Business

  • Centre allows Rs 9,913 cr additional borrowing by 5 states
    NEW DELHI, SEPTEMBER 24 (IANS): The Department of Expenditure, under the Finance Ministry, has granted five states permission to raise additional financial resources of Rs 9,913 crore through open market borrowings. The states are Andhra Pradesh, Telangana, Goa, Karnataka and Tripura. "This permission has been accorded after these states successfully met the reform condition of implementation of One Nation One Ration Card System," an official statement said. The addi
  • Maruti Suzuki launches 'vehicle subscription programme'
    NEW DELHI, SEPTEMBER 24 (IANS): To offer flexible car ownership options, Maruti Suzuki India on Thursday launched its vehicle subscription programme. The vehicle subscription programme "Maruti Suzuki Subscribe" has been made available in Delhi, NCR (Noida, Ghaziabad, Faridabad, Gurugram) and Bengaluru. The company said the programme allows a customer to use a new car without actually owning it and by paying an all-inclusive monthly fee that covers maintenance, insurance
  • Harley-Davidson plans to close India manufacturing facility
    NEW DELHI, SEPTEMBER 24 (IANS): Cruiser bikes giant Harley-Davidson on Thursday said that it plans to close its manufacturing facility in Haryana's Bawal and significantly reduce the size of its sales office in Gurugram. The development comes as part of 'The Rewire' initiative which intends to overhaul the company's operating model and market structure. The company said that it is changing the business model in India and evaluating options to continue to serve its
  • LG expands budget smartphone line-up with 3 new models
    SEOUL, SEPTEMBER 24 (IANS): LG Electronics on Thursday added three new models to its budget smartphone lineup as the South Korean tech firm targets to expand its mobile sales. The K62, the K52 and the K42 have been added to LG's K series family and will be launched next month starting in Europe. LG did not reveal prices of the new smartphones, reports Yonhap news agency. All three models have a 6.6-inch punch-hole display with a 20:9 aspect ratio, and a quad-rear camera setup
  • Facebook partners with Matrix Partners India to scale SMBs
    NEW DELHI, SEPTEMBER 24 (IANS): Facebook on Thursday said it has joined hands with early stage venture capital fund Matrix Partners to scale small businesses in India by providing them with timely digital skilling support. The move comes barely a week after the social networking giant announced a grant of $4.3 million (Rs 32 crore) for more than 3,000 small businesses in Delhi, Gurgaon, Mumbai, Hyderabad and Bengaluru impacted by Covid-19. The tie-up with Matrix Partners is a par
  • Samsung joins Flipkart to debut Galaxy F series on Big Billion Day
    GURUGRAM, SEPTEMBER 24 (IANS): Riding on its successful Galaxy 'M series amid surge in online shopping, Samsung on Thursday announced a partnership with Flipkart to globally debut its next affordable Galaxy 'F series on the first day of the Big Billion Days sale in India next month. The company will debut the fully-loaded Galaxy F41 as the first smartphone in the new series that will be priced between $200-$250 (somewhere around Rs 15,000-Rs 18,000) to give consumers a '
  • Flipkart Wholesale expands footprint to 12 new cities
    BENGALURU, SEPTEMBER 24 (IANS): Digital business-to-business marketplace Flipkart Wholesale on Thursday said it has expanded its operations to 12 new cities ahead of the festive season. Flipkart Wholesale will now be operational in Ghaziabad, Faridabad, Mysuru, Chandigarh Tricity, Meerut, Agra, Jaipur, Thane-Bhiwandi-Ulhasnagar, Greater Mumbai, Vasai-Virar-Mira-Bhayanadar, Thane (Kalyan-Dombivli) and Thane (Navi Mumbai). Expanding with the fashion category in these cities, Flipka
  • IL&FS' offshore arms file for bankruptcy in Dubai
    NEW DELHI, SEPTEMBMER 24 (IANS): Two offshore companies of IL&FS Group, ITNL Infrastructure Developer LLC, ITNL International DMCC have filed for bankruptcy in Dubai. The two companies are subsidiaries of ITNL International Pte. Limited, (IIPL) Singapore, which is a step-down subsidiary of IL&FS Transportation Networks Ltd (ITNL). The IL&FS holds 73 per cent stake in ITNL. In a regulatory filing, ITNL said that the two "subsidiary/associate companies set up by
  • Gold prices continue to fall, further decline likely
    MUMBAI, SEPTEMBER 24 (IANS): The downtrend in the global prices continued on Thursday, with the futures of the yellow metal on the Multi-Commodity Exchange moving southwards towards the 49,000-mark. The October contract of gold on the MCX is currently trading at Rs 49,365 per 10 gram, lower by Rs 143.00 or 0.29 per cent from its previous close. The recent fall in domestic gold prices is in line with the global trend, where prices of the precious metal fell amid a strengthening US
  • India's banking sector recovery to pre-Covid levels may take years: S&P
    NEW DELHI, SEPTEMBER 24 (IANS): The path to recovery will be more painful for emerging markets such as India and the banks' recovery to long-term averages for key asset quality and profitability ratios will take years, S&P Global Ratings said. India, Mexico, and South Africa are among the banking systems that will be slower to recover to 2019 levels--likely beyond 2023, according to S&P Global Ratings. Covid-19 and the oil price shock of 2020 are taking a heavy toll o
  • Bharti Airtel, VIL shares plunge after Jio unleashes postpaid tariff war
    MUMBAI, SEPTEMBER 23 (IANS): Shares of telecom majors Bharti Airtel and Vodafone Idea Ltd (VIL) were under pressure on Wednesday after Reliance Jio announced a range of postpaid plans with several benefits, to take on both Airtel and Vodafone Idea in the postpaid segment. Around 1.50 p.m., shares of Bharti Airtel on the BSE were trading at Rs 433.50, lower by Rs 37.55 or 7.97 per cent from its previous close. Vodafone Idea shares were trading at Rs 9.32, lower by 93 paise or 9.07
  • Two-year extension of GST compensation cess levy likely to cover shortfall in tax collection
    NEW DELHI, SEPTEMBER 23 (IANS): The GST Council is likely to approve a two-year extension of compensation cess levy on goods and services to allow Centre to pay entire shortfall in GST tax collection by states expected till June 2022. Sources in the government said that with 21 states expressing their preference for the Borrowing Option-1 proposed by the Centre to meet the GST compensation needs of states this year, the next course of action would extend the period of cess levy beyo
  • Apple's exclusive online store goes live in India
    NEW DELHI, SEPTEMBER 23 (IANS): The first Apple Store Online went live in India on Tuesday, offering a full range of products, support and premium experience to consumers and the large aspirational fan base across the country, including trading old phones for a new iPhone. The online store provides the ability to custom-configure any Mac with just a few clicks. With financing options and available trade-in programme, the Apple Store Online offers a range of affordability options.
  • Flipkart introduces OTC medicines in healthcare portfolio
    NEW DELHI, SEPTEMBER 22 (ANS): E-commerce platform Flipkart on Tuesday confirmed that it has expanded its healthcare portfolio to introduce over-the-counter (OTC) medicines on the platform which comprises of ayurvedic, homeopathic and allopathic medicines. The platform currently hosts over 8,000 products under the healthcare portfolio. "As consumers increasingly look for preventive care in the wake of the pandemic, it was a natural step for us to scale up our portfolio and l
  • SP Group to separate from Tatas
    NEW DELHI, SEPTEMBER 22 (IANS): The largest shareholder in the Tata Group, SP Group said before the Supreme Court on Tuesday that a separation from the Tatas is necessary. The SP Group stated before the Supreme Court that a separation from the Tata Group is necessary due to the potential impact this continuing litigation could have on livelihoods and the economy. They stated that it was crucial that an early resolution is reached to arrive at a fair and equitable solution re
  • 'JioPostpaid Plus' launched to take on Airtel, Vi
    NEW DELHI, SEPTEMBER 22 (IANS): Reliance Jio has launched 'JioPostpaid Plus' with several benefits, in a bid to take on the other players, Airtel and Vi (Vodafone Idea) in the postpaid segment. Some key features of the 'JioPostpaid Plus' include subscription to Netflix, Amazon Prime and Disney+ Hotstar and family plan for the entire family at Rs 250 per connection. The plans also provide data rollover up to 500 GB and Wifi-Calling in India and abroad. Further,
  • Google to nurture 20 Indian startups
    NEW DELHI, SEPTEMBER 22 (IANS): Google on Tuesday announced the fourth batch of its Google for Startups (GFS) Accelerator programme with 20 startups who will receive three months of support from the network of internal and external mentors in India. The fourth GFS Accelerator programme has not only doubled its batch size from 10 to 20 startups but also expanded the scope of the programme, to include startups that are using cutting-edge tech to meaningfully help India and the world a
  • Ducati launches Scrambler 1100 Pro range in India
    New Delhi, September 22 (PTI): Italian superbike maker Ducati on Tuesday said it has launched all-new Scrambler 1100 Pro and the 1100 Sport Pro in India, priced at Rs 11.95 lakh and Rs 13.74 lakh, respectively (ex-showroom). The bikes come with an 1100-cc engine mated to a six speed gearbox. "Scrambler is one of the most characterful, free spirited and powerful entry level Ducati in our portfolio. The new Scrambler 1100 Pro range takes those qualities a notch higher allowing
  • 2-year wait for states not opting for GST compensation formula
    New Delhi, September 22 (IANS): States which failed to submit their options before the GST Council meeting in October will have to wait for at least two years to get compensation on Goods and Services Tax collection shortfall expected during the transition period, Finance Ministry sources said on Monday. The sources said that such states will have to wait till June 2022 to get compensation dues, subject to the condition that the GST Council extends the cess collection period be
  • No compulsion to invest in small/mid caps, schemes must be 'true to label': SEBI Chief
    MUMBAI, SEPTEMBER 22 (IANS): As the market regulator's recent change in norms regarding constitution of multi-cap funds continues to cause some discomfort among mutual funds, SEBI Chairman Ajay Tyagi on Tuesday said that the regulator is not forcing anyone to invest in mid or small cap companies, as it has only asked fund houses to keep their schemes "true to label". On September 11, SEBI said that multi-cap funds will now invest minimum 75 per cent of total assets in