Business

  • RBI revises priority sector lending norms, raises credit limits
    MUMBAI, SEPTEMBER 4 (IANS): The Reserve Bank of India (RBI) on Friday released its revised priority sector lending guidelines wherein the credit limits have been raised for farmer producer organisations, renewable energy and for health infrastructure. As announced by the RBI Governor, startups have been brought under the ambit of priority sector lending. Bank finance of up to Rs 50 crore has been included as a fresh category under priority sector, an RBI statement said. The RBI s
  • Centre proposes mandatory FASTag for vehicles sold before Dec 1, 2017
    NEW DELHI, SEPTEMBER 3 (IANS): The Ministry of Road Transport and Highways has proposed to make FASTags mandatory for vehicles sold before December 1, 2017. The amended provision in Central Motor Vehicle Rules (CMVR), 1989 is proposed to be put in force with effect from January 1, 2021, an official statement said. In this regard, the ministry has notified draft notification GSR 541 (E) dated September 1, to seek comments and suggestions from the stakeholders. "Further, it
  • Tata Motors domestic sales zoom up 21.6% in August
    NEW DELHI, SEPTEMBER 3 (IANS): Automobile major Tata Motors on Thursday reported a 21.6 per cent rise in its total domestic sales for August. The company's total domestic sales rose to 35,420 units from 29,140 units off-take in August 2019. Total passenger vehicle sales during the month under review zoomed by 154 per cent, increasing from 18,583 units from 7,316 units sold during the like period of last year. However, the auto major's total commercial vehicle sales plu
  • Auto component players to see revenue, margins go down in FY21
    CHENNAI, SEPTEMBER 3 (IANS): Auto component manufacturers are expected to suffer about 15-18 per cent decline in their revenues in FY21 and an average of 100 basis points (bps) in their EBITDA due to sharp contraction in demand over what the industry experienced during FY20, said Brickwork Ratings in a report released on Thursday. According to Brickwork Ratings, during FY20, the revenues of auto ancillaries declined about 8-10 per cent after a year-on-year (yoy) increase until FY19.
  • Most Indian banking apps lag behind in functionality: Report
    NEW DELHI, SEPTEMBER 3 (IANS): Despite the renewed push for digital due to the Covid-19 pandemic, most Indian mobile banking apps, except ICICIs iMobile app, are behind the curve on functionality, says a new report from market research firm Forrester. About 70 per cent of Indian online adults with a bank account do their banking on a mobile app or website using their smartphone, show data from Forrester. However, compared with 2019, banks have improved their user experience only
  • Indian firms embracing AI in big way: Nasscom-EY survey
    NEW DELHI, SEPTEMBER 2 (IANS): Nearly 70 per cent of Indian enterprises that deployed Artificial Intelligence (AI) have achieved measurable results while 60 per cent believe that AI will disrupt their business within the next 2-3 years, a new Nasscom-EY survey said on Wednesday. While 74 per cent enterprises established either a formal strategy or obtained C-suite sponsorship to initiate or scale-up their AI programmes, 78 per cent believed re-skilling of the existing talent will ai
  • Flipkart Wholesale launches B2B marketplace for kiranas, MSMEs
    BENGALURU, SEPTEMBER 2 (IANS): E-commerce platform Flipkart on Wednesday launched operations of its digital business-to-business marketplace, Flipkart Wholesale, with an aim to connect local manufacturers with retailers and bring the entire wholesale marketplace at their fingertips. The platform is currently available for fashion retailers, especially footwear and apparel, in Gurugram, Delhi and Bengaluru, with plans to expand to Mumbai as well, the company said in a statement. F
  • Covid Impact: GST collection drops 12% to Rs 86,449 cr in Aug
    NEW DELHI, SEPTEMBER 1 (IANS): The Covid-19-induced shrinking of economic activity for the past few months has continued to have an impact on the government's tax collections with revenue under the Goods and Services Tax (GST) falling far below the psychological level of Rs 1 lakh crore to Rs 86,449 crore in August. This is second consecutive month of a fall in GST collections after the number crossed over Rs 90,000 crore in June. The August collection, which is 88 per cent o
  • Hyundai Motor India's August domestic sales up 20%
    NEW DELHI, SEPTEMBER 1 (IANS): Automobile major Hyundai Motor India reported a rise of 19.9 per cent in its domestic sales during August, 2020. Accordingly, the company's total domestic off-take increased to 45,809 units from 38,205 units sold during the corresponding month of last year. However, the company's exports fell to 6,800 units during the month under review from 17,800 units from August 2019. Consequently, cumulative sales declined to 52,609 units from 56,005
  • Govt eliminates cooking gas subsidy as Covid turns oil market favourable
    NEW DELHI, SEPTEMBER 1 (IANS): The government has completely eliminated the need to provide subsidy on domestic cooking gas as the global fall in oil prices and frequent rise in LPG gas cylinder price has brought the price of the common man's fuel closer to market rates. As of September 1, the price of non-subsidised and subsidised 14.2 kg cooking gas is identical at Rs 594 a cylinder. What this means is that government would no longer need to pay subsidy under the direct benefi
  • Bharti Infratel to proceed with Indus Towers merger
    NEW DELHI, SEPTEMBER 1 (IANS): Bharti Infratel's board has decided to proceed with the long-delayed merger with Indus Towers. In a regulatory filing on Tuesday, Bharti Infratel said that shareholders of Infratel will be the majority shareholders in the merged entity with a likely stake of 68.6 per cent. Vodafone is likely to have 28.2 per cent. "After deliberations the Board has decided to authorize the Chairman to proceed with the Scheme and to comply with other pr
  • Vodafone Idea shares plunge 17%, Airtel up 4% post AGR verdict
    MUMBAI, SEPTEMBER 1 (IANS): Vodafone Idea shares plunged over 17 per cent, while the stock price of Bharti Airtel surged over 4 per cent on Tuesday after the Supreme Court said that the telecom operators will have to clear their dues in 10 years time with a 10 per cent up front payment by March 31, 2021. Around 12.30 p.m., Bharti Airtel shares on the BSE were trading at Rs 537.75, higher by Rs 23.80 or 4.63 per cent from its previous close. Vodafone Idea shares on the BSE we
  • RBI announces more measures for orderly market conditions
    MUMBAI, AUGUST 31 (IANS): The Reserve Bank of India (RBI) on Monday announced additional steps to ensure orderly market conditions and congenial financial conditions, including conducting a special open market operation and a repo term operation. In a statement, the RBI said that recently, market sentiments had been impacted by concerns relating to the inflation outlook and the fiscal situation, amidst global developments that have firmed up yields abroad. "The Reserve Bank
  • JioFiber announces 'no-condition 30-day free trial' for new customers
    MUMBAI, AUGUST 31 (IANS): JioFiber has revamped its tariff plans and has announced a 'no condition 30-day free trial' for all new customers. New JioFiber customers activating from September 1, will get the 30-day free trial. Under the unconditional free trial, customers will get 150 Mbps "truly" unlimited internet, 4K set-top box with access to top 10 paid OTT apps at no cost, free voice calling for 30 days. If the customer does not like the service during the t
  • DoT nod for Rs 25k cr RJio-Brookfield tower deal
    Mumbai, August 31 (IANS): The Department of Telecommunications has approved the Rs 25,215 crore deal between Reliance Jio and Brookfield Infrastructure. A SEBI filing said: "The DoT through its letter dated August 11, 2020 has approved Rs 1,053.50 million downstream foreign investment for acquisition of the remaining 49 per cent of the paid-up equity share capital of Tower Co. from RIL by the Trust." Further, the department has also approved the increase in foreign inve
  • SpiceJet enters medical device industry, launches ventilators
    New Delhi, August 31 (IANS): Further diversifying its business interests, airline major SpiceJet on Monday launched 'SpiceOxy' -- compact, portable, non-invasive ventilation device, which is an effective solution for patients with mild to moderate breathing issues. Unsurprisingly, the airline is known for its business diversification. It had earlier entered into fashion retail, merchandise and e-commerce, freight movement, fresh farm produce. Through SpiceJet Technic, it is
  • Banks asked to refund charges collected on UPI transactions
    NEW DELHI, AUGUST 30 (IANS): The government has directed banks to refund charges, including merchant discount rate (MDR), if any, collected on UPI transactions on or after January 1, 2020. With an aim to promote digital transactions, the Centre in December last year announced that no charges would be applicable on both RuPay and BHIM-UPI transactions. In a circular on Sunday, the Central Board of Direct Taxes, which comes under the Department of Revenue in the Finance Ministry, s
  • Central revenues more impacted than GST revenue: Centre to states
    NEW DELHI, AUGUST 30 (IANS): As several states continue to oppose the borrowing options proposed in lieu of the GST compensation, the Centre has told states that central revenues have been under greater strain compared to GST revenue. In a letter to the states, and Union Territories proposing the two options and explaining them in detail, the Finance Ministry also laid down the issues faced by the Centre in disbursing the compensation cess. "The prevailing economic situ
  • Air travel within China almost returns to 'pre-pandemic levels'
    Beijing, August 29 (IANS): Domestic air travel in China has nearly fully recovered from the Covid-19 pandemic, according to data released by a leading travel analytics company, which predicted the Asian giant's aviation market would fully recover by the beginning of September. In the second week of August, domestic arrivals at Chinese airports reached 86 per cent of last year's levels, while flight bookings hit 98 per cent, Xinhua news agency reported on Saturday citing the
  • Amazon orders 1800 EVs from Mercedes-Benz in green effort
    Seattle, August 29 (IANS): In its bid to address the climate change, Amazon has added more than 1,800 electric vehicles from Mercedes-Benz Vans to its delivery fleet in Europe this year. Mercedes-Benz also announced on Friday it has joined The Climate Pledge, which calls on new signatories to be net zero carbon across their businesses by 2040 — a decade ahead of the Paris Agreement goal of 2050. "We welcome the bold leadership demonstrated by Mercedes-Benz by signing u