subsidiary, AeroMobile, to launch India's first in-flight services for 'JioPostpaid Plus' users. In a statement, Jio said that its in-flight service will allow every Indian traveller going abroad, to stay connected with voice and data services on a flight, at affordable rates. "The in-flight services will be available to Indians when they travel abroad. Once the serv
  • Amazon Business announces 'anniversary sale' from September 25-30
    NEW DELHI, SEPTEMBER 25 (IANS): Amazon Business on Friday announced a special anniversary sale from September 25 to September 30 on account of completing three years of its services in India. In a statement, the company said that the event will feature a wide selection of products from both brands and MSMEs, offering deals and offers across various categories like IT, telecom, services, education, hospitality and healthcare, offering products such as IT peripherals, home and kitchen
  • CBDT launches faceless income tax appeals
    NEW DELHI, SEPTEMBER 25 (IANS): The Central Board of Direct Taxes (CBDT) on Friday launched the Centre's much-publicised reform measure of faceless income tax appeals. Under faceless appeals, all income tax appeals will be finalised online under the faceless ecosystem with the exception of appeals relating to serious frauds, major tax evasion, sensitive and search matters along with international tax and the Black Money Act. On August 13, while launching the Faceless Assessme
  • Diesel price falls again after 2-day pause, no relief on petrol
    NEW DELHI, SEPTEMBER 25 (IANS): Diesel price continued to decline on Friday after a two-day pause as the product prices fell globally while crude prices remained steady. Oil marketing companies, however, kept petrol prices unchanged for the third consecutive day. In the national capital, diesel price fell by 18 paisa per litre to Rs 71.10 a litre down from Rs 71.28 per litre on Thursday. The petrol price remained static at Rs 81.06 a litre. In the other metros of Mumbai, Chenn
  • Vodafone wins arbitration against India for tax demand of Rs 20K cr
    NEW DELHI, SEPTEMBER 25 (IANS): Vodafone has won the case against India over a retrospective tax demand of more than Rs 20,000 crore. The Permanent Court of Arbitration at The Hague has ruled that the conduct of India's tax department is in breach of "fair and equitable" treatment. Voafone had moved the International Court of Justice (ICJ) in 2016 due to a lack of consensus between the parties' arbitrators in finalising a judge for the tax dispute. Following
  • WagonR S-CNG clocks sales of 3 lakh vehicles: Maruti Suzuki
    New Delhi, September 25 (IANS): Automobile major Maruti Suzuki's 'WagonR S-CNG' has emerged as the highest selling CNG vehicle in the country, the company said on Friday. According to the company, the CNG variant of the tallboy hatchback has surpassed 3 lakh units in sales, "making it the most successful CNG car across all passenger vehicle segments". "Since its debut in 1999, WagonR has over 24 lakh happy customers and it's the first car for nearly
  • Online grocery to become $18bn industry in India by 2024: Report
    BENGALURU, SEPTEMBER 25 (IANS): As companies from Reliance to Amazon put their top dollar in serving daily grocery at your doorstep, a new report said on Friday that online grocery is going to be the next battleground for growth, expanding to over $18 billion by 2024. According to a joint report by a joint initiative by Bengaluru-based market consulting firm RedSeer and Bigbasket (Brand Intelligence), driven by the significant rise in organic adoption during Covid-19, eGrocery has b
  • Fresh Covid cases, lockdown fears make global, Indian equities bleed
    MUMBAI, SEPTEMBER 24 (IANS): Dangers to an overall international economic recovery such as rising Covid-19 cases, along with possible reimposition of lockdown measures in some European countries, pushed the global and the Indian stock markets deep into the red on Thursday, with the BSE Sensex losing 1,100 points, its worst performance in six months. Besides, no new stimulus measures for the US, combined with a slower growth forecast for the world's largest economy, also impacted