Business

  • Honda Siel Power Products now named Honda India Power Products
    NEW DELHI, JULY 6 (IANS): Power products maker Honda Siel Power Products Ltd (HSPP) on Monday announced the change in its name to Honda India Power Products Limited (HIPP) with immediate effect.   Subsequent to the cessation of the joint venture agreement with its longtime partner Usha International Limited, HSPP applied for the corporate name change which was recently certified by the Registrar of Companies under the Ministry of Corporate Affairs, the company said in a regu
  • Airtel launches 'Priority 4G Network' for 'Platinum' customers
    NEW DELHI, JULY 6 (IANS): Bharti Airtel on Monday announced the launch of 'Priority 4G Network' for its 'Platinum' mobile customers.   Airtel has deployed advanced technologies that give its Platinum mobile customers preference on the network. As a result, all these customers will experience faster 4G speeds, the company said in a statement.   As part of the Airtel Thanks programme, all postpaid mobile customers on Rs 499 and above plans are design
  • Canara Bank lowers interest rates on loans by 10 bps
    NEW DELHI, JULY 6 (IANS ): Canara Bank has reduced marginal cost of funds-based lending rate (MCLR) on loans and advances across all tenors with effect from July 7. The interest rate has come down by 10 basis points (bps).   Accordingly, MCLRs of the bank shall vary between 7.20 per cent for overnight loans/advances and 7.55 per cent for one-year loans/advances.   The repo-linked lending rate continues to be 6.90 per cent.   After the amalgamation of Sy
  • Hotels prepare to re-open, 50% may shut permanently
    MUMBAI, JULY 6 (IANS): With hotels and restaurants preparing to reopen for business after nearly four months, the prospects of around 50 per cent of them shutting permanently also loom large, top players warn.   The Centre has indicated July 8 as the target date for the hospitality industry to throw open its doors to guests and patrons, but there is no clear signal yet from the Maharashtra government.   "The situation is bad and getting desperate daily. Till
  • No China origin, will invest and hire more in India: Zoom
    New Delhi, July 6 (IANS): Facing social media onslaught over it being a Chinese company, US-based video meet platform Zoom on Monday that they are clear about its identity and plan to significantly invest and hire local talent in the country over the next five years.   Velchamy Sankarlingam who is President of Engineering and Products at Zoom said India is and will continue to be an important market for Zoom.   "We do recognize that as we continue to introduc
  • Swiggy integrates 'premium' home delivery service Scootsy
    Mumbai, July 6 (IANS): Foodtech unicorn Swiggy on Monday said it has integrated its premium on-demand delivery platform Scootsy as well as its restaurant partners within the Swiggy platform.   Swiggy acquired Scootsy in 2018 to offer quality experiences to discerning customers predominantly in upscale south Mumbai areas.   Some of the onboarded restaurants as a result of the integration of the two platforms include Yauatcha & Hakkasan of KA Hospitality, The Ta
  • Airtel deploys Nokia's open Cloud-based VoLTE network
    New Delhi, July 6 (IANS): Nokia on Monday announced that its CloudBand-based software products have started powering Bharti Airtels Voice over LTE (VoLTE) network in India.   Finnish telecom gear maker firm Nokia in April bagged a deal worth more than Rs 7,500 crore from Bharti Airtel to deploy 5G ready network across the country.   According to Nokia, the network supports over 110 million customers, making it the largest cloud-based VoLTE network in India and the
  • GST liable on IT consulting services to firms having foreign client
    NEW DELHI, JULY 5 (IANS): Software consultancy services provided by an IT company under a contract to a company which has foreign clients is liable to pay Goods and Services Tax (GST).   In a recent order, Tamil Nadu Authority for Advance Rulings (AAR) for the GST held that 'software consultancy services' provided by applicant under a contract to a company who has foreign clients is a supply of service and applicant is liable to pay GST at appropriate rate.  
  • GST liable on IT consulting services to firms having foreign client
    NEW DELHI, JULY 5 (IANS): Software consultancy services provided by an IT company under a contract to a company which has foreign clients is liable to pay Goods and Services Tax (GST).   In a recent order, Tamil Nadu Authority for Advance Rulings (AAR) for the GST held that 'software consultancy services' provided by applicant under a contract to a company who has foreign clients is a supply of service and applicant is liable to pay GST at appropriate rate.  
  • 'Border Haats' to boost economy, people's ties: Experts
    AGARTALA/KOLKATA, JULY 5 (IANS): The "Border Haats" along the India-Bangladesh frontier must restart soon while maintaining necessary precautions against Covid-19, including social distancing as these markets boost the economy, fortify ties among the people of the two neighbouring states, and also check illegal trades, experts and economists said as they urged the Centre to prioritise.   The four "Border Haats", set up in Meghalaya and Tripura in 2011, 20
  • Solar manufacturing capacity to be tripled
    New Delhi, July 4 (IANS) The central government has proposed a major push to domestic manufacturing of renewable energy equipment in the country that would completely eliminate the need for imports, particularly from countries such as China.   As part of the plan, an accelerated manufacturing plan is being operationalised that is incentivising setting up of solar cell manufacturing capacity of 4,000 MW that would allow project developers to restrict import of this product co
  • Popular Galaxy 'M' series set to hit refresh: Samsung's Asim Warsi
    New Delhi, July 4 (IANS): To compete with the growing share of Chinese players like Xiaomi and Vivo in the mid-budget segment, Samsung came up with a brand new, online-exclusive Galaxy M series for millennials as an online exclusive in January last year.   In almost a year-and-a-half time span, the series has generated mass appeal in the affordable segment; writing a success story for the South Korean giant and helping it gain a substantial share in the online segment.
  • Petrol, diesel prices unchanged for fifth day in a row
    New Delhi, July 4 (IANS): Fuel prices remained unchanged on Saturday making it the fifth consecutive day when pump prices of petrol and diesel have remained static.   Fuel prices have gone for a longer pause after rising on 22 of the past 28 days. The oil marketing companies (OMC) began their daily price revision system from June 7 that kept the petrol and diesel prices to rise continuously by an average 50-60 paise per day.   In the national capital, petrol price
  • 'Threatened' Zoom says not worried about JioMeet competition
    New Delhi, July 4 (IANS): With Reliance Jio launching a Make in India free video-conferencing application JioMeet that directly takes on Zoom, the US-based company said on Saturday they are not worried about the upcoming competition and know what it takes to become a successful unified communications platform.   JioMeet offers enterprise-grade host control and security that and can be used for 1:1 video calls and hosting meetings with up to 100 participants. The application
  • Jio killer app serves Rs 13,500 p.a. spoiler on Zoom party
    New Delhi, July 4 (IANS): While video conferencing app, Zoom has a 40 minute limit on group meetings in its basic or free plan, JioMeet, soft launched on Google Playstore and iOS on Thursday, has a 24-hour limit on group meetings, absolutely free.   Based on rate card of Zoom below where $15 per month is the charge for more than 40 minute meeting time (which is equivalent to $180 on an annual basis) to the host. In an apple-to-apple comparison, JioMeet is providing the same
  • Bharti-led consortium wins bid for satellite firm OneWeb
    NEW DELHI, JULY 3 (IANS): Bharti Enterprises on Friday announced that a UK government's consortium led by the company has won the bid for the bankrupt satellite company OneWeb.   In a statement, Bharti Enterprises said that the deal will enable OneWeb to complete the construction of a global satellite constellation that will provide enhanced broadband and other services to mobile and fixed terminals in countries around the world.   "OneWeb was formed with
  • International flights to remain suspended till July 31
    NEW DELHI, JULY 3 (IANS): The Directorate General of Civil Aviation (DGCA) issued a circular on Friday extending the suspension on scheduled commercial international flight operations to and from India till July 31.   The development comes exactly a week after the suspension on oversees air services was extended till July 15.   The regulator said the validity of the earlier circular has been extended till 11.59 p.m. IST of July 31.   "However, inte
  • Chinese apps ban: JioMeet joins 'local ke liye vocal' call
    NEW DELHI, JULY 3 (IANS): In a filip to Prime Minister Narendra Modi's call for local ke liye vocal amid the ban on 59 Chinese apps, Reliance Jio has launched a free video-conferencing application called JioMeet that takes on various other such apps which are growing in leaps and bounds as millions of people work from home in India.   The application that has already been downloaded more than 1,00,000 times on Google Play Store within no time comes with enterprise-grade
  • Late fee on GST returns capped till July to Rs 500
    NEW DELHI, JULY 3 (IANS): In a major relief to the GST taxpayers, the government has decided to cap the maximum late fee for Form GSTR-3B at Rs 500 per return for the extended tax period of July 2017 to July 2020 subject to the condition that such returns are filed before September 30, 2020.   The Central Board of Indirect taxes and Customs (CBIC) has notified that there will be nil late fees if there is no tax liability; and, if there is any tax liability then a maximum lat
  • Union Bank expands insurance distribution channels post merger
    MUMBAI, JULY 3 (IANS): The Union Bank of India has expanded the insurance distribution channels after the amalgamation of Andhra Bank and Corporation Bank with it with effect from April 1, 2020.   Now, all branch outlets of Union Bank of India will offer Insurance products of three life insurers, four general insurers and two standalone health insurers, the bank said in a statement.   Prior to amalgamation Union Bank was distributing life insurance products of SUD