Business

  • Oppo A11k with dual rear cameras launched in India at Rs. 8,990
    New Delhi, JUNE 23 (IANS): Adding one more to its affordable smartphones, Oppo unveiled Oppo A11k in India at a low key launch amid strong anti-China sentiment in India. The company even faced protests at its manufacturing unit in Noida.   Affordable price tag The new device is available in India at Rs. 8,990 for the single 2GB RAM + 32GB storage model. The phone, which comes in two colour options—Deep Blue and Flowing Silver—can be purchased through Amazon. C
  • S. Korea to launch $825mn fund to compete with Netflix, YouTube
    SEOUL, JUNE 22 (IANS): South Korea said Monday that it plans to launch a 1 trillion-won ($825 million) fund and sharply cut red tape in order to help local players better compete with global media giants like Netflix and YouTube.   Under the plan, the local media market will be valued at 10 trillion won by 2022, and its exports will top 13.4 trillion won, according to the ICT Strategy Council.   The fund and eased regulations will help local players better respond
  • Fitch revises outlook on 9 Indian banks to negative
    NEW DELHI, JUNE 22 (IANS): After downgrading India's outlook to negative from stable, Fitch Ratings on Monday revised the outlook on nine Indian banks to negative.   The outlook on the Long-Term Issuer Default Ratings (IDR) was revised to negative from stable due to the banks' high dependence on the Centre to re-capitalise them.   Accordingly, the IDR outlook of the Export-Import Bank of India, the State Bank of India, the Bank of Baroda, the Bank of Barod
  • Petrol nears Rs 80 mark, diesel at new high after 16th price hike in a row
    New Delhi, June 22 (PTI): Petrol price on Monday was hiked by 33 paise per litre and diesel by 58 paise to take retail rates to record high as the oil companies increased prices for the 16th day in a row.   In 16 days, petrol price has been hiked by Rs 8.3 per litre and diesel by Rs 9.46 - a record increase in rates of the fuel in any fortnight since pricing was deregulated in April 2002.   Petrol price in Delhi was hiked to Rs 79.56 per litre from Rs 79.23 w
  • E-commerce in India recovers 90% of pre-lockdown volume: Report
    NEW DELHI, JUNE 22 (IANS): Sales volume in the e-commerce sector in India has recovered by over 90 per cent as compared to its pre-lockdown level, said a report on Monday.   The sector is predicted to fully recover and achieve the pre-lockdown order volume by the end of this month, according to the consumer trend analysis by Unicommerce, one of India's leading e-commerce focused supply chain SaaS (software-as-a service) platform.   "The e-commerce sector
  • Gold retreats from record high amid economic uncertainty
    MUMBAI, JUNE 22 (IANS): Gold futures shed gains to trade in the red after hitting a record high on the Multi-Commodity Exchange (MCX) on Monday.   Earlier in the day, the August contract of gold surged Rs 333 to hit an all-time high of Rs 48,289 per 10 grams.   Currently it is trading at Rs 47,904.00, lower by Rs 33 or 0.07 per cent from its previous close.   Gold prices in India saw an increase following the jump in international markets.  
  • 'GST e-filing may hamper, if Chinese hardware can't be procured'
    PANAJI, JUNE 22 (IANS): The country's Goods and Service Tax e-platform may face serious issues, if India is unable to procure electronic hardware equipment from China, Goa's Transport Minister and the state's official representative in the GST Council Mauvin Godinho said on Monday.   Godinho, who was addressing a press conference at the State Secretariat on Monday to launch a state Transport Ministry app, also said, that the Covid-19 crisis and the shrinking of i
  • ICICI Bank sells 1.5% stake in ICICI Prudential for Rs 840 cr
    NEW DELHI, JUNE 22 (ians): ICICI Bank on Monday said that it has sold 1.5 per cent share in ICICI Prudential Life Insurance Company Ltd for Rs 840 crore.   The development comes just days after the bank sold 3.6 per cent stake in ICICI Lombard General Insurance Company for around Rs 2,250 crore.   While announcing its results for the quarter ended March 31, 2020 last month, ICICI Bank had stated that the bank would look at further strengthening the balance sheet a
  • Apple to start assembling iPhone SE in India: Report
    SAN FRANCISCO, JUNE 21 (IANS): Apple is reportedly planning to assemble its new iPhone SE in India.   The iPhone maker has already asked one of its suppliers in China to start shipping components for the iPhone SE 2020 to its manufacturing partner Wistron in India, reports AppleInsider.   Assembling the iPhone SE 2020 under the 'Make in India' initiative will help the company in avoiding the 20 per cent tax on its imported phones and reducing the price of
  • Apparel makers eye global PPE mart, seek end of export ban
    NEW DELHI, JUNE 21 (IANS): Indian apparel manufacturers have scaled up production of personal protective equipment (PPEs) to 800,000 kits a day in four months and are now eyeing a share in the $60 billion global PPE market, according to A. Sakthivel, Chairman of the Apparel Export Promotion Council (AEPC).   In a statement on Sunday, Sakthivel reiterated the industry's demand for lifting of ban on PPEs exports to allow the companies to cater to the global demand. "T
  • Railways adopts single-window system for vendors' approval
    NEW DELHI, JUNE 21 (IANS): The Indian Railways has adopted a single-window system for approval of vendors for procurements. As per the new policy a vendor, approved for an item by any of the vendor approving agency shall be considered an approved vendor by all railway units for that particular item.   As part of the endeavour to enhance "transparency, efficiency" and ease of doing business, the railways had taken the step to ease the procurement system, the Indian
  • Need more ease of doing business for self-reliant India: CII
    NEW DELHI, JUNE 21 (IANS): Steps for bringing further ease of doing business in the country will help bring more domestic and foreign investments, and help India in its aim of becoming self-reliant, a Confederation of Indian Industry (CII) statement said on Sunday.   The industry body has identified immediate and medium term measures in terms of ease of doing business to boost the economy.   "While many policies have been announced for a facilitative investme
  • US stocks end mixed in volatile trading
    New York, June 20 (IANS): US stocks gave up their earlier gains to close mixed as market sentiment was dented by concerns over a resurgence in coronavirus infections across the country.   On Friday, the Dow Jones Industrial Average fell 208.64 points, or 0.80 per cent, to 25,871.46. The S&P 500 decreased 17.42 points, or 0.56 per cent, to 3,097.92. The Nasdaq Composite Index was up 3.07 points, or 0.03 per cent, to 9,946.12, Xinhua news agency reported.   The
  • Banks' disbursement to MSMEs rises over Rs 21K cr
    New Delhi, June 20 (IANS): The government is going all out to ensure that liquidity concerns of the MSME sector are addressed on priority under its Emergency Credit Line Guarantee Scheme (ECLGS).   As of June 18, 2020, public sector banks have sanctioned loans worth Rs 40,416 crore under the 100 per cent Emergency Credit Line Guarantee Scheme, out of which Rs 21,028.55 crore has already been disbursed.   There has been a big jump in disbursement over the week as t
  • Teams usage grow as Indians adopt video in 22% of meetings: Microsoft
    New Delhi, June 20 (IANS): Microsoft on Saturday revealed that people in India are using video in 22 per cent of meetings and there has been a considerable increase in Microsoft Teams usage on mobile devices in the country as organisations redefine productivity in the pandemic times.   The video meet usages can grow even further in India as there is still less access to devices and stable internet in parts of the country, said Samik Roy, Country Head, Modern Workplace, Micro
  • Petrol, diesel price rise continues through the fortnight
    New Delhi, June 20 (IANS): Petrol and diesel prices continued to rise through the fortnight with the two auto fuels getting dearer by 51 and 61 paise per litre respectively on Saturday.   This is the 14th day of fuel price rise since June 7 when oil companies began the daily price revision mechanism after a hiatus of 83 days during the lockdown.   With the latest increase, petrol is being retailed at Rs 78.88 per litre and diesel at Rs 77.67 a litre in Delhi. This
  • US-based Zoom left stunned to see itself in list of flagged Chinese apps
    NEW DELHI, JUNE 19 (IANS): Video conferencing platform Zoom said on Friday that it is a US-based company and has nothing to do with China after media reports clubbed its name with a bunch of Chinese apps that were reportedly red flagged by the Indian intelligence agencies over safety and privacy issues of users.   Popularity of San Jose (California)-based Zoom skyrocketed following the Covid-19 restriction across the world forced a large section of the global population to s
  • RIL enters $ 150b club, highest mcap by an Indian company
    NEW DELHI, JUNE 19 (IANS): Reliance Industries Limited (RIL) has become the first Indian company to enter the exclusive club of $150 billion in market capitalisation among the worlds most valuable companies, and is now ranked 58 on the list.   RIL now has a market capitalisation of $151.2 billion and this is the highest ever valuation of an Indian company.   The major milestone comes on a day when RIL announced it has become a net debt-free company. Shares of Reli
  • Samsung Galaxy Note10 Lite smartphones get cheaper in India
    GURUGRAM, JUNE 19 (IANS): Samsung on Friday announced a Rs 4,000 price drop on its popular Galaxy Note10 Lite smartphone that will now cost Rs 37,999 (6GB variant).   The 8GB memory variant of Galaxy Note10 Lite will be available for Rs 39,999.   This looking to buy Galaxy Note10 Lite can get a cash back of Rs 5,000 via Citibank debit or credit card, bringing down the effective price of Galaxy Note10 Lite to Rs 32,999 (6GB variant) and Rs 34,999 (8GB variant).
  • ICICI Bank sells 3.6% stake in ICICI Lombard for Rs 2,250 cr
    Mumbai, June 19 (IANS): ICICI Bank on Friday sold 3.6 per cent stake in ICICI Lombard General Insurance Company for around Rs 2,250 crore.   The development comes after the bank, while announcing its January-March quarterly results in May, had said that it would look at further strengthening the balance sheet as opportunities arise. Post the divestment, ICICI Bank's stake in its general insurance stands at around 51.9 per cent.   "In line with this intent