Business

  • India's sugar production expected at 320 lakh tons in 2020-21: ISMA
    NEW DELHI, JUNE 25 (IANS): Indian sugar mills are likely to produce around 320 lakh tonnes of sugar in the next season, as per the preliminary estimates for sugar season 2020-21 (October-September) issued by the Indian Sugar Mills Association (ISMA) on Thursday.   Hence, sugar production is expected to rise by 48.13 lakh tonnes or 17.69 percent from 272 lakh tonnes in the current season 2019-20. However, the industry body expects that higher diversion of cane juice and B-mol
  • Mention of 'country of origin' may be mandatory for goods sold online
    NEW DELHI, JUNE 25 (IANS): Amid the growing push for inclination towards Indian goods and manufacturers, the government is seriously considering to make the mention of 'country of origin' mandatory for products sold on e-commerce platforms.   The Department for Promotion of Industry and Internal Trade (DPIIT) on Wednesday held a discussion with representatives of e-commerce platforms, including Amazon and Flipkart, on the matter and sought their views.   S
  • India's economy projected to contract by 4.5% in FY21: IMF
    NEW DELHI/WASHINGTON, JUNE 24 (IANS): Covid-19 battered India's economy is projected to contract by 4.5 per cent this fiscal, said the International Monetary Fund.   In the World Economic Outlook (WEO) forecast report, the IMF said that India's economy is expected to contract on the back of a longer lockdown and a slower recovery than anticipated in April.   Accordingly, the country's economy will contract in FY21 from an expansion of 4.2 per cent in F
  • RBI to supervise co-op banks, Cabinet nod to ordinance
    NEW DELHI, JUNE 24 (IANS): The Centre has decided to bring urban and multi-state cooperative banks under the direct supervision of the Reserve Bank of India to protect depositors in these financial institutions.   The Union Cabinet, in a meeting held on Wednesday, decided to initiate the move via the Ordinance route.   The move will bring 1,482 urban and 58 multi-state cooperative banks under the supervisory powers of the RBI.   In terms of regulatory p
  • Tariff, non-tariff barriers coming to curb power equipment imports, especially from China
    NEW DELHI, JUNE 24 (IANS): The government is proposing various tariff and non-tariff barriers to restrict imports in the sensitive and strategically important power sector where there is large scale presence of overseas equipment, particularly from countries such as China.   Government sources in the know said that the Power Ministry has proposed a set of changes in the regulations for import of power equipment that is likely to be accepted and implemented by the government
  • Reliance expected to spin-off Jio, Retail over 3-4 yrs
    NEW DELHI, JUNE 24 (IANS): Analysts expect a break-up of Reliance Industries Limited (RIL) in the next 3-4 years through the IPO of the Jio and Retail business segments which should unlock additional shareholder value.   Broking house Bernstein said in a research note that Reliance is expected to spin-off Jio and Retail over the coming 3-4 years.   Following the $7 billion rights issue and 24.7 per cent sell down in Jio, Reliance Industries is now effectively debt
  • Mercedes-Benz joins Nvidia to build self-driving platform for 2024 fleet
    SAN FRANCISCO, JUNE 24 (IANS): Premium car manufacturer Mercedes-Benz and graphics giant Nvidia have joined hands to build an in-vehicle computing system for next-gen automated cars.   Starting in 2024, the software-defined computing architecture will be rolled out across the fleet of Mercedes-Benz vehicles, enabling them with upgradable automated driving functions.   The new software-defined architecture will be built on the Nvidia Drive platform and will be stan
  • Ola Autos to have protective partition screens, mandatory fumigation
    NEW DELHI, JUNE 24 (IANS): Ride-hailing platform Ola on Wednesday announced new Covid-19 protection features for Ola Autos, including a protective partition glass screen between the driver and rider.   The company has also made fumigation of all Ola Autos mandatory under the RideSafeIndia initiative.   "With these added safety measures for Ola Auto, both driver-partners and citizens are assured of a comfortable and safe ride," claimed Anand Subramanian,
  • SEBI extends deadline for Q4 FY20 results till July 31
    NEW DELHI, JUNE 24 (IANS): In a major relief for listed companies, the Securities and Exchange Board of India (SEBI) has further extended the deadline for filing the fourth quarter earnings of the financial year 2019-20 till July 31.   The relief comes amid the coronavirus pandemic. In March, the regulator had extended the deadline till June-end.   In general, companies have to report their earnings within one month of a quarter ending and if results get delayed,
  • More trouble brewing for Videocon's Dhoot, ED likely to register case
    NEW DELHI, JUNE 24 (IANS): A day after the CBI booked Videocon Industries Limited (VIL) chairman Venugopal Dhoot and others for alleged irregularities in the acquisition of oil and gas assets in Mozambique and causing loss to a consortium of banks led by the SBI, the Enforcement Directorate is set to take over the probe and could register a case in the coming week.   ED sources said that the financial probe agency will first study the documents pertaining to the alleged corr
  • Honda Cars commences 5th gen City's production in India
    NEW DELHI, JUNE 24 (IANS): Automobile manufacturer Honda Cars India has commenced the production of its most awaited all-new 5th generation Honda City sedan in India.   According to the company, the new car is being manufactured at its Greater Noida plant in Uttar-Pradesh.   "The company's plant had resumed manufacturing operations from mid-June following all government regulations and company's safety protocols for COVID-19 prevention," the
  • Apple reveals iOS 14 with several new features for iPhone users
    Bengaluru, JUNE 24 (IANS): One of Apple's biggest events, the World Wide Developers Conference (WWDC) 2020, on Tuesday unveiled Apple’s iOS software’s new version iOS 14 and its important features.   App Library Apple finally introduced the first version of iOS 14 and highlighted a number of improvements in the design and features of the software from its previous versions. Apple has reworked some of the key elements of the software for iPhones. iOS 14 wil
  • Flipkart introduces Tamil, Telugu, Kannada language interfaces
    BENGALURU, JUNE 24 (IANS): After the introduction of the Hindi interface nine months ago, e-commerce marketplace Flipkart on Wednesday enabled three new languages on its platform, Tamil, Telugu and Kannada, as part of its efforts to make online commerce more inclusive and accessible for Indian language users.   The new regional languages interface has been built on Flipkart's "Localisation and Translation Platform".   The new language interfaces use
  • Hinduja brothers battle over $11b family fortune
    NEW DELHI, JUNE 24 (IANS): The Hinduja family is locked in a dispute over the future of the $11.2 billion fortune with ongoing litigation in the UK.   Three brothers of the Hinduja Family -- G.P. Hinduja, P.P. Hinduja and A.P. Hinduja -- on Tuesday issued a statement on the litigation issue.   "It will be apparent from the Judgment of the High Court in England, that Mr. S.P. Hinduja's health has been deteriorating for a number of years suffering from Lewy
  • Diesel to surpass petrol prices for 1st time in India
    New Delhi, June 23 (IANS): In an unexpected development, the pump price of diesel is all set to surpass the petrol price in the capital, making it the most expensive transport fuel for the first time in a long time. Globally, diesel is priced slightly above petrol prices due to the very nature of the product that has a higher cost of production. But in India, due to the lopsided taxation structure, diesel attracts lesser of the tax between the two auto fuels keeping its prices low
  • RIL working to complete strategic tie up with Saudi Aramco: Mukesh Ambani
    NEW DELHI, JUNE 23 (IANS): Reliance Industries Ltd (RIL) is working to complete the contours of a strategic partnership with Saudi Aramco, Chairman and Managing Director Mukesh Ambani said in a letter to shareholders.   In the letter to shareholders in RIL's annual report for 2019-20, Ambani said in the energy businesses, Reliance is working to complete the contours of a strategic partnership with Saudi Aramco.   "The partnership gives our refineries acce
  • India's automakers' profitability to remain weak: Fitch Ratings
    MUMBAI, JUNE 23 (IANS): Credit rating agency Fitch Ratings expects Indian automakers' profitability to remain weak as the pandemic's economic impact will weigh on demand in FY21.   India's automakers reported sharper volume declines and weaker profitability in the last quarter of the financial year ended March 31, 2020 (4QFY20) than in the earlier quarter.   The rating agency cited factors such as slowing GDP growth and weak consumer sentiment to have
  • Railways cancels all tickets booked on or before April 14
    NEW DELHI, JUNE 23 (IANS): The Railways on Tuesday announced to cancel all train tickets booked for regular trains on or prior to April 14 and said that refunds will be generated for the same.   The Railway Board in an order dated June 22 said: "It has been decided that all train tickets booked on or prior to April 14 for regular time-tabled trains should be cancelled and full refunds generated." The railways had suspended the operation of all passenger, mail and e
  • Amid China tensions L&T assures commitment to self reliant India
    NEW DELHI, JUNE 23 (IANS): As the call grows for an 'Aatmanirbhar Bharat' or a 'Self Reliant' India amid the border tensions with China, industrial conglomerate Larsen & Toubro (L&T) has said that it is committed towards the objective, and stands with the policy of "best-in-class" manufacturing in India.   In a regulatory filing on Tuesday, L&T said that is committed to achieve self reliance for the domestic industry by creating a strong
  • Rs 79,000 cr loans approved to revive economy post-lockdown
    NEW DELHI, JUNE 23 (IANS): The government on Tuesday released a report card on schemes launched during the Covid-19 period to revive the economy and economic activities.   Interventions by the government for MSMEs have been gaining traction and it's evident from the exponential rise in bank loan sanctions under the Emergency Credit Line Guarantee Scheme (ECLGS), according to a statement by the Finance Ministry.   Under the ECLGS, which is backed by a governmen