Business

  • Worst over? Petrol, diesel demand reach 89% of normal in May, June
    New Delhi, June 27 (IANS): The worst phase for oil marketing companies may be over due to smart recovery in the sales of both petrol and diesel in May and June, with India gradually unlocking itself from the lockdowns imposed to contain COVID-19 spread.   According to a research report by ICICI Direct, though sales were down 45% in April due to the lockdown for almost all oil marketing companies, mainly the country's largest fuel retailer Indian Oil Corporation (IOC), it
  • Despite pandemic, AP govt achieves record Rabi crop procurements
    Amaravati, June 27 (IANS): Despite the hurdles in transport due to COVID-19 lockdown and social distancing norms put in place, the Andhra Pradesh government managed to procure a record 7,83,246 metric tonnes (MT) of crops during the Rabi season. Managed by the state cooperative marketing federation (MARKFED), the procurement worth Rs 2,571 crore has benefitted more than 2.35 lakh farmers of AP.   To speed up the process, MARKFED set up around 1,000 procurement centres across
  • Petrol set to catch up with diesel in Delhi
    New Delhi, June 27 (IANS): Petrol and diesel prices continued their cat and mouse chase in the Capital to become the most expensive auto fuel. Petrol is now just a whisker away to returning to its numero uno spot.   Oil marketing companies including IndianOil, Bharat Petroleum, Hindustan Petroleum on Saturday increased the price of petrol and diesel by 25 and 21 paisa, respectively, completing three weeks of everyday rise.   This has led the price of petrol to Rs
  • Higher input cost bites into biscuits manufactures' profits: TPCI
    NEW DELHI, JUNE 26 (IANS): The increase in commodity prices coupled with rising refined palm oil cost is eating into the margins of biscuit manufacturers in India.   According to Trade Promotion Council of India's Chairman Mohit Singla, Indian biscuits manufacturing segment is going through a turmoil and disruption on account of increased input cost to the tune of 35 to 40 per cent in recent past.   "The industry is not able to honour contract on the agre
  • Don't ignore vandalism at factories, ICEA tells smartphone makers
    NEW DELHI, JUNE 26 (IANS): Following reports of vandalism and protests outside smartphone factories and retails stores in India amid calls for boycotting Chinese goods, industry body India Cellular & Electronics Association (ICEA) has asked smartphone makers not to ignore such incidents.   The advisory was issued after as many as 30 people from the Hindu Raksha Dal, a right wing outfit, were booked under multiple sections of Indian Penal Code and Epidemic Diseases Act af
  • RBI Governor briefs central board on Covid-19 relief measures
    MUMBAI, JUNE 26 (IANS): Reserve Ban of India Governor Shaktikanta Das on Friday briefed the apex bank's Central Board about the impact of various measures taken by it in the context of the Covid-19 pandemic.   The briefing came as part of the RBI's Central Board meet which was chaired by Das.   The 583rd meeting of the Central Board, held via video conference, deliberated on the current economic situation and the evolving challenges posed by the pandemic.
  • Yes Bank case: SC dismisses pre-arrest bail plea of DHFL promoters
    NEW DELHI, JUNE 26 (IANS): The Supreme Court on Friday declined to entertain pleas seeking anticipatory bail for DHFL promoters Dheeraj Wadhawan and Kapil Wadhawan in a money laundering case of Yes Bank under investigation by the Enforcement Directorate (ED).   A bench of Justices Sanjay Kishan Kaul and B.R. Gavai dismissed the pleas after counsel appearing for Wadhawans contended they are not pressing for relief.   The Wadhawans moved the apex court challenging t
  • Realme eyes to sell 30mn phones, 8mn AIOT products by 2020-end in India: CEO
    NEW DELHI, JUNE 26 (IANS): As India gears up to enter unlock 2.0 from June 30, realme India CEO Madhav Sheth has refreshed his target for the rest of the year, eyeing 30 million smartphones and 8 million Artificial Intelligence of Things (AIOT) products going off the shelves.   According to him, another demand surge is round the corner which is mostly towards the mid-range and budget smartphones and the company has a stronghold in that price segment.   "Some
  • Exit the Dragon: India can afford to boycott Chinese products
    NEW DELHI/MUMBAI, JUNE 26 (IANS): India can afford to boycott "Made in China" products only by developing domestic industries and diversifying its sources of import.   Incidentally, the opposition to the flood of cheap 'Made in China' products in the domestic market has been steadily growing over the years.   However, the sentiment got a major push due to the ongoing Himalayan stand-off between the Asian giants.   Accordingly, industry
  • Truck companies' prospects depend on when lockdown is lifted: Ashok Leyland
    CHENNAI, JUNE 26 (IANS): The domestic market outlook for the truck industry this fiscal depends on when the Covid-19 lockdown is lifted while currently vehicle production is on, senior officials of Ashok Leyland Limited said on Friday.   They also said the company is also looking at increasing exports with a larger portfolio of products and it is not dependent on component imports from China.   Speaking to reporters, Vipin Sondhi, Managing Director and Chief Execu
  • Amazon Pay 'Smart Stores' to empower local merchants in India
    BENGALURU, JUNE 26 (ians): Amazon Pay on Friday launched Smart Stores feature in India where customers need to scan the store's QR code using the Amazon app to begin exploring the products available within the store.   The 'Smart Store' feature would empower local shops with capabilities to increase footfalls, improve customer experience and generate more sales, the company said in a statement.   "Amazon Pay is already accepted at millions of loca
  • Govt discussing with RBI on one-time loan rejig for stressed cos
    Chennai, June 25 (IANS): Union Finance Minister Nirmala Sitharaman on Thursday said the government is discussing with the Reserve Bank of India (RBI) for loan restructuring of companies which are stressed owing to the Covid-19 pandemic.   Speaking at a webinar organised by the Chennai International Centre (CIC), Sitharaman said that discussions are on with the RBI on the matter of one-time restructuring of loans.   She also said that discussions are on with the RB
  • 'Boost with Facebook' to help businesses adjust to new normal
    New Delhi, June 26 (IANS): The social network has kicked off a new initiative called Boost with Facebook Summer of Support during which, it will help millions of people get the digital skills and information they need to navigate these challenging times and adjust to a new normal.   The six-week programme features free on-demand online training, live sessions and conversations around topics like reimagining customer service, creative reinvention, going from brick and mortar
  • Fuel price hike: Petrol crosses Rs 80/l in Delhi
    New Delhi, June 26 (IANS): Rise in fuel prices continued on Friday across the metros with petrol prices crossing Rs 80 per litre in the national capital.   In Delhi, petrol was sold for Rs 80.13 a litre, 21 paise higher from Thursday's level.   In the other metros like Mumbai, Chennai and Kolkata, the fuel was priced at Rs 86.91, Rs 83.37, Rs 81.82 per litre, respectively, higher than the previous price levels of Rs 86.70, Rs 83.18 and Rs 81.61 per litre, resp
  • Amazon Pay 'Smart Stores' to empower local merchants in India
    Bengaluru, June 26 (IANS): Amazon Pay on Friday launched Smart Stores feature in India where customers need to scan the store's QR code using the Amazon app to begin exploring the products available within the store.   The 'Smart Store' feature would empower local shops with capabilities to increase footfalls, improve customer experience and generate more sales, the company said in a statement.   "Amazon Pay is already accepted at millions of loca
  • Huawei loses as 'trusted vendors' walk away with 5G contracts
    NEW DELHI, JUNE 25 (IANS): Some coordinated action is in evidence from Singapore to Croatia as Chinese telecom company, Huawei loses out on 5G contracts following pressure from the US.   US Secretary of State Mike Pompeo on Wednesday said: "The tide is turning toward trusted 5G vendors and away from Huawei." Bangkok Post reported on Thursday that Nokia and Ericsson have been chosen as Singapore's main 5G network providers, telecom operators said, leaving Huawei
  • SEBI allows more option in pricing of preferential issue
    NEW DELHI, JUNE 25 (IANS): The Securities and Exchange Board of India (SEBI) on Thursday announced provision of an additional option to the pricing methodology for preferential issuance.   The SEBI Board took the decision to provide temporary relief to companies amid the pandemic.   The said option in pricing should be available for the preferential issues made between July 1, 2020 or the date of notification of amendment to the regulations, whichever is later and
  • Xiaomi placing 'Made in India' logo to cover store branding: Trade body
    NEW DELHI, JUNE 25 (IANS): Despite asserting that anti-China sentiment was mainly limited to social media, Xiaomi -- it ppears fearing a backlash amid the India-China stand-off -- has begun covering its retail store branding with the Made in India logo in white colour, the All India Mobile Retailers Association (AIMRA) said on Thursday.   The action came after the association sent a letter to all the Chinese mobile brands to bring the "ground reality" to their noti
  • Equities end flat amid volatility, rising covid cases
    MUMBAI, JUNE 25 (IANS): Amidst a largely volatile trade session, the Indian stock market settled on a flat-to-negative note on Thursday.   Decline in the global markets also weighed on the domestic investor sentiments. Surging numbers of coronavirus cases across the globe, and in India, have dampened hopes of an early recovery of the global economy.   Stocks were also weighed down after the International Monetary Fund (IMF) revised the global and Indian economic o
  • Flying on instalments: IndiGo allows flexible ticket payment option
    NEW DELHI, JUNE 25 (IANS): In its bid to mitigate business impact of Covid-19, airline major IndiGo on Thursday launched the 'Flex' pay option.   According to the airline, with the help of 'Flex' pay, passengers can now secure their bookings by paying only 10 per cent of the total fare amount and defer their payment on domestic flight for a period of "up to 15 days either from the date of bookings or before the date of departure".   For i