Business

  • Tata Projects successfully bids for constructing Parliament's new building
    NEW DELHI, SEPTEMBER 16 (IANS): Construction major Tata Projects has won the bid to build the new Parliament building here in the national capital. According to a company spokesperson: "We have emerged as the a 'L1' (lowest bidder) in the comprehensive bidding process and are first in line to be awarded this prestigious contract to construct the new building of the Parliament." "Tata Projects is honoured to be associated with this project and to accelerate Ind
  • Govt is amending Banking Regulation Act to benefit depositors: FM
    NEW DELHI, SEPTEMBER 16 (IANS): The government has brought amendments to the Banking Regulation Act, 1949 in order to protect the interests of the depositors, Union Finance Minister Nirmala Sitharaman said in Parliament on Wednesday. The Finance Minister said the government is trying to bring amendments in order to protect the interest of depositors who in the last two years have been put to hardships. The depositors in some unfortunate situations in the banks or cooperative soci
  • India should look for outward investments to meet domestic needs: Exim Bank study
    CHENNAI, SEPTEMBER 16 (IANS): India should look at outward investments in agriculture and rare earth elements to meet domestic demand as well as specific interventions for encouraging innovation-led manufacturing, revisiting regulations to reduce import dependence in certain sectors, states a study by Export Import Bank of India (Exim Bank). According to the study, the recent performance of the manufacturing sector in India is indicative of an underlying inertia, with the share of m
  • Mobile catering the new norm in Bengaluru
    BENGALURU, SEPTEMBER 16 (IANS): If the coronavirus pandemic is blamed for the soaring unemployment rate in the country, it has also opened new avenues like giving a boost to the mobile catering business in and around the city. Speaking to IANS, Idli Dosa Coffee Kitchen (IDC Kitchen) Manager Dinesh Gowda said operating stand-alone restaurants or eatery joints has become more expensive and it has not been translating into a profit-making business as it used to be once. "The ID
  • Implementation of new quality standards for toys extended
    NEW DELHI, SEPTEMBER 16 (IANS): The Centre has extended the time period given to the domestic toy manufacturers for compliance with new quality standards. Accordingly, a notification for the implementation of 'Quality Controls' order was issued extending the time period by four months. The Department for Promotion of Industry and Internal Trade (DPIIT) issued the notification, extending the date of implementation of 'Toys (Quality Control) Order, 2020' to be imple
  • Apple unveils Watch Series 6, cheaper Watch SE, iPad Air
    CUPERTINO, September 16 (IANS): Keeping the new iPhone 12 series for a later launch, Apple on Tuesday introduced new Watch Series 6 with a revolutionary Blood Oxygen sensor in the Covid-19 times, a cheaper Watch SE for its aspirational fans and an iPad Air with industry-first A14 bionic chip. Apple Watch Series 6 (GPS) starts at Rs 40,900 while Apple Watch Series 6 (GPS + Cellular) begins from Rs 49,900. The cheaper Apple Watch SE starts at Rs 29,900 and the GPS+Cellular version
  • Covid impacted economy, may see gradual recovery: RBI Guv
    NEW DELHI, SEPTEMBER 16 (IANS): The recovery of the economy reeling from the impact of Covid-19 pandemic will be gradual, RBI Governor Shaktikanta Das said on Wednesday. Addressing the FICCI National Executive Committee Meeting, the central bank chief said that the country is still reeling under the impact of Covid-19 and will gradually come back on normal growth path. He, however, said that things have considerably improved in the second quarter after adverse impact the pandemic
  • Covid impact: SpiceJet Q1FY21 net loss at over Rs 593 cr
    NEW DELHI, SEPTEMBER 15 (IANS): Airline major SpiceJet on Tuesday reported a net loss of Rs 593.4 crore during Q1FY21, as flight operations remained suspended for most part of the quarter following the nationwide lockdown. The company had reported a profit of Rs 261.7 crore in the same quarter of the previous year. The company's results belie the fears of investors. Interestingly, another listed airline in India had reported a loss of over Rs 2,800 crore for the same quarter.
  • SBI extends OTP-based ATM withdrawal throughout the day
    MUMBAI, SEPTEMBER 15 (IANS): To reinforce ATM security system, lending major State Bank of India (SBI) has extended its OTP-based cash withdrawal for Rs 10,000 and above throughout the day. OTP-based cash withdrawal for Rs 10,000 can now be carried out throughout the day across all SBI ATMs in the country starting September 18. "For withdrawing Rs 10,000 and above, SBI debit card holders now have to enter OTP sent on their registered mobile numbers along with their debit car
  • Electric vehicle startup PURE EV ventures into global market
    HYDERABAD, SEPTEMBER 15 (IANS): Indian Institutes of Technology Hyderabad-incubated startup PURE EV on Tuesday said it will launch its premium model EPluto7G scooter in Nepal by October 2020 as part of its international expansion plans. The battery and the vehicle have been designed and developed factoring in the gradient requirements of Nepal, the company said, adding that it has developed "power train" capabilities and efficiency in its vehicles to enhance the user exper
  • Facebook India grants Rs 32cr to help 3,000 small businesses
    NEW DELHI, SEPTEMBER 15 (IANS): Facebook India on Tuesday announced a grant of $4.3 million (Rs 32 crore) for more than 3,000 small businesses in Delhi, Gurgaon, Mumbai, Hyderabad and Bengaluru. The grant, that includes both cash and ad credits with cash constituting a larger share, is part of a $100 million global grant for small businesses Facebook announced in March this year as Covid-19 pandemic began to spread globally. "The grant programme is open to small businesses f
  • Flipkart to create 70,000 direct jobs this festive season
    BENGALURU, SEPTEMBER 15 (IANS): Flipkart on Tuesday said it will help generate over 70,000 direct and lakhs of indirect seasonal jobs this festive season. The direct jobs will be across supply chain -- delivery executives, pickers, packers and sorters -- while there will be additional indirect jobs at Flipkart's seller partner locations and kiranas, the company said in a statement. "We are focused on creating impactful partnerships that offer great consumer experience wh
  • Centre bans onion export to control domestic prices
    NEW DELHI, SEPTEMBER 15 (IANS): With an increase in onion prices in the country, the central government has banned its export, which is expected to bring the prices of the staple down. Onion exports from the country had increased considerably during the coronavirus pandemic, due to which domestic prices increased and supply decreased within the country. At present, the retail price of onions is above Rs 40 per kg in Delhi and neighbouring areas. On Monday, onion prices at the Aza
  • Air traffic recovery slower in India than other parts of Asia, Europe
    NEW DELHI, SEPTEMBER 15 (IANS): The recovery in air traffic in India has been slower than in other parts of Asia and Europe. While traffic in China has almost reached 90 per cent of pre-Covid-19 levels, traffic in Europe is also recovering faster than in India, according to a research report by HSBC. Ryanair reported a 53 per cent year on year traffic decline in August with a load factor at 73 per cent. Wizz reported a 41 per cent year on year decline in its traffic with a load f
  • Parliamentary panel for abolishing tax on LTCG from investments in startups
    NEW DELHI, SEPTEMMBER 15 (IANS): The Standing Committee on Finance (2019-20) has recommended to the Centre to abolish tax on Long Term Capital Gains for all investments in startups which are made through collective investment vehicles (CIVs) such as angel funds, alternate investment funds (AIF), and investment LLPs. The committee in its report on "Financing The Startup Ecosystem" said the tax should be removed at least for the next two years to encourage investments amid t
  • Export benefits need to seamlessly flow to exporters to help execution of new orders: FIEO
    NEW DELHI, SEPTEMBER 15 (IANS): Indian export sector is looking up after months of fall and severe slide in wake of Covid-19 related disruptions. According to exporters body FIEO, Indian exporters have started receiving a lot of enquiries and orders from across the globe helping many sectors to show improved export performance, which is likely to get better in next few months. But, FIEO wants government to continue incentivising exports in these difficult period through continuat
  • Centre, States agree not to revise GST rates during pandemic
    NEW DELHI, SEPTEMBER 14 (IANS): GST rates in the country are unlikely to witness any change during the pandemic as the Centre and states have agreed not to disturb the indirect tax structure in wake of the current economic situation where growth has contracted and industrial activity has come to a standstill. Government sources privy to the development said that there would not be any increase in GST rates at least during the year and even steps taken to correct the inverted duty st
  • Google's lifetime net carbon footprint now zero: Sundar Pichai
    NEW DELHI, SEPTEMBER 14 (IANS): Alphabet and Google CEO Sundar Pichai on Monday declared that the company has eliminated its entire carbon legacy -- covering all its operational emissions before it became carbon neutral in 2007 -- through the purchase of high-quality carbon offsets. It means that Google's lifetime net carbon footprint is now zero. "We're pleased to be the first major company to get this done, today," Pichai said in a blog post. The company now a
  • Ashok Leyland to address larger LCV market with 'Bada Dost'
    CHENNAI, SEPTEMBER 14 (IANS): Truck major Ashok Leyland Ltd, with its new light commercial vehicle (LCV) 'Bada Dost', will be able to address a larger part of this market segment within and outside India, Chairman Dheeraj Hinduja said on Monday. Addressing reporters at the launch of Bada Dost model, he said: "Globally LCVs account for 70 per cent of the overall commercial vehicles market." According to him, Bada Dost - i3 and i4 - variants along with other current
  • India's Aug WPI rises sequentially on high food, fuel prices
    NEW DELHI, SEPTEMBER 14 (IANS): High food, fuel and manufactured goods' prices accelerated India's August wholesale inflation, official data showed on Monday. On sequential level, India's annual rate of inflation based on wholesale prices rose to 0.16 per cent in August from (-) 0.58 per cent in July. On a year-on-year (YoY) basis, the Wholesale Price Index (WPI) data furnished by the Ministry of Commerce and Industry has risen to 1.17 per cent during the correspondin