India

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AUM of retirement-oriented schemes rises 24% to ₹10,425 crore in last 10 months Young India seems to be saving big time for retirement, and mutual fund schemes are emerging as the popular long-term retirement avenue.....


The combination of Bharti Infratel and Indus Towers will create a pan-India tower company with over 163,000 towers, operating across all 22 telecom service areas The Department of Telecom (DoT) on Friday approved the merger of the country's largest mobile tower company Indus Towers with Bharti Infratel, according to official sources. The combination of Bharti Infratel and Indus Towers will create a pan-India tower company with over 163,…


JSW Steel's steelmaking capacity will increase to 21.5 MT from 18 MT post Rs 19,700 crore acquisition of Bhushan Power and Steel In the fight for supremacy in the Indian steel sector, Sajjan Jindal-controlled JSW Steel will overtake Steel Authority of India (SAIL) and Tata Steel in production capacity, after the acquisition of Bhushan Power and Steel (BPSL). JSW Steel's steelmaking capacity will increase to 21.5 million tonne …


Global players are beginning to recognize India as a potential aviation hub, analysts and industry executives said on Friday, after Groupe ADP of France announced plans to buy a 49% stake in GMR Airports Ltd (GAL). Groupe ADP became the second leading international airport operator to enter India in a span of less than three months. Zurich Airport International AG had won the bid to build an international airport at Jewar on the outskirts of…


Adani Group gets a Lutyens' showpiece at bargain price After NCLT resolution, 3.4 acre bungalow to change hands for Rs 400 cr while debtor expected Rs 1,000 cr It’s a palatial bankruptcy resolution — 3.4 acres, total built-up area of more than 25,000 square feet, seven bedrooms, six living and dining rooms, a study room, 7,000 square feet for staff quarters, and all of it surrounded by verdant green in New Delhi’s ultra-posh Lut…


The government has managed to save nearly ₹28,700 crore during the first nine months (April-December) of the current fiscal (2019-20) through Direct Benefit Transfer (DBT) regime. That’s almost enough to meet the expenses on ‘Medical & Public Health’ for which Union Budget 2020-21 has provided ₹29,774 crore, or meet 46 per cent of the budgeted expenditure on Mahatma Gandhi National Rural Employment Guarantee Pr…


Couple-preneur might have become a popular term recently referring to a couple running a company today, but you better not mistake it for a new trend. Dig into history and you will realise how this has been a practice for ages now. But when partners can have their differences, imagine when life-partners combine hands. Can business and pleasure work together? While many might find it tricky, Entrepreneur India spoke to five couple entrepreneurs to…


According to chef Radhika Khandelwal, seasonal produce is more than half the work done to make a delicious dish When did the culinary world become such a glamour space in India? Was it because of Vikas Khanna bringing Indian cuisine to the centre stage, Garima Arora becoming the first Indian women to win a Michelin star or veteran Sanjeev Kapoor’s Khaana Khazaana cook shows?....


Unacademy, an edtech start-up that helps students prepare for different competitive exams, has raised $110 million in a Series E round led by General Atlantic, Sequoia and Facebook. Existing investors Nexus Venture Partners, Steadview Capital as well as Blume Ventures also participated in the latest funding. Founded in 2015, Bengaluru-based Unacademy started as an YouTube channel before launching its own platform and a mobile app. The p…


The government has launched a scheme that provides financial aid to farmers looking for advanced farm machinery According to a press release, for farmers to have access to more tech-based farm machinery on a rent-basis, the government is promoting Custom Hiring Centres (CHC) through the Sub-Mission on Agricultural Mechanisation (SMAM) project. Under the scheme, subsidies are provided at 40% to individual farmers for projects costin…


The government has increased the funds for its flagship programme Digital India to about $554,905 The government, in the budget for 2020, has increased funds for the Digital India initiative 23% to INR 3,958 crores (around US$5 54,905) compared to the actual allocation in the current fiscal. The increase is mainly on account of incentives for electronics manufacturing, for research and development, the development of manpower …


The Bhuvan Panchayat web portal will use data from satellites to better plan and monitor government projects in rural India India recently launched the third version of the Bhuvan Panchayat web portal in Bengaluru, earlier this week. The web portal is an easy-to-use geoportal and will provide database visualisation, data analytics, model-based products or services for village council members and stakeholders, and will generate automatic reports. …


The top 6 make news pretty much every year. It’s the ones below them that have become a talking point. The key to success in a sluggish job market – an MBA degree, even if it’s not from the top six IIMs.Business schools other than the top six IIMs (Ahmedabad, Bangalore, Calcutta, Kozhikode, Lucknow and Indore) have seen a jump in average salaries and number of recruiters for the class of 2020. The top six do well pretty much eve…


Raymond stitches plans for a larger share of the male wardrobe with 3D printed cufflinks, and more When it comes to matters of sartorial flair, it is the small details that make a big difference. In the well-dressed man’s attire, cufflinks are subtle signifiers of one’s place in the world. Riding on the wave of resurgence that the shirt accessory is witnessing, the Raymond Group decided it would create bespoke masterpieces — wi…


Thai Airways International will cancel some flights to eight countries this and next months as the coronavirus outbreak has crippled air travel. The flight adjustments this month and most of March cover destinations in China, Hong Kong, Taiwan, Japan, South Korea, Singapore, the Philippines, Bangladesh and the United Arabs Emirates....


Reliance announced the merger of its various content, distribution, and media properties in its listed subsidiary Network18 earlier this week This week saw Mukesh Ambani consolidate the media assets of Reliance Industries, giving distribution a big push. With this, the battle of supremacy between Ambani and Subhash Chandra, who straddle the media convergence space of broadcasting, distribution, over-the-top (OTT) channel, content, and movies, wil…


In a major exercise to estimate poverty, a nation-wide survey has been launched to capture household accessibility to amenities including nutrition, drinking water, housing and cooking fuel.The exercise is likely to help India arrive at poverty levels, years after the poverty line idea was dumped. The number of poor as well as poverty levels are crucial for any government to prioritise social sector schemes.In 2014, the NDA government had junked …


With goods trains envisaged to be running at 100 km per hour, the Dedicated Freight Corridor Corporation of India (DFCCIL) is looking to decongest up to 70 per cent freight load of the Indian Railways, which could be better utilised to run passenger trains efficiently, MD Anurag Sachan said here.....


Ahead of his visit, there have been talks about India and the United States agreeing on a trade package as a precursor to a major trade deal Days ahead of his India visit, US President Donald Trump on Thursday said the two countries could make a "tremendous" trade deal. "We're going to India, and we may make a tremendous deal there," Trump said in his commencement address at the Hope for Prisoners Graduation Ceremony in Las Vegas......


The durable retailer plans to create digital kiosks at the stores, where the sales person can give 3D demonstrations of a refrigerator or a washing machine Croma will launch the first of its new-age stores in Mumbai in March. The launch of the new tech-heavy Croma store will coincide with the launch of the Croma app, says, Avijit Mitra, the company's CEO and Executive Director. The app which has been created by sister company, TCS, is s…


xis Bank Ltd is looking to buy more than 20% in Max Life Insurance Co. Ltd, the life insurance unit of Max Financial Services Ltd, three people aware of the development said on condition of anonymity. Max group on Thursday said Axis Bank, Max Financial Services and its subsidiary Max Life Insurance are in exclusive talks to explore the possibility of Axis Bank entering into a long-term strategic partnership with Max Life. The com…


India's Rs 1.2 lakh crore nuclear submarine project closer to realisation Nuclear attack submarines will give India a significant strike and area denial capability in the region India is taking a crucial step for its Rs 1.2 lakh crore project to produce future nuclear-powered submarines, with top levels of the government processing clearances for the detailed design phase.The plan to build six advanced attack submarines — to be nuclear powe…


A consideration of ₹5,248 rore to be received immediately GMR Infrastructure Limited (GIL) has announced a strategic partnership with Groupe ADP for its Airports Business wherein the latest will acquire 49 per cent stake. GIL has signed a Share Purchase Agreement under which Groupe ADP will hold 49% stake in GMR Airports Limited (GAL) for an equity consideration of ₹10,780 crore, valuing GAL at the Base Post Money Valuation of …


Airlines operating in the Asia-Pacific region stand to lose a combined US$27.8 billion of revenue this year in the ongoing coronavirus crisis, the International Air Transport Association said on Thursday (Feb 20). The estimate is based on projections of a 13 per cent full-year decline in passenger demand, mostly in China, the trade body said in a statement.....


The government, in its budget for this year, announced a national mission on quantum technologies and applications (NM-QTA). The project will have a total budget outlay of INR 8,000 crores (around US$ 1.1 million) over five years and will be implemented by the Department of Science and Technology (DST). According to a press release, the Finance Minister said that the new economy is based on innovations that disrupt established…


India has issued import licenses for 1.1 million tons of refined palmolein from Indonesia, government and trade sources told Reuters, a move that has surprised the industry as only last month New Delhi restricted imports of the commodity. A resumption in refined palmolein buying by India, the world’s biggest palm oil importer, could lift its total palm oil imports and support Malaysian palm oil futures FCPOc3, which have corrected a fifth f…


Fund-raise was led by Prosus N.V., along with two others   Food delivery platform Swiggy has raised $113 million in an ongoing Series-I fund-raise led by existing investor Prosus N.V. (earlier called Naspers) and includes participation from Meituan Dianping and Wellington Management Company. This round was raised at a pre-money valuation of $3.5 billion....


Shaktikanta Das said that few sectors in India are likely to see some disruptions but alternatives are being explored to overcome those issues Amid raising concerns over the spread of coronavirus, RBI Governor Shaktikanta Das on Wednesday said the deadly virus will have a limited impact on India but the global GDP and trade will definitely get affected due to the large size of the Chinese economy. Shaktikanta Das said that few sectors i…


State Bank of India (SBI) has approved a restructuring plan proposed by Suzlon Energy Ltd as the first step towards saving the stressed wind power firm, according to two bankers familiar with the matter. Under the plan, Suzlon’s debt of ₹12,700 crore will be converted into sustainable and unsustainable debt and will be repaid over 20 years. Sustainable debt, which is 32-35% of the total, will be repaid over the fi…


Trump said his country is “not treated very well by India” but the US is “doing a very big trade deal with India” Any further movement on India-US trade deal would depend on response from Washington, officials privy to the deliberations told ET, adding there is convergence on many issues.US president Donald Trump has said his country is “not treated very well by India” but the US is “doing a very big trad…


To plug loopholes, makes scheme voluntary for farmers The government on Wednesday announced that it would reduce its share in premium subsidy for the flagship crop insurance scheme — PM Fasal Bima Yojana (PMFBY) — to 30 per cent and 25 per cent, respectively, for unirrigated and irrigated crops from the existing 50 per cent for major States, even as it made the crop protection cover voluntary for farmers.....


High-income nations released less carbon dioxide last year. But emissions increased elsewhere as developing regions struggled to balance economic growth and climate action, while heavy industries and transport emissions were as hard to abate as ever. Even as power sectors in some of the world’s most energy-hungry economies pumped less carbon dioxide into the atmosphere in 2019, coal combustion in developing Asia and global demand …


Walmart said the return on assets (RoA) was 6.7% and 3.4% for the financial years ended January 31, 2020, and 2019, respectively Walmart, the world’s largest retailer, said on Tuesday its international net sales for fiscal 2020, increased 2.8 per cent in constant currency with strength in India, Mexico, and China. For fiscal 2020, revenue was $524.0 billion, an increase of $9.6 billion, or 1.9 per cent. Excluding currency, revenue was $528.…


"We're doing a very big trade deal with India. We'll have it. I don't know if it'll be done before the election, but we'll have a very big deal with India," says Trump US President Donald Trump has said he is "saving the big deal" with India for later and he "does not know" if it will be done before the presidential election in November, clearly indicating that a major bilateral trade deal during his visit to Delhi next week might not b…


Venture capital fund Iron Pillar is in talks to raise a $30 million add-on fund to invest in existing portfolio companies such as online meat grocer FreshToHome and phone service management firm Servify, said two people directly aware of the matter, requesting anonymity. Iron Pillar is a growth-stage investor which invests between $7-15 million as the first cheque in Series B and C rounds of companies....


A Vodafone Idea collapse could have negative impacts on not just the telecom, but on banking as well The government is unlikely to invoke Vodafone IdeaNSE -11.76 %’s bank guarantees for now, even as the officials of the telecom and finance ministries met Cabinet secretary Rajiv Gauba to discuss ways to ensure that the sector retains three private players, officials said.“First round of meetings happened on Tuesday… Government c…


Members hold ‘extreme’ positions on exemptions for developing countries India has made a case for allowing a small and tight ‘green box’ of permissible subsidies for fisheries. Under this, New Delhi wants to include livelihood support for fishermen during the period when fishing is banned and subsidies for navigation and safety equipment....


HSBC, which generated about half its revenue in Asia last year, is accelerating its investment in the region even as it announced its biggest overhaul with plans to cut up to 35,000 jobs over three years and shrink its investment bank in the US and Europe. Europe's biggest lender, created 155 years ago as a merchant bank in Hong Kong, is betting that a China slump sparked by the coronavirus will be fleeting. Even if it's right about the…


Banking giant reveals plans to strengthen business in Middle East and Asia Global banking giant HSBC is in a “strong position” to capitalise on opportunities in the Middle East, according to the company’s acting CEO Noel Quinn. This is despite Tuesday’s announcement of plans to slash 35,000 jobs over the next three years and slim operations in the United States and Europe, after profits slid by a third last year. HSBC repo…


A Bengaluru-bound GoAir plane, carrying more than 130 people .. Read more at:http://timesofindia.indiatimes.com/articleshow/74192007.cms?utm_source=twitter.com&utm_medium=social&utm_campaign=TOIAhemdabad&utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst


Under the restructuring exercise, the broadcasting business will be housed in Network18 and the cable and ISP businesses in two separate wholly-owned subsidiaries of Network18 Reliance Industries has announced consolidation of its media and distribution businesses into a single entity, Network18. Under the Scheme of Arrangement, TV18 Broadcast, Hathway Cable & Datacom and Den Networks will be merged into Network18 Media &a…


At least 15 suitors have shown interest in acquiring troubled mortgage financier Dewan Housing Finance Corp. Ltd (DHFL) under the bankruptcy process before the deadline for submission of expressions of interest (EoIs) ended at midnight on Monday, said two people aware of the matter, requesting anonymity. According to CNBC-TV18, KKR India Financial Services Ltd, and conglomerates Welspun Group and Adani Group, are among suitors who have expresse…


ESOPs rising post Budget as startups do the math Employees at young startups now have the option of deferring Esop tax payments A bunch of startups are tweaking their compensation packages to include more employee stock options, after the budget proposed a deferment of tax on the stock component for such companies incorporated after April 1, 2016.According to the proposal in finance minister Nirmala Sitharaman’s February 1 budget, employees…


Amendments to Bill chart penalty clauses for cases filed by taxpayers, and those by Dept The payment of the disputed amount will be halved under the Vivad se Vishwas scheme in cases where the appeal has been filed by the Income-Tax Department.....


Bharti Airtel has to pay ₹35,586 crore to the government SC on Friday rebuked Airtel, Vodafone, DoT for the delay in payment of dues Bharti Airtel Limited on Monday paid ₹10,000 crore to department of telecommunications (DoT) as part payment of its adjusted gross revenue (AGR) dues. The company is currently in the process of determining the total quantum of the money it needs to pay DoT for the dues....


The I-140 immigrant petition for alien worker is submitted by an employer to get permanent residency for the applicant. This is normally done in cases when the worker is either considered to have extraordinary skills or talent, or if there are no qualified workers for that position in the US Indian nationals received almost half the employer-sponsored green cards issued by the US in fiscal 2019, according to data from the United States Citizenshi…


While the crisis situation has prompted the government to rework the supply chains, there's no clear road map yet on how the supply shortfall can be met in the near term at least India could run out of supplies in mobile phones, auto parts, insecticides and pharmaceuticals within a fortnight as the China shutdown intensifies due to coronavirus, according to government officials. Describing the concern as grave, an official pointed out, “we …


Reliance Industries Limited (RIL) valuation zoomed Rs 33,534.56 crore to Rs 9.42 lakh crore, the most among the frontline entities Eight of the 10 most valued domestic companies together added Rs 1.09 lakh crore in market capitalisation last week, with Reliance Industries Limited (RIL) taking the biggest position. Only HDFC Bank and HDFC from the top-10 pack suffered losses in their market capitalisation (m-cap) for the week e…