Business

  • GMR launches 'AeroCity Hyderabad'
    Hyderabad, April 16 (IANS): Infrastructure major GMR Group on Friday announced the launch of GMR AeroCity Hyderabad which offers a gateway airport with the best-in-class logistics hub with smart technology. Spread across 1,500 acres, GMR AeroCity Hyderabad is envisaged to be an integrated mixed-use development, which includes key ports and establishments like business park, retail park, aerospace and industrial park, logistics park and hospitality hub. It also provides a complete li
  • Airlines gain altitude, but will fly into losses this fiscal, too
    NEW DELHI, APRIL 15 (IANS): Domestic airlines are expected to log net losses in FY22 on the back of lower domestic air traffic compared with pre-pandemic levels, together with high fuel prices, ratings agency Crisil said. However, the agency said that these net losses will be 35-40 per cent below the ones reported for fiscal 2021 mark at Rs 9,500- Rs 10,000 crore. A Crisil Ratings study of the top three airlines, which account for 78 per cent of total passenger traffic, noted: &q
  • Petrol, diesel prices finally cut after 15 days pause
    NEW DELHI, APRIL 15 (IANS): Fuel prices in the country finally fell on Thursday with oil marketing companies deciding to pass the benefit of softer global oil prices earlier this month to the consumers. Accordingly, pump prices of petrol and diesel fell by 16 paisa and 14 paisa per litre respectively on Thursday. With this, petrol is now being retailed at Rs 90.40 a litre in Delhi, down from previous day's level of Rs 90.56 a litre. Similarly, diesel is now priced at Rs
  • India's WPI inflation rises to 7.39% in March
    NEW DELHI, APRIL 15 (IANS): India's annual rate of inflation based on wholesale prices sequentially rose to 7.39 per cent in March from a rise of 4.17 per cent in February. Similarly, the inflation rate last month was higher on a year-on-year basis. "The annual rate of inflation stood at 7.39 per cent (provisional) for the month of March, 2021 over March, 2020. However, the month-on-month (March 2021 over February 2021) rate of inflation stood at 1.57 per cent," the
  • Markets undeterred by Covid, fundraising increases
    NEW DELHI, APRIL 14 (IANS): Despite the uncertainty prevailing in FY 2020-21 owing to Covid-19 pandemic, fundraising in FY 2020-21 was better than that in FY 2019-20 for both Public Issues and Rights Issues, the finance ministry said in a statement on Wednesday. During FY 2020-21, Rs 46,029.71 crore and Rs 64,058.61 crore were raised through Public Issues and Rights Issue respectively, as against Rs 21,382.35 crore and Rs 55,669.79 crore raised last year. This is an increase of 115
  • Apollo to ship tyres from Chennai and Hungary for US/Canada markets
    CHENNAI, APRIL 14 (IANS): India's automobile tyre major Apollo Tyres Ltd will ship its commercial vehicle tyres for the US and Canadian markets out of its Chennai and Hungary plants. Apollo Tyres will sell the truck and bus tyres in the US and Canada under the Apollo brand. The company is already present in the passenger vehicle tyres segment in the US and Canadian market under the brand Vredestein. "Apollo's North American range of truck-bus tyres will be produce
  • Misinformation, vaccine hesitancy can dent revival of economy
    New Delhi, April 13 (IANS): Paranoia is once again building up with the surge in the Covid 19 with widespread circulation of misinformation regarding the intensity of the new strain of virus and Coronavirus vaccines. The government is now facing another challenge-vaccine hesitancy -- as doubts are being raised about the efficacy of the Covid 19 vaccines after many people, who have been administered the jabs contracted the virus. The medical fraternity has clarified that the
  • Masala Flakes: Kellogg to offer more Indianised products
    NEW DELHI, APRIL 13 (IANS: Breakfast cereal category major Kellogg India is set to expand its portfolio with more Indianised products which are suited to local palates. Last year, the company launched its first ever Indian breakfast product Kellogg's Upma for which it received a healthy response. The move to introduce Kellogg's Upma assumed significance as the company broke with tradition to launch a product which was curated for the local palate. In a conversation, Ke
  • Traders lose business worth Rs 46,000 cr amid curfews, curbs
    NEW DELHI, APRIL 13 (IANS): Retail and wholesale businesses across the country have taken a hit of Rs 46,000 crore in the last 10 days amid curfews and partial lockdowns across several states. According to the Confederation of All India Traders (CAIT), retail businesses have taken a hit of Rs 32,000 crore, while wholesale businesses have suffered a loss of Rs 14,000 crore. Nearly 60 per cent of consumers are avoiding visits to markets due to the daily steep rise of Covid cases, t
  • Facebook testing video speed dating app 'Sparked'
    SAN FRANCISCO, APRIL 13 (IANS): After Facebook Dating, the social networking platform is now testing a video speed-dating app called Sparked that will first allow 4-minute dates to help users find if they are compatible to each other. Once you "both have a great time," dates will then be scheduled for a 10-minute duration. After that point, Sparked can let the users exchange contact information and stay in touch via Instagram, iMessage, or email, The Verge reported on T
  • Worldwide PC shipments up 32% in Q1, Lenovo leads
    SAN FRANCISCO, APRIL 13 (IANS): Worldwide PC shipments reached 69.9 million units in the first quarter of this year, a growth of 32 per cent from the first quarter of 2020, according to Gartner. The top three vendors in the worldwide PC market remained unchanged from the previous quarter, with Lenovo maintaining the top spot by shipments, said the report. All of the top six vendors experienced double-digit growth, and all, except Dell, gained market share compared to a year ago &
  • GST recovery, petro taxes help Centre improve tax collections
    NEW DELHI, APRIL 13 (IANS): Good news is flowing for the government on the tax front with net indirect tax collections (GST & non-GST) registering a 12.3 per cent increase in FY21 largely on account of increased excise collections from petroleum products and improved GST inflows. As per provisional figures, net indirect tax collections for FY21 stood at Rs 10.71 lakh crore as compared to Rs 9.54 lakh crore for previous fiscal (FY20). Net Indirect Tax Collection for the last year
  • Meals barred on flights below 2-hour duration
    NEW DELHI, APRIL 12 (IANS): Amid the rising number of Covid cases in the country, the Centre has barred meals on flights with less than 2-hour duration. Further, in terms of longer flights, the servicing of inflight meals would have to be staggered among the adjacent seats as far as possible, according to an office memorandum issued by the Ministry of Civil Aviation. "Crew shall wear a fresh set of gloves for each meal/beverage service," the notification added. Sched
  • 'Save us from doom': Hospitality industry sends SOS to all CMs
    MUMBAI, APRIL 12 (IANS): In a last-ditch measure, the apex Federation of Hotel & Restaurant Associatons of India (FHRAI) sent an SOS to all Chief Ministers and Chief Secretaries on Monday, seeking urgent relief measures to help save the industry from doom as nearly one-third of hotels and restaurants across the country have shut down permanently. It pointed out that with the fresh Covid-19 wave and new restrictions on the hotel industry business across states, the crucial sector
  • Retail inflation rises in March, food prices soar
    NEW DELHI, APRIL 12 (IANS): India's retail inflation marginally rose in March as the Consumer Price Index (CPI) increased to 5.52 per cent from 5.03 per cent in February. Data furnished by the National Statistical Office (NSO) showed that CPI Urban rose 0.26 per cent in March, whereas the CPI Rural remained static. As per the National Statistical Office's data, Consumer Food Price Index increased to 4.94 per cent in March from a rise of 3.87 per cent in February. Risin
  • Xiaomi to unveil 'X' series in India on April 23
    NEW DELHI, APRIL 12 (IANS): Alongside Mi 11 Ultra, Chinese smartphone maker Xiaomi on Monday announced that it is all set to unveil its flagship X series in India on April 23. The company confirmed the news via press invites for an event. CEO Manu Kumar Jain also wrote on Twitter that the flagship series is coming to India. "Mi Fans, Xcited that 'X' flagship series is coming to #India!" the CEO tweeted. According to GSMArena, the Mi X series will include rebr
  • 76% growth in digital payments in India in last 12 months
    BENGALURU, APRIL 12 (IANS): Online transactions saw a healthy growth of 76 per cent in the first quarter of 2021 as compared to 2020, as tier 2 and 3 cities and towns continued to contribute over 50 per cent of all online transactions, a new report said on Monday. After seeing a steep decline in 2020 owing to the pandemic, travel industry grew by 50 per cent while real estate was up by 69 per cent in the first three months of this year. As tourism opened up, Jammu and Kashmir mad
  • Base effect pushes March passenger vehicle sales higher: SIAM
    NEW DELHI, APRIL 12 (IANS): Base effect, along with low interest rates and pent-up demand, accelerated domestic passenger vehicle sales in March 2021 on both year-on-year and sequential basis. Sales of passenger vehicles increased to 290,939 last month compared to over 135,196 units during the same period of 2020. In February 2021, 281,380 units of passenger vehicles were sold, including the sub-segments of cars, utility vehicles and vans. A total of 156,985 passenger cars wer
  • Microsoft to buy speech-recognition firm Nuance for $16B: Report
    San Francisco, April 12 (IANS): Microsoft is reportedly acquiring speech-recognition company Nuance Communications for nearly $16 billion and the deal could be announced on Monday (US time), the media reported. According to a CNBC report citing sources on Sunday, Microsoft first approached Nuance in December last year. At about $56 per share for Nuance, the acquisition value could be nearly $16 billion. At $16 billion, Nuance would be Microsoft's second largest acquisition
  • Flipkart enters into strategic partnership with Adani Group
    New Delhi, April 12 (IANS): Flipkart, India's leading homegrown e-commerce marketplace, Monday announced a strategic and commercial partnership with the Adani Group, India's largest multinational infrastructure company. In this two-pronged partnership, Flipkart will work with Adani Logistics Limited, the largest diversified end-to-end logistics service provider in the country and a wholly owned subsidiary of Adani Ports & Special Economic Zone Limited, to strengthen Flip