India

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Reliance Industries Ltd (RIL) is likely to report a muted first-quarter performance as gains from its telecom and retail arms will be negated by its weak refining and petrochemicals business, according to analysts. RIL will report its first quarterly earnings on Friday. According to a Bloomberg poll of 11 brokers, RIL's consolidated net sales are expected to come in at ₹1.45 trillion and net profit is estimated at ₹9,…


RK Singh said the power ministry will withstand pressure but not let power flow from August 1 to states that do not submit bank guarantees  Power and renewable energy minister R K Singh said the government will usher in a wave of reforms with policy and regulatory interventions to create a viable power sector for investors and consumers. In an interview with Himangshu Watts and Sarita Singh, he said the Centre was not siding with t…


The Civil Aviation Administration of Vietnam (CAAV) has granted approval to the low-cost carrier Vietjet Air to conduct flights between the capital city of Hanoi and India’s New Delhi.The approval was made based on the Agreement on Air Transport between the Vietnamese and Indian Governments. Currently, Vietjet operates around 400 flights daily, carrying more than 80 million passengers to date, with 119 routes covering destinations acro…


Close on the heels of unveiling a host of incentives for electric vehicles, the Union government is now urging states to promote eco-friendly vehicles in an effort to curb rampant pollution afflicting most of the major cities. The ministry of road transport and highways has asked all states and Union territories (UTs) to provide incentives for electric vehicles (EVs). In a letter to the principal secretaries (transport) and transport commiss…


A high-powered committee of Chief Ministers for the transformation of Indian agriculture met here on Thursday. The discussion focussed on the immediate need to accelerate the growth of the food processing industry, which is growing at a mere 1 per cent annually, and find ways to encourage the infusion of technology and private investment to modernise agriculture. The committee held its first meeting amid the prevailing farm distress in the countr…


There may be a silver lining in the dark cloud that is the auto industry — the sports utility vehicle (SUV). Indian buyers have been lining up for SUVs, making 100,000 to 150,000 bookings. And while carmakers have seen a 10% market decline between January and June this year, SUV sales have shrunk by a much more modest 1.8%. New launches of MG Hector, Hyundai Venue, Kia Seltos, Mahindra XUV 300 and Tata Harrier have been greeted wi…


Proposes several changes to check rampant resignations As part of its efforts to rid Corporate India of scams and frauds fuelled by financial opaqueness, SEBI is turning up the heat on auditors by making them more accountable. Financial auditors of a company will now not be able to casually resign without finalising the audit report for the full year if they have signed previous quarterly reports. Besides, the auditors will have to provide prope…


Vodafone Idea Ltd. has hired Bank of America Corp. and Morgan Stanley to help sell its fiber assets as India’s largest mobile carrier by users seeks to bolster its finances, people familiar with the matter said. The bankers will initiate discussions with potential buyers for the fiber assets, which could be valued at as much as ₹130 billion ($1.9 billion), the people said, asking not be identified as the talks are private. A fin…


Traditional weavers and artisans in the handicraft industry have long struggled to survive due to the advent of powerlooms SHARE   SHARE   SHARE EMAIL   SHARE   COMMENT Aimed at capacity building for 5000 weavers, artisans in five states After engaging with business professionals, Entrepreneurship Development Institute of India (EDII) will now look to develop entrepreneurial competencies in about 5,000 wea…


Cargo Transportation on National Waterways has increased by 997.26% in 5 Years. #InlandWaterways


Prime Minister Narendra Modi is the world’s most admired Indian according to an annual study by YouGov, an internet-based market research and data analytics firm headquartered in UK. The survey, conducted through online voting, lists the world’s most admired men and women, and while Modi holds the highest position of all the Indians on the list, his global ranking is number six. Modi is the only Indian politician on the list. The…


From the cost optimization and scalability of the public cloud to the security and reliability of the private cloud, enterprises can avail the maximum benefits while minimizing the risk factor Global research and advisory firm Gartner projects that through 2022, enterprise IT spending for cloud-based offerings will grow faster than traditional (non-cloud) IT offerings. Cloud shift across key enterprise IT markets is expected to increase to 28per …


Entrepreneur Anand Ahuja needs no introduction. The man is quite popular for various reasons. From launching the brand ‘Bhane’ which youngsters can relate with to being a co-owner of 'VegNonVeg' - a multi-brand sneaker store to tying the knot with Bollywood’s beguiling diva Sonam Kapoor, the man is always making headlines. The 35-year-old entrepreneur doesn’t just have a fresh scope with it comes to bringing comfy-fashion …


eBay has agreed to buy a 5.5% stake in e-commerce marketplace Paytm Mall in a renewed attempt by the San Jose, California-based company to grab a foothold in India’s fast-growing and intensely competitive online retail market. The companies did not disclose the value of the transaction in a joint statement on Wednesday. eBay and Paytm Mall also did not say whether the agreement contains any provision for eBay to enhance its shareh…


The RBI has placed significant responsibility on statutory auditors of banks over the last one year  Audit firm partners who are in the midst of any disciplinary proceedings will be barred from signing the balance sheet of any bank or even engage in the audit process. This is the latest directive to banks from the Reserve Bank of India (RBI) which over the last one year has placed significant responsibility on statutory auditors of commercia…


Union Minister Som Parkash on Thursday hailed the restoration of tri-weekly Delhi-Amritsar-Birmingham Air India flight after Pakistan opened its airspace for civilian planes. In a tweet, Parkash thanked Civil Aviation Minister Hardeep Singh Puri for the flight restoration......


The initiative could be a game changer for the two rival telcos as well as the consumer conglomerate Indian telecom giants Bharti AirtelNSE -1.00 % and Reliance Jio are in talks with Hindustan UnileverNSE -1.39 % (HUL) for tie-ups to offer localised discounts on the latter’s home and personal care brands through neighbourhood stores, three persons familiar with the matter, said. Once finalised, the initiative could be a game changer fo…


Cites anonymous complaint received by the Securities and Exchange Board of India as the reason The Board of directors of CARE Ratings Ltd on Wednesday decided to place Rajesh Mokashi, Managing Director & CEO, on leave with immediate effect, until further notice, the credit rating agency said in a late evening stock exchange notice. This move is pending the completion of the examination of anonymous complaint received by the Securit…


Home-grown restaurant search and delivery platform Zomato on Wednesday took to Twitter to "take up" the cause of urging users to save water in order to keep preparing morning cups of tea. The food-delivery platform tweeted. "SAVE WATER. Otherwise chai kaise banaoge?" Twitterati erupted with hilarious responses. "SAVE WATER, otherwise hostel ki daal me 90 per cent kya hoga? a user posted......


Changes have been made in the visa manual to facilitate the entry and stay of legitimate visitors.  The home ministry has liberalised India’s visa rules to simplify the entry of foreign nationals and give them greater flexibility in terms of permitted activities. The main visa categories, apart from those issued for long-term visits and to SAARC members and Overseas Citizens of India, have been scaled down to 21 from 26 by clubbin…


The Indian Institute of Technology Hyderabad launched the Smart India Hackathon as a platform for students to use technology to solve problems The Indian Institute of Technology Hyderabad (IIT-H) recently organised the Smart India Hackathon (SIH) 2019 on its campus. The event provided students a platform to use technology to solve problems faced in everyday life, inculcate a culture of product innovation, and develop a problem-solving mindset. A …


2019-07-17

The trade and investment flow between India and the United Arab Emirates are poised to expand rapidly with the launch of a major initiative by DP World, UAE Region. The recent launch of the 'India-UAE Bridge' initiative is set to attract both Indian and UAE trade and investments as DP World offers technology-driven end-to-end (e2e) smarter trade solutions to Indian trade fraternity. DP World remains committed to India’s vision of ‘Mak…


2019-07-17

Dubai International (DXB) welcomed India’s national carrier Air India’s inaugural flights from the cities of Indore and Kolkata (Calcutta) on Monday evening. The thrice weekly service from Indore is the first international flight out of the city, which is the commercial capital of the state of Madhya Pradesh. Air India’s Chairman and Managing Director Ashwani Lohani (third from right) was among the 150 passengers who arrived on …


Two Vietnamese companies from the Central Highland province of Lam Dong are displaying their products at the 7th India International Silk Fair, which opened in New Delhi on July 15.Joining the three-day event that gathers 120 leading Indian producers and over 250 international firms, they are looking for cooperation chances and partnerships in promoting traditional silk products from their province.Lam Dong’s silk production has been thrivi…


Bakers in France will soon be making bread with millets supplied by Croitre Health-conscious people in France are set to get a treat from India soon with the humble millet set to debut on the French bakery circuit. Bakers in this European nation, known for its love of food, will use flours of nutritive cereals such as finger millet (ragi), pearl millet (bajra) and proso millet along with wheat flour to make bread and other products. Before findi…


The dispute over corporate governance between Rakesh Gangwal and Rahul Bhatia, the two co-founders of IndiGo Airlines, only gets more bitter by the day with letter-bombs being dropped by the warring promoters. There are questions now raised on what is the way forward at the airline, what messaging does it send out to institutional investors and also what remains the role of regulator in an imbroglio like this. In a video discussion with Shrija Ag…


Azim Premji, Founder and Chairman, Wipro, says the IT major would increase focus on four big bets -- Digital, Cloud, Engineering Services and Cyber Security -- and subject to the board's approval WiproNSE 0.85 % would step up investments significantly in these bets. In his final letter to Wipro shareholders, Premji recalled the seven-decades journey of Wipro, which transformed from a vegetable oil company into a leading information technolog…


Half a dozen companies are likely to hit the primary market in the next month or so to raise about Rs 10,000 crore, bringing to an end the dry spell in initial public offers (IPOs) that’s prevailed this year. Sterling and Wilson Solar, ASK Investment Managers, Spandana Spoorthy Financial, Affle India, AGS Transact Technologies and Mazagon Dock Shipbuilders among other companies are conducting road shows and planning IPOs by the middle …


In what will help improve the fortunes of India’s beleaguered power sector, the National Democratic Alliance (NDA) government plans to convert all electricity meters into smart prepaid meters by 2022. The strategy is part of the government’s electricity distribution plan prepared by the Central Electricity Authority (CEA), India’s apex power sector planning body, and comes at a time when the new government is trying to…


In a country where there are 1.3 billion and in a world with over 6 billion more people, you have to make sure you know your reason for innovation Fast-paced lives, evolving technologies, and the need of several sunrise sectors demand we innovate, and adapt to new styles and approaches in order to create the new over and over again. In simple terms, innovation is a critical part of every life. This comes with risk. Risk brings with it nervousness…


With a target of becoming a US$5 trillion economy within the next six years, India could overtake the UK to become the world’s fifth biggest economy this year and even surpass Japan to be the third largest in 2025, IHS Markit noted in a report this month.  As the only ASEAN member state to share a border with India, Myanmar is poised to benefit from its neighbour’s expansion plans and policies.  “The growing connect…


Training five crore unskilled labourers under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) is the next big-ticket promise of the central government. Under its 100-day agenda, the Centre is all set to revamp MGNREGA, which guarantees 100 days of employment to the rural poor. The revamp would include providing training to the rural poor to upgrade their skills and equip them for better employment opportunities.&nbs…


The valuation of Byju’s surged by $2 billion to $5.5 billion in its ongoing Series F funding round, an unprecedented jump within a single round, as investors clamoured for a piece of the education startup that has reported dizzying growth. Byju’s, India’s most valued ed-tech company, has so far raised₹3,159.4 crore ($460.8 million) in the round, led by investors such as South Africa’s Naspers, private equity firm Ge…


The state-run refiner threatened to stop supplies at six airports, including Pune, Vizag and Chandigarh, due to payment defaults by the airline  A threat by Indian Oil CorpNSE -0.99 % (IOC) to stop jet fuel supplies to Air India at some airports was resolved after a late Monday evening intervention from the ministry. The state-run refiner threatened to stop supplies at six airports, including Pune, Vizag and Chandigarh, due to payment d…


One crore joined workforce in 30 months,with pace picking up ahead of LS elections Out of over one crore new employees who joined the workforce as part of the Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) between August 2016 and March 2019, about 57 per cent came from five States — Maharashtra, Tamil Nadu, Karnataka, Gujarat and Haryana......


Arbitration seems simple, easy, and cost-effective, the process is full of practical demerits which remain disguised until the parties come to know that they had spent a lot but results are still unsatisfactory When an unresolved dispute is referred by the parties, who have a dispute over an issue to a third party who stands to be neutral, the process of dispute resolution is known as arbitration. When instead of the litigation process, the conce…


 Mortgage lender Dewan Housing Finance Corp. Ltd (DHFL) needs between ₹2,500 crore and ₹3,000 crore of fresh equity investments to sustain lending operations, two people aware of the development said. DHFL, which declared a quarterly loss of ₹2,224 crore on Saturday, said in its notes to accounts that the National Housing Bank has restated the company’s FY18 capital adequacy ratio, which measures a bank&r…


Researchers say hackers can manipulate the images and audio files that you receive on these platforms  If you thought instant messaging platforms like WhatsApp and Telegram that provide end-to-end encryption give you rock-solid security, think again. Researchers from cyber-security firm Symantec on Monday revealed the vulnerabilities that allowed hackers to manipulate the images and audio files you receive on these platforms. The securi…


Recently, Flipkart has begun revamping its platform by shifting its focus on sellers and consumers The Indian e-commerce giant, Flipkart is pacing along with other digital companies by partaking in the payment card industry. The e-tailer is set to launch a co-branded credit card in collaboration with Axis Bank and Mastercard. With the introduction of Flipkart’s co-branded card, the e-commerce company along with its other partners is targeti…


India and Russia would pay through their currencies for the arms deal to avoid risks created by the US  India and Russia have agreed on a new payment method through their national currencies for multi-billion-dollar defense deals, in a bid to avoid risks created by the U.S. threat of sanctions and banking restrictions. The arrangement would enable India to pay the first installment soon for two warships that Russia is building for its n…


We live with great humility & forbearance even as assets worth lakhs or crores are hidden in our closets  Last week we visited a friend who owns a farmhouse on the outskirts of Mumbai. Set amidst a mango grove, the renovated house looked beautiful. We asked him how often the family had been able to ‘get away’ and enjoy it. They managed to visit twice a year, though weekend trips was the original plan. We invest in assets…


This weekend, in a Times of India article, University of Chicago professor of finance and former RBI governor Raghuram Rajan highlighted the perils of the budget announcement of GoI’s plan to start raising a part of its gross borrowing programme in external currencies. There are two issues regarding India’s foreign borrowing. One, the quantum of borrowing and debt. While multilateral and bilateral debt is welcomed, India has…


HDFC Bank MD Aditya Puri wants his successor to learn his job in just two weeks. The head of India's largest private sector lender said his replacement, a search for whom will begin soon, should be better than him in all respects. “If my replacement wants to be mentored for 1 year, I don’t want that replacement,” Puri said at the lender's annual general meeting. Puri says his replacement should not require an 18-month handh…


Deloitte is contesting India's ban on the auditor for its alleged involvement in a financial fraud  India has told a tribunal the local auditing affiliate of international accounting group Deloitte Touche Tohmatsu is misreading a key federal law as the firm seeks to avoid a five-year ban on new business, according to legal documents reviewed by Reuters on Sunday. Deloitte Haskins & Sells LLP is contesting the government's call for t…


State-owned engineering firm BHEL on Sunday said it has bagged a ₹100 crore order from NTPC for setting up a 25 MW floating solar photovoltaic power plant at Simhadri in Andhra Pradesh. The plant will be set up on the raw water reservoir of NTPC’s Simhadri Thermal Power Plant, BHEL said in a statement. “BHEL has won an order for setting up a 25 MW floating SPV power plant on EPC (engineering, procurement and construction ) basi…


Apple has taken four of its ‘lower priced’ smartphones off the shelves in India, making it more expensive to buy an entry-level iPhone. As part of its new strategy to focus on driving value in India instead of chasing volumes, Apple has stopped selling the iPhone SE, 6, 6Plus and 6sPlus, three senior industry executives said. This will increase the entry level price of an iPhone in India by almost Rs 8,000. The executives sa…


At a time when most big healthcare businesses are applying brakes on expansion plans, Azad Moopen, Founder Chairman and Managing Director of global healthcare chain Aster DM Healthcare talks about why it is difficult for companies to expand in Tier-2 and -3 towns. He also talks about the company's growth prospects, how to avoid malpractice in medical profession and what is lacking in the government's ambitious cashless health insurance scheme &nd…


Builders are offering customers a “buy now, pay later" scheme for ready-to-move-in homes—buyers can move in with a small down payment and pay EMIs after a year or two—as property developers take “desperate" measures to liquidate their bulging inventory amid slowing demand. The easy payment schemes, which were earlier offered only for under-construction projects, have now found their way into projects with un…