India

Date
2020-10-28

If you have travelled in India your experiences will be as diverse as it gets owing to the sheer variety that this enigmatic land has to offer. However, almost every single individual who has set forth to explore India has one thing in common – they (we) have all come across a linguistic mystery like no other. The reference here is to the phrase “Horn OK Please” that seems to adorn the highly artistic and ornamental back-sides/r…


The retail-tech startup Arzooo on Tuesday announced it has raised $7.5 million in Series A funding led by WRVI Capital. Its existing investors 3Lines Venture Capital with another US-based investor and Jabbar Internet of UAE also participated in the current round. The startup will leverage funds for tech-upgradation and market expansion. It is a retail technology venture empowering physical retailers to compete and grow against e-commerce platform…


Share of Bharti Airtel gained up to 10% to Rs 476.30 against previous close of Rs 433 on BSE Bharti Airtel share rose 10% in early trade today after the telco narrowed its Q2 loss backed by strong revenue growth. Share of Bharti Airtel hit upper circuit of 10% at Rs 476.30 against previous close of Rs 433 on BSE. Bharti Airtel stock has gained after 2 days of consecutive fall. The stock opened with a gain of 3.09% at  Rs 446.40. Th…


Hero MotoCorp Ltd, the country’s largest two-wheeler manufacturer, is expected to report an improvement in revenue and net profit in the September quarter, due to faster recovery in demand for entry level motorcycles in rural and the semi-urban markets. According to estimates compiled by Bloomberg, eight analysts expect the company to report a net profit of ₹964.20 crore and 20 analysts estimate revenue from operations at ₹8…


India’s largest e-grocer BigBasket is in advanced negotiations with the Tata Group to divest a majority stake in favour of the salt-to-software services conglomerate, according to three people in the know. The deal, which is still evolving, could see the Bengaluru-based company sell around 50% stake for about $1 billion, the sources said.China's internet giant Alibaba, which holds around 26% stake in BigBasket, is expected to sell its entir…


Devices are coming up faster than expected, says Nitin Bansal, Head of Ericsson India Telecom operator Bharti Airtel recently extended its contract with Ericsson for the deployment of a 5G-ready radio network. According to Nitin Bansal, Head of Ericsson India and Head of Network Solutions, South-East Asia, Oceania & India at Ericsson, 90 per cent of the equipment sold by the company here are made in India. The manufacturing facilities that i…


Having taken Indian food to towering heights, chef Vikas Khanna always knew the power of the Indian cuisine. Though being pitted against international chefs, the Indian culinary expert with an infectious smile always believed Indian food to be much more complex and layered with a vast potential for worldwide appreciation.....


India’s economy picked up speed in September as a revival in demand and business activity helped drive the South Asian nation toward recovery from the pandemic-induced slump. Five of the eight high-frequency indicators, including exports, tracked by Bloomberg News improved last month, while three were steady. That helped move the needle on a dial measuring the so-called ‘Animal Spirits’ to 5 from 4 in August -- a level…


India Stock Market News Updates Today: Global equities were negative today as worries about a surge in coronavirus cases and dwindling hopes for a U.S. stimulus package kept investors gloomy Sensex, Nifty LIVE Updates on October 28: Market indices opened on a bullish note on Wednesday, despite positive global equities. This was following reports that PM Narendra Modi would meet FM Sitharaman to discuss stimulus package. The positive sen…


India’s residential real estate sector has faced huge challenges in recent years because of poor liquidity, slow sales and delayed project construction. As the covid-19 pandemic worsened the slowdown, many developers froze project launches and offered easy financing schemes to win back customers. Bengaluru-based Puravankara Ltd launched projects virtually and saw sales traction across its affordable housing arm Provident Housing and premium…


The finances of Indian state governments are facing the risk of getting derailed following the rising level of debts and guarantees issued by them amid the Covid-19 pandemic, Reserve Bank of India said.Before the pandemic broke out, states have budgeted their consolidated gross fiscal deficit at 2.8% of GDP in 2020-21 with about half of the states having budgeted the ratio at or above the 3% threshold. Read more at:https://economictimes.indiatime…


Titan arm to provide expertise for project to be set up in Hosur industrial complex The Tata Group is investing ₹5,000 crore to set up a phone component manufacturing plant at the industrial complex in Hosur, Tamil Nadu. The new company, Tata Electronics, has been allotted 500 acres by TIDCO(Tamil Nadu Industrial Development Corporation), and the bhoomi puja was performed on Tuesday. The investment will be scaled up depending on…


Key indicators are improving post the unlocking, says Nirmala Sitharaman Finance Minister Nirmala Sitharaman expects the Indian economy to be among the fastest growing the next year. Speaking at the India Energy Forum by CERAWeek on Tuesday, Sitharaman said economic growth may be zero or even in the negative this year because of the Covid-19 lockdowns.....


In September 2020, the Jammu and Kashmir administration amended the Grant of Domicile Certificate (Procedure) Rules, 2020. In a significant move, the Centre has notified land laws, paving the way for any citizen if India to buy land in Jammu and Kashmir and Ladakh. The government in its release stated that the order will be called the Union Territory of Jammu and Kashmir Reorganisation (Adaptation of Central Laws) Third Order, 2020. The order com…


Proceeds from sale to New Mountain Capital to be used to reduce debt, and for new initiatives Aurobindo Pharma has reached a definitive agreement to sell Natrol LLC., a wholly-owned subsidiary of Aurobindo Pharma USA Inc., to New Mountain Capital and its affiliate Jarrow Formulas Inc....


The startup aims to change the way the nation finances its affordable homes Gurugram-based BASIC Home Loan, an arm of Basic Enterprises Pvt. Ltd has raised a $500,000 in seed round from Picus Capital, a Germany based early-stage technology investment firm. The startups’ vision is to digitize the home loan process and increase affordable loan penetration for middle and low-income households in India. It aims to use the 'Phygital' approach in…


In a significant relief for importers, customs clearance saw a dramatic improvement over the weekend with about three-fourths of sea consignments getting the nod in less than 48 hours on Sunday. This comes after the government swung into action to address complaints from industry over undue delays in clearances since the introduction of faceless assessment by the Central Board of Indirect Taxes and Customs (CBIC). About 74 per cent of the sea con…


Revival in sentiments is attributed to the remarkable upturn seen in the real estate business, especially in the residential segment, in the third quarter of 2020 as a result of the unlocking process The retail sentiment towards real estate sector has improved significantly in the third quarter of 2020 - be it the current or future sentiments. According to the 26th Knight Frank-FICCI-NAREDCO Real Estate Sentiment Index Q3 2020 Survey, Future Sent…


E-commerce firms such as Walmart-owned Flipkart and Amazon have sold goods worth nearly $4.1 billion ( ₹29,000 crore) in the first week of festive season sales, compared to $2.7 billion in 2019, according to data from Redseer Consulting.   Smartphones continued to be the biggest category, accounting for 47% of the overall gross merchandise value (GMV), followed by electronics and home appliances, as demand for work-from-home…


India's Future Retail Ltd (FRL) will go into liquidation if its deal to sell assets to Reliance Industries fails, the group told a Singapore arbitrator while arguing against Amazon.com Inc's bid to scupper the deal, a legal order seen by Reuters showed.Amazon on Sunday won an injunction from a Singapore arbitrator to halt FRL's deal to sell assets to Reliance. Amazon alleged FRL had breached certain contract provisions it entered into last year i…


Say bids are ‘not up to the mark given the portfolio and assets of home finance firm’ Lenders to Dewan Housing Finance Corporation Ltd have decided to ask all four bidders to improve their offer to avoid taking huge haircuts. While American global asset firm Oaktree Capital is ahead in the race to acquire the stressed assets of DHFL, the Committee of Creditors, which met on Monday, wants more money....


Modi to inaugurate India Energy Forum by CERA Week on Monday, is expected to woo companies to promote Atmanirbhar Bharat The country's oil and natural gas sector is likely to see investment to the tune of $206 billion during the next eight to ten years. With Prime Minister Narendra Modi addressing the top global executives at the India Energy Forum by CERA Week on Monday, it is expected he would further entice companies to promote an cor a self-r…


The 50th annual meeting, held in January 2020, was the last major global event before almost the entire world got locked down due to the coronavirus pandemic Bullish on India's power to shape the global agenda, the WEF's Founder and Chairman Klaus Schwab has said the country''s early policy response to the COVID-19 pandemic was strong and now its biggest opportunity lies in leapfrogging to a more digital and sustainable economy....


With 45,149 new coronavirus infections, India's total cases surged to 79,09,960 on Monday. India recorded its lowest death toll in about four months on Monday with 480 deaths reported in the last 24 hours, taking total fatalities to 119,014. Total active coronavirus cases in India stand at 6,53,717 after a decrease of 14,437 in last 24 hours. India has cured a total of 71,37,229 coronavirus cases with 59,105 new discharges in last 24 …


Smartphone maker Motorola is looking to clock a "profitable growth" and grow "faster than the industry" in India on both quarterly and yearly basis, with devices in the price range of Rs 9,000 to Rs 20,000 a unit driving the momentum, a top company official has said. The company registered growth in the April-June quarter over the previous three-month period in India even though the overall shipment of smartphones declined, Motorola Mobility Mana…


Says transaction was entered into under ‘proper legal advice’ Despite an interim stay by the arbitrator, Reliance Retail Ventures Ltd (RRVL) said it will go ahead with the deal to acquire Future Retail. "RRVL has entered into the transaction for the acquisition of assets and business of Future Retail Ltd under proper legal advice and the rights and obligations are fully enforceable under Indian Law. RRVL intends to enforce its rights…


Water supply sector and especially safe drinking water availability continues to face increasing pressures due to the declining water resource, increasing population, impacts of climate change and the onslaught of the current COVID-19 pandemic. To improve the resilience, reliability and sustainability of water, innovation and technology have a vital role to play.....


Kotak says no comments to offer; IndusInd CEO says promoters have denied the deal Kotak Mahindra Bank is exploring a takeover of smaller rival IndusInd Bank, people with knowledge of the matter said, a move that would create the nation’s eighth-largest financial firm by assets. Uday Kotak, founder and chief executive officer (CEO) of Kotak Mahindra, is looking at the possibility of an all-stock acquisition, one of the people said, aski…


The retrospective salary restoration as well as the performance bonus has been announced for employees of RIL's hydrocarbons division, putting money in their hands during the festival season Reliance Industries Ltd (RIL) is rolling back salary cuts for its employees, restoring them to pre-COVID levels with retrospective effect. The Mukesh Ambani-led conglomerate is also handing over the performance bonus that been put off after its business was h…


Amid the Covid-19 pandemic, Biocon Executive Chairperson Kiran Mazumdar-Shaw today said that intra-nasal vaccines will be far easier to deliver than intra muscular injections. Taking to Twitter, the Biocon chief said Asha workers can be trained to deliver intra-nasal vaccines at mass scale. She further added that IM injections which will need nurses, doctors and MBBS students which is a challenge....


ike self-improvement books, the purpose of pension adequacy surveys is to make us feel lousy about ourselves.Lousy and scared: We haven’t saved enough because we’re myopic and lack self-control. We don’t have a retirement plan, and it’s getting late. That next avocado toast may deny our future selves a pair of reading glasses.And the nagging chases us right into our graves. At the back of our minds, there's always the guil…


The former Attorney-General of Singapore, V.K. Rajah, in his order said an interim stay was prudent as the deal was ‘disputed’ The arbitrator looking into the dispute between Amazon and Future group has put an interim stay on the latter's Rs 25,000-crore deal with Reliance Retail. The former Attorney-General of Singapore, V.K. Rajah, was the arbitrator for the case. In his order granting interim relief for Amazon, Rajah said it was p…


Prime Minister Narendra Modi on October 25 urged people to light a “Diya” (lamp) while they celebrate festivals, to honor security forces guarding its borders.  


Performance management is a complex process that is in a state of constant flux. Every year, new metrics of performance management emerge. It is common for managers to feel frustrated with the poor performance of employees and the employees to get demotivated, disengaged and deflated owing to the lack of motivation and the life-long learning culture in organizations....


Yes Bank returned to profit in the quarter ended September and Kumar made provisions for potential covid-related losses The chief executive officer of Yes Bank Ltd., who helped the lender emerge from India’s biggest-ever bailout, is girding for fallout from the pandemic. The coronavirus outbreak has “created a problem” on the loan book, even as progress has been made on fixing key drawbacks such as weak gover…


The company has been focussing not only on the safety aspect of its vehicles but has also been leading the electric vehicle space in the country, said Shailesh Chandra, Tata Motors President-PVBU Auto major Tata Motors on Saturday said its passenger vehicle vertical has crossed 40 lakh cumulative production milestone, nearly three decades after it rolled out its first model in the segment - Tata Sierra SUV in 1991. The company, which ov…


Vedanta Ltd. approved a dividend of 9.50 rupees a share amounting to 35 billion rupees ($476 million), according to an exchange filing Saturday. The outflow follows $1.2 billion in payouts announced by cash cow unit Hindustan Zinc Ltd. earlier this week....


Walk into a salon these days and prepare to be greeted by stylists in layers — of PPE suits, masks, face shields and gloves, all of disposable material, usually plastic. Planning to order takeaway instead of dining in the closed confines of a restaurant? The food will arrive in disposable, often plastic, containers. Even stopping by the kerb for some fresh coconut water is likely to involve plastic, as Nalini Shekar, cofounder of Bengaluru-…


Franklin Templeton India plans to move the Supreme Court against the Karnataka High Court order making it mandatory to seek investors approval for winding up the six debt schemes even while upholding Trustees decision to close down the scheme. In a note to investors, Sanjay Sapre, President, Franklin Templeton Asset Management (India) said on basis of initial review the fund house believes it may be necessary to appeal aspects of the order in the…


A webinar discussing post-COVID-19 tourism cooperation between Vietnam and India was held in Ho Chi Minh City on October 23.Speaking at the event, Indian Consul General in Ho Chi Minh City Madan Mohan Sethi said the webinar aims to enable State management and travel agencies to discuss bilateral tourism cooperation following the pandemic....


Pakistan will remain in FATF's ''grey'' list till February 2021 as it has failed to fulfil six key obligations of the global money laundering and terrorist financing watchdog that include failure to take action against two of India's most wanted terrorists - Maulana Masood Azhar and Hafiz Saeed, officials said on Friday Pakistan will remain in FATF's ''grey'' list till February 2021 as it has failed to fulfil six key obligations of the global&nbs…


India has ordered its 4,000 military shops to stop buying imported goods, according to a document reviewed by Reuters, a move that could send an unwelcome signal to foreign liquor firms such as Diageo and Pernod Ricard. India's defence canteens sell liquor, electronics and other goods at discounted prices to soldiers, ex-servicemen and their families. With annual sales of over $2 billion, they make up one of the largest retail chains in In…


The Centre is mooting construction of rail lines alongside key expressways proposed to be built in the country in a bid to boost connectivity.The ministries of railways and road transport and highways have held meetings to explore how such corridors can be developed, senior government officials aware of the matter said.“We have said that for greenfield expressways, we can look at the possibility of rail lines alongside,” an official t…


Cut-off yields closer to market rates under recent auctions; but can fall hereon for certain tenures   In a bid to sooth bond market concerns over large state borrowings in the second half of the fiscal, the RBI announced open market operations (OMO) purchase of State Development Loans (SDLs) for the first time, as a special case, in its October policy. The first auction of ₹10,000 crore of SDLs on October 22, not only received good …


While there are chances that the virus may spread faster during colder months, measures such as wearing masks and physical distancing will remain the key Health experts warned on September 30, 2020, that with COVID-19 set to enter its eleventh month in India after the country reported its first confirmed case in Kerala on January 30, there is a likelihood of increased transmission of the novel coronavirus virus during the winter months, according…


Steel producers in Europe are under pressure to consolidate, having been battered by weaker demand and global overcapacity Swedish steelmaker SSAB AB is exploring a combination with Tata Steel’s European business as a back-up plan to a deal with Thyssenkrupp AG amid industry consolidation, according to people familiar with the matter. SSAB is holding preliminary talks with Tata Steel of India as it seeks merger options, the people…


Days after his arrest, he tested coronavirus positive and underwent treatment at hospital as per the direction of the court. He recently recovered from the infection and was then remanded in judicial custody A special court in Mumbai on Friday rejected the plea of Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, seeking post COVID-19 care at a private hospital. Kochar was arrested by the Enforcement Directorate last month under Pr…


Airlines are seeing a spike in bookings in October during the ongoing festive season, online travel firms said, hinting at a gradual recovery of the sector plagued by the pandemic. “We have already reached 65% of pre-covid levels (in terms of demand). The festive season will boost demand further," said Nishant Pitti, chief executive of online travel ticketing platform EaseMyTrip. Delhi-Mumbai, Srinagar-Delhi, Mumbai-Delhi, Bengaluru-Delhi…