Business

  • High demand for Safal's fruits, vegetables helps Mother Dairy amid lockdown
    NEW DELHI, JUNE 2 (IANS): The demand for Mother Dairy milk reduced during the lockdown amid the coronavirus scare though the demand for fruits and vegetables sold by Safal, its retail network in the segment, increased by 69 per cent in May compared with February, a top official said on Tuesday.   Mother dairy had registered sale of 270 tonnes of fruits and vegetables in May, compared with 230 tonnes in April, and 200 tonnes in March, and 160 tonnes in February.  
  • GST Council may provide relief to trade on issue of late fee
    NEW DELHI, JUNE 2 (IANS): In what may bring further relief to businesses impacted by Covid-19 pandemic, the GST Council has agreed to discuss the issue of late fee over delayed filing of returns at its next meeting slated later this month.   Businesses have sought a waiver from payment of late fee on GST returns filed for the earlier period between August 2017 (start of GST) and January 2020. This, they have said, was important considering the current business environment wh
  • Renewables cheapest option to recover from Covid-19: IRENA
    NEW DELHI, JUNE 2 (IANS): Renewable power is increasingly cheaper than any new electricity capacity based on fossil fuels, a new report by the International Renewable Energy Agency (IRENA) published on Tuesday said.   Competitive power generation costs make investment in renewables highly attractive as countries target economic recovery from Covid-19.   The report, 'Renewable Power Generation Costs in 2019', shows that more than half of the renewable capac
  • With policy changes, Indian hand sanitiser makers view export markets
    CHENNAI, JUNE 2 (IANS): Alcohol-based hand sanitiser makers are happy with the Central government's decision to allow its export in containers without pump dispensers.   Manufacturers of alcohol-based hand sanitisers are gearing up to export the product now and are happy at the new market segments that Covid-19 has thrown up for them.   On Monday, the Central government issued a notification allowing exports of alcohol-based hand sanitisers packed in container
  • 42 lakh wearable units shipped in India in Q1 2020, earwear leads
    NEW DELHI, JUNE 2 (IANS): Riding on the growing earwear category, the India wearables market registered 42 lakh unit shipments in the first quarter of this year, clocking 80.6 per cent growth year-over-year (YoY), a new International Data Corporation (IDC) report said on Tuesday.   The earwear category, which is witnessing a major shift from wired to wireless devices, grew by 289.2 per cent (YoY) with 30 lakh units being shipped alone.   Truly Wireless Stereo (TWS
  • Social Stock Exchange to be created where NGOs can list
    NEW DELHI, JUNE 2 (IANS): Non-profit organisations can directly list on Social Stock Exchange (SSE) through issuance of bonds, according to a report by a SEBI expert group.   According to the recommendations, a range of funding mechanisms have been recommended, including some of the existing mechanisms such as Social Venture Funds (SVFs) under the Alternative Investment Funds.   A new minimum reporting standard has been proposed for the organizations which wo
  • SBI launches separate vertical for agriculture, micro credit
    NEW DELHI, JUNE 2 (IANS): In a major restructuring exercise, the State Bank of India (SBI), the largest lender of the country, has created a separate FI&MM vertical within the Bank with an exclusive focus on Financial Inclusion & Micro markets in rural and semi urban areas to improve customer experience in the hinterland.   Under this, the Bank will offer loans predominantly for agriculture and allied activities, and micro and small enterprises.   About 8,
  • Centre launches schemes to boost electronic manufacturing
    NEW DELHI, JUNE 2 (IANS): Union Minister for Electronics and IT Ravi Shankar Prasad on Tuesday launched three major schemes to boost manufacture of electronics in the country.   These schemes are expected to attract substantial investments, increase production of mobile phones and their parts or components to around Rs 10 lakh crore by 2025, and generate around 5 lakh direct and 15 lakh indirect jobs, said the statement.   The Minister launched the Production Link
  • Realme sells over 15K Smart TVs in 10 mins, launching 55-inch TV soon
    NEW DELHI, JUNE 2 (IANS): Chinese brand Realme on Tuesday sold over 15,000 smart in less than 10 minutes on its first sale on both Flipkart and Realme.com, which is the fastest sale ever in the TV category on Flipkart.   The Realme Smart TVs are available in two sizes - 32-inch model priced at Rs 12,999 and 43-inch variant priced at Rs 21,999.   "Our exploration to offer smarter TVs has just started, and we won't settle at these two sizes. The 55-inch TV
  • Reform, liquidity measures for MSMEs get Cabinet nod
    NEW DELHI, JUNE 1 (IANS): The Union Cabinet on Monday gave a green signal to the reform and liquidity measures announced by Finance Minister Nirmala Sitharaman under the 'Aatmanirbhar Bharat economic package last month.   Apart from approving the distressed asset fund for MSMEs and the Rs 50,000 crore fund of funds, the Cabinet also widened the definition of MSMEs by allowing more entities into the criteria to avail the benefits.   Further widening the definit
  • Moody's downgrades India's sovereign rating
    NEW DELHI, JUNE 1 (IANS): Moody's Investors Services on Monday downgraded India's sovereign ratings as it assessed that the country's policymaking institutions will be challenged to mitigate the risks of a sustained period of relatively low growth.   Consequently, Moody's downgraded India's foreign-currency and local-currency long-term issuer ratings to Baa3 from Baa2.   It also downgraded India's local-currency senior unsecured rating to B
  • 'One Nation One Ration Card' to cover all states by March 31 next year
    NEW DELHI, JUNE 1 (IANS): Prime Minister Narendra Modis flagship 'One Nation One Ration Card' scheme has been implemented across 20 states so far with the Central government targeting the entire country by March 31 next year.   Union Consumer Affairs, Food and Public Distribution minister Ram Vilas Paswan on Monday said that after Odisha, Sikkim and Mizoram joining the 'One Nation One Ration Card' scheme, 20 states are now linked to IMPDS (Integrated Manageme
  • Paytm Mall moves ops from Noida to Bengaluru, to hire 300
    NOIDA, JUNE 1 (IANS): E-commerce platform Paytm Mall, owned by Paytm Ecommerce Private Ltd, on Monday announced to move its operations from Noida to Bengaluru and hire over 300 new members for product and technology roles.   The company also appointed Abhishek Rajan as chief operating officer (COO) who, during the last four years, has built and scaled up Paytm's Travel business driving large revenues for the company at a positive contribution margin.   Paytm M
  • Extension of loan moratorium credit negative for NBFCs: Moody's
    NEW DELHI, JUNE 1 (IANS): The Reserve Bank of India's decision to extend the moratorium on loan repayment by three more months will be credit negative for non-banking finance companies (NBFC), according to a report by Moody's Investors Service.   It said that NBFCs manage their liquidity primarily by matching outflows, mainly debt repayments, with inflows from customer loan repayments. The moratorium on customer loan repayments, initially effective from March 1, has
  • Non-subsidised LPG rate hiked, aviation fuel ups by Rs 11,000/kl
    NEW DELHI, JUNE 1 (IANS): Oil marketing companies have hiked the prices of non-subsidised cooking gas and aviation turbine fuel with effect from Monday.   The price of the 14.2 kilogram cylinder of non-subsidised LPG gas in Delhi has been raised by Rs 11.50 from May to Rs 593 per cylinder.   In Kolkata, Mumbai and Chennai, the price of LPG has been raised at Rs 616, Rs 590.50 and Rs 606.50, against Rs 584.50, Rs 579 and Rs 569.50 per cylinder respectively. The hig
  • 7.26 million records of BHIM users data leaked: Report
    NEW DELHI, JUNE 1 (IANS): Security researchers have discovered that about 7.26 million records linked to users of mobile payments app BHIM were left exposed to the public by a website.   The exposed data included sensitive information such as names, dates of birth, age, gender, home address, caste status and Aadhaar card details, among others, said the report from VPN review website vpnMentor.   "The scale of the exposed data is extraordinary, affecting milli
  • Amid sharp GDP data revision, debate continues over its fairness
    NEW DELHI, MAY 31 (IANS): The sharp revision in quarterly GDP data has grabbed the eyeballs of economists and experts and the government has also received flak over it.   The debate still continues over whether the revision of the previous quarter's GDP growth numbers were justified or not.   State Bank of India (SBI) Group Chief Economic Adviser, Soumya Kanti Ghosh, in a report, has questioned the data quality and 'remarkable' volatility in the new se
  • Vegetables, fodder crops hit by locust swarms
    NEW DELHI, MAY 31 (IANS): Locust swarms are mainly attacking summer vegetables, fodder crops and trees as kharif sowing is awaiting onset of monsoon, according to an agriculture scientist, here on Sunday.   In parts of UP and MP, vegetables, like cabbage, aubergine, okra, chilli, sponge gourd, bitter gourd, cucumber, water melons and black-eyed peas that were cultivated in the river basins had been affected by locusts, said Dr Vijay Kumar Yadav, acting director of the ICAR-I
  • CBDT notifies modified IT return forms for FY 19-20
    NEW DELHI, MAY 31 (IANS): The Central Board of Direct Taxes (CBDT) has notified new Income Tax Return forms for the Assessment Year 2020-21 or the financial year 2019-20.   The modifications come in the backdrop of the coronavirus pandemic.   In a notification, the Finance Ministry said it issued ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4 (Sugam), ITR-5, ITR-6, ITR-7 and ITR-V forms, as per the rule changes in the Income Tax Rules 2020.   The latest changes inc
  • RIL- REs: Big game window opens Monday
    NEW DELHI, MAY 31 (IANS): The rights entitlements created nearly Rs 9,500 crore wealth for Reliance Industries Limited (RIL) shareholders. This has set the tone for the final leg of the rights issue process beginning Monday.   With trading in right entitlements (RIL-REs) closed on Friday, May 29 (ended 41 per cent higher than Day 1), ushering the final leg of the RIL rights Issue process, holders of REs now have until Wednesday, June 3, to convert REs into shares by paying R